Personal income increased $58.7 billion (0.4 percent) in December according to estimates released by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $48.0 billion (0.3 percent) and personal consumption expenditures (PCE) increased $54.2 billion (0.4 percent).
The increase in personal income in December primarily reflected increases in wages and salaries and personal interest income.
The $34.4 billion increase in real PCE in December reflected an increase of $11.1 billion in spending for goods and a $23.2 billion increase in spending for services. Within goods, new motor vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending
for electricity and gas. Personal outlays increased $61.5 billion in December. Personal saving was $351.6 billion in December and the personal saving rate, personal saving as a percentage of disposable personal income, was 2.4 percent.
