WASHINGTON—Americans’ personal income increased $58.6 billion, or 0.4%, and disposable personal income (DPI) increased $54.2 billion, or 0.4%, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $11.8 billion, or 0.1%. In January, personal income increased $61.8 billion, or 0.4%, DPI increased $61.5 billion, or 0.5%, and PCE decreased $28.5 billion, or 0.2%, based on revised estimates. Real DPI increased 0.2% in February, compared with an increase of 0.9% in January. Real PCE decreased 0.1%, in contrast to an increase of 0.2%.
The BEA reported that wages and salaries increased $23.9 billion in February, compared with an increase of $47.3 billion in January. Private wages and salaries increased $21.9 billion, compared with an increase of $44.2 billion. Government wages and salaries increased $2.1 billion, compared with an increase of $3.1 billion. Pay raises for federal civilian personnel added an additional $0.6 billion to the change in government payrolls in February; pay raises for federal civilian and military personnel added $2.2 billion to government payrolls in January.
Supplements to wages and salaries increased $5.2 billion in February, compared with an increase of $8.4 billion in January.
Personal outlays – PCE, personal interest payments, and personal current transfer payments – increased $14.2 billion in February, in contrast to a decrease of $25.4 billion in January. PCE increased $11.8 billion, in contrast to a decrease of $28.5 billion. Personal saving – DPI less personal outlays – was $768.6 billion in February, compared with $728.7 billion in January, the BEA said. The personal saving rate – personal saving as a percentage of disposable personal income – was 5.8% in February, compared with 5.5% in January.