Inflation Continues to Impact Personal Income and Outlays in July
Personal Income and Outlays, July 2022
The US Bureau of Economic Analysis (BEA) reported on Friday (8-26-22) that, according to their estimates, personal income (PI) increased $47.0 billion (0.2%) in July. Disposable personal income (DPI) increased $37.6 billion, or 0.2%, in July. Personal consumption expenditures (PCE) increased $23.7 billion, or 0.1%, in July.
Real DPI increased 0.3% in July, and Real PCE increased 0.2%; goods increased 0.2%, while spending on services increased 0.2%. The PCE price index for July decreased 0.1%. Excluding food and energy, the PCE price index increased 0.1%.
Year-over-year the PCE price index for July increased 6.3%. Reflecting prices for goods increasing 9.5% and the prices for service increased 4.6%. Energy prices increased 34.4%, while food prices increased 11.9%. Excluding food and energy, the PCE price index for July increased 4.6% from July 2021.
Personal outlays increased $27.0 billion in July. Personal saving was $932.3 billion, and the personal saving rate—personal saving as a percentage of disposable personal income—was 5.0%.
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