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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 31, 2018 Technical: Media: James Rankin (Personal Income) Harvey Davis (PCE) Jeannine Aversa (301) 278-9087 (301) 278-9086 (301) 278-9003 BEA 18-25 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays: April 2018 Personal income increased $49.5 billion (0.3 percent) in April according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $60.9 billion (0.4 percent) and personal consumption expenditures (PCE) increased $79.8 billion (0.6 percent). Real DPI increased 0.2 percent in April and Real PCE increased 0.4 percent. The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures (PCE): Current dollars Chained (2009) dollars Price indexes: PCE PCE, excluding food and energy Price indexes: PCE PCE, excluding food and energy 2017 2018 Dec. Jan. Feb. Mar. Apr. Percent change from preceding month 0.4 0.4 0.3 0.2 0.3 0.4 0.3 0.8 0.4 0.3 0.1 0.2 0.2 0.4 0.2 0.5 0.3 0.1 -0.2 0.0 -0.1 0.5 0.5 0.6 0.4 0.1 0.2 0.4 0.3 0.1 0.2 0.0 0.2 0.2 0.2 Percent change from month one year ago 1.7 1.6 1.7 2.0 2.0 1.5 1.5 1.5 1.8 1.8 Quarterly Census of Employment and Wage Data Included in the Fourth Quarter of 2017 This news release includes revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for October through December 2017 (fourth quarter). These estimates reflect the incorporation of newly available fourth-quarter wage and salary tabulations from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages (QCEW) program. The increase in personal income in April primarily reflected increases in wages and salaries, in personal interest income, and in government social benefit payments to persons, specifically veteran’s benefits and Medicare (table 3). The $42.8 billion increase in real PCE in April reflected an increase of $15.4 billion in spending for goods and a $27.5 billion increase in spending for services (table 7). Within goods, spending for gasoline and other energy goods was a leading contributor to the increase. Within services, the largest contributor to the increase was spending for household utilities. Detailed information on monthly real PCE spending can be found in Table 2.3.6U. Personal outlays increased $86.9 billion in April (table 3). Personal saving was $419.6 billion in April and the personal saving rate, personal saving as a percentage of disposable personal income, was 2.8 percent (table 1). Updates to Personal Income and Outlays Estimates have been revised for October through March. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2009) dollar DPI and PCE -revised and as published in last month's release -- are shown below. Change from preceding month February March Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 57.1 54.1 0.3 0.3 47.8 40.7 0.3 0.2 42.6 15.9 41.9 18.5 0.3 0.1 0.3 0.1 39.8 30.5 34.0 25.3 0.3 0.2 0.2 0.2 1.6 -18.6 5.9 -11.8 0.0 -0.2 0.0 -0.1 61.7 50.0 73.9 60.5 0.4 0.4 0.5 0.5 Upcoming Annual Update of the National Income and Product Accounts BEA will release the results of the 15th comprehensive (or benchmark) update of the national income and product accounts (NIPAs) in conjunction with the second quarter 2018 "advance" estimate on July 27, 2018. For more information, see the Technical Note. Details on the planned statistical, definitional, and presentational changes are available in the April Survey of Current Business article "Preview of the 2018 Comprehensive Update of the National Income and Product Accounts." An article in the September Survey will describe the estimates in detail. Revised NIPA table stubs and news release stubs will be available in June. Next release: June 29, 2018 at 8:30 A.M. EDT Personal Income and Outlays: May 2018 Additional Information Resources Additional Resources available at www.bea.gov: • • • • • • Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Definitions For more definitions, see the Glossary: National Income and Product Accounts. Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, see the FAQ “How is average annual growth calculated?” Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. List of Personal Income and Outlays News Release Tables Table 1. Table 2. Table 3. Table 4. Table 5. Table 6. Table 7. Table 8. Table 9. Table 10. Table 11. Personal Income and Its Disposition (Months) Personal Income and Its Disposition (Years and Quarters) Personal Income and Its Disposition, Change From Preceding Period (Months) Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Real Personal Consumption Expenditures by Major Type of Product (Months) Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago May 31, 2018 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2017 Sept. 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries ......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2................................................................................ 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods ................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 .................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................. Per capita: 47 Current dollars................................................................................. 48 Chained (2009) dollars .................................................................... 49 Population (midperiod, thousands) 6....................................................... Oct. r 2018 Nov. r Dec. r Jan. r Feb. r Line March r April p 16,535.6 16,600.2 16,659.1 16,728.5 16,790.2 16,844.3 16,885.0 16,934.5 1 10,393.6 10,419.0 10,473.5 10,522.5 10,574.9 10,614.5 10,634.4 10,670.6 2 8,424.9 8,446.5 8,494.8 8,537.8 8,583.9 8,618.7 8,634.8 8,665.8 3 7,076.1 7,096.8 7,142.7 7,181.8 7,222.5 7,254.6 7,267.9 7,296.6 4 1,382.6 1,385.6 1,395.6 1,401.7 1,412.9 1,441.0 1,428.5 1,441.0 5 837.0 843.3 847.9 850.6 858.8 878.0 865.9 873.7 6 5,693.5 5,711.2 5,747.1 5,780.1 5,809.6 5,813.7 5,839.4 5,855.6 7 1,312.2 1,307.8 1,316.7 1,318.5 1,323.8 1,322.9 1,328.1 1,327.0 8 4,381.3 4,403.4 4,430.4 4,461.6 4,485.8 4,490.8 4,511.3 4,528.7 9 1,348.7 1,349.6 1,352.1 1,355.9 1,361.3 1,364.0 1,366.9 1,369.2 10 1,968.7 1,972.6 1,978.7 1,984.8 1,991.0 1,995.8 1,999.7 2,004.8 11 1,353.4 615.4 1,355.6 617.0 1,358.2 620.5 1,361.2 623.6 1,363.4 627.5 1,365.9 630.0 1,368.6 631.1 1,371.4 12 633.4 13 1,389.2 1,394.5 1,408.0 1,406.9 1,410.4 1,423.0 1,426.6 1,428.5 14 31.5 30.5 29.6 28.6 29.2 29.8 30.4 31.7 15 1,357.7 1,364.0 1,378.4 1,378.3 1,381.3 1,393.2 1,396.2 1,396.9 16 751.1 754.1 757.7 760.4 758.9 761.0 765.2 767.8 17 2,442.7 2,464.7 2,479.2 2,499.3 2,492.2 2,497.8 2,502.1 2,508.4 18 1,465.0 1,485.5 1,506.1 1,526.6 1,522.7 1,518.9 1,515.0 1,521.5 19 977.7 979.2 973.1 972.7 969.5 978.9 987.1 987.0 20 2,872.2 2,884.8 2,864.9 2,870.0 2,905.3 2,904.8 2,916.1 2,923.4 21 2,812.1 2,824.4 2,804.3 2,809.1 2,843.9 2,843.2 2,854.2 2,861.2 22 932.3 939.0 931.5 935.7 959.4 957.0 966.1 967.0 23 678.3 680.1 681.9 683.8 684.2 685.5 687.7 690.8 24 587.3 588.9 590.6 593.0 596.3 598.8 600.4 601.3 25 28.2 27.6 27.9 27.9 28.1 27.4 26.9 26.4 26 100.7 98.9 101.1 100.5 102.6 103.2 103.4 107.2 27 485.3 489.8 471.3 468.3 473.2 471.3 469.6 468.5 28 60.1 60.4 60.7 60.9 61.4 61.6 61.9 62.2 29 1,313.3 1,317.0 1,324.1 1,330.5 1,351.5 1,356.7 1,359.5 1,364.3 30 2,077.5 2,095.2 2,111.1 2,122.8 2,066.1 2,078.4 2,085.1 2,073.7 31 14,458.1 14,505.0 14,548.0 14,605.7 14,724.1 14,766.0 14,799.9 14,860.8 32 14,020.9 14,075.1 14,178.3 14,248.4 14,272.4 14,279.3 14,354.3 14,441.2 33 13,525.5 13,569.6 13,665.3 13,728.0 13,747.3 13,753.2 13,827.1 13,906.9 34 4,363.4 4,367.5 4,417.5 4,420.3 4,416.5 4,406.3 4,426.7 4,458.2 