Personal Income and Outlays: February

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Eh, headline or internals? Pick one.

Personal income increased $38.1 billion, or 0.3 percent, and disposable personal income (DPI) increased $36.0 billion, or 0.3 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $69.1 billion, or 0.7 percent. In January, personal income increased $147.4 billion, or 1.2 percent, DPI increased $92.0 billion, or 0.8 percent, and PCE increased $29.5 billion, or 0.3 percent, based on revised estimates.

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Remember that the January number was dramatically boosted by the tax changes for FICA. That sounds good except that it flows directly to the deficit - that is, we're simply kiting checks. Now that one-timer has gone through the system.How's it working out for consumers when one looks at actual

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purchasing power?

Real disposable income decreased 0.1 percent in February, in contrast to an increase of 0.5 percent in January. Real PCE increased 0.3 percent, in contrast to a decrease of less than 0.1 percent.

The one-timer in January masked what was otherwise an 0.3% decrease. Now it's gone. The money-printing simply shifted where the negative number showed up - in this case, on the government balance sheet. But again, that was a one-time deal and now the impact has been taken, and in February we got to see the impact of........Read the full analysis here.