Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays: April 2020, BEA 20-24 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, May 29, 2020
Technical:

Media:

Marissa Crawford (Personal Income)
Kyle Brown (PCE Goods)
Jeff Barnett (PCE Services)
Jeannine Aversa

(301) 278-9729
(301) 278-9086
(301) 278-9663
(301) 278-9003

BEA 20-24
piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays: April 2020
Personal income increased $1.97 trillion (10.5 percent) in April according to estimates released today by
the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $2.13
trillion (12.9 percent) and personal consumption expenditures (PCE) decreased $1.89 trillion (13.6
percent).
Real DPI increased 13.4 percent in April and Real PCE decreased 13.2 percent (tables 5 and 7). The PCE
price index decreased 0.5 percent (table 9). Excluding food and energy, the PCE price index decreased
0.4 percent.

Coronavirus (COVID-19) Impact on April 2020 Personal Income and Outlays

The April estimate for personal income and outlays was impacted by the response to the
spread of COVID-19, as federal economic recovery payments were distributed, and
governments continued with “stay-at-home” orders. The full economic effects of the
COVID-19 pandemic cannot be quantified in the personal income and outlays estimate for
April because the impacts are generally embedded in source data and cannot be
separately identified. For more information, see the “highlights” file and the Effects of
Selected Federal Pandemic Response Programs on Personal Income table.

2019
2020
Dec.
Jan.
Feb.
Mar.
Apr.
Percent change from preceding month
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

0.2

0.6

0.5

-2.2

10.5

0.2
-0.1

0.6
0.5

0.5
0.4

-2.1
-1.8

12.9
13.4

0.4
0.1

0.4
0.3

0.2
0.1

-6.9
-6.7

-13.6
-13.2

0.3
0.2

0.1
0.2

0.1
0.1

-0.2
0.0

-0.5
-0.4

Percent change from month one year ago
1.6
1.8
1.8
1.3
0.5
1.6
1.7
1.8
1.7
1.0

The increase in personal income in April primarily reflected an increase in government social benefits to
persons as payments were made to individuals from federal economic recovery programs in response to
the COVID-19 pandemic (table 3). For more information, see “How are the economic impact payments
for individuals authorized by the CARES Act of 2020 recorded in the NIPAs?”.
The $1,662.1 billion decrease in real PCE in April reflected a $758.3 billion decrease in spending for
goods and a $943.3 billion decrease in spending for services (table 7). Within goods, decreases in all
subcomponents were led by a decrease in food and beverages. Within services, the largest contributors
to the decrease were spending for health care as well as food services and accommodations. Detailed
information on monthly real PCE spending can be found on Table 2.3.6U.
Personal outlays decreased $1.91 trillion in April (table 3). Personal saving was $6.15 trillion in April and
the personal saving rate—personal saving as a percentage of disposable personal income—was 33.0
percent (table 1).

Upcoming Annual Update of the National Income and Product Accounts

BEA will release results from the 2020 annual update of the National Income and Product
Accounts on July 30, 2020, in conjunction with the advance estimate of GDP for the second
quarter of 2020. For estimates of real GDP and its major components, the span of the update will
cover the most recent five years (2015-2019) and the first quarter of 2020. Estimates of income
and saving will be subject to revision from 1999 through the first quarter of 2020. More
information on the 2020 annual update is included in the May Survey of Current Business article,
“GDP and the Economy.”

-2-

Updates to Personal Income and Outlays

Quarterly Census of Employment and Wages Included in the Fourth Quarter of 2019

This release includes revised estimates of wages and salaries, personal taxes, and contributions
for government social insurance for October through December 2019 (fourth quarter). These
estimates reflect the incorporation of new fourth-quarter data from the Bureau of Labor
Statistics’ Quarterly Census of Employment and Wages.

Estimates have been updated for October 2019 through March 2020. Revised and previously published
changes from the preceding month for current-dollar personal income, and for current-dollar and
chained (2012) dollar DPI and PCE, 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

104.6

104.0

0.6

0.5

-382.1

-413.8

-2.0

-2.2

87.9
66.5

88.2
68.2

0.5
0.4

0.5
0.4

-334.6
-261.8

-349.0
-280.9

-2.0
-1.7

-2.1
-1.8

26.8
12.8

31.5
18.2

0.2
0.1

0.2
0.1

-1,127.3
-983.9

-1,031.7
-902.7

-7.5
-7.3

-6.9
-6.7

Next release: June 26, 2020 at 8:30 A.M. EDT
Personal Income and Outlays: May 2020

-3-

Additional Information
Real values are inflation-adjusted estimates—that is,
estimates that exclude the effects of price changes.

Resources
Additional Resources available at www.bea.gov:
•
•

•
•
•
•
•

For more definitions, see the Glossary: National Income and
Product Accounts.

Information on COVID-19 and recovery impacts
is available on our web site.
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

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?”

Definitions

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.

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.

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 chaineddollar values, a "residual" line shows the difference
between the sum of detailed chained-dollar series and its
corresponding aggregate.

