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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, SEPTEMBER 28, 2018 Technical: Media: James Rankin (Personal Income) Kyle Brown (PCE) Jeannine Aversa (301) 278-9087 (301) 278-9086 (301) 278-9003 BEA 18-52 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays: August 2018 Personal income increased $60.3 billion (0.3 percent) in August according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $51.4 billion (0.3 percent) and personal consumption expenditures (PCE) increased $46.4 billion (0.3 percent). Real DPI increased 0.2 percent in August and Real PCE increased 0.2 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased less than 0.1 percent. Apr. Personal income: Current dollars Disposable personal income: Current dollars Chained (2012) dollars Personal consumption expenditures (PCE): Current dollars Chained (2012) dollars Price indexes: PCE PCE, excluding food and energy Price indexes: PCE PCE, excluding food and energy 2018 May June July Aug. Percent change from preceding month 0.3 0.4 0.4 0.3 0.3 0.3 0.1 0.4 0.2 0.4 0.3 0.3 0.2 0.3 0.2 0.5 0.3 0.5 0.3 0.4 0.3 0.4 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.2 0.1 0.0 Percent change from month one year ago 2.0 2.3 2.3 2.3 2.2 1.9 2.0 2.0 2.0 2.0 The increase in personal income in August primarily reflected increases in wages and salaries, government social benefits to persons, and nonfarm proprietors’ income (table 3). The $28.7 billion increase in real PCE in August reflected an increase of $15.3 billion in spending for goods and a $14.3 billion increase in spending for services (table 7). Within goods, other nondurable goods was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for health care. Detailed information on monthly real PCE spending can be found in Table 2.3.6U. Personal outlays increased $47.1 billion in August (table 3). Personal saving was $1,032.3 billion in August and the personal saving rate, personal saving as a percentage of disposable personal income, was 6.6 percent (table 1). Updates to Personal Income and Outlays Estimates have been updated for April through July. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE -- revised and previously published in last month's release -- are shown below. Change from preceding month 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 (2012) dollars Personal consumption expenditures: Current dollars Chained (2012) dollars 66.1 70.5 0.4 0.4 54.8 51.9 0.3 0.3 59.6 38.9 64.0 43.0 0.4 0.3 0.4 0.3 52.5 30.8 45.5 22.8 0.3 0.2 0.3 0.2 51.2 32.8 60.4 41.4 0.4 0.3 0.4 0.3 49.3 29.6 62.7 40.6 0.4 0.2 0.4 0.3 Next release: October 29, 2018 at 8:30 A.M. EDT Personal Income and Outlays: September 2018 Additional Information Resources Additional Resources available at www.bea.gov: • • • • • • Stay informed about BEA developments by reading The BEA Wire, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Definitions Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. For more definitions, see the Glossary: National Income and Product Accounts. Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, see the FAQ “How is average annual growth calculated?” Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (months for monthly data, quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. List of Personal Income and Outlays News Release Tables Table 1. Table 2. Table 3. Table 4. Table 5. Table 6. Table 7. Table 8. Table 9. Table 10. Table 11. Personal Income and Its Disposition (Months) Personal Income and Its Disposition (Years and Quarters) Personal Income and Its Disposition, Change From Preceding Period (Months) Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Real Personal Consumption Expenditures by Major Type of Product (Months) Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago September 28, 2018 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] 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 12 Employer contributions for employee pension and insurance 1 13 14 funds Employer contributions for government social insurance Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons 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 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 Personal interest payments4 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 5 46 47 48 49 chained (2012) dollars Disposable personal income: Total, billions of chained (2012) dollars5 Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) Seasonally adjusted at annual rates 2018 r r March Aprilr May June 17,384.1 17,435.4 17,496.8 17,567.3 10,747.3 10,785.1 10,817.0 10,860.0 8,742.8 8,775.7 8,802.8 8,840.0 7,378.2 7,408.8 7,432.2 7,463.8 1,462.2 1,474.9 1,473.0 1,480.6 882.8 890.3 884.3 889.9 5,916.0 5,933.9 5,959.2 5,983.1 1,350.8 1,350.1 1,361.1 1,365.5 4,565.3 4,583.8 4,598.0 4,617.6 1,364.6 1,366.9 1,370.6 1,376.2 2,004.5 2,009.4 2,014.2 2,019.9 Jan. 17,257.7 10,674.0 8,679.5 7,318.2 1,436.3 870.6 5,881.9 1,340.2 4,541.6 1,361.4 1,994.5 Feb. 17,315.7 10,709.0 8,709.5 7,346.2 1,458.2 880.6 5,887.9 1,343.2 4,544.7 1,363.4 1,999.4 1,373.4 621.1 1,376.3 623.1 1,379.1 625.4 1,381.8 627.6 1,384.9 629.3 1,538.6 34.5 1,504.1 745.7 2,712.3 1,601.1 1,111.2 2,926.2 2,868.2 959.5 711.0 586.7 28.1 104.9 478.1 58.0 1,339.1 2,021.9 15,235.8 14,175.6 13,662.6 4,276.7 1,437.6 2,839.1 9,386.0 313.2 199.8 109.6 90.3 1,060.1 7.0 1,551.4 35.2 1,516.1 748.6 2,719.8 1,597.6 1,122.2 2,930.4 2,872.2 956.9 713.5 590.0 27.5 106.2 477.9 58.2 1,343.4 2,029.9 15,285.8 14,161.2 13,645.9 4,248.7 1,418.5 2,830.2 9,397.2 314.9 200.3 110.0 90.3 1,124.6 7.4 1,559.8 36.0 1,523.9 753.6 2,726.4 1,594.2 1,132.3 2,945.2 2,886.8 966.1 716.6 594.2 27.0 105.6 477.2 58.5 1,348.2 2,038.2 15,346.0 14,247.7 13,730.3 4,277.7 1,447.4 2,830.3 9,452.5 316.7 200.8 110.5 90.3 1,098.3 7.2 1,559.6 36.5 1,523.1 752.4 2,731.4 1,600.4 1,131.1 2,959.7 2,899.8 966.5 720.3 599.0 26.3 110.7 477.0 60.0 1,352.9 2,038.0 15,397.3 14,328.1 13,805.2 4,304.9 1,456.9 2,848.1 9,500.3 321.5 201.3 110.9 90.4 1,069.3 6.9 13,343.7 13,375.2 13,418.4 14,185.7 14,212.5 46,555 43,346 327,265 46,686 43,408 327,418 