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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 31, 2019 Technical: Media: Brian Smith (Personal Income) Kyle Brown (PCE) Jeannine Aversa (301) 278-9625 (301) 278-9086 (301) 278-9003 BEA 19-23 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays, April 2019 Personal income increased $92.8 billion (0.5 percent) in April according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $69.3 billion (0.4 percent) and personal consumption expenditures (PCE) increased $40.8 billion (0.3 percent). Real DPI increased 0.1 percent in April and Real PCE decreased less than 0.1 percent. The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Personal income: Current dollars Disposable personal income: Current dollars Chained (2012) dollars Personal consumption expenditures (PCE): Current dollars Chained (2012) dollars Price indexes: PCE PCE, excluding food and energy Price indexes: PCE PCE, excluding food and energy 2018 2019 Dec. Jan. Feb. Mar. Apr. Percent change from preceding month 0.9 -0.1 0.2 0.1 0.5 1.0 1.0 -0.2 -0.1 0.2 0.1 0.1 -0.2 0.4 0.1 -0.6 -0.6 0.3 0.4 0.0 -0.1 1.1 0.9 0.3 0.0 0.1 0.2 -0.1 0.0 0.1 0.0 0.2 0.1 0.3 0.2 Percent change from month one year ago 1.8 1.3 1.3 1.4 1.5 2.0 1.8 1.6 1.5 1.6 The increase in personal income in April primarily reflected increases in personal interest income, wages and salaries, and government social benefits to persons. The $3.7 billion decrease in real PCE in April reflected a decrease of $5.4 billion in spending for services that was partly offset by a $2.4 billion increase in spending for goods (table 7). Within services, the largest contributor to the decrease was spending for household electricity and gas. Within goods, spending for gasoline and other energy goods was the leading contributor to the increase. Detailed information on monthly real PCE spending can be found in Table 2.3.6U. Personal outlays increased $42.7 billion in April (table 3). Personal saving was $990.3 billion in April and the personal saving rate, personal saving as a percentage of disposable personal income, was 6.2 percent (table 1). Updates to Personal Income and Outlays Estimates have been updated for October through March. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE -- revised and previously 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 (2012) dollars Personal consumption expenditures: Current dollars Chained (2012) dollars 35.6 40.9 0.2 0.2 11.4 21.0 0.1 0.1 23.0 5.9 23.9 9.5 0.1 0.0 0.2 0.1 0.6 -28.3 8.3 -21.9 0.0 -0.2 0.1 -0.2 11.7 -2.8 -2.1 -13.1 0.1 0.0 0.0 -0.1 123.5 87.4 157.3 117.8 0.9 0.7 1.1 0.9 QCEW Data Included in the Fourth Quarter of 2018 This news release includes revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for October through December 2018 (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. Upcoming Annual Update of the National Income and Product Accounts The annual update of the national income and product accounts, covering the first quarter of 2014 through the first quarter of 2019, will be released along with the "advance" estimate of GDP for the second quarter of 2019 on July 26. For more information, see the Technical Note. Next release: June 28, 2019 at 8:30 A.M. EDT Personal Income and Outlays: May 2019 Additional Information Resources Additional Resources available at www.bea.gov: • • • • • • Stay informed about BEA developments by reading The BEA Wire, 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 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. