Personal income in February 2011 rose 0.3%. Nominal personal consumption expenditures (PCE) increased 0.7% while real PCE rose 0.3%. Nominal disposable personal income (DPI) increased 0.3% while real DPI fell 0.1%. The personal saving rate as a percentage of DPI was 5.8% in February.
WASHINGTON, DC -- The U.S. Commerce Department’s Bureau of Economic Analysis today released data on personal income and outlays for February 2011. Personal income increased 0.3 percent in February, nearly consistent with private-sector forecasts of a 0.4-percent increase. Wages and salaries rose a favorable 0.3 percent. Real consumer spending also increased 0.3 percent in February and has risen a moderate 1.0 percent at an annual rate above its fourth-quarter average. Additionally, personal income figures for both December and January were revised upward.
First and foremost, income drives consumer spending; that’s why the Commerce Department’s Bureau of Economic Analysis monthly release of income receives so much attention. Today’s release showed that income increased 0.3 percent and the gains in January and February were revised upward (January’s report initially showed a 1.0 percent leap and is now estimated to have increased by 1.2 percent, and December’s gain was revised from 0.4 percent to 0.5 percent -- we’ll talk more about revisions to several economic series later in the week). Recall that January’s outsized gain was driven largely by the lower tax withholdin
WASHINGTON, Friday, March 25, 2011 – The U.S. Commerce Department’s Bureau of Economic Analysis today released the third estimate of gross domestic product (GDP) for the fourth quarter of 2010. Real GDP grew 3.1 percent at an annual rate, higher than the previous estimate of 2.8 percent and exceeding private sector expectations. The increase in GDP is a result of higher private investment and inventories than were originally reported.
Real gross domestic product (GDP) grew at an annual rate of 3.1% in the fourth quarter of 2010, according to today’s third estimate. This follows a growth rate of 2.6% in the third quarter. Real GDP grew 2.9% in 2010 overall. Corporate profits grew 2.3% (non-annualized) in the fourth quarter of 2010 and grew 29.2% in 2010 overall.