Line r p July 17,619.2 10,895.4 8,870.8 7,492.1 1,485.9 893.1 6,006.2 1,368.0 4,638.2 1,378.7 2,024.6 Aug. 17,679.5 10,942.2 8,912.2 7,531.4 1,489.7 893.6 6,041.7 1,377.8 4,663.9 1,380.9 2,030.0 1 2 3 4 5 6 7 8 9 10 11 1,388.2 631.7 1,390.9 633.7 1,393.4 636.6 12 13 1,568.8 37.0 1,531.8 753.7 2,749.6 1,606.5 1,143.1 2,964.4 2,904.0 968.3 724.4 603.1 25.1 107.6 475.5 60.4 1,356.7 2,040.3 15,456.5 14,408.7 13,880.6 4,340.9 1,460.4 2,880.5 9,539.7 326.4 201.7 111.4 90.4 1,047.7 6.8 1,577.0 37.5 1,539.5 756.6 2,762.2 1,612.7 1,149.5 2,973.3 2,912.5 972.3 729.0 605.7 25.1 105.5 474.9 60.8 1,361.8 2,046.8 15,520.4 14,474.5 13,941.0 4,342.7 1,458.9 2,883.8 9,598.4 331.3 202.2 111.8 90.4 1,046.0 6.7 1,579.5 33.8 1,545.8 762.0 2,761.6 1,607.6 1,154.0 2,986.9 2,925.7 975.2 734.1 607.5 25.3 108.8 474.8 61.2 1,366.1 2,053.2 15,566.0 14,538.0 14,003.8 4,365.4 1,465.9 2,899.6 9,638.3 331.7 202.6 112.2 90.4 1,028.0 6.6 1,584.8 30.1 1,554.7 767.9 2,757.9 1,602.4 1,155.4 2,998.8 2,937.2 981.0 739.7 608.7 24.9 109.4 473.5 61.6 1,372.1 2,062.1 15,617.4 14,585.1 14,050.1 4,377.2 1,464.4 2,912.8 9,673.0 332.0 203.0 112.6 90.4 1,032.3 6.6 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 13,420.7 13,445.8 13,487.6 13,504.9 13,534.8 45 14,261.3 14,275.3 14,300.8 14,343.8 14,366.6 14,398.4 46 46,846 43,535 327,584 46,977 43,554 327,763 47,130 43,607 327,951 47,297 43,711 328,150 47,404 43,752 328,365 47,529 43,819 328,590 47 48 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. 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 September 28, 2018 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Line 2016 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 1 13 14 funds Employer contributions for government social insurance Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons 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 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 Personal interest payments4 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 5 46 47 48 49 chained (2012) dollars Disposable personal income: Total, billions of chained (2012) dollars5 Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) Seasonally adjusted at annual rates 2017 2017 2018 Line r 16,125.1 9,956.2 8,080.7 6,773.0 1,328.3 814.0 5,444.7 1,262.0 4,182.7 1,307.7 1,875.6 16,830.9 10,407.2 8,453.8 7,108.1 1,390.3 846.4 5,717.8 1,313.5 4,404.3 1,345.7 1,953.4 Q1 16,604.4 10,249.2 8,325.0 6,991.3 1,370.0 836.7 5,621.3 1,300.0 4,321.3 1,333.7 1,924.2 Q2 16,721.2 10,339.9 8,395.7 7,054.3 1,380.4 841.8 5,673.9 1,306.8 4,367.2 1,341.4 1,944.2 Q3 16,895.1 10,471.2 8,506.6 7,156.3 1,400.7 851.2 5,755.6 1,321.1 4,434.5 1,350.2 1,964.6 Q4 17,103.1 10,568.6 8,588.1 7,230.4 1,410.3 855.9 5,820.1 1,325.9 4,494.2 1,357.7 1,980.5 Q1 17,319.2 10,710.1 8,710.6 7,347.5 1,452.2 878.0 5,895.3 1,344.8 4,550.5 1,363.1 1,999.4 Q2 17,499.8 10,820.7 8,806.2 7,434.9 1,476.2 888.2 5,958.8 1,358.9 4,599.8 1,371.2 2,014.5 1 2 3 4 5 6 7 8 9 10 11 1,294.2 581.4 1,348.1 605.3 1,327.4 596.8 1,342.7 601.5 1,355.7 608.8 1,366.4 614.0 1,376.3 623.2 1,385.0 629.5 12 