News Release
Personal Income and Outlays, December 2024
Personal income increased $92.0 billion (0.4 percent at a monthly rate) in December, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $79.7 billion (0.4 percent) and personal consumption expenditures (PCE) increased $133.6 billion (0.7 percent).
Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $129.5 billion in December. Personal saving was $843.2 billion in December and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.8 percent.
The increase in current-dollar personal income in December primarily reflected an increase in compensation.
The $133.6 billion increase in current-dollar PCE in December reflected an increase of $78.2 billion in spending for services and $55.4 billion in spending for goods.
From the preceding month, the PCE price index for December increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.2 percent.
From the same month one year ago, the PCE price index for December increased 2.6 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago.
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Next release: February 28, 2025, at 8:30 a.m. EST
Personal Income and Outlays, January 2025
Technical Notes
Changes in Personal Income and Outlays for December
The increase in personal income in December primarily reflected an increase in compensation, led by private wages and salaries, based on data from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES).
- Services-producing industries increased $41.5 billion.
- Goods-producing industries increased $2.4 billion.
Revisions to Personal Income
Estimates have been updated for October and November, reflecting updated BLS CES data.