Personal income increased $78.9 billion (0.4 percent) in September, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $71.3 billion (0.4 percent) and personal consumption expenditures (PCE) increased $113.0 billion (0.6 percent).

The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.5 percent (table 9). Real DPI increased less than 0.1 percent in September and Real PCE increased 0.3 percent; goods increased 0.4 percent and services increased 0.3 percent (tables 5 and 7).

The increase in current-dollar personal income in September primarily reflected increases in compensation and personal income receipts on assets (table 3). The increase in compensation was led by private wages and salaries. Within private wages and salaries, both services-producing industries and goods-producing industries increased. The increase in personal income receipts on assets reflected increases in both interest and dividend income.

The $113.0 billion increase in current-dollar PCE in September reflected an increase of $94.7 billion in spending for services and an increase of $18.3 in spending for goods (table 3). Within services, the leading contributors were housing and utilities (mainly housing), "other" services (mainly international travel), and transportation services (mainly air transportation). Within goods, increases in “other” nondurable goods (mainly prescription drugs) and motor vehicles and parts (mainly new motor vehicles) were partly offset by a decrease in gasoline and other energy goods. Detailed information on monthly PCE spending can be found on Table 2.3.5U.

Personal outlays increased $125.5 billion in September (table 3). Personal saving was $581.6 billion in September and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.1 percent (table 1).

Prices

From the preceding month, the PCE price index for September increased 0.3 percent (table 9). Prices for goods decreased 0.1 percent, reflecting a decrease in prices for nondurable goods (led by gasoline and other energy goods). Prices for services increased 0.6 percent (led by housing and transportation services). Food prices increased 0.6 percent and energy prices decreased 2.4 percent. Excluding food and energy, the PCE price index increased 0.5 percent. Detailed monthly PCE price indexes can be found on Table 2.3.4U.

From the same month one year ago, the PCE price index for September increased 6.2 percent (table 11). Prices for goods increased 8.1 percent and prices for services increased 5.3 percent. Food prices increased 11.9 percent and energy prices increased 20.3 percent. Excluding food and energy, the PCE price index increased 5.1 percent from one year ago.

Real PCE

The 0.3 percent increase in real PCE in September reflected an increase of 0.4 percent in spending on goods and 0.3 percent in spending on services (table 7). Within goods, the increase primarily reflected an increase in spending on gasoline and other energy goods. Within services, "other" services (mainly international travel), food services and accommodations, and health care were the leading contributors. Detailed information on monthly real PCE spending can be found on Table 2.3.6U.

Updates to Personal Income and Outlays

Estimates have been updated for July and August. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are provided below.

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Next release: December 1, 2022, at 8:30 a.m. EST
Personal Income and Outlays, October 2022