US Opens 2022 With Flat Personal Income as Social Benefits Wane

Source: Bureau of Economic Analysis

Personal income in the United States fell flat in January as fewer social benefits were released by the government during the period.

• Personal income jumped by $9.0 billion, or less than 0.1% higher than in December when the level grew by 0.4%.
• Disposable personal income grew by $19.8 billion or 0.1%, marking the slowest growth in four months since the level contracted by 1.3% in September 2021.
• The increase came as the government decreased social benefits including the end of advance Child Tax Credit payments. This partly offset the increase in compensation.
• Personal consumption expenditures grew by $337.2 billion, reflecting a 2.1% increase after the 0.8% contraction recorded in December. Real PCE grew 1.5%.
• Personal outlays for the month grew by $342.2 billion, while personal saving was $1.17 trillion to bring the personal saving rate to 6.4%.