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March 1, 2013 REAL DISPOSABLE PERSONAL INCOME FALLS IN JANUARY Personal income decreased 3.6 percent in January after increasing 2.6 percent in December, reflecting accelerated bonus payments and dividend distributions in December in anticipation of income tax rate changes. Current-dollar disposable personal income (DPI), after-tax income, decreased 4.0 percent in January after increasing 2.7 percent in December. A “payroll tax holiday” expired, boosting employee contributions for government social insurance. Excluding all special factors, DPI rose 0.3 percent in January, the same increase as in December. Real DPI, income adjusted for taxes and inflation, decreased 4.0 percent in January after increasing 2.7 percent in December. Real consumer spending, spending adjusted for price changes, increased 0.1 percent in January, the same increase as in December. PCE prices remained flat in January, the same as in December. Excluding food and energy, the PCE price index rose 0.1 percent in January after remaining flat in December. Personal saving rate Personal saving as a percent of DPI was 2.4 percent in January, compared with 6.4 percent in December. Nov. Dec. Jan. Personal Income 1.0% 2.6% –3.6% Currentdollar DPI 1.0% 2.7% –4.0% Real DPI 1.2% 2.7% –4.0% Real PCE 0.5% 0.1% 0.1% PCE Prices –0.2% 0.0% 0.0% 4.0% 6.4% Personal Saving Rate 2.4% 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 29, 2013, the February estimates of personal income and outlays will be released. Contact: Ralph Stewart or Jeannine Aversa 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce
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