by calculated risk October 31, 2024 08:40:00 AM
BEA has released personal income and expenses September report:
Personal income increased by $71.6 billion (0.3% per month) in September. According to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI), which is personal income less personal current taxes, increased by $57.4 billion (0.3%) and personal consumption expenditures (PCE) increased by $105.8 billion (0.5%).
PCE price index rose 0.2%. The PCE price index, which excludes food and energy, rose 0.3%. Real DPI increased by 0.1% and real PCE increased by 0.4% in September. Goods increased by 0.7% and services increased by 0.2%.
Emphasis added
september The PCE price index rose 2.1% year over year, down from 2.3% year over year in August and down from its recent peak of 7.0% in June 2022.
The following graph shows real personal consumption expenditures (PCE) (2017 dollars) through September 2024. Note that the Y-axis does not start at zero to better illustrate the changes..
Click on the graph to see a larger image.
The red dashed line is the quarterly level of real PCE.
Personal income was slightly lower than expected and PCE was slightly higher than expected.
Inflation was close to expectations.
