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October 01, 2020US PERSONAL INCOME AND OUTLAY, AUGUST 2020 Personal Income (Aug 2020 vs Jul 2020)
The US Bureau of Economic Analysis reports that US personal income decreased $543.5 billion, or 2.7 per cent (seasonally adjusted levels at annualized rates). US personal disposable income decreased $570.9 billion, or 3.2 per cent, to $17.3 trillion. In real per capita terms, US disposable personal income decreased 3.5 per cent.
Personal Consumption (Aug 2020 vs Jul 2020)
US personal consumption expenditures increased $141.1 billion, or 1.0 per cent.
Personal savings (Aug 2020 vs Jul 2020)
Personal savings (disposable personal income minus personal consumer expenditures, interest paid, and transfers to government and the rest of the world) decreased $723.8 billion in to $2.4 trillion. The personal savings rate was 14.1 per cent of disposable income, down from 17.7 per cent.
QUOTES
"The August estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Federal economic recovery payments slowed, as pandemic-related assistance programs begin to wind down. 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." US Bureau of Economic Analysis
Source: US Bureau of Economic Analysis
Press Release and Table 2.6. Personal Income and Its Disposition, Monthly NIPA
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