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Monday, May 27, 2024
HomeNewsEconomyPersonal Income Gains Edge Out Consensus in September, Revised Up for August

Personal Income Gains Edge Out Consensus in September, Revised Up for August

American flag and U.S. dollar financial and economy concept. (Photo: AdobeStock)

The Bureau of Economic Analysis (BEA) reported personal income gained $50.2 billion (0.3%) in September and revised higher to a 0.5% gain for August. Gains were largely driven by the wages and salaries, and higher benefits.

Forecasts ranged from a low of 0.1% to a high of 0.4%. The consensus forecast was right on the money at 0.3%.

Disposable personal income (DPI) rose $55.7 billion (0.3%), while Real DPI gained 0.3 in September and Real PCE increased 0.2 percent

Consumer spending, or personal consumption expenditures (PCE), rose $24.3 billion (0.2%), matching the consensus forecast. Forecasts ranged from a low of 0.0% to a high of 0.3%. Real PCE also was up 0.2%.

The PCE price index fell less than 0.1%. Excluding food and energy, the PCE price index increased less than 0.1%.

Personal outlays rose $23.0 billion and personal saving was $1.38 trillion in September. The personal saving rate — defined as personal saving as a percentage of disposable personal income — was 8.3%.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Latest comment

  • Good news, month after month.
    Some months great news.
    Some months super great news.
    In a month where it’s “just” good
    news, Dems say “look how bad the economy’s
    doing”. Oh, well. They need SOMETHING to
    bolster the phony “quid pro quo” complaint.

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