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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, JANUARY 30, 2017 Technical: Media: James Rankin (Personal Income) Harvey Davis (PCE) Jeannine Aversa (301) 278-9087 (301) 278-9086 (301) 278-9003 BEA 17-04 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays: December 2016 Personal income increased $50.2 billion (0.3 percent) in December according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $43.6 billion (0.3 percent) and personal consumption expenditures (PCE) increased $63.1 billion (0.5 percent). Real DPI increased 0.1 percent in December and Real PCE increased 0.3 percent. The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.1 percent. 2016 Aug. Sept. Oct. Nov. Dec. Percent change from preceding month 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 0.2 0.4 0.5 0.1 0.3 0.2 0.1 0.3 0.1 0.5 0.2 0.1 0.0 0.3 0.1 0.1 -0.1 0.7 0.5 0.4 0.1 0.2 0.2 0.5 0.3 0.2 0.2 0.2 0.1 0.3 0.1 0.1 0.0 0.2 0.1 Percent change from month one year ago 1.0 1.2 1.4 1.4 1.6 1.7 1.7 1.8 1.7 1.7 The increase in personal income in December primarily reflected increases in wages and salaries, personal current transfer receipts, and rental income of persons (table 3). The increase in real PCE in December primarily reflected increases in spending for both durable goods and services (table 7). Personal outlays increased $66.4 billion in December (table 3). Personal saving was $768.4 billion in December and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.4 percent (table 1). 2016 Personal Income and Outlays Personal income (table 6) increased 3.5 percent in 2016 (that is, from the 2015 annual level to the 2016 annual level), compared with an increase of 4.4 percent in 2015. DPI increased 3.8 percent in 2016, the same increase as in 2015. In 2016, PCE increased 3.8 percent, compared with an increase of 3.5 percent in 2015. Real DPI increased 2.7 percent in 2016, compared with an increase of 3.5 percent in 2015. Real PCE (table 8) increased 2.7 percent, compared with an increase of 3.2 percent. Updates Estimates have been updated for October and November. 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 October November 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 78.0 76.6 0.5 0.5 1.6 9.2 0.0 0.1 65.2 25.4 66.9 27.7 0.5 0.2 0.5 0.2 -1.3 -6.4 9.3 1.7 0.0 -0.1 0.1 0.0 51.4 16.0 45.2 11.1 0.4 0.1 0.4 0.1 24.0 16.8 28.8 19.8 0.2 0.1 0.2 0.2 Next release: March 1, 2017 at 8:30 A.M. EST Personal Income and Outlays: January 2017 Additional Information Resources Additional Resources available at www.bea.gov: 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 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 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. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. 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 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2016 May 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 ....................................................... June July Aug. Line Sept. Oct. r Nov. r Dec. p 15,931.4 15,988.4 16,055.4 16,095.4 16,154.2 16,230.8 16,240.0 16,290.2 1 10,047.5 10,101.9 10,152.6 10,167.2 10,208.3 10,257.9 10,255.2 10,293.6 2 8,143.8 8,190.7 8,234.0 8,243.8 8,279.0 8,322.6 8,317.2 8,350.6 3 6,839.5 6,882.4 6,920.3 6,924.3 6,956.3 6,999.1 6,991.9 7,022.7 4 1,348.3 1,343.2 1,353.7 1,350.2 1,355.1 1,369.0 1,359.7 1,369.2 5 830.0 828.0 835.5 832.8 834.2 844.5 836.2 843.0 6 5,491.2 5,539.2 5,566.6 5,574.2 5,601.1 5,630.2 5,632.2 5,653.6 7 1,269.4 1,283.6 1,285.2 1,285.0 1,287.5 1,298.1 1,299.3 1,306.9 8 4,221.9 4,255.6 4,281.4 4,289.1 4,313.7 4,332.1 4,332.9 4,346.7 9 1,304.4 1,308.4 1,313.8 1,319.4 1,322.7 1,323.5 1,325.3 1,327.9 10 1,903.7 1,911.2 1,918.5 1,923.4 1,929.4 1,935.4 1,938.0 1,943.0 11 1,319.4 584.2 1,324.1 587.0 1,329.0 589.6 1,333.6 589.8 1,337.6 591.7 1,340.9 594.5 1,344.3 593.7 1,347.4 12 595.6 13 1,405.0 1,411.8 1,416.9 1,417.1 1,428.3 1,430.4 1,436.7 1,436.6 14 29.8 28.9 28.6 28.3 28.0 25.7 23.5 21.2 15 1,375.2 1,382.9 1,388.2 1,388.8 1,400.3 1,404.6 1,413.2 1,415.4 16 700.1 702.4 703.1 705.7 708.9 714.7 721.2 728.6 17 2,259.7 2,256.7 2,262.0 2,272.3 2,276.5 2,286.7 2,290.9 2,291.9 18 1,310.2 1,312.8 1,315.3 1,317.8 1,320.3 1,327.1 1,333.9 1,340.8 19 949.5 943.8 946.7 954.5 956.3 959.6 957.0 951.1 20 2,764.2 2,766.3 2,776.7 2,789.8 2,793.0 2,807.5 2,801.3 2,808.8 21 2,711.2 2,713.2 2,723.4 2,736.3 2,739.3 2,753.6 2,747.2 2,754.5 22 894.3 892.8 898.0 899.9 901.3 910.9 902.0 904.9 23 659.3 661.8 664.1 666.2 668.2 670.0 671.7 673.2 24 558.1 560.5 566.2 570.9 575.1 577.9 580.8 583.0 25 30.5 30.3 30.1 30.3 29.2 28.5 28.5 29.1 26 95.2 96.2 94.9 95.7 96.3 96.3 96.5 98.1 27 473.8 471.4 470.0 473.3 469.2 470.0 467.8 466.3 28 53.0 53.2 53.3 53.5 53.7 53.9 54.1 54.3 29 1,245.0 1,250.7 1,255.9 1,256.7 1,260.8 1,266.3 1,265.2 1,269.2 30 1,951.7 1,960.2 1,973.9 1,981.8 1,993.0 2,002.7 2,002.5 2,009.1 31 13,979.7 14,028.2 14,081.5 14,113.6 14,161.3 14,228.2 14,237.5 14,281.2 32 13,146.3 13,216.7 13,265.7 13,273.3 13,363.2 13,414.2 13,446.3 13,512.7 33 12,684.5 12,750.8 12,796.8 12,804.7 12,894.9 12,940.2 12,969.0 13,032.1 34 4,081.0 4,099.0 4,106.5 4,088.9 4,140.2 4,182.8 4,174.7 4,200.0 35 1,386.8 1,391.4 1,418.6 1,397.1 1,426.3 1,442.4 1,430.8 1,450.4 36 2,694.1 2,707.5 2,687.9 2,691.8 2,713.9 2,740.4 2,743.9 2,749.6 37 8,603.5 8,651.9 8,690.3 8,715.8 8,754.8 8,757.4 8,794.3 8,832.1 38 273.0 276.9 276.4 275.8 275.3 278.1 281.0 283.8 39 188.8 188.9 192.5 192.7 193.0 195.9 196.3 196.8 40 108.2 