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February 26, 2021US PERSONAL INCOME AND OUTLAY, JANUARY 2021
Personal Income (Jan 2021 vs Dec 2020, seasonally adjusted annualized $values)
The US Bureau of Economic Analysis reports that US personal income increased $1,954.7 billion, or 10.0% in January 2021.
US personal disposable income increased $1,963.2 billion, or 11.4% in January 2021 to $19.2 trillion.
In real per capita terms, US disposable personal income increased 11.0% in January 2021.
US personal consumption expenditures increased $340.9 billion, or 2.4% in January 2021
Personal savings (disposable personal income minus personal consumer expenditures, interest paid, and transfers to government and the rest of the world) increased $1,614.5 billion in January 2021 to $3.930 trillion. The personal savings rate was 20.5% of disposable income in January 2021.
QUOTATIONS
COVID-19 Impact on December 2020 Personal Income and Outlays
The estimate for January personal income and outlays was impacted by the continued federal response to the spread of COVID-19. Economic impact payments and increased unemployment insurance benefits were distributed as a result of the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act, which was enacted on December 27, 2020. Additionally, restrictions and closures continued 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.
The increase in personal income in January was more than accounted for by an increase in government social benefits to persons as payments were made to individuals from federal COVID-19 pandemic response programs. The increase in “other” benefits primarily reflected economic impact payments distributed through the CRRSA Act. Unemployment insurance also increased, reflecting an increase in pandemic unemployment compensation, including supplemental weekly payments to unemployment beneficiaries re-introduced by the CRRSA Act
Source:
US Bureau of Economic Analysis. Press release, January 2021
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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