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Mortgage News Daily

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ECON: Personal Income Surges on Bonuses/Dividends
Posted to: Micro News
Thursday, January 31, 2013 8:49 AM

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- Personal Income +2.6 pct vs +0.8 Consensus
- Biggest Rise Since 12/2004
- Commerce Dept: dividends and bonuses boosted Income
- Personal Spending +0.2 vs +0.3 Consensus
- "Real" Spending +0.2 vs +0.6 in Nov
- Savings Rate 6.5 pct, Highest since May 2009

Personal income in November and December was boosted by accelerated and special dividend payments to persons and by accelerated bonus payments and other irregular pay in private wages and salaries in anticipation of changes in individual income tax rates. Personal income in December was also boosted by lump-sum social security benefit payments. In October, personal income reflected work interruptions caused by Hurricane Sandy. Excluding these special factors, discussed more fully below, DPI increased $44.1 billion, or 0.4 percent, in December, following an increase of $66.5 billion, or 0.6 percent, in November.

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $21.0 billion in December, compared with an increase of $40.2 billion in November. PCE increased $22.6 billion, compared with an increase of $41.6 billion.




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