35 1,502.4 1,509.0 1,520.4 1,524.0 1,496.2 1,492.8 1,516.1 1,520.5 36 2,861.0 2,858.5 2,897.0 2,896.4 2,920.3 2,913.4 2,910.6 2,937.7 37 9,162.1 9,202.1 9,247.8 9,307.6 9,330.8 9,347.0 9,400.4 9,448.6 38 298.2 305.5 312.7 319.9 320.8 321.7 322.6 329.6 39 197.1 200.0 200.3 200.5 204.2 204.4 204.6 204.7 40 115.9 116.2 116.5 116.8 116.7 116.9 117.1 117.2 41 81.2 83.7 83.7 83.7 87.5 87.5 87.5 87.5 42 437.2 430.0 369.8 357.3 451.7 486.6 445.7 419.6 43 3.0 3.0 2.5 2.4 3.1 3.3 3.0 2.8 44 12,084.0 12,111.5 12,156.0 12,195.4 12,174.3 12,204.9 12,226.4 12,236.2 45 12,786.9 12,808.8 12,820.3 12,852.9 12,910.0 12,928.5 12,953.8 12,978.2 46 44,282 39,163 326,500 44,397 39,205 326,714 44,502 39,217 326,909 44,653 39,294 327,097 44,991 39,448 327,265 45,098 39,486 327,418 45,179 39,543 327,584 45,340 47 39,596 48 327,763 49 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis May 31, 2018 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2016 2017 r 2016 Q4 1 Personal income ..................................................................................... 15,928.7 2 Compensation of employees.............................................................. 9,978.6 3 Wages and salaries .......................................................................... 8,085.2 4 Private industries............................................................................. 6,777.8 5 Goods-producing industries ......................................................... 1,331.2 6 Manufacturing........................................................................... 814.4 7 Services-producing industries...................................................... 5,446.5 8 Trade, transportation, and utilities ............................................ 1,265.0 9 Other services-producing industries ......................................... 4,181.5 10 Government .................................................................................... 1,307.5 11 Supplements to wages and salaries............................................... 1,893.4 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 1,309.8 13 Employer contributions for government social insurance................ 583.6 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 1,341.9 15 Farm ................................................................................................... 43.2 16 Nonfarm.............................................................................................. 1,298.7 17 Rental income of persons with capital consumption adjustment 707.3 18 Personal income receipts on assets.................................................. 2,377.8 19 Personal interest income.................................................................... 1,415.3 20 Personal dividend income .................................................................. 962.5 21 Personal current transfer receipts ..................................................... 2,768.4 22 Government social benefits to persons .............................................. 2,711.0 23 Social security 2 ............................................................................... 896.5 24 Medicare 3 ........................................................................................ 655.9 25 Medicaid.......................................................................................... 563.0 26 Unemployment insurance ............................................................... 31.7 27 Veterans’ benefits............................................................................ 92.8 28 Other ............................................................................................... 471.1 29 Other current transfer receipts, from business (net)........................... 