Income & Saving

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the third quarter of 2022, in contrast to a decrease of 0.6 percent in the second quarter. The increase in the third quarter primarily reflected increases in exports and consumer spending that were partly offset by a decrease in housing investment.

Real gross domestic product (GDP) decreased in 40 states and the District of Columbia in the second quarter of 2022, with the percent change in real GDP ranging from 1.8 percent in Texas to –4.8 percent in Wyoming.

In the second quarter of 2022, as real GDP for the nation decreased at an annual rate of 0.6 percent, real GDP decreased in 8 of the 23 industry groups for which BEA prepares quarterly state estimates. Construction; nondurable-goods manufacturing; and wholesale trade were the leading contributors to the decrease in real GDP nationally.

Personal income increased $71.6 billion, or 0.3 percent at a monthly rate, while consumer spending increased $67.5 billion, or 0.4 percent, in August. The increase in personal income primarily reflected increases in compensation and proprietors’ income. The personal saving rate (that is, personal saving as a percentage of disposable personal income) was 3.5 percent in August, the same rate as in July.

Personal income increased $47.0 billion, or 0.2 percent at a monthly rate, while consumer spending increased $23.7 billion, or 0.1 percent, in July. The increase in personal income primarily reflected an increase in compensation. The personal saving rate (that is, personal saving as a percentage of disposable personal income) was 5.0 percent in July, the same rate as in June.

Personal income increased $133.5 billion, or 0.6 percent at a monthly rate, while consumer spending increased $181.1 billion, or 1.1 percent, in June. The increase in personal income primarily reflected increases in compensation and proprietors’ income. The personal saving rate (that is, personal saving as a percentage of disposable personal income) was 5.1 percent in June, compared with 5.5 percent in May.

This year for the first time, BEA will produce and publish in tandem annual updates of national, industry, and state statistics. The updates on Sept. 29 and 30 will cover gross domestic product and many related statistics, including national and state personal income, for 2021 and earlier years.

Personal income increased $113.4 billion, or 0.5 percent at a monthly rate, while consumer spending increased $32.7 billion, or 0.2 percent, in May. The increase in personal income primarily reflected an increase in compensation. The personal saving rate (that is, personal saving as a percentage of disposable personal income) was 5.4 percent in May, compared with 5.2 percent in April.

State personal income increased 4.8 percent at an annual rate in the first quarter of 2022 after increasing 3.6 percent in the fourth quarter of 2021. The percent change in personal income across all states ranged from 8.5 percent in South Dakota to 1.3 percent in Hawaii.

Personal income increased $89.3 billion, or 0.4 percent at a monthly rate, while consumer spending increased $152.3 billion, or 0.9 percent, in April. The increase in personal income primarily reflected an increase in compensation. The personal saving rate (that is, personal saving as a percentage of disposable personal income) was 4.4 percent in April, compared with 5.0 percent in March.

Personal income increased $107.2 billion, or 0.5 percent at a monthly rate, while consumer spending increased $185.0 billion, or 1.1 percent, in March. The increase in personal income primarily reflected an increase in compensation. The personal saving rate (that is, personal saving as a percentage of disposable personal income) was 6.2 percent in March, compared with 6.8 percent in February.