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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, JANUARY 29, 2021 Technical: Media: Lisa Mataloni (Personal Income) Kyle Brown (PCE Goods) Jeff Barnett (PCE Services) Jeannine Aversa (301) 278-9083 (301) 278-9086 (301) 278-9663 (301) 278-9003 BEA 21-03 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays, December 2020 Personal income increased $116.6 billion (0.6 percent) in December according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $111.6 billion (0.6 percent) and personal consumption expenditures (PCE) decreased $27.9 billion (0.2 percent). Real DPI increased 0.2 percent in December and Real PCE decreased 0.6 percent (tables 5 and 7). The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent (table 9). 2020 Aug. Sept. Oct. Nov. Dec. Percent change from preceding month Personal income: Current dollars Disposable personal income: Current dollars Chained (2012) dollars Personal consumption expenditures (PCE): Current dollars Chained (2012) dollars Price indexes: PCE PCE, excluding food and energy Price indexes: PCE PCE, excluding food and energy -2.6 0.8 -0.7 -1.3 0.6 -3.1 -3.3 0.8 0.6 -0.8 -0.8 -1.5 -1.5 0.6 0.2 1.2 0.9 1.3 1.1 0.3 0.2 -0.7 -0.7 -0.2 -0.6 0.3 0.3 0.2 0.2 0.0 0.0 0.0 0.0 0.4 0.3 Percent change from month one year ago 1.2 1.4 1.2 1.1 1.3 1.4 1.5 1.4 1.4 1.5 COVID-19 Impact on December 2020 Personal Income and Outlays The December estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Many provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act continued to wind down before the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act was enacted on December 27, 2020. Additionally, new restrictions and closures took effect in some areas of the United States. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see “Effects of Selected Federal Pandemic Response Programs on Personal Income.” The increase in personal income in December primarily reflected increases in government social benefits, compensation, and personal dividend income that were partly offset by a decrease in proprietors’ income (table 3). • Within government social benefits, unemployment insurance increased reflecting an increase in pandemic unemployment compensation, the supplemental weekly payments to unemployment beneficiaries re-introduced through the CRRSA Act. There was also an increase in “other” social benefits, reflecting an increase in payments from the Provider Relief Fund to nonprofit institutions. • Within compensation, the main contributor was an increase in wages and salaries in serviceproducing industries based on data from the Bureau of Labor Statistics Current Employment Statistics. • The increase in personal dividend income reflected data from company financial reports. • Within proprietors’ income, both farm and nonfarm decreased based on declines in Paycheck Protection Program loans to businesses. Farm proprietors’ income was also impacted by a decrease in payments under the Coronavirus Food Assistance Program. The $79.8 billion decrease in real PCE in December reflected a decrease of $71.9 billion in spending for goods and a $17.6 billion decrease in spending for services (table 7). Within goods, durable goods (led by recreational goods and vehicles) and nondurable goods (led by food and beverages) both contributed to the decrease and were partly offset by an increase in spending for motor vehicles and parts (led by new light trucks). Within services, the largest contributors were decreases in spending for food services and accommodations (led by food services) and spending for health care (led by hospitals). These were partly offset by an increase in spending for household utilities (led by electricity). Detailed information on monthly real PCE spending can be found on Table 2.3.6U. Personal outlays decreased $39.2 billion in December (table 3). Personal saving was $2.38 trillion in December and the personal saving rate—personal saving as a percentage of disposable personal income—was 13.7 percent (table 1). -2- Updates to Personal Income and Outlays Estimates have been updated for October and November. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are shown below. Change from preceding month 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 (2012) dollars Personal consumption expenditures: Current dollars Chained (2012) dollars -127.4 -134.6 -0.6 -0.7 -221.8 -255.9 -1.1 -1.3 -130.5 -121.1 -143.4 -132.5 -0.7 -0.8 -0.8 -0.8 -218.0 -197.3 -255.7 -229.6 -1.2 -1.3 -1.5 -1.5 47.4 38.9 37.9 30.6 0.3 0.3 0.3 0.2 -63.3 -58.5 -99.0 -89.2 -0.4 -0.4 -0.7 -0.7 * * * Next release: February 26, 2021 at 8:30 A.M. EST Personal Income and Outlays, January 2021 * * -3- * Personal Income and Outlays Release Dates for 2021 Estimate Release Date December 2020 January 29, 2021 January 2021 February 26, 2021 February 2021 March 26, 2021 March 2021 April 30, 2021 April 2021 May 28, 2021 May 2021 June 25, 2021 June 2021 July 30, 2021 July 2021 August 27, 2021 August 2021 October 1, 2021 September 2021 October 29, 2021 October 2021 November 24, 2021 November 2021 December 23, 2021 -4- Additional Information Resources Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Additional Resources available at www.bea.gov: • • • • • • • For more definitions, see the Glossary: National Income and Product Accounts. Information on COVID-19 and recovery impacts is available on our website. Stay informed about BEA developments Stay informed about BEA developments by reading The BEA Wire, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, see the FAQ “How is average annual growth calculated?” and “Why does BEA publish percent changes in quarterly series at annual rates?” Definitions Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (months for monthly data, quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chaineddollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” -5- 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 -6- January 29, 2021 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] May 20,246.1 10,962.1 8,925.4 7,514.0 1,443.7 863.8 6,070.3 1,362.8 4,707.5 1,411.5 2,036.6 1,393.3 643.4 June 20,032.7 11,225.8 9,139.1 7,722.0 1,487.6 896.0 6,234.4 1,401.7 4,832.7 1,417.0 2,086.8 1,431.4 655.4 Seasonally adjusted at annual rates 2020 July Aug. Sept. Oct. r 20,213.3 19,691.7 19,842.5 19,707.9 11,399.0 11,556.4 11,656.4 11,741.4 9,288.2 9,426.7 9,514.6 9,589.3 7,858.5 7,973.9 8,070.0 8,152.4 1,522.3 1,540.8 1,547.8 1,560.8 926.2 941.1 945.4 949.9 6,336.2 6,433.1 6,522.2 6,591.5 1,446.8 1,469.4 1,494.3 1,488.9 4,889.4 4,963.7 5,027.9 5,102.6 1,429.7 1,452.8 1,444.6 1,436.9 2,110.8 2,129.7 2,141.8 2,152.1 1,446.7 1,459.2 1,467.7 1,477.2 664.1 670.5 674.0 674.9 1,492.9 22.9 1,470.0 796.6 2,908.9 1,637.0 1,271.8 5,478.0 5,432.2 1,076.5 828.7 669.2 1,355.8 142.2 1,359.8 45.8 1,392.3 2,099.1 18,147.1 13,658.0 13,165.4 4,447.8 1,548.7 2,899.1 8,717.5 286.0 206.6 112.5 94.1 4,489.1 24.7 1,598.4 60.2 1,538.2 791.7 2,876.6 1,619.9 1,256.7 4,958.3 4,898.0 1,074.6 832.9 684.1 1,404.9 143.1 758.3 60.3 1,418.1 2,133.2 17,899.5 14,489.8 14,014.6 4,745.9 1,686.6 3,059.3 9,268.7 268.4 206.8 112.6 94.1 3,409.7 19.0 1,700.6 47.4 1,653.2 797.9 2,870.5 1,628.4 1,242.0 4,882.0 4,836.2 1,078.1 