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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, SEPTEMBER 30, 2016 Technical: Media: James Rankin (Personal Income) Harvey Davis (PCE) Jeannine Aversa (301) 278-9087 (301) 278-9086 (301) 278-9003 BEA 16-54 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays: August 2016 Personal income increased $39.3 billion (0.2 percent) in August according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $31.9 billion (0.2 percent) and personal consumption expenditures (PCE) increased $6.2 billion (less than 0.1 percent). Real DPI increased 0.1 percent in August and Real PCE decreased 0.1 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Apr. Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures (PCE): Current dollars Chained (2009) dollars Price indexes: PCE PCE, excluding food and energy Price indexes: PCE PCE, excluding food and energy 2016 May June July Aug. Percent change from preceding month 0.5 0.3 0.3 0.4 0.2 0.5 0.2 0.3 0.1 0.3 0.2 0.4 0.3 0.2 0.1 1.1 0.7 0.3 0.2 0.5 0.4 0.4 0.3 0.0 -0.1 0.3 0.2 0.2 0.2 0.1 0.1 0.0 0.1 0.1 0.2 Percent change from month one year ago 1.0 1.0 0.9 0.8 1.0 1.6 1.6 1.6 1.6 1.7 The increase in personal income in August primarily reflected increases in compensation of employees, personal income receipts on assets, and government social benefits to persons (table 3). The decrease in real PCE in August primarily reflected a decrease in spending for durable goods that was partially offset by an increase in spending for services (table 7). Personal outlays increased $6.1 billion in August (table 3). Personal saving was $807.6 billion in August and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.7 percent (table 1). Revisions Estimates have been revised for April through July. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2009) dollar DPI and PCE -- revised and as published in last month's release -- are shown below. Change from preceding month June July Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 53.9 54.2 0.3 0.3 71.6 66.1 0.4 0.4 46.3 28.0 46.3 27.5 0.3 0.2 0.3 0.2 60.1 54.2 51.6 42.9 0.4 0.4 0.4 0.3 69.3 50.0 66.3 46.9 0.5 0.4 0.5 0.4 42.0 37.8 45.3 37.5 0.3 0.3 0.4 0.3 Next release: October 31, 2016 at 8:30 A.M. EDT Personal Income and Outlays: September 2016 2 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. Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts 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 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 2009). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. 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. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. 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.” 3 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 4 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2016 Jan. 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries ......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2................................................................................ 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods ................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 .................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................. Per capita: 47 Current dollars................................................................................. 48 Chained (2009) dollars .................................................................... 49 Population (midperiod, thousands) 6....................................................... Feb. March April r Line May r June r July r Aug. p 15,739.0 15,719.9 15,761.4 15,846.0 15,889.7 15,943.9 16,010.0 16,049.3 1 9,919.4 9,875.1 9,883.2 9,964.6 9,999.8 10,051.0 10,100.4 10,113.7 2 8,040.4 7,995.0 7,998.5 8,070.4 8,099.3 8,143.2 8,185.4 8,194.2 3 6,746.1 6,699.2 6,700.3 6,770.0 6,794.9 6,834.8 6,872.1 6,877.6 4 1,336.5 1,324.1 1,322.6 1,336.1 1,344.9 1,340.3 1,349.8 1,344.9 5 821.1 809.6 805.1 817.4 825.2 823.4 830.5 826.8 6 5,409.6 5,375.1 5,377.7 5,433.9 5,450.0 5,494.5 5,522.3 5,532.8 7 1,259.0 1,251.4 1,250.6 1,262.7 1,262.5 1,276.2 1,278.5 1,280.0 8 4,150.6 4,123.8 4,127.1 4,171.2 4,187.5 4,218.3 4,243.8 4,252.8 9 1,294.3 1,295.8 1,298.2 1,300.4 1,304.4 1,308.4 1,313.3 1,316.6 10 1,879.0 1,880.2 1,884.8 1,894.2 