Tax cuts and bonuses helped boost both January personal income and personal savings rate

Tax cut update: In January, personal income rose 0.4 percent, disposable personal income (DPI) rose 0.9 percent (the biggest jump since 2015) and personal consumption expenditures (PCE) increased 0.2 percent, leading to an increase in the personal savings rate from 2.5 to 3.2 percent of income.

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