Posts Tagged 'Personal Consumption Expenditures'

State Personal Income: First Quarter 2015

State personal income grew 0.9 percent on average in the first quarter of 2015, after growing 1.1 percent in the fourth quarter of 2014. Personal income grew in 46 states and growth accelerated in 15 of those states. The fastest growth, 1.3 percent, was in Florida. Personal income fell in four states, with the largest decline, 1.2 percent, in Iowa. The national price index for personal consumption expenditures, fell 0.5 percent in the first quarter, after falling 0.1 percent in the fourth quarter.

Personal Income June 22

1st qtr june22

For more information, read the full report.

Disposable Income Rises in April

Personal income increased 0.4 percent in April after increasing less than 0.1 percent in March. Wages and salaries, the largestPersonal Income and Outlays June1 component of personal income, rose 0.2 percent in April after rising 0.1 percent in March.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.4 percent in April after rising less than 0.1 percent in March, reflecting increases in income receipts on assets and wages and salaries.

Real DPI, income adjusted for taxes and inflation, increased 0.3 percent in April after decreasing 0.2 percent in March.

Real consumer spending (PCE), spending adjusted for price changes, decreased less than 0.1 percent in April after increasing 0.4 percent in March. Spending on durable  goods decreased 0.8 percent in April after increasing 2.1 percent in March.

PCE prices increased less than 0.1 percent in April, after increasing 0.2 percent in March. Excluding food and energy, PCE prices increased 0.1 percent in April, the same increase an in March.

Personal saving rate
Personal saving as a percent of DPI was 5.6 percent in April and 5.2 percent in March.

For more information, read the full report.

Real Consumer Spending June1

New BEA Data Provide Entrepreneurs with a Fortune 500 Research Department

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?

Some Fortune 500 companies have research departments to help answer these questions, but new BEA data on consumer spending broken out by state – released in August – provide startups and entrepreneurs with crucial insight into consumer behavior at the state level. In December 2015, we are planning to release a fresh batch of consumer spending by state statistics that will cover the year 2014 as well as some earlier years.

The 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 Gross Domestic Product by State and State Personal Income.  This suite of statistics can offer entrepreneurs a better understanding of what’s driving or restraining economic activity at the state level, and thus inform their decisions about things like investing, financing, locating and hiring.

The Bureau of Economic Analysis’ experimental consumer spending by state statistics were released on Aug. 7 and covered the years from 1997 to 2012. So the fresh batch of statistics that will be out next year will be more up to date.

The state data on consumer spending use the same product definitions as our national statistics on consumer spending, making them consistent. Given the limited availability of source data at the regional level, the new consumer spending by state statistics do not provide the same level of category detail that BEA currently makes available at the national level.

The new statistics also use the same residency concepts that we use in our state income data, allowing entrepreneurs and other users to compare people’s income and spending in each state.

These new estimates are just one way that BEA is innovating to better measure the 21st Century economy. In April, we introduced real (inflation-adjusted) estimates of personal income for states and metropolitan areas as well as new quarterly statistics on GDP broken out by industry. On August 20, we released prototype estimates of quarterly GDP by state, which also breaks out GDP by Industry. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”