837.5 686.3 1,330.5 144.3 759.5 45.8 1,436.6 2,168.2 18,045.1 14,702.9 14,224.7 4,815.8 1,724.5 3,091.3 9,408.9 277.8 200.4 112.8 87.6 3,342.2 18.5 1,807.9 71.7 1,736.2 803.7 2,847.9 1,619.1 1,228.8 4,128.2 4,082.3 1,081.8 842.6 684.7 636.0 145.4 691.8 45.9 1,452.3 2,197.2 17,494.5 14,878.5 14,397.2 4,860.0 1,759.8 3,100.1 9,537.2 287.2 194.2 113.0 81.2 2,616.0 15.0 1,900.6 69.3 1,831.3 811.6 2,838.6 1,611.8 1,226.8 4,097.5 4,051.6 1,082.1 848.1 680.1 358.9 146.4 936.0 46.0 1,462.3 2,216.4 17,626.1 15,080.1 14,582.7 4,929.3 1,774.6 3,154.6 9,653.5 296.6 200.7 113.1 87.6 2,546.0 14.4 1,919.7 151.0 1,768.7 808.7 2,855.4 1,619.0 1,236.4 3,851.4 3,805.3 1,091.0 854.0 675.9 304.6 147.3 732.5 46.1 1,468.7 2,225.2 17,482.7 15,110.4 14,620.6 4,920.6 1,789.5 3,131.1 9,700.0 285.0 204.8 113.3 91.4 2,372.3 13.6 1,719.8 80.2 1,639.6 807.0 2,889.5 1,618.4 1,271.1 3,716.8 3,670.5 1,088.1 860.4 673.1 281.2 148.3 619.4 46.2 1,472.5 2,225.0 17,227.0 15,000.0 14,521.6 4,851.0 1,743.3 3,107.7 9,670.6 273.5 205.0 113.6 91.4 2,226.9 12.9 1,641.8 72.2 1,569.6 805.2 2,947.3 1,617.9 1,329.4 3,801.9 3,755.5 1,091.7 867.3 671.9 321.4 149.1 654.1 46.4 1,479.1 2,229.9 17,338.6 14,960.8 14,493.7 4,810.2 1,725.1 3,085.0 9,683.6 261.9 205.2 113.8 91.4 2,377.7 13.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 13,389.9 13,600.8 13,794.6 13,961.2 14,101.1 14,197.3 14,088.2 14,056.6 45 16,453.5 16,149.8 16,236.5 15,693.3 15,785.9 15,653.4 15,423.8 15,458.1 46 55,009 49,875 329,894 54,234 48,933 330,038 54,649 49,172 330,199 52,954 47,502 330,368 53,326 47,758 330,535 52,867 47,335 330,692 52,072 46,622 330,829 52,385 46,704 330,983 47 48 49 Line 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries Trade, transportation, and utilities 8 Other services-producing industries 9 10 Government 11 Supplements to wages and salaries 12 Employer contributions for employee pension and insurance funds 1 Employer contributions for government social insurance 13 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons Social security 2 Medicare 3 Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services Personal interest payments 4 Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, 46 47 48 49 billions of chained (2012) dollars 5 Disposable personal income: Total, billions of chained (2012) dollars 5 Per capita: Current dollars Chained (2012) dollars Population (midperiod, thousands) 6 Line Nov. r 19,451.9 11,791.4 9,627.8 8,190.0 1,571.1 956.4 6,619.0 1,493.9 5,125.0 1,437.8 2,163.5 1,488.2 675.4 Dec. p 19,568.5 11,851.4 9,674.9 8,236.1 1,577.2 958.1 6,658.9 1,505.1 5,153.8 1,438.8 2,176.4 1,498.5 677.9 1 2 3 4 5 6 7 8 9 10 11 12 13 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 -7- January 29, 2021 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Line 1 Personal income Compensation of employees 2 Wages and salaries 3 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries Trade, transportation, and utilities 8 Other services-producing industries 9 10 Government Supplements to wages and salaries 11 12 Employer contributions for employee pension and insurance funds 1 Employer contributions for government social insurance 13 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm Rental income of persons with capital consumption adjustment 17 Personal income receipts on assets 18 19 Personal interest income 20 Personal dividend income Personal current transfer receipts 21 22 Government social benefits to persons 23 Social security 2 24 Medicare 3 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other Other current transfer receipts, from business (net) 29 Less: Contributions for government