Personal Income and Outlays, October 2023

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 $57.1 billion (0.2 percent at a monthly rate) in October, according to estimates released today by the Bureau of Economic Analysis (tables 2 and 3). Disposable personal income (DPI), personal income less personal current taxes, increased $63.4 billion (0.3 percent) and personal consumption expenditures (PCE) increased $41.2 billion (0.2 percent).

The PCE price index increased less than 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 5). Real DPI increased 0.3 percent in October and real PCE increased 0.2 percent; goods increased 0.1 percent and services increased 0.2 percent (tables 3 and 4).

The increase in current-dollar personal income in October primarily reflected increases in personal income receipts on assets and compensation that were partly offset by a decrease in personal current transfer receipts (table 2).

The $41.2 billion increase in current-dollar PCE in October reflected an increase of $53.1 billion in spending for services that was partly offset by a $11.9 billion decrease in spending for goods (table 2). Within services, the largest contributors to the increase were health care (led by hospital and nursing home services), housing and utilities (led by housing), and other services (led by international travel). Within goods, the largest contributors to the decrease were 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 $43.8 billion in October (table 2). Personal saving was $768.6 billion in October and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.8 percent (table 1).

Prices

From the preceding month, the PCE price index for October increased less than 0.1 percent (table 5). Prices for goods decreased 0.3 percent and prices for services increased 0.2 percent. Food prices increased 0.2 percent and energy prices decreased 2.6 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 October increased 3.0 percent (table 7). Prices for goods increased 0.2 percent and prices for services increased 4.4 percent. Food prices increased 2.4 percent and energy prices decreased 4.8 percent. Excluding food and energy, the PCE price index increased 3.5 percent from one year ago.

Real PCE

The 0.2 percent increase in real PCE in October reflected an increase of 0.2 percent in spending on services and an increase of 0.1 percent in spending on goods (table 4). Within services, the largest contributors to the increase were other services (led by international travel), health care (led by hospital and nursing home services), and food services and accommodations (led by accommodations). Within goods, the largest contributor to the increase was gasoline and other energy goods. 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 through September. For April through June estimates for compensation, personal taxes, and contributions for government social insurance reflect the incorporation of updated second-quarter wage and salary data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. 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 August and September.