Personal income increased by $75.1 billion, or 0.3 percent at a monthly rate, in July 2024, 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, rose by $54.8 billion (0.3 percent) and personal consumption expenditures (PCE) increased by $103.8 billion (0.5 percent).
The PCE price index saw an increase of 0.2 percent for the month. Excluding food and energy, the PCE price index also rose by 0.2 percent. Real DPI increased by 0.1 percent in July while real PCE grew by 0.4 percent; within this category, goods spending increased by 0.7 percent and services spending rose by 0.2 percent.
The rise in current-dollar personal income in July was mainly due to an increase in compensation.
The $103.8 billion increase in current-dollar PCE for July was driven primarily by a $59.3 billion rise in spending on services and a $44.5 billion increase in spending on goods, with housing and utilities leading within services and motor vehicles and parts as well as food and beverages contributing most significantly within goods.
Personal outlays—which include PCE, personal interest payments, and personal current transfer payments—increased by $103.3 billion in July, while personal saving amounted to $598.8 billion with a saving rate of 2.9 percent.
From June to July, the PCE price index increased by 0.2 percent overall; prices for goods decreased slightly while prices for services went up by 0.2 percent each month over month comparison shows that food prices rose by 0 .2% while energy prices saw less than a .1% change.
Year-over-year data reveals that from July of the previous year to this year’s same month the PCE price index has gone up about two-and-a-half percentage points to be exact they experienced growths at rates just shy off what was seen when excluding items like groceries & gas stations which remained steady around two-point-six%.
Real PCE's notable growth during last month's survey period came largely due increases observed among automobile purchases coupled alongside healthcare-related expenses — both representing key areas where consumers had notably upped their expenditure levels accordingly according Table Four section details provided therein...
Revised estimates covering periods spanning April through June reflect adjustments based upon latest available data sets furnished via sources including Quarterly Census Employment Wages Program amongst others forthcoming updates slated release September twenty-sixth next annual update National Economic Accounts should incorporate these revisions going forward.