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March 1, 2012 CONSUMER SPENDING FLAT IN JANUARY Personal income increased 0.3 percent in January after increasing 0.5 percent in December. Wages and salaries increased 0.4 percent in January after increasing the same percent in December. In January, cost-of-living adjustments boosted social security benefits. Current-dollar disposable personal income (DPI), after-tax income, increased 0.1 percent in January after increasing 0.4 percent in December, as personal taxes grew faster than income. Nov. Dec. Jan. Personal Income 0.0% 0.5% 0.3% Currentdollar DPI 0.0% 0.4% 0.1% Real DPI –0.1% 0.3% –0.1% Real PCE 0.0% 0.0% 0.0% PCE Prices 0.1% 0.1% 0.2% Real DPI, income adjusted for taxes and inflation, decreased 0.1 percent in January after increasing 0.3 percent in December. Real consumer spending, spending adjusted for price changes, remained flat in January and December. Spending on durable goods increased 0.9 percent after increasing 0.7 percent. PCE prices increased 0.2 percent in January after increasing 0.1 percent in December. Excluding food and energy, the PCE price index increased 0.2 percent in January after increasing 0.1 percent in December. Personal saving rate Personal saving as a percent of DPI was 4.6 percent in January, compared with 4.7 percent in December. Personal Saving Rate 4.3% 4.7% 4.6% 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 Oct Nov Dec Jan 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 30, 2012, the February 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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