Personal Income, Disposable Income, and Personal Consumption Expenditures All Rise in October
Personal Income and Outlays, October 2022
The US Bureau of Economic Analysis (BEA) reported on Thursday (12-1-22) that, according to estimates, personal income (PI) increased $155.3 billion, or 0.7%, in October. Disposable personal income (DPI) increased $132.9 billion, or 0.7%, in October. Personal consumption expenditures (PCE) increased $147.9 billion, or 0.8%, in October.
Real DPI increased 0.4% in October, and Real PCE increased 0.5%; goods increased 1.1%, while spending on services increased 0.2%. The PCE price index for October increased 0.3%. Excluding food and energy, the PCE price index increased 0.2%.
Year-over-year, the PCE price index for October increased 6.0%, reflecting prices for goods increasing 7.2% and the prices for services increasing 5.4%. Energy prices increased 18.4%, while food prices increased 11.6%. Excluding food and energy, the PCE price index for October increased 5.0% year-over-year.
Personal outlays increased $154.2 billion in October. Personal saving was $426.5 billion, and the personal saving rate—personal saving as a percentage of disposable personal income—was 2.3%.
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