108.4 108.5 108.8 109.0 109.4 109.8 110.2 41 80.6 80.6 84.0 84.0 84.0 86.6 86.6 86.6 42 833.4 811.6 815.8 840.4 798.0 814.0 791.2 768.4 43 6.0 5.8 5.8 6.0 5.6 5.7 5.6 5.4 44 11,912.0 11,948.1 11,992.7 11,997.9 12,022.9 12,048.1 12,055.7 12,074.8 45 12,647.0 12,676.5 12,717.8 12,726.5 12,742.7 12,770.5 12,772.2 12,791.1 46 43,273 39,147 323,061 43,397 39,216 323,252 43,534 39,318 323,458 43,604 39,319 323,676 43,722 39,343 323,892 43,901 39,403 324,098 43,905 39,386 324,280 44,017 47 39,424 48 324,447 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. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2015 2016 2015 III 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 ...................................................... 2016 IV I II Line III IV 15,458.5 16,006.2 15,556.1 15,690.2 15,740.1 15,929.4 16,101.7 16,253.7 1 9,693.1 10,096.0 9,740.0 9,892.4 9,892.6 10,046.5 10,176.0 10,268.9 2 7,854.8 8,184.1 7,893.9 8,024.6 8,011.3 8,142.9 8,252.3 8,330.1 3 6,580.3 6,873.0 6,613.8 6,735.8 6,715.2 6,838.5 6,933.6 7,004.6 4 1,308.1 1,347.4 1,310.4 1,334.6 1,327.7 1,343.0 1,353.0 1,365.9 5 806.7 828.3 806.2 823.9 811.9 825.9 834.2 841.2 6 5,272.2 5,525.6 5,303.4 5,401.1 5,387.5 5,495.5 5,580.6 5,638.6 7 1,237.1 1,278.5 1,245.1 1,264.2 1,253.7 1,273.1 1,285.9 1,301.4 8 4,035.1 4,247.0 4,058.3 4,137.0 4,133.8 4,222.4 4,294.7 4,337.2 9 1,274.5 1,311.2 1,280.1 1,288.9 1,296.1 1,304.4 1,318.6 1,325.6 10 1,838.2 1,911.9 1,846.1 1,867.8 1,881.3 1,903.6 1,923.8 1,938.8 11 1,270.5 567.7 1,325.5 586.4 1,276.1 570.0 1,290.0 577.8 1,304.9 576.4 1,319.4 584.1 1,333.4 590.4 1,344.2 12 594.6 13 1,376.8 1,416.8 1,389.0 1,400.9 1,403.9 1,407.8 1,420.8 1,434.5 14 39.9 28.5 44.6 38.1 32.3 29.8 28.3 23.5 15 1,336.8 1,388.3 1,344.4 1,362.8 1,371.6 1,378.0 1,392.4 1,411.1 16 659.6 705.2 668.1 677.3 692.8 700.6 705.9 721.5 17 2,253.8 2,262.9 2,275.1 2,235.5 2,235.9 2,255.8 2,270.3 2,289.8 18 1,302.7 1,314.5 1,336.1 1,293.0 1,296.1 1,310.2 1,317.8 1,333.9 19 951.1 948.4 939.0 942.5 939.8 945.5 952.5 955.9 20 2,678.6 2,775.0 2,692.1 2,708.2 2,744.0 2,763.6 2,786.5 2,805.9 21 2,627.2 2,721.7 2,640.0 2,655.8 2,691.4 2,710.6 2,733.0 2,751.8 22 871.8 896.5 874.5 881.5 886.3 894.1 899.7 905.9 23 628.2 661.7 631.6 639.8 650.0 659.2 666.2 671.6 24 539.6 566.4 545.3 547.3 555.6 558.8 570.7 580.5 25 32.2 30.1 32.0 31.4 31.5 30.3 29.9 28.7 26 89.8 95.2 90.0 92.2 93.1 95.2 95.7 97.0 27 465.6 471.7 466.5 463.5 474.9 473.0 470.8 468.0 28 51.4 53.3 52.1 52.4 52.6 53.0 53.5 54.1 29 1,203.5 1,249.6 1,208.3 1,224.1 1,229.0 1,244.8 1,257.8 1,266.9 30 1,938.7 1,968.1 1,944.4 1,963.8 1,932.7 1,952.1 1,982.9 2,004.7 31 13,519.8 14,038.1 13,611.7 13,726.4 13,807.4 13,977.3 14,118.8 14,249.0 32 12,736.2 13,218.7 12,813.2 12,899.6 12,961.9 13,154.5 13,300.7 13,457.7 33 12,283.7 