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News Release
Personal Income and Outlays, June 2023
Personal income increased $69.5 billion (0.3 percent at a monthly rate) in June, according to estimates released today by the Bureau of Economic Analysis (table 3 and table 5). Disposable personal income (DPI), personal income less personal current taxes, increased $67.5 billion (0.3 percent) and personal consumption expenditures (PCE) increased $100.4 billion (0.5 percent).
The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index also increased 0.2 percent (table 9). Real DPI increased 0.2 percent in June and real PCE increased 0.4 percent; goods increased 0.9 percent and services increased 0.1 percent (tables 5 and 7).
| 2023 | |||||
|---|---|---|---|---|---|
| Feb. | Mar. | Apr. | May | June | |
| Percent change from preceding month | |||||
| Personal income: | |||||
| Current dollars | 0.4 | 0.4 | 0.3 | 0.5 | 0.3 |
| Disposable personal income: | |||||
| Current dollars | 0.6 | 0.5 | 0.3 | 0.5 | 0.3 |
| Chained (2012) dollars | 0.3 | 0.3 | 0.0 | 0.4 | 0.2 |
| Personal consumption expenditures (PCE): | |||||
| Current dollars | 0.3 | 0.1 | 0.6 | 0.2 | 0.5 |
| Chained (2012) dollars | 0.0 | 0.0 | 0.3 | 0.1 | 0.4 |
| Price indexes: | |||||
| PCE | 0.3 | 0.1 | 0.3 | 0.1 | 0.2 |
| PCE, excluding food and energy | 0.3 | 0.3 | 0.4 | 0.3 | 0.2 |
| Price indexes: | Percent change from month one year ago | ||||
| PCE | 5.0 | 4.2 | 4.3 | 3.8 | 3.0 |
| PCE, excluding food and energy | 4.7 | 4.6 | 4.6 | 4.6 | 4.1 |
The increase in current-dollar personal income in June primarily reflected an increase in compensation that was partly offset by a decrease in personal income receipts on assets (table 3).
The $100.4 billion increase in current-dollar PCE in June reflected an increase of $51.2 billion in spending for services and an increase of $49.1 billion in spending for goods (table 3). Within services, the largest contributors to the increase were financial services and insurance (led by portfolio management and investment advice services), housing and utilities (led by housing), and recreation services. Within goods, the largest contributors to the increase were motor vehicles and parts (led by new light trucks) and gasoline and other energy goods (led by motor vehicle fuels, lubricants, and fluids). Detailed information on monthly PCE spending can be found on Table 2.4.5U.
Personal outlays, the sum of PCE, personal interest payments, and personal current transfer payments, increased $109.4 billion in June (table 3). Personal saving was $862.4 billion in June and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.3 percent (table 1).
Prices
From the preceding month, the PCE price index for June increased 0.2 percent (table 9). Prices for goods decreased 0.1 percent and prices for services increased 0.3 percent. Food prices decreased 0.1 percent and energy prices increased 0.6 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Detailed monthly PCE price indexes can be found on on Table 2.4.4U.
From the same month one year ago, the PCE price index for June increased 3.0 percent (table 11). Prices for goods decreased 0.6 percent and prices for services increased 4.9 percent. Food prices increased 4.6 percent and energy prices decreased 18.9 percent. Excluding food and energy, the PCE price index increased 4.1 percent from one year ago.
Real PCE
The increase of 0.4 percent in real PCE in June reflected increases of 0.9 percent in spending on goods and 0.1 percent in spending on services (table 7). Within goods, the largest contributors to the increase were motor vehicles and parts (led by new light trucks) and recreational goods and vehicles (led by video, audio, photographic and information processing equipment and media). Within services, the leading contributor to the increase was financial services and insurance (led by portfolio management and investment advice services). Detailed information on monthly real PCE spending can be found on Table 2.4.6U.
Updates to Personal Income and Outlays
Estimates have been updated for April and May. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are provided below.
| Change from preceding month | ||||||||
|---|---|---|---|---|---|---|---|---|
| April | May | |||||||
| Previous | Revised | Previous | Revised | Previous | Revised | Previous | Revised | |
| (Billions of dollars) | (Percent) | (Billions of dollars) | (Percent) | |||||
| Personal income: | ||||||||
| Current dollars | 57.9 | 57.6 | 0.3 | 0.3 | 91.2 | 104.1 | 0.4 | 0.5 |
| Disposable personal income: | ||||||||
| Current dollars | 57.8 | 60.3 | 0.3 | 0.3 | 86.7 | 104.3 | 0.4 | 0.5 |
| Chained (2012) dollars | -10.8 | -5.2 | -0.1 | 0.0 | 48.2 | 62.7 | 0.3 | 0.4 |
| Personal consumption expenditures: | ||||||||
| Current dollars | 108.8 | 111.2 | 0.6 | 0.6 | 18.9 | 32.9 | 0.1 | 0.2 |
| Chained (2012) dollars | 33.9 | 39.1 | 0.2 | 0.3 | -3.7 | 7.9 | 0.0 | 0.1 |
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Next release: August 31, 2023, at 8:30 a.m. EDT
Personal Income and Outlays, July 2023
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