The Bureau of Economic Analysis (BEA) reported personal income rose $40.7 billion (0.2 percent) in December, just below the consensus forecast. The gain was primarily driven by wages and salaries, but offset by farm proprietors’ income.
Forecasts ranged from a low of 0.1% to a high of 0.4%. The consensus forecast was 0.3%. Person income rose by a revised 0.4% in November.
Farm proprietors’ income fell $36.2 billion in December, largely the result of a decrease in subsidy payments from the Department of Agriculture’s Market Facilitation Program. That partially offset gains in employee compensation and personal interest income.
Personal consumption expenditures (PCE) rose $6.8 billion. That reflects a gain of $2.5 billion in spending on goods and a $4.4 billion increase in spending on services.
Personal outlays rose $51.5 billion in December.
Personal saving was $1.28 trillion in December and the personal saving rate, personal saving as a percentage of disposable personal income, was 7.6 percent (table 1).
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