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MONDAY February 2, 2009 CONSUMER SPENDING TURNS DOWN IN DECEMBER Personal income fell 0.2 percent in December. Wages and salaries, the largest component of personal income, fell 0.3 percent after falling 0.2 percent in November. Transfers were boosted $7.1 billion by the Supplemental Appropriations Act of 2008, which extended unemployment benefits. Average growth, last 12 months November December Personal Income 0.1 % –0.4 % –0.2 % Real disposable personal income (DPI), income adjusted for inflation and taxes, rose 0.3 percent in December. Real DPI 0.1 % 0.8 % 0.3 % Real consumer spending, adjusted for price changes, decreased 0.5 percent in December after increasing 0.3 percent in November. Spending on energy for home and auto use turned down. Real PCE –0.1 % 0.3 % –0.5 % 0.1% –1.1 % –0.5 % PCE prices fell 0.5 percent in December. Excluding food and energy, price growth was close to zero. PCE Prices 12-month average November December Personal saving as a percent of disposable income rose to 3.6 percent. Personal Saving Rate 1.7% 2.8 % 3.6 % Real Disposable Personal Income and Real Consumer Spending Percent change (monthly) 1.0 0.5 Real Disposable Personal Income 0.0 -0.5 Real Consumer Spending -1.0 Sept Oct Nov Dec BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: On March 2, 2009, the January estimates of Personal Income and Outlays will be released. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce
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