13 1,419.3 37.5 1,381.8 694.8 2,516.6 1,440.9 1,075.7 2,778.1 2,717.4 896.5 662.2 562.7 31.7 92.8 471.6 60.7 1,239.9 1,954.3 14,170.9 13,222.7 12,766.9 3,996.3 1,346.6 2,649.7 8,770.6 269.2 186.5 104.3 82.3 948.2 6.7 1,500.9 38.9 1,462.0 730.2 2,631.6 1,523.0 1,108.6 2,859.7 2,804.0 926.1 695.3 577.4 29.1 98.5 477.6 55.7 1,298.6 2,034.6 14,796.3 13,809.5 13,321.4 4,156.1 1,406.5 2,749.6 9,165.3 293.9 194.2 107.3 86.9 986.8 6.7 1,475.1 42.3 1,432.9 719.0 2,607.4 1,523.9 1,083.5 2,834.2 2,777.4 916.2 683.1 573.6 30.4 95.0 479.1 56.9 1,280.5 2,004.9 14,599.6 13,584.7 13,114.1 4,090.4 1,375.6 2,714.8 9,023.7 280.6 190.0 105.8 84.2 1,014.9 7.0 1,495.0 41.5 1,453.5 724.4 2,610.9 1,490.9 1,120.0 2,841.6 2,786.6 922.8 691.7 569.3 29.0 97.4 476.4 55.0 1,290.6 2,014.2 14,707.0 13,716.7 13,233.2 4,117.1 1,393.4 2,723.7 9,116.1 288.7 194.9 106.7 88.2 990.2 6.7 1,507.5 36.4 1,471.1 732.0 2,615.1 1,500.1 1,115.1 2,875.3 2,820.5 929.8 699.6 583.6 28.8 99.8 478.9 54.8 1,306.0 2,048.5 14,846.6 13,853.3 13,359.1 4,166.0 1,411.2 2,754.8 9,193.1 300.0 194.1 107.8 86.3 993.4 6.7 1,526.1 35.4 1,490.6 745.3 2,692.9 1,577.2 1,115.7 2,887.6 2,831.5 935.5 706.6 583.2 28.0 102.0 476.1 56.1 1,317.3 2,070.9 15,032.2 14,083.3 13,579.2 4,250.9 1,445.7 2,805.2 9,328.3 306.1 197.9 109.0 89.0 948.9 6.3 1,549.9 35.2 1,514.7 749.3 2,719.5 1,597.6 1,121.9 2,933.9 2,875.7 960.8 713.7 590.3 27.6 105.6 477.8 58.2 1,343.6 2,030.0 15,289.2 14,194.8 13,679.6 4,267.7 1,434.5 2,833.2 9,411.9 314.9 200.3 110.0 90.3 1,094.3 7.2 1,568.5 37.0 1,531.5 754.2 2,747.8 1,606.5 1,141.2 2,965.8 2,905.4 969.1 724.5 602.6 25.5 107.9 475.8 60.4 1,357.1 2,041.7 15,458.1 14,403.8 13,875.6 4,329.5 1,458.7 2,870.8 9,546.1 326.4 201.7 111.3 90.4 1,054.3 6.8 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 12,804.8 13,171.4 13,049.4 13,127.2 13,207.3 13,301.7 13,379.1 13,451.4 45 13,595.2 13,949.2 13,835.3 13,909.8 13,986.2 14,065.9 14,219.8 14,306.6 46 43,782 42,003 323,668 45,390 42,791 325,983 44,907 42,556 325,108 45,163 42,715 325,640 45,503 42,866 326,276 45,983 43,027 326,907 46,696 43,430 327,423 47,135 43,624 327,955 47 48 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. 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 September 28, 2018 Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] 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 Employer contributions for employee pension and insurance 12 funds1 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 security2 24 Medicare3 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 payments4 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) dollars5 45 Disposable personal income, billions of chained (2012) dollars5 Seasonally adjusted at annual rates 2018 March Aprilr Mayr Juner 68.5 51.3 61.4 70.5 38.3 37.8 31.9 43.0 33.3 32.9 27.1 37.3 32.1 30.6 23.3 31.6 4.0 12.7 -1.9 7.7 2.2 7.5 -5.9 5.5 28.1 17.9 25.2 24.0 7.5 -0.6 11.0 4.4 20.5 18.5 14.2 19.6 1.2 2.2 3.8 5.6 5.0 4.9 4.8 5.7 Line Julyr 51.9 35.4 30.8 28.3 5.3 3.2 23.0 2.5 20.6 2.4 4.6 Aug.p 60.3 46.9 41.4 39.2 3.7 0.6 35.5 9.8 25.7 2.2 