Income & Saving

Nationally, personal consumption expenditures (PCE), in current dollars, increased 9.2 percent in 2022 after increasing 12.9 percent in 2021. PCE increased in all 50 states and the District of Columbia, with the percent change ranging from 11.8 percent in Idaho to 6.4 percent in Louisiana.

Personal income, in current dollars, increased in 49 states and the District of Columbia in the second quarter of 2023, with the percent change ranging from 6.1 percent in New York and the District of Columbia to –2.7 percent in Maine.

Personal income increased $87.6 billion (0.4 percent at a monthly rate) in August. Disposable personal income (DPI)—personal income less personal current taxes— increased $46.6 billion (0.2 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $86.0 billion (0.4 percent) and consumer spending increased $83.6 billion (0.4 percent). Personal saving was $794.1 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.9 percent in August.

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023, according to the “third” estimate. In the first quarter, real GDP increased 2.2 percent (revised). The increase in the second quarter primarily reflected increases in business investment, consumer spending, and state and local government spending that were partly offset by a decrease in exports. Imports, which are a subtraction in the calculation of GDP, decreased.

Personal income increased $45.0 billion (0.2 percent at a monthly rate) in July. Disposable personal income (DPI)—personal income less personal current taxes— increased $7.3 billion (less than 0.1 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $153.8 billion (0.8 percent) and consumer spending increased $144.6 billion (0.8 percent). Personal saving was $705.6 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.5 percent in July.

Personal income increased $69.5 billion (0.3 percent at a monthly rate) in June. Disposable personal income (DPI)—personal income less personal current taxes— increased $67.5 billion (0.3 percent). Personal outlays—the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments—increased $109.4 billion (0.6 percent) and consumer spending increased $100.4 billion (0.5 percent). Personal saving was $862.4 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.3 percent in June.

Real gross domestic product increased in all 50 states and the District of Columbia in the first quarter of 2023, with the percent change in real GDP ranging from 12.4 percent in North Dakota to 0.1 percent in Rhode Island and Alabama.

Personal income increased $80.1 billion (0.4 percent at a monthly rate) in April. Disposable personal income (DPI) increased $79.4 billion (0.4 percent). Personal outlays increased $156.0 billion (0.8 percent) and consumer spending increased $151.7 billion (0.8 percent). Personal saving was $802.1 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.1 percent in April.

Personal income increased $67.9 billion, or 0.3 percent at a monthly rate, while consumer spending increased $8.2 billion, or less than 0.1 percent, in March. The personal saving rate (that is, personal saving as a percentage of disposable personal income) was 5.1 percent in March, compared with 4.8 percent in February.

Real gross domestic product (GDP) increased in 42 states and the District of Columbia in 2022, with the percent change in real GDP ranging from 4.9 percent in Idaho to –2.4 percent in Alaska.