Research >> Economics
Personal Income increased 0.1%, Spending increased 0.6%
Personal income increased $23.9 billion (0.1 percent) in July according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $44.4 billion (0.3 percent) and personal consumption expenditures (PCE) increased $93.1 billion (0.6 percent).
Real DPI increased 0.1 percent in July and Real PCE increased 0.4 percent. The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent.
The increase in personal income in July primarily reflected increases in compensation of employees and government social benefits to persons that were partially offset by a decrease in personal interest income.
The $56.9 billion increase in real PCE in July reflected an increase of $36.4 billion in spending for goods and a $23.8 billion increase in spending for services. Within goods, recreational goods and vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for household electricity and gas. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.
Personal outlays increased $96.4 billion in July. Personal saving was $1.27 trillion in July and the personal saving rate, personal saving as a percentage of disposable personal income, was 7.7 percent.
Posted: August 30, 2019 Friday 08:30 AM