PERSONAL INCOME AND OUTLAYS, AUGUST 2017

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Friday, September 29, 2017

PERSONAL INCOME AND OUTLAYS, AUGUST 2017

Source: https://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm 

Personal income increased $28.6 billion (0.2 percent) in August according to estimates released today by the Bureau of Economic Analysis.

> Disposable personal income (DPI) increased $14.9 billion (0.1 percent) and personal consumption expenditures (PCE) increased $18.0 billion (0.1 percent).
> Real DPI decreased 0.1 percent in August and Real PCE decreased 0.1 percent.

> The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.1 percent.

                                                                2017
                                                Apr.    May     June    July    Aug.
                                                Percent change from preceding month
Personal income:
Current dollars                                0.1     0.3     0.0     0.3     0.2
Disposable personal income:
Current dollars                                0.2     0.4     0.0     0.2     0.1
Chained (2009) dollars                         0.0     0.5     0.0     0.1    -0.1
Personal consumption expenditures (PCE):
Current dollars                                0.3     0.2     0.1     0.3     0.1
Chained (2009) dollars                         0.1     0.3     0.1     0.2    -0.1
Price indexes:
PCE                                            0.2    -0.1     0.0     0.1     0.2
PCE, excluding food and energy                 0.2     0.1     0.1     0.1     0.1

Price indexes:                                 Percent change from month one year ago
PCE                                            1.7     1.5     1.4     1.4     1.4
PCE, excluding food and energy                 1.6     1.5     1.5     1.4     1.3

> The increase in personal income in August primarily reflected an increase in government social benefits to persons and compensation of employees (table 3).
> Real PCE spending in August decreased $8.4 billion due to a decrease of $20.2 billion in spending for goods that was partially offset by a $9.2 billion increase in spending for services (table 7).

> Within goods, spending on new motor vehicles was the leading contributor to the decrease.

> Within services, healthcare spending was the leading contributor to the increase.

 

Detailed information on monthly real PCE spending can be found on Table 2.3.6U.

Personal outlays increased $16.8 billion in August (table 3).

Personal saving was $522.9 billion in August and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.6 percent (table 1).

Updates

Estimates have been updated for April through July. The change from the preceding month for current-dollar personal income and for current-dollar and chained (2009) dollar DPI and PCE -- revised and previously published -- are shown below for June and July.

                                                        Change from preceding month
                                                 June                                      July
                                Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                               (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal income:
Current dollars                     5.2       3.3        0.0       0.0       65.6      56.1        0.4       0.3
Disposable personal income:
Current dollars                     3.0       2.1        0.0       0.0       39.6      28.8        0.3       0.2
Chained (2009) dollars             -2.7      -3.4        0.0       0.0       23.9      13.2        0.2       0.1
Personal consumption expenditures:
Current dollars                    31.3      18.8        0.2       0.1       44.7      43.6        0.3       0.3
Chained (2009) dollars             23.0      11.8        0.2       0.1       29.3      27.2        0.2       0.2

BOX.____________________________
                                Hurricane Harvey

The August estimates of personal income and outlays reflect the effects of Hurricane Harvey that made landfall in southeastern Texas on August 25th.

BEA cannot separately quantify the total impact of the storm on personal income
and outlays because most of the source data used to estimate the components of personal income and outlays do not separately identify storm impacts.

BEA made adjustments to estimates where source data were not yet available or
did not fully reflect the effects of the storm.

For more information on the treatment of disasters within the national income and product accounts, see
“How are the measures of production and income in the national accounts affected by a natural or man-made disaster?”
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                                Next release:  October 30, 2017 at 8:30 A.M. EDT
                                  Personal Income and Outlays:  September 2017

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