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Personal Income and Outlays - US PCE

By: Quiet. Please
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  • Summary

  • US Personal Income and Outlays: Monthly ReportThe "US Personal Income and Outlays" report, released monthly by the Bureau of Economic Analysis (BEA), provides a comprehensive overview of the economic well-being of households in the United States. This report includes several key indicators:
    1. Personal Income: This measures the total income received by individuals from all sources, including wages, salaries, social security, rental income, and dividends. An increase in personal income indicates a rise in the economic prosperity of individuals.
    2. Disposable Personal Income (DPI): This is the amount of money individuals have left to spend or save after paying personal current taxes. It is a crucial measure as it reflects the actual purchasing power of households.
    3. Personal Consumption Expenditures (PCE): This measures the value of goods and services purchased by households. PCE is a major component of the Gross Domestic Product (GDP) and is used to gauge consumer spending trends.
    4. PCE Price Index: This index measures the average increase in prices for all domestic personal consumption. It includes the prices of goods and services and is a key indicator of inflation. The report also provides the PCE price index excluding food and energy, as these can be volatile.
    5. Real Disposable Personal Income and Real PCE: These figures are adjusted for inflation, providing a more accurate picture of purchasing power and spending trends over time.
    The report includes monthly changes, providing insight into economic trends and consumer behavior. It also compares current data to the previous month and the same month from the previous year to identify patterns and significant changes.
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  • Personal Income and Outlays, March 2024 PCE report

    Personal Income and Outlays, March 2024 PCE report
    May 14 2024
    WASHINGTON, D.C. — In a welcomed economic development, personal income across the United States surged by $122.0 billion, marking a 0.5 percent increase on a monthly rate for March 2024. This data, released today by the Bureau of Economic Analysis (BEA), highlights a robust period for economic growth as consumers' disposable income and spending power continue to climb.
    Here are the the Key Figures from March 2024.
    Personal Income: Increased by $122.0 billion (0.5%).
    Disposable Personal Income (DPI): Rose by $104.0 billion (0.5%).
    Personal Consumption Expenditures (PCE): Jumped by $160.9 billion (0.8%).
    The rise in personal income was driven primarily by increased compensation across various sectors. As for disposable personal income, the measure of income left after personal current taxes, it reflected a parallel increase, empowering consumers to spend more.
    The PCE price index, a key indicator of inflation, rose by 0.3 percent in March. Excluding the volatile food and energy sectors, the PCE price index also saw a 0.3 percent increase. These figures suggest a steady but controlled inflation rate, maintaining a balance between economic growth and price stability.
    Real Disposable Personal Income (DPI): Adjusted for inflation, real DPI increased by 0.2 percent.
    Real Personal Consumption Expenditures (PCE): Adjusted for inflation, real PCE increased by 0.5 percent, with goods up by 1.1 percent and services up by 0.2 percent.
    Examining the month-by-month performance from November 2023 to March 2024:
    Personal Income: Consistent increases with notable growth in January (1.0%) and March (0.5%).
    Disposable Personal Income: Mirrored the pattern of personal income with steady growth.
    Personal Consumption Expenditures: Exhibited significant jumps in February (0.8%) and March (0.8%).
    Comparing March 2024 to the same month a year ago, the PCE price index rose by 2.7 percent, reflecting overall price increases for services (4.0%) and a modest increase for goods (0.1%). Food prices rose by 1.5 percent, and energy prices were up by 2.6 percent. Excluding food and energy, the year-over-year PCE price index increased by 2.8 percent.
    The $160.9 billion increase in current-dollar PCE was split almost equally between services ($80.6 billion) and goods ($80.3 billion). In the services sector, health care and housing were the primary contributors to the growth. For goods, significant spending was observed in motor vehicle fuels, recreational items, and food and beverages.
    Personal outlays, which include PCE, personal interest payments, and personal current transfer payments, saw a total increase of $172.1 billion. This rise in spending contributed to a personal saving rate of 3.2 percent, with personal savings amounting to $671.0 billion.
    Month-over-month, the PCE price index saw a 0.3 percent rise in March. Service prices increased by 0.4 percent, and goods prices edged up by 0.1 percent. Food prices showed a marginal decrease of less than 0.1 percent, while energy prices rose by 1.2 percent.
    Year-over-year, the PCE price index's 2.7 percent increase was driven by higher costs in services and slight upticks in goods and energy prices. Excluding food and energy, the index's 2.8 percent rise indicates a steady inflation rate within manageable bounds.
    The BEA also revised estimates for January and February, providing a more accurate picture of the economic landscape. For instance, personal income in January was revised upwards to $241.9 billion, while February saw a slight downward adjustment to $65.1 billion.
    Looking ahead, the next report on Personal Income and Outlays for April 2024 will be released on May 31, 2024, at 8:30 a.m. EDT. As the economy continues to navigate through fluctuations, these updates will be crucial for policymakers, investors, and consumers alike.
    Susbscribe so you can Stay tuned for the next report on PErsonal Income and Outlays.PC
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