social insurance, domestic 30 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 39 Personal interest payments 4 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving Personal saving as a percentage of disposable personal income 44 Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2012) dollars 5 Disposable personal income: 46 Total, billions of chained (2012) dollars 5 Per capita: 47 Current dollars 48 Chained (2012) dollars 49 Population (midperiod, thousands) 6 2019 2020 2019 Seasonally adjusted at annual rates 2020 Q4 Q1 Q2 Q3 18,760.8 18,951.0 20,457.3 19,915.8 11,564.8 11,674.4 10,949.5 11,537.3 9,422.5 9,526.1 8,908.8 9,409.9 7,953.0 8,044.5 7,487.2 7,967.5 1,541.3 1,543.1 1,431.0 1,537.0 917.5 913.8 857.8 937.5 6,411.6 6,501.4 6,056.2 6,430.5 1,427.2 1,444.2 1,362.1 1,470.1 4,984.5 5,057.2 4,694.1 4,960.4 1,469.5 1,481.6 1,421.6 1,442.4 2,142.4 2,148.3 2,040.7 2,127.4 1,486.1 1,482.3 1,400.1 1,457.9 656.3 666.0 640.5 669.5 Q4 19,576.1 11,794.7 9,630.7 8,192.8 1,569.7 954.8 6,623.1 1,496.0 5,127.1 1,437.9 2,164.0 1,488.0 676.1 1 2 3 4 5 6 7 8 9 10 11 12 13 Line 18,551.5 11,432.4 9,309.3 7,858.5 1,529.9 910.3 6,328.7 1,415.3 4,913.4 1,450.8 2,123.1 1,474.0 649.1 19,725.1 11,489.0 9,368.8 7,923.0 1,520.2 916.0 6,402.8 1,443.1 4,959.7 1,445.8 2,120.1 1,457.1 663.0 Q3 18,597.6 11,438.0 9,311.3 7,852.3 1,524.9 903.9 6,327.3 1,416.5 4,910.9 1,459.0 2,126.6 1,477.6 649.0 1,657.7 49.7 1,608.0 787.1 2,967.9 1,677.4 1,290.4 3,125.2 3,078.0 1,030.7 783.7 614.0 27.7 130.9 490.9 47.2 1,418.8 2,202.9 16,348.6 15,117.4 14,544.6 4,512.2 1,534.4 2,977.9 10,032.4 362.3 210.5 115.2 95.3 1,231.2 7.5 1,695.3 64.8 1,630.5 802.4 2,911.1 1,638.7 1,272.3 4,268.2 4,221.1 1,078.7 833.0 662.6 551.4 143.6 951.8 47.2 1,440.9 2,192.4 17,532.7 14,651.0 14,147.4 4,660.8 1,620.1 3,040.8 9,486.6 299.9 203.7 112.8 90.9 2,881.6 16.4 1,677.0 58.9 1,618.1 789.7 2,970.1 1,681.7 1,288.3 3,141.9 3,094.8 1,034.3 789.9 622.3 27.6 131.9 488.9 47.1 1,419.0 2,197.1 16,400.5 15,219.9 14,645.3 4,553.6 1,552.8 3,000.8 10,091.7 364.9 209.7 115.5 94.2 1,180.6 7.2 1,697.7 58.7 1,639.0 795.5 2,980.4 1,693.4 1,287.0 3,155.2 3,108.7 1,043.0 797.9 619.4 27.9 134.5 486.0 46.5 1,432.9 2,221.2 16,539.6 15,335.8 14,759.2 4,562.4 1,554.1 3,008.2 10,196.8 364.6 212.0 116.0 96.0 1,203.8 7.3 1,706.0 56.4 1,649.6 802.3 2,984.3 1,679.7 1,304.6 3,235.5 3,189.6 1,068.5 804.7 624.1 43.4 138.6 510.4 45.9 1,451.5 2,252.4 16,698.6 15,103.3 14,545.5 4,552.9 1,496.4 3,056.5 9,992.5 352.9 204.9 112.2 92.7 1,595.3 9.6 1,511.9 38.9 1,473.0 796.1 2,910.2 1,637.0 1,273.2 5,678.0 5,627.4 1,075.4 824.1 668.8 1,084.6 142.1 1,832.5 50.6 1,388.4 2,096.5 18,360.8 13,590.0 13,097.3 4,361.5 1,478.3 2,883.2 8,735.8 286.0 206.6 112.5 94.1 4,770.8 26.0 1,803.0 62.8 1,740.2 804.4 2,852.3 1,619.8 1,232.6 4,369.3 4,323.4 1,080.7 842.7 683.7 775.2 145.3 795.8 45.9 1,450.4 2,193.9 17,721.9 14,887.1 14,401.5 4,868.4 1,753.0 3,115.4 9,533.2 287.2 198.4 113.0 85.5 2,834.7 16.0 1,760.4 101.1 1,659.3 807.0 2,897.4 1,618.5 1,279.0 3,790.0 3,743.8 1,090.3 860.6 673.6 302.4 148.2 668.7 46.2 1,473.5 2,226.7 17,349.4 15,023.8 14,545.3 4,860.6 1,752.6 3,108.0 9,684.7 273.5 205.0 113.6 91.4 2,325.6 13.4 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 14,042.9 13,905.0 14,037.4 14,119.5 14,173.6 13,383.3 13,952.3 14,114.1 45 14,882.5 15,772.4 14,895.4 14,964.5 15,060.3 16,626.5 15,904.6 15,511.8 46 49,763 45,301 328,527 53,104 47,772 330,157 49,890 45,312 328,730 50,244 45,459 329,186 50,674 45,702 329,529 55,656 50,399 329,898 53,643 48,142 330,368 52,441 46,887 330,835 47 48 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. 