1,900.5 1,907.8 1,915.0 1,919.5 11 1,300.0 579.0 1,304.9 575.3 1,309.8 575.0 1,314.7 579.5 1,319.4 581.1 1,324.1 583.7 1,328.9 586.1 1,333.1 12 586.4 13 1,405.7 1,402.7 1,403.3 1,406.6 1,405.0 1,411.8 1,412.7 1,413.2 14 33.1 32.3 31.5 30.6 29.8 28.9 28.5 28.1 15 1,372.7 1,370.3 1,371.8 1,376.0 1,375.2 1,382.9 1,384.2 1,385.1 16 685.7 692.8 699.9 699.3 700.1 702.4 706.1 711.1 17 2,230.9 2,230.0 2,246.7 2,250.9 2,259.7 2,256.7 2,262.6 2,273.5 18 1,287.2 1,296.1 1,304.9 1,307.6 1,310.2 1,312.8 1,316.2 1,319.6 19 943.7 934.0 941.7 943.3 949.5 943.8 946.4 953.9 20 2,730.8 2,746.2 2,754.9 2,760.2 2,764.2 2,766.3 2,777.6 2,788.0 21 2,678.4 2,693.6 2,702.2 2,707.4 2,711.2 2,713.2 2,724.3 2,734.5 22 884.6 887.1 887.1 895.0 894.3 892.8 898.0 899.9 23 646.5 650.1 653.4 656.5 659.3 661.8 664.1 666.1 24 552.0 555.8 559.1 557.6 558.1 560.5 566.7 570.7 25 31.8 31.8 31.1 30.3 30.5 30.3 30.1 30.3 26 92.5 93.2 93.6 94.2 95.2 96.2 95.0 96.8 27 470.9 475.8 478.0 473.8 473.8 471.4 470.4 470.7 28 52.5 52.6 52.7 52.9 53.0 53.2 53.3 53.5 29 1,233.5 1,226.9 1,226.7 1,235.7 1,239.1 1,244.4 1,249.4 1,250.1 30 1,939.0 1,929.6 1,929.5 1,940.1 1,943.8 1,951.7 1,966.2 1,973.6 31 13,800.0 13,790.3 13,831.9 13,905.9 13,945.9 13,992.2 14,043.8 14,075.7 32 12,946.0 12,968.2 12,971.5 13,100.5 13,146.3 13,216.7 13,261.9 13,268.0 33 12,479.1 12,504.3 12,510.5 12,642.8 12,684.5 12,750.8 12,796.1 12,802.3 34 4,019.9 3,999.9 4,006.2 4,076.2 4,081.0 4,099.0 4,111.6 4,087.9 35 1,364.8 1,370.0 1,365.1 1,391.8 1,386.8 1,391.4 1,420.3 1,401.8 36 2,655.1 2,629.9 2,641.1 2,684.4 2,694.1 2,707.5 2,691.3 2,686.1 37 8,459.1 8,504.4 8,504.3 8,566.6 8,603.5 8,651.9 8,684.5 8,714.4 38 270.9 268.0 265.1 269.0 273.0 276.9 276.7 276.4 39 196.1 195.9 195.9 188.7 188.8 188.9 189.1 189.3 40 108.3 108.2 108.1 108.1 108.2 108.4 108.5 108.8 41 87.8 87.8 87.8 80.6 80.6 80.6 80.6 80.6 42 854.0 822.1 860.4 805.4 799.6 775.5 781.9 807.6 43 6.2 6.0 6.2 5.8 5.7 5.5 5.6 5.7 44 11,826.0 11,803.4 11,825.3 11,858.6 11,874.2 11,907.8 11,953.8 11,962.7 45 12,545.8 12,546.4 12,575.8 12,601.8 12,616.4 12,643.9 12,686.8 12,697.3 46 42,714 38,832 323,076 42,663 38,815 323,238 42,769 38,885 323,413 42,973 38,943 323,601 43,069 38,963 323,804 43,183 39,022 324,018 43,312 39,127 324,245 43,378 47 39,130 48 324,487 49 p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. 5 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2015 I II 2016 III IV 1 Personal income...................................................................................... 14,809.7 15,458.5 15,185.9 15,401.9 15,556.1 15,690.2 2 Compensation of employees .............................................................. 9,253.4 9,693.1 9,502.3 9,637.6 9,740.0 9,892.4 3 Wages and salaries........................................................................... 7,476.3 7,854.8 7,692.0 7,808.8 7,893.9 8,024.6 4 Private industries ............................................................................. 6,239.6 6,580.3 6,433.8 6,537.8 6,613.8 6,735.8 5 Goods-producing industries ......................................................... 1,257.4 1,308.1 1,286.1 1,301.4 1,310.4 1,334.6 6 Manufacturing ........................................................................... 780.0 806.7 793.6 803.1 806.2 823.9 7 Services-producing industries ...................................................... 4,982.2 5,272.2 5,147.7 5,236.4 5,303.4 5,401.1 8 Trade, transportation, and utilities ............................................. 1,175.4 1,237.1 1,210.0 1,229.0 1,245.1 1,264.2 9 Other services-producing industries.......................................... 3,806.8 4,035.1 3,937.7 4,007.5 4,058.3 4,137.0 10 Government ..................................................................................... 1,236.7 1,274.5 1,258.2 1,271.0 1,280.1 1,288.9 11 Supplements to wages and salaries ............................................... 1,777.1 1,838.2 1,810.3 1,828.7 1,846.1 1,867.8 12 Employer contributions for employee pension and insurance funds 1 ........................................................................................... 1,229.8 1,270.5 1,252.4 1,263.5 1,276.1 1,290.0 13 Employer contributions for government social insurance ................ 547.3 567.7 558.0 565.2 570.0 577.8 14 Proprietors’ income with inventory valuation and capital consumption adjustments ............................................................... 