Personal Income and Outlays, July 2022

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 $47.0 billion (0.2 percent) in July, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $37.6 billion (0.2 percent) and personal consumption expenditures (PCE) increased $23.7 billion (0.1 percent).

The PCE price index decreased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent (table 9). Real DPI increased 0.3 percent in July and real PCE increased 0.2 percent; goods increased 0.2 percent and services increased 0.2 percent (tables 5 and 7).

The increase in current-dollar personal income in July primarily reflected an increase in compensation that was partly offset by decreases in proprietors' income, personal current transfer receipts, and rental income of persons (table 3). The increase in compensation was led by private wages and salaries. The decrease in proprietors' income was mainly in nonfarm income. The decrease in personal current transfer receipts followed an increase in June that reflected a legal settlement from corporate business to persons.

The $23.7 billion increase in current-dollar PCE in July reflected an increase of $33.3 billion in spending for services that was partly offset by a decrease of $9.6 billion in spending for goods (table 3). Within services, the largest contributors to the increase were spending for housing and utilities (mainly housing) and for "other" services (mainly international travel). Within goods, gasoline and other energy goods was the leading contributor to the decrease. Detailed information on monthly PCE spending can be found on Table 2.3.5U.

Personal outlays increased $27.0 billion in July (table 3). Personal saving was $932.3 billion in July and the personal saving rate—personal saving as a percentage of disposable personal income—was 5.0 percent (table 1).

Prices

From the preceding month, the PCE price index for July decreased 0.1 percent (table 9). Prices for goods decreased 0.4 percent and prices for services increased 0.1 percent. Food prices increased 1.3 percent and energy prices decreased 4.8 percent. Excluding food and energy, the PCE price index increased 0.1 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 July increased 6.3 percent (table 11). Prices for goods increased 9.5 percent and prices for services increased 4.6 percent. Food prices increased 11.9 percent and energy prices increased 34.4 percent. Excluding food and energy, the PCE price index increased 4.6 percent from one year ago.

Real PCE

The 0.2 percent increase in real PCE in July reflected an increase of 0.2 percent in spending on goods and an increase of 0.2 percent in spending on services. Within goods, an increase in durable goods (led by recreational goods and vehicles) was partly offset by a decrease in nondurable goods (led by gasoline and other energy goods as well as by food and beverages). Within services, increases in housing and utilities and in transportation services 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 April through June1 . 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 for May and June.

BEA will release results from the 2022 annual update of the National Economic Accounts, which includes the National Income and Product Accounts as well as the Industry Economic Accounts, on September 29, 2022. This update will present revised statistics for GDP, GDP by Industry, and gross domestic income that cover the first quarter of 2017 through the first quarter of 2022. Updated monthly personal income and outlays will be released on September 30, along with the August 2022 estimate. For details, refer to Information on Updates to the National Economic Accounts.