Personal Income and Spending in July Badly Miss Economist's Estimates - Mish Talk


Real (Inflation Adjusted) Income and Spending data from BEA, Chart by Mish

The BEA’s Personal Income and Outlays report for July 2022 was weaker than expected on both the spending and income side. The saving grace from a GDP standpoint was a reported month-over-month inflation rate of -0.1 percent.

Personal Income 

  • Personal income increased $47.0 billion (0.2 percent) in July, according to estimates released today by the Bureau of Economic Analysis. 
  • Disposable personal income (DPI) increased $37.6 billion (0.2 percent)
  • Personal consumption expenditures (PCE) increased $23.7 billion (0.1 percent).
  • The PCE price index decreased 0.1 percent. 
  • Excluding food and energy, the PCE price index increased 0.1 percent.
  • Real DPI increased 0.3 percent in July and real PCE increased 0.2 percent; goods increased 0.2 percent and services increased 0.2 percent.


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