Personal Income rose 0.2 percent in July after rising 0.5 percent in June. Wages and salaries, the largest component of personal income, rose 0.2 percent in July after rising 0.4 percent in June.
Current-dollar disposable personal income (DPI), after-tax income rose 0.1 percent in July after rising 0.5 percent in June.
Real DPI, income adjusted for taxes and inflation, increased 0.1 percent in July after increasing 0.3 percent in June.
Real consumer spending, spending adjusted for price changes, decreased 0.2 percent in July after increasing 0.2 percent in June. Spending on durable goods decreased 0.6 percent in July after increasing 0.5 percent in June.
PCE prices increased 0.1 percent in July after increasing 0.2 percent in June. Excluding food and energy, PCE prices increased 0.1 percent in July, the same as in June.
Personal saving as a percent of DPI was 5.7 percent in July and 5.4 percent in June.
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Is consumer spending growing faster in North Dakota or North Carolina? How do consumers in different regions respond to economic downturns? Which state has the fastest growing consumer market for motor vehicles?
On August 7, new BEA data on consumer spending broken out by state will help businesses, consumers, and policymakers answer those questions. The statistics will cover the years from 1997 to 2012.
These prototype Personal Consumption Expenditure by state statistics are designed to be used in conjunction with other macroeconomic and regional data we produce, like statistics on GDP by State and State Personal Income to better understand state economies. We are releasing these statistics for review and comment by data users.
Last year, we released a first look at experimental statistics on consumer spending by state.
The state data on consumer spending will use the product definitions used in our national statistics on consumer spending, making them consistent. Given the limited availability of source data at the regional level, the new PCE-by-state statistics will not provide the same level of category detail that BEA currently makes available at the national level.
The new statistics will also use the same residency concepts that we use in our state income data, allowing users to compare people’s income and consumption in each state.
These new estimates are just one way that BEA is innovating to better measure the 21st Century economy. On August 20, we will release prototype estimates of quarterly GDP by state. Earlier this year, we introduced real (inflation-adjusted) estimates of personal income for states and metropolitan areas and new quarterly statistics on GDP broken out by industry. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”
Personal income rose 0.4 percent in June and in May. Wages and salaries rose 0.4 percent in June and in May.
Current-dollar disposable personal income (DPI), after-tax income, rose 0.4 percent in June and in May.
Real DPI, income adjusted for taxes and inflation, increased 0.2 percent in June and in May.
Real consumer spending, spending adjusted for price changes, increased 0.2 percent in June after increasing 0.1 percent in May. Spending on nondurable goods increased 0.3 percent in June after decreasing 0.3 percent in May.
PCE prices rose 0.2 percent in June after rising 0.3 percent in May. Excluding food and energy, PCE prices rose 0.1 percent in June after rising 0.2 percent in May.
Personal saving rate
Personal saving as a percent of DPI was 5.3 percent in June and in May.
These estimates reflect the 2014 annual revision of the national income and product accounts, which incorporated new source data and other improvements back to 1999.
Read the full report.