Personal Income and Outlays, July 2019

Historical release narrative reproduced from the official public-domain U.S. Bureau of Economic Analysis source. Statistical tables, charts, standard technical appendices and administrative material are omitted; formatting is adapted for reading. Figures retain the release's original vintage and may have been revised. Consult the linked source for the complete release and current data.

Personal income increased $23.9 billion (0.1 percent) in July according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $44.4 billion (0.3 percent) and personal consumption expenditures (PCE) increased $93.1 billion (0.6 percent).

Real DPI increased 0.1 percent in July and Real PCE increased 0.4 percent. The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

The increase in personal income in July primarily reflected increases in compensation of employees and government social benefits to persons that were partially offset by a decrease in personal interest income (table 3).

The $56.9 billion increase in real PCE in July reflected an increase of $36.4 billion in spending for goods and a $23.8 billion increase in spending for services (table 7). Within goods, recreational goods and vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for household electricity and gas. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.

Personal outlays increased $96.4 billion in July (table 3). Personal saving was $1.27 trillion in July and the personal saving rate, personal saving as a percentage of disposable personal income, was 7.7 percent (table 1).

Updates to Personal Income and Outlays

Estimates have been updated for January through June. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE -- revised and as published in last month's release -- are shown below.

This news release includes revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2019 (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.