Personal income increased $65.6 billion (0.4 percent) in July according to estimates released today by the
Bureau of Economic Analysis. Disposable personal income (DPI) increased $39.6 billion (0.3 percent) and
personal consumption expenditures (PCE) increased $44.7 billion (0.3 percent).

Real DPI increased 0.2 percent in July and Real PCE increased 0.2 percent. The PCE price index increased
0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.

                                                                 2017
                                                Mar.     Apr.     May     June     July
                                                  Percent change from preceding month
Personal income:
 Current dollars                                0.3      0.1      0.3      0.0      0.4
Disposable personal income:
 Current dollars                                0.3      0.2      0.4      0.0      0.3
 Chained (2009) dollars                         0.5      0.0      0.5      0.0      0.2
Personal consumption expenditures (PCE):
 Current dollars                                0.5      0.3      0.2      0.2      0.3
 Chained (2009) dollars                         0.7      0.1      0.3      0.2      0.2
Price indexes:
 PCE                                           -0.2      0.2     -0.1      0.0      0.1
 PCE, excluding food and energy                -0.2      0.2      0.1      0.1      0.1

Price indexes:                                   Percent change from month one year ago
 PCE                                            1.8      1.7      1.5      1.4      1.4
 PCE, excluding food and energy                 1.6      1.6      1.5      1.5      1.4

The increase in personal income in July primarily reflected increases in wages and salaries and personal
income receipts on assets (table 3).

The $29.3 billion increase in real PCE in July reflected an increase of $18.7 billion in spending for
goods and an $11.8 billion increase in spending for services (table 7). Within goods, furnishings and
durable household equipment was the leading contributor to the increase. Within services, the largest
contributor to the increase was spending for food services and accommodations. Detailed information on
monthly real PCE spending can be found on Table 2.3.6U.

Personal outlays increased $45.2 billion in July (table 3). Personal saving was $510.2 billion in July
and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.5 percent (table 1).

                                Updates

Estimates have been updated for January through June. The change from the preceding month for current-dollar
personal income and for current-dollar and chained (2009) dollar DPI and PCE -- revised and previously
published -- are shown below for May and June.

                                                        Change from preceding month
                                                  May                                      June
                                Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                               (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal income:
 Current dollars                    53.2      51.8        0.3       0.3       -3.5       5.2        0.0       0.0
Disposable personal income:
 Current dollars                    61.4      60.6        0.4       0.4       -4.2       3.0        0.0       0.0
 Chained (2009) dollars             58.7      60.6        0.5       0.5       -6.7      -2.7       -0.1       0.0
Personal consumption expenditures:
 Current dollars                    20.1      27.4        0.2       0.2        8.1      31.3        0.1       0.2
 Chained (2009) dollars             21.5      30.5        0.2       0.3        4.5      23.0        0.0       0.2

BOX.____________________________
                                QCEW Data Included in the First Quarter of 2017

This news release includes revised estimates of wages and salaries, personal taxes, and contributions for government
social insurance for January through March 2017 (first quarter). These estimates reflect the incorporation of the most
recently available first-quarter wage and salary tabulations from the Bureau of Labor Statistics’ Quarterly Census of
Employment and Wages (QCEW) program.
________________________________

                                Next release:  September 29, 2017 at 8:30 A.M. EDT
                                     Personal Income and Outlays:  August 2017