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Friday, September 27, 2024 Contact: Connie O’Connell, (301) 278-9003 Personal Income and Outlays, August 2024 Disposable Personal Income, Outlays, and Saving 1.2 6.0 1.0 5.0 0.8 4.0 0.6 3.0 0.4 2.0 0.2 1.0 0.0 0.0 Feb. Mar. Apr. May June July Percent Percent change from prior period Personal income increased $50.5 billion (0.2 percent at a monthly rate) in August. Disposable personal income (DPI)—personal income less personal current taxes— increased $34.2 billion (0.2 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $48.3 billion (0.2 percent) and consumer spending increased $47.2 billion (0.2 percent). Personal saving was $1.05 trillion and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.8 percent in August. Aug. 2024 DPI, % change from prior period U.S. Bureau of Economic Analysis Outlays, % change from prior period Personal saving as % of DPI Seasonally adjusted Personal income The $50.5 billion increase in personal income in August primarily reflected an increase in compensation, based on data from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES). Servicesproducing industries increased $40.2 billion and goods-producing industries increased $9.9 billion. The increase in compensation was partly offset by a decrease in personal income receipts on assets (both personal interest and personal dividend income). BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and regional economic data—are available at www.bea.gov. E-mail alerts are also available. Estimates of September 2024 Personal Income and Outlays will be released on October 31, 2024. Consumer spending The $47.2 billion increase in August reflected an increase in spending for services that was partly offset by a decrease in spending for goods. Month-to-Month Change in Consumer Spending Consumer spending Goods Services Percent • Within services, the largest contributors to the increase were housing as well as financial services and insurance. • Within goods, the largest contributor to the decrease was spending for new motor vehicles, based on unit sales data from Ward’s Intelligence. 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 -0.1 -0.2 -0.3 Apr. May June July Aug. 2024 U.S. Bureau of Economic Analysis Seasonally adjusted Changes in Monthly Consumer Spending, August 2024 Consumer spending increased $47.2 billion Goods Services Housing and utilities 14.5 Financial services and insurance 11.0 Other nondurable goods 10.5 Recreation services 9.5 Recreational goods and vehicles 7.5 Final expenditures of NPISHs 7.2 Health care 5.8 Food services and accommodations 4.5 Transportation services 4.3 Other durable goods 1.7 Furnishings and durable household equipment 0.8 Clothing and footwear -0.4 Other services -2.2 Food and beverages -5.8 Gasoline and other energy goods Motor vehicles and parts U.S. Bureau of Economic Analysis -7.1 -14.9 Billions of dollars Seasonally adjusted annual rates Page 2 of 3 PCE price index From the preceding month, the PCE price index for August increased 0.1 percent. Food prices increased 0.1 percent and energy prices decreased 0.8 percent. Excluding food and energy, the PCE price index increased 0.1 percent. For a comparison of PCE prices to BLS consumer price indexes, refer to NIPA Table 9.1U. Reconciliation of Percent Change in the CPI with Percent Change in the PCE Price Index. From the same month one year ago, the PCE price index for August increased 2.2 percent. Prices for goods decreased 0.9 percent and prices for services increased 3.7 percent. Food prices increased 1.1 percent and energy prices decreased 5.0 percent. Excluding food and energy, the PCE price index increased 2.7 percent from one year ago. Percent Change in PCE Price Indexes from Month One Year Ago PCE PCE excluding food and energy 5.0 Percent 4.0 3.0 2.0 1.0 0.0 0.0 Aug. Sep. Oct. 2023 U.S. Bureau of Economic Analysis Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. 2024 Seasonally adjusted Real disposable personal income and consumer spending Real DPI increased 0.1 percent in August. Real consumer spending increased 0.1 percent, reflecting an increase in spending on services of 0.2 percent and an increase in spending on goods of less than 0.1 percent. Within services, the largest contributor to the increase was recreation services (led by gambling). Annual Update of the National Economic Accounts Today’s release presents results from the annual update of the National Economic Accounts. The revisions for income and consumer spending estimates begin with January 2019. Monthly estimates for January through March of 2024 include revisions resulting from the incorporation of first-quarter wage and salary data from the BLS Quarterly Census of Employment and Wages program. Estimates for wages and salaries for April through July of 2024 have been updated to reflect revised monthly data from the BLS CES program. Updated quarterly and annual estimates of personal income and outlays were presented as part of the third estimate of GDP for the second quarter of 2024 on September 26, 2024. Page 3 of 3