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. 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. 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. 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?” Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (months for monthly data, quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) 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. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. 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, 2019 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2018 1 Personal income 2 Compensation of employees Wages and salaries 3 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 Supplements to wages and salaries 11 12 Employer contributions for employee pension and insurance 13 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 44 45 46 47 48 49 funds1 Employer contributions for government social insurance Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons Social security2 3 Medicare Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services 4 Personal interest payments Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2012) dollars5 Disposable personal income: Total, billions of chained (2012) dollars5 Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) r r r 2019 r r Feb. March 17,985.3 18,006.3 11,064.7 11,104.9 9,009.0 9,043.8 7,604.5 7,637.3 1,488.0 1,492.4 890.5 891.6 6,116.4 6,144.9 1,388.3 1,394.3 4,728.2 4,750.6 1,404.6 1,406.4 2,055.6 2,061.2 Sept. 17,708.3 10,947.5 8,913.1 7,520.9 1,476.3 884.2 6,044.6 1,370.2 4,674.4 1,392.2 2,034.4 Oct.r 17,760.4 10,950.9 8,914.0 7,520.6 1,476.1 884.9 6,044.5 1,369.3 4,675.2 1,393.4 2,036.8 Nov. 17,788.4 10,951.5 8,912.7 7,519.5 1,474.8 886.3 6,044.6 1,371.9 4,672.7 1,393.2 2,038.8 Dec. 17,956.4 10,990.9 8,946.7 7,550.0 1,484.2 890.6 6,065.8 1,374.7 4,691.1 1,396.7 2,044.2 Jan. 17,944.5 11,031.5 8,980.8 7,579.1 1,485.6 889.6 6,093.5 1,382.1 4,711.4 1,401.7 2,050.7 1,398.2 636.2 1,400.7 636.1 1,402.9 635.9 1,406.1 638.1 1,409.9 640.9 1,413.1 642.5 1,572.2 23.1 1,549.0 774.2 2,775.0 1,617.9 1,157.0 3,011.3 2,949.4 979.6 745.8 608.8 24.0 115.7 475.5 62.0 1,371.9 2,075.1 15,633.2 14,631.1 14,080.4 4,369.6 1,468.0 2,901.5 9,710.8 344.7 206.0 113.0 93.1 1,002.1 6.4 1,594.2 29.7 1,564.5 771.0 2,794.5 1,631.8 1,162.8 3,022.1 2,959.8 991.6 752.3 604.9 23.7 112.7 474.6 62.3 1,372.3 2,063.9 15,696.4 14,718.8 14,168.9 4,400.5 1,473.7 2,926.8 9,768.4 350.0 199.9 113.4 86.6 977.6 6.2 1,615.7 42.9 1,572.9 768.1 2,804.5 1,645.6 1,158.9 3,021.0 2,958.4 986.7 759.3 603.7 24.0 113.1 471.7 62.6 1,372.4 2,057.4 15,730.9 14,794.6 14,238.9 4,433.3 1,498.8 2,934.5 9,805.6 355.4 200.3 113.7 86.6 936.3 6.0 1,640.3 71.0 1,569.3 766.8 2,901.3 1,659.4 1,241.9 3,034.2 2,971.3 988.9 766.8 605.1 24.8 113.4 472.4 62.9 1,377.1 2,061.3 15,895.0 14,718.8 14,157.4 4,326.1 1,455.6 2,870.6 9,831.2 360.7 200.7 114.1 86.6 1,176.3 7.4 1,611.7 39.9 1,571.8 774.8 2,798.1 