Personal Income & Spending Data: Consumer Economics Guide
How to find and analyze personal income, consumer spending, and savings rate data from BEA and FRED.
Why Personal Income & Spending Matter
Consumer spending drives ~70% of US GDP. Understanding income and spending trends is essential for economic forecasting.
Key Series Explained
Personal Income (PI)
Total income received by individuals from all sources:
- Wages and salaries (largest component)
- Employer contributions
- Government transfers (Social Security, Medicare, unemployment)
- Interest and dividends
- Rental income
FRED Series**: PI | **IQ Score: 96
Disposable Personal Income (DPI)
Personal income minus taxes—what people actually have to spend or save.
FRED Series**: DSPI | **IQ Score: 96
Personal Consumption Expenditures (PCE)
Total consumer spending on goods and services.
FRED Series**: PCE | **IQ Score: 97
Personal Savings Rate
Savings as a percentage of disposable income.
FRED Series**: PSAVERT | **IQ Score: 95
BEA Release Schedule
The Bureau of Economic Analysis releases Personal Income and Outlays monthly:
- Release date: ~4 weeks after month-end
- Revisions: Previous two months revised
- Time: 8:30 AM ET
What to Watch Each Release
1. Real DPI Growth
Inflation-adjusted disposable income growth tells you if consumers have more purchasing power.
2. PCE Categories
- Durable goods: Big-ticket items (cars, appliances)
- Nondurable goods: Food, clothing, gasoline
- Services: Healthcare, housing, recreation
3. Savings Rate Signals
| Savings Rate | Signal |
|---|---|
| Rising rapidly | Consumers worried, recession risk |
| Falling below 3% | Potential spending cliff ahead |
| 6-8% range | Healthy sustainable spending |
Component Analysis
Wage Growth
- Average hourly earnings: FRED AHETPI
- Employment cost index: FRED ECIALLCIV
- Real wage growth = nominal - CPI
Transfer Payments
Government transfers surge during recessions. Track for stimulus effects:
- FRED Series: W823RC1
Interest Income
Rising rates = higher interest income for savers
- FRED Series: PINTAX
Comparing Data Sources
| Source | Frequency | Detail Level | Best For |
|---|---|---|---|
| BEA | Monthly | National | GDP analysis |
| Census | Annual | State/local | Regional analysis |
| Fed SCF | Triennial | Household | Distribution analysis |
Practical Applications
Consumer Spending Forecasts
- Track real DPI growth
- Monitor savings rate
- Watch consumer sentiment
- Combine with employment data
Retail Sales Preview
PCE retail component often previews Census retail sales data.
GDP Forecasting
PCE is the largest GDP component—essential for nowcasting GDP.
All income and spending series available on DataSetIQ with instant comparisons.
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