US Personal Saving Rate Monthly Analysis: Personal Income and Outlays (2024)

FAQs

US Personal Saving Rate Monthly Analysis: Personal Income and Outlays? ›

Personal outlays—the sum of PCE

The U.S. personal saving rate stood at 3.7 percent at the end of 2023, up from the 3.4 rate at the end of 2022. The personal saving rate is the federal government's estimate of what percent of their incomes U.S. households are saving.

The personal saving rate is calculated as percentage of how much people save out of their total disposable income.

US Personal Income Forecast (I:USPI)

US Personal Income Forecast is at a current level of 36.56T, up from 36.19T last quarter and up from 35.06T one year ago. This is a change of 1.02% from last quarter and 4.29% from one year ago.

According to Moody's Analytics data, your lower income consumers have negative savings, so they're spending more on a monthly basis than they're bringing in. That could be due to the use of credit or just not purchasing assets.

Savers say they typically set aside $985, on average, in a normal month, according to the survey. The median amount reported is $250. This includes money put in traditional savings vehicles such as certificates of deposit and savings accounts, but also kept as cash at home.

There are various rules of thumb that relate to savings, whether it's retirement or emergency savings, but a general consensus is to set aside between 10 percent and 20 percent of your income each month for savings.

Personal Income and Outlays, October 2023

Personal saving was $768.6 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.8 percent in October.

The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.

What are personal outlays? ›

In economics, personal outlay, as defined by the Bureau of Economics, is the "sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments." It looks at all of the outlays of personal income that an individual could make.

Income left over after people spend money and pay taxes is personal saving. The personal saving rate is the percentage of their disposable income that people save.

Savings account benefits include safety for your savings, interest earnings and easy access to your money. However, savings accounts may have drawbacks, such as variable interest rates, minimum balance requirements and fees.

The average salary in the U.S. is $63,795, according to the latest data from the Social Security Administration.

Residents of the District of Columbia had the highest personal income per capita in 2023, at 100,909 U.S. dollars. Mississippi residents, on the other hand, had the lowest personal income per capita, at 48,110 U.S. dollars.

Wages and Salaries Make Up $8.4 Trillion of Personal Income

In other words, most Americans report earning labor income, and most of their income comes from labor, as most of the American economy is made up of labor compensation.

What is a good interest rate on a savings account? As of April 2024, you can find banks and credit unions offering online savings accounts with a 4.5% APY or higher. Some even go above 5% APY. That's much higher compared to the national average of 0.45% APY.

Bank of America has an annual percentage yield (APY) ranging from 0.01% to 0.04%, depending on your balance. To open a Bank of America Advantage Savings account, you'll need a minimum deposit of $100.