Personal income growth slowed in 2012 in most of the nation’s 381 metropolitan statistical areas (MSAs). Personal income growth slowed in 311 MSAs, accelerated in 65 MSAs, and remained unchanged in 5 MSAs. On average, MSA personal income rose 4.2 percent in 2012, after growing 6.0 percent in 2011. Personal income growth ranged from 12.1 percent in Midland, TX, to –1.6 percent in Yuma, AZ, one of only five MSAs where personal income declined in 2012. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 1.8 percent in 2012 from 2.4 percent in 2011.
For more on local area personal income, read the full report.
The U.S. monthly international trade deficit increased in September 2013 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $38.7 billion in August (revised) to $41.8 billion in September as exports decreased and imports increased. The previously published August deficit was $38.8 billion. The goods deficit increased $3.0 billion from August to $61.3 billion in September; the services surplus decreased $0.1 from August to $19.5 billion in September.
Exports of goods and services decreased $0.4 billion in September to $188.9 billion, reflecting decreases in exports of goods and exports of services.
• The decrease in exports of goods reflected decreases in industrial supplies and materials, in other goods, and in consumer goods that were mostly offset by an increase in foods, feeds, and beverages.
• The decrease in exports of services reflected a decrease in travel. An increase in other transportation, which includes freight and port services, was partly offsetting.
Imports of goods and services increased $2.7 billion in September to $230.7 billion, reflecting an increase in imports of goods. Imports of services decreased.
• The largest increases in imports of goods were in industrial supplies and materials, in automotive vehicles, parts, and engines, and in capital goods.
• The decrease in imports of services reflected a decrease in travel.
Goods by geographic area (not seasonally adjusted)
• The goods deficit with the European Union decreased from $9.8 billion in August to $8.0 billion in September. Exports increased $1.2 billion to $22.8 billion and imports decreased $0.6 billion to $30.8 billion.
• The goods deficit with China increased from $29.9 billion in August to $30.5 billion in September. Exports increased $0.3 billion to $9.6 billion and imports increased $0.9 billion to $40.1 billion.
• The goods deficit with Canada increased from $2.4 billion in August to $3.2 billion in September. Exports decreased $0.5 billion to $24.9 billion and imports increased $0.3 billion to $28.2 billion.
To learn more about U.S. international trade in goods and services, read the full report.
Personal income rose 0.5 percent in September, the same as in August. Wages and salaries, the largest component of personal income, rose 0.4 percent after rising 0.5 percent. Farm proprietors’ income was boosted in September, reflecting the settlement of a class-action discrimination lawsuit against the U. S. Department of Agriculture.
Current-dollar disposable personal income (DPI), after-tax income, rose 0.5 percent in September.
Real DPI, income adjusted for taxes and inflation, rose 0.4 percent in September.
Real consumer spending, spending adjusted for price changes, increased 0.1 percent in September after increasing 0.2 percent in August. Spending on durable goods turned down.
PCE prices rose 0.1 percent in September, the same as in August. Excluding food and energy, PCE prices increased 0.1 percent in September, the same as in August.
Personal saving rate
Personal saving as a percent of DPI was 4.9 percent in September and 4.7 percent in August.
To learn more about personal income and outlays, read the full report.