October 31, 2019
In September, personal income rose $50.2 billion (0.3%) in the U.S, according to estimates released by the Bureau of Economic Analysis. Disposable personal income (DPI) climbed $55.7 billion (0.3%) and personal consumption expenditures (PCE) grew $24.3 billion (0.2%).
Real DPI rose 0.3% in September and Real PCE climbed 0.2%. The PCE price index fell 0.1%. The PCE price index less food and energy increased less than 0.1%.
The growth in personal income in September was primarily attributable to increases in personal interest income, farm proprietors’ income, and government social benefits to persons.
In September, the real PCE rose $22.8 billion which revealed a $18.4 billion increase in spending for goods and a $6.5 billion increase in spending for services. Within goods, the largest contributor to the increase was spending for new motor vehicles. Within services, spending for health care was the leading contributor to the increase.
Personal outlays improved $23.0 billion in September while personal saving was $1.38 trillion and the personal saving rate, personal saving as a percentage of disposable personal income, was 8.3%.
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