Government of Nova Scotia, Canada

Home > Economics and Statistics > Archived Daily Stats
The Economics and Statistics Division maintains archives of previous publications for accountability purposes, but makes no updates to keep these documents current with the latest data revisions from Statistics Canada. As a result, information in older documents may not be accurate. Please exercise caution when referring to older documents. For the latest information and historical data, please contact the individual listed to the right.

<--- Return to Archive

For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

November 30, 2023

Month over month (October 2023 vs September 2023, seasonally adjusted)

The US Bureau of Economic Analysis reported that US personal income increased by $57.0 billion (+0.25%) from September to October. Employee compensation was up $23.80 billion (+0.17%). Personal disposable income was up $63.40 billion (+0.31%) while personal consumption expenditures (PCE) grew by $41.30 billion (+0.22%).

US personal savings increased by $19.60 billion (2.62%) in October for the first time since May 2023.

US personal income is calculated as the sum of employee compensation ($14.44 trillion), proprietors' income ($1.89 trillion), rental income ($0.99 trillion), receipts on assets ($3.67 trillion) and current transfers received ($4.08 trillion), less contributions to social insurance programs ($1.82 trillion). Personal income ($23.24 trillion) less personal current taxes ($2.79 trillion) equals disposable income ($20.45 trillion).

The outlay of US personal disposable income consists of personal consumption expenditures ($18.86 trillion), interest payments ($0.57 trillion) and current transfers paid ($0.25 trillion) with personal savings ($0.77 trillion) accounting for the remaining amount.


In October, US personal consumption expenditures growth was lower than growth in personal income.  

Growth in the price index for personal consumption expenditures was stable at +3.5% year-over-year in October. Year-over-year growth in the price index for all items excluding food and energy declined to 3.5%, but outpaced all items PCE inflation for the eighth consecutive month.

With growth in income outpacing consumption expenditures growth the US personal savings rate rose to 3.8% of disposable personal income.

Year-to-date (January-October 2023 vs January-October 2022)

Through the first ten months of the year, US personal income has increased by 5.3% with gains from all income sources led by growth in rental income (+10.5%). With an 12.3% decline in personal current taxes, year-to-date growth in personal disposable income (+8.3) has outpaced growth in total personal income.

US personal consumption expenditures increased by 6.2% year-to-date in 2023, but this was outpaced by a 56.4% increase in interest payments as well as a 47.8% increase in year-to-date personal savings.

Through the first ten months of the year, US personal income amounted to $229.04 trillion, consisting of $141.85 trillion in employee compensation, $18.43 trillion in proprietors' income, $9.63 trillion in rental income, $36.06 trillion in receipts on assets and $41.04 trillion in current transfer receipts, less $17.97 trillion in social insurance contributions.  After paying $27.53 trillion in personal current taxes, US personal disposable income was $201.51 trillion.

US personal consumption expenditures of $185.07 trillion accounted for the largest part of personal outlays, followed by $4.86 trillion in interest payments, $2.44 trillion in current transfers paid and $9.14 trillion in personal savings.

US Bureau of Economic Analysis. Press release, October 2023; Data retrieved Federal Bank of St Louis, Table 2.6. Personal Income and Its Disposition, Monthly NIPA using a FRED API.


<--- Return to Archive