by Calculated Risk May 31, 2024, 8:30 AM
BEA is Personal Income and Expenditures April report:
Personal income increased by $65.3 billion, or 0.3% month-on-month, in April.According to estimates released today by the Bureau of Economic Analysis, disposable personal income (DPI) (personal income minus current personal taxes) increased by $40.2 billion, while personal consumption expenditures (PCE) increased by $39.1 billion.
The PCE price index rose 0.3%. Excluding food and energy, the PCE price index rose 0.2%.Real DPI decreased 0.1% and real PCE decreased 0.1% in April. Goods decreased 0.4% and services increased 0.1%.
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of PCE Price Index Increased 2.7% Year-over-Year in AprilThis is unchanged from 2.7% year-on-year in March and is down from the most recent peak of 7.0% in June 2022.
The following chart shows real personal consumption expenditures (PCE) through April 2024 (in 2017 dollars). Note that the y-axis does not start at zero to better illustrate the changes..
Click on the graph to enlarge the image.
The dashed red line is the quarterly level of real PCE.
Personal income was in line with expectations, but PCE was below expectations.
Inflation was as expected.