5.4 3.3 2.4 2.6 2.0 2.6 2.9 9.2 0.5 8.7 1.3 18.2 6.2 12.0 4.7 4.3 1.8 4.1 4.1 -1.2 -3.1 -1.5 0.4 3.8 2.3 59.1 80.7 75.4 36.0 3.5 32.5 39.4 4.9 0.4 0.4 0.0 -21.5 8.2 0.5 7.7 2.9 12.6 6.2 6.4 8.9 8.4 4.0 4.6 2.5 0.0 -2.1 -0.6 0.4 5.1 6.5 64.0 65.7 60.4 1.8 -1.5 3.3 58.7 4.9 0.4 0.4 0.0 -1.8 2.5 -3.7 6.2 5.4 -0.6 -5.1 4.5 13.6 13.2 2.8 5.1 1.9 0.1 3.3 -0.1 0.4 4.3 6.4 45.5 63.5 62.7 22.7 7.0 15.8 40.0 0.4 0.4 0.4 0.0 -18.0 5.3 -3.7 9.0 5.9 -3.7 -5.1 1.4 11.9 11.5 5.8 5.6 1.2 -0.4 0.6 -1.3 0.4 6.0 8.8 51.4 47.1 46.4 11.7 -1.5 13.2 34.6 0.4 0.4 0.4 0.0 4.3 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 25.1 25.6 41.8 43.0 17.3 22.8 29.9 31.8 44 45 Jan. 93.0 61.9 53.6 51.6 21.0 13.6 30.6 10.0 20.7 2.0 8.4 Feb. 58.0 35.0 30.0 28.0 21.9 9.9 6.1 3.0 3.1 2.0 5.0 3.8 4.6 3.0 2.0 2.7 2.3 2.8 2.2 3.1 1.7 13.2 0.7 12.5 -0.6 -5.6 -3.4 -2.2 40.6 39.6 23.7 2.1 2.4 0.2 2.1 9.2 1.0 16.5 -59.0 152.0 32.2 29.0 10.4 -7.7 18.1 18.6 1.8 1.4 0.1 1.3 119.8 12.8 0.7 12.1 2.9 7.5 -3.4 10.9 4.2 4.0 -2.5 2.6 3.3 -0.6 1.3 -0.2 0.2 4.3 8.0 50.0 -14.5 -16.7 -28.0 -19.1 -8.9 11.3 1.8 0.5 0.5 0.0 64.5 8.4 0.7 7.7 5.0 6.7 -3.4 10.1 14.8 14.6 9.1 3.1 4.1 -0.5 -0.6 -0.7 0.2 4.8 8.3 60.2 86.5 84.3 29.1 28.9 0.1 55.3 1.8 0.4 0.4 0.0 -26.3 -0.2 0.5 -0.7 -1.2 5.0 6.2 -1.2 14.5 13.0 0.5 3.6 4.9 -0.8 5.1 -0.2 1.5 4.7 -0.1 51.4 80.4 75.0 27.2 9.5 17.7 47.8 4.9 0.6 0.4 0.1 -29.0 5.2 95.5 31.5 26.8 43.1 48.8 2.4 14.0 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. 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 1 2 3 4 5 6 7 8 9 10 11 12 13 14 September 28, 2018 Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] 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 Employer contributions for employee pension and insurance 12 funds1 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 security2 24 Medicare3 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 payments4 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) dollars5 45 Disposable personal income, billions of chained (2012) dollars5 2016 2017 Seasonally adjusted at annual rates 2017 2018 Line Q2 Q3 Q4 Q1 Q2r 116.7 173.9 208.0 216.1 180.7 1 90.7 131.3 97.4 141.5 110.6 2 70.7 110.9 81.5 122.5 95.5 3 63.0 102.0 74.1 117.1 87.4 4 10.4 20.3 9.6 41.9 23.9 5 5.1 9.4 4.7 22.1 10.2 6 52.6 81.7 64.5 75.1 63.5 7 6.7 14.4 4.8 18.8 14.2 8 45.9 67.3 59.7 56.3 49.3 9 7.7 8.9 7.4 5.5 8.1 10 19.9 20.4 15.9 19.0 15.1 11 405.6 259.4 226.3 194.3 21.3 6.8 173.0 25.0 148.0 31.9 33.1 705.8 451.0 373.2 335.1 62.0 32.5 273.1 51.5 221.6 38.1 77.8 Q1 252.7 139.9 115.4 103.7 23.2 12.5 80.5 17.9 62.6 11.8 24.5 21.5 11.7 53.9 23.9 17.6 6.9 15.3 4.7 13.0 7.4 10.7 5.2 9.8 9.2 8.7 6.3 12 13 -2.6 -18.9 16.4 43.0 45.3 2.9 42.4 95.0 84.9 24.7 28.2 26.8 -0.5 3.0 2.8 10.1 34.6 19.1 386.5 482.5 472.4 76.6 40.0 36.6 395.7 8.3 1.8 2.4 -0.6 -96.0 81.6 1.4 80.2 35.4 115.0 82.1 32.9 81.6 86.6 29.6 33.1 14.7 -2.6 5.7 6.0 -5.0 58.7 80.3 625.5 586.8 554.5 159.8 59.9 99.9 394.7 24.6 7.7 3.0 4.7 38.6 36.5 11.3 25.3 15.2 57.0 65.8 -8.8 26.9 30.3 10.2 9.2 -2.2 -0.3 1.3 12.0 -3.4 22.9 20.6 232.1 131.1 124.7 41.5 6.8 34.7 83.2 