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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