Research >> Economics
Personal Income increased 0.4%, Spending increased 0.3%
|
Personal income increased $65.1 billion (0.4 percent) in October according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $66.1 billion (0.5 percent) and personal consumption expenditures (PCE) increased $34.4 billion (0.3 percent).
Real DPI increased 0.3 percent in October and Real PCE increased 0.1 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.
The increase in personal income in October primarily reflected increases in wages and salaries and personal interest income.
The $13.1 billion increase in real PCE in October reflected an increase of $11.4 billion in spending for goods and a $2.7 billion increase in spending for services (table 7). Within goods, other nondurable goods, which includes prescription drugs and recreational items, was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for other services, which includes passenger fares for foreign travel and communication services.
Personal outlays increased $38.7 billion in October. Personal saving was $457.3 billion in October and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.2 percent.
Posted: November 30, 2017 Thursday 08:30 AM