57.4 30 Less: Contributions for government social insurance, domestic 1,245.3 31 Less: Personal current taxes................................................................. 1,960.1 32 Equals: Disposable personal income ................................................... 13,968.6 33 Less: Personal outlays........................................................................... 13,288.0 34 Personal consumption expenditures...................................................... 12,820.7 35 Goods................................................................................................. 4,121.4 36 Durable goods................................................................................. 1,411.0 37 Nondurable goods........................................................................... 2,710.4 38 Services.............................................................................................. 8,699.3 39 Personal interest payments 4.................................................................. 278.4 40 Personal current transfer payments....................................................... 189.0 41 To government.................................................................................... 108.9 42 To the rest of the world (net)............................................................... 80.1 43 Equals: Personal saving......................................................................... 680.6 44 Personal saving as a percentage of disposable personal income 4.9 Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................... 11,878.7 Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................. 12,608.2 Per capita: 47 Current dollars................................................................................. 43,157 48 Chained (2009) dollars.................................................................... 38,954 49 Population (midperiod, thousands) 6 ...................................................... 323,668 2017 Q1 Q2 2018 Q3 Q4 r Q1 Line r 16,429.1 16,025.7 16,245.2 16,339.6 16,468.9 16,662.6 16,839.8 1 10,309.3 10,014.9 10,166.3 10,243.0 10,356.1 10,471.7 10,607.9 2 8,353.2 8,107.8 8,232.1 8,295.2 8,392.6 8,493.0 8,612.4 3 7,012.0 6,792.7 6,901.6 6,958.4 7,047.4 7,140.4 7,248.4 4 1,370.3 1,329.8 1,350.5 1,359.8 1,376.4 1,394.3 1,427.5 5 833.9 811.7 824.5 829.1 834.9 847.3 867.6 6 5,641.7 5,462.9 5,551.1 5,598.6 5,671.0 5,746.1 5,820.9 7 1,301.6 1,262.9 1,288.5 1,295.6 1,307.8 1,314.3 1,324.9 8 4,340.1 4,200.0 4,262.6 4,303.0 4,363.2 4,431.8 4,496.0 9 1,341.2 1,315.2 1,330.5 1,336.8 1,345.1 1,352.5 1,364.1 10 1,956.1 1,907.1 1,934.2 1,947.9 1,963.5 1,978.7 1,995.5 11 1,345.8 610.3 1,321.7 585.4 1,332.7 601.6 1,341.7 606.1 1,350.4 613.1 1,358.3 620.4 1,366.0 12 629.5 13 1,386.0 1,354.6 1,380.2 1,378.6 1,381.9 1,403.1 1,420.0 14 35.1 37.8 41.9 37.0 31.9 29.6 29.8 15 1,350.9 1,316.7 1,338.4 1,341.6 1,350.0 1,373.6 1,390.2 16 743.9 718.9 730.8 740.3 747.2 757.4 761.7 17 2,442.4 2,391.6 2,420.1 2,434.5 2,433.9 2,481.1 2,497.4 18 1,477.1 1,438.5 1,476.6 1,465.1 1,460.6 1,506.1 1,518.9 19 965.3 953.0 943.5 969.4 973.2 975.0 978.5 20 2,850.1 2,795.9 2,831.9 2,836.9 2,858.4 2,873.2 2,908.7 21 2,790.6 2,737.9 2,773.4 2,777.8 2,798.5 2,812.6 2,847.1 22 926.1 906.0 916.1 922.8 930.0 935.4 960.8 23 674.3 662.9 667.4 671.5 676.4 681.9 685.8 24 583.2 577.8 581.4 577.4 583.4 590.8 598.5 25 28.8 30.7 30.2 28.6 28.5 27.8 27.5 26 98.2 94.0 95.5 98.0 99.2 100.2 103.1 27 479.9 466.5 482.8 479.4 481.0 476.4 471.4 28 59.5 58.0 58.4 59.2 59.9 60.7 61.6 29 1,302.6 1,250.2 1,284.1 1,293.8 1,308.5 1,323.9 1,355.9 30 2,048.6 1,977.2 2,018.8 2,007.9 2,058.1 2,109.7 2,076.5 31 14,380.4 14,048.5 14,226.4 14,331.6 14,410.8 14,552.9 14,763.3 32 13,893.0 13,537.0 13,671.8 13,805.9 13,927.2 14,167.3 14,302.0 33 13,395.5 13,056.9 13,191.6 13,307.0 13,429.1 13,654.3 13,775.9 34 4,295.3 4,195.9 4,230.8 