Date: July 30, 2019
In June, personal income rose $83.6 billion (0.4%) according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) climbed $69.7 billion (0.4%) and personal consumption expenditures (PCE) grew $41.0 billion (0.3%).
Real DPI rose 0.3% in June and Real PCE climbed 0.2%. The PCE price index rose 0.1%. The PCE price index less food and energy increased 0.2%. The growth in personal income in June were primarily attributable to increases in wages and salaries, government social benefits to persons, and supplements to wages and salaries.
The $21.4 billion increase in real PCE in June reflected an increase of $19.5 billion in spending for nondurable goods and an increase of $4.6 billion in spending for services, that was partially tempered by a decline of $1.5 billion in spending for durable goods. Within nondurable goods, the leading supplier to the increase was other nondurable goods (comprising pharmaceutical products). However, within durable goods, motor vehicles and parts was the leading contributor to the downturn.
Personal outlays rose $44.2 billion in June. Personal saving was $1.34 trillion in June and the personal saving rate, personal saving as a percentage of disposable personal income, was 8.1%.
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