1,636.0 1,162.1 3,118.3 3,055.6 1,019.7 774.9 609.2 25.2 115.7 510.9 62.7 1,390.0 2,087.3 15,857.2 14,766.0 14,197.3 4,351.8 1,454.5 2,897.3 9,845.5 362.6 206.0 114.1 91.9 1,091.2 6.9 13,533.7 13,544.7 13,564.6 13,698.3 14,395.9 14,425.3 14,449.7 47,678 43,904 327,893 47,844 43,969 328,077 47,925 44,022 328,241 Line p April 18,099.1 11,136.8 9,070.2 7,659.6 1,497.4 891.7 6,162.3 1,396.0 4,766.2 1,410.6 2,066.6 1 2 3 4 5 6 7 8 9 10 11 1,416.4 644.8 1,420.0 646.6 12 13 1,611.2 42.2 1,569.0 783.3 2,784.0 1,612.6 1,171.5 3,135.9 3,072.8 1,022.7 782.6 614.7 25.3 115.4 512.1 63.0 1,393.7 2,104.3 15,881.0 14,766.1 14,195.2 4,321.5 1,431.8 2,889.8 9,873.7 364.5 206.4 114.5 91.9 1,115.0 7.0 1,595.4 24.5 1,570.9 791.4 2,757.2 1,589.2 1,168.0 3,155.9 3,092.6 1,025.7 789.9 622.4 25.1 117.5 512.0 63.3 1,398.5 2,117.0 15,889.3 14,925.6 14,352.5 4,418.7 1,483.8 2,934.9 9,933.8 366.3 206.7 114.8 91.9 963.7 6.1 1,596.0 25.3 1,570.7 793.3 2,801.8 1,625.7 1,176.1 3,173.5 3,109.9 1,028.1 796.8 631.3 24.1 116.6 512.9 63.6 1,402.2 2,140.6 15,958.6 14,968.3 14,393.4 4,428.7 1,472.0 2,956.7 9,964.7 367.9 207.0 115.1 91.9 990.3 6.2 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 44 13,622.3 13,632.1 13,605.4 13,631.8 45 14,591.5 14,569.6 14,579.1 14,557.2 14,575.1 46 48,402 44,433 328,393 48,266 44,347 328,539 48,318 44,357 328,677 48,323 44,272 328,817 48,511 44,306 328,969 47 48 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 2018. 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. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 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, 2019 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Line 2017 1 Personal income 2 Compensation of employees Wages and salaries 3 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 Supplements to wages and salaries 11 12 Employer contributions for employee pension and insurance 13 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 44 45 46 47 48 49 funds1 Employer contributions for government social insurance Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons Social security2 3 Medicare Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services Personal interest payments4 Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2012) dollars5 Disposable personal income: Total, billions of chained (2012) dollars5 Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) r Seasonally adjusted at annual rates 2018 r Q1 Q2 Q3 Q4 17,319.2 17,466.7 17,657.3 17,835.0 10,710.1 10,782.9 10,907.9 10,964.4 8,710.6 8,770.8 8,879.2 8,924.5 7,347.5 7,399.6 7,493.6 7,530.0 1,452.2 1,449.2 1,468.2 1,478.4 878.0 870.9 880.7 887.3 5,895.3 5,950.4 6,025.4 6,051.6 1,344.8 1,351.5 1,365.7 1,372.0 4,550.5 4,598.9 4,659.7 4,679.7 1,363.1 1,371.2 1,385.6 1,394.4 1,999.4 2,012.0 2,028.7 2,040.0 16,830.9 10,407.2 8,453.8 7,108.1 1,390.3 846.4 5,717.8 1,313.5 4,404.3 1,345.7 1,953.4 17,569.5 10,841.3 8,821.3 7,442.7 1,462.0 879.2 5,980.7 1,358.5 4,622.2 1,378.6 2,020.0 2017 Q4 17,103.1 10,568.6 8,588.1 7,230.4 1,410.3 855.9 5,820.1 1,325.9 4,494.2 1,357.7 1,980.5 1,348.1 605.3 1,389.8 630.3 1,366.4 614.0 1,376.3 623.2 1,385.0 627.1 1,394.6 634.1 1,500.9 38.9 1,462.0 730.2 2,631.6 1,523.0 1,108.6 2,859.7 2,804.0 926.1 695.3 577.4 29.1 98.5 