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 -8- January 29, 2021 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 1 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets 19 Personal interest income 20 Personal dividend income 21 Personal current transfer receipts 22 Government social benefits to persons 2 23 Social security 3 24 Medicare 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other 29 Other current transfer receipts, from business (net) 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 4 39 Personal interest payments 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2012) dollars 45 May -847.0 301.5 263.6 288.3 81.9 50.2 206.4 40.8 165.6 -24.7 38.0 17.5 20.4 June -213.5 263.8 213.6 208.1 44.0 32.1 164.1 39.0 125.1 5.5 50.1 38.1 12.0 48.5 -10.7 59.2 -3.3 -36.3 -17.0 -19.2 -1,119.8 -1,119.8 1.4 18.2 16.0 862.7 1.4 -2,019.5 0.0 37.7 41.8 -888.8 1,035.8 1,053.3 557.0 349.1 207.9 496.3 -17.6 0.1 0.1 0.0 -1,924.6 105.5 37.2 68.2 -5.0 -32.2 -17.1 -15.1 -519.7 -534.2 -1.9 4.2 14.9 49.2 0.9 -601.5 14.5 25.8 34.1 -247.6 831.8 849.2 298.1 137.9 160.2 551.2 -17.6 0.2 0.2 0.0 -1,079.4 102.2 -12.8 115.0 6.2 -6.2 8.5 -14.7 -76.2 -61.8 3.5 4.6 2.2 -74.4 1.2 1.2 -14.5 18.5 35.0 145.6 213.1 210.1 69.9 38.0 32.0 140.2 9.4 -6.4 0.2 -6.5 -67.5 107.3 24.3 83.0 5.8 -22.6 -9.4 -13.2 -753.8 -753.9 3.7 5.1 -1.6 -694.5 1.1 -67.7 0.1 15.6 29.1 -550.6 175.6 172.5 44.1 35.3 8.8 128.3 9.4 -6.2 0.2 -6.4 -726.3 92.7 -2.4 95.1 8.0 -9.3 -7.3 -2.0 -30.7 -30.7 0.3 5.5 -4.6 -277.1 1.0 244.2 0.1 10.0 19.1 131.6 201.6 185.6 69.3 14.8 54.5 116.3 9.4 6.6 0.2 6.4 -69.9 226.2 -833.5 210.9 -303.7 193.8 86.7 166.5 -543.2 140.0 92.6 5 Disposable personal income, billions of chained (2012) dollars Seasonally adjusted at annual rates 2020 r July Aug. Sept. Oct. 180.6 -521.6 150.8 -134.6 173.2 157.4 100.0 85.0 149.2 138.5 87.9 74.7 136.5 115.4 96.1 82.4 34.7 18.5 7.0 13.0 30.2 14.8 4.3 4.5 101.8 97.0 89.0 69.3 45.0 22.7 24.8 -5.3 56.8 74.3 64.2 74.7 12.7 23.1 -8.2 -7.7 24.0 18.9 12.1 10.3 15.3 12.5 8.6 9.5 8.7 6.4 3.5 0.8 5 Line r p Nov. -255.9 50.0 38.6 37.6 10.2 6.5 27.4 5.0 22.4 0.9 11.4 10.9 0.5 Dec. 116.6 60.0 47.1 46.1 6.1 1.7 40.0 11.1 28.8 1.0 12.9 10.4 2.5 1 2 3 4 5 6 7 8 9 10 11 12 13 19.1 81.7 -62.6 -2.9 16.8 7.3 9.5 -246.2 -246.3 8.9 6.0 -4.2 -54.4 0.9 -203.5 0.1 6.4 8.8 -143.4 30.4 37.9 -8.7 14.9 -23.6 46.6 -11.6 4.0 0.2 3.8 -173.8 -199.9 -70.8 -129.0 -1.7 34.1 -0.6 34.7 -134.6 -134.7 -2.8 6.4 -2.8 -23.4 1.0 -113.1 0.1 3.8 -0.2 -255.7 -110.4 -99.0 -69.6 -46.3 -23.3 -29.5 -11.6 0.2 0.2 0.0 -145.3 -78.1 -8.0 -70.0 -1.7 57.8 -0.5 58.3 85.2 85.0 3.6 6.8 -1.2 40.2 0.9 34.6 0.2 6.6 5.0 111.6 -39.2 -27.9 -40.9 -18.2 -22.7 13.0 -11.6 0.2 0.2 0.0 150.8 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 96.2 -132.5 -109.2 -229.6 -31.6 34.3 44 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. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis -9- January 29, 2021 Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] 2019 Line 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government 11 Supplements to wages and salaries 1 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets 19 Personal interest income 20 Personal dividend income 21 Personal current transfer receipts 22 Government social benefits to persons 2 23 Social security 3 24 Medicare 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other 29 Other current transfer receipts, from business (net) 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 4 39 Personal interest payments 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2012) dollars 45 5 Disposable personal income, billions of chained (2012) dollars 5 2020 2019 Seasonally