EMBARGOED UNTIL RELEASE AT 10:00 A.M. EST, Friday, February 26, 2016
BEA 16—09


* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.


Technical: James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov
  Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
Media: Jeannine Aversa (202) 606-2649  
PERSONAL INCOME AND OUTLAYS: JANUARY 2016
Personal income increased $79.6 billion, or 0.5 percent, and disposable personal income (DPI) increased
$63.5 billion, or 0.5 percent, in January, according to the Bureau of Economic Analysis.  Personal
consumption expenditures (PCE) increased $63.0 billion, or 0.5 percent.  In December, personal income
increased $45.6 billion, or 0.3 percent, DPI increased $39.2 billion, or 0.3 percent, and PCE increased
$11.6 billion, or 0.1 percent, based on revised estimates.

Real DPI increased 0.4 percent in January, the same increase as in December.  Real PCE increased 0.4 percent
in January, compared with an increase of 0.2 percent in December.

                                        2015                                                            2016
                                        Sept.           Oct.            Nov.            Dec.            Jan.
                                                       (Percent change from preceding month)
Personal income, current dollars        0.1             0.3             0.3             0.3             0.5
Disposable personal income:
 Current dollars                        0.2             0.3             0.2             0.3             0.5
 Chained (2009) dollars                 0.2             0.2             0.1             0.4             0.4
Personal consumption expenditures:
 Current dollars                        0.2             0.1             0.4             0.1             0.5
 Chained (2009) dollars                 0.2             0.0             0.3             0.2             0.4

BOX.______________
This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government
social insurance for July through September 2015 (third quarter).These estimates reflect the incorporation of the
most recently available third-quarter wage and salary tabulations from the Quarterly Census of Employment and
Wages (QCEW) from the Bureau of Labor Statistics.
___________________

FOOTNOTE._________
Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified.
Month-to-month dollar changes are differences between these published estimates. Month-to-month percent
changes are calculated from unrounded data and are not annualized.  Real estimates are in chained (2009) dollars.

This news release is available on BEAs Web site at www.bea.gov/newsreleases/rels.htm.
__________________

                                Compensation

Wages and salaries increased $48.1 billion in January, compared with an increase of $18.3 billion in December.
Private wages and salaries increased $43.7 billion, compared with an increase of $15.9 billion.  Government
wages and salaries increased $4.4 billion, compared with an increase of $2.4 billion.

Supplements to wages and salaries increased $6.5 billion in January, compared with an increase of $5.0 billion in December.

                                Other personal income

Proprietors' income increased $7.7 billion in January, compared with an increase of $11.5 billion in December.
Farm proprietors' income increased $3.1 billion, in contrast to a decrease of $4.8 billion.  Nonfarm proprietors'
income increased $4.6 billion, compared with an increase of $16.3 billion.

Rental income of persons increased $5.0 billion in January, compared with an increase of $3.8 billion in December.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $11.6 billion,
in contrast to a decrease of $8.5 billion.

Personal current transfer receipts increased $10.6 billion in January, compared with an increase of $17.5 billion in December.

Contributions for government social insurance -- a subtraction in calculating personal income -- increased $10.0 billion
in January, compared with an increase of $2.0 billion in December.

                                Personal current taxes and disposable personal income

Personal current taxes increased $16.1 billion in January, compared with an increase of $6.3 billion in December.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $63.5 billion, or 0.5 percent,
compared with an increase of $39.2 billion, or 0.3 percent.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $67.5 billion in
January, compared with an increase of $14.3 billion in December.  PCE increased $63.0 billion, compared with an increase
of $11.6 billion.

Personal saving -- DPI less personal outlays -- was $705.1 billion in January, compared with $709.2 billion in December.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.2 percent, the same rate
as in December.  For a comparison of personal saving in BEA's national income and product accounts with personal saving in
the Federal Reserve Board's Financial Accounts of the United States and data on changes in net worth,
go to www.bea.gov/national/nipaweb/nipa-frb.asp.

                                Real DPI, real PCE, and price index

Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in January, the same increase as in December.

Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in January, compared with an increase of 0.2 percent
in December.  Purchases of durable goods increased 1.1 percent, in contrast to a decrease of 0.4 percent.  Purchases of nondurable
goods increased 0.4 percent, in contrast to a decrease of 0.1 percent.  Purchases of services increased 0.3 percent, the
same increase as in December.

The price index for PCE increased 0.1 percent in January, in contrast to a decrease of 0.1 percent in December.  The PCE price
index, excluding food and energy, increased 0.3 percent, compared with an increase of 0.1 percent.

The January PCE price index increased 1.3 percent from January a year ago. The January PCE price index, excluding food and energy,
increased 1.7 percent from January a year ago.

                                2015 Personal Income and Outlays

Personal income increased 4.4 percent in 2015 (that is, from the 2014 annual level to the 2015 annual level), the same increase as
in 2014.  DPI increased 3.7 percent in 2015, compared with an increase of 4.2 percent in 2014.  PCE increased 3.4 percent, compared
with an increase of 4.2 percent.

Real DPI increased 3.4 percent in 2015, compared with an increase of 2.7 percent in 2014.  Real PCE increased 3.1 percent, compared
with an increase of 2.7 percent.

                                Revisions

Estimates have been revised for July through December.  Changes in personal income, in current-dollar and chained (2009) dollar DPI,
and in current-dollar and chained (2009) dollar PCE for November and for December -- revised and as published in last month's
release -- are shown below.

Estimates of wages and salaries were revised from July through December.  The revision to third-quarter wages and salaries reflected
the incorporation of the most recently available Bureau of Labor Statistics tabulations of the third-quarter wages and salaries from
the Quarterly Census of Employment and Wages.  Revised estimates for October, November, and December reflect extrapolations from the
revised third-quarter level of wages.  In addition, revisions to July through December reflect revised BLS employment, hours, and
earnings data.

                                                                Change from preceding month
                                        November                                  December
                                        Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                                       (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal income:
 Current dollars                            44.3      42.9        0.3       0.3       42.5      45.6        0.3       0.3
Disposable personal income:
 Current dollars                            33.4      30.6        0.2       0.2       37.8      39.2        0.3       0.3
 Chained (2009) dollars                     21.8      12.1        0.2       0.1       46.2      44.1        0.4       0.4
Personal consumption expenditures:
 Current dollars                            59.4      48.5        0.5       0.4       -0.7      11.6        0.0       0.1
 Chained (2009) dollars                     46.3      29.7        0.4       0.3       10.1      18.3        0.1       0.2

BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current
Business are available for free on BEA's Web site at www.bea.gov.  The entire historical time series for these estimates can be
accessed in BEA's Interactive Data Application at www.bea.gov/itable/.  Stay informed about BEA developments by signing up for
our email subscription service or following us on Twitter @BEA_News.  You also can access BEA data by registering for our Data
Application Programming Interface, or API at www.bea.gov/API/signup/index.cfm.

BEA's news release schedule is available at http://bea.gov/newsreleases/news_release_sort_national.htm

                                *       *       *

Next release  Monday, March 28, 2016 at 8:30 A.M. EDT Personal Income and Outlays for February