4,247.2 4,301.4 4,401.8 4,416.5 35 1,473.8 1,440.2 1,443.2 1,456.6 1,477.6 1,517.8 1,501.7 36 2,821.5 2,755.7 2,787.6 2,790.6 2,823.8 2,884.0 2,914.8 37 9,100.2 8,861.0 8,960.7 9,059.8 9,127.7 9,252.5 9,359.4 38 300.5 284.4 287.4 300.7 301.3 312.7 321.7 39 197.0 195.6 192.9 198.2 196.7 200.3 204.4 40 114.6 110.6 112.3 114.1 115.5 116.5 116.9 41 82.4 85.0 80.6 84.1 81.2 83.7 87.5 42 487.4 511.5 554.6 525.7 483.7 385.7 461.3 43 3.4 3.6 3.9 3.7 3.4 2.7 3.1 44 12,053.6 11,857.1 11,955.7 12,027.2 12,077.6 12,154.3 12,201.9 45 12,765.0 12,590.8 12,680.4 12,765.6 12,787.7 12,827.3 12,930.8 46 44,114 39,158 325,983 43,280 38,790 324,593 43,759 39,004 325,108 44,011 39,202 325,640 44,168 39,193 326,276 44,517 39,238 326,907 45,090 47 39,493 48 327,423 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis May 31, 2018 Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2017 Sept. 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities ............................................ 9 Other services-producing industries ......................................... 10 Government .................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets.................................................. 19 Personal interest income.................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 ............................................................................... 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance ............................................................... 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4.................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ...................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 .......... Oct. r 2018 Nov. r Dec. r Jan. r Feb. r Line March r April p 77.4 45.0 39.4 36.0 9.9 4.1 26.1 6.8 19.3 3.4 5.6 64.6 25.4 21.6 20.7 3.0 6.3 17.7 –4.5 22.1 0.9 3.8 58.9 54.4 48.3 45.9 10.0 4.7 35.9 9.0 26.9 2.4 6.1 69.4 49.1 43.0 39.1 6.1 2.7 33.0 1.7 31.3 3.9 6.1 61.7 52.3 46.1 40.7 11.2 8.2 29.5 5.3 24.2 5.4 6.2 54.1 39.7 34.8 32.1 28.0 19.2 4.1 –0.9 5.0 2.7 4.8 40.7 19.9 16.1 13.3 –12.4 –12.2 25.7 5.2 20.5 2.8 3.8 49.5 1 36.1 2 31.0 3 28.7 4 12.5 5 7.8 6 16.2 7 –1.1 8 17.3 9 2.3 10 5.1 11 2.9 2.7 2.2 1.7 2.6 3.5 3.0 3.1 2.2 4.0 2.4 2.4 2.7 1.1 2.8 12 2.3 13 8.6 –0.4 9.0 4.7 10.0 4.4 5.7 14.8 14.6 3.1 1.9 4.3 –0.3 2.1 3.5 0.3 5.8 18.5 58.9 130.0 132.7 90.5 47.5 43.0 42.2 –3.1 0.4 0.4 0.0 –71.1 5.3 –1.0 6.3 3.0 22.0 20.5 1.5 12.5 12.3 6.7 1.8 1.6 –0.6 –1.8 4.5 0.3 3.7 17.6 46.9 54.2 44.1 4.1 6.6 –2.5 40.1 7.2 2.8 0.3 2.5 –7.2 13.5 –1.0 14.5 3.6 14.5 20.5 –6.0 –19.8 –20.1 –7.5 1.8 1.6 0.3 2.2 –18.5 0.3 7.2 16.0 43.0 103.2 95.7 50.0 11.5 38.5 45.7 7.2 0.3 0.3 0.0 –60.2 –1.1 –1.0 –0.1 2.7 20.1 20.5 –0.5 5.1 4.8 4.2 1.8 2.5 0.0 –0.7 –3.0 0.3 6.4 11.7 57.7 70.2 62.7 2.9 3.5 –0.7 59.8 7.2 0.3 0.3 0.0 –12.4 3.6 0.6 3.0 –1.5 –7.0 –3.9 –3.2 35.3 34.8 23.8 0.4 3.3 0.2 2.2 5.0 0.5 20.9 –56.7 118.4 23.9 19.4 –3.8 –27.8 23.9 23.2 0.9 3.7 –0.1 3.8 94.4 12.6 0.6 11.9 2.1 5.6 –3.9 9.4 –0.5 –0.7 –2.5 1.3 2.5 –0.6 0.5 –2.0 0.3 5.3 12.2 41.9 7.0 5.9 –10.3 –3.4 –6.9 16.1 0.9 0.2 0.2 0.0 34.9 3.6 0.6 3.0 4.2 4.3 –3.9 8.2 11.3 11.1 9.1 2.2 1.6 –0.5 0.2 –1.7 0.3 2.7 6.7 34.0 75.0 73.9 20.5 23.2 –2.8 53.4 0.9 0.2 0.2 0.0 –41.0 7.5 1.5 27.5 21.9 44.5 11.5 39.4 32.6 –21.1 57.1 30.6 18.5 21.5 25.3 1.9 1.3 0.6 2.7 6.3 6.5 –0.1 7.3 7.0 0.9 3.1 0.9 –0.6 3.8 –1.1 0.3 4.8 –11.4 60.9 86.9 79.8 31.5 4.4 27.1 48.2 7.0 0.1 0.1 0.0 –26.0 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 9.8 44 24.5 45 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis May 31, 2018 Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities ............................................ 9 Other services-producing industries ......................................... 10 Government .................