Real Disposable Personal Income (DPI) and Personal Consumption Expenditures (PCE)

Please consider the BEA's Personal Income and Outlays report for August 2022.

• Personal income increased $71.6 billion (0.3 percent) in August
• Disposable personal income (DPI) increased $67.6 billion (0.4 percent)
• Personal consumption expenditures (PCE) increased $67.5 billion (0.4 percent).
• Real DPI increased 0.1 percent in August and Real PCE increased 0.1 percent
• Real goods decreased 0.2 percent and services increased 0.2 percent 
• Personal outlays increased $67.8 billion in August. 
• Personal saving was $652.8 billion in August and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.5 percent.

Price Inflation

• From the preceding month, the PCE price index for August increased 0.3 percent
• Prices for goods decreased 0.3 percent and prices for services increased 0.6 percent. 
• Food prices increased 0.8 percent and energy prices decreased 5.5 percent.
• Excluding food and energy, the PCE price index increased 0.6 percent. 
• From the same month one year ago, the PCE price index for August increased 6.2 percent. Prices for goods increased 8.6 percent and prices for services increased 5.0 percent. 
• Food prices increased 12.4 percent and energy prices increased 24.7 percent. Excluding food and energy, the PCE price index increased 4.9 percent from one year ago.

Income and Spending Revisions

Real Disposable Personal Income and Real Spending Billions

Factoring in revisions, real spending and real disposable income are mostly flatlining in 2022.

• January Real DPI: 15,138
• August Real DPI: 15,093
• January Real PCE: 14,004
• August Real PCE: 14,124

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