477.6 55.7 1,298.6 2,034.6 14,796.3 13,809.5 13,321.4 4,156.1 1,406.5 2,749.6 9,165.3 293.9 194.2 107.3 86.9 986.8 6.7 1,578.8 37.0 1,541.8 759.9 2,768.2 1,616.5 1,151.7 2,980.7 2,920.0 974.2 734.4 601.3 25.5 109.4 475.2 60.7 1,359.3 2,047.8 15,521.8 14,484.8 13,948.5 4,338.8 1,459.4 2,879.4 9,609.7 334.2 202.0 111.9 90.1 1,037.0 6.7 1,526.1 35.4 1,490.6 745.3 2,692.9 1,577.2 1,115.7 2,887.6 2,831.5 935.5 706.6 583.2 28.0 102.0 476.1 56.1 1,317.3 2,070.9 15,032.2 14,083.3 13,579.2 4,250.9 1,445.7 2,805.2 9,328.3 306.1 197.9 109.0 89.0 948.9 6.3 1,549.9 35.2 1,514.7 749.3 2,719.5 1,597.6 1,121.9 2,933.9 2,875.7 960.8 713.7 590.3 27.6 105.6 477.8 58.2 1,343.6 2,030.0 15,289.2 14,194.8 13,679.6 4,267.7 1,434.5 2,833.2 9,411.9 314.9 200.3 110.0 90.3 1,094.3 7.2 1,568.5 37.0 1,531.5 754.2 2,747.8 1,606.5 1,141.2 2,965.8 2,905.4 969.1 724.5 602.6 25.5 107.9 475.8 60.4 1,352.4 2,035.3 15,431.4 14,403.8 13,875.6 4,329.5 1,458.7 2,870.8 9,546.1 326.4 201.7 111.3 90.4 1,027.7 6.7 13,171.4 13,479.2 13,301.7 13,379.1 13,949.2 14,341.2 14,065.9 45,470 42,866 325,410 47,404 43,799 327,436 46,080 43,118 326,218 2018 2019 Line r Q1 17,978.7 11,067.0 9,011.2 7,607.0 1,488.7 890.6 6,118.3 1,388.2 4,730.0 1,404.2 2,055.8 1 2 3 4 5 6 7 8 9 10 11 1,403.3 636.7 1,413.1 642.7 12 13 1,580.0 27.9 1,552.0 767.4 2,772.2 1,616.2 1,156.0 2,997.2 2,935.6 977.8 739.9 607.8 24.7 111.0 474.5 61.6 1,367.4 2,064.9 15,592.4 14,596.3 14,050.5 4,371.3 1,468.5 2,902.8 9,679.1 340.2 205.6 112.6 93.1 996.0 6.4 1,616.7 47.9 1,568.9 768.6 2,833.4 1,645.6 1,187.9 3,025.8 2,963.2 989.0 759.5 604.6 24.1 113.1 472.9 62.6 1,373.9 2,060.9 15,774.1 14,744.1 14,188.4 4,386.6 1,476.0 2,910.6 9,801.8 355.4 200.3 113.7 86.6 1,030.1 6.5 1,606.1 35.5 1,570.6 783.2 2,779.8 1,612.6 1,167.2 3,136.7 3,073.7 1,022.7 782.5 615.4 25.2 116.2 511.7 63.0 1,394.1 2,102.9 15,875.8 14,819.2 14,248.4 4,364.0 1,456.7 2,907.3 9,884.3 364.5 206.4 114.5 91.9 1,056.6 6.7 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 44 13,420.7 13,515.3 13,602.6 13,619.9 45 14,219.8 14,282.0 14,374.8 14,488.8 14,568.6 46 46,803 43,530 326,670 47,171 43,657 327,138 47,582 43,866 327,697 48,057 44,141 328,237 48,302 44,325 328,678 47 48 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2018. 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. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 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, 2019 Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2018 1 Personal income 2 Compensation of employees Wages and salaries 3 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 Supplements to wages and salaries 11 12 Employer contributions for employee pension and insurance 13 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 44 45 funds1 Employer contributions for government social insurance Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons Social security2 3 Medicare Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services Personal interest payments4 Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Addenda: Personal income excluding current transfer receipts, billions of chained (2012) dollars5 Disposable personal income, billions of chained (2012) dollars5 2019 Feb.r Marchr 40.9 21.0 33.1 40.3 28.2 34.7 25.3 