Personal income increased $50.5 billion (0.2% at a monthly rate) in August, according to estimates released by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI), personal income less personal current taxes, increased $34.2 billion (0.2%) and personal consumption expenditures (PCE) increased $47.2 billion (0.2%).

The PCE price index increased 0.1%. Excluding food and energy, the PCE price index increased 0.1%. Real DPI increased 0.1% in August and real PCE increased 0.1%; goods increased less than 0.1% and services increased 0.2%

The increase in current-dollar personal income in August primarily reflected an increase in compensation that was partly offset by a decrease in personal income receipts on assets.

The $47.2 billion increase in current-dollar PCE in August reflected an increase of $54.8 billion in spending for services and a decrease of $7.6 billion in spending for goods. Within services, the largest contributors to the increase were housing as well as financial services and insurance. Within goods, the largest contributor to the decrease was spending for new motor vehicles.

Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $48.3 billion in August. Personal saving was $1.05 trillion in August and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.8%.

From the preceding month, the PCE price index for August increased 0.1%. Prices for goods decreased 0.2% and prices for services increased 0.2%. Food prices increased 0.1% and energy prices decreased 0.8%. Excluding food and energy, the PCE price index increased 0.1%.