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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 28, 2021 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 21-23 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays, April 2021 Personal income decreased $3.21 trillion (13.1 percent) in April according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $3.22 trillion (14.6 percent) and personal consumption expenditures (PCE) increased $80.3 billion (0.5 percent). Real DPI decreased 15.1 percent in April and Real PCE decreased 0.1 percent; goods decreased 1.3 percent and services increased 0.6 percent (tables 5 and 7). The PCE price index increased 0.6 percent. Excluding food and energy, the PCE price index increased 0.7 percent (table 9). COVID-19 Impact on April 2021 Personal Income and Outlays The estimate for April personal income and outlays was impacted by the continued government response to COVID-19. Economic impact payments associated with the American Rescue Plan Act of 2021 (which was enacted on March 11, 2021) continued but were at a lower level than in March. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see Effects of Selected Federal Pandemic Response Programs on Personal Income. 2020 2021 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 0.7 10.2 -6.9 20.9 -13.1 0.7 0.3 11.5 11.2 -7.8 -8.1 23.4 22.7 -14.6 -15.1 -0.6 -0.9 3.4 3.1 -1.0 -1.3 4.7 4.1 0.5 -0.1 0.4 0.3 0.3 0.2 0.3 0.1 0.6 0.4 0.6 0.7 Percent change from month one year ago 1.2 1.4 1.6 2.4 3.6 1.4 1.4 1.4 1.9 3.1 The decrease in personal income in April primarily reflected a decrease in government social benefits (table 3). Within government social benefits, "other" social benefits decreased as economic impact payments made to individuals from the American Rescue Plan Act of 2021 continued, but at a lower level than in March. Unemployment insurance also decreased, led by decreases in payments from the Pandemic Unemployment Compensation program. The $80.3 billion increase in current dollar PCE in April reflected an increase of $112.6 billion in spending for services that was partly offset by a $32.3 billion decrease in spending for goods (table 3). Within services, the largest contributors to the increase were spending for recreation services and for food services and accommodations. Within goods, a decrease in nondurable goods was partly offset by an increase in durable goods. Within nondurable goods, the decrease was widespread and led by food and beverages. Within durable goods, the increase was accounted for by an increase in motor vehicles and parts. Detailed information on monthly real PCE spending can be found on Table 2.3.5U. Personal outlays increased $82.8 billion in April (table 3). Personal saving was $2.81 trillion in April and the personal saving rate—personal saving as a percentage of disposable personal income —was 14.9 percent (table 1). The PCE price index increased 3.6 percent in April from one year ago, reflecting increases in both goods and services (table 11). Energy prices increased 24.8 percent while food prices increased 0.9 percent. Excluding food and energy, the PCE price index increased 3.1 percent in April from one year ago. -2- Annual Update of the National Economic Accounts BEA will release