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.”

-4-

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

-5-

May 29, 2020

Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]
Seasonally adjusted at annual rates
2019

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
Trade, transportation, and utilities
8
Other services-producing industries
9
10
Government
11
Supplements to wages and salaries
12
Employer contributions for employee pension and insurance funds 1
Employer contributions for government social insurance
13
14
Proprietors' income with inventory valuation and capital
consumption adjustments
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

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 security 2
Medicare 3
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 payments 4
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:
45
Personal income excluding current transfer receipts,

46
47
48
49

billions of chained (2012) dollars 5
Disposable personal income:
Total, billions of chained (2012) dollars 5
Per capita:
Current dollars
Chained (2012) dollars
Population (midperiod, thousands) 6

2020

Line

Sept.
18,729.1
11,456.4
9,318.8
7,854.5
1,528.3
901.5
6,326.2
1,418.3
4,907.9
1,464.4
2,137.5
1,486.6
650.9

Oct. r
18,763.6
11,520.8
9,374.8
7,906.9
1,536.6
906.9
6,370.3
1,424.4
4,945.9
1,467.9
2,146.0
1,491.5
654.5

Nov. r
18,865.0
11,586.2
9,431.9
7,959.5
1,548.6
921.7
6,410.9
1,424.5
4,986.5
1,472.4
2,154.3
1,496.2
658.1

Dec. r
18,906.6
11,619.8
9,459.1
7,983.0
1,551.8
925.5
6,431.2
1,428.5
5,002.7
1,476.1
2,160.7
1,501.0
659.7

Jan. r
19,018.3
11,673.2
9,504.4
8,023.1
1,556.0
926.3
6,467.1
1,440.1
5,026.9
1,481.2
2,168.9
1,506.3
662.6

Feb. r
19,122.4
11,731.0
9,554.4
8,068.4
1,569.9
934.4
6,498.5
1,444.5
5,054.0
1,486.0
2,176.7
1,510.9
665.8

March r
18,708.6
11,356.4
9,222.2
7,735.0
1,511.8
900.2
6,223.1
1,403.0
4,820.1
1,487.2
2,134.3
1,489.6
644.7

April p
20,674.5
10,477.9
8,482.0
7,043.2
1,340.4
791.9
5,702.8
1,298.3
4,404.5
1,438.8
1,995.9
1,393.4
602.5

1
2
3
4
5
6
7
8
9
10
11
12
13

1,699.7
57.8
1,641.8
779.0
3,010.5
1,723.2
1,287.3
3,206.1
3,151.5
1,040.7
814.9
646.0
25.6
120.7
503.6
54.7
1,422.6
2,166.4
16,562.7
15,264.3
14,707.8
4,552.2
1,561.7
2,990.5
10,155.6
356.3
200.1
109.3
90.9
1,298.4
7.8

1,682.6
34.9
1,647.7
783.4
2,989.1
1,701.2
1,287.9
3,217.7
3,162.9
1,049.6
819.1
644.0
25.8
121.0
503.5
54.8
1,430.0
2,185.5
16,578.1
15,305.1
14,745.4
4,549.5
1,541.7
3,007.8
10,195.9
357.4
202.3
109.5
92.8
1,273.0
7.7

1,713.5
62.9
1,650.6
787.7
2,993.9
1,709.4
1,284.5
3,221.3
3,166.4
1,049.8
822.9
642.6
25.6
122.2
503.2
54.9
1,437.6
2,202.8
16,662.2
15,353.5
14,792.5
4,560.2
1,553.1
3,007.1
10,232.3
358.5
202.4
109.6
92.8
1,308.7
7.9

1,690.6
28.4
1,662.3
791.8
3,023.7
1,736.2
1,287.5
3,221.8
3,166.7
1,043.0
826.4
642.4
26.7
123.7
504.6
55.1
1,441.2
2,212.6
16,694.0
15,409.4
14,847.1
4,565.8
1,548.1
3,017.6
10,281.4
359.7
202.6
109.8
92.8
1,284.6
7.7

1,713.6
26.3
1,687.3
794.8
3,025.7
1,723.4
1,302.3
3,269.8
3,214.2
1,067.3
829.6
637.8
26.5
124.6
528.5
55.6
1,458.8
2,225.1
16,793.2
15,461.9
14,907.0
4,589.4
1,560.0
3,029.5
10,317.5
356.6
198.3
106.6
91.7
1,331.3
7.9

1,770.5
61.6
1,708.9
797.7
3,011.1
1,705.5
1,305.6
3,277.6
3,221.8
1,071.6
833.4
637.9
26.2
125.2
527.6
55.8
1,465.5
2,241.0
16,881.4
15,490.5
14,938.4
4,566.5
1,545.4
3,021.1
10,371.9
353.6
198.5
106.8
91.7
1,390.9
8.2

