WASHINGTON - The U.S. Commerce Department’s Bureau of Economic Analysis today released data on personal income and outlays for December 2011. Personal income rose 0.5 percent in December, significantly higher than the 0.1 percent rise in November and exceeding private-sector forecasts of a 0.4 percent increase. Wages and salaries accounted for nearly half the increase with other components rising as well. Real consumer spending edged down 0.1% in December. 

“Today’s data show personal income continued to rise at the end of 2011 – in particular, wages and salaries gained strength,” said U.S. Commerce Department Chief Economist Mark Doms.  “December income exceeded private-sector expectations and the data are further evidence of continued economic growth. We anticipate the Administration’s continued focus on job creation will drive growth in personal income and consumer confidence and help to further strengthen the U.S. economy in 2012.”

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