Personal Income Up 0.2%, Smallest in 15 Months, Spending Up 0.4%


Personal income rose 0.2% in September, with real disposable income up only 0.1%. The CPI was up 2.0% year-over-year.

The BEA's Personal Income and Outlays report for September 2018 shows personal income increased $35.7 billion in September.


  • Personal income increased $35.7 billion (0.2 percent).
  • Disposable personal income (DPI) increased $29.1 billion (0.2 percent)
  • Real DPI increased 0.1 percent in September.

Personal Consumption Expenditures

  • Personal consumption expenditures (PCE) increased $53.0 billion (0.4 percent).
  • Real PCE increased 0.3 percent.

PCE Price Index

  • The PCE price index increased 0.1 percent.
  • Excluding food and energy, the PCE price index increased 0.2 percent.

Updates to Personal Income and Outlays

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The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE -- revised and previously published in last month's release -- are shown above.

The BEA revised both July and August.

This data is reflected in the BEA's first estimate of third-quarter GDP last Friday.

Mike "Mish" Shedlock

Comments (3)
No. 1-2

This doesn't corroborate with decade lows in unemployment. Either the laws of supply and demand have changed or the data is not accurate. I lean towards the latter.


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