1,622.2
26.2
1,596.0
800.7
3,005.0
1,696.3
1,308.7
3,348.0
3,292.0
1,074.8
837.3
656.2
69.6
125.8
528.3
56.0
1,423.7
2,176.1
16,532.5
14,425.3
13,906.8
4,495.2
1,357.7
3,137.5
9,411.6
320.0
198.5
106.8
91.7
2,107.2
12.7

1,424.5
21.5
1,403.0
800.8
2,959.8
1,667.9
1,291.9
6,347.1
6,291.0
1,077.5
841.1
693.9
430.1
126.2
3,122.1
56.1
1,335.6
2,014.3
18,660.2
12,511.2
12,013.3
3,753.8
1,123.2
2,630.6
8,259.4
299.4
198.6
106.8
91.7
6,149.0
33.0

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
44

14,120.7

14,115.1

14,192.1

14,191.1

14,230.0

14,306.2

13,900.8

13,027.1

45

15,066.5

15,052.3

15,116.2

15,104.2

15,174.0

15,242.1

14,961.2

16,966.7

46

50,358
45,809
328,897

50,381
45,744
329,054

50,616
45,919
329,191

50,693
45,866
329,314

50,978
46,062
329,423

51,229
46,255
329,527

50,153
45,387
329,638

56,587
51,451
329,760

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 2019.
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

-6-

May 29, 2020

Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
2018

Line
1 Personal income
Compensation of employees
2
Wages and salaries
3
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
Trade, transportation, and utilities
8
Other services-producing industries
9
10
Government
Supplements to wages and salaries
11
12
Employer contributions for employee pension and insurance funds 1
Employer contributions for government social insurance
13
14
Proprietors' income with inventory valuation and capital
consumption adjustments
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

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 security 2
Medicare 3
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 payments 4
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) dollars 5
Disposable personal income:
Total, billions of chained (2012) dollars 5
Per capita:
Current dollars
Chained (2012) dollars
Population (midperiod, thousands) 6

2019 r

Seasonally adjusted at annual rates
2019
Q1
Q2
Q3
Q4 r
18,355.4 18,555.9
18,676.9
18,845.1
11,306.6 11,386.9
11,441.7
11,575.6
9,211.5
9,273.6
9,309.6
9,421.9
7,779.5
7,830.9
7,849.4
7,949.8
1,525.3
1,533.6
1,530.0
1,545.7
907.1
911.1
904.6
918.0
6,254.2
6,297.3
6,319.4
6,404.2
1,403.5
1,410.0
1,415.5
1,425.8
4,850.7
4,887.3
4,903.9
4,978.4
1,432.0
1,442.7
1,460.2
1,472.1
2,095.1
2,113.3
2,132.1
2,153.7
1,450.3
1,464.7
1,481.6
1,496.3
644.8
648.6
650.5
657.4

Q1 r
18,949.8
11,586.9
9,427.0
7,942.1
1,545.9
920.3
6,396.2
1,429.2
4,967.0
1,484.8
2,159.9
1,502.3
657.7

1
2
3
4
5
6
7
8
9
10
11
12
13

2020

Line

17,819.2
10,928.5
8,888.5
7,485.9
1,471.6
883.2
6,014.3
1,361.0
4,653.3
1,402.6
2,040.0
1,417.2
622.8

18,608.3
11,427.7
9,304.2
7,852.4
1,533.6
910.2
6,318.8
1,413.7
4,905.1
1,451.8
2,123.5
1,473.2
650.3

2018
Q4
18,082.8
11,057.4
8,990.0
7,566.8
1,488.0
891.6
6,078.8
1,373.1
4,705.8
1,423.3
2,067.4
1,439.3
628.1

1,588.8
27.2
1,561.6
756.8
2,930.1
1,702.7
1,227.5
2,971.5
2,918.3
972.4
730.9
597.7
27.1
109.9
480.3
53.2
1,356.5
2,077.6
15,741.5
14,531.1
13,998.7
4,364.8
1,475.6
2,889.2
9,633.9
336.7
195.8
106.9
88.9
1,210.4
7.7

1,658.2
32.0
1,626.3
777.9
2,992.9
1,720.6
1,272.3
3,171.9
3,117.3
1,034.6
800.3
632.2
26.1
119.3
504.7
54.6
1,420.4
2,183.2
16,425.2
15,122.3
14,562.7
4,505.0
1,526.8
2,978.1
10,057.7
359.9
199.8
108.8
90.9
1,302.8
7.9

1,624.4
35.9
1,588.4
764.1
3,002.0
1,727.2
1,274.8
3,003.7
2,949.0
985.1
754.6
597.6
26.0
111.8
473.8
54.7
1,368.7
2,077.4
16,005.4
14,757.8
14,211.9
4,399.4
1,485.6
2,913.8
9,812.5
353.4
192.5
107.9
84.5
1,247.6
7.8

1,621.2
24.8
1,596.3
767.0
2,955.1
1,699.3
1,255.8
3,113.1
3,058.7
1,022.9
774.9
610.3
26.9
116.4
507.3
54.4
1,407.6
2,156.9
16,198.5
14,823.0
14,266.3
4,397.7
1,485.4
2,912.3
9,868.6
359.1
197.7
108.0
89.7
1,375.5
8.5

