Personal Income Gained 0.5%, Consumer Spending By 0.3%, Beating Forecasts
The Bureau of Economic Analysis (BEA) said personal income gains beat the consensus forecast in April, rising $92.8 billion (0.5%). The reflected increases were fueled by personal interest income, wages and salaries, and government social benefits to persons.
Prior | Consensus Forecast | Forecast Range | Actual | |
Personal Income – M/M ∆ | 0.1 % | 0.3 % | 0.1 % to 0.4 % | 0.5% |
Consumer Spending – M/M ∆ | 0.9 % | 0.2 % | 0.1 % to 0.3 % | 0.3% |
PCE Price Index M/M ∆ | 0.2 % | 0.3 % | 0.2 % to 0.3 % | 0.3% |
Core PCE price index – M/M ∆ | 0.0 % | 0.2 % | 0.0 % to 0.3 % | 0.2% |
PCE Price Index Y/Y ∆ | 1.5 % | 1.6 % | 1.5 % to 1.6 % | 1.5% |
Core PCE price index – Yr/Yr ∆ | 1.6 % | 1.6 % | 1.5 % to 1.7 % | 1.6% |
Disposable personal income (DPI) rose $69.3 billion (0.4%) and personal consumption expenditures (PCE) gained $40.8 billion (0.3%).
Real DPI increased 0.1% in April and Real PCE decreased less than 0.1%. The PCE price index increased 0.3%. Excluding food and energy, the PCE price index increased 0.2%.
Meanwhile, personal outlays increased $42.7 billion in April (table 3). Personal saving was $990.3 billion in April and the personal saving rate, personal saving as a percentage of disposable personal income, was 6.2%.