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Personal Income and Outlays, August 2023
Personal income increased $87.6 billion (0.4 percent at a monthly rate) in August, according to estimates released today by the Bureau of Economic Analysis (table 2 and table 3). Disposable personal income (DPI), personal income less personal current taxes, increased $46.6 billion (0.2 percent) and personal consumption expenditures (PCE) increased $83.6 billion (0.4 percent). The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.1 percent (table 5). Real DPI decreased 0.2 percent in August and real PCE increased 0.1 percent; goods decreased 0.2 percent and services ... (full story)
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The Fed’s benchmark inflation gauge dipped lower in August
The Federal Reserve’s preferred inflation gauge showed price increases cooled considerably last month, according to new Commerce Department data released Friday that also showed a slowdown in consumer spending. The core Personal Consumption Expenditures index, a closely watched inflation measure that excludes gas and food prices, rose 3.9% for the 12 months ended in August. It’s the lowest annual increase that index has seen in two years and is a positive step toward the Fed’s target of 2% inflation. On a monthly basis, core PCE grew 0.1%. The overall PCE index, which includes the more volatile food and energy ... (full story)
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