1,632.9
19.2
1,613.7
777.2
3,016.5
1,750.5
1,266.0
3,158.6
3,104.2
1,030.5
793.6
631.4
25.9
118.4
504.4
54.4
1,416.3
2,200.1
16,355.7
15,073.1
14,511.2
4,507.0
1,524.6
2,982.4
10,004.2
363.0
198.9
108.6
90.3
1,282.6
7.8

1,683.4
41.8
1,641.5
779.7
2,997.7
1,716.8
1,280.9
3,195.8
3,141.2
1,037.7
809.9
644.2
25.8
120.1
503.5
54.6
1,421.3
2,175.3
16,501.6
15,237.2
14,678.2
4,556.7
1,549.7
3,007.0
10,121.5
359.1
200.0
109.1
90.9
1,264.3
7.7

1,695.6
42.1
1,653.5
787.7
3,002.2
1,715.6
1,286.6
3,220.3
3,165.3
1,047.5
822.8
643.0
26.0
122.3
503.7
54.9
1,436.3
2,200.3
16,644.8
15,356.0
14,795.0
4,558.5
1,547.6
3,010.9
10,236.5
358.5
202.4
109.6
92.8
1,288.8
7.7

1,702.1
38.0
1,664.1
797.7
3,013.9
1,708.4
1,305.5
3,298.5
3,242.7
1,071.2
833.4
644.0
40.8
125.2
528.1
55.8
1,449.3
2,214.1
16,735.7
15,125.9
14,584.1
4,550.4
1,487.7
3,062.7
10,033.7
343.4
198.4
106.7
91.7
1,609.8
9.6

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
44

13,729.6

14,076.8

13,863.6

13,999.8

14,059.1

14,083.6

14,166.1

14,145.4

45

14,556.2

14,978.5

14,715.2

14,878.1

14,934.3

15,011.9

15,090.9

15,125.5

46

48,147
44,521
326,949

49,996
45,593
328,527

48,856
44,918
327,602

49,397
45,371
327,923

49,824
45,494
328,270

50,198
45,666
328,730

50,563
45,843
329,186

50,787
45,900
329,529

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 2019.
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

-7-

May 29, 2020

Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2019

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
1
12
Employer contributions for employee pension and insurance funds
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
2
23
Social security
3
24
Medicare
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
4
39
Personal interest payments
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 (2012) dollars
45

2020
r

r

r

r

Oct.
34.5
64.4
56.0
52.5
8.3
5.4
44.2
6.1
38.1
3.5
8.5
4.9
3.6

Nov.
101.4
65.4
57.1
52.6
12.0
14.8
40.6
0.1
40.5
4.5
8.3
4.7
3.6

Dec.
41.6
33.6
27.2
23.5
3.3
3.8
20.2
4.0
16.2
3.8
6.4
4.8
1.6

Jan.
111.7
53.4
45.2
40.1
4.2
0.8
35.9
11.7
24.2
5.1
8.2
5.3
2.9

4.5
12.3
-7.8
-0.7
27.0
20.1
6.9
10.1
10.0
3.1
4.9
1.3
-0.3
0.6
0.4
0.1
-0.5
-8.3
49.2
22.9
25.4
-8.6
16.1
-24.6
34.0
-2.7
0.2
0.2
0.0
26.4

-17.1
-22.9
5.8
4.5
-21.4
-22.1
0.6
11.6
11.4
8.8
4.2
-1.9
0.2
0.3
-0.2
0.1
7.5
19.0
15.4
40.8
37.6
-2.7
-20.1
17.4
40.3
1.1
2.1
0.2
2.0
-25.4

30.9
27.9
2.9
4.3
4.8
8.2
-3.5
3.6
3.5
0.2
3.8
-1.4
-0.2
1.3
-0.3
0.1
7.6
17.3
84.1
48.4
47.1
10.7
11.4
-0.7
36.4
1.1
0.2
0.2
0.0
35.7

-22.8
-34.5
11.6
4.1
29.8
26.7
3.1
0.5
0.3
-6.8
3.4
-0.2
1.0
1.5
1.4
0.2
3.6
9.9
31.7
55.9
54.6
5.6
-4.9
10.5
49.0
1.1
0.2
0.2
0.0
-24.2

23.0
-2.1
25.1
2.9
2.0
-12.8
14.8
48.0
47.5
24.2
3.2
-4.5
-0.2
0.9
23.9
0.5
17.6
12.5
99.2
52.5
59.8
23.7
11.8
11.8
36.2
-3.0
-4.3
-3.2
-1.1
46.7

56.8
35.3
21.5
2.9
-14.6
-17.9
3.3
7.8
7.6
4.3
3.8
0.1
-0.3
0.6
-0.9
0.2
6.6
15.8
88.2
28.6
31.5
-22.9
-14.6
-8.3
54.4
-3.0
0.2
0.2
0.0
59.6

