US Personal Income and Outlays Data for April

On Friday, the US Bureau of Economic Analysis (BEA) reported that personal income (PI) increased $65.3 billion, or 0.3% at a monthly rate in April; disposable personal income (DPI) increased $40.2 billion, or 0.2%; and personal consumption expenditures (PCE) increased $39.1 billion, or 0.2%.

Real DPI decreased 0.1%, and Real PCE decreased 0.1%; goods decreased 0.4%, while spending on services increased 0.1%. The PCE price index increased 0.3%. Excluding food and energy, the PCE price index increased 0.2%.

Year-over-year, the PCE price index for April increased 2.7%, reflecting prices for goods increased 0.1% and the prices for services increasing 3.9%. Energy prices increased 3.0%, while food prices increased 1.3%. Excluding food and energy, the PCE price index increased 2.8% from April 2023.

Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $42.8 billion in April. Personal saving was $744.5 billion, and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.6%.