1,337.7 1,376.8 1,351.1 1,366.1 1,389.0 1,400.9 15 Farm.................................................................................................... 68.5 39.9 38.4 38.7 44.6 38.1 16 Nonfarm .............................................................................................. 1,269.2 1,336.8 1,312.7 1,327.4 1,344.4 1,362.8 17 Rental income of persons with capital consumption adjustment ... 606.1 659.6 636.5 656.6 668.1 677.3 18 Personal income receipts on assets .................................................. 2,227.0 2,253.8 2,240.4 2,264.3 2,275.1 2,235.5 19 Personal interest income .................................................................... 1,300.9 1,302.7 1,266.0 1,315.9 1,336.1 1,293.0 20 Personal dividend income................................................................... 926.1 951.1 974.4 948.5 939.0 942.5 21 Personal current transfer receipts...................................................... 2,540.4 2,678.6 2,638.9 2,675.4 2,692.1 2,708.2 22 Government social benefits to persons............................................... 2,494.9 2,627.2 2,589.0 2,624.1 2,640.0 2,655.8 23 Social security 2 ................................................................................ 834.6 871.8 861.7 869.5 874.5 881.5 24 Medicare 3 ........................................................................................ 601.1 628.2 617.3 624.1 631.6 639.8 25 Medicaid .......................................................................................... 487.4 539.6 524.9 540.9 545.3 547.3 26 Unemployment insurance ................................................................ 35.5 32.2 33.2 32.1 32.0 31.4 27 Veterans’ benefits ............................................................................ 83.7 89.8 87.7 89.4 90.0 92.2 28 Other................................................................................................ 452.6 465.6 464.3 468.2 466.5 463.5 29 Other current transfer receipts, from business (net) ........................... 45.5 51.4 49.9 51.3 52.1 52.4 30 Less: Contributions for government social insurance, domestic ... 1,154.9 1,203.5 1,183.3 1,198.1 1,208.3 1,224.1 31 Less: Personal current taxes ................................................................. 1,787.0 1,938.7 1,909.4 1,937.2 1,944.4 1,963.8 32 Equals: Disposable personal income.................................................... 13,022.7 13,519.8 13,276.5 13,464.7 13,611.7 13,726.4 33 Less: Personal outlays ........................................................................... 12,296.7 12,736.2 12,540.9 12,691.2 12,813.2 12,899.6 34 Personal consumption expenditures ...................................................... 11,863.4 12,283.7 12,098.9 12,240.2 12,356.9 12,438.8 35 Goods ................................................................................................. 3,970.5 4,012.1 3,956.7 4,010.7 4,043.0 4,038.1 36 Durable goods ................................................................................. 1,294.8 1,355.2 1,331.0 1,353.3 1,364.7 1,371.8 37 Nondurable goods ........................................................................... 2,675.7 2,656.9 2,625.6 2,657.4 2,678.4 2,666.3 38 Services .............................................................................................. 7,892.9 8,271.6 8,142.2 8,229.5 8,313.9 8,400.6 39 Personal interest payments 4 .................................................................. 251.6 263.8 255.9 262.3 266.2 270.6 40 Personal current transfer payments ....................................................... 181.8 188.8 186.0 188.7 190.1 190.2 41 To government .................................................................................... 98.3 103.3 102.2 103.3 103.9 104.0 42 To the rest of the world (net) ............................................................... 83.5 85.4 83.8 85.4 86.2 86.2 43 Equals: Personal saving ......................................................................... 726.0 783.6 735.6 773.5 798.5 826.8 44 Personal saving as a percentage of disposable personal income 5.6 5.8 5.5 5.7 5.9 6.0 Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ..................................................................... 