28.4
45.2

-5.6
-14.2

77.1
63.9

-1.1
-12.0

38.9
69.8

76.2
68.2

5

Disposable personal income, billions of chained (2012) dollars

r

Sept.
40.9
-0.6
-4.9
-7.9
-2.6
-3.3
-5.3
-0.1
-5.2
3.1
4.3
4.8
-0.6

5

Line
r

Feb.
March
104.0
-413.8
57.8
-374.6
50.0
-332.2
45.3
-333.4
13.8
-58.1
8.1
-34.2
31.4
-275.4
4.4
-41.5
27.1
-233.9
4.7
1.2
7.8
-42.4
4.6
-21.3
3.2
-21.0

p

April
1,965.9
-878.5
-740.2
-691.8
-171.4
-108.3
-520.4
-104.7
-415.7
-48.4
-138.4
-96.2
-42.2

1
2
3
4
5
6
7
8
9
10
11
12
13

-148.3
-35.4
-112.9
3.1
-6.2
-9.2
3.1
70.4
70.2
3.3
3.9
18.3
43.5
0.5
0.7
0.2
-41.8
-64.8
-349.0
-1,065.3
-1,031.7
-71.3
-187.7
116.4
-960.4
-33.6
0.0
0.0
0.0
716.3

-197.6
-4.7
-193.0
0.1
-45.2
-28.4
-16.8
2,999.1
2,998.9
2.7
3.8
37.7
360.5
0.5
2,593.8
0.2
-88.1
-161.9
2,127.8
-1,914.1
-1,893.5
-741.4
-234.5
-506.9
-1,152.1
-20.6
0.0
0.0
0.0
4,041.9

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

-405.4
-280.9

-873.7
2,005.4

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 2019.
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

-8-

May 29, 2020

Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars]
2018

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
1
Employer contributions for employee pension and insurance funds
12
13
Employer contributions for government social insurance
14
Proprietors' income with inventory valuation and capital
consumption adjustments
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

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
2
Social security
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
Addenda:
44
Personal income excluding current transfer receipts,
billions of chained (2012) dollars
45

5

Disposable personal income, billions of chained (2012) dollars

5

r

Seasonally adjusted at annual rates
2019
r
Q1
Q2
Q3
Q4
272.6
200.4
121.0
168.2
249.2
80.4
54.7
133.9
221.5
62.1
36.0
112.3
212.7
51.5
18.5
100.4
37.3
8.3
-3.6
15.6
15.6
4.0
-6.5
13.4
175.4
43.1
22.1
84.8
30.4
6.6
5.5
10.3
145.0
36.6
16.6
74.5
8.8
10.7
17.5
11.9
27.7
18.3
18.7
21.6
11.0
14.4
16.9
14.7
16.7
3.9
1.8
6.9

2020 Line
r
Q1
104.7
1
11.3
2
5.0
3
-7.7
4
0.2
5
2.3
6
-7.9
7
3.4
8
-11.3
9
12.7 10
6.3 11
6.0 12
0.3 13

940.4
516.8
426.4
371.8
79.9
37.7
291.8
48.5
243.3
54.6
90.4
73.3
17.2

789.2
499.2
415.7
366.5
62.0
27.0
304.5
52.7
251.8
49.1
83.6
56.1
27.5

2018
Q4
154.3
63.1
47.8
37.2
10.6
6.9
26.6
6.8
19.8
10.6
15.3
12.7
2.7

70.5
-10.9
81.4
38.0
248.5
151.1
97.4
123.4
118.2
46.3
41.6
20.2
-2.6
5.8
6.9
5.1
56.9
31.9
908.5
729.0
686.6
199.8
63.0
136.7
486.8
37.4
5.0
3.3
1.8
179.5

69.5
4.8
64.7
21.1
62.8
17.9
44.9
200.5
199.0
62.2
69.4
34.6
-1.0
9.4
24.4
1.4
63.9
105.5
683.6
591.2
564.0
140.2
51.2
88.9
423.8
23.2
4.0
2.0
2.0
92.4

34.4
18.6
15.8
-1.1
44.3
8.0
36.4
19.9
19.5
9.1
17.9
-5.3
-0.5
1.9
-3.6
0.4
6.3
-9.1
163.4
102.2
97.4
1.4
0.4
1.0
96.0
11.9
-7.1
0.7
-7.8
61.2

-3.2
-11.1
7.9
2.9
-46.8
-27.9
-19.0
109.4
109.7
37.8
20.3
12.8
0.9
4.6
33.5
-0.3
38.9
79.5
193.1
65.2
54.3
-1.7
-0.3
-1.4
56.1
5.7
5.2
0.1
5.1
127.9

11.7
-5.6
17.4
10.2
61.4
51.2
10.2
45.4
45.4
7.6
18.7
21.1
-1.0
2.0
-2.9
0.0
8.7
43.2
157.2
250.1
244.9
109.3
39.3
70.0
135.6
3.9
1.2
0.5
0.7
-92.9

