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 1. Home
 2. News
 3. Personal Income and Outlays, June 2024


NEWS RELEASE

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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Friday, July 26, 2024
BEA 24—34


PERSONAL INCOME AND OUTLAYS, JUNE 2024

Personal income increased $50.4 billion (0.2 percent at a monthly rate) in June,
according to estimates released today by the U.S. Bureau of Economic Analysis
(tables 2 and 3). Disposable personal income (DPI), personal income less
personal current taxes, increased $37.7 billion (0.2 percent) and personal
consumption expenditures (PCE) increased $57.6 billion (0.3 percent).

The PCE price index increased 0.1 percent. Excluding food and energy, the PCE
price index increased 0.2 percent (table 5). Real DPI increased 0.1 percent in
June and real PCE increased 0.2 percent; goods increased 0.2 percent and
services increased 0.2 percent (tables 3 and 4).

  2024 Feb. Mar. Apr. May June Percent change from preceding month Personal
income:        Current dollars 0.3 0.5 0.2 0.4 0.2 Disposable personal income:  
     Current dollars 0.2 0.5 0.2 0.4 0.2      Chained (2017) dollars -0.1 0.2
-0.1 0.3 0.1 Personal consumption expenditures (PCE):        Current dollars 0.6
0.7 0.2 0.4 0.3      Chained (2017) dollars 0.2 0.3 -0.1 0.4 0.2 Price indexes:
       PCE 0.3 0.3 0.3 0.0 0.1      PCE, excluding food and energy 0.3 0.3 0.3
0.1 0.2 Price indexes: Percent change from month one year ago      PCE 2.5 2.7
2.7 2.6 2.5      PCE, excluding food and energy 2.8 2.8 2.8 2.6 2.6

The increase in current-dollar personal income in June primarily reflected
increases in compensation and personal current transfer receipts (table 2).

The $57.6 billion increase in current-dollar PCE in June reflected an increase
of $53.1 billion in spending for services and an increase of $4.5 billion in
spending for goods (table 2). Within services, the largest contributors to the
increase were other services (led by international travel) and housing and
utilities (led by housing). Within goods, the largest contributors to the
increase were other nondurable goods (led by pharmaceutical and other medical
products) and recreational goods and vehicles (led by information processing
equipment). These increases were partly offset by decreases in motor vehicles
and parts (led by new motor vehicles) and gasoline and other energy goods.
Detailed information on monthly PCE spending can be found on Table 2.4.5U.

Personal outlays—the sum of PCE, personal interest payments, and personal
current transfer payments—increased $59.3 billion in June (table 2). Personal
saving was $703.0 billion in June and the personal saving rate—personal saving
as a percentage of disposable personal income—was 3.4 percent (table 1).

Prices

From the preceding month, the PCE price index for June increased 0.1 percent
(table 5). Prices for goods decreased 0.2 percent and prices for services
increased 0.2 percent. Food prices increased 0.1 percent and energy prices
decreased 2.1 percent. Excluding food and energy, the PCE price index increased
0.2 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U.

From the same month one year ago, the PCE price index for June increased 2.5
percent (table 7). Prices for goods decreased 0.2 percent and prices for
services increased 3.9 percent. Food prices increased 1.4 percent and energy
prices increased 2.0 percent. Excluding food and energy, the PCE price index
increased 2.6 percent from one year ago.

Real PCE

The 0.2 percent increase in real PCE in June reflected an increase of 0.2
percent in spending on goods and an increase of 0.2 percent in spending on
services (table 4). Within goods, the largest contributor to the increase was
recreational goods and vehicles (led by information processing equipment).
Within services, the largest contributor to the increase was housing and
utilities. Detailed information on monthly real PCE spending can be found on
Table 2.4.6U.

Updates to Personal Income and Outlays

Estimates have been updated for April and May. Revised and previously published
changes from the preceding month for current-dollar personal income, and for
current-dollar and chained (2017) dollar DPI and PCE, are provided below for
April and May.