11,240.8 11,667.7 11,513.6 11,625.6 11,717.8 11,813.7 Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................. 11,931.0 12,343.3 12,183.0 12,299.9 12,398.9 12,491.0 Per capita: 47 Current dollars ................................................................................. 40,794 42,026 41,389 41,902 42,270 42,537 48 Chained (2009) dollars .................................................................... 37,374 38,368 37,980 38,277 38,504 38,709 49 Population (midperiod, thousands) 6 ....................................................... 319,233 321,704 320,771 321,337 322,015 322,693 I Line II r 15,740.1 15,893.2 1 9,892.6 10,005.1 2 8,011.3 8,104.3 3 6,715.2 6,799.9 4 1,327.7 1,340.4 5 811.9 822.0 6 5,387.5 5,459.5 7 1,253.7 1,267.1 8 4,133.8 4,192.3 9 1,296.1 1,304.4 10 1,881.3 1,900.8 11 1,304.9 576.4 1,319.4 12 581.4 13 1,403.9 1,407.8 14 32.3 29.8 15 1,371.6 1,378.0 16 692.8 700.6 17 2,235.9 2,255.8 18 1,296.1 1,310.2 19 939.8 945.5 20 2,744.0 2,763.6 21 2,691.4 2,710.6 22 886.3 894.1 23 650.0 659.2 24 555.6 558.8 25 31.5 30.3 26 93.1 95.2 27 474.9 473.0 28 52.6 53.0 29 1,229.0 1,239.7 30 1,932.7 1,945.2 31 13,807.4 13,948.0 32 12,961.9 13,154.5 33 12,498.0 12,692.7 34 4,008.7 4,085.4 35 1,366.6 1,390.0 36 2,642.0 2,695.4 37 8,489.3 8,607.3 38 268.0 273.0 39 196.0 188.8 40 108.2 108.2 41 87.8 80.6 42 845.5 793.5 43 6.1 5.7 44 11,818.2 11,880.2 45 12,556.0 12,620.7 46 42,715 38,844 323,242 43,075 47 38,976 48 323,808 49 r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. 6 Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2016 Jan. 1 Personal income ...................................................................................... 2 Compensation of employees............................................................... 3 Wages and salaries ........................................................................... 4 Private industries.............................................................................. 5 Goods-producing industries .......................................................... 6 Manufacturing............................................................................ 7 Services-producing industries....................................................... 8 Trade, transportation, and utilities ............................................. 9 Other services-producing industries .......................................... 10 Government ..................................................................................... 11 Supplements to wages and salaries................................................ 12 Employer contributions for employee pension and insurance funds 1............................................................................................ 13 Employer contributions for government social insurance................. 14 Proprietors’ income with inventory valuation and capital consumption adjustments................................................................ 15 Farm .................................................................................................... 16 Nonfarm............................................................................................... 17 Rental income of persons with capital consumption adjustment ... 18 Personal income receipts on assets................................................... 19 Personal interest income..................................................................... 20 Personal dividend income ................................................................... 21 Personal current transfer receipts ...................................................... 22 Government social benefits to persons ............................................... 23 Social security 2 ................................................................................ 24 Medicare 3 ......................................................................................... 25 Medicaid........................................................................................... 26 Unemployment insurance ................................................................ 27 Veterans’ benefits............................................................................. 28 Other ................................................................................................ 