results from the 2021 annual update of the National Economic Accounts, which includes the National Income and Product Accounts as well as the Industry Economic Accounts, later this year. Updated monthly personal income and outlays will be released on July 30, 2021, along with the June 2021 estimate. For details, see Information on the 2021 Annual Update of the National Economic Accounts. Updates to Personal Income and Outlays Estimates have been updated for October through March. For October through December, estimates for compensation, personal taxes, and contributions for government social insurance reflect the incorporation of the most recently available fourth-quarter wage and salary data from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages program. 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 -1,503.3 -1,496.6 -7.0 -6.9 4,212.7 4,214.0 21.1 20.9 -1,519.9 -1,389.0 -1,513.9 -1,389.6 -7.9 -8.1 -7.8 -8.1 4,181.4 3,610.8 4,183.6 3,602.2 23.6 23.0 23.4 22.7 -150.8 -165.1 -148.3 -167.6 -1.0 -1.2 -1.0 -1.3 616.0 476.7 690.4 536.2 4.2 3.6 4.7 4.1 Next release: June 25, 2021 at 8:30 A.M. EDT Personal Income and Outlays, May 2021 -3- Additional Information Resources Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. 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 website. Stay informed about BEA developments 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?” and “Why does BEA publish percent changes in quarterly series at annual rates?” 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. 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. 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 28, 2021 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2020 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 2021 Line Sept. 19,762.2 11,564.9 9,428.9 7,984.3 1,508.2 880.1 6,476.1 1,465.3 5,010.8 1,444.6 2,135.9 1,467.7 668.2 Oct. r 19,728.2 11,759.7 9,606.3 8,168.5 1,541.4 907.3 6,627.2 1,491.7 5,135.5 1,437.7 2,153.4 1,477.4 676.0 Nov. r 19,544.4 11,884.9 9,715.7 8,279.7 1,565.3 929.4 6,714.4 1,511.5 5,202.9 1,436.0 2,169.2 1,487.8 681.4 Dec. r 19,677.1 11,973.5 9,789.6 8,353.0 1,583.1 941.2 6,769.9 1,514.2 5,255.7 1,436.5 2,183.9 1,498.1 685.8 Jan. r 21,683.1 12,070.6 9,868.2 8,423.1 1,594.8 949.3 6,828.4 1,534.6 5,293.8 1,445.1 2,202.4 1,510.3 692.1 Feb. r 20,186.5 12,086.4 9,879.3 8,436.0 1,599.3 957.1 6,836.7 1,527.6 5,309.1 1,443.3 2,207.1 1,515.2 692.0 March r 24,400.5 12,196.4 9,977.1 8,527.8 1,620.1 969.5 6,907.7 1,551.5 5,356.2 1,449.3 2,219.3 1,521.6 697.7 April p 21,195.2 12,311.9 10,079.2 8,624.2 1,626.5 967.9 6,997.7 1,563.4 5,434.3 1,455.0 2,232.7 1,527.9 704.8 1 2 3 4 5 6 7 8 9 10 11 12 13 1,900.6 69.3 1,831.3 811.6 2,838.6 1,611.8 1,226.8 4,097.5 4,051.6 1,082.1 848.1 680.1 358.9 146.4 936.0 46.0 1,451.0 2,215.5 17,546.8 15,080.1 14,582.7 4,929.3 1,774.6 3,154.6 9,653.5 296.6 200.7 113.1 87.6 2,466.7 14.1 1,918.4 150.7 1,767.7 807.4 2,858.3 1,622.0 1,236.4 3,855.4 3,809.3 1,091.2 854.0 680.5 304.3 147.3 732.0 46.1 1,470.9 2,251.7 17,476.5 15,115.4 14,627.1 4,922.8 1,788.7 3,134.1 9,704.3 283.5 204.7 113.3 91.4 2,361.1 13.5 1,719.6 79.6 1,640.0 804.3 2,894.7 1,624.2 1,270.5 3,725.0 3,678.8 1,087.6 860.4 682.0 280.8 148.3 619.7 46.2 1,484.1 2,271.5 17,273.0 15,008.2 14,532.8 