U.S. Personal Income rose $23.9 billion in July

Date: September 2, 2019

In July, personal income rose $23.9 billion (0.1%) in the U.S. according to estimates released by the Bureau of Economic Analysis. Disposable personal income (DPI) climbed $44.4 billion (0.3%) and personal consumption expenditures (PCE) grew $93.1 billion (0.6%).

Real DPI rose 0.1% in July and Real PCE climbed 0.4%. The PCE price index rose 0.2%. The PCE price index less food and energy increased 0.2%.

The growth in personal income in July were primarily attributable  to increases in compensation of employees and government social benefits to persons that were partially tempered by a decline in personal interest income.

In July, the real PCE rose $56.9 billion which revealed a $36.4 billion increase in spending for goods and a $23.8 billion increase in spending for services. Within goods, the largest contributor to the increase was recreational goods and vehicles. Within services, spending for household electricity and gas was the leading contributor to the increase.

Personal outlays improved $96.4 billion in July while personal saving was $1.27 trillion and the personal saving rate, personal saving as a percentage of disposable personal income, was 7.7%.

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