Personal Income and Outlays, July 2024
Excerpts of the report issued today, August 30, 2024
Personal income increased $75.1 billion (0.3 percent at a monthly rate) in July, 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 $54.8 billion (0.3 percent) and personal consumption expenditures (PCE) increased $103.8 billion (0.5 percent).
The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 5). Real DPI increased 0.1 percent in July and real PCE increased 0.4 percent; goods increased 0.7 percent and services increased 0.2 percent (tables 3 and 4).
The increase in current-dollar personal income in July primarily reflected an increase in compensation (table 2).
The $103.8 billion increase in current-dollar PCE in July reflected an increase of $59.3 billion in spending for services and $44.5 billion in spending for goods (table 2). Within services, the largest contributor to the increase was housing and utilities (led by housing). Within goods, the largest contributors to the increase were motor vehicles and parts as well as food and beverages. 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 $103.3 billion in July (table 2). Personal saving was $598.8 billion in July and the personal saving rate—personal saving as a percentage of disposable personal income—was 2.9 percent (table 1).
Prices
From the preceding month, the PCE price index for July increased 0.2 percent (table 5). Prices for goods decreased by less than 0.1 percent and prices for services increased 0.2 percent. Food prices increased 0.2 percent and energy prices increased by less than 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 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 July increased 2.5 percent (table 7). Prices for goods decreased by less than 0.1 percent and prices for services increased 3.7 percent. Food prices increased 1.4 percent and energy prices increased 1.9 percent. Excluding food and energy, the PCE price index increased 2.6 percent from one year ago.
Real PCE
The 0.4 percent increase in real PCE in July 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 motor vehicles and parts. Within services, the largest contributor to the increase was health care. 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 through June1. 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 for May and June.