Consumer Spending
Personal income increased $50.4 billion (0.2 percent at a monthly rate) in June. Disposable personal income (DPI)—personal income less personal current taxes—increased $37.7 billion (0.2 percent). Personal outlays—the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments—increased $59.3 billion (0.3 percent) and consumer spending increased $57.6 billion (0.3 percent). Personal saving was $703.0 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.4 percent in June.
Real personal consumption expenditures (PCE) by state increased in 42 states and the District of Columbia in 2022, with the percent change ranging from 5.7 percent in Alaska to –3.2 percent in New Hampshire.
Real personal income declined in 45 states and the District of Columbia in 2022, with the percent change ranging from 3.0 percent in North Dakota to –8.9 percent in Rhode Island.
Personal income increased $57.1 billion (0.2 percent at a monthly rate) in October. Disposable personal income —personal income less personal current taxes—increased $63.4 billion (0.3 percent). Personal outlays—the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments—increased $43.8 billion (0.2 percent) and consumer spending increased $41.2 billion (0.2 percent). Personal saving was $768.6 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.8 percent in October.