US Personal Income Surges in April, Boosting Consumption and Savings

James Hyerczyk
Updated: May 29, 2023, 05:05 UTC

PCE price index rises, reflecting increased prices for goods and services, excluding food and energy.

Inflation, Spending


  • US personal income increased by $80.1 billion in April.
  • Personal consumption expenditures (PCE) rose by $151.7 billion.
  • PCE price index increased by 0.4%, indicating a rise in prices.


In April, personal income in the United States increased by $80.1 billion (0.4% growth rate), while disposable personal income rose by $79.4 billion (0.4%).

Personal consumption expenditures increased by $151.7 billion (0.8%). The PCE price index rose by 0.4%, and real DPI and PCE saw slight increases. The rise in income was driven by compensation and income from assets, partially offset by a decrease in transfer receipts.

Services and goods spending contributed to the increase in PCE, with notable contributions from financial services, insurance, and healthcare. Personal outlays increased by $156.0 billion, and personal saving reached $802.1 billion (4.1% saving rate).

Prices for goods and services rose, with food prices decreasing slightly and energy prices increasing. Compared to a year ago, the PCE price index showed an increase of 4.4%, driven by goods and services prices.

Real PCE grew by 0.5%, led by goods spending and financial services. Estimations for previous months were revised based on updated data.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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