Personal Income and Outlays, February 2024

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 $66.5 billion (0.3 percent at a monthly rate) in February, according to estimates released today by the Bureau of Economic Analysis (tables 2 and 3). Disposable personal income (DPI), personal income less personal current taxes, increased $50.3 billion (0.2 percent) and personal consumption expenditures (PCE) increased $145.5 billion (0.8 percent).

The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.3 percent (table 5). Real DPI decreased 0.1 percent in February and real PCE increased 0.4 percent; goods increased 0.1 percent and services increased 0.6 percent (tables 3 and 4).

The increase in current-dollar personal income in February primarily reflected increases in compensation and personal current transfer receipts that were partly offset by a decrease in personal income receipts on assets (led by personal dividend income) (table 2).

The $145.5 billion increase in current-dollar PCE in February reflected an increase of $111.8 billion in spending for services and a $33.7 billion increase in spending for goods (table 2). Within services, the largest contributors to the increase were financial services and insurance (led by financial service charges, fees, and commissions), transportation services (led by air transportation), and housing and utilities (led by housing). Within goods, the largest contributor to the increase was spending for motor vehicles and parts (led by new light trucks). Detailed information on monthly PCE spending can be found on Table 2.4.5U.

Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $149.9 billion in February (table 2). Personal saving was $745.7 billion in February and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.6 percent (table 1).

Prices

From the preceding month, the PCE price index for February increased 0.3 percent (table 5). Prices for goods increased 0.5 percent and prices for services increased 0.3 percent. Food prices increased 0.1 percent and energy prices increased 2.3 percent. Excluding food and energy, the PCE price index increased 0.3 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U.

From the same month one year ago, the PCE price index for February increased 2.5 percent (table 7). Prices for services increased 3.8 percent and prices for goods decreased 0.2 percent. Food prices increased 1.3 percent and energy prices decreased 2.3 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago.

Real PCE

The 0.4 percent increase in real PCE in February reflected an increase of 0.6 percent in spending on services and an increase of 0.1 percent in spending on goods (table 4). Within services, the largest contributors to the increase were other services (led by international travel), transportation services (led by air transportation), and financial services and insurance (led by financial service charges, fees, and commissions). Within goods, the largest contributor to the increase was motor vehicles and parts (led by new light trucks). Detailed information on monthly real PCE spending can be found on Table 2.4.6U.

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 (2017) dollar DPI and PCE, are provided below for December and January.