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets.................................................. 19 Personal interest income.................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 ............................................................................... 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance ............................................................... 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4.................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ...................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 .......... 2016 2017 r 2016 2017 Q4 Q1 Q2 2018 Q3 Q4 r Q1 Line r 375.8 270.4 226.4 194.5 22.6 7.6 171.9 27.7 144.2 31.9 44.0 500.4 330.6 268.0 234.2 39.0 19.5 195.2 36.5 158.7 33.8 62.7 –2.3 –66.5 –70.2 –70.8 –15.4 –13.2 –55.4 –14.8 –40.6 0.5 3.8 219.5 151.4 124.3 108.9 20.7 12.9 88.2 25.6 62.6 15.3 27.1 94.3 76.7 63.1 56.8 9.3 4.6 47.5 7.1 40.5 6.3 13.6 129.4 113.1 97.4 89.0 16.6 5.8 72.4 12.2 60.2 8.4 15.7 193.7 115.6 100.4 93.0 17.9 12.4 75.2 6.5 68.6 7.4 15.2 177.2 1 136.3 2 119.5 3 107.9 4 33.2 5 20.3 6 74.8 7 10.6 8 64.2 9 11.5 10 16.8 11 31.8 12.2 36.0 26.7 8.4 –4.7 10.9 16.2 9.1 4.5 8.7 7.0 7.9 7.3 7.6 12 9.2 13 23.1 –10.5 33.6 44.8 –9.3 48.0 –57.4 84.0 79.7 24.7 22.2 27.0 –0.5 3.0 3.3 4.3 37.3 22.2 353.5 501.4 488.4 88.3 43.9 44.4 400.2 9.6 3.3 3.4 –0.1 –147.8 44.0 –8.1 52.1 36.6 64.6 61.8 2.8 81.7 79.6 29.6 18.5 20.2 –2.9 5.4 8.8 2.1 57.3 88.5 411.9 605.0 574.8 173.9 62.8 111.1 400.9 22.2 8.0 5.7 2.3 –193.2 8.5 –3.6 12.1 10.8 18.4 21.7 –3.3 18.5 18.3 6.3 4.6 11.0 –1.0 1.1 –3.9 0.2 –8.0 –6.6 4.2 170.4 157.5 61.5 20.0 41.4 96.0 5.2 7.7 1.6 6.2 –166.1 25.7 4.0 21.6 11.9 28.5 38.1 –9.6 35.9 35.5 10.1 4.5 3.5 –0.4 1.5 16.3 0.5 33.9 41.6 177.9 134.9 134.7 34.9 3.0 32.0 99.7 3.0 –2.8 1.7 –4.4 43.0 –1.6 –4.8 3.3 9.5 14.4 –11.5 25.9 5.1 4.3 6.8 4.1 –4.0 –1.7 2.5 –3.4 0.7 9.7 –10.9 105.2 134.1 115.5 16.4 13.4 3.0 99.1 13.3 5.3 1.8 3.5 –28.9 3.3 –5.1 8.4 6.9 –0.6 –4.5 3.9 21.4 20.7 7.2 4.9 6.0 –0.1 1.2 1.6 0.7 14.7 50.2 79.2 121.2 122.1 54.2 21.0 33.2 67.9 0.6 –1.5 1.4 –2.9 –42.1 21.2 –2.4 23.6 10.2 47.2 45.4 1.8 14.9 14.1 5.4 5.5 7.5 –0.7 0.9 –4.5 0.8 15.4 51.6 142.1 240.1 225.2 100.3 40.2 60.2 124.9 11.4 3.5 1.0 2.5 –98.0 124.5 172.3 174.9 156.8 –77.3 –58.4 98.7 89.6 71.5 85.2 50.4 22.1 76.7 39.6 16.9 0.2 16.7 4.3 16.3 12.8 3.5 35.5 34.5 25.4 3.9 7.7 –0.3 2.9 –5.1 1.0 32.0 –33.2 210.4 134.7 121.6 14.7 –16.1 30.8 106.9 9.0 4.2 0.4 3.8 75.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 47.6 44 103.5 45 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis May 31, 2018 Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2017 Sept. Oct. r 2018 Nov. r Dec. r Jan. r Feb. r Line March r April p Based on current-dollar measures 1 Personal income ........................................................................ 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services................................................................................. 0.5 0.4 0.5 0.3 0.4 0.2 0.3 0.2 0.4 0.5 0.6 0.3 0.4 0.5 0.5 0.3 0.4 0.5 0.5 0.3 0.3 0.4 0.4 0.2 0.2 0.2 0.2 0.2 0.6 0.6 0.4 0.3 0.6 0.5 0.4 0.9 0.4 0.4 0.4 0.9 1.4 0.2 0.4 0.3 0.8 0.3 1.0 0.5 0.6 1.4 –0.6 –0.7 0.5 0.8 0.3 –0.1 0.4 0.8 1.4 0.0 0.2 0.5 0.6 0.4 0.3 –0.2 –0.3 –0.3 –0.3 1.2 1.6 –2.7 0.8 0.9 0.3 0.2 –0.3 1.0 0.0 0.4 0.6 0.3 0.3 0.5 0.2 –0.3 0.8 0.4 0.2 0.3 0.2 1.0 2.1 3.3 1.5 0.5 0.3 0.1 0.4 –0.1 0.4 0.7 1.1 0.8 1.3 0.5 0.5 0.1 0.2 0.0 0.6 0.1 –0.1 –1.8 0.8 0.2 0.0 –0.2 –0.2 –0.2 0.2 0.5 0.5 1.6 –0.1 0.6 0.3 0.3 –0.2 0.4 0.3 0.1 0.2 0.2 0.3 0.3 0.4 0.3 1 2 3 4 0.1 5 0.3 6 0.3 7 0.4 8 0.0 9 0.2 10 0.4 11 –0.5 12 0.4 13 0.6 0.7 0.3 0.9 0.5 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. 