Personal Income and Outlays, July 2018
Personal income increased $54.8 billion (0.3 percent) in July according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $52.5 billion (0.3 percent) and personal consumption expenditures (PCE) increased $49.3 billion (0.4 percent).
Real DPI increased 0.2 percent in July and Real PCE increased 0.2 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.
|Percent change from preceding month|
|Disposable personal income:|
|Chained (2012) dollars||0.3||0.1||0.2||0.3||0.2|
|Personal consumption expenditures (PCE):|
|Chained (2012) dollars||0.6||0.3||0.3||0.3||0.2|
|PCE, excluding food and energy||0.2||0.2||0.2||0.1||0.2|
|Price indexes:||Percent change from month one year ago|
|PCE, excluding food and energy||2.0||1.9||2.0||1.9||2.0|
The increase in personal income in July primarily reflected increases in wages and salaries, personal dividend income, and rental income (table 3).
The $29.6 billion increase in real PCE in July reflected an increase of $10.9 billion in spending for goods and a $18.9 billion increase in spending for services (table 7). Within goods, prescription drugs was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for food services and accommodations. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.
Personal outlays increased $52.7 billion in July (table 3). Personal saving was $1,048.1 billion in July and the personal saving rate, personal saving as a percentage of disposable personal income, was 6.7 percent (table 1).
Updates to Personal Income and Outlays
Estimates have been updated for January through June. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE -- revised and previously published in last month's release -- are shown below.
|Change from preceeding month|
|(Billions of dollars)||(Percent)||(Billions of dollars)||(Percent)|
|Disposable Personal income:|
|Chained (2012) dollars||29.3||25.3||0.2||0.2||45.8||38.9||0.3||0.3|
|Personal consumption expenditures:|
|Chained (2012) dollars||35.7||44.4||0.3||0.3||39.7||32.8||0.3||0.3|
Next release: September 28, 2018 at 8:30 A.M. EDT
Personal Income and Outlays: August 2018