adjusted at annual rates 2020 Q4 Q1 Q2 Q3 163.1 190.2 1,506.3 -541.5 126.9 109.6 -724.9 587.8 111.2 103.6 -617.3 501.1 100.7 91.5 -557.3 480.3 16.4 1.8 -112.1 106.0 13.5 -3.6 -56.0 79.7 84.3 89.8 -445.2 374.3 10.7 17.0 -82.0 108.0 73.6 72.8 -363.2 266.3 10.5 12.1 -60.0 20.8 15.7 6.0 -107.7 86.7 8.4 -3.8 -82.2 57.7 7.3 9.8 -25.5 29.0 Q4 -339.7 257.5 220.8 225.3 32.7 17.2 192.6 25.8 166.8 -4.5 36.6 30.1 6.5 1 2 3 4 5 6 7 8 9 10 11 12 13 Line 699.7 482.3 415.1 366.8 61.1 26.7 305.7 54.6 251.1 48.3 67.2 43.3 23.9 1,173.5 56.5 59.5 64.5 -9.7 5.7 74.1 27.8 46.3 -5.0 -3.0 -16.9 13.9 Q3 116.7 46.3 36.4 19.7 -4.1 -7.0 23.9 5.4 18.5 16.7 9.9 7.8 2.1 71.7 6.6 65.1 27.8 21.2 35.8 -14.6 154.9 155.1 58.3 49.5 24.2 -0.1 11.2 12.1 -0.2 58.4 117.6 582.1 588.2 551.3 140.4 52.8 87.6 411.0 29.4 7.4 3.8 3.6 -6.1 37.7 15.2 22.5 15.3 -56.8 -38.7 -18.1 1,143.0 1,143.0 48.0 49.3 48.6 523.6 12.7 460.9 -0.1 22.1 -10.5 1,184.0 -466.4 -397.2 148.6 85.7 62.9 -545.8 -62.4 -6.7 -2.4 -4.4 1,650.4 48.5 22.0 26.5 3.0 -0.1 -0.8 0.7 23.3 23.8 7.6 10.2 7.3 0.1 2.1 -3.5 -0.4 4.2 -25.3 142.1 147.6 148.0 35.9 16.9 19.1 112.1 0.2 -0.6 0.6 -1.2 -5.5 20.7 -0.2 20.9 5.9 10.4 11.7 -1.3 13.3 13.9 8.8 8.0 -2.9 0.3 2.6 -2.9 -0.6 13.9 24.1 139.1 115.9 113.9 8.8 1.3 7.5 105.1 -0.3 2.3 0.5 1.8 23.2 8.3 -2.3 10.6 6.8 3.9 -13.7 17.6 80.3 80.9 25.4 6.7 4.7 15.5 4.1 24.4 -0.6 18.7 31.2 159.0 -232.5 -213.7 -9.5 -57.7 48.2 -204.3 -11.7 -7.1 -3.8 -3.4 391.5 -194.1 -17.5 -176.6 -6.3 -74.1 -42.7 -31.4 2,442.5 2,437.8 6.9 19.4 44.7 1,041.1 3.5 1,322.1 4.7 -63.2 -155.9 1,662.2 -1,513.3 -1,448.1 -191.4 -18.1 -173.3 -1,256.7 -66.9 1.7 0.3 1.5 3,175.5 291.1 23.8 267.2 8.3 -57.9 -17.3 -40.6 -1,308.8 -1,304.0 5.2 18.7 14.9 -309.4 3.3 -1,036.7 -4.7 62.1 97.4 -638.9 1,297.2 1,304.2 506.8 274.7 232.1 797.3 1.2 -8.2 0.5 -8.7 -1,936.1 -42.6 38.4 -80.9 2.6 45.1 -1.3 46.4 -579.2 -579.6 9.6 17.9 -10.1 -472.8 2.9 -127.1 0.3 23.1 32.8 -372.5 136.6 143.8 -7.8 -0.4 -7.4 151.5 -13.7 6.5 0.6 5.9 -509.1 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 294.1 316.1 -137.9 889.9 36.3 77.6 82.1 69.1 54.1 95.8 -790.3 1,566.3 569.0 -722.0 161.7 -392.8 44 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. 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 - 10 - January 29, 2021 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2020 May June July Based on current-dollar measures Aug. 1 Personal income -4.0 -1.1 0.9 2 Compensation of employees 2.8 2.4 1.5 3 Wages and salaries 3.0 2.4 1.6 4 Supplements to wages and salaries 1.9 2.5 1.1 5 Proprietors' income with inventory valuation and capital consumption adjustments 3.4 7.1 6.4 -0.4 -0.6 0.8 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets -1.2 -1.1 -0.2 8 Personal interest income -1.0 -1.0 0.5 9 Personal dividend income -1.5 -1.2 -1.2 10 Personal current transfer receipts -17.0 -9.5 -1.5 2.8 1.9 1.3 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 2.0 1.6 1.6 13 Equals: Disposable personal income -4.7 -1.4 0.8 Addenda: 14 Personal consumption expenditures 8.7 6.5 1.5 15 Goods 14.3 6.7 1.5 16 Durable goods 29.1 8.9 2.3 17 Nondurable goods 7.7 5.5 1.0 18 Services 6.0 6.3 1.5 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 1.7 -4.8 1.6 -1.8 Line Sept. Oct. r Nov. r Dec. p -2.6 1.4 1.5 0.9 0.8 0.9 0.9 0.6 -0.7 0.7 0.8 0.5 -1.3 0.4 0.4 0.5 0.6 0.5 0.5 0.6 1 2 3 4 6.3 0.7 -0.8 -0.6 -1.1 -15.4 1.1 1.3 -3.1 5.1 1.0 -0.3 -0.4 -0.2 -0.7 0.7 0.9 0.8 1.0 -0.4 0.6 0.5 0.8 -6.0 0.4 0.4 -0.8 -10.4 -0.2 1.2 0.0 2.8 -3.5 0.3 0.0 -1.5 -4.5 -0.2 2.0 0.0 4.6 2.3 0.4 0.2 0.6 5 6 7 8 9 10 11 12 13 1.2 0.9 2.0 0.3 1.4 1.3 1.4 0.8 1.8 1.2 0.3 -0.2 0.8 -0.7 0.5 -0.7 -1.4 -2.6 -0.7 -0.3 -0.2 -0.8 -1.0 -0.7 