Personal Income rises in December, while inflation picked up

Both income and spending continued to advance in December. Inflation picked up as did personal income. However, the wages & salaries component was soft.

Year on year, personal income for December came in at up 3.9%, compared to 3.8% in November. PCEs growth slipped to 3.8% from 4.1% in November.

The PCE price index jumped 0.3%, following a 0.1% uptick in November. The core rate came in unchanged after edging up 0.1% in November. On a year-ago basis, headline PCE prices are up 1.2%, compared to 1.1% in November. Core inflation eased to 0.7% year-on-year versus 0.8% in November. Via BEA:

Personal income increased $54.5 BB, or 0.4%, and disposable personal income (DPI) increased $47.3 BB, or 0.4%, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $69.5 BB, or 0.7%. In November, personal income increased $44.9 BB, or 0.4%, DPI increased $39.0 BB, or 0.3% and PCE increased $35.4 BB, or 0.3%, based on revised estimates.

Real disposable income increased 0.1% in December, compared with an increase of 0.2% in November. Real PCE increased 0.4%, compared with an increase of 0.2%.


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