50.5
22.6
27.9
2.4
-18.8
-33.7
14.9
37.2
37.0
7.3
16.3
12.7
-0.1
1.7
-0.9
0.2
5.0
-24.8
145.9
164.2
167.0
49.7
25.1
24.6
117.3
-3.9
1.1
0.5
0.5
-18.3

12.2
0.2
12.0
8.0
4.6
-1.2
5.8
24.5
24.2
9.7
12.9
-1.2
0.3
2.2
0.2
0.3
15.0
25.0
143.2
118.8
116.8
1.8
-2.1
3.9
115.0
-0.5
2.5
0.5
2.0
24.4

6.5
-4.0
10.5
10.1
11.7
-7.2
18.9
78.2
77.3
23.8
10.6
1.0
14.7
2.9
24.4
0.8
13.0
13.8
90.9
-230.1
-211.0
-8.1
-59.9
51.8
-202.9
-15.1
-4.0
-2.9
-1.1
321.0

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

484.3
553.4

347.2
422.4

78.0
101.9

136.2
162.9

59.3
56.2

24.4
77.6

82.5
79.0

-20.7
34.6

44
45

2019

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2019.
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

-9-

May 29, 2020

Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Seasonally adjusted at monthly rates
Line

2019

2020

r
r
Sept.
Oct.
Nov.
Based on current-dollar measures

Dec.

1 Personal income
0.2
0.2
0.5
2
Compensation of employees
0.0
0.6
0.6
3
Wages and salaries
-0.1
0.6
0.6
4
Supplements to wages and salaries
0.2
0.4
0.4
5
Proprietors' income with inventory valuation and capital consumption
adjustments
0.3
-1.0
1.8
-0.1
0.6
0.5
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
0.9
-0.7
0.2
8
Personal interest income
1.2
-1.3
0.5
9
Personal dividend income
0.5
0.1
-0.3
10
Personal current transfer receipts
0.3
0.4
0.1
0.0
0.5
0.5
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
-0.4
0.9
0.8
13 Equals: Disposable personal income
0.3
0.1
0.5
Addenda:
14
Personal consumption expenditures
0.2
0.3
0.3
15
Goods
-0.2
-0.1
0.2
16
Durable goods
1.0
-1.3
0.7
17
Nondurable goods
-0.8
0.6
0.0
18
Services
0.3
0.4
0.4
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

0.2
0.3

0.0
-0.1

0.5
0.4

r

Jan.

r

Feb.

r

Line
March

r

April

p

0.2
0.3
0.3
0.3

0.6
0.5
0.5
0.4

0.5
0.5
0.5
0.4

-2.2
-3.2
-3.5
-1.9

10.5
-7.7
-8.0
-6.5

1
2
3
4

-1.3
0.5
1.0
1.6
0.2
0.0
0.3
0.4
0.2

1.4
0.4
0.1
-0.7
1.1
1.5
1.2
0.6
0.6

3.3
0.4
-0.5
-1.0
0.3
0.2
0.5
0.7
0.5

-8.4
0.4
-0.2
-0.5
0.2
2.1
-2.9
-2.9
-2.1

-12.2
0.0
-1.5
-1.7
-1.3
89.6
-6.2
-7.4
12.9

5
6
7
8
9
10
11
12
13

0.4
0.1
-0.3
0.4
0.5

0.4
0.5
0.8
0.4
0.4

0.2
-0.5
-0.9
-0.3
0.5

-6.9
-1.6
-12.1
3.9
-9.3

-13.6
-16.5
-17.3
-16.2
-12.2

14
15
16
17
18

0.0
-0.1

0.3
0.5

0.5
0.4

-2.8
-1.8

-6.3
13.4

19
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 2019.
Source: U.S. Bureau of Economic Analysis

May 29, 2020

Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
Seasonally adjusted at annual rates
Line

2018

2019

r

2019

2018
Q4

Q1

Q2

2020
Q3

Q4

r

Q1

Line

r

Based on current-dollar measures

1 Personal income
5.6
4.4
3.5
2
Compensation of employees
5.0
4.6
2.3
3
Wages and salaries
5.0
4.7
2.2
4
Supplements to wages and salaries
4.6
4.1
3.0
5
Proprietors' income with inventory valuation and capital consumption
adjustments
4.6
4.4
8.9
6
Rental income of persons with capital consumption adjustment
5.3
2.8
-0.6
7
Personal income receipts on assets
9.3
2.1
6.1
8
Personal interest income
9.7
1.1
1.9
9
Personal dividend income
8.6
3.7
12.3
10
Personal current transfer receipts
4.3
6.7
2.7
4.4
4.7
1.9
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
1.6
5.1
-1.7
13 Equals: Disposable personal income
6.1
4.3
4.2
Addenda:
14
Personal consumption expenditures
5.2
4.0
2.8
15
Goods
4.8
3.2
0.1
16
Durable goods
4.5
3.5
0.1
17
Nondurable goods
5.0
3.1
0.1
18
Services
5.3
4.4
4.0
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

