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August 27, 2021US PERSONAL INCOME AND OUTLAY, JULY 2021 (Jul 2021 vs Jun 2021, seasonally adjusted annualized rate)
The US Bureau of Economic Analysis reports that US personal income increased $225.9 billion, or 1.1%. US personal disposable income increased $198.0 billion, or 1.1%.
In real per capita terms, US disposable personal income increased 0.7%. US personal consumption expenditures increased $42.2 billion, or 0.3%.
Personal savings (disposable personal income minus personal consumer expenditures, interest paid, and transfers to government and the rest of the world) increased $152.6 billion, or 9.7%.
The personal savings rate was 9.6% of disposable income, down from 8.8%.
QUOTATIONS
The estimate for July personal income and outlays reflected the continued economic recovery, reopening of establishments, and government response related to the COVID-19 pandemic. Government social benefits increased in July, reflecting new advance Child Tax Credit payments authorized by the American Rescue Plan. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see Effects of Selected Federal Pandemic Response Programs on Personal Income.
Source:
US Bureau of Economic Analysis. Press release, July 2021
Data retrieved from FRED, Federal Bank of St Louis, Table 2.6. Personal Income and Its Disposition, Monthly NIPA
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