WASHINGTON– Americans’ personal income increased $68.1 billion, or 0.4%, and disposable personal income (DPI) increased $56.8 billion, or 0.4%, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $15.2 billion (0.1%).
In September, personal income increased $27.4 billion, or 0.2%, DPI increased $27.0 billion, or 0.2%, and PCE increased $9.5 billion, or 0.1%, based on revised estimates. In addition, the BEA said real DPI increased 0.4% in October, compared with an increase of 0.3% in September. Real PCE increased 0.1% in October, the same increase as in September.
Meanwhile, wages and salaries increased $45.0 billion in October, compared with an increase of $2.5 billion in September. Private wages and salaries increased $43.0 billion, compared with an increase of $1.5 billion. Government wages and salaries increased $2.0 billion, compared with an increase of $1.0 billion, the BEA said.
Supplements to wages and salaries increased $6.5 billion in October, compared with an increase of $3.4 billion in September.
Proprietors' income increased $4.3 billion in October, compared with an increase of $5.9 billion in September. Farm proprietors' income decreased $0.4 billion, in contrast to an increase of $3.4 billion. Nonfarm proprietors' income increased $4.7 billion, compared with an increase of $2.5 billion.
Rental income of persons increased $5.2 billion in October, compared with an increase of $2.6 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $4.7 billion, compared with an increase of $5.8 billion. Personal current transfer receipts increased $8.0 billion in October, compared with an increase of $7.2 billion in September.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $5.5 billion in October, in contrast to a decrease of $0.1 billion in September