Personal Income and Spending

The Personal Income and Outlays Report, also produced by the BEA, provides monthly data on personal income, consumer spending, and savings rates in the U.S. economy. It serves as a key indicator of consumer behavior, which accounts for approximately two-thirds of U.S. GDP. The report includes both nominal and inflation-adjusted (real) figures, offering insight into the real purchasing power of households.

The report breaks personal income into components such as wages and salaries, interest and dividend income, and transfer payments (like Social Security). Personal spending is divided into goods and services, further detailed by durable vs. nondurable goods. The savings rate—how much income households save after expenses—is also included, offering clues about future consumption trends.

This data is critical for understanding the momentum of consumer demand and the effectiveness of fiscal or monetary stimulus. For example, rising personal income alongside increased spending typically signals consumer confidence and economic expansion. However, if income rises but spending falls, it may indicate caution or expectations of economic trouble ahead. The report also feeds into the Core PCE inflation measure, reinforcing its importance in economic analysis and policy.

Personal Income and Spending Report

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