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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

February 28, 2020
US PERSONAL INCOME AND OUTLAY, JANUARY 2020

The US Bureau of Economic Analysis reports that US personal income increased $116.4 billion, or 0.6 per cent in January 2020 (seasonally adjusted levels at annualized rates).

"The increase in personal income in January primarily reflected increases in compensation of employees and social security benefit payments (related to annual cost of living adjustments), and other government social benefits to persons, which includes the Affordable Care Act refundable tax credit. The $12.9 billion increase in real PCE in January reflected increases of $2.2 billion in spending for goods and $10.3 billion in spending for services. Within goods, new motor vehicles were the leading contributor to the increase. Within services, the largest contributor to the increase was spending for food services and accommodations."

US personal disposable income increased $101.5 billion, or 0.6 per cent in January 2020 to $16.8 trillion.

In real per capita terms, US disposable personal income increased $216.0 (Chained 2012 dollars) or 0.5 per cent in January 2020.

Personal Outlays increased $27.0 billion in January 2020.  US personal consumption expenditures increased $29.7 billion, or 0.2 per cent in January 2020

Personal savings (disposable personal income minus personal consumer expenditures, interest paid, and transfers to government and the rest of the world) increased $74.4 billion in January 2020 to $1.332 trillion.

The personal savings rate was 7.9 per cent of disposable income, up from 7.5 in December 2019.

Source: US Bureau of Economic Analysis 

Press Release and Table 2.6. Personal Income and Its Disposition, Monthly NIPA



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