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US personal income increased $35.5 billion, up 0.2% in August, resulting from increases in compensation of employees and government social benefits.
Source: US Department of Commerce
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The disposable personal income (DPI) jumped 0.1%, 18.9 billion, and personal consumption expenditures (PCE) edged up slightly by 0.8%, $130.5 billion in August.
The $130.5 billion increase in current dollar PCE in August reflected an expansion of $66.0 billion spending for goods and a $64.6 billion increase in spending for services.
The real DPI declined by 0.3% in August, and real PCE rose by 0.4%, backed by an increase in goods and services by 0.6% and 0.3%, respectively.
US personal expenditures also increased by $132.6 billion in August, as personal savings stood at $1.71 trillion in August.
The PCE price index for the US economy in August rose by 4.3% from the same period a year ago, signaling increases in both goods and services. Energy prices rose by 24.9%, and food prices rose by 2.8%.
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