4.9 1.5 0.7 0.8 101.0 19.9 -0.7 20.6 5.4 3.5 -32.9 36.5 7.4 9.3 6.6 8.6 -4.3 -1.4 2.4 -2.7 -1.8 10.1 9.3 107.4 132.0 119.1 26.7 17.8 8.9 92.3 8.1 4.9 0.9 4.0 -24.6 12.5 -5.2 17.6 7.7 4.2 9.2 -4.9 33.6 33.9 6.9 7.9 14.3 -0.2 2.4 2.6 -0.3 15.4 34.3 139.6 136.5 125.9 48.9 17.8 31.1 77.0 11.4 -0.8 1.1 -1.9 3.1 18.6 -0.9 19.5 13.3 77.7 77.1 0.6 12.3 11.0 5.7 7.1 -0.4 -0.8 2.2 -2.8 1.3 11.3 22.4 185.6 230.0 220.1 84.9 34.5 50.4 135.2 6.1 3.9 1.2 2.6 -44.5 23.8 -0.2 24.0 4.0 26.6 20.4 6.2 46.4 44.3 25.3 7.1 7.1 -0.5 3.6 1.7 2.1 26.2 -40.9 257.0 111.5 100.4 16.8 -11.2 28.0 83.6 8.8 2.4 1.0 1.3 145.5 18.6 1.8 16.8 5.0 28.3 8.9 19.3 31.9 29.7 8.2 10.8 12.3 -2.0 2.4 -2.0 2.2 13.6 11.7 168.9 208.9 196.0 61.8 24.2 37.6 134.2 11.5 1.4 1.3 0.1 -40.0 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 43 163.5 228.6 366.5 354.0 148.0 150.0 77.8 74.4 80.2 76.4 94.4 79.7 77.4 153.9 72.3 86.8 44 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. 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 September 28, 2018 Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2018 Jan. Feb. March Based on current-dollar measures Personal income 0.5 0.3 0.4 Compensation of employees 0.6 0.3 0.4 Wages and salaries 0.6 0.3 0.4 Supplements to wages and salaries 0.4 0.2 0.3 Proprietors' income with inventory valuation and capital consumption 0.9 0.8 0.5 adjustments Rental income of persons with capital consumption adjustment -0.1 0.4 0.7 Personal income receipts on assets -0.2 0.3 0.2 Personal interest income -0.2 -0.2 -0.2 Personal dividend income -0.2 1.0 0.9 Personal current transfer receipts 1.4 0.1 0.5 Less: Contributions for government social insurance, domestic 1.2 0.3 0.4 Less: Personal current taxes -2.8 0.4 0.4 Equals: Disposable personal income 1.0 0.3 0.4 Addenda: Personal consumption expenditures 0.2 -0.1 0.6 Goods 0.2 -0.7 0.7 Durable goods -0.5 -1.3 2.0 Nondurable goods 0.6 -0.3 0.0 Services 0.2 0.1 0.6 Based on chained (2012) dollar measures Real personal income excluding transfer receipts 0.0 0.2 0.3 Real disposable personal income 0.7 0.2 0.3 r Line r r May April June r p July Aug. 0.3 0.4 0.4 0.2 0.4 0.3 0.3 0.2 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.2 0.3 0.4 0.5 0.3 1 2 3 4 0.0 -0.2 0.2 0.4 -0.1 0.5 0.3 0.0 0.3 0.6 0.2 0.7 0.4 1.1 0.2 0.3 0.1 0.4 0.5 0.4 0.5 0.4 0.6 0.3 0.4 0.3 0.4 0.2 0.7 0.0 -0.3 0.4 0.5 0.3 0.3 0.3 0.3 0.8 -0.1 -0.3 0.1 0.4 0.4 0.4 0.3 5 6 7 8 9 10 11 12 13 0.5 0.6 0.7 0.6 0.5 0.5 0.8 0.2 1.1 0.4 0.4 0.0 -0.1 0.1 0.6 0.4 0.5 0.5 0.5 0.4 0.3 0.3 -0.1 0.5 0.4 14 15 16 17 18 0.0 0.1 0.2 0.2 0.3 0.3 0.1 0.2 0.2 0.2 19 20 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis September 28, 2018 Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 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 19 Real personal income excluding transfer receipts 20 Real disposable personal income r Revised Source: U.S. Bureau of Economic Analysis 2016 2017 2017 Q1 Based on current-dollar measures 2.6 4.4 2.7 4.5 2.9 4.6 1.8 4.1 Q2 2018 Q3 Q4 Line r Q1 Q2 6.3 5.7 5.7 5.3 2.8 3.6 3.4 4.2 4.2 5.2 5.4 4.3 