4,862.1 1,747.6 3,114.5 9,670.7 270.5 205.0 113.6 91.4 2,264.7 13.1 1,641.0 71.3 1,569.8 801.3 2,959.9 1,626.6 1,333.2 3,795.8 3,749.4 1,090.0 867.3 684.8 304.3 149.2 653.9 46.4 1,494.4 2,287.3 17,389.8 14,913.7 14,451.1 4,772.3 1,707.9 3,064.4 9,678.8 257.4 205.2 113.8 91.4 2,476.0 14.2 1,667.1 58.7 1,608.4 806.3 2,880.3 1,636.4 1,243.8 5,776.1 5,729.4 1,105.2 873.9 689.8 556.4 150.2 2,354.0 46.7 1,517.1 2,291.1 19,392.0 15,402.9 14,938.0 5,151.3 1,906.3 3,245.0 9,786.7 258.5 206.5 114.0 92.4 3,989.1 20.6 1,716.7 63.6 1,653.1 811.4 2,898.6 1,646.2 1,252.4 4,192.2 4,145.4 1,107.3 880.2 694.3 535.4 151.0 777.3 46.9 1,518.9 2,308.4 17,878.2 15,255.9 14,789.7 4,995.1 1,822.5 3,172.6 9,794.6 259.5 206.7 114.3 92.4 2,622.3 14.7 1,827.6 69.9 1,757.7 817.5 2,907.9 1,655.9 1,252.0 8,182.8 8,135.8 1,110.4 886.2 699.2 541.2 151.7 4,747.1 47.0 1,531.7 2,338.7 22,061.8 15,947.5 15,480.1 5,478.6 2,086.9 3,391.7 10,001.4 260.6 206.9 114.5 92.4 6,114.2 27.7 1,885.4 76.8 1,808.6 821.8 2,923.5 1,659.3 1,264.2 4,799.0 4,751.8 1,108.2 890.9 704.5 495.4 152.4 1,400.4 47.2 1,546.5 2,350.6 18,844.5 16,030.4 15,560.3 5,446.3 2,097.2 3,349.1 10,114.0 262.9 207.1 114.7 92.4 2,814.2 14.9 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 44 14,029.2 14,211.0 14,162.9 14,166.4 14,147.1 14,185.9 14,304.3 14,374.6 45 15,714.8 15,646.7 15,464.2 15,512.0 17,246.4 15,856.8 19,459.0 16,521.1 46 53,086 47,544 330,535 52,848 47,315 330,692 52,211 46,744 330,829 52,549 46,875 330,924 58,592 52,109 330,968 54,012 47,905 331,004 66,640 58,778 331,061 56,910 49,894 331,126 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 2020. 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 28, 2021 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] 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 Farm 16 Nonfarm Rental income of persons with capital consumption adjustment 17 Personal income receipts on assets 18 19 Personal interest income 20 Personal dividend income Personal current transfer receipts 21 22 Government social benefits to persons 23 Social security 2 24 Medicare 3 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other Other current transfer receipts, from business (net) 29 Less: Contributions for government social insurance, domestic 30 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 Personal saving as a percentage of disposable personal income 44 Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2012) dollars 5 Disposable personal income: 46 Total, billions of chained (2012) dollars 5 Per capita: 47 Current dollars 48 Chained (2012) dollars 49 Population (midperiod, thousands) 6 2019 2020 r Seasonally adjusted at annual rates 2020 Q1 Q2 Q3 Q4 r 18,951.0 20,457.3 19,853.5 19,649.9 11,674.4 10,949.5 11,466.2 11,872.7 9,526.1 8,908.8 9,343.3 9,703.8 8,044.5 7,487.2 7,900.9 8,267.1 1,543.1 1,431.0 1,506.3 1,563.3 913.8 857.8 887.0 926.0 6,501.4 6,056.2 6,394.6 6,703.8 1,444.2 1,362.1 1,447.8 1,505.8 5,057.2 4,694.1 4,946.8 5,198.0 1,481.6 1,421.6 1,442.4 1,436.8 2,148.3 2,040.7 2,122.9 2,168.8 1,482.3 1,400.1 1,457.9 1,487.8 666.0 640.5 665.0 681.1 Q1 r 22,090.0 12,117.8 9,908.2 8,462.3 1,604.7 958.6 6,857.6 1,537.9 5,319.7 1,445.9 2,209.6 1,515.7 693.9 1 2 3 4 5 6 7 8 9 10 11 12 13 2021 Line 18,551.5 11,432.4 9,309.3 7,858.5 