Personal Income and Outlays, February 2022

Historical release narrative reproduced from the official public-domain U.S. Bureau of Economic Analysis source. Statistical tables, charts, standard technical appendices and administrative material are omitted; formatting is adapted for reading. Figures retain the release's original vintage and may have been revised. Consult the linked source for the complete release and current data.

Personal income increased $101.5 billion (0.5 percent) in February, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $76.1 billion (0.4 percent) and personal consumption expenditures (PCE) increased $34.9 billion (0.2 percent).

Real DPI decreased 0.2 percent in February and Real PCE decreased 0.4 percent; goods decreased 2.1 percent and services increased 0.6 percent (tables 5 and 7). The PCE price index increased 0.6 percent. Excluding food and energy, the PCE price index increased 0.4 percent (table 9).

The estimate for February personal income and outlays reflected the continued economic recovery and government response to the COVID-19 pandemic. In February, government social benefits declined, reflecting the continued winding down of pandemic-related assistance programs. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see Effects of Selected Federal Pandemic Response Programs on Personal Income.

The increase in personal income in February primarily reflected an increase in compensation that was partly offset by a decrease in government social benefits (table 3). Within compensation, the increase reflected increases in both private and government wages and salaries. Within government social benefits, a decrease in “other” benefits was partly offset by increases in Medicare and Medicaid. Within “other” benefits, the decrease primarily reflected a decline in the Provider Relief Fund as well as a decrease in Supplemental Nutrition Assistance Program benefits.

The $34.9 billion increase in current-dollar PCE in February reflected an increase of $93.8 billion in spending for services that was partly offset by a $58.9 billion decrease in spending for goods (table 3). Within services, the largest contributor to the increase was spending for food services and accommodations. Within goods, spending on motor vehicles and parts was the leading contributor to the decrease. Detailed information on monthly PCE spending can be found on Table 2.3.5U.

Personal outlays increased $37.3 billion in February (table 3). Personal saving was $1.15 trillion in February and the personal saving rate—personal saving as a percentage of disposable personal income—was 6.3 percent (table 1).

The PCE price index for February increased 6.4 percent from one year ago, reflecting increases in both goods and services (table 11). Energy prices increased 25.7 percent while food prices increased 8.0 percent. Excluding food and energy, the PCE price index for February increased 5.4 percent from one year ago.

Updates to Personal Income and Outlays

Estimates have been updated for October through January. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are provided below for December and January.