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US disposable personal income increased 0.7% in October, personal consumption expenditures up 0.4%; higher personal income primarily reflected rise in compensation, personal income receipts on assets, and personal current transfer receipts: BEA

November 27, 2024 (press release) –

Personal income increased $147.4 billion (0.6 percent at a monthly rate) in October, 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 $144.1 billion (0.7 percent) and personal consumption expenditures (PCE) increased $72.3 billion (0.4 percent).

 

The PCE price index increased 0.2 percent in October (table 5). Excluding food and energy, the PCE price index increased 0.3 percent. Real DPI increased 0.4 percent and real PCE increased 0.1 percent; goods increased less than 0.1 percent and services increased 0.2 percent (tables 3 and 4).

  2024
June July Aug. Sept. Oct.
Percent change from preceding month
Personal income:  
     Current dollars 0.2 0.3 0.2 0.3 0.6
Disposable personal income:  
     Current dollars 0.1 0.2 0.1 0.3 0.7
     Chained (2017) dollars 0.0 0.0 0.0 0.1 0.4
Personal consumption expenditures (PCE):  
     Current dollars 0.3 0.6 0.2 0.6 0.4
     Chained (2017) dollars 0.1 0.4 0.1 0.5 0.1
Price indexes:  
     PCE 0.1 0.2 0.1 0.2 0.2
     PCE, excluding food and energy 0.2 0.2 0.2 0.3 0.3
Price indexes: Percent change from month one year ago
     PCE 2.4 2.5 2.3 2.1 2.3
     PCE, excluding food and energy 2.6 2.7 2.7 2.7 2.8

 

The increase in current-dollar personal income in October primarily reflected increases in compensation, personal income receipts on assets, and personal current transfer receipts (table 2).

The $72.3 billion increase in current-dollar PCE PCE in October reflected an increase of $74.7 billion in spending for services and a decrease of $2.3 billion in spending for goods (table 2). Within services, the largest contributors to the increase were health care (led by hospitals) and housing. Within goods, the largest contributor to the decrease was spending for gasoline and other energy goods (led by gasoline and other motor fuel). 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 $69.8 billion in October (table 2). Personal saving was $962.7 billion in October and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.4 percent (table 1).

Prices

From the preceding month, the PCE price index for October increased 0.2 percent (table 5). Prices for goods decreased 0.1 percent and prices for services increased 0.4 percent. Food prices increased less than 0.1 percent and energy prices decreased 0.1 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 October increased 2.3 percent (table 7). Prices for goods decreased 1.0 percent and prices for services increased 3.9 percent. Food prices increased 1.0 percent and energy prices decreased 5.9 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago.

Real PCE

The 0.1 percent increase in real PCE in October reflected an increase of less than 0.1 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 recreational goods and vehicles. Within services, the largest contributor to the increase was health care (both hospitals and outpatient 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 through September. For April through June, estimates for compensation, personal taxes, and contributions for government social insurance reflect the incorporation of updated second-quarter wage and salary data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. 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 August and September.

  Change from preceding month
August September 
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:  
     Current dollars 57.0 45.1 0.2 0.2 71.6 74.4 0.3 0.3
Disposable personal income:  
     Current dollars 37.7 25.8 0.2 0.1 57.4 65.7 0.3 0.3
     Chained (2017) dollars 10.3 0.5 0.1 0.0 15.5 21.4 0.1 0.1
Personal consumption expenditures:  
     Current dollars 55.5 38.8 0.3 0.2 105.8 129.2 0.5 0.6
     Chained (2017) dollars 26.5 12.7 0.2 0.1 57.2 75.2 0.4 0.5

 

*          *          *

Next release:  December 20, 2024, at 8:30 a.m. EST
Personal Income and Outlays, November 2024

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

 

 

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