  Change from preceding month April  May  Previous Revised Previous Revised
Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of
dollars) (Percent) Personal income:        Current dollars 63.0 52.7 0.3 0.2
114.1 98.7 0.5 0.4 Disposable personal income:        Current dollars 52.0 38.4
0.3 0.2 94.0 76.3 0.5 0.4      Chained (2017) dollars -2.4 -13.9 0.0 -0.1 77.7
56.8 0.5 0.3 Personal consumption expenditures:        Current dollars 26.3 39.1
0.1 0.2 47.8 83.7 0.2 0.4      Chained (2017) dollars -20.1 -10.1 -0.1 -0.1 40.2
63.3 0.3 0.4

Annual Update of the National Economic Accounts

BEA will release results from the 2024 annual update of the National Economic
Accounts, which include the National Income and Product Accounts as well as the
Industry Economic Accounts, on September 26, 2024. The update will present
revised statistics for GDP, GDP by Industry, and gross domestic income. Updated
monthly personal income and outlays will be released on September 27, along with
the August 2024 estimate. For details, refer to Information on 2024 Annual
Updates to the National, Industry, and State and Local Economic Accounts.

*          *          *

Next release:  August 30, 2024, at 8:30 a.m. EDT
Personal Income and Outlays, July 2024

 


FULL RELEASE & TABLES (PDF)


TABLES ONLY (EXCEL)


RELEASE HIGHLIGHTS (PDF)


HISTORICAL COMPARISONS (PDF)

 * Personal Income
   Lisa Mataloni 
   301-278-9083
   piniwd@bea.gov

 * PCE Goods
   Kyle Brown
   301-278-9086
   pce@bea.gov

 * PCE Services
   Harvey Davis
   301-278-9719
   pce@bea.gov

 * Media
   Connie O’Connell
   301-278-9003
   Connie.OConnell@bea.gov


RESOURCES

Additional Resources available at www.bea.gov:

 * Stay informed about BEA developments by reading The BEA Wire, signing up for
   BEA's email subscription service, or following BEA on X, formerly known as
   Twitter @BEA_News(link is external).
 * Historical time series for these estimates can be accessed in BEA's
   Interactive Data Application.
 * Access BEA data by registering for BEA's Data Application Programming
   Interface (API).
 * For more on BEA's statistics, see BEA's online journal, the Survey of Current
   Business.
 * BEA's news release schedule
 * NIPA Handbook: Concepts and Methods of the U.S. National Income and Product
   Accounts


DEFINITIONS

Personal income is the income received by, or on behalf of, all persons from all
sources: from participation as laborers in production, from owning a home or
business, from the ownership of financial assets, and from government and
business in the form of transfers. It includes income from domestic sources as
well as the rest of world. It does not include realized or unrealized capital
gains or losses.

Disposable personal income is the income available to persons for spending or
saving. It is equal to personal income less personal current taxes. 

Personal consumption expenditures (PCE) is the value of the goods and services
purchased by, or on the behalf of, "persons" who reside in the United States.

Personal outlays is the sum of PCE, personal interest payments, and personal
current transfer payments.

Personal saving is personal income less personal outlays and personal current
taxes.

The personal saving rate is personal saving as a percentage of disposable
personal income.

Current-dollar estimates are valued in the prices of the period when the
transactions occurred—that is, at "market value." Also referred to as "nominal
estimates" or as "current-price estimates."

Real values are inflation-adjusted estimates—that is, estimates that exclude the
effects of price changes.

For more definitions, refer to the Glossary: National Income and Product
Accounts.


STATISTICAL CONVENTIONS

Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted
annual rates (SAAR). Dollar changes are calculated as the difference between
these SAAR values. For detail, refer to the FAQ "Why does BEA publish estimates
at annual rates?"

Month-to-month percent changes are calculated from unrounded data and are not
annualized.

Quarter-to-quarter percent changes are calculated from unrounded data and are
displayed at annual rates. For detail, refer to the FAQ "How is average annual
growth calculated?" and "Why does BEA publish percent changes in quarterly
series at annual rates?"

Quantities and prices. Quantities, or "real" volume measures, and prices are
expressed as index numbers with a specified reference year equal to 100
(currently 2017). Quantity and price indexes are calculated using a
Fisherchained weighted formula that incorporates weights from two adjacent
periods (months for monthly data, quarters for quarterly data and annuals for
annual data). For details on the calculation of quantity and price indexes,
refer to Chapter 4: Estimating Methods in the NIPA Handbook.

Chained-dollar values are calculated by multiplying the quantity index by the
current dollar value in the reference year (2017) and then dividing by 100.
Percent changes calculated from real quantity indexes and chained-dollar levels
are conceptually the same; any differences are due to rounding. Chained-dollar
values are not additive because the relative weights for a given period differ
from those of the reference year. In tables that display chained-dollar values,
a "residual" line shows the difference between the sum of detailed
chained-dollar series and its corresponding aggregate.

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