Personal income increased $89.3 billion (0.4 percent) in April, according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $48.3 billion (0.3 percent) and personal consumption expenditures (PCE) increased $152.3 billion (0.9 percent).
Real DPI increased less than 0.1 percent in April and Real PCE increased 0.7 percent; goods increased 1.0 percent and services increased 0.5 percent. The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.3 percent (
The April PCE price index increased 6.3 percent year-over-year (YoY), down from 6.6 percent YoY in March.
The following graph shows real Personal Consumption Expenditures (PCE) through April 2022 (2012 dollars). Note that the y-axis doesn’t start at zero to better show the change.
The dashed red lines are the quarterly levels for real PCE.
Personal income was below expectations, and the increase in PCE was above expectations.