31 October 2024

BEA News: Personal Income and Outlays, September 2024

 

US Department of Commerce Bureau of Economic Analysis

BEA News: Personal Income and Outlays, September 2024

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Personal income increased $71.6 billion (0.3 percent at a monthly rate) in September. 

Disposable personal income (DPI)—personal income less personal current taxes—increased $57.4 billion (0.3 percent)

Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $106.3 billion (0.5 percent) and 

Consumer spending increased $105.8 billion (0.5 percent).

 Personal saving was $1.00 trillion and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.6 percent in September.

The full text of the release can be found at www.bea.gov/news/2024/personal-income-and-outlays-september-2024.


News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, 
Thursday, October 31, 2024
BEA 24—49

Personal Income and Outlays, September 2024

Personal income

Personal income increased $71.6 billion (0.3 percent at a monthly rate) in September, according to estimates released today by the U.S. Bureau of Economic Analysis (tables 2 and 3). 

Disposable personal income (DPI), personal income less personal current taxes, increased $57.4 billion (0.3 percent) and 

Personal consumption expenditures (PCE) increased $105.8 billion (0.5 percent).

The PCE price index increased 0.2 percent. 

Excluding food and energy, the PCE price index increased 0.3 percent (table 5). 

Real DPI increased 0.1 percent in September and 

Real PCE increased 0.4 percent; 

Goods increased 0.7 percent and 

Services increased 0.2 percent (tables 3 and 4).

 2024
MayJuneJulyAug.Sept.
Percent change from preceding month
Personal income: 
     Current dollars0.50.30.30.20.3
Disposable personal income: 
     Current dollars0.40.20.30.20.3
     Chained (2017) dollars0.40.10.10.10.1
Personal consumption expenditures (PCE): 
     Current dollars0.50.30.60.30.5
     Chained (2017) dollars0.50.10.40.20.4
Price indexes: 
     PCE0.00.10.20.10.2
     PCE, excluding food and energy0.10.20.20.20.3
Price indexes:Percent change from month one year ago
     PCE2.62.42.52.32.1
     PCE, excluding food and energy2.72.62.72.72.7

The increase in current-dollar personal income in September primarily reflected increases in compensation and personal current transfer receipts that were partly offset by decreases in personal interest income and proprietors’ income (table 2).

The $105.8 billion increase in current-dollar PCE in September reflected an increase of $72.1 billion in spending for services and an increase of $33.7 billion in spending for goods (table 2). Within services, the largest contributors to the increase were health care and housing and utilities (led by housing). Within goods, the largest contributors to the increase were other nondurable goods (led by prescription drugs), food and beverages, and motor vehicles and parts (led by new light trucks). These increases were partly offset by a decrease in gasoline and other energy goods. 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 $106.3 billion in September (table 2). Personal saving was $1.00 trillion in September and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.6 percent (table 1).


Prices

From the preceding month, the PCE price index for September increased 0.2 percent (table 5). 

Prices for goods decreased 0.1 percent and prices for services increased 0.3 percent. 

Food prices increased 0.4 percent and 

Energy prices decreased 2.0 percent. 

Excluding food and energy, the PCE price index increased 0.3 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U.

From the same month one year ago, the PCE price index for September increased 2.1 percent (table 7). Prices for goods decreased 1.2 percent and prices for services increased 3.7 percent. Food prices increased 1.2 percent and energy prices decreased 8.1 percent. Excluding food and energy, the PCE price index increased 2.7 percent from one year ago.


Real PCE

The 0.4 percent increase in real PCE in September reflected an increase of 0.7 percent in spending on goods and an increase of 0.2 percent in spending on services (table 4). Within goods, the largest contributor to the increase was other nondurable goods (led by prescription drugs). Within services, the largest contributor to the increase was food services and accommodations (led by purchased meals and beverages). 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 July and August. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2017) dollar DPI and PCE, are provided below.

 Change from preceding month
JulyAugust 
PreviousRevisedPreviousRevisedPreviousRevisedPreviousRevised
(Billions of dollars)(Percent)(Billions of dollars)(Percent)
Personal income: 
     Current dollars65.181.20.30.350.557.00.20.2
Disposable personal income: 
     Current dollars49.161.70.20.334.237.70.20.2
     Chained (2017) dollars12.821.20.10.111.710.30.10.1
Personal consumption expenditures: 
     Current dollars102.4115.40.50.647.255.50.20.3
     Chained (2017) dollars58.467.30.40.423.626.50.10.2

*          *          *

Next release:  November 27, 2024, at 10:00 a.m. EST
Personal Income and Outlays, October 2024

 

 

Personal Income and Outlays Release Dates for 2025
Estimate Release Date
December 2024January 31, 2025
January 2025February 28, 2025
February 2025March 28, 2025
March 2025April 30, 2025
April 2025May 30, 2025
May 2025June 27, 2025
June 2025July 31, 2025
July 2025August 29, 2025
August 2025September 26, 2025
September 2025October 31, 2025
October 2025November 26, 2025
November 2025December 19, 2025

No comments:

CRYPTO MEME TOKEN JUMPS: Creating Market Value

Dogecoin increased by as much as 24.6% on Tuesday to nearly $0.44 and by about 10% on Wednesday to over $0.42 as of around 10:25 a.m. EST, s...