12,750.8 12,356.9 12,438.8 12,498.0 12,692.7 12,832.2 12,980.4 34 4,012.1 4,097.9 4,043.0 4,038.1 4,008.7 4,085.4 4,111.9 4,185.8 35 1,355.2 1,403.0 1,364.7 1,371.8 1,366.6 1,390.0 1,414.0 1,441.2 36 2,656.9 2,695.0 2,678.4 2,666.3 2,642.0 2,695.4 2,697.9 2,744.6 37 8,271.6 8,652.9 8,313.9 8,400.6 8,489.3 8,607.3 8,720.3 8,794.6 38 263.8 274.4 266.2 270.6 268.0 273.0 275.8 281.0 39 188.8 193.5 190.1 190.2 196.0 188.8 192.7 196.3 40 103.3 108.8 103.9 104.0 108.2 108.2 108.8 109.8 41 85.4 84.7 86.2 86.2 87.8 80.6 84.0 86.6 42 783.6 819.4 798.5 826.8 845.5 822.8 818.1 791.2 43 5.8 5.8 5.9 6.0 6.1 5.9 5.8 5.6 44 11,667.7 11,948.7 11,717.8 11,813.7 11,818.2 11,912.9 12,004.5 12,059.5 45 12,343.3 12,677.4 12,398.9 12,491.0 12,556.0 12,647.2 12,729.0 12,777.9 46 42,095 38,432 321,173 43,409 39,201 323,391 42,343 38,571 321,458 42,621 38,785 322,058 42,807 38,927 322,549 43,265 39,148 323,064 43,620 39,326 323,675 43,941 47 39,405 48 324,275 49 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. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2016 May 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 ........... June July Aug. Line Sept. Oct. r Nov. r Dec. p 63.2 57.5 49.7 45.8 10.7 10.3 35.0 2.9 32.1 3.9 7.8 57.0 54.4 46.9 42.9 –5.1 –2.0 47.9 14.2 33.7 4.0 7.5 67.0 50.7 43.3 37.9 10.5 7.5 27.4 1.6 25.8 5.4 7.4 40.0 14.7 9.7 4.1 –3.6 –2.7 7.6 –0.2 7.8 5.7 4.9 58.8 41.1 35.2 31.9 5.0 1.4 26.9 2.4 24.5 3.3 5.9 76.6 49.6 43.6 42.9 13.8 10.2 29.0 10.6 18.4 0.8 6.0 9.2 –2.7 –5.4 –7.2 –9.2 –8.2 2.0 1.3 0.8 1.9 2.6 50.2 1 38.5 2 33.4 3 30.8 4 9.5 5 6.8 6 21.4 7 7.6 8 13.8 9 2.6 10 5.1 11 4.7 3.1 4.7 2.8 4.8 2.5 4.7 0.3 4.0 1.9 3.3 2.7 3.4 –0.8 3.2 12 1.9 13 –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 6.2 7.4 55.8 45.8 41.7 4.8 –4.9 9.7 36.9 3.9 0.1 0.1 0.0 10.0 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 5.7 8.5 48.5 70.4 66.3 18.0 4.6 13.4 48.3 3.9 0.1 0.1 0.0 –21.9 5.0 –0.3 5.3 0.7 5.4 2.5 2.9 10.4 10.3 5.2 2.3 5.7 –0.2 –1.3 –1.4 0.2 5.2 13.7 53.2 49.0 46.0 7.6 27.2 –19.6 38.4 –0.5 3.5 0.2 3.4 4.2 0.2 –0.3 0.5 2.6 10.2 2.5 7.8 13.1 12.9 1.9 2.1 4.7 0.2 0.8 3.3 0.2 0.8 7.9 32.2 7.6 7.9 –17.6 –21.5 3.9 25.5 –0.5 0.2 0.2 0.0 24.6 11.2 –0.3 11.5 3.2 4.2 2.5 1.8 3.2 3.0 1.4 2.0 4.2 –1.1 0.6 –4.1 0.2 4.1 11.2 47.6 90.0 90.2 51.3 29.1 22.2 38.9 –0.5 0.3 0.3 0.0 –42.3 2.1 –2.3 4.3 5.8 10.2 6.8 3.3 14.5 14.3 9.6 1.8 2.7 –0.6 0.0 0.8 0.2 5.5 9.7 66.9 51.0 45.2 42.6 16.1 26.4 2.7 2.8 2.9 0.3 2.6 16.0 6.3 –2.3 8.6 6.5 4.3 6.8 –2.6 –6.2 –6.4 –8.9 1.7 2.9 0.0 0.2 –2.2 0.2 –1.1 –0.1 9.3 32.1 28.8 –8.1 –11.6 3.5 36.9 2.8 0.4 0.4 0.0 –22.8 33.3 28.9 36.1 29.5 44.7 41.3 5.2 8.7 25.0 16.2 25.2 27.7 7.6 1.7 –0.1 –2.3 2.2 7.4 0.9 6.8 –5.9 7.6 7.3 2.9 1.5 2.2 0.6 1.6 –1.5 0.2 4.0 6.5 43.6 66.4 63.1 25.3 19.7 5.7 37.8 2.8 0.5 0.5 0.0 –22.8 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 19.2 44 19.0 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. Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 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 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 ........... 2015 2016 2015 2016 Line III IV I II III IV 648.8 439.6 378.5 340.7 50.7 26.7 290.0 61.6 228.3 37.8 61.1 547.7 402.9 329.3 292.7 39.3 21.6 253.4 41.5 211.9 36.6 73.6 154.2 102.5 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 13.5 189.2 153.9 131.6 123.3 15.3 14.0 108.0 19.5 88.6 8.3 22.3 172.3 129.6 109.3 95.1 10.0 8.3 85.1 12.8 72.3 14.2 20.2 152.0 1 92.9 2 77.9 3 71.0 4 12.9 5 7.1 6 58.0 7 15.5 8 42.5 9 6.9 10 15.0 11 40.7 20.4 55.0 18.7 12.6 4.8 13.9 7.8 14.9 –1.4 14.5 7.7 14.0 6.3 10.8 12 4.2 13 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 40.0 –11.5 51.4 45.6 9.1 11.8 –2.7 96.3 94.5 24.7 33.5 26.8 –2.1 5.4 6.1 1.9 46.2 29.4 518.3 482.5 467.1 85.8 47.8 38.1 381.3 10.7 4.7 5.4 –0.7 35.8 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 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 15.8 19.4 169.9 192.6 194.7 76.7 23.4 53.3 118.0 5.0 –7.1 0.0 –7.2 –22.7 12.9 –1.5 14.4 5.3 14.5 7.6 7.0 22.9 22.4 5.6 7.0 12.0 –0.5 0.4 –2.2 0.5 13.0 30.8 141.5 146.2 139.5 26.5 24.0 2.5 113.0 2.8 3.9 0.5 3.4 –4.7 426.9 412.2 281.0 334.1 92.2 98.9 95.9 92.1 4.6 65.0 94.7 91.2 91.5 81.8 13.8 –4.9 18.6 15.6 19.5 16.1 3.4 19.4 18.8 6.2 5.5 9.8 –1.2 1.3 –2.8 0.6 9.1 21.8 130.2 157.0 148.3 73.9 27.2 46.7 74.3 5.1 3.6 1.0 2.6 –26.9 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 55.0 44 48.9 45 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. Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2016 May June July Aug. Line Sept. Nov. r Oct. r Dec. 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................................................................................. 0.4 0.6 0.6 0.4 0.4 0.5 0.6 0.4 0.4 0.5 0.5 0.4 0.2 0.1 0.1 0.3 0.4 0.4 0.4 0.3 0.5 0.5 0.5 0.3 0.1 0.0 –0.1 0.1 –0.1 0.1 0.4 0.2 0.7 0.1 0.5 0.4 0.4 0.5 0.3 –0.1 0.2 –0.6 0.1 0.5 0.4 0.3 0.4 0.1 0.2 0.2 0.3 0.4 0.4 0.7 0.4 0.0 0.4 0.5 0.2 0.8 0.5 0.1 0.4 0.2 0.8 0.4 0.2 0.2 0.2 0.1 0.3 0.6 0.3 0.1 0.8 0.4 0.5 0.3 0.5 0.4 0.5 0.5 0.4 0.9 0.2 0.5 –0.3 –0.2 –0.1 0.0 0.1 0.3 0.1 –0.4 0.4 0.4 0.5 0.4 0.3 0.5 0.6 0.4 0.2 2.0 –0.7 0.4 0.1 –0.4 –1.5 0.1 0.3 0.7 1.3 2.1 0.8 0.4 0.4 1.0 1.1 1.0 0.0 0.2 –0.2 –0.8 0.1 0.4 0.0 0.1 0.2 0.1 0.2 0.2 0.1 0.0 0.3 0.4 0.4 0.3 1 2 3 4 0.0 5 1.0 6 0.0 7 0.5 8 –0.6 9 0.3 10 0.3 11 0.3 12 0.3 13 0.5 0.6 1.4 0.2 0.4 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. 0.3 0.2 0.3 0.2 0.4 0.3 0.2 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 2015 2016 2015 III 2016 IV I II Line III IV 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................................................................................. 