Personal income increased by 0.8% in April, well ahead of the forecasted 0.3%, CNBC reported on Friday.
In an X post on Friday, the White House’s Rapid Response account posted a report by CNBC’s Rick Santelli in which he showed the data that reveals the 0.8% increase.
“Personal income is up eight-tenths of a percent,” Santelli states. “That is almost triple the expectations. … When you look at income for the first four months of the year, they’re powerful numbers. Up six-tenths in January, up seven-tenths in February, up a half of 1% last month, and up eight-tenths this month. This is a great four month start to any year.”
Per the U.S. Bureau of Economic Analysis, personal income increased by $210.1 billion in April. Disposable personal income (DPI) increased by $189.4 billion, which is also 0.8%, and personal consumption expenditures (PCE) increased by $47.8 billion, which is 0.2%.
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In spite of this, consumer spending slowed, showing just a 0.2% increase in April. This is in line with the consensus, but is significantly less than its 0.7% increase in March. Consumers also showed more wary spending habits, as April’s personal savings were $1.12 trillion and the personal saving rate was 4.7%.
“The increase in current-dollar personal income in April primarily reflected increases in government social benefits to persons and in compensation,” the Bureau wrote. “The $47.8 billion increase in current-dollar PCE in April reflected an increase of $55.8 billion in spending on services that was partly offset by a decrease of $8.0 billion in spending for goods.”
In his report, Santelli revealed the impressive news that “eight-tenths is the strongest month-over-month jump since May of 2021, when it was 1.9%.”
