Another tick up for wage growth. A key element to the big picture
The Bureau of Economic Analysis (BEA) estimates personal income increased by $58.7 billion (0.4%) in December, fueled by a solid 0.5% gain in wages and salaries. Disposable personal income (DPI) increased 0.3%, or $48.0 billion, and personal consumption expenditures (PCE) increased by 0.4%, or $54.2 billion.
Real DPI increased 0.2% in December and Real PCE increased 0.3%. The PCE price index increased 0.1%. Excluding food and energy, the PCE price index increased 0.2%.