Consumption rose faster for nondurable goods (1 percent compared to 0.3 percent in December) but was flat for services (0.4 percent in December) and fell for durable goods (-0.3 percent compared to +1.7 percent in December).
Personal income rose 0.4 percent, higher than 0.3 percent in December and above market expectations of 0.3 percent. It primarily reflected increases in wages and salaries and personal current transfer receipts that were partially offset by an increase in contributions for government social insurance.
Personal outlays increased $24.0 billion and personal saving was $795.7 billion. The personal saving rate, personal saving as a percentage of disposable personal income, was 5.5 percent.
Disposable personal income (DPI) increased 0.3 percent. In contrast, real DPI fell 0.2 percent and real PCE decreased 0.3 percent, mainly due to falls in spending for services, notably utilities, and durable goods.
The PCE price index rose 0.4 percent from December after a 0.2 percent gain in the previous period. Excluding food and energy, the PCE price index went up 0.3 percent after a 0.1 percent rise in December.