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January 29, 2021US PERSONAL INCOME AND OUTLAY, DECEMBER AND ANNUAL 2020
Personal Income (Dec 2020 vs Nov 2020)
The US Bureau of Economic Analysis reports that US personal income increased $116.6 billion, or 0.6% (seasonally adjusted levels at annualized rates). US personal disposable income increased $111.6 billion, or 0.6%. to $17.3 trillion. In real per capita terms, US disposable personal income increased 0.2%.
Personal Consumption (Dec 2020 vs Nov 2020)
US personal consumption expenditures decreased $27.9 billion, or 0.2%.
Personal savings (Dec 2020 vs Nov 2020)
Personal savings (disposable personal income minus personal consumer expenditures, interest paid, and transfers to government and the rest of the world) increased $150.8 billion in to $2.378 trillion. The personal savings rate was 13.7% of disposable income, up from 12.9%.
ANNUAL (2020 vs 2019)
US personal income increased $1,173.6 billion, or 6.3% in 2020 to $19.725 trillion.
Compensation of employees (+$56.6 billion, +0.5%) was largely offset by declining asset income (-$56.8 billion, -1.9%). Lifting US personal incomes in 2020 was a $1,143 billion (or 36.6%) increase in transfers from government attributable to unemployment insurance (+$523.7 billion) and other category (+$460.9 billion)
In real per capita terms, US disposable personal income increased $2,471.0 (Chained 2012 dollars) or 5.5% to $47,772 (chained 2012 dollars) per person in 2020. US personal consumption expenditures decreased $397.2 billion, or 2.7% in 2020.
Personal savings (disposable personal income minus personal consumer expenditures, interest paid, and transfers to government and the rest of the world) increased $1,650.4 billion in 2020 to $2.882 trillion.
The personal savings rate was 16.4% of disposable income. Up from 7.5 in 2019.
QUOTES
COVID-19 Impact on December 2020 Personal Income and Outlays
The December estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Many provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act continued to wind down before the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act was enacted on December 27, 2020. Additionally, new restrictions and closures took effect in some areas of the United States. 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, December 2020
US Bureau of Economic Analysis. retrieved from FRED, Federal Bank of St Louis, Table 2.6. Personal Income and Its Disposition, Monthly NIPA, Monthly
US Bureau of Economic Analysis. Table 2.1. Personal Income and Its Disposition, Annual
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