0.1 14 15 16 17 18 1.2 -3.3 1.0 0.6 0.7 -0.8 -0.8 -1.5 -0.2 0.2 19 20 1.4 0.5 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis January 29, 2021 Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2019 2020 2019 Q3 2020 Q4 Q1 Q2 Line Q3 Q4 Based on current-dollar measures 1 Personal income 3.9 6.3 2.6 2 Compensation of employees 4.4 0.5 1.6 3 Wages and salaries 4.7 0.6 1.6 4 Supplements to wages and salaries 3.3 -0.1 1.9 5 Proprietors' income with inventory valuation and capital consumption adjustments 4.5 2.3 12.4 6 Rental income of persons with capital consumption adjustment 3.7 1.9 1.5 7 Personal income receipts on assets 0.7 -1.9 0.0 8 Personal interest income 2.2 -2.3 -0.2 9 Personal dividend income -1.1 -1.4 0.2 10 Personal current transfer receipts 5.2 36.6 3.0 4.3 1.6 1.2 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 5.6 -0.5 -4.5 13 Equals: Disposable personal income 3.7 7.2 3.5 Addenda: 14 Personal consumption expenditures 3.9 -2.7 4.1 15 Goods 3.2 3.3 3.2 16 Durable goods 3.6 5.6 4.5 17 Nondurable goods 3.0 2.1 2.6 18 Services 4.3 -5.4 4.6 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 2.1 2.2 Source: U.S. Bureau of Economic Analysis - 11 - -1.0 6.0 1.0 2.1 3.6 4.5 4.9 3.0 4.1 3.8 4.5 1.1 35.8 -22.6 -23.5 -18.6 -10.2 23.3 24.5 18.1 -6.7 9.2 9.7 7.1 1 2 3 4 5.0 3.0 1.4 2.8 -0.4 1.7 4.0 4.5 3.4 2.0 3.5 0.5 -3.2 5.6 10.6 5.3 5.7 3.9 -38.3 -3.1 -9.6 -9.8 -9.3 848.5 -16.3 -24.9 46.2 102.2 4.3 -7.7 -4.1 -12.2 -64.9 19.1 19.9 -13.2 -9.1 1.3 6.5 -0.3 15.9 -43.4 6.5 6.1 -8.1 5 6 7 8 9 10 11 12 13 3.1 0.8 0.3 1.0 4.2 -5.7 -0.8 -14.0 6.6 -7.8 -34.3 -15.8 -4.8 -20.8 -41.6 46.2 55.2 97.7 36.3 41.8 4.1 -0.6 -0.1 -0.9 6.5 14 15 16 17 18 2.4 1.9 1.5 2.6 -20.5 48.6 18.1 -16.3 4.7 -9.5 19 20 January 29, 2021 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2020 May June July Aug. Sept. Oct. r Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 11,936.7 12,644.7 12,799.0 12,914.9 13,060.2 13,090.8 Goods 4,788.2 5,057.0 5,108.6 5,133.0 5,215.6 5,218.2 Durable goods 1,831.3 1,975.4 2,006.0 2,030.4 2,048.2 2,068.7 Nondurable goods 2,978.6 3,109.9 3,132.2 3,133.9 3,197.4 3,182.0 Services 7,291.3 7,735.6 7,837.7 7,925.7 7,995.3 8,021.6 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 937.4 707.9 154.4 115.9 145.4 30.6 Goods 601.1 268.8 51.6 24.4 82.7 2.6 Durable goods 404.2 144.0 30.7 24.4 17.8 20.5 Nondurable goods 223.3 131.3 22.3 1.7 63.4 -15.4 Services 397.4 444.3 102.1 88.0 69.6 26.4 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 8.5 5.9 1.2 0.9 1.1 0.2 Goods 14.4 5.6 1.0 0.5 1.6 0.0 Durable goods 28.3 7.9 1.6 1.2 0.9 1.0 Nondurable goods 8.1 4.4 0.7 0.1 2.0 -0.5 Services 5.8 6.1 1.3 1.1 0.9 0.3 Line Nov. r Dec. p 13,001.6 5,146.8 2,021.1 3,155.5 7,995.0 12,921.8 5,074.9 1,994.3 3,110.2 7,977.4 1 2 3 4 5 -89.2 -71.4 -47.7 -26.5 -26.6 -79.8 -71.9 -26.8 -45.3 -17.6 6 7 8 9 10 -0.7 -1.4 -2.3 -0.8 -0.3 -0.6 -1.4 -1.3 -1.4 -0.2 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis January 29, 2021 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2019 2020 2019 Q3 Q4 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 13,240.2 12,727.0 13,301.3 13,353.7 Goods 4,760.5 4,947.3 4,805.2 4,811.8 Durable goods 1,774.6 1,888.2 1,797.8 1,811.7 Nondurable goods 3,001.5 3,080.6 3,023.9 3,018.2 Services 8,520.5 7,897.5 8,541.5 8,584.9 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 312.1 -513.2 88.6 52.3 Goods 170.3 186.9 48.9 6.6 Durable goods 81.9 113.6 27.4 13.8 Nondurable goods 91.2 79.1 22.9 -5.7 Services 153.4 -623.1 43.2 43.4 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 2.4 -3.9 2.7 1.6 Goods 3.7 3.9 4.2 0.6 Durable goods 4.8 6.4 6.3 