Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays, December 2021, BEA 22-03 : Full Release

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, JANUARY 28, 2022
Technical:

Media:

Karl Rohrer (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 22-03
piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays, December 2021
Personal income increased $70.7 billion (0.3 percent) in December according to estimates released
today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased
$39.9 billion (0.2 percent) and personal consumption expenditures (PCE) decreased $95.2 billion (0.6
percent).
Real DPI decreased 0.2 percent in December and Real PCE decreased 1.0 percent; goods decreased 3.1
percent and services increased 0.1 percent (tables 5 and 7). The PCE price index increased 0.4 percent.
Excluding food and energy, the PCE price index increased 0.5 percent (table 9).

2021
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

0.3

-1.0

0.6

0.5

0.3

0.3
-0.1

-1.3
-1.6

0.5
-0.2

0.4
-0.2

0.2
-0.2

1.1
0.7

0.6
0.3

1.5
0.9

0.4
-0.2

-0.6
-1.0

0.4
0.3

0.3
0.2

0.6
0.4

0.6
0.5

0.4
0.5

Percent change from month one year ago
4.2
4.4
5.1
5.7
5.8
3.6
3.7
4.2
4.7
4.9

COVID-19 Impact on December 2021 Personal Income and Outlays
The estimate for December personal income and outlays reflected the continued economic
recovery and government response to the COVID-19 pandemic. In December, COVID-19
cases resulted in continued restrictions and disruptions in the operations of establishments
in some parts of the country. Government social benefits decreased, primarily reflecting the
winding down of pandemic-related assistance programs. 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 an increase in compensation that was
partly offset by a decrease in proprietors' income. Within compensation, the increase reflected
increases in both private and government wages and salaries. Within proprietors' income, both nonfarm
and farm income decreased (table 3). Government social benefits decreased slightly, reflecting the
winding down of pandemic-related assistance programs.
The $95.2 billion decrease in current-dollar PCE in December reflected a decrease of $147.2 billion in
spending for goods that was partly offset by a $52.0 billion increase in spending for services (table 3).
Within goods, decreases were widespread across most components and were led by recreational goods
and vehicles, "other" nondurable goods (which includes newspapers, household supplies, and games
and toys), and furnishings and durable household equipment. Within services, the largest contributor to
the increase was spending for health care. Detailed information on monthly PCE spending can be found
on Table 2.3.5U.
Personal outlays decreased $93.5 billion in December (table 3). Personal saving was $1.44 trillion in
December and the personal saving rate—personal saving as a percentage of disposable personal
income—was 7.9 percent (table 1).
The PCE price index for December increased 5.8 percent from one year ago, reflecting increases in both
goods and services (table 11). Energy prices increased 29.9 percent while food prices increased 5.7
percent. Excluding food and energy, the PCE price index for December increased 4.9 percent from one
year ago.

-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 provided below.

Change from preceding month
October
Previous Revised Previous Revised
(Billions of dollars)
(Percent)
Personal income:
Current dollars
Disposable personal
income:
Current dollars
Chained (2012) dollars
Personal consumption
expenditures:
Current dollars
Chained (2012) dollars

November
Previous Revised Previous Revised
(Billions of dollars)
(Percent)

93.2

124.3

0.5

0.6

90.4

107.5

0.4

0.5

63.3
-50.3

87.7
-25.4

0.4
-0.3

0.5
-0.2

70.4
-33.8

78.2
-30.1

0.4
-0.2

0.4
-0.2

229.7
102.5

246.8
120.9

1.4
0.7

1.5
0.9

104.7
4.4

65.8
-31.1

0.6
0.0

0.4
-0.2

Annual Update of the National Economic Accounts
BEA will release results from the 2022 annual update of the National Economic Accounts,
which includes the National Income and Product Accounts as well as the Industry Economic
Accounts, on September 29, 2022. This update will present revised statistics for GDP, GDP by
Industry, and gross domestic income and will cover the first quarter of 2017 through the first
quarter of 2022. More information on the 2022 annual update will be included on BEA’s
website as well as in a forthcoming Survey of Current Business article, “GDP and the
Economy.”