32.9 2.4 4.4 0.9 1.1 22.9 28.5 6.2 6.1 16.8 22.4 2.9 1.9 4.9 5.5 Sept. 38.3 28.5 23.4 16.3 6.9 2.9 9.5 2.1 7.4 7.1 5.1 Oct.r 52.1 3.3 0.9 -0.3 -0.2 0.7 -0.1 -0.9 0.8 1.2 2.4 Nov.r 28.0 0.6 -1.3 -1.2 -1.3 1.4 0.2 2.6 -2.5 -0.2 2.0 Dec.r 168.0 39.4 34.0 30.6 9.4 4.3 21.2 2.8 18.3 3.5 5.4 Jan.r -11.9 40.6 34.1 29.1 1.4 -1.0 27.7 7.4 20.3 5.0 6.5 3.7 1.3 2.5 -0.1 2.2 -0.2 3.2 2.2 3.8 2.7 3.3 1.7 -13.9 -4.8 -9.1 7.3 3.5 1.7 1.7 16.0 15.7 0.9 6.1 1.0 -0.8 6.6 1.9 0.4 3.1 7.8 30.4 22.6 17.7 -8.3 -3.1 -5.3 26.1 4.5 0.4 0.4 0.0 7.8 22.0 6.6 15.4 -3.3 19.6 13.8 5.7 10.8 10.5 12.0 6.5 -3.9 -0.3 -3.0 -0.8 0.3 0.4 -11.1 63.2 87.7 88.5 30.9 5.7 25.2 57.6 5.3 -6.1 0.4 -6.5 -24.5 21.5 13.2 8.4 -2.9 9.9 13.8 -3.9 -1.1 -1.4 -5.0 6.9 -1.2 0.4 0.4 -3.0 0.3 0.1 -6.5 34.5 75.8 70.0 32.8 25.1 7.7 37.2 5.3 0.4 0.4 0.0 -41.3 24.5 28.1 -3.6 -1.3 96.8 13.8 83.0 13.2 12.9 2.2 7.5 1.5 0.8 0.3 0.7 0.3 4.7 3.9 164.1 -75.8 -81.6 -107.2 -43.2 -63.9 25.6 5.3 0.4 0.4 0.0 239.9 -28.6 -31.1 2.5 8.1 -103.2 -23.4 -79.8 84.1 84.2 30.8 8.1 4.1 0.4 2.3 38.5 -0.2 12.9 26.0 -37.9 47.2 40.0 25.7 -1.1 26.8 14.3 1.9 5.3 0.0 5.4 -85.0 2.9 9.3 10.9 29.4 19.9 24.4 133.7 141.7 -76.0 -21.8 Line Aprilp 92.8 31.9 26.5 22.3 5.0 0.0 17.4 1.7 15.7 4.2 5.4 1 2 3 4 5 6 7 8 9 10 11 3.3 2.2 3.6 1.8 12 13 -0.5 2.3 -2.8 8.4 -14.0 -23.4 9.4 17.5 17.3 3.0 7.7 5.5 0.1 -0.3 1.2 0.3 3.8 17.0 23.9 0.1 -2.1 -30.2 -22.7 -7.6 28.1 1.9 0.4 0.4 0.0 23.8 -15.9 -17.7 1.8 8.1 -26.8 -23.4 -3.4 20.0 19.7 3.1 7.3 7.6 -0.2 2.1 -0.2 0.3 4.7 12.7 8.3 159.5 157.3 97.2 52.0 45.1 60.2 1.9 0.3 0.3 0.0 -151.3 0.7 0.8 -0.2 1.9 44.6 36.5 8.1 17.6 17.3 2.3 6.9 8.9 -0.9 -0.9 0.9 0.3 3.8 23.6 69.3 42.7 40.8 10.0 -11.8 21.8 30.8 1.6 0.3 0.3 0.0 26.6 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 9.5 -26.7 -21.9 26.3 17.9 44 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 2018. 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. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 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, 2019 Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] Line 2017 1 Personal income 2 Compensation of employees Wages and salaries 3 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 Supplements to wages and salaries 11 Employer contributions for employee pension and insurance 12 1 funds 13 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 44 45 Employer contributions for government social insurance Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons Social security2 Medicare3 Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services 4 Personal interest payments Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Addenda: Personal income excluding current transfer receipts, billions of chained (2012) dollars5 Disposable personal income, billions of chained (2012) dollars5 r Seasonally adjusted at annual rates 2018 Q1 Q2 Q3 Q4r 216.1 147.6 190.6 177.8 141.5 72.8 125.0 56.5 122.5 60.2 108.4 45.3 117.1 52.0 94.0 36.5 41.9 -3.1 19.0 10.2 22.1 -7.1 9.8 6.6 75.1 55.1 75.0 26.2 18.8 6.8 14.1 6.3 56.3 48.3 60.9 19.9 5.5 8.1 14.4 8.8 19.0 12.6 16.6 11.3 Line 2019 r Q1 143.7 1 102.6 2 86.7 3 76.9 4 10.3 5 3.3 6 66.6 7 16.3 8 50.4 9 9.8 10 15.9 11 705.8 451.0 373.2 335.1 62.0 32.5 273.1 51.5 221.6 38.1 77.8 738.6 434.1 367.4 334.6 71.6 