BEA News: Personal Income and Outlays, January 2023

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Personal income increased $131.1 billion, or 0.6 percent at a monthly rate, while consumer spending increased $312.5 billion, or 1.8 percent, in January. The increase in personal income primarily reflected an increase in compensation. Government social benefits decreased in January, reflecting a decrease in “other” benefits that was partly offset by an increase in Social Security. The personal saving rate (that is, personal saving as a percentage of disposable personal income) was 4.7 percent in January, compared with 4.5 percent in December.

The full text of the release can be found at: www.bea.gov/news/2023/personal-income-and-outlays-january-2023.