3.7
4.0

2.5
2.9

2.3
2.8

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2019.
Source: U.S. Bureau of Economic Analysis

- 10 -

6.2
9.3
10.2
5.5

4.4
2.9
2.7
3.5

2.6
1.9
1.6
3.6

3.7
4.8
4.9
4.1

2.2
0.4
0.2
1.2

1
2
3
4

-0.8
1.5
-6.1
-6.3
-5.8
15.4
11.9
16.2
4.9

2.9
5.4
8.6
12.6
3.3
6.0
2.5
8.3
3.9

12.9
1.3
-2.5
-7.5
4.8
4.8
1.4
-4.4
3.6

2.9
4.2
0.6
-0.3
1.8
3.1
4.3
4.7
3.5

1.5
5.2
1.6
-1.7
6.0
10.1
3.7
2.5
2.2

5
6
7
8
9
10
11
12
13

1.5
-0.2
-0.1
-0.2
2.3

7.0
10.3
11.0
10.0
5.6

4.7
4.5
6.8
3.3
4.8

3.2
0.2
-0.5
0.5
4.6

-5.6
-0.7
-14.6
7.1
-7.7

14
15
16
17
18

4.0
4.5

1.7
1.5

0.7
2.1

2.4
2.1

-0.6
0.9

19
20

May 29, 2020

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

2019

2020

Sept.
Oct.
Nov.
Dec.
Jan. r
Feb. r
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
13,379.2
13,388.3
13,419.9
13,433.2
13,469.6
13,487.8
Goods
4,818.4
4,807.3
4,819.4
4,817.4
4,840.7
4,822.3
Durable goods
1,811.3
1,791.4
1,812.0
1,814.9
1,827.8
1,807.5
Nondurable goods
3,024.7
3,031.4
3,025.1
3,020.7
3,031.8
3,031.8
Services
8,603.9
8,621.3
8,641.1
8,655.0
8,670.0
8,701.3
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
23.6
9.1
31.7
13.3
36.4
18.2
Goods
7.3
-11.2
12.1
-2.0
23.3
-18.4
Durable goods
22.4
-19.9
20.5
2.9
12.9
-20.3
Nondurable goods
-12.5
6.7
-6.2
-4.4
11.1
-0.1
Services
16.1
17.4
19.8
13.9
14.9
31.3
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.2
0.1
0.2
0.1
0.3
0.1
Goods
0.2
-0.2
0.3
0.0
0.5
-0.4
Durable goods
1.2
-1.1
1.1
0.2
0.7
-1.1
Nondurable goods
-0.4
0.2
-0.2
-0.1
0.4
0.0
Services
0.2
0.2
0.2
0.2
0.2
0.4

Line

March r

April p

12,585.1
4,788.8
1,595.0
3,182.9
7,890.2

10,922.9
4,030.5
1,328.5
2,690.9
6,946.9

1
2
3
4
5

-902.7
-33.5
-212.5
151.1
-811.1

-1,662.1
-758.3
-266.5
-492.0
-943.3

6
7
8
9
10

-6.7
-0.7
-11.8
5.0
-9.3

-13.2
-15.8
-16.7
-15.5
-12.0

11
12
13
14
15

p Preliminary
r Revised
Source: U.S. Bureau of Economic Analysis

May 29, 2020

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

2018

2019

Q4
Q1
Billions of chained (2012) dollars
Personal consumption expenditures (PCE)
12,944.6
13,280.1
13,066.3
13,103.3
Goods
4,583.3
4,754.6
4,631.8
4,649.2
Durable goods
1,685.7
1,766.4
1,705.2
1,706.3
Nondurable goods
2,909.6
3,002.9
2,938.9
2,954.6
Services
8,388.1
8,562.9
8,462.6
8,483.1
Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)
377.6
335.5
46.5
37.0
Goods
179.9
171.3
17.8
17.4
Durable goods
99.3
80.7
5.4
1.1
Nondurable goods
84.4
93.3
12.3
15.7
Services
206.0
174.8
29.0
20.5
Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)
3.0
2.6
1.4
1.1
Goods
4.1
3.7
1.6
1.5
Durable goods
6.3
4.8
1.3
0.3
Nondurable goods
3.0
3.2
1.7
2.2
Services
2.5
2.1
1.4
1.0

r Revised
Source: U.S. Bureau of Economic Analysis

- 11 -

2019

2018
Q2

2020
Q3

Q4

Q1

Line

r

13,250.0
4,746.4
1,759.3
3,001.3
8,541.4

13,353.1
4,808.0
1,793.9
3,030.0
8,587.9

13,413.8
4,814.7
1,806.1
3,025.7
8,639.1

13,180.8
4,817.3
1,743.4
3,082.1
8,420.5

1
2
3
4
5

146.7
97.3
53.0
46.6
58.3

103.1
61.6
34.6
28.7
46.5

60.7
6.7
12.2
-4.2
51.2

-233.0
2.6
-62.7
56.4
-218.7

6
7
8
9
10

4.6
8.6
13.0
6.5
2.8

3.1
5.3
8.1
3.9
2.2

1.8
0.6
2.8
-0.6
2.4

-6.8
0.2
-13.2
7.7
-9.7

11
12
13
14
15

May 29, 2020

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months)
2019
Sept.
Oct.
Nov.
Dec.
Chain-type price indexes (2012=100), seasonally adjusted
109.935
110.141
110.232
110.530
94.474
94.637
94.621
94.777
86.215
86.055
85.708
85.299
98.869
99.224
99.403
99.897
118.043
118.272
118.422
118.798

