Keeping you up to date on the latest data releases.
- Personal Income
Nominal personal income increased at a non-annualized rate of 0.5 percent in June, following an increase of 0.3 percent in May, and is up 3.5 percent since June of last year. Disposable personal income—personal income less current taxes—increased 0.4 percent during the month, and is up 3.2 percent over the last 12 months. After controlling for price changes, “real” disposable personal income was up 0.3 percent in June, and on a year-over-year basis, “real” DPI was up 1.7 percent. The near-term (3-month) trend in the year-over-year growth rate accelerated during the second quarter increasing from 0.1 percent at the end of the first quarter to 1.3 percent by the end of the second quarter. This data release also included the BEA’s annual revisions going back to 2009, which showed a downward revision in the year-over-year change in“real” DPI from −2.3 percent to −2.8 percent for 2009, no revision for 2010 (remaining at 1.8 percent), and a slight upward revision for 2011 from 1.2 percent to 1.3 percent. In June, “real” personal consumption expenditures decreased 0.1 percent following an increase of 0.1 percent in May. This marks the first month of negative consumption growth since last August. On a year-over-year basis, “real” personal consumption expenditures are up 2.0 percent. Consumption seems to have slowed a bit over the second quarter, as the 3-month trend in “real” PCE fell from just over 0.2 percent during the first quarter to less than 0.1 percent by the end of the second quarter. The personal savings rate increased to 4.4 percent in June from 4.0 percent in May, and was also revised downward for each of the last three years going from 5.1 percent to 4.7 percent in 2009, 5.3 percent to 5.1 percent in 2010, and from 4.6 percent to 4.2 percent in 2011.