Personal Income and Spending in July Badly Miss Economist’s Estimates – Mish Talk

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.