4.4 4.8 5.1 3.4 3.5 4.2 4.2 4.0 4.1 4.3 4.4 3.8 3.5 6.4 6.8 4.8 1.3 0.0 –0.7 2.9 4.9 6.4 6.7 4.8 4.4 5.3 5.5 4.3 3.8 3.7 3.8 3.2 1 2 3 4 2.9 8.8 1.2 0.1 2.7 5.4 4.2 8.5 3.8 2.9 6.9 0.4 0.9 –0.3 3.6 3.8 1.5 3.8 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 4.6 3.6 4.4 2.5 2.9 5.3 4.1 5.0 3.7 3.1 2.6 2.3 3.0 3.4 4.2 6.5 4.1 3.9 5 9.1 6 3.5 7 5.0 8 1.4 9 2.8 10 2.9 11 4.5 12 3.7 13 3.5 1.0 4.7 –0.7 4.8 3.8 2.1 3.5 1.4 4.6 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 4.5 2.6 7.1 0.4 5.4 4.7 7.4 7.9 7.1 3.5 3.3 3.0 0.2 2.1 3.2 2.9 3.1 2.6 1.8 19 1.5 20 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 2.4 2.7 3.2 3.3 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2016 Line May June July Aug. Sept. Oct. r Nov. r Dec. p 11,614.4 4,113.8 1,642.7 2,514.4 7,511.8 11,634.2 4,112.4 1,636.9 2,517.9 7,531.9 11,672.4 4,131.3 1,659.7 2,517.1 7,552.0 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 ...................................................................................... 11,475.3 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 11,557.5 4,068.8 1,606.7 2,501.5 7,496.6 11,546.2 4,047.8 1,583.3 2,501.0 7,504.1 11,603.3 4,086.7 1,623.2 2,504.8 7,524.8 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 ...................................................................................... 18.1 6.5 –0.3 6.3 11.7 46.9 17.9 15.9 3.7 29.2 35.4 21.9 35.3 –8.5 14.7 –11.3 –21.0 –23.5 –0.5 7.5 57.0 38.8 39.9 3.8 20.7 11.1 27.1 19.5 9.6 –13.0 19.8 –1.4 –5.9 3.5 20.1 38.2 6 18.9 7 22.9 8 –0.7 9 20.1 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 ...................................................................................... 0.2 0.2 0.0 0.3 0.2 0.4 0.4 1.0 0.1 0.4 0.3 0.5 2.2 –0.3 0.2 –0.1 –0.5 –1.5 0.0 0.1 0.5 1.0 2.5 0.2 0.3 0.1 0.7 1.2 0.4 –0.2 0.2 0.0 –0.4 0.1 0.3 0.3 0.5 1.4 0.0 0.3 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 2015 2016 2015 III 2016 IV I II Line III IV Billions of chained (2009) dollars 1 Personal consumption expenditures (PCE) ..................... 2 Goods ......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 11,214.7 3,907.4 1,498.1 2,439.3 7,310.3 11,514.9 4,046.1 1,584.2 2,498.9 7,475.7 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 11,484.9 4,032.9 1,560.9 2,505.4 7,458.5 11,569.0 4,067.8 1,604.4 2,502.5 7,508.5 11,640.4 4,119.2 1,646.4 2,516.5 7,531.9 1 2 3 4 5 45.9 11.3 –2.4 12.7 34.1 119.6 68.2 36.1 34.3 54.7 84.2 34.9 43.5 –3.0 50.0 71.3 6 51.4 7 42.0 8 14.0 9 23.4 10 1.6 1.2 –0.6 2.1 1.9 4.3 7.1 9.8 5.7 3.0 3.0 3.5 11.6 –0.5 2.7 2.5 5.2 10.9 2.3 1.3 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 ...................................................................................... 