Personal income increased $57.7 billion (0.4 percent) in February according to estimates released
today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $44.6 billion
(0.3 percent) and personal consumption expenditures (PCE) increased $7.4 billion (0.1 percent).

Real DPI increased 0.2 percent in February and Real PCE decreased 0.1 percent. The PCE price index
increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

                                                2016                       2017
                                                Oct.     Nov.     Dec.     Jan.     Feb.
                                                  Percent change from preceding month
Personal income:
 Current dollars                                0.4      0.2      0.3      0.5      0.4
Disposable personal income:
 Current dollars                                0.4      0.2      0.3      0.4      0.3
 Chained (2009) dollars                         0.2      0.1      0.1     -0.1      0.2
Personal consumption expenditures (PCE):
 Current dollars                                0.5      0.3      0.6      0.2      0.1
 Chained (2009) dollars                         0.3      0.2      0.4     -0.2     -0.1
Price indexes:
 PCE                                            0.2      0.1      0.2      0.4      0.1
 PCE, excluding food and energy                 0.1      0.0      0.1      0.3      0.2

Price indexes:                                  Percent change from month one year ago
 PCE                                            1.4      1.3      1.6      1.9      2.1
 PCE, excluding food and energy                 1.8      1.7      1.7      1.8      1.8

The increase in personal income in February primarily reflected increases in wages and salaries and
rental income of persons (table 3).

The decrease in real PCE in February primarily reflected a decrease in spending for services that was
partially offset by an increase in spending for nondurable goods (table 7).

Personal outlays increased $7.5 billion in February (table 3). Personal saving was $808.0 billion in
February and the personal saving rate, personal saving as a percentage of disposable personal income,
was 5.6 percent (table 1).

                                2016 Personal Income and Outlays

Personal income (table 6) increased 3.6 percent in 2016 (that is, from the 2015 annual level to the
2016 annual level), compared with an increase of 4.4 percent in 2015. DPI increased 3.9 percent in 2016,
compared with an increase of 3.8 percent in 2015. In 2016, PCE increased 3.9 percent compared with an
increase of 3.5 percent in 2015.

Real DPI increased 2.8 percent in 2016, compared with an increase of 3.5 percent in 2015. Real PCE (table 8)
increased 2.7 percent compared with an increase of 3.2 percent.

Annual estimates of personal income, DPI, and real PCE were unrevised from the estimates presented last
month; annual estimates of current-dollar PCE were revised up 0.1 percentage point.

                                Updates

Estimates have been updated for October 2016 through January 2017. 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                    47.5      47.2        0.3       0.3       63.0      74.5        0.4       0.5
Disposable personal income:
 Current dollars                    42.0      42.4        0.3       0.3       40.1      50.2        0.3       0.4
 Chained (2009) dollars             16.2      15.2        0.1       0.1      -19.6      -9.0       -0.2      -0.1
Personal consumption expenditures:
 Current dollars                    65.0      75.1        0.5       0.6       22.2      27.4        0.2       0.2
 Chained (2009) dollars             38.7      46.5        0.3       0.4      -30.7     -24.6       -0.3      -0.2

                                Next release:  May 1, 2017 at 8:30 A.M. EDT
                                 Personal Income and Outlays:  March 2017