Line

2020
Jan. r

Feb. r

1
Personal consumption expenditures (PCE)
110.678
2 Goods
94.811
3
Durable goods
85.352
4
Nondurable goods
99.914
5 Services
119.008
Addenda:
6
PCE excluding food and energy
112.085
112.227
112.288
112.550
112.725
7
104.344
104.481
104.526
104.471
104.771
Food 1
84.156
85.579
86.249
87.698
87.163
8
Energy goods and services 2
9
107.671
107.877
107.986
108.193
108.352
Market-based PCE 3
10
109.755
109.887
109.964
110.115
110.308
Market-based PCE excluding food and energy 3
Percent change from preceding period in price indexes, seasonally adjusted at monthly rates
11
Personal consumption expenditures (PCE)
0.0
0.2
0.1
0.3
0.1
12 Goods
-0.3
0.2
0.0
0.2
0.0
13
Durable goods
-0.2
-0.2
-0.4
-0.5
0.1
14
Nondurable goods
-0.4
0.4
0.2
0.5
0.0
15 Services
0.1
0.2
0.1
0.3
0.2
Addenda:
16
PCE excluding food and energy
0.1
0.1
0.1
0.2
0.2
17
0.0
0.1
0.0
-0.1
0.3
Food 1
-1.3
1.7
0.8
1.7
-0.6
18
Energy goods and services 2
19
0.0
0.2
0.1
0.2
0.1
Market-based PCE 3
20
0.1
0.1
0.1
0.1
0.2
Market-based PCE excluding food and energy 3

March r

April p

Line

110.763
94.697
85.509
99.635
119.204

110.510
93.871
85.136
98.558
119.284

109.990
93.137
84.558
97.743
118.897

1
2
3
4
5

112.886
105.254
85.339
108.479
110.528

112.834
105.852
80.202
108.243
110.527

112.390
108.416
72.830
107.947
110.367

6
7
8
9
10

0.1
-0.1
0.2
-0.3
0.2

-0.2
-0.9
-0.4
-1.1
0.1

-0.5
-0.8
-0.7
-0.8
-0.3

11
12
13
14
15

0.1
0.5
-2.1
0.1
0.2

0.0
0.6
-6.0
-0.2
0.0

-0.4
2.4
-9.2
-0.3
-0.1

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 29, 2020

Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures:
Percent Change from Month One Year Ago
2019

Line

Oct. r

Sept.

1 Disposable personal income
2 Personal consumption expenditures
3
Goods
4
Durable goods
5
Nondurable goods
6
Services

3.0
2.7
4.4
6.2
3.4
1.9

2.7
2.3
3.6
4.8
3.0
1.8

2020
Nov. r
3.0
2.3
2.9
4.6
2.0
2.1

Dec. r
2.0
3.3
5.4
8.4
3.9
2.4

Jan. r

2.4
2.9
4.2
7.6
2.4
2.4

Feb. r
2.4
3.3
4.7
7.5
3.2
2.6

March r
0.3
-4.4
2.0
-8.3
7.2
-7.2

April p
13.8
-17.3
-14.6
-23.8
-10.0
-18.5

Line
1
2
3
4
5
6

p Preliminary
r Revised
Source: U.S. Bureau of Economic Analysis

May 29, 2020

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

2019

2020

1.3
-0.7
-1.0
-0.6
2.3

1.3
-0.8
-1.2
-0.5
2.3

1.3
-0.4
-1.7
0.2
2.1

1.6
0.2
-2.1
1.4
2.2

1.8
0.3
-2.3
1.7
2.4

1.8
0.2
-1.8
1.2
2.5

March r
1.3
-0.9
-1.9
-0.5
2.4

1.7
0.8
-4.8
1.2
1.6

1.6
1.0
-5.1
1.2
1.6

1.5
0.9
-1.6
1.3
1.4

1.6
0.7
3.0
1.5
1.5

1.7
0.8
5.7
1.6
1.4

1.8
0.8
3.0
1.6
1.6

1.7
1.1
-6.6
1.2
1.6

Sept.

Oct.

Nov.

Dec.

Jan.

r

Feb.

r

April p
0.5
-1.9
-2.2
-1.7
1.7
1.0
3.9
-17.6
0.6
1.2

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

- 12 -

1
2
3
4
5
6
7
8
9
10