by Calculated Risk on 3/01/2019 08:42:00 AM

The BEA released the Personal Income and Outlays report for December, and Personal income for January:

Due to the recent partial government shutdown, this report combines estimates for December 2018 and January 2019. December estimates include both income and outlays measures, while January estimates are limited to personal income. Estimates of outlays for January are unavailable due to a delay in the release of the Census Bureau’s Advance Monthly Retail Sales.

Personal income increased $179.0 billion (1.0 percent) in December according to estimates released today by the Bureau of Economic Analysis. Disposable personal income increased $173.1 billion (1.1 percent), and personal consumption expenditures decreased $76.6 billion (-0.5 percent).

Real DPI increased 1.0 percent in December and real PCE decreased 0.6 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.
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Personal income decreased $23.8 billion (-0.1 percent) in January. Disposable personal income (DPI) decreased $35.1 billion (-0.2 percent); Real DPI is unavailable for January.

The increase in personal income for December was above expectations, however the change in personal income for January was well below consensus.   The increase in core PCE was at expectations.