by Calculated Risk July 26, 2024 8:30 AM
BEA is Personal Income and Expenditures June report:
Personal income increased by $50.4 billion in June, up 0.2% month-on-month.According to estimates released today by the U.S. Bureau of Economic Analysis, disposable personal income (DPI), which is personal income minus current personal taxes, increased by $37.7 billion, or 0.2%, while personal consumption expenditures (PCE) increased by $57.6 billion, or 0.3%.
The PCE price index rose 0.1%.. The PCE price index, which excludes food and energy, rose 0.2%.Real DPI increased 0.1% in June, real PCE increased 0.2%. Goods increased 0.2% and services increased 0.2%.
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June The PCE price index increased 2.5% year-over-year, down from 2.6% year-over-year in May and also down from its recent peak of 7.0% in June 2022.
The following chart shows real personal consumption expenditures (PCE) through June 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 came in slightly below expectations, while PCE came in slightly above expectations.
Inflation was slightly lower than expected.