29 Other current transfer receipts, from business (net)............................ 30 Less: Contributions for government social insurance, domestic ... 31 Less: Personal current taxes.................................................................. 32 Equals: Disposable personal income .................................................... 33 Less: Personal outlays............................................................................ 34 Personal consumption expenditures....................................................... 35 Goods.................................................................................................. 36 Durable goods.................................................................................. 37 Nondurable goods............................................................................ 38 Services............................................................................................... 39 Personal interest payments 4................................................................... 40 Personal current transfer payments........................................................ 41 To government..................................................................................... 42 To the rest of the world (net)................................................................ 43 Equals: Personal saving.......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ..................................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 ........... Feb. March April r Line May r June r July r Aug. p 1.4 –18.6 –22.7 –25.3 –4.3 –7.0 –21.0 –10.4 –10.6 2.6 4.1 –19.1 –44.2 –45.4 –46.9 –12.4 –11.5 –34.5 –7.6 –26.9 1.5 1.2 41.5 8.1 3.5 1.1 –1.5 –4.5 2.6 –0.8 3.4 2.4 4.6 84.6 81.4 72.0 69.7 13.5 12.3 56.2 12.1 44.1 2.3 9.4 43.7 35.1 28.8 24.9 8.8 7.8 16.1 –0.2 16.3 3.9 6.3 54.2 51.2 43.9 39.9 –4.6 –1.8 44.5 13.8 30.7 4.0 7.3 66.1 49.4 42.2 37.3 9.6 7.1 27.8 2.2 25.5 4.9 7.2 39.3 1 13.3 2 8.8 3 5.5 4 –5.0 5 –3.6 6 10.5 7 1.5 8 9.0 9 3.3 10 4.5 11 5.1 –1.0 4.8 –3.7 5.0 –0.3 4.9 4.5 4.7 1.6 4.7 2.6 4.7 2.5 4.2 12 0.2 13 –2.3 –0.8 –1.5 6.6 9.9 8.9 1.0 10.7 10.6 –4.5 3.8 2.7 0.1 –0.6 9.2 0.1 4.9 –27.5 28.9 10.3 7.3 –17.6 –11.2 –6.4 24.9 –2.9 5.9 4.4 1.5 18.7 –3.1 –0.8 –2.3 7.1 –0.9 8.9 –9.8 15.4 15.3 2.5 3.5 3.7 –0.1 0.7 4.8 0.1 –6.7 –9.4 –9.7 22.2 25.2 –20.0 5.2 –25.3 45.3 –2.9 –0.1 –0.1 0.0 –31.9 0.7 –0.8 1.4 7.1 16.6 8.9 7.8 8.7 8.6 –0.1 3.3 3.3 –0.7 0.5 2.3 0.1 –0.2 –0.1 41.6 3.3 6.2 6.3 –4.9 11.2 –0.1 –2.9 0.0 0.0 0.0 38.4 3.3 –0.9 4.2 –0.6 4.2 2.6 1.6 5.3 5.2 8.0 3.1 –1.4 –0.8 0.6 –4.3 0.2 9.0 10.6 74.0 129.0 132.3 70.0 26.6 43.3 62.3 3.9 –7.2 0.0 –7.2 –55.0 –1.6 –0.9 –0.7 0.8 8.8 2.6 6.2 3.9 3.8 –0.7 2.8 0.5 0.2 1.0 0.0 0.2 3.4 3.7 40.0 45.8 41.7 4.8 –4.9 9.7 36.9 3.9 0.1 0.1 0.0 –5.8 6.8 –0.9 7.7 2.3 –3.0 2.6 –5.7 2.2 2.0 –1.5 2.6 2.4 –0.1 1.0 –2.4 0.2 5.3 8.0 46.3 70.4 66.3 18.0 4.6 13.4 48.3 3.9 0.1 0.1 0.0 –24.1 0.9 –0.4 1.3 3.7 5.9 3.4 2.6 11.3 11.1 5.2 2.3 6.1 –0.2 –1.3 –1.1 0.2 5.0 14.5 51.6 45.2 45.3 12.6 28.9 –16.3 32.7 –0.3 0.2 0.2 0.0 6.4 –22.3 11.7 –22.5 0.6 21.9 29.4 33.3 26.0 15.6 14.6 33.6 27.5 46.0 42.9 0.5 –0.4 0.9 5.0 10.9 3.4 7.5 10.3 10.1 1.9 2.0 4.0 0.1 1.8 0.3 0.2 0.7 7.4 31.9 6.1 6.2 –23.7 –18.5 –5.2 29.9 –0.3 0.2 0.2 0.0 25.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 8.9 44 10.5 45 p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 7 Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2015 I 1 Personal income ...................................................................................... 2 Compensation of employees............................................................... 3 Wages and salaries ........................................................................... 4 Private industries.............................................................................. 5 Goods-producing industries .......................................................... 6 Manufacturing............................................................................ 7 Services-producing industries....................................................... 8 Trade, transportation, and utilities ............................................. 9 Other services-producing industries .......................................... 10 Government ..................................................................................... 