Market Updates
Personal Income and Spending Increased in January, Alternative Inflation Measure Accelerated
Brian Turner
24 Feb, 2023
New York City
Personal income increased 0.6% in January and disposable personal income 2.0% and personal consumption expenditures or PCE 1.8%, according to estimates released by the Bureau of Economic Analysis on Friday.
The closely watched consumption price index, a measure of inflation tracked by the Federal Reserve, rose at a faster pace from the previous month.
The increase was the largest since August.
The PCE price index and core index excluding food and energy both accelerated to 0.6% in January compared to 0.2% and 0.4% increases in December.
On an annual basis the PCE index and core index accelerated to 5.2% and 4.7% from 5.3% and 4.6% respectively.
Personal spending jumped 1.8% in January from the previous month, rebounding from a downwardly revised 0.1% fall in December.
Personal spending jumped the most since March of 2021.
After adjusting for inflation or price changes, real personal spending jumped 1.1%, rebounding from a 0.3% decrease in December.
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