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February 29, 2024US PERSONAL INCOME AND OUTLAY, JANUARY 2024 Month over month (January 2024 vs December 2023, seasonally adjusted)
The US Bureau of Economic Analysis reported that US personal income increased by $233.7 billion (+1.00%) from December 2023 to January 2024. Employee compensation was up $58.1 billion (+0.40%). Personal disposable income was up $67.5 billion (+0.33%) while personal consumption expenditures (PCE) grew by $43.9 billion (+0.23%).
US personal savings increased by $13.3 billion (+1.74%) in January 2024.
US personal income is calculated as the sum of employee compensation ($14.65 trillion), proprietors' income ($1.88 trillion), rental income ($1.01 trillion), receipts on assets ($3.76 trillion) and current transfers received ($4.18 trillion), less contributions to social insurance programs ($1.86 trillion). Personal income ($23.62 trillion) less personal current taxes ($2.96 trillion) equals disposable income ($20.66 trillion).
The outlay of US personal disposable income consists of personal consumption expenditures ($19.05 trillion), interest payments ($0.57 trillion) and current transfers paid ($0.25 trillion) with personal savings ($0.78 trillion) accounting for the remaining amount.
Trends
In January US personal consumption expenditures growth was lower than growth in personal income.
Growth in the price index for personal consumption expenditures was down to +2.4% year-over-year in January. Year-over-year growth in the price index for all items excluding food and energy increased to 2.8%, but outpaced all items PCE inflation for the eleventh consecutive month.
With growth in income outpacing consumption expenditures growth the US personal savings rate declined to 3.8% of disposable personal income.
Year-over-year (January 2024 vs January 2023)
In the first month of 2024, US personal income increased by 4.8% from the same period in 2023. There were gains from all income sources led by growth in rental income (+8.2%). With an 6.9% increase in personal current taxes, year-to-date growth in personal disposable income (+4.5%) has fallen behind growth in total personal income (+4.8%).
US personal consumption expenditures increased by 4.5% year-over-year in January, but this was outpaced by a 38.2% increase in interest payments.
US Bureau of Economic Analysis. Press release, January 2024; Data retrieved Federal Bank of St Louis, Table 2.6. Personal Income and Its Disposition, Monthly NIPA using a FRED API.
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