11 Supplements to wages and salaries................................................ 12 Employer contributions for employee pension and insurance funds 1............................................................................................ 13 Employer contributions for government social insurance................. 14 Proprietors’ income with inventory valuation and capital consumption adjustments................................................................ 15 Farm .................................................................................................... 16 Nonfarm............................................................................................... 17 Rental income of persons with capital consumption adjustment ... 18 Personal income receipts on assets................................................... 19 Personal interest income..................................................................... 20 Personal dividend income ................................................................... 21 Personal current transfer receipts ...................................................... 22 Government social benefits to persons ............................................... 23 Social security 2 ................................................................................ 24 Medicare 3 ......................................................................................... 25 Medicaid........................................................................................... 26 Unemployment insurance ................................................................ 27 Veterans’ benefits............................................................................. 28 Other ................................................................................................ 29 Other current transfer receipts, from business (net)............................ 30 Less: Contributions for government social insurance, domestic ... 31 Less: Personal current taxes.................................................................. 32 Equals: Disposable personal income .................................................... 33 Less: Personal outlays............................................................................ 34 Personal consumption expenditures....................................................... 35 Goods.................................................................................................. 36 Durable goods.................................................................................. 37 Nondurable goods............................................................................ 38 Services............................................................................................... 39 Personal interest payments 4................................................................... 40 Personal current transfer payments........................................................ 41 To government..................................................................................... 42 To the rest of the world (net)................................................................ 43 Equals: Personal saving.......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ..................................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 ........... 2016 Line II III IV I II r 736.1 411.0 359.6 330.9 68.5 33.8 262.5 56.3 206.2 28.7 51.4 648.8 439.6 378.5 340.7 50.7 26.7 290.0 61.6 228.3 37.8 61.1 79.7 70.2 59.2 51.9 –1.4 –0.7 53.3 9.4 43.9 7.3 11.0 216.0 135.2 116.8 104.0 15.3 9.4 88.7 18.9 69.8 12.8 18.4 154.2 102.5 85.1 75.9 9.0 3.2 67.0 16.1 50.8 9.2 17.3 134.1 152.4 130.7 122.0 24.3 17.7 97.7 19.1 78.6 8.7 21.7 49.9 0.1 –13.4 –20.6 –6.9 –12.0 –13.7 –10.5 –3.1 7.2 13.5 153.1 1 112.6 2 93.0 3 84.7 4 12.7 5 10.0 6 72.0 7 13.5 8 58.5 9 8.3 10 19.5 11 30.8 20.6 40.7 20.4 10.0 1.0 11.2 7.2 12.6 4.8 13.9 7.8 14.9 –1.4 14.5 12 5.0 13 53.0 –19.3 72.3 39.0 170.9 39.3 131.6 112.4 108.0 35.6 26.1 47.7 –26.9 4.7 20.8 4.4 50.3 109.2 626.9 521.0 502.2 136.0 53.1 82.9 366.2 7.7 11.1 4.9 6.2 105.9 39.0 –28.6 67.6 53.5 26.9 1.9 25.0 138.3 132.3 37.2 27.1 52.2 –3.3 6.1 13.0 6.0 48.6 151.7 497.1 439.5 420.3 41.6 60.4 –18.8 378.7 12.2 7.0 5.0 1.9 57.6 –14.4 –22.6 8.2 13.2 –26.7 –38.6 11.9 46.5 44.5 18.1 6.2 