0.1 0.0 0.2 0.2 0.4 0.1 0.1 19 0.2 20 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. Source: U.S. Bureau of Economic Analysis Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2016 2017 r 2016 Q4 2017 Q1 Q2 2018 Q3 Q4 Q1 r Line r Based on current-dollar measures 1 Personal income ........................................................................ 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services................................................................................. 2.4 2.8 2.9 2.4 3.1 3.3 3.3 3.3 –0.1 –2.6 –3.4 0.8 5.6 6.2 6.3 5.8 2.3 3.1 3.1 2.8 3.2 4.5 4.8 3.3 4.8 4.5 4.9 3.1 4.3 5.3 5.7 3.4 1 2 3 4 1.8 6.8 –0.4 3.5 –5.6 3.1 3.1 1.1 2.6 3.3 5.2 2.7 4.4 0.3 3.0 4.6 4.5 2.9 2.5 6.2 3.1 6.3 –1.4 2.7 –2.5 –1.3 0.1 7.8 6.8 4.9 11.0 –3.9 5.2 11.3 8.7 5.2 –0.5 5.3 2.4 –3.1 11.4 0.7 3.1 –2.1 3.0 1.0 3.8 –0.1 –1.2 1.6 3.1 4.6 10.4 2.2 6.3 5.6 8.0 13.0 0.7 2.1 4.8 10.4 4.0 4.9 5 2.3 6 2.7 7 3.4 8 1.4 9 5.0 10 10.0 11 –6.1 12 5.9 13 4.0 2.2 3.2 1.7 4.8 4.5 4.2 4.5 4.1 4.6 5.0 6.1 5.8 6.2 4.5 4.2 3.4 0.8 4.7 4.6 3.5 1.6 3.8 0.4 4.5 3.7 5.2 5.9 4.8 3.0 6.9 9.7 11.3 8.8 5.6 3.6 1.3 –4.2 4.3 4.7 3.4 2.9 2.4 2.7 1.7 0.7 2.6 1.2 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. 1.1 1.4 1.5 1.2 –2.6 –1.8 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. Source: U.S. Bureau of Economic Analysis 1.6 19 3.3 20 May 31, 2018 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2017 Line Sept. Oct. 2018 Nov. Dec. Jan. r Feb. r March r April p 12,041.8 4,304.7 1,747.1 2,608.8 7,754.1 12,102.3 4,344.5 1,779.5 2,620.4 7,777.7 12,145.1 4,359.9 1,784.5 2,630.7 7,805.2 Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 11,962.1 4,283.3 1,745.3 2,590.6 7,696.8 11,982.7 4,297.4 1,753.3 2,597.4 7,704.4 12,042.4 4,337.9 1,772.7 2,619.5 7,726.5 12,080.5 4,343.2 1,779.8 2,618.9 7,758.1 12,053.6 4,309.8 1,744.9 2,615.1 7,761.0 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures (PCE)...................... 7 Goods.......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 70.3 59.2 59.4 8.1 16.1 20.6 14.1 8.0 6.8 7.6 59.7 40.5 19.5 22.2 22.1 38.1 5.3 7.1 –0.6 31.6 –26.9 –33.4 –34.8 –3.9 2.9 –11.8 –5.1 2.1 –6.3 –6.9 60.5 39.8 32.5 11.6 23.6 42.8 6 15.4 7 5.0 8 10.3 9 27.5 10 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... 0.6 1.4 3.5 0.3 0.2 0.2 0.3 0.5 0.3 0.1 0.5 0.9 1.1 0.9 0.3 0.3 0.1 0.4 0.0 0.4 –0.2 –0.8 –2.0 –0.1 0.0 –0.1 –0.1 0.1 –0.2 –0.1 0.5 0.9 1.9 0.4 0.3 0.4 0.4 0.3 0.4 0.4 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2016 2017 2016 Q4 2017 Q1 Q2 2018 Q3 Q4 Q1 Line r Billions of chained (2009) dollars 1 Personal consumption expenditures (PCE)...................... 2 Goods .......................................................................................... 3 Durable goods........................................................................... 4 Nondurable goods..................................................................... 5 Services....................................................................................... 11,572.1 4,072.2 1,595.1 2,514.3 7,507.3 11,890.7 4,229.4 1,701.6 2,575.0 7,675.2 11,702.1 4,138.4 1,647.9 2,533.2 7,573.8 11,758.0 4,145.4 1,647.3 2,540.2 7,621.0 11,853.0 4,199.9 1,677.8 2,566.6 7,664.4 11,916.6 4,246.0 1,712.9 2,581.5 7,685.5 12,035.2 4,326.2 1,768.6 2,611.9 7,729.7 94.9 54.5 30.5 26.4 43.4 63.6 46.1 35.1 14.9 21.0 118.7 80.2 55.7 30.5 44.2 3.3 5.4 7.6 4.2 2.3 2.2 4.5 8.6 2.3 1.1 4.0 7.8 13.7 4.8 2.3 12,065.9 4,319.7 1,757.2 2,614.8 7,764.3 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures (PCE)...................... 7 Goods .......................................................................................... 8 Durable goods........................................................................... 9 Nondurable goods..................................................................... 10 Services....................................................................................... 