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Thursday, October 31, 2024 Contact: Connie O’Connell, (301) 278-9003 Personal Income and Outlays, September 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 Mar. Apr. May Jun. Jul. Aug. Percent Percent change from prior period Personal income increased $71.6 billion (0.3 percent at a monthly rate) in September. Disposable personal income (DPI)—personal income less personal current taxes—increased $57.4 billion (0.3 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $106.3 billion (0.5 percent) and consumer spending increased $105.8 billion (0.5 percent). Personal saving was $1.00 trillion and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.6 percent in September. Sep. 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 $71.6 billion increase in personal income in September primarily reflected increases in compensation and personal current transfer receipts that were partly offset by decreases in personal interest income and proprietors’ income. • The increase in compensation was based on data from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES). Services-producing industries increased $37.5 billion and goods-producing industries increased $10.2 billion. • The increase in personal current transfer receipts reflected an increase in government social benefits (led by Medicare). 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. Email alerts are also available. Estimates of October 2024 Personal Income and Outlays will be released on November 27, 2024. Consumer spending The $105.8 billion increase in consumer spending in September reflected an increase in spending for both services and goods. Month-to-Month Change in Consumer Spending Consumer spending Goods Services Percent • Within services, the largest contributors to the increase were health care, based primarily on BLS CES data, as well as housing. 1.1 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 • Within goods, the largest contributors to the increase were other nondurable goods (led by May Jun. Jul. Aug. Sep. prescription drugs), based on Census 2024 Monthly Retail Trade Survey (MRTS) U.S. Bureau of Economic Analysis Seasonally adjusted data; food and beverages, based on Census MRTS data; and new motor vehicles (led by light trucks), based on unit sales data from Wards Intelligence. These increases were partly offset by a decrease in motor vehicle fuels, lubricants, and fluids, based on BLS consumer price indexes and Energy Information Administration data. Changes in Monthly Consumer Spending, September 2024 Consumer spending increased $105.8 billion Goods Services Health care 20.6 Housing and utilities 19.4 Other nondurable goods 15.7 Food and beverages 13.5 Motor vehicles and parts 12.3 Food services and accommodations 10.9 Other services 8.6 Final expenditures of NPISHs 7.0 Transportation services 4.2 Clothing and footwear 4.1 Other durable goods 3.8 Financial services and insurance 3.3 Furnishings and durable household equipment 0.8 Recreational goods and vehicles -0.3 Recreation services Gasoline and other energy goods U.S. Bureau of Economic Analysis -1.7 -16.2 Billions of dollars Seasonally adjusted annual rates Page 2 of 3 PCE price index From the preceding month, the PCE price index for September increased 0.2 percent. Food prices increased 0.4 percent and energy prices decreased 2.0 percent. Excluding food and energy, the PCE price index increased 0.3 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 September increased 2.1 percent. Prices for goods decreased 1.2 percent and prices for services increased 3.7 percent. Food prices increased 1.2 percent and energy prices decreased 8.1 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 4.0 PCE excluding food and energy Percent 3.0 2.0 1.0 0.0 0.0 Sep. Oct. Nov. Dec. 2023 U.S. Bureau of Economic Analysis Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. 2024 Seasonally adjusted Real disposable personal income and consumer spending Real DPI increased 0.1 percent in September. Real consumer spending increased 0.4 percent, reflecting an increase in spending on goods of 0.7 percent and an increase in spending on services of 0.2 percent. Within goods, the largest contributor to the increase was other nondurable goods (led by prescription drugs). Within services, the largest contributor to the increase was food services and accommodations. Page 3 of 3