5.0 3.8 3.9 3.3 5.2 5.5 5.8 3.9 4.2 4.2 4.5 3.0 1 2 3 4 10.5 8.9 9.2 19.3 -3.2 3.9 7.5 4.2 6.6 5.5 3.0 0.5 -8.4 14.2 1.1 3.2 1.9 3.0 3.4 4.3 0.6 2.5 -1.8 4.8 4.8 7.0 3.9 5.0 7.4 12.4 22.2 0.2 1.7 3.5 4.4 5.1 6.4 2.2 4.0 5.3 2.2 6.6 8.2 -7.7 7.0 4.9 2.7 4.2 2.3 7.1 4.4 4.1 2.3 4.5 5 6 7 8 9 10 11 12 13 3.8 4.3 3.9 2.0 4.0 4.2 3.1 4.4 2.0 1.4 3.8 5.3 4.7 4.5 3.8 Based on chained (2012) dollar measures 1.3 2.9 4.7 1.7 2.6 4.5 3.7 2.6 5.3 1.3 4.2 3.9 4.8 5.2 4.6 3.4 6.8 8.4 10.1 7.5 6.0 3.0 1.6 -3.1 4.1 3.6 5.9 5.9 6.9 5.4 5.8 14 15 16 17 18 2.4 2.2 2.5 2.2 2.9 2.3 2.3 4.4 2.2 2.5 19 20 -0.2 6.6 1.8 0.2 4.1 3.5 2.9 1.0 2.8 5.8 5.1 4.6 5.7 3.1 2.9 4.7 4.1 4.4 September 28, 2018 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2018 Aprilr Mayr Juner Jan. Feb. March Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 12,721.0 12,687.8 12,759.8 12,799.2 12,842.8 12,884.1 Goods 4,476.3 4,453.0 4,501.7 4,513.7 4,547.0 4,552.2 Durable goods 1,626.8 1,611.8 1,646.1 1,656.3 1,663.5 1,667.1 Nondurable goods 2,859.2 2,850.1 2,866.4 2,869.0 2,894.6 2,896.4 Services 8,266.7 8,254.9 8,282.2 8,309.3 8,322.6 8,357.4 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) -14.6 -33.2 72.0 39.4 43.6 41.4 Goods -21.8 -23.4 48.7 12.0 33.4 5.1 Durable goods -12.7 -15.1 34.4 10.1 7.3 3.5 Nondurable goods -9.6 -9.1 16.3 2.5 25.6 1.8 Services 4.4 -11.8 27.3 27.2 13.3 34.7 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) -0.1 -0.3 0.6 0.3 0.3 0.3 Goods -0.5 -0.5 1.1 0.3 0.7 0.1 Durable goods -0.8 -0.9 2.1 0.6 0.4 0.2 Nondurable goods -0.3 -0.3 0.6 0.1 0.9 0.1 Services 0.1 -0.1 0.3 0.3 0.2 0.4 Line Julyr Aug.p 12,924.8 4,576.1 1,669.1 2,917.6 8,375.7 12,953.5 4,591.5 1,672.7 2,929.2 8,390.1 1 2 3 4 5 40.6 24.0 2.1 21.2 18.4 28.7 15.3 3.5 11.6 14.3 6 7 8 9 10 0.3 0.5 0.1 0.7 0.2 0.2 0.3 0.2 0.4 0.2 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis September 28, 2018 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 1 Personal consumption expenditures (PCE) 2 Goods 3 Durable goods 4 Nondurable goods 5 Services 6 Personal consumption expenditures (PCE) 7 Goods 8 Durable goods 9 Nondurable goods 10 Services 11 Personal consumption expenditures (PCE) 12 Goods 13 Durable goods 14 Nondurable goods 15 Services r Revised Source: U.S. Bureau of Economic Analysis 2016 2017 Line 2018 2017 Q1 Q2 Billions of chained (2012) dollars 12,248.2 12,558.7 12,427.6 12,515.9 4,236.1 4,391.9 4,307.3 4,366.0 1,476.8 1,577.9 1,527.2 1,559.2 2,763.9 2,822.0 2,786.3 2,813.9 8,022.5 8,184.5 8,131.9 8,165.6 Change from preceding period in billions of chained (2012) dollars 326.4 310.5 54.9 88.2 148.3 155.8 20.1 58.7 77.4 101.1 7.0 32.0 72.2 58.0 13.1 27.7 182.5 162.0 35.0 33.7 Percent change from preceding period in chained (2012) dollars 2.7 2.5 1.8 2.9 3.6 3.7 1.9 5.6 5.5 6.8 1.9 8.7 2.7 2.1 1.9 4.0 2.3 2.0 1.7 1.7 Q3 Q4 Q2r Q1 12,584.9 4,410.2 1,588.6 2,829.9 8,193.7 12,706.4 4,483.9 1,636.6 2,857.7 8,246.6 12,722.8 4,477.0 1,628.2 2,858.6 8,267.9 12,842.0 4,537.6 1,662.3 2,886.7 8,329.8 1 2 3 4 5 69.0 44.2 29.4 16.0 28.1 121.5 73.6 48.0 27.8 52.9 16.5 -6.9 -8.4 0.9 21.3 119.2 60.6 34.0 28.1 61.9 6 7 8 9 10 2.2 4.1 7.7 2.3 1.4 3.9 6.8 12.7 4.0 2.6 0.5 -0.6 -2.0 0.1 1.0 3.8 5.5 8.6 4.0 3.0 11 12 13 14 15 September 28, 2018 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2018 Jan. Feb. March Aprilr Chain-type price indexes (2012=100), seasonally adjusted 107.406 107.556 107.610 107.865 95.538 95.411 95.023 95.374 88.352 87.992 87.911 87.946 99.299 99.304 98.743 99.274 113.543 113.842 114.135 114.337 Line Mayr 108.085 1 Personal consumption expenditures (PCE) 95.467 2 Goods 3 Durable goods 87.773 4 Nondurable goods 99.518 114.627 5 Services Addenda: 6 PCE excluding food and energy 109.054 109.240 109.431 109.618 109.845 103.129 102.995 103.189 103.504 103.259 7 Food1 88.186 88.148 85.680 86.989 87.794 8 Energy goods and services2 105.507 105.663 105.706 105.997 106.214 9 Market-based PCE3 107.075 107.276 107.473 107.693 107.917 10 Market-based PCE excluding food and energy3 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 0.3 0.1 0.1 0.2 0.2 11 Personal consumption expenditures (PCE) 0.7 -0.1 -0.4 0.4 0.1 12 Goods 13 Durable goods 0.2 -0.4 -0.1 0.0 -0.2 14 Nondurable goods 1.0 0.0 -0.6 0.5 0.2 0.1 0.3 0.3 0.2 0.3 15 Services Addenda: 16 PCE excluding food and energy 0.2 0.2 0.2 0.2 0.2 0.0 -0.1 0.2 0.3 -0.2 17 Food1 3.0 0.0 -2.8 1.5 0.9 18 Energy goods and services2 0.3 0.1 0.0 0.3 0.2 19 Market-based PCE3 0.2 0.2 0.2 0.2 0.2 20 Market-based PCE excluding food and energy3 Line Juner Julyr Aug.p 108.207 95.398 87.497 99.568 114.853 108.353 95.395 87.805 99.388 115.078 108.470 95.332 87.532 99.444 115.295 1 2 3 4 5 109.978 103.442 87.662 106.262 107.965 110.162 103.526 87.248 106.410 108.157 110.203 103.480 88.907 106.469 108.118 6 7 8 9 10 0.1 -0.1 -0.3 0.1 0.2 0.1 0.0 0.4 -0.2 0.2 0.1 -0.1 -0.3 0.1 0.2 11 12 13 14 15 0.1 0.2 -0.2 0.0 0.0 0.2 0.1 -0.5 0.1 0.2 0.0 0.0 1.9 0.1 0.0 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 September 28, 2018 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago Line Jan. 1 Disposable personal income 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Nondurable goods 6 Services Feb. 3.0 2.5 3.9 6.4 2.7 1.9 2.7 2.4 4.0 6.5 2.7 1.7 March 2.6 2.2 3.9 6.9 2.4 1.5 2018 Mayr Aprilr 2.9 2.6 2.5 2.6 3.8 4.1 6.9 6.7 2.2 2.8 1.9 1.9 Juner 3.0 2.8 3.9 6.2 2.7 2.2 Julyr 2.9 2.9 4.2 5.5 3.5 2.4 Aug.p 2.9 3.0 4.3 6.4 3.3 2.5 Line 1 2 3 4 5 6 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis September 28, 2018 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 Food1 8 Energy goods and services2 9 Market-based PCE3 10 Market-based PCE excluding food and energy3 2018 1.8 0.3 -2.2 1.5 2.4 1.9 0.4 -2.4 1.9 2.5 2.1 0.4 -1.9 1.7 2.8 Aprilr 2.0 0.8 -1.8 2.1 2.6 1.6 0.8 6.0 1.4 1.2 1.7 0.6 8.4 1.5 1.2 2.0 0.5 7.5 1.8 1.6 1.9 0.6 8.3 1.9 1.7 Jan. Feb. March Mayr 2.3 1.4 -1.8 3.0 2.7 Juner 2.3 1.4 -1.9 3.1 2.7 2.0 0.3 12.2 2.2 1.8 2.0 0.6 13.1 2.1 1.7 Julyr 2.3 1.4 -1.4 2.8 2.8 Aug.p 2.2 1.0 -1.5 2.3 2.8 2.0 0.5 13.4 2.2 1.8 2.0 0.5 11.3 2.1 1.7 Line p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis 1 2 3 4 5 6 7 8 9 10