*

*

*

Next release: February 25, 2022 at 8:30 A.M. EST
Personal Income and Outlays, January 2022
*

*

-3-

*

Personal Income and Outlays Release
Dates for 2022
Estimate

Release Date

December 2021
January 2022
February 2022
March 2022
April 2022
May 2022
June 2022
July 2022
August 2022
September 2022
October 2022
November 2022

January 28, 2022
February 25, 2022
March 31, 2022
April 29, 2022
May 27, 2022
June 30, 2022
July 29, 2022
August 26, 2022
September 30, 2022
October 28, 2022
December 1, 2022
December 23, 2022

-4-

Additional Information
value.” Also referred to as “nominal estimates” or as
“current-price estimates.”

Resources
Additional Resources available at www.bea.gov:
•
•

•
•
•

•
•

Real values are inflation-adjusted estimates—that is,
estimates that exclude the effects of price changes.

Information on COVID-19 and recovery impacts
is available on our web site.
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, refer to 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

For more definitions, refer to the Glossary: National Income
and Product Accounts.

Statistical conventions
Annual rates. Monthly and quarterly values are expressed
at seasonally-adjusted annual rates (SAAR). Dollar changes
are calculated as the difference between these SAAR
values. For detail, refer to the FAQ “Why does BEA publish
estimates at annual rates?”
Month-to-month percent changes are calculated from
unrounded data and are not annualized.
Quarter-to-quarter percent changes are calculated from
unrounded data and are displayed at annual rates. For
detail, refer to the FAQ “How is average annual growth
calculated?” and “Why does BEA publish percent changes
in quarterly series at annual rates?”

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, refer to
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.
Personal consumption expenditures (PCE) is the value of
the goods and services purchased by, or on the behalf of,
“persons” who reside in the United States.

Chained-dollar values are 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 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

-5-

List of Personal Income and Outlays News Release Tables
Table
Table
Table
Table
Table
Table
Table
Table
Table
Table

1.
2.
3.
4.
5.
6.
7.
8.
9.
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 28, 2022

Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]

May
20,514.7
12,417.6
10,181.5
8,664.4
1,624.1
973.4
7,040.3
1,583.9
5,456.5
1,517.1
2,236.1
1,518.0
718.1

June
20,570.5
12,538.4
10,291.2
8,762.5
1,631.3
975.2
7,131.2
1,601.2
5,530.0
1,528.8
2,247.2
1,522.1
725.1

Seasonally adjusted at annual rates
2021
July
Aug.
Sept.
Oct. r
20,818.9
20,889.9
20,684.6
20,808.9
12,661.3
12,713.3
12,805.8
12,925.0
10,401.1
10,447.0
10,530.4
10,639.1
8,851.3
8,892.2
8,972.4
9,081.9
1,648.5
1,656.5
1,666.7
1,679.2
989.6
994.5
995.6
1,003.4
7,202.7
7,235.7
7,305.6
7,402.8
1,612.4
1,617.4
1,633.0
1,650.0
5,590.4
5,618.3
5,672.7
5,752.7
1,549.9
1,554.8
1,558.0
1,557.2
2,260.2
2,266.3
2,275.5
2,285.9
1,528.3
1,531.8
1,535.4
1,538.7
731.9
734.5
740.0
747.1

1,850.8
119.4
1,731.4
715.9
2,931.5
1,639.4
1,292.1
4,171.4
4,108.7
1,107.9
814.9
730.8
492.0
156.5
806.5
62.8
1,572.5
2,534.1
17,980.6
16,107.8
15,624.4
5,475.3
2,065.7
3,409.6
10,149.1
267.4
215.9
116.0
99.9
1,872.8
10.4

1,864.0
130.1
1,733.8
712.5
2,944.2
1,639.8
1,304.4
4,097.8
4,009.0
1,113.3
817.5
742.9
433.0
158.0
744.3
88.9
1,586.5
2,568.7
18,001.7
16,288.6
15,802.0
5,538.1
2,060.5
3,477.6
10,263.9
270.4
216.2
116.3
99.9
1,713.2
9.5

1,872.3
123.0
1,749.2
719.8
2,946.7
1,637.8
1,308.9
4,218.9
4,145.3
1,113.6
821.3
763.3
367.8
160.4
919.0
73.6
1,600.1
2,600.2
18,218.6
16,305.3
15,814.9
5,425.4
1,979.8
3,445.6
10,389.5
271.0
219.4
116.5
102.8
1,913.3
10.5

1,868.8
114.5
1,754.3
728.9
2,942.4
1,636.0
1,306.3
4,242.4
4,177.7
1,119.3
826.2
777.4
352.3
162.2
940.3
64.8
1,605.8
2,621.2
18,268.7
16,482.4
15,991.1
5,521.6
1,997.1
3,524.5
10,469.4
271.7
219.6
116.8
102.8
1,786.3
9.8