32.8 262.9 45.0 217.9 32.9 66.7 2017 Q4 208.0 97.4 81.5 74.1 9.6 4.7 64.5 4.8 59.7 7.4 15.9 53.9 23.9 41.7 25.0 10.7 5.2 9.8 9.2 8.7 3.9 9.6 7.0 8.6 2.6 9.9 6.0 12 13 81.6 1.4 80.2 35.4 115.0 82.1 32.9 81.6 86.6 29.6 33.1 14.7 -2.6 5.7 6.0 -5.0 58.7 80.3 625.5 586.8 554.5 159.8 59.9 99.9 394.7 24.6 7.7 3.0 4.7 38.6 77.8 -1.9 79.7 29.7 136.6 93.5 43.2 121.0 116.0 48.1 39.1 23.9 -3.6 10.9 -2.4 5.0 60.7 13.2 725.5 675.3 627.1 182.7 52.9 129.7 444.4 40.4 7.8 4.6 3.1 50.2 18.6 -0.9 19.5 13.3 77.7 77.1 0.6 12.3 11.0 5.7 7.1 -0.4 -0.8 2.2 -2.8 1.3 11.3 22.4 185.6 230.0 220.1 84.9 34.5 50.4 135.2 6.1 3.9 1.2 2.6 -44.5 23.8 -0.2 24.0 4.0 26.6 20.4 6.2 46.4 44.3 25.3 7.1 7.1 -0.5 3.6 1.7 2.1 26.2 -40.9 257.0 111.5 100.4 16.8 -11.2 28.0 83.6 8.8 2.4 1.0 1.3 145.5 18.6 1.8 16.8 5.0 28.3 8.9 19.3 31.9 29.7 8.2 10.8 12.3 -2.0 2.4 -2.0 2.2 8.9 5.3 142.3 208.9 196.0 61.8 24.2 37.6 134.2 11.5 1.4 1.3 0.1 -66.7 11.5 -9.1 20.6 13.2 24.4 9.7 14.7 31.4 30.2 8.7 15.4 5.2 -0.8 3.0 -1.3 1.2 14.9 29.6 160.9 192.6 174.9 41.8 9.8 32.0 133.0 13.8 3.9 1.2 2.7 -31.6 36.7 19.9 16.8 1.2 61.3 29.4 31.9 28.6 27.6 11.3 19.6 -3.2 -0.6 2.1 -1.6 1.0 6.6 -4.0 181.7 147.7 137.9 15.3 7.5 7.8 122.6 15.2 -5.3 1.2 -6.5 34.0 -10.6 -12.3 1.7 14.6 -53.6 -33.0 -20.7 110.9 110.5 33.7 23.0 10.9 1.0 3.1 38.8 0.4 20.1 42.0 101.7 75.1 60.0 -22.6 -19.3 -3.3 82.6 9.1 6.1 0.7 5.4 26.6 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 43 366.5 354.0 307.9 392.0 94.4 79.7 77.4 153.9 41.6 62.1 94.6 92.8 87.3 114.0 17.3 79.7 44 45 2018 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2018. 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. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 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, 2019 Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2019 2018 Sept. Nov.r Oct.r Based on current-dollar measures 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Supplements to wages and salaries Proprietors' income with inventory valuation and capital 5 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 19 20 Dec.r Jan.r Feb.r Line Marchr Aprilp 0.2 0.3 0.3 0.3 0.3 0.0 0.0 0.1 0.2 0.0 0.0 0.1 0.9 0.4 0.4 0.3 -0.1 0.4 0.4 0.3 0.2 0.3 0.3 0.2 0.1 0.4 0.4 0.3 0.5 0.3 0.3 0.3 1 2 3 4 -0.9 1.0 0.1 0.1 0.2 0.5 0.2 0.4 0.2 1.4 -0.4 0.7 0.9 0.5 0.4 0.0 -0.5 0.4 1.3 -0.4 0.4 0.8 -0.3 0.0 0.0 -0.3 0.2 1.5 -0.2 3.5 0.8 7.2 0.4 0.3 0.2 1.0 -1.7 1.1 -3.6 -1.4 -6.4 2.8 0.9 1.3 -0.2 0.0 1.1 -0.5 -1.4 0.8 0.6 0.3 0.8 0.2 -1.0 1.0 -1.0 -1.5 -0.3 0.6 0.3 0.6 0.1 0.0 0.2 1.6 2.3 0.7 0.6 0.3 1.1 0.4 5 6 7 8 9 10 11 12 13 0.1 0.6 0.5 -0.2 0.7 0.7 -0.2 0.4 1.7 -0.2 0.9 0.3 0.3 0.6 0.4 Based on chained (2012) dollar measures -0.6 -2.4 -2.9 -2.2 0.3 0.3 0.6 -0.1 0.9 0.1 0.0 -0.7 -1.6 -0.3 0.3 1.1 2.2 3.6 1.6 0.6 0.3 0.2 -0.8 0.7 0.3 14 15 16 17 18 1.0 1.0 -0.6 -0.1 0.1 0.1 -0.2 -0.2 0.2 0.1 19 20 Real personal income excluding transfer receipts Real disposable personal income 0.0 0.1 0.1 0.2 0.1 0.2 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2018. Source: U.S. Bureau of Economic Analysis May 31, 2019 Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2017 2018 r 2018 2017 Q4 Based on current-dollar measures 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Supplements to wages and salaries Proprietors' income