US Personal Income and Outlays for June

On Friday, the US Bureau of Economic Analysis (BEA) reported that, according to estimates, personal income (PI) increased $50.4 billion, or 0.2%, at a monthly rate in June. Disposable personal income (DPI)—personal income less personal current taxes—increased $37.7 billion, or 0.2%. Personal consumption expenditures (PCE) increased $57.6 billion, or 0.3%.

Real DPI increased 0.1% in June, and real PCE increased 0.2%; goods and services each increased 0.2%. The PCE price index increased 0.1%. Excluding food and energy, the PCE price index increased 0.2%.

Year-over-year, the PCE price index for June increased 2.5%; prices for goods decreased 0.2%, and the prices for services increased 3.9%. Energy prices increased 2.0%, while food prices increased 1.4%. Excluding food and energy, the PCE price index increased 2.6% from one year ago.

Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $59.3 billion in June. Personal saving was $703.0 billion, and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.4%.