Keeping you up to date on the latest data releases.
- Personal Income
Nominal personal income increased at a nonannualized rate of 0.4 percent in August, following increases of 0.3 percent in June and 0.2 percent in July. Over the past year, nominal personal income has increased 3.7 percent. Disposable personal income (DPI)— personal income less current personal taxes—increased 0.5 percent in August, and is up 2.8 percent since August 2012. After controlling for price changes, real disposable personal income increased 0.3 percent, which follows an increase of 0.2 percent in July, and has increased 1.6 percent on a year-over-year basis. Real personal consumption expenditures increased 0.2 percent, due to increases in both durable goods and services consumption. Durable goods consumption increased 0.8 percent and is up 8.0 percent over the past twelve months, while consumption of services increased 0.2 percent in August, and is up 1.9 percent since last year. Consumption of nondurable goods declined 0.2 percent for the month. On a year-over-year basis, consumption has increased 2.0 percent. The larger increase in income relative to the increase in consumption caused the personal savings rate, which is measured as personal savings as a percentage of disposable personal income, to increase from 4.5 to 4.6 percent.