Washington, DC, March 31--Personal income increased 0.3%, in February, according to the Commerce Department. Personal income fell a revised 2.5% in January. It was initially estimated as having dropped 2.3% in January.
Personal consumption rose 0.5% in February, after inching up a revised 0.1% the month before. Spending was initially seen as flat in January.
A price index for personal consumption expenditures excluding food and energy rose 0.2% compared to January. The rate rose 0.3% in January compared to December. Year over year, personal consumption expenditures minus food and energy rose 1.6% in February compared to February 2004. The year-over-year climb in January was also 1.6%.
Personal saving as a percentage of disposable personal income was 0.6% in February, down from 0.8% in January and lower than 3.7% in December.
Disposable personal income -- income after taxes -- increased 0.3% in February, following a revised 2.8% decline in January. The growth of wages and salaries in February eased. Wages and salaries increased $6.3 billion, after rising $23.6 billion in January.
Spending on durable goods increased 0.9% in February, after a revised 3.7% decrease. Non-durable goods spending rose 0.6%, after rising 1.1% in January. Spending on services gained 0.5% last month, after a 0.3% increase the previous month. Analysts had said spending might be partly offset by rising energy prices.