1,529.9 910.3 6,328.7 1,415.3 4,913.4 1,450.8 2,123.1 1,474.0 649.1 19,727.9 11,490.7 9,370.5 7,924.9 1,510.9 896.2 6,414.0 1,440.0 4,974.0 1,445.6 2,120.2 1,457.0 663.2 2019 Q4 18,760.8 11,564.8 9,422.5 7,953.0 1,541.3 917.5 6,411.6 1,427.2 4,984.5 1,469.5 2,142.4 1,486.1 656.3 1,657.7 49.7 1,608.0 787.1 2,967.9 1,677.4 1,290.4 3,125.2 3,078.0 1,030.7 783.7 614.0 27.7 130.9 490.9 47.2 1,418.8 2,202.9 16,348.6 15,117.4 14,544.6 4,512.2 1,534.4 2,977.9 10,032.4 362.3 210.5 115.2 95.3 1,231.2 7.5 1,695.1 64.7 1,630.5 801.8 2,912.8 1,640.2 1,272.6 4,268.7 4,221.6 1,078.5 833.0 664.8 549.9 143.6 951.8 47.2 1,441.2 2,202.7 17,525.3 14,648.2 14,145.3 4,658.8 1,619.0 3,039.8 9,486.5 299.2 203.7 112.8 90.9 2,877.1 16.4 1,697.7 58.7 1,639.0 795.5 2,980.4 1,693.4 1,287.0 3,155.2 3,108.7 1,043.0 797.9 619.4 27.9 134.5 486.0 46.5 1,432.9 2,221.2 16,539.6 15,335.8 14,759.2 4,562.4 1,554.1 3,008.2 10,196.8 364.6 212.0 116.0 96.0 1,203.8 7.3 1,706.0 56.4 1,649.6 802.3 2,984.3 1,679.7 1,304.6 3,235.5 3,189.6 1,068.5 804.7 624.1 43.4 138.6 510.4 45.9 1,451.5 2,252.4 16,698.6 15,103.3 14,545.5 4,552.9 1,496.4 3,056.5 9,992.5 352.9 204.9 112.2 92.7 1,595.3 9.6 1,511.9 38.9 1,473.0 796.1 2,910.2 1,637.0 1,273.2 5,678.0 5,627.4 1,075.4 824.1 668.8 1,084.6 142.1 1,832.5 50.6 1,388.4 2,096.5 18,360.8 13,590.0 13,097.3 4,361.5 1,478.3 2,883.2 8,735.8 286.0 206.6 112.5 94.1 4,770.8 26.0 1,803.0 62.8 1,740.2 804.4 2,852.3 1,619.8 1,232.6 4,369.3 4,323.4 1,080.7 842.7 683.7 775.2 145.3 795.8 45.9 1,441.6 2,191.6 17,661.9 14,887.1 14,401.5 4,868.4 1,753.0 3,115.4 9,533.2 287.2 198.4 113.0 85.5 2,774.8 15.7 1,759.7 100.5 1,659.1 804.3 2,904.3 1,624.3 1,280.0 3,792.1 3,745.8 1,089.6 860.6 682.4 296.4 148.2 668.5 46.2 1,483.1 2,270.2 17,379.7 15,012.4 14,537.0 4,852.4 1,748.1 3,104.3 9,684.6 270.5 205.0 113.6 91.4 2,367.3 13.6 1,737.1 64.1 1,673.1 811.7 2,895.6 1,646.2 1,249.4 6,050.4 6,003.5 1,107.6 880.1 694.4 544.3 150.9 2,626.1 46.9 1,522.6 2,312.7 19,777.3 15,535.4 15,069.2 5,208.3 1,938.6 3,269.8 9,860.9 259.5 206.7 114.3 92.4 4,241.9 21.4 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 14,042.9 13,907.6 14,119.5 14,173.6 13,383.3 13,896.4 14,180.2 14,212.0 45 14,882.5 15,766.3 14,964.5 15,060.3 16,626.5 15,850.8 15,541.1 17,523.8 46 49,763 45,301 328,527 53,082 47,755 330,152 50,244 45,459 329,186 50,674 45,702 329,529 55,656 50,399 329,898 53,461 47,979 330,368 52,536 46,978 330,815 59,748 52,940 331,011 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 2020. 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 28, 2021 Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2020 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 2021 r r r r Line r Oct. -34.0 194.8 177.3 184.2 33.2 27.3 151.1 26.4 124.7 -6.9 17.5 9.7 7.8 Nov. -183.8 125.2 109.5 111.2 23.9 22.1 87.2 19.8 67.4 -1.7 15.7 10.4 5.3 Dec. 132.6 88.6 73.8 73.3 17.8 11.7 55.5 2.7 52.8 0.5 14.8 10.3 4.5 Jan. 2,006.1 97.1 78.7 70.1 11.7 8.2 58.4 20.4 38.1 8.6 18.4 12.2 6.2 Feb. March -1,496.6 4,214.0 15.8 110.0 11.1 97.8 12.8 91.8 4.5 20.8 7.7 12.4 8.4 71.0 -7.0 23.9 15.3 47.1 -1.8 6.0 4.8 12.2 4.9 6.4 -0.1 5.8 92.7 -2.4 95.1 8.0 -9.3 -7.3 -2.0 -30.7 -30.7 0.3 5.5 -4.6 -277.1 1.0 244.2 0.1 8.2 21.5 116.4 201.6 185.6 69.3 14.8 54.5 116.3 9.4 6.6 0.2 6.4 -85.2 17.8 81.4 -63.6 -4.3 19.7 10.2 9.5 -242.2 -242.3 9.1 6.0 0.4 -54.7 0.9 -204.0 0.1 19.9 36.3 -70.3 35.3 44.3 -6.5 14.0 -20.5 50.8 -13.1 4.0 0.2 3.8 -105.6 -198.8 -71.1 -127.7 -3.1 36.4 2.3 34.1 -130.3 -130.5 -3.6 6.4 1.5 -23.5 1.0 -112.2 0.1 13.2 19.7 -203.5 -107.1 -94.3 -60.7 -41.1 -19.6 -33.6 -13.1 0.2 0.2 0.0 -96.4 -78.5 -8.3 -70.2 -3.1 65.1 2.4 62.8 70.7 70.6 2.4 6.8 2.8 23.5 0.9 34.2 0.2 10.2 15.8 116.8 -94.5 -81.7 -89.8 -39.7 -50.1 8.1 -13.1 0.2 0.2 0.0 211.3 26.0 -12.6 38.6 5.0 -79.6 9.8 -89.4 1,980.3 1,980.0 15.2 6.6 5.0 252.1 1.0 1,700.1 0.3 22.8 3.8 2,002.2 489.2 486.8 378.9 198.3 180.6 107.9 1.0 1.3 0.3 1.0 1,513.1 128.5 79.0 181.7 -68.1 -48.1 -182.5 3.5 47.8 -19.3 1,734.4 5 Disposable personal income, billions of chained (2012) dollars r Sept. 137.9 85.3 74.1 82.3 0.0 -7.2 82.3 20.2 62.1 -8.2 11.2 8.6 2.6 5 p April -3,205.3 115.4 102.1 96.4 6.4 -1.6 90.0 11.9 78.1 5.7 13.3 6.3 7.1 1 2 3 4 5 6 7 8 9 10 11 12 13 49.7 4.9 44.7 5.1 18.3 9.8 8.6 -1,583.8 -1,584.0 2.1 6.3 4.5 -21.0 0.8 -1,576.7 0.2 1.7 17.3 -1,513.9 -147.0 -148.3 -156.1 -83.7 -72.4 7.9 1.0 0.2 0.2 0.0 -1,366.9 110.9 57.8 6.2 6.9 104.6 50.9 6.1 4.4 9.3 15.6 9.7 3.4 -0.4 12.2 3,990.6 -3,383.8 3,990.4 -3,384.0 3.1 -2.2 6.0 4.7 4.9 5.4 5.8 -45.8 0.7 0.7 3,969.8 -3,346.7 0.2 0.2 12.9 14.8 30.3 11.9 4,183.6 -3,217.2 691.6 82.8 690.4 80.3 483.5 -32.3 264.4 10.3 219.1 -42.6 206.9 112.6 1.0 2.4 0.2 0.2 0.2 0.2 0.0 0.0 3,492.0 -3,300.1 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 38.9 -1,389.6 118.4 3,602.2 44 45 70.2 -2,937.9 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2020. 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 28, 2021 Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] 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 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 5 Disposable personal income, billions of chained (2012) dollars 5 r Seasonally adjusted at annual rates 2020 r Q1 Q2 Q3 Q4 190.2 1,506.3 -603.8 -203.6 109.6 -724.9 516.7 406.5 103.6 -617.3 434.5 360.5 91.5 -557.3 413.7 366.2 1.8 -112.1 75.3 56.9 -3.6 -56.0 29.2 39.0 89.8 -445.2 338.4 309.2 17.0 -82.0 85.7 58.0 72.8 -363.2 252.7 251.2 12.1 -60.0 20.8 -5.6 6.0 -107.7 82.2 46.0 -3.8 -82.2 57.7 29.9 9.8 -25.5 24.5 16.1 2021 Line r Q1 2,440.1 1 245.1 2 204.4 3 195.2 4 41.4 5 32.6 6 153.8 7 32.1 8 121.7 9 9.2 10 40.8 11 27.9 12 12.9 13 699.7 482.3 415.1 366.8 61.1 26.7 305.7 54.6 251.1 48.3 67.2 43.3 23.9 1,176.4 58.3 61.2 66.4 -18.9 -14.1 85.3 24.7 60.6 -5.2 -2.9 -17.0 14.1 2019 Q4 163.1 126.9 111.2 100.7 16.4 13.5 84.3 10.7 73.6 10.5 15.7 8.4 7.3 71.7 6.6 65.1 27.8 21.2 35.8 -14.6 154.9 155.1 58.3 49.5 24.2 -0.1 11.2 12.1 -0.2 58.4 117.6 582.1 588.2 551.3 140.4 52.8 87.6 411.0 29.4 7.4 3.8 3.6 -6.1 37.5 15.0 22.5 14.6 -55.1 -37.2 -17.8 1,143.5 1,143.5 47.8 49.3 50.8 522.2 12.7 460.9 -0.1 22.4 -0.2 1,176.6 -469.2 -399.3 146.6 84.6 62.0 -545.9 -63.2 -6.7 -2.4 -4.4 1,645.8 20.7 -0.2 20.9 5.9 10.4 11.7 -1.3 13.3 13.9 8.8 8.0 -2.9 0.3 2.6 -2.9 -0.6 13.9 24.1 139.1 115.9 113.9 8.8 1.3 7.5 105.1 -0.3 2.3 0.5 1.8 23.2 8.3 -2.3 10.6 6.8 3.9 -13.7 17.6 80.3 80.9 25.4 6.7 4.7 15.5 4.1 24.4 -0.6 18.7 31.2 159.0 -232.5 -213.7 -9.5 -57.7 48.2 -204.3 -11.7 -7.1 -3.8 -3.4 391.5 -194.1 -17.5 -176.6 -6.3 -74.1 -42.7 -31.4 2,442.5 2,437.8 6.9 19.4 44.7 1,041.1 3.5 1,322.1 4.7 -63.2 -155.9 1,662.2 -1,513.3 -1,448.1 -191.4 -18.1 -173.3 -1,256.7 -66.9 1.7 0.3 1.5 3,175.5 291.1 23.8 267.2 8.3 -57.9 -17.3 -40.6 -1,308.8 -1,304.0 5.2 18.7 14.9 -309.4 3.3 -1,036.7 -4.7 53.3 95.1 -698.9 1,297.2 1,304.2 506.8 274.7 232.1 797.3 1.2 -8.2 0.5 -8.7 -1,996.0 -43.3 37.8 -81.1 -0.1 52.0 4.5 47.5 -577.2 -577.6 8.9 17.9 -1.3 -478.7 2.9 -127.3 0.3 41.5 78.6 -282.2 125.3 135.5 -15.9 -4.9 -11.0 151.4 -16.7 6.5 0.6 5.9 -407.5 -22.5 -36.5 13.9 7.4 -8.7 21.9 -30.6 2,258.3 2,257.7 18.0 19.5 12.0 247.9 2.7 1,957.6 0.6 39.4 42.6 2,397.6 523.0 532.2 355.9 190.5 165.4 176.3 -11.0 1.7 0.7 1.0 1,874.6 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 43 294.1 316.1 -135.2 883.8 82.1 69.1 54.1 95.8 -790.3 1,566.3 513.1 -775.8 283.8 -309.7 31.8 1,982.7 44 45 2020 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2020. 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 28, 2021 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2020 2021 r r Sept. Oct. Nov. Based on current-dollar measures Dec. 1 Personal income 0.7 -0.2 -0.9 2 Compensation of employees 0.7 1.7 1.1 3 Wages and salaries 0.8 1.9 1.1 4 Supplements to wages and salaries 0.5 0.8 0.7 5 Proprietors' income with inventory valuation and capital consumption adjustments 5.1 0.9 -10.4 1.0 -0.5 -0.4 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets -0.3 0.7 1.3 8 Personal interest income -0.4 0.6 0.1 9 Personal dividend income -0.2 0.8 2.8 10 Personal current transfer receipts -0.7 -5.9 -3.4 0.6 1.4 0.9 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 1.0 1.6 0.9 13 Equals: Disposable personal income 0.7 -0.4 -1.2 Addenda: 14 Personal consumption expenditures 1.3 0.3 -0.6 15 Goods 1.4 -0.1 -1.2 16 Durable goods 0.8 0.8 -2.3 17 Nondurable goods 1.8 -0.7 -0.6 18 Services 1.2 0.5 -0.3 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 0.9 0.5 1.3 -0.4 -0.3 -1.2 r Jan. r Feb. r Line March r April p 0.7 0.7 0.8 0.7 10.2 0.8 0.8 0.8 -6.9 0.1 0.1 0.2 20.9 0.9 1.0 0.6 -13.1 0.9 1.0 0.6 1 2 3 4 -4.6 -0.4 2.3 0.1 4.9 1.9 0.7 0.7 0.7 1.6 0.6 -2.7 0.6 -6.7 52.2 1.5 0.2 11.5 3.0 0.6 0.6 0.6 0.7 -27.4 0.1 0.8 -7.8 6.5 0.7 0.3 0.6 0.0 95.2 0.8 1.3 23.4 3.2 0.5 0.5 0.2 1.0 -41.4 1.0 0.5 -14.6 5 6 7 8 9 10 11 12 13 -0.6 -1.8 -2.3 -1.6 0.1 3.4 7.9 11.6 5.9 1.1 -1.0 -3.0 -4.4 -2.2 0.1 4.7 9.7 14.5 6.9 2.1 0.5 -0.6 0.5 -1.3 1.1 14 15 16 17 18 0.0 0.3 -0.1 11.2 0.3 -8.1 0.8 22.7 0.5 -15.1 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 2020. Source: U.S. Bureau of Economic Analysis May 28, 2021 Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2019 2020 r 2020 2019 Q4 Q1 Q2 2021 Q3 Q4 r Q1 Line r Based on current-dollar measures 1 Personal income 3.9 6.3 3.6 2 Compensation of employees 4.4 0.5 4.5 3 Wages and salaries 4.7 0.7 4.9 4 Supplements to wages and salaries 3.3 -0.1 3.0 5 Proprietors' income with inventory valuation and capital consumption adjustments 4.5 2.3 5.0 6 Rental income of persons with capital consumption adjustment 3.7 1.9 3.0 7 Personal income receipts on assets 0.7 -1.9 1.4 8 Personal interest income 2.2 -2.2 2.8 9 Personal dividend income -1.1 -1.4 -0.4 10 Personal current transfer receipts 5.2 36.6 1.7 4.3 1.6 4.0 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 5.6 0.0 4.5 13 Equals: Disposable personal income 3.7 7.2 3.4 Addenda: 14 Personal consumption expenditures 3.9 -2.7 3.1 15 Goods 3.2 3.2 0.8 16 Durable goods 3.6 5.5 0.3 17 Nondurable goods 3.0 2.1 1.0 18 Services 4.3 -5.4 4.2 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 2.1 2.2 -1.0 5.9 2.4 1.9 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2020. Source: U.S. Bureau of Economic Analysis - 10 - 4.1 3.8 4.5 1.1 35.8 -22.6 -23.5 -18.6 -11.3 20.3 21.0 17.1 -4.0 15.0 16.4 9.0 59.7 8.5 8.7 7.7 1 2 3 4 2.0 3.5 0.5 -3.2 5.6 10.6 5.3 5.7 3.9 -38.3 -3.1 -9.6 -9.8 -9.3 848.5 -16.3 -24.9 46.2 102.2 4.3 -7.7 -4.1 -12.2 -64.9 16.3 19.4 -14.4 -9.3 0.0 7.5 1.1 16.3 -43.3 12.0 15.1 -6.2 -5.0 3.7 -1.2 5.5 -9.2 548.1 11.1 7.7 67.7 5 6 7 8 9 10 11 12 13 -5.7 -0.8 -14.0 6.6 -7.8 -34.3 -15.8 -4.8 -20.8 -41.6 46.2 55.2 97.7 36.3 41.8 3.8 -1.3 -1.1 -1.4 6.5 15.5 32.7 51.3 23.1 7.5 14 15 16 17 18 1.5 2.6 -20.5 48.6 16.2 -17.4 8.4 -7.6 0.9 61.7 19 20 May 28, 2021 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 2020 2021 Sept. Oct. Nov. Dec. Jan. r Feb. r Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 13,060.2 13,095.6 13,011.0 12,890.7 13,285.2 13,117.5 Goods 5,215.6 5,214.7 5,150.4 5,037.9 5,404.3 5,219.7 Durable goods 2,048.2 2,067.2 2,025.0 1,975.7 2,205.0 2,102.4 Nondurable goods 3,197.4 3,180.0 3,155.5 3,091.0 3,241.4 3,154.0 Services 7,995.3 8,028.8 8,000.9 7,977.7 8,055.7 8,045.5 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 145.4 35.4 -84.7 -120.3 394.5 -167.6 Goods 82.7 -0.9 -64.3 -112.6 366.5 -184.7 Durable goods 17.8 18.9 -42.2 -49.3 229.3 -102.6 Nondurable goods 63.4 -17.4 -24.5 -64.5 150.4 -87.4 Services 69.6 33.6 -28.0 -23.2 78.0 -10.2 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 1.1 0.3 -0.6 -0.9 3.1 -1.3 Goods 1.6 0.0 -1.2 -2.2 7.3 -3.4 Durable goods 0.9 0.9 -2.0 -2.4 11.6 -4.7 Nondurable goods 2.0 -0.5 -0.8 -2.0 4.9 -2.7 Services 0.9 0.4 -0.3 -0.3 1.0 -0.1 Line March r April p 13,653.8 5,683.7 2,392.7 3,345.2 8,177.1 13,641.8 5,610.1 2,371.8 3,293.3 8,224.1 1 2 3 4 5 536.2 464.0 290.3 191.3 131.7 -11.9 -73.5 -20.9 -52.0 46.9 6 7 8 9 10 4.1 8.9 13.8 6.1 1.6 -0.1 -1.3 -0.9 -1.6 0.6 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis May 28, 2021 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 2019 2020 Q4 Q1 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 13,240.2 12,725.6 13,353.7 13,118.4 Goods 4,760.5 4,944.3 4,811.8 4,812.9 Durable goods 1,774.6 1,886.9 1,811.7 1,752.0 Nondurable goods 3,001.5 3,078.8 3,018.2 3,070.6 Services 8,520.5 7,898.6 8,584.9 8,365.3 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 312.1 -514.6 52.3 -235.3 Goods 170.3 183.8 6.6 1.1 Durable goods 81.9 112.3 13.8 -59.7 Nondurable goods 91.2 77.3 -5.7 52.4 Services 153.4 -622.0 43.4 -219.5 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 2.4 -3.9 1.6 -6.9 Goods 3.7 3.9 0.6 0.1 Durable goods 4.8 6.3 3.1 -12.5 Nondurable goods 3.1 2.6 -0.7 7.1 Services 1.8 -7.3 2.0 -9.8 r Revised Source: U.S. Bureau of Economic Analysis - 11 - 2020 2019 Q2 2021 Q3 Q4 Q1 Line r 11,860.3 4,677.4 1,744.6 2,947.9 7,306.9 12,924.7 5,152.4 2,028.2 3,154.5 7,919.6 12,999.1 5,134.3 2,022.6 3,142.1 8,002.5 13,352.2 5,435.9 2,233.4 3,246.9 8,092.8 1 2 3 4 5 -1,258.2 -135.5 -7.4 -122.7 -1,058.4 1,064.5 475.0 283.6 206.6 612.6 74.4 -18.1 -5.6 -12.4 82.9 353.1 301.6 210.7 104.7 90.3 6 7 8 9 10 -33.2 -10.8 -1.7 -15.0 -41.8 41.0 47.2 82.7 31.1 38.0 2.3 -1.4 -1.1 -1.6 4.3 11.3 25.6 48.6 14.0 4.6 11 12 13 14 15 May 28, 2021 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) 2020 Sept. Oct. Nov. Dec. Chain-type price indexes (2012=100), seasonally adjusted 111.658 111.697 111.700 112.109 94.502 94.399 94.402 94.731 86.611 86.510 86.292 86.443 98.659 98.558 98.703 99.143 120.743 120.871 120.874 121.328 Line 2021 Jan. r Personal consumption expenditures (PCE) 112.448 1 95.326 2 Goods Durable goods 3 86.454 Nondurable goods 4 100.120 121.494 5 Services Addenda: PCE excluding food and energy 6 114.019 114.023 114.006 114.341 114.581 7 108.477 108.646 108.519 108.684 108.602 Food 1 8 77.894 78.335 78.926 81.080 83.912 Energy goods and services 2 9 109.102 109.146 109.185 109.475 109.852 Market-based PCE 3 10 111.381 111.387 111.409 111.591 111.860 Market-based PCE excluding food and energy 3 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.2 0.0 0.0 0.4 0.3 11 -0.2 -0.1 0.0 0.3 0.6 12 Goods Durable goods 13 -0.1 -0.1 -0.3 0.2 0.0 Nondurable goods 14 -0.3 -0.1 0.1 0.4 1.0 0.3 0.1 0.0 0.4 0.1 15 Services Addenda: PCE excluding food and energy 16 0.2 0.0 0.0 0.3 0.2 17 -0.3 0.2 -0.1 0.2 -0.1 Food 1 0.7 0.6 0.8 2.7 3.5 18 Energy goods and services 2 19 0.1 0.0 0.0 0.3 0.3 Market-based PCE 3 20 0.1 0.0 0.0 0.2 0.2 Market-based PCE excluding food and energy 3 Feb. r March r April p Line 112.757 95.711 86.692 100.603 121.747 113.387 96.409 87.228 101.404 122.317 114.075 97.096 88.430 101.710 122.988 1 2 3 4 5 114.736 108.827 87.125 110.244 112.091 115.207 109.019 91.355 110.833 112.491 115.972 109.398 91.177 111.393 113.117 6 7 8 9 10 0.3 0.4 0.3 0.5 0.2 0.6 0.7 0.6 0.8 0.5 0.6 0.7 1.4 0.3 0.5 11 12 13 14 15 0.1 0.2 3.8 0.4 0.2 0.4 0.2 4.9 0.5 0.4 0.7 0.3 -0.2 0.5 0.6 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 28, 2021 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago 2020 Line Sept. 1 Disposable personal income 2 Personal consumption expenditures Goods 3 Durable goods 4 Nondurable goods 5 Services 6 5.2 -1.9 8.5 13.3 6.0 -6.6 Oct. r 4.8 -1.9 8.3 14.8 5.0 -6.4 Nov. r 3.1 -2.6 7.0 11.7 4.6 -6.8 Dec. r 3.7 -3.5 4.7 8.5 2.7 -7.2 Jan. r 14.4 -1.0 11.7 20.1 7.3 -6.6 2021 Feb. r March r 4.6 30.2 -2.1 8.9 8.4 18.8 15.9 48.9 4.4 5.6 -6.7 4.2 April p -4.4 24.0 34.0 66.2 19.5 19.3 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 2020. Source: U.S. Bureau of Economic Analysis May 28, 2021 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago Line Personal consumption expenditures (PCE) 1 2 Goods Durable goods 3 Nondurable goods 4 5 Services Addenda: PCE excluding food and energy 6 7 Food 1 8 Energy goods and services 2 9 Market-based PCE 3 10 Market-based PCE excluding food and energy 3 2020 Sept. 1.4 -0.1 0.3 -0.4 2.0 1.5 3.9 -8.1 1.3 1.5 2021 1.2 -0.4 0.4 -0.8 1.9 1.1 -0.4 0.6 -0.9 1.8 1.2 -0.2 1.3 -0.9 1.9 Jan. r 1.4 0.4 1.2 0.0 1.8 1.4 3.9 -9.1 1.1 1.4 1.3 3.7 -9.1 1.1 1.3 1.4 3.9 -8.2 1.1 1.3 1.4 3.6 -4.5 1.3 1.4 Oct. Nov. Dec. Feb. r 1.6 0.9 1.3 0.8 1.9 March r 2.4 2.5 2.4 2.7 2.3 April p 3.6 4.5 5.2 4.1 3.1 1.4 3.3 1.3 1.6 1.4 1.9 2.9 13.0 2.4 1.8 3.1 0.9 24.8 3.2 2.5 Line 1 2 3 4 5 6 7 8 9 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 - 12 -
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