3.1 Nondurable goods 3.1 2.6 3.1 -0.7 Services 1.8 -7.3 2.0 2.0 Source: U.S. Bureau of Economic Analysis - 12 - 2020 Q1 Q2 Line Q3 Q4 13,118.4 4,812.9 1,752.0 3,070.6 8,365.3 11,860.3 4,677.4 1,744.6 2,947.9 7,306.9 12,924.7 5,152.4 2,028.2 3,154.5 7,919.6 13,004.7 5,146.7 2,028.0 3,149.2 7,998.0 1 2 3 4 5 -235.3 1.1 -59.7 52.4 -219.5 -1,258.2 -135.5 -7.4 -122.7 -1,058.4 1,064.5 475.0 283.6 206.6 612.6 80.0 -5.7 -0.2 -5.3 78.5 6 7 8 9 10 -6.9 0.1 -12.5 7.1 -9.8 -33.2 -10.8 -1.7 -15.0 -41.8 41.0 47.2 82.7 31.1 38.0 2.5 -0.4 0.0 -0.7 4.0 11 12 13 14 15 January 29, 2021 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) 2020 May June July Aug. Sept. Chain-type price indexes (2012=100), seasonally adjusted 110.314 110.859 111.152 111.482 111.658 92.920 93.885 94.283 94.681 94.502 84.628 85.455 85.989 86.660 86.611 97.349 98.400 98.706 98.922 98.659 119.577 119.838 120.057 120.338 120.743 Line Personal consumption expenditures (PCE) 1 2 Goods Durable goods 3 Nondurable goods 4 5 Services Addenda: PCE excluding food and energy 6 112.755 113.145 113.466 113.818 114.019 7 109.335 109.901 108.908 108.795 108.477 Food 1 8 71.529 74.846 76.706 77.357 77.894 Energy goods and services 2 9 108.043 108.453 108.700 108.982 109.102 Market-based PCE 3 10 110.466 110.671 110.944 111.242 111.381 Market-based PCE excluding food and energy 3 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.2 0.5 0.3 0.3 0.2 11 0.0 1.0 0.4 0.4 -0.2 12 Goods Durable goods 13 0.6 1.0 0.6 0.8 -0.1 Nondurable goods 14 -0.3 1.1 0.3 0.2 -0.3 0.3 0.2 0.2 0.2 0.3 15 Services Addenda: PCE excluding food and energy 16 0.2 0.3 0.3 0.3 0.2 17 0.8 0.5 -0.9 -0.1 -0.3 Food 1 -2.1 4.6 2.5 0.8 0.7 18 Energy goods and services 2 19 0.1 0.4 0.2 0.3 0.1 Market-based PCE 3 20 0.1 0.2 0.2 0.3 0.1 Market-based PCE excluding food and energy 3 Line Oct. r Nov. r Dec. p 111.689 94.294 86.487 98.400 120.927 111.694 94.253 86.248 98.488 120.961 112.169 94.784 86.501 99.193 121.391 1 2 3 4 5 114.038 108.605 77.962 109.099 111.360 114.041 108.445 78.305 109.124 111.385 114.389 108.624 81.586 109.496 111.592 6 7 8 9 10 0.0 -0.2 -0.1 -0.3 0.2 0.0 0.0 -0.3 0.1 0.0 0.4 0.6 0.3 0.7 0.4 11 12 13 14 15 0.0 0.1 0.1 0.0 0.0 0.0 -0.1 0.4 0.0 0.0 0.3 0.2 4.2 0.3 0.2 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis January 29, 2021 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago 2020 Line 1 Disposable personal income 2 Personal consumption expenditures Goods 3 Durable goods 4 Nondurable goods 5 Services 6 May 11.1 -9.6 0.6 3.1 -0.6 -14.2 June 8.9 -4.6 5.8 11.0 3.2 -9.2 July 9.4 -3.6 6.5 12.2 3.6 -8.1 Aug. Sept. 5.2 -2.9 6.7 13.0 3.4 -7.2 5.7 -1.9 8.5 13.3 6.0 -6.6 Oct. r 4.8 -1.9 8.4 14.8 5.1 -6.4 Nov. r 2.8 -2.7 7.0 11.5 4.6 -6.9 Dec. p 3.3 -3.3 5.5 9.5 3.4 -7.2 Line 1 2 3 4 5 6 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis January 29, 2021 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago Line Personal consumption expenditures (PCE) 1 2 Goods Durable goods 3 Nondurable goods 4 5 Services Addenda: PCE excluding food and energy 6 7 Food 1 8 Energy goods and services 2 9 Market-based PCE 3 10 Market-based PCE excluding food and energy 3 2020 0.5 -2.2 -2.3 -2.1 1.8 0.9 -1.1 -1.8 -0.7 1.9 1.0 -0.7 -0.6 -0.7 1.8 1.2 -0.1 0.4 -0.3 1.8 1.4 -0.1 0.3 -0.4 2.0 1.2 -0.5 0.4 -1.0 2.0 Nov. r 1.1 -0.5 0.5 -1.1 1.9 1.0 4.6 -18.1 0.6 1.2 1.1 5.2 -12.8 0.9 1.2 1.3 4.3 -11.4 1.0 1.3 1.4 4.3 -9.4 1.2 1.5 1.5 3.9 -8.1 1.3 1.5 1.4 3.8 -9.6 1.1 1.3 1.4 3.6 -9.9 1.0 1.3 May June July Aug. Sept. Oct. r Dec. p 1.3 -0.1 1.3 -0.9 1.9 1.5 3.9 -7.6 1.2 1.3 Line 1 2 3 4 5 6 7 8 9 10 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis - 13 -