Personal Income, Disposable Income, and Personal Consumption Expenditures All Up in April
Personal Income and Outlays, April 2023
The US Bureau of Economic Analysis (BEA) reported on Friday (5-26-23) that according to its estimates, personal income (PI) increased $80.1 billion, or 0.4%, in April. Disposable personal income (DPI) increased $79.4 billion, or 0.4%, and personal consumption expenditures (PCE) increased $151.7 billion, or 0.8%.
The PCE price index increased 0.4% in April. Excluding food and energy, the PCE price index increased 0.4%. Real DPI increased less than 0.1%, and real PCE increased 0.5%; goods increased 0.8% and services increased 0.3%.
Year-over-year, the PCE price index for April increased 4.4%, reflecting prices for goods increasing 2.1% and the prices for services increasing 5.5%. Food prices increased 6.9%, and energy prices decreased 6.3%. Excluding food and energy, the PCE price index increased 4.7% from one year ago.
Personal outlays increased $156 billion in April. Personal saving was $802.1 billion, and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.1%.
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