Personal Income, Disposable Income, and Personal Consumption Expenditures All Increased in August 2022
Personal Income and Outlays, August 2022 and Annual Update
The US Bureau of Economic Analysis (BEA) reported on Friday (9-30-22) that, according to their estimates, personal income (PI) increased $71.6 billion, or 0.3%, in August. Disposable personal income (DPI) increased $67.6 billion, or 0.4%, in August. Personal consumption expenditures (PCE) increased $67.5 billion, or 0.4%, in August.
Real DPI increased 0.1% in August, and Real PCE increased 0.1%; goods decreased 0.2%, while spending on services increased 0.2%. The PCE price index for August increased 0.3%. Excluding food and energy, the PCE price index for August increased 0.6%.
Year-over-year the PCE price index for August increased 6.2%, reflecting prices for goods increasing 8.6% and the prices for services increased 5.0%. Energy prices increased 24.7% in August, while food prices increased 12.4%. Excluding food and energy, the PCE price index for July increased 4.9% from August 2021.
Personal outlays increased $67.8 billion in August. Personal saving was $652.8 billion in August, and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.5%.
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