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

On Thursday, the US Bureau of Economic Analysis (BEA) reported that according to its estimates, personal income (PI) increased $71.6 billion, or 0.3% at a monthly rate, in September. Disposable personal income (DPI), personal income less personal current taxes, increased $57.4 billion, or 0.3%. Personal consumption expenditures (PCE) increased $105.8 billion, or 0.5%.

Real DPI increased 0.1% in September, 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 0.3%.

Year-over-year, the PCE price index for September increased 2.1%. Prices for goods decreased 1.2%, while prices for services increased 3.7%. Food prices increased 1.2%, but energy prices decreased 8.1%. Excluding food and energy, the PCE price index increased 2.7% from one year ago.

Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $106.3 billion in September. Personal saving was $1.00 trillion, and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.6%.