with inventory valuation and capital 5 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 19 20 Real personal income excluding transfer receipts Real disposable personal income Q1 Q2 Line 2019 Q3 Q4 r Q1 r 4.4 4.5 4.6 4.1 4.4 4.2 4.3 3.4 5.0 3.8 3.9 3.3 5.2 5.5 5.8 3.9 3.5 2.7 2.8 2.5 4.4 4.7 5.0 3.3 4.1 2.1 2.1 2.2 3.3 3.8 3.9 3.2 1 2 3 4 5.8 5.1 4.6 5.7 3.1 2.9 4.7 4.1 4.4 5.2 4.1 5.2 6.1 3.9 4.2 4.7 0.6 4.9 5.0 7.4 12.4 22.2 0.2 1.7 3.5 4.4 5.1 6.4 2.2 4.0 5.3 2.2 6.6 8.2 -7.7 7.0 4.9 2.7 4.2 2.3 7.1 4.4 2.7 1.0 3.8 3.0 7.2 3.6 2.4 5.3 4.3 4.5 5.9 4.2 9.6 0.6 9.1 7.5 11.5 3.9 1.9 -0.8 4.7 -2.6 7.8 -7.4 -7.8 -6.8 15.5 6.0 8.4 2.6 5 6 7 8 9 10 11 12 13 4.3 4.7 6.8 4.0 4.4 8.4 4.4 3.8 10.1 3.8 4.7 7.5 4.5 4.8 6.0 Based on chained (2012) dollar measures 3.0 1.6 -3.1 4.1 3.6 5.9 5.9 6.9 5.4 5.8 5.1 3.9 2.7 4.5 5.7 4.0 1.4 2.1 1.1 5.2 1.7 -2.0 -5.1 -0.5 3.4 14 15 16 17 18 2.3 4.4 1.2 1.8 2.8 2.6 2.6 3.2 0.5 2.2 19 20 2.9 2.6 2.3 2.8 2.9 2.3 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2018. Source: U.S. Bureau of Economic Analysis May 31, 2019 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2018 2019 r r Sept. Oct. Nov. Dec. Feb. Jan. Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 12,965.9 13,021.4 13,079.2 12,996.3 13,044.5 13,031.5 Goods 4,587.2 4,610.7 4,662.6 4,571.2 4,601.3 4,570.2 Durable goods 1,683.1 1,689.9 1,718.0 1,668.7 1,663.3 1,642.3 Nondurable goods 2,915.9 2,932.4 2,957.4 2,913.2 2,946.9 2,935.6 Services 8,405.3 8,438.2 8,449.8 8,446.8 8,467.5 8,480.5 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) -0.5 55.5 57.8 -82.9 48.3 -13.1 Goods -4.8 23.5 51.9 -91.4 30.1 -31.0 Durable goods 3.4 6.8 28.1 -49.3 -5.5 -20.9 Nondurable goods -7.5 16.5 25.0 -44.2 33.7 -11.3 Services 3.5 32.8 11.7 -3.1 20.7 13.0 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.0 0.4 0.4 -0.6 0.4 -0.1 Goods -0.1 0.5 1.1 -2.0 0.7 -0.7 Durable goods 0.2 0.4 1.7 -2.9 -0.3 -1.3 Nondurable goods -0.3 0.6 0.9 -1.5 1.2 -0.4 Services 0.0 0.4 0.1 0.0 0.2 0.2 Line Marchr Aprilp 13,149.3 4,662.4 1,711.1 2,963.3 8,515.8 13,145.6 4,664.8 1,704.1 2,971.7 8,510.4 1 2 3 4 5 117.8 92.2 68.8 27.7 35.3 -3.7 2.4 -7.0 8.4 -5.4 6 7 8 9 10 0.9 2.0 4.2 0.9 0.4 0.0 0.1 -0.4 0.3 -0.1 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis May 31, 2019 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2017 2018 Q4 Q1 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 12,558.7 12,887.6 12,706.4 12,722.8 Goods 4,391.9 4,553.7 4,483.9 4,477.0 Durable goods 1,577.9 1,665.0 1,636.6 1,628.2 Nondurable goods 2,822.0 2,899.7 2,857.7 2,858.6 Services 8,184.5 8,359.4 8,246.6 8,267.9 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 310.5 328.9 121.5 16.5 Goods 155.8 161.9 73.6 -6.9 Durable goods 101.1 87.1 48.0 -8.4 Nondurable goods 58.0 77.7 27.8 0.9 Services 162.0 174.9 52.9 21.3 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 2.5 2.6 3.9 0.5 Goods 3.7 3.7 6.8 -0.6 Durable goods 6.8 5.5 12.7 -2.0 Nondurable goods 2.1 2.8 4.0 0.1 Services 2.0 2.1 2.6 1.0 r Revised Source: U.S. Bureau of Economic Analysis 2018 2017 Q2 2019 Q3 Line Q1r Q4 12,842.0 4,537.6 1,662.3 2,886.7 8,329.8 12,953.3 4,585.5 1,677.4 2,919.2 8,394.9 13,032.3 4,614.8 1,692.2 2,934.3 8,444.9 13,075.1 4,611.3 1,672.2 2,948.6 8,487.9 1 2 3 