The US Bureau of Economic Analysis (BEA) reported on Friday that according to its estimates, personal income (PI) increased $87.6 billion, or 0.4%, in August. Disposable personal income (DPI), personal income less personal current taxes, increased $46.6 billion, or 0.2%. Personal consumption expenditures (PCE) increased $83.6 billion, or 0.4%.
The PCE price index increased 0.4% in August. Excluding food and energy, the PCE price index increased 0.1%. Real DPI decreased 0.2% and real PCE increased 0.1%; goods decreased 0.2% but services increased 0.2%.
Year-over-year, the PCE price index for August increased 3.5%. Prices for goods increased 0.7%, while prices for services increased 4.9%. Food prices increased 3.1%, while energy prices declined 3.6%. Excluding food and energy, the PCE price index increased 3.9% from one year ago.
Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $86.0 billion in August. Personal saving was $794.1 billion, and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.9%.
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