News Release

BEA 19-13

Personal Income, February 2019; Personal Outlays, January 2019

Due to the recent partial government shutdown, this report combines estimates for January and February 2019. January estimates include both personal income and outlays measures, while February estimates are limited to personal income. Estimates of outlays for February will be available with the next release on April 29, 2019.

Personal Income and Outlays, January 2019

Personal income decreased $22.9 billion (-0.1 percent) in January according to estimates released today by the Bureau of Economic Analysis. Disposable personal income decreased $34.9 billion (-0.2 percent), and personal consumption expenditures increased $8.6 billion (0.1 percent).

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

The decrease in January personal income primarily reflected decreases in personal dividend income, farm proprietors’ income, and personal interest income that were partially offset by increases in social security benefit payments (related to cost of living adjustments) and other government social benefits to persons, which includes the Child Tax Credit and the Affordable Care Act refundable tax credit.

In January, real PCE increased $15.6 billion which reflected a $20.8 billion increase in spending for services that was partially offset by a decrease of $7.7 billion in spending for goods (table 7). Within services, the largest contributor to the increase was spending for financial services and insurance. Within goods, new motor vehicles was the leading contributor to the decrease. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.

Personal outlays increased $6.3 billion in January (table 3). Personal saving was $1.19 trillion in January and the personal saving rate, personal saving as a percentage of disposable personal income, was 7.5 percent (table 1).

Personal Income, February 2019

Personal income increased $42.0 billion (0.2 percent) in February. Disposable personal income (DPI) increased $31.3 billion (0.2 percent); Real DPI is unavailable for February.

The increase in personal income in February primarily reflected increases in wages and salaries, government social benefits to persons, and proprietors’ income that were partially offset by a decrease in personal interest income.

  2018 2019
Oct. Nov. Dec. Jan. Feb.
Percent change from preceding month
Personal income:  
   Current dollars 0.5 0.3 1.0 -0.1 0.2
Disposable personal income:  
   Current dollars 0.6 0.3 1.1 -0.2 0.2
   Chained (2012) dollars 0.4 0.3 1.0 -0.2 ...
Personal consumption expenditures (PCE):  
   Current dollars 0.6 0.5 -0.6 0.1 ...
   Chained (2012) dollars 0.4 0.4 -0.6 0.1 ...
Price indexes:  
   PCE 0.2 0.1 0.1 -0.1 ...
   PCE, excluding food and energy 0.1 0.2 0.2 0.1 ...
Price indexes: Percent change from month one year ago
   PCE 2.0 1.8 1.8 1.4 ...
   PCE, excluding food and energy 1.8 1.9 2.0 1.8 ...

2018 Personal Income and Outlays

Personal income (table 6) increased 4.5 percent in 2018, compared with an increase of 4.4 percent in 2017. DPI increased 5.0 percent in 2018 compared with an increase of 4.4 percent in 2017. In 2018, PCE increased 4.7 percent, compared with an increase of 4.3 percent in 2017.

Real DPI increased 2.9 percent in 2018, compared with an increase of 2.6 percent in 2017. In 2018, real PCE (table 8) increased 2.6 percent, compared with an increase of 2.5 percent in 2017.

Next release: April 29, 2019 at 8:30 A.M. EDT
Personal Income & Outlays March 2019