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Bureau of Economic Analysis data showed that personal income increased $28.2 billion (0.2 percent), and disposable personal income (DPI) increased $18.9 billion (0.2 percent) in February. Personal consumption expenditures (PCE) increased $86.0 billion (0.8 percent). Real (inflation-adjusted) DPI decreased 0.1 percent while real PCE increased 0.5 percent.
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Consumers bumped up
spending on retail goods in February by a seasonally adjusted 1.1 percent. Two-thirds of growth in retail sales was due to rising gasoline and auto sales; general merchandise sales declined 0.1 percent, due to the substitutionary effects caused by inflation.
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Total
consumer debt outstanding rose by a seasonally adjusted $8.7 billion (4.2 percent annualized). Revolving (mostly credit card) debt fell by $2.2 billion (3.3 percent annualized), while non-revolving debt (mainly student and auto loans) increased by $10.9 billion (7.7 percent annualized). In February, seasonal adjustments changed declines in both revolving and non-revolving loans into increases. Even student loans, which have risen every month since January 2008, were virtually nonexistent.
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