4 5 119.2 60.6 34.0 28.1 61.9 111.3 47.9 15.1 32.6 65.1 79.0 29.4 14.8 15.1 50.1 42.8 -3.5 -20.0 14.2 43.0 6 7 8 9 10 3.8 5.5 8.6 4.0 3.0 3.5 4.3 3.7 4.6 3.2 2.5 2.6 3.6 2.1 2.4 1.3 -0.3 -4.6 2.0 2.1 11 12 13 14 15 May 31, 2019 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2018 Sept. Oct. Nov. Dec. Chain-type price indexes (2012=100), seasonally adjusted 108.599 108.816 108.871 108.938 95.254 95.440 95.082 94.640 87.207 87.192 87.226 87.211 99.509 99.811 99.229 98.542 115.535 115.768 116.049 116.394 Line 2019 Jan.r Marchr Feb.r Personal consumption expenditures (PCE) 108.842 1 94.578 2 Goods 3 Durable goods 87.429 4 Nondurable goods 98.323 116.279 5 Services Addenda: 6 PCE excluding food and energy 110.370 110.525 110.720 110.932 110.966 7 Food1 103.521 103.399 103.595 103.732 103.902 8 Energy goods and services2 88.490 90.262 87.735 85.248 82.543 9 Market-based PCE3 106.566 106.769 106.828 106.817 106.888 10 Market-based PCE excluding food and energy3 108.255 108.383 108.604 108.748 108.997 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.1 0.2 0.1 0.1 -0.1 11 -0.1 0.2 -0.4 -0.5 -0.1 12 Goods 13 Durable goods -0.4 0.0 0.0 0.0 0.2 14 Nondurable goods 0.1 0.3 -0.6 -0.7 -0.2 0.2 0.2 0.2 0.3 -0.1 15 Services Addenda: 16 PCE excluding food and energy 0.2 0.1 0.2 0.2 0.0 17 Food1 0.0 -0.1 0.2 0.1 0.2 18 Energy goods and services2 -0.4 2.0 -2.8 -2.8 -3.2 19 Market-based PCE3 0.1 0.2 0.1 0.0 0.1 20 Market-based PCE excluding food and energy3 0.1 0.1 0.2 0.1 0.2 Aprilp Line 108.934 94.559 87.162 98.444 116.432 109.155 94.773 86.696 99.045 116.656 109.496 94.938 86.359 99.498 117.092 1 2 3 4 5 111.005 104.424 82.939 106.987 109.034 111.061 104.675 85.921 107.217 109.077 111.335 104.320 88.433 107.500 109.271 6 7 8 9 10 0.1 0.0 -0.3 0.1 0.1 0.2 0.2 -0.5 0.6 0.2 0.3 0.2 -0.4 0.5 0.4 11 12 13 14 15 0.0 0.5 0.5 0.1 0.0 0.1 0.2 3.6 0.2 0.0 0.2 -0.3 2.9 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 May 31, 2019 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2018 Line 1 Disposable personal income 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Nondurable goods 6 Services Sept. 2.8 2.7 3.3 4.4 2.8 2.4 Oct.r 2.7 2.8 3.5 4.1 3.2 2.5 Nov.r 2.8 2.8 3.7 4.3 3.3 2.4 Dec.r 3.6 2.0 1.6 1.8 1.5 2.2 Jan.r 2.7 2.5 2.8 2.2 3.1 2.4 2019 Feb.r Marchr 2.6 2.1 2.7 3.1 2.6 3.6 1.9 3.9 3.0 3.4 2.7 2.8 Aprilp 2.2 2.7 3.3 2.9 3.6 2.4 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 2018. Source: U.S. Bureau of Economic Analysis May 31, 2019 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Line Personal consumption expenditures (PCE) 1 2 Goods 3 Durable goods 4 Nondurable goods 5 Services Addenda: 6 PCE excluding food and energy 7 Food1 8 Energy goods and services2 9 Market-based PCE3 10 Market-based PCE excluding food and energy3 2018 Sept. 2.0 0.4 -1.6 1.4 2.7 2.0 0.5 5.2 1.8 1.7 2019 2.0 0.8 -1.6 2.0 2.6 1.8 0.2 -1.2 0.9 2.6 1.8 -0.2 -1.0 0.2 2.7 1.3 -1.0 -1.0 -1.0 2.4 1.3 -0.9 -0.9 -0.9 2.3 Marchr 1.4 -0.3 -1.4 0.3 2.2 1.8 0.3 8.9 1.8 1.6 1.9 0.6 2.3 1.7 1.8 2.0 0.6 -0.4 1.6 1.8 1.8 0.7 -6.4 1.3 1.8 1.6 1.4 -5.9 1.3 1.6 1.5 1.4 0.3 1.4 1.5 Oct. Nov. Dec. Jan. r Feb. r Aprilp 1.5 -0.5 -1.8 0.2 2.4 1.6 0.8 1.7 1.4 1.5 Line 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 1 2 3 4 5 6 7 8 9 10