EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Monday, March 28, 2016
BEA 16—17


* See the navigation bar at the right side of the news release text for links to data tables,
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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, FEBRUARY 2016
Personal income increased $23.7 billion, or 0.2 percent, and disposable personal income (DPI)
increased $23.7 billion, or 0.2 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $11.0 billion, or 0.1 percent.  In January,
personal income increased $72.7 billion, or 0.5 percent, DPI increased $57.2 billion, or 0.4 percent,
and PCE increased $10.7 billion, or 0.1 percent, based on revised estimates.

Real DPI increased 0.3 percent in February, the same increase as in January.  Real PCE increased
0.2 percent in February, in contrast to a decrease of less than 0.1 percent in January.

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

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 BEA’s Web site at www.bea.gov/newsreleases/rels.htm.
__________________

                                Compensation

Wages and salaries decreased $9.4 billion in February, in contrast to an increase of $46.5 billion in January.
Private wages and salaries decreased $12.9 billion, in contrast to an increase of $41.9 billion.  Government wages
and salaries increased $3.5 billion, compared with an increase of $4.6 billion.

Supplements to wages and salaries increased $2.4 billion in February, compared with an increase of $6.1 billion in January.


                                Other personal income

Proprietors' income increased $0.6 billion in February, compared with an increase of $3.9 billion in January.  Farm
proprietors' income increased $2.1 billion, the same increase as in January.  Nonfarm proprietors' income decreased
$1.5 billion in February, in contrast to an increase of $1.8 billion in January.

Rental income of persons increased $6.7 billion in February, compared with an increase of $6.0 billion in January.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $7.3 billion,
compared with an increase of $8.8 billion.

Personal current transfer receipts increased $14.1 billion in February, compared with an increase of $10.7 billion in January.

Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $2.0 billion
in February, in contrast to an increase of $9.4 billion in January.

                                Personal current taxes and disposable personal income

Personal current taxes increased less than $0.1 billion in February, compared with an increase of $15.6 billion in
January.  Disposable personal income (DPI) -- personal income less personal current taxes -- increased $23.7 billion,
or 0.2 percent, compared with an increase of $57.2 billion, or 0.4 percent.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $10.4 billion
in February, compared with an increase of $14.7 billion in January.  PCE increased $11.0 billion, compared with an
increase of $10.7 billion.

Personal saving -- DPI less personal outlays -- was $733.6 billion in February, compared with $720.3 billion in January.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.4 percent, compared
with 5.3 percent.  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 0.3 percent in February, the same increase as in January.

Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in February, in contrast to a decrease of less
than 0.1 percent in January.  Purchases of durable goods increased 0.3 percent , in contrast to a decrease of 0.8 percent.
Purchases of motor vehicles and parts accounted for about half of the increase. Purchases of nondurable goods decreased 0.3
percent in February, compared with a decrease of 0.1 percent in January.  Purchases of services increased 0.3 percent,
compared with an increase of 0.1 percent.

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

The February PCE price index increased 1.0 percent from February a year ago.  The February PCE price index, excluding
food and energy, increased 1.7 percent from February 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 October 2015 through January 2016.  Changes in personal income, in current-dollar and
chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for December and for January -- revised
and as published in last month's release -- are shown below.

                                                                Change from preceding month
                                        December                                  January
                                        Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                                       (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal income:
 Current dollars                            45.6      40.2        0.3       0.3       79.6      72.7        0.5       0.5
Disposable personal income:
 Current dollars                            39.2      34.4        0.3       0.3       63.5      57.2        0.5       0.4
 Chained (2009) dollars                     44.1      41.6        0.4       0.3       45.0      38.2        0.4       0.3
Personal consumption expenditures:
 Current dollars                            11.6      18.4        0.1       0.1       63.0      10.7        0.5       0.1
 Chained (2009) dollars                     18.3      26.2        0.2       0.2       45.6      -2.9        0.4       0.0

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/.
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Next release – Friday, April 29, 2016 at 8:30 A.M. EDT for Personal Income and Outlays for March