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Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update, highlighting personal income and consumer spending, is after the jump.
- Personal income increased 1.0 percent in January. Most of the income increase was related to the Social Security tax cut which took effect at the start of January.
- Year-over-year income was up 4.6 percent.
- Consumer spending was relatively weak given the gains in income, moving up only 0.2 percent in January.
- Core PCE inflation, which the Fed follows closely, was up less than recent movements in the CPI and PPI at only 0.1 percent.
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