1,859.9
94.4
1,765.5
738.1
2,946.4
1,635.1
1,311.3
3,951.2
3,885.7
1,118.7
832.2
784.4
96.9
164.4
889.2
65.4
1,616.8
2,649.5
18,035.1
16,581.0
16,088.9
5,553.4
2,008.5
3,544.8
10,535.5
272.3
219.8
117.0
102.8
1,454.0
8.1

1,859.3
89.9
1,769.5
743.6
2,973.0
1,646.7
1,326.2
3,939.2
3,873.1
1,129.8
839.3
789.4
45.1
166.7
902.9
66.1
1,631.1
2,686.1
18,122.8
16,831.8
16,335.6
5,705.1
2,098.1
3,607.0
10,630.5
273.8
222.4
117.2
105.2
1,291.0
7.1

1,859.6
87.1
1,772.5
750.0
2,984.6
1,654.7
1,329.9
3,963.5
3,896.8
1,126.2
847.5
792.7
37.3
169.2
923.8
66.7
1,639.7
2,715.4
18,201.0
16,899.3
16,401.5
5,694.9
2,072.4
3,622.5
10,706.6
275.2
222.6
117.5
105.2
1,301.7
7.2

1,833.1
81.5
1,751.6
756.3
3,003.2
1,662.3
1,340.9
3,962.3
3,894.9
1,124.8
856.9
794.4
30.4
171.8
916.6
67.4
1,649.4
2,746.2
18,240.9
16,805.8
16,306.3
5,547.7
1,988.2
3,559.5
10,758.6
276.6
222.9
117.7
105.2
1,435.1
7.9

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
44

14,242.7

14,277.9

14,331.7

14,318.1

14,342.4

14,365.5

14,346.3

14,342.8

45

15,669.5

15,603.3

15,729.1

15,712.4

15,458.1

15,432.6

15,402.5

15,367.3

46

54,288
47,311
331,204

54,337
47,098
331,297

54,976
47,463
331,395

55,108
47,397
331,507

54,385
46,614
331,618

54,633
46,524
331,716

54,855
46,421
331,799

54,960
46,302
331,895

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
20,916.4
12,998.4
10,704.0
9,144.6
1,692.4
1,013.3
7,452.2
1,657.7
5,794.5
1,559.5
2,294.4
1,543.1
751.3

Dec. p
20,987.1
13,081.7
10,777.4
9,214.8
1,698.0
1,016.2
7,516.7
1,670.1
5,846.6
1,562.7
2,304.2
1,548.1
756.1

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 28, 2022

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

2020

2021

2020

Seasonally adjusted at annual rates
2021
Q4
Q1
Q2
Q3
19,542.0 21,867.3
20,669.9
20,797.8
11,964.2 12,088.9
12,416.6
12,726.8
9,783.0
9,879.2
10,180.4 10,459.5
8,286.6
8,376.5
8,661.3
8,905.3
1,566.8
1,585.9
1,622.0
1,657.3
936.3
949.3
969.8
993.2
6,719.8
6,790.6
7,039.3
7,248.0
1,507.6
1,525.3
1,582.0
1,620.9
5,212.3
5,265.3
5,457.4
5,627.1
1,496.4
1,502.7
1,519.1
1,554.2
2,181.1
2,209.7
2,236.2
2,267.3
1,498.3
1,510.9
1,518.3
1,531.9
682.8
698.9
717.9
735.5

Q4
20,904.1
13,001.7
10,706.9
9,147.1
1,689.9
1,011.0
7,457.2
1,659.2
5,798.0
1,559.8
2,294.8
1,543.3
751.5

1
2
3
4
5
6
7
8
9
10
11
12
13

Line

19,627.6
11,572.2
9,444.1
7,949.6
1,514.0
904.4
6,435.6
1,443.2
4,992.4
1,494.5
2,128.0
1,464.4
663.7

21,059.8
12,558.5
10,306.5
8,772.5
1,638.8
980.8
7,133.8
1,596.9
5,536.9
1,534.0
2,252.0
1,526.1
725.9

