by Risk calculated on 05/26/2023 08:40:00
The BEA published the Personal income and expenses April report:
Personal income rose $80.1 billion (0.4% at a monthly rate) in April, according to estimates released today by the Bureau of Economic Analysis. Personal disposable income (DPI) increased by $79.4 billion (0.4%) and personal consumption expenditure (PCE) increased by $151.7 billion (0.8%).
The PCE price index rose 0.4%. Excluding food and energy, the PCE price index rose 0.4%. Real DPI rose less than 0.1% in April and real PCE rose 0.5%; goods increased by 0.8% and services by 0.3%.
added emphasis
The April PCE price index rose 4.4% yoy, down from 4.2% yoy in March and down from the recent peak of 7.0% in June 2022.
The following chart shows real personal consumption expenditure (PCE) through April 2023 (in 2012 dollars). Note that the y axis does not start at zero to better show the change.
Click on the graphic to enlarge the image.
The dotted red lines are the quarterly levels of the real PCE.
Personal income was in line with expectations and PCE was above expectations.
Inflation has been above expectations.