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Sunday, April 21, 2024
HomeNewsEconomyPersonal Income Flat in October, Wages and Salaries Gain $7.2B

Personal Income Flat in October, Wages and Salaries Gain $7.2B

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Wages and Salaries Offset By Personal Interest Income, Farm Proprietors’ Income

The Bureau of Economic Analysis (BEA) reported personal income rose $3.3 billion (less than 0.1%) in October after gains in August and September were revised higher.

Wages and salaries (workers) rose by $7.2 billion (at an annual rate) and were partially offset by decreases in personal interest income (wealthy).

Disposable personal income (DPI) fell $12.6 billion (-0.1%) heading into the holiday season and personal consumption expenditures (PCE) rose $39.7 billion (0.3%), hitting the consensus forecast.

Personal outlays rose $43.1 billion in October.

Personal saving was $1.29 trillion in October. The personal saving rate — defined as personal saving as a percentage of disposable personal income — was 7.8%.

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