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February 25, 2022US PERSONAL INCOME AND OUTLAY, JANUARY 2022 (Jan 2022 vs Dec 2021, seasonally adjusted)
The US Bureau of Economic Analysis reports that US personal income increased $9.0 billion, or 0.04%.
US personal disposable income increased $19.9 billion, or 0.1%. In real per capita terms, US disposable personal income decreased 0.5%.
US personal consumption expenditures increased $337.2 billion, or 2.1%.
Personal savings (disposable personal income minus personal consumer expenditures, interest paid, and transfers to government and the rest of the world) decreased $322.3 billion, or 21.6%. The personal savings rate was 6.4% of disposable income, down from 8.2%.
QUOTATIONS
The estimate for January personal income and outlays reflected the continued economic recovery and government response to the COVID-19 pandemic. In January, COVID-19 cases resulted in continued restrictions and disruptions in the operations of establishments in some parts of the country. Government social benefits decreased, primarily reflecting the end of advance Child Tax Credit payments authorized to be paid out through December by the American Rescue Plan Act of 2021. 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.
SOURCE
US Bureau of Economic Analysis. Press release, January 2022
Data retrieved from FRED, Federal Bank of St Louis, Table 2.6. Personal Income and Its Disposition, Monthly NIPA
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