11.4 0.0 2.4 6.4 2.0 9.0 68.5 11.2 16.8 23.1 –57.4 5.9 –63.3 80.5 –3.9 –2.4 1.6 –3.9 –5.6 15.0 0.3 14.7 20.1 23.9 49.9 –26.0 36.5 35.1 7.8 6.8 16.0 –1.1 1.8 3.9 1.4 14.8 27.8 188.2 150.3 141.3 54.0 22.2 31.8 87.3 6.4 2.6 1.1 1.5 37.9 22.9 5.9 17.0 11.5 10.8 20.3 –9.5 16.7 15.9 5.0 7.5 4.5 0.0 0.6 –1.6 0.8 10.1 7.3 147.0 122.0 116.7 32.4 11.4 21.0 84.3 3.8 1.5 0.6 0.9 25.0 11.9 –6.5 18.4 9.2 –39.7 –43.1 3.5 16.0 15.7 6.9 8.2 1.9 –0.6 2.2 –3.0 0.3 15.8 19.4 114.7 86.4 81.9 –4.9 7.1 –12.0 86.8 4.4 0.1 0.1 0.0 28.3 3.0 –5.8 8.8 15.5 0.4 3.1 –2.7 35.8 35.6 4.8 10.1 8.4 0.1 0.9 11.4 0.2 4.9 –31.1 81.1 62.3 59.2 –29.5 –5.1 –24.3 88.6 –2.6 5.7 4.2 1.5 18.7 410.8 403.4 426.9 412.2 77.0 59.6 112.0 117.0 92.2 98.9 95.9 92.1 4.6 65.0 3.9 –2.5 6.4 7.8 19.9 14.1 5.7 19.6 19.2 7.8 9.2 3.1 –1.2 2.1 –1.9 0.4 10.7 12.5 140.6 192.6 194.7 76.7 23.4 53.3 118.0 5.0 –7.1 0.0 –7.2 –52.0 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 62.0 44 64.7 45 r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 8 Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2016 Jan. Feb. March Line May r April r June r July r Aug. p Based on current-dollar measures 1 Personal income ........................................................................ 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services................................................................................. 0.0 –0.2 –0.3 0.2 –0.1 –0.4 –0.6 0.1 0.3 0.1 0.0 0.2 0.5 0.8 0.9 0.5 0.3 0.4 0.4 0.3 0.3 0.5 0.5 0.4 0.4 0.5 0.5 0.4 0.2 0.1 0.1 0.2 –0.2 1.0 0.4 0.7 0.1 0.4 0.4 –1.4 0.2 –0.2 1.0 0.0 0.7 –1.0 0.6 –0.5 –0.5 –0.1 0.0 1.0 0.7 0.7 0.8 0.3 0.0 0.0 0.3 0.2 –0.1 0.2 0.2 0.2 0.2 0.7 0.5 0.5 –0.1 0.1 0.4 0.2 0.7 0.1 0.3 0.2 0.3 0.5 0.3 –0.1 0.2 –0.6 0.1 0.4 0.4 0.3 0.1 0.5 0.3 0.3 0.3 0.4 0.4 0.7 0.4 0.0 5 0.7 6 0.5 7 0.3 8 0.8 9 0.4 10 0.1 11 0.4 12 0.2 13 0.1 –0.4 –0.8 –0.2 0.3 0.2 –0.5 0.4 –1.0 0.5 0.0 0.2 –0.4 0.4 0.0 1.1 1.7 2.0 1.6 0.7 0.3 0.1 –0.4 0.4 0.4 0.5 0.4 0.3 0.5 0.6 0.4 0.3 2.1 –0.6 0.4 0.3 0.2 0.1 0.1 0.3 0.2 0.4 0.3 0.0 –0.6 –1.3 –0.2 0.3 1 2 3 4 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. –0.2 0.1 –0.2 0.0 0.2 0.2 0.1 19 0.1 20 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2014 2015 2015 I II 2016 III IV I Line II r Based on current-dollar measures 1 Personal income ........................................................................ 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services................................................................................. 5.2 4.6 5.1 3.0 4.4 4.8 5.1 3.4 2.1 3.0 3.1 2.5 5.8 5.8 6.2 4.1 4.1 4.3 4.4 3.8 3.5 6.4 6.8 4.8 1.3 0.0 –0.7 2.9 3.9 4.6 4.7 4.2 1 2 3 4 4.1 6.9 8.3 3.1 16.6 4.6 4.6 6.5 5.1 2.9 8.8 1.2 0.1 2.7 5.4 4.2 8.5 3.8 –4.2 8.7 –4.6 –11.3 5.1 7.4 3.1 15.7 0.3 4.5 13.3 4.3 16.7 –10.2 5.7 5.1 5.9 5.8 6.9 7.2 1.9 6.3 –3.9 2.5 3.4 1.5 4.4 3.5 5.6 –6.8 –12.3 1.5 2.4 5.3 4.1 3.4 0.8 9.5 0.1 1.0 –1.1 5.4 1.6 –6.2 2.4 1.1 5 4.6 6 3.6 7 4.4 8 2.5 9 2.9 10 3.5 11 2.6 12 4.1 13 4.4 3.5 4.3 3.2 4.9 3.5 1.0 4.7 –0.7 4.8 0.8 –5.6 1.8 –9.1 4.1 4.8 5.6 6.9 4.9 4.4 3.9 3.3 3.4 3.2 4.2 2.7 –0.5 2.1 –1.8 4.2 1.9 –2.9 –1.5 –3.6 4.3 6.4 7.9 7.0 8.3 5.7 3.9 3.9 3.2 3.3 3.3 3.0 0.2 2.1 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. 3.8 3.5 3.8 3.5 r Revised 9 2.7 2.0 2.1 19 2.1 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2016 Line Jan. Feb. March May r April r June r July r Aug. p Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 11,344.9 3,958.0 1,518.7 2,470.0 7,390.2 11,376.4 3,962.4 1,528.9 2,465.6 7,416.5 11,374.4 3,973.6 1,527.0 2,477.8 7,404.9 11,457.1 4,022.6 1,555.9 2,499.9 7,441.0 11,475.3 4,029.1 1,555.6 2,506.3 7,452.7 11,522.2 4,047.0 1,571.4 2,510.0 7,481.9 11,559.7 4,074.4 1,608.1 2,505.6 7,493.9 11,548.6 4,049.4 1,587.7 2,499.0 7,504.9 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures (PCE)...................... 7 Goods.......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... –6.6 –9.8 –16.1 4.1 2.4 31.5 4.4 10.2 –4.4 26.3 –2.0 11.1 –1.9 12.1 –11.7 82.7 49.0 28.8 22.2 36.2 18.1 6.5 –0.3 6.3 11.7 46.9 17.9 15.9 3.7 29.2 37.5 27.4 36.7 –4.4 11.9 –11.1 6 –24.9 7 –20.4 8 –6.6 9 11.1 10 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... –0.1 –0.2 –1.0 0.2 0.0 0.3 0.1 0.7 –0.2 0.4 0.0 0.3 –0.1 0.5 –0.2 0.7 1.2 1.9 0.9 0.5 0.2 0.2 0.0 0.3 0.2 0.4 0.4 1.0 0.1 0.4 0.3 0.7 2.3 –0.2 0.2 –0.1 –0.6 –1.3 –0.3 0.1 11 12 13 14 15 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2014 2015 2015 I 2016 II III IV I Line II r Billions of chained (2009) dollars 1 Personal consumption expenditures (PCE) ..................... 