307.9 144.9 83.3 67.5 167.2 318.6 157.2 106.6 60.7 167.9 84.0 47.6 36.0 15.3 38.9 55.9 7.0 –0.6 7.0 47.2 30.7 6 –6.5 7 –11.4 8 2.8 9 34.6 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures (PCE)...................... 12 Goods .......................................................................................... 13 Durable goods........................................................................... 14 Nondurable goods..................................................................... 15 Services....................................................................................... r Revised Source: U.S. Bureau of Economic Analysis 2.7 3.7 5.5 2.8 2.3 2.8 3.9 6.7 2.4 2.2 2.9 4.7 9.2 2.5 2.1 1.9 0.7 –0.1 1.1 2.5 1.0 –0.6 –2.6 0.4 1.8 11 12 13 14 15 May 31, 2018 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2017 Line Sept. Oct. 2018 Nov. Dec. Jan. r Feb. r March r April p Line Chain-type price indexes (2009=100), seasonally adjusted 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3....................... 113.077 101.876 86.061 110.447 119.045 113.250 101.633 86.044 110.060 119.448 113.483 101.836 85.745 110.599 119.697 113.644 101.776 85.603 110.598 119.980 114.058 102.476 85.721 111.676 120.234 114.218 102.360 85.425 111.681 120.549 114.258 101.893 85.171 111.081 120.870 114.512 102.256 85.180 111.676 121.062 1 2 3 4 5 113.378 109.961 109.810 111.001 111.007 113.645 110.032 108.151 111.138 111.245 113.732 109.966 112.010 111.353 111.291 113.918 110.061 111.747 111.442 111.399 114.219 110.119 115.163 111.908 111.745 114.418 109.965 115.088 112.071 111.951 114.595 110.156 111.871 112.126 112.166 114.775 6 110.477 7 113.545 8 112.412 9 112.372 10 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... Addenda: 16 PCE excluding food and energy ............................................... 17 Food 1 ........................................................................................ 18 Energy goods and services 2 ..................................................... 19 Market-based PCE 3 .................................................................. 20 Market-based PCE excluding food and energy 3....................... 0.4 0.7 –0.3 1.2 0.3 0.2 –0.2 0.0 –0.4 0.3 0.2 0.2 –0.3 0.5 0.2 0.1 –0.1 –0.2 0.0 0.2 0.4 0.7 0.1 1.0 0.2 0.1 –0.1 –0.3 0.0 0.3 0.0 –0.5 –0.3 –0.5 0.3 0.2 0.4 0.0 0.5 0.2 11 12 13 14 15 0.2 0.0 6.9 0.4 0.1 0.2 0.1 –1.5 0.1 0.2 0.1 –0.1 3.6 0.2 0.0 0.2 0.1 –0.2 0.1 0.1 0.3 0.1 3.1 0.4 0.3 0.2 –0.1 –0.1 0.1 0.2 0.2 0.2 –2.8 0.0 0.2 0.2 0.3 1.5 0.3 0.2 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2017 Line Sept. 1 Disposable personal income .................................................... 2 Personal consumption expenditures....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services .................................................................................... Oct. r 1.2 2.6 4.3 7.4 2.7 1.8 2018 Nov. r 1.5 2.7 4.2 6.8 2.9 2.0 1.8 2.9 5.0 8.2 3.3 2.0 Dec. r Jan. r 2.3 2.9 4.4 6.9 3.1 2.2 Feb. r 2.2 2.8 4.2 6.5 3.0 2.1 March r 2.0 2.7 4.2 6.3 3.1 1.9 1.7 2.4 4.2 7.2 2.7 1.6 April p 1.9 2.7 4.1 6.8 2.8 2.0 Line 1 2 3 4 5 6 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2017. Source: U.S. Bureau of Economic Analysis Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Line 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3....................... 2017 Sept. Oct. 2018 Nov. Dec. Jan. r Feb. r March r 1.7 0.6 –2.0 2.0 2.2 1.6 0.2 –1.9 1.2 2.3 1.7 0.6 –1.7 1.8 2.3 1.7 0.3 –1.8 1.5 2.3 1.6 0.1 –2.3 1.4 2.4 1.7 0.1 –2.6 1.6 2.4 2.0 0.3 –2.4 1.7 2.8 1.4 0.4 11.1 1.5 1.1 1.5 0.5 6.5 1.4 1.2 1.5 0.7 9.2 1.5 1.2 1.5 0.9 7.3 1.4 1.1 1.5 0.9 6.0 1.3 1.1 1.5 0.6 7.2 1.4 1.2 1.8 0.4 7.9 1.7 1.5 April p 2.0 0.6 –2.1 2.1 2.6 Line 1 2 3 4 5 1.8 6 0.5 7 8.4 8 1.8 9 1.6 10 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis