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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Friday, May 31, 2024 Technical: Media: Lisa Mataloni (Personal Income) Kyle Brown (PCE Goods) Harvey Davis (PCE Services) Connie O'Connell (301) 278-9083 (301) 278-9086 (301) 278-9719 (301) 278-9003 BEA 24–20 piniwd@bea.gov pce@bea.gov Connie.OConnell@bea.gov Personal Income and Outlays, April 2024 Personal income increased $65.3 billion (0.3 percent at a monthly rate) in April, according to estimates released today by the Bureau of Economic Analysis (tables 2 and 3). Disposable personal income (DPI) —personal income less personal current taxes—increased $40.2 billion (0.2 percent) and personal consumption expenditures (PCE) increased $39.1 billion (0.2 percent). The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 5). Real DPI decreased 0.1 percent in April and real PCE decreased 0.1 percent; goods decreased 0.4 percent and services increased 0.1 percent (tables 3 and 4). 2023 2024 Dec. Jan. Feb. Mar. Apr. Percent change from preceding month Personal income: Current dollars Disposable personal income: Current dollars Chained (2017) dollars Personal consumption expenditures (PCE): Current dollars Chained (2017) dollars Price indexes: PCE PCE, excluding food and energy Price indexes: PCE PCE, excluding food and energy 0.3 1.1 0.3 0.5 0.3 0.3 0.2 0.7 0.3 0.3 -0.1 0.5 0.1 0.2 -0.1 0.6 0.5 0.1 -0.3 0.7 0.3 0.7 0.4 0.2 -0.1 0.1 0.2 0.4 0.5 0.3 0.3 0.3 0.3 0.3 0.2 Percent change from month one year ago 2.6 2.5 2.5 2.7 2.7 2.9 2.9 2.8 2.8 2.8 The increase in current-dollar personal income in April primarily reflected increases in compensation, personal income receipts on assets, and government social benefits to persons (table 2). The $39.1 billion increase in current-dollar PCE in April reflected an increase of $49.1 billion in spending for services that was partly offset by a $10.0 billion decrease in spending for goods (table 2). Within services, the largest contributors to the increase were housing and utilities (led by housing), health care (both outpatient services and hospitals), and financial services and insurance (led by financial service charges, fees, and commissions). These increases were partly offset by a decrease in transportation services (led by air transportation). Within goods, the largest contributors to the decrease were spending for recreational goods and vehicles (led by information processing equipment) and other nondurable goods (led by recreational items). Detailed information on monthly PCE spending can be found on Table 2.4.5U. Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $42.8 billion in April (table 2). Personal saving was $744.5 billion in April and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.6 percent (table 1). Prices From the preceding month, the PCE price index for April increased 0.3 percent (table 5). Prices for goods increased 0.2 percent, and prices for services increased 0.3 percent. Food prices decreased 0.2 percent and energy prices increased 1.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U. From the same month one year ago, the PCE price index for April increased 2.7 percent (table 7). Prices for goods increased 0.1 percent and prices for services increased 3.9 percent. Food prices increased 1.3 percent and energy prices increased 3.0 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago. Real PCE The 0.1 percent decrease in real PCE in April reflected a decrease of 0.4 percent in spending on goods and an increase of 0.1 percent in spending on services (table 4). Within goods, the largest contributors to the decrease were gasoline and other energy goods (led by motor vehicle fuels, lubricants, and fluids), recreational goods and vehicles (led by information processing equipment), and other nondurable goods (led by recreational items). Within services, the largest contributor to the increase was health care (led by outpatient services). Detailed information on monthly real PCE spending can be found on Table 2.4.6U. 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 updated 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 (2017) dollar DPI and PCE, are provided below for February and March. Page 2 of 10 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 (2017) dollars Personal consumption expenditures: Current dollars Chained (2017) dollars 65.1 67.2 0.3 0.3 122.0 126.2 0.5 0.5 49.7 -16.3 53.3 -13.5 0.2 -0.1 0.3 -0.1 104.0 30.2 100.4 24.7 0.5 0.2 0.5 0.1 156.2 75.2 125.7 50.2 0.8 0.5 0.7 0.3 160.9 80.6 143.1 63.7 0.8 0.5 0.7 0.4 * * * Next release: June 28, 2024, at 8:30 a.m. EDT Personal Income and Outlays, May 2024 Page 3 of 10 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: • • • • • • Stay informed about BEA developments by reading The BEA Wire, signing up for BEA’s email subscription service, or following BEA on X, formerly known as 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, refer to our 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. For more definitions, refer to 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, refer to 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, refer to the FAQ “How is average annual growth calculated?” and “Why does BEA publish percent changes in quarterly series at annual rates?” Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2017). 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, refer to 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 (2017) 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. 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.” Page 4 of 10 Personal Income and Outlays News Release Tables Table Table Table Table Table Table 1. 2. 3. 4. 5. 6. Table 7. Personal Income and Its Disposition (Months) Personal Income and Its Disposition, Change from Preceding Period (Months) Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Real Personal Consumption Expenditures by Major Type of Product (Months) 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 Page 5 of 10 May 31, 2024 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2023 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 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government Supplements to wages and salaries 11 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 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 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 Personal saving as a percentage of disposable personal income Addenda: r 2024 r r r r Line r p Sept. 23,176.2 14,437.1 11,975.7 10,207.1 1,876.1 1,108.6 8,331.0 1,837.3 6,493.8 1,768.6 2,461.4 1,635.0 Oct. 23,189.4 14,416.2 11,950.9 10,171.7 1,875.9 1,103.3 8,295.7 1,825.7 6,470.1 1,779.3 2,465.3 1,640.6 Nov. 23,241.5 14,436.6 11,965.4 10,179.4 1,879.8 1,103.3 8,299.6 1,822.5 6,477.1 1,786.0 2,471.2 1,645.5 Dec. 23,311.6 14,491.6 12,011.8 10,214.8 1,881.1 1,101.0 8,333.7 1,833.5 6,500.2 1,797.0 2,479.8 1,650.9 Jan. 23,565.1 14,555.9 12,060.4 10,247.5 1,887.9 1,103.6 8,359.7 1,833.8 6,525.8 1,812.9 2,495.6 1,659.5 Feb. 23,632.3 14,651.5 12,145.1 10,317.8 1,903.8 1,114.8 8,414.0 1,851.0 6,563.0 1,827.3 2,506.3 1,664.5 March 23,758.5 14,736.3 12,219.7 10,377.7 1,920.7 1,124.2 8,457.0 1,851.7 6,605.4 1,842.0 2,516.6 1,669.7 April 23,823.7 14,772.7 12,249.5 10,399.3 1,926.3 1,125.0 8,472.9 1,852.0 6,620.9 1,850.3 2,523.2 1,674.2 1 2 3 4 5 6 7 8 9 10 11 12 826.4 824.7 825.7 828.9 836.0 841.9 846.9 849.0 13 1,877.8 1,880.2 1,886.2 1,881.5 1,887.1 1,890.4 1,893.8 1,894.1 14 47.2 1,830.6 981.5 3,617.9 1,786.7 1,831.2 4,086.6 3,977.7 1,363.4 947.9 868.8 20.8 173.0 603.8 108.9 1,824.6 2,783.7 20,392.5 19,600.9 18,791.5 6,278.4 2,213.4 4,065.0 12,513.0 562.8 246.7 131.5 115.2 791.6 3.9 42.6 1,837.6 985.3 3,645.6 1,801.0 1,844.6 4,083.8 3,977.9 1,378.6 949.6 863.5 22.1 173.3 590.8 105.8 1,821.7 2,785.6 20,403.8 19,622.8 18,826.8 6,250.7 2,191.1 4,059.7 12,576.1 547.3 248.8 131.8 117.0 781.0 3.8 38.0 1,848.2 988.1 3,672.7 1,815.5 1,857.2 4,082.0 3,972.1 1,370.3 951.3 865.8 23.1 173.6 588.1 109.9 1,824.1 2,791.7 20,449.8 19,683.8 18,903.0 6,242.4 2,195.7 4,046.7 12,660.5 531.7 249.1 132.1 117.0 766.0 3.7 33.4 1,848.1 991.0 3,683.6 1,830.2 1,853.4 4,094.6 3,987.7 1,373.8 953.1 875.6 22.9 173.9 588.3 106.9 1,830.7 2,800.1 20,511.5 19,779.3 19,013.7 6,273.8 2,219.8 4,054.0 12,739.9 516.1 249.5 132.5 117.0 732.3 3.6 35.0 1,852.0 1,007.1 3,750.7 1,821.4 1,929.3 4,216.7 4,094.5 1,421.9 960.2 903.2 22.6 174.3 612.3 122.2 1,852.5 2,912.3 20,652.8 19,796.7 19,032.7 6,179.8 2,160.8 4,019.0 12,852.9 512.7 251.3 132.9 118.4 856.1 4.1 36.6 1,853.7 1,023.4 3,672.9 1,812.8 1,860.1 4,258.4 4,149.0 1,425.6 965.1 924.1 22.8 174.7 636.8 109.4 1,864.2 2,926.2 20,706.1 19,919.4 19,158.4 6,203.5 2,181.4 4,022.1 12,954.9 509.3 251.6 133.3 118.4 786.7 3.8 38.3 1,855.5 1,039.0 3,673.0 1,805.2 1,867.8 4,290.8 4,180.9 1,433.2 970.5 939.8 22.8 175.0 639.6 109.9 1,874.4 2,952.0 20,806.5 20,059.4 19,301.5 6,271.1 2,187.6 4,083.5 13,030.5 505.9 252.0 133.6 118.4 747.1 3.6 35.1 1,859.0 1,040.2 3,690.1 1,812.1 1,878.0 4,305.5 4,195.1 1,434.2 976.5 950.2 22.5 175.3 636.5 110.4 1,878.8 2,977.1 20,846.6 20,102.2 19,340.6 6,261.1 2,180.7 4,080.4 13,079.6 509.3 252.2 133.9 118.4 744.5 3.6 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 15,741.9 15,749.7 15,795.9 15,823.3 15,868.0 15,835.4 15,858.4 15,858.9 45 16,816.3 16,819.9 16,859.6 16,889.2 16,937.8 16,924.3 16,949.0 16,938.2 46 60,762 50,106 335,612 60,767 50,093 335,773 60,876 50,188 335,925 61,033 50,255 336,070 61,431 50,381 336,194 61,569 50,324 336,306 61,846 50,380 336,423 61,942 50,329 336,550 47 48 49 Personal income excluding current transfer receipts, billions of chained (2017) dollars 5 Disposable personal income: 46 47 48 49 Total, billions of chained (2017) dollars Per capita: Current dollars Chained (2017) dollars 6 Population (midperiod, thousands) 5 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2023. 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 Page 6 of 10 May 31, 2024 Table 2. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2023 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 17 Rental income of persons with capital consumption adjustment 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 Addenda: 44 Personal income excluding current transfer receipts, 45 2024 Sept. 81.7 64.4 54.5 39.2 9.0 6.4 30.2 9.2 21.0 15.3 9.9 6.5 Oct. r 13.2 -20.9 -24.8 -35.5 -0.2 -5.3 -35.3 -11.6 -23.7 10.7 3.9 5.6 Nov. r 52.1 20.4 14.4 7.7 3.8 0.0 3.9 -3.2 7.1 6.7 6.0 5.0 Dec. r 70.1 55.0 46.4 35.4 1.3 -2.3 34.1 11.0 23.1 11.0 8.5 5.4 Jan. r 253.5 64.4 48.6 32.7 6.8 2.6 25.9 0.3 25.6 15.9 15.8 8.6 3.5 -1.7 1.0 3.2 7.2 Line Feb. r March r 67.2 126.2 95.5 84.8 84.7 74.6 70.3 59.9 16.0 16.9 11.1 9.4 54.4 43.0 17.2 0.6 37.2 42.4 14.4 14.7 10.8 10.2 5.0 5.2 5.8 April p 65.3 36.4 29.8 21.5 5.6 0.8 15.9 0.3 15.5 8.3 6.6 4.5 1 2 3 4 5 6 7 8 9 10 11 12 2.1 13 5.0 16.7 2.4 6.0 -4.7 5.5 3.3 3.4 0.3 14 -2.8 19.4 7.0 -4.6 7.0 3.8 -4.6 10.6 2.8 -4.6 -0.1 2.9 1.6 3.9 16.1 1.6 1.7 16.3 1.6 1.8 15.6 -3.2 3.5 1.2 15 16 17 10.6 10.4 0.3 -10.0 -14.1 1.3 1.6 -10.7 -0.3 0.2 -6.2 4.2 7.1 15.6 66.2 184.0 139.9 49.8 20.2 29.5 90.1 43.8 0.3 0.3 0.0 -117.8 27.7 14.3 13.4 -2.8 0.2 15.2 1.7 -5.3 1.3 0.3 -12.9 -3.0 -3.0 1.9 11.3 21.9 35.4 -27.7 -22.3 -5.4 63.0 -15.6 2.1 0.3 1.8 -10.6 27.0 14.5 12.5 -1.8 -5.8 -8.3 1.7 2.3 0.9 0.3 -2.8 4.0 2.4 6.2 46.0 60.9 76.2 -8.3 4.6 -12.9 84.5 -15.6 0.3 0.3 0.0 -15.0 10.9 14.7 -3.8 12.7 15.6 3.5 1.8 9.8 -0.2 0.4 0.2 -2.9 6.6 8.4 61.7 95.5 110.7 31.4 24.1 7.3 79.3 -15.6 0.4 0.4 0.0 -33.8 67.1 -8.8 75.9 122.1 106.9 48.1 7.1 27.5 -0.2 0.4 24.0 15.3 21.8 112.2 141.2 17.4 19.0 -94.0 -58.9 -35.1 113.0 -3.4 1.8 0.4 1.4 123.8 -77.8 -8.5 -69.2 41.6 54.4 3.7 4.8 20.9 0.1 0.4 24.5 -12.8 11.7 13.9 53.3 122.7 125.7 23.7 20.6 3.2 102.0 -3.4 0.4 0.4 0.0 -69.4 0.1 -7.6 7.8 32.4 31.9 7.6 5.4 15.7 0.0 0.4 2.8 0.5 10.2 25.8 100.4 140.0 143.1 67.5 6.2 61.3 75.5 -3.4 0.3 0.3 0.0 -39.6 17.1 6.9 10.2 14.7 14.2 1.0 6.0 10.4 -0.3 0.3 -3.1 0.5 4.4 25.1 40.2 42.8 39.1 -10.0 -6.9 -3.1 49.1 3.4 0.3 0.3 0.0 -2.6 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 billions of chained (2017) dollars 5 15.4 7.8 46.1 27.4 44.7 -32.6 23.0 0.5 44 Disposable personal income, billions of chained (2017) dollars 5 -9.9 3.6 39.7 29.6 48.6 -13.5 24.7 -10.7 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 2023. 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 Page 7 of 10 May 31, 2024 Table 3. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2023 Line r 2024 r Sept. Oct. Nov. Based on current-dollar measures 0.4 0.1 0.2 1 Personal income 2 Compensation of employees 0.4 -0.1 0.1 3 Wages and salaries 0.5 -0.2 0.1 4 Supplements to wages and salaries 0.4 0.2 0.2 Proprietors' income with inventory valuation and capital 5 0.9 0.1 0.3 consumption adjustments 0.7 0.4 0.3 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets 0.3 0.8 0.7 8 Personal interest income 0.6 0.8 0.8 9 Personal dividend income 0.0 0.7 0.7 10 Personal current transfer receipts -0.2 -0.1 0.0 0.4 -0.2 0.1 11 Less: Contributions for government social insurance, domestic 0.6 0.1 0.2 12 Less: Personal current taxes 0.3 0.1 0.2 13 Equals: Disposable personal income Addenda: 14 Personal consumption expenditures 0.7 0.2 0.4 15 Goods 0.8 -0.4 -0.1 16 Durable goods 0.9 -1.0 0.2 17 Nondurable goods 0.7 -0.1 -0.3 18 Services 0.7 0.5 0.7 Based on chained (2017) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 0.1 -0.1 0.0 0.0 0.3 0.2 Dec. r Jan. r Feb. r Line March r April p 0.3 0.4 0.4 0.3 1.1 0.4 0.4 0.6 0.3 0.7 0.7 0.4 0.5 0.6 0.6 0.4 0.3 0.2 0.2 0.3 1 2 3 4 -0.2 0.3 0.3 1.6 0.2 1.6 0.2 1.5 0.0 0.1 5 6 0.3 0.8 -0.2 0.3 0.4 1.8 -0.5 4.1 3.0 1.2 -2.1 -0.5 -3.6 1.0 0.6 0.0 -0.4 0.4 0.8 0.5 0.5 0.4 0.5 0.3 0.2 7 8 9 10 11 0.3 0.3 4.0 0.7 0.5 0.3 0.9 0.5 0.8 0.2 12 13 0.6 0.5 1.1 0.2 0.6 0.1 -1.5 -2.7 -0.9 0.9 0.7 0.4 1.0 0.1 0.8 0.7 1.1 0.3 1.5 0.6 0.2 -0.2 -0.3 -0.1 0.4 14 15 16 17 18 0.2 0.2 0.3 0.3 -0.2 -0.1 0.1 0.1 0.0 -0.1 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 2023. Table 4. 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 2023 2024 Sept. Oct. Nov. Dec. Jan. r Feb. r Billions of chained (2017) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 15,496.0 15,519.9 15,584.3 15,655.8 15,609.1 15,659.3 Goods 5,431.5 5,422.5 5,445.4 5,485.5 5,412.5 5,406.7 Durable goods 2,065.8 2,050.0 2,064.0 2,096.3 2,036.6 2,052.2 Nondurable goods 3,376.1 3,381.6 3,391.0 3,400.9 3,383.9 3,364.4 Services 10,093.7 10,125.3 10,167.0 10,199.8 10,221.2 10,275.2 Change from preceding period in billions of chained (2017) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 56.2 23.9 64.4 71.5 -46.7 50.2 Goods 33.8 -8.9 22.8 40.1 -73.1 -5.8 Durable goods 20.9 -15.8 14.0 32.2 -59.7 15.6 Nondurable goods 13.8 5.5 9.4 9.9 -17.0 -19.5 Services 23.4 31.6 41.7 32.7 21.4 54.0 Percent change from preceding period in chained (2017) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.4 0.2 0.4 0.5 -0.3 0.3 Goods 0.6 -0.2 0.4 0.7 -1.3 -0.1 Durable goods 1.0 -0.8 0.7 1.6 -2.8 0.8 Nondurable goods 0.4 0.2 0.3 0.3 -0.5 -0.6 Services 0.2 0.3 0.4 0.3 0.2 0.5 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Page 8 of 10 Line March r April p 15,723.0 5,457.7 2,056.8 3,409.2 10,290.7 15,714.6 5,437.0 2,055.1 3,391.0 10,301.3 1 2 3 4 5 63.7 51.0 4.6 44.9 15.5 -8.5 -20.7 -1.7 -18.3 10.6 6 7 8 9 10 0.4 0.9 0.2 1.3 0.2 -0.1 -0.4 -0.1 -0.5 0.1 11 12 13 14 15 May 31, 2024 Table 5. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2023 2024 r r Sept. Oct. Nov. Dec. Jan. Feb. March r Chain-type price indexes (2017=100), seasonally adjusted Personal consumption expenditures (PCE) 121.267 121.309 121.296 121.448 121.934 122.347 122.761 Goods 115.588 115.267 114.630 114.362 114.171 114.733 114.899 Durable goods 107.154 106.890 106.385 105.898 106.112 106.307 106.373 Nondurable goods 120.395 120.040 119.324 119.192 118.755 119.538 119.764 Services 123.976 124.212 124.533 124.912 125.755 126.087 126.631 Addenda: PCE excluding food and energy 119.842 120.015 120.122 120.305 120.878 121.201 121.606 125.770 126.020 125.855 125.912 126.501 126.663 126.612 Food 1 144.958 141.367 138.748 138.350 136.422 139.567 141.182 Energy goods and services 2 119.911 120.011 120.001 120.100 120.484 120.874 121.247 Market-based PCE 3 118.051 118.311 118.439 118.564 119.035 119.319 119.675 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) 0.4 0.0 0.0 0.1 0.4 0.3 0.3 Goods 0.2 -0.3 -0.6 -0.2 -0.2 0.5 0.1 Durable goods -0.1 -0.2 -0.5 -0.5 0.2 0.2 0.1 Nondurable goods 0.3 -0.3 -0.6 -0.1 -0.4 0.7 0.2 Services 0.5 0.2 0.3 0.3 0.7 0.3 0.4 Addenda: PCE excluding food and energy 0.3 0.1 0.1 0.2 0.5 0.3 0.3 1 0.3 0.2 -0.1 0.0 0.5 0.1 0.0 Food 2 1.7 -2.5 -1.9 -0.3 -1.4 2.3 1.2 Energy goods and services 3 0.4 0.1 0.0 0.1 0.3 0.3 0.3 Market-based PCE 3 0.3 0.2 0.1 0.1 0.4 0.2 0.3 Market-based PCE excluding food and energy April p Line 123.076 115.152 106.125 120.320 126.978 1 2 3 4 5 121.909 126.397 142.897 121.479 119.881 6 7 8 9 10 0.3 0.2 -0.2 0.5 0.3 11 12 13 14 15 0.2 -0.2 1.2 0.2 0.2 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis Table 6. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago Line 1 Disposable personal income 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Nondurable goods 6 Services 2023 Sept. 3.9 2.1 2.5 5.1 1.1 1.9 Oct. r 3.7 2.1 2.0 3.1 1.4 2.1 2024 Nov. r 3.9 2.9 3.6 6.2 2.1 2.5 Dec. r 3.8 3.3 4.5 8.0 2.6 2.7 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2023. Source: U.S. Bureau of Economic Analysis Page 9 of 10 Jan. r 2.0 1.9 1.1 0.0 1.7 2.3 Feb. r 1.6 2.2 0.9 1.0 0.8 2.8 March r 1.3 2.8 2.8 2.9 2.8 2.8 April p 1.0 2.6 1.9 2.1 1.8 2.9 Line 1 2 3 4 5 6 May 31, 2024 Table 7. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago 2023 Line Personal consumption expenditures (PCE) 1 2 Goods 3 Durable goods 4 Nondurable goods 5 Services Addenda: 6 7 8 9 10 PCE excluding food and energy Food 1 Energy goods and services 2 Market-based PCE 3 Market-based PCE excluding food and energy 3 Sept. 3.4 0.9 -2.3 2.7 4.6 3.6 2.7 0.1 3.2 3.5 2024 2.9 0.2 -2.2 1.6 4.3 Nov. 2.7 -0.1 -2.1 1.0 4.1 Dec. 2.6 0.2 -2.3 1.6 3.9 Jan. r 2.5 -0.5 -2.4 0.5 4.0 Feb. r 2.5 -0.2 -2.0 0.8 3.8 March r 2.7 0.1 -1.9 1.3 4.0 April p 2.7 0.1 -2.2 1.4 3.9 3.4 2.4 -4.6 2.8 3.3 3.2 1.7 -5.0 2.7 3.2 2.9 1.4 -1.7 2.6 3.0 2.9 1.4 -4.9 2.4 2.9 2.8 1.3 -2.3 2.3 2.7 2.8 1.5 2.6 2.5 2.6 2.8 1.3 3.0 2.4 2.5 Oct. 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 Page 10 of 10 Line 1 2 3 4 5 6 7 8 9 10