US Bureau of Economic Analysis Reports Personal Income and Outlays for July

On Friday, the US Bureau of Economic Analysis (BEA) reported that, according to its estimates, personal income (PI) increased $75.1 billion, or 0.3%, at a monthly rate in July. Disposable personal income (DPI), personal income less personal current taxes, increased $54.8 billion, or 0.3%. Personal consumption expenditures (PCE) increased $103.8 billion, or 0.5%.

Real DPI increased 0.1% in July, and real PCE increased 0.4%; goods increased 0.7%, while spending on services increased 0.2%. The PCE price index increased 0.2%. Excluding food and energy, the PCE price index increased 0.2%.

Year-over-year, the PCE price index for July increased 2.5%. Prices for goods decreased less than 0.1%, and prices for services increased 3.7%. Energy prices increased 1.9%, while food prices increased 1.4%. Excluding food and energy, the PCE price index increased 2.6%.

Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $103.3 billion in July. Personal saving was $598.8 billion, and the personal saving rate—personal saving as a percentage of disposable personal income—was 2.9%.