345.9 152.0 97.0 62.9 196.2 300.1 138.7 86.1 59.5 165.4 74.5 40.5 22.5 19.5 35.4 63.4 20.7 15.0 7.1 42.6 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures (PCE) ..................... 12 Goods ......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... 3.2 4.0 6.9 2.6 2.8 2.7 3.6 5.7 2.4 2.3 2.7 4.2 6.2 3.2 2.0 2.3 2.1 4.0 1.2 2.3 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2016 Line May June July Aug. Sept. Oct. r Nov. r Dec. 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....................... 110.540 101.288 89.148 107.496 115.445 110.666 101.284 88.538 107.870 115.641 110.725 100.926 88.286 107.452 115.926 110.902 101.014 88.237 107.627 116.151 111.135 101.310 87.861 108.349 116.349 111.417 101.676 87.800 108.987 116.585 111.475 101.513 87.405 108.978 116.764 111.651 101.662 87.385 109.236 116.954 1 2 3 4 5 111.182 110.120 95.901 108.913 109.368 111.273 109.866 97.298 109.054 109.472 111.441 109.760 95.500 109.081 109.617 111.659 109.582 95.439 109.221 109.799 111.778 109.523 98.337 109.445 109.893 111.919 109.469 102.024 109.739 110.027 111.939 109.274 103.287 109.807 110.054 112.064 6 109.139 7 105.042 8 109.971 9 110.157 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....................... 0.2 0.0 –0.3 0.1 0.3 0.1 0.0 –0.7 0.3 0.2 0.1 –0.4 –0.3 –0.4 0.2 0.2 0.1 –0.1 0.2 0.2 0.2 0.3 –0.4 0.7 0.2 0.3 0.4 –0.1 0.6 0.2 0.1 –0.2 –0.4 0.0 0.2 0.2 0.1 0.0 0.2 0.2 11 12 13 14 15 0.2 –0.5 1.4 0.2 0.2 0.1 –0.2 1.5 0.1 0.1 0.2 –0.1 –1.8 0.0 0.1 0.2 –0.2 –0.1 0.1 0.2 0.1 –0.1 3.0 0.2 0.1 0.1 0.0 3.7 0.3 0.1 0.0 –0.2 1.2 0.1 0.0 0.1 –0.1 1.7 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 May 1 Disposable personal income .................................................... 2 Personal consumption expenditures....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services .................................................................................... June 2.8 2.5 3.2 3.8 2.8 2.2 July 2.8 2.9 3.7 5.4 2.9 2.5 Aug. 2.8 2.9 3.7 6.6 2.3 2.5 Sept. 2.6 2.6 2.9 4.8 2.0 2.4 2.5 2.8 3.6 6.8 2.0 2.4 Oct. r 2.5 2.9 4.6 8.5 2.6 2.1 Nov. r 2.4 2.8 3.9 6.8 2.4 2.3 Dec. p 2.1 2.8 4.1 8.1 2.1 2.2 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 May June July Aug. Sept. Oct. r Nov. r Dec. p Line 1.0 –1.8 –1.9 –1.8 2.3 0.9 –1.8 –2.3 –1.6 2.3 0.9 –2.2 –2.3 –2.1 2.3 1.0 –1.8 –2.1 –1.6 2.4 1.2 –1.1 –2.6 –0.3 2.4 1.4 –0.7 –2.5 0.2 2.5 1.4 –0.8 –2.6 0.2 2.4 1.6 –0.1 –2.5 1.2 2.4 1 2 3 4 5 1.6 –0.4 –10.7 0.7 1.4 1.6 –0.9 –10.0 0.7 1.4 1.6 –1.2 –11.7 0.6 1.5 1.7 –1.5 –10.0 0.8 1.6 1.7 –1.7 –3.5 1.0 1.5 1.8 –1.8 –0.2 1.2 1.5 1.7 –1.7 0.8 1.2 1.5 1.7 6 –1.6 7 5.7 8 1.5 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.
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