2 Goods ......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 10,868.9 3,755.4 1,401.1 2,376.4 7,114.2 11,214.7 3,907.4 1,498.1 2,439.3 7,310.3 11,102.4 3,851.5 1,462.9 2,415.8 7,252.4 11,181.3 3,892.1 1,489.8 2,431.8 7,291.8 11,255.9 3,932.6 1,512.4 2,451.3 7,327.2 11,319.3 3,953.4 1,527.3 2,458.4 7,369.8 11,365.2 3,964.7 1,524.9 2,471.1 7,403.9 74.5 40.5 22.5 19.5 35.4 63.4 20.7 15.0 7.1 42.6 45.9 11.3 –2.4 12.7 34.1 2.7 4.2 6.2 3.2 2.0 2.3 2.1 4.0 1.2 2.3 1.6 1.2 –0.6 2.1 1.9 11,484.9 4,032.9 1,560.9 2,505.4 7,458.5 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures (PCE) ..................... 7 Goods ......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 303.5 141.9 88.4 60.2 162.8 345.9 152.0 97.0 62.9 196.2 66.0 25.2 14.8 11.6 41.0 79.0 40.7 26.9 16.0 39.5 119.6 6 68.2 7 36.1 8 34.3 9 54.7 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures (PCE) ..................... 12 Goods ......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... 2.9 3.9 6.7 2.6 2.3 3.2 4.0 6.9 2.6 2.8 r Revised 10 2.4 2.7 4.1 1.9 2.3 2.9 4.3 7.6 2.7 2.2 4.3 7.1 9.8 5.7 3.0 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2016 Line Jan. Feb. March April r May r June r July r Aug. p Line Chain-type price indexes (2009=100), seasonally adjusted 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3....................... 109.999 101.563 89.859 107.497 114.467 109.917 100.944 89.603 106.662 114.671 109.991 100.820 89.395 106.592 114.851 110.351 101.331 89.448 107.380 115.130 110.540 101.288 89.148 107.496 115.445 110.666 101.284 88.538 107.870 115.641 110.699 100.913 88.314 107.411 115.892 110.858 100.949 88.283 107.489 116.119 1 2 3 4 5 110.494 110.739 96.441 108.432 108.730 110.702 110.953 90.059 108.352 108.979 110.776 110.438 91.087 108.400 109.023 110.995 110.629 94.561 108.711 109.167 111.182 110.120 95.901 108.913 109.368 111.273 109.866 97.298 109.054 109.472 111.410 109.760 95.522 109.041 109.570 111.608 6 109.583 7 95.468 8 109.164 9 109.731 10 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... Addenda: 16 PCE excluding food and energy ............................................... 17 Food 1 ........................................................................................ 18 Energy goods and services 2 ..................................................... 19 Market-based PCE 3 .................................................................. 20 Market-based PCE excluding food and energy 3....................... 0.1 –0.2 0.2 –0.4 0.3 –0.1 –0.6 –0.3 –0.8 0.2 0.1 –0.1 –0.2 –0.1 0.2 0.3 0.5 0.1 0.7 0.2 0.2 0.0 –0.3 0.1 0.3 0.1 0.0 –0.7 0.3 0.2 0.0 –0.4 –0.3 –0.4 0.2 0.1 0.0 0.0 0.1 0.2 11 12 13 14 15 0.3 –0.1 –3.0 0.0 0.2 0.2 0.2 –6.6 –0.1 0.2 0.1 –0.5 1.1 0.0 0.0 0.2 0.2 3.8 0.3 0.1 0.2 –0.5 1.4 0.2 0.2 0.1 –0.2 1.5 0.1 0.1 0.1 –0.1 –1.8 0.0 0.1 0.2 –0.2 –0.1 0.1 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. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2016 Line Jan. 1 Disposable personal income .................................................... 2 Personal consumption expenditures....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services .................................................................................... Feb. 3.1 2.4 3.1 4.1 2.6 2.0 March 2.9 2.6 3.3 5.5 2.2 2.2 May r April r 3.2 2.2 2.4 3.2 2.0 2.0 2.8 2.8 3.9 5.1 3.3 2.2 2.5 2.5 3.2 3.8 2.8 2.2 June r 2.5 2.9 3.7 5.4 2.9 2.5 July r 2.6 2.9 3.9 6.7 2.4 2.5 Aug. p 2.4 2.6 3.0 5.1 1.9 2.5 Line 1 2 3 4 5 6 p Preliminary r Revised 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....................... 2016 Jan. Feb. March April r May r June r July r 1.1 –1.0 –1.2 –0.8 2.1 0.9 –1.8 –1.6 –1.9 2.2 0.8 –2.0 –1.7 –2.2 2.1 1.0 –1.4 –1.7 –1.3 2.2 1.0 –1.8 –1.9 –1.8 2.3 0.9 –1.8 –2.3 –1.6 2.3 0.8 –2.2 –2.3 –2.1 2.3 1.6 –0.2 –7.2 0.8 1.4 1.7 –0.1 –14.0 0.6 1.5 1.6 –0.3 –13.8 0.5 1.4 1.6 0.0 –9.7 0.7 1.3 1.6 –0.4 –10.7 0.7 1.4 1.6 –0.9 –10.0 0.7 1.4 1.6 –1.2 –11.6 0.6 1.4 Aug. p 1.0 –1.8 –2.0 –1.7 2.3 Line 1 2 3 4 5 1.7 6 –1.5 7 –9.9 8 0.7 9 1.5 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. 11