Q3
19,777.4
11,539.7
9,410.3
7,911.5
1,509.0
895.8
6,402.5
1,448.6
4,953.9
1,498.8
2,129.4
1,464.9
664.5

1,650.0
70.2
1,579.9
711.6
2,912.1
1,614.4
1,297.8
4,241.1
4,181.3
1,077.9
819.2
657.3
536.6
145.5
944.7
59.9
1,459.5
2,195.6
17,432.0
14,544.5
14,047.6
4,653.8
1,616.4
3,037.4
9,393.7
285.4
211.5
114.6
96.9
2,887.5
16.6

1,819.9
97.3
1,722.6
728.0
2,940.8
1,640.1
1,300.7
4,601.0
4,534.0
1,115.0
826.0
748.4
339.0
160.1
1,345.5
67.0
1,588.4
2,571.0
18,488.8
16,235.6
15,750.0
5,481.0
2,024.5
3,456.5
10,268.9
267.4
218.2
116.4
101.9
2,253.1
12.2

1,760.7
69.2
1,691.5
714.5
2,851.7
1,597.6
1,254.2
4,369.4
4,310.5
1,080.2
825.8
690.4
767.8
147.4
799.0
58.9
1,458.7
2,181.8
17,595.7
14,774.3
14,293.8
4,867.2
1,753.3
3,113.9
9,426.6
274.4
206.1
114.3
91.8
2,821.3
16.0

1,730.0
108.5
1,621.5
710.0
2,909.6
1,610.3
1,299.2
3,729.5
3,670.2
1,088.8
821.0
678.3
299.9
149.5
632.7
59.2
1,501.3
2,259.8
17,282.2
14,936.8
14,467.6
4,867.3
1,759.2
3,108.1
9,600.4
255.9
213.2
114.8
98.4
2,345.5
13.6

1,714.0
73.0
1,640.9
716.9
2,898.8
1,630.2
1,268.7
5,982.5
5,920.6
1,106.3
814.1
695.9
565.8
152.4
2,586.0
62.0
1,533.8
2,412.1
19,455.3
15,475.6
15,005.4
5,245.0
1,957.8
3,287.2
9,760.4
255.3
214.8
115.3
99.5
3,979.7
20.5

1,848.2
119.4
1,728.7
716.3
2,932.1
1,639.4
1,292.8
4,329.0
4,257.8
1,109.7
815.3
730.5
480.4
156.5
965.4
71.2
1,572.2
2,532.5
18,137.4
16,165.0
15,681.7
5,529.8
2,092.2
3,437.6
10,151.9
267.4
215.9
116.0
99.9
1,972.4
10.9

1,867.0
110.6
1,756.3
729.0
2,945.2
1,636.3
1,308.8
4,137.5
4,069.6
1,117.2
826.5
775.0
272.3
162.3
916.2
67.9
1,607.6
2,623.7
18,174.1
16,456.2
15,964.9
5,500.1
1,995.2
3,505.0
10,464.8
271.7
219.6
116.8
102.8
1,717.9
9.5

1,850.7
86.2
1,764.5
749.9
2,986.9
1,654.6
1,332.3
3,955.0
3,888.3
1,126.9
847.9
792.2
37.6
169.2
914.4
66.7
1,640.1
2,715.9
18,188.2
16,845.6
16,347.8
5,649.2
2,052.9
3,596.3
10,698.6
275.2
222.6
117.5
105.2
1,342.6
7.4

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

13,833.7

14,244.3

13,820.2

14,129.7

14,061.1

14,240.1

14,330.5

14,351.8

45

15,672.8

16,001.1

15,782.4

15,443.0

17,221.6

15,805.6

15,632.7

15,401.0

46

52,800
47,471
330,152

55,793
48,286
331,383

53,261
47,772
330,368

52,241
46,682
330,815

58,775
52,027
331,011

54,761
47,721
331,209

54,823
47,156
331,507

54,816
46,416
331,803

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 28, 2022

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
-409.8
123.9
113.0
107.5
13.6
12.5
93.9
23.0
70.9
5.6
10.8
3.4
7.5

June
55.8
120.8
109.8
98.1
7.2
1.8
90.9
17.4
73.5
11.7
11.0
4.0
7.0

21.2
10.7
10.5
-4.5
10.8
0.5
10.3
-546.3
-547.0
0.1
1.5
13.2
-24.5
1.6
-538.9
0.7
14.8
39.5
-449.3
9.0
5.7
-100.7
-84.6
-16.1
106.4
3.0
0.3
0.3
0.0
-458.3

13.1
10.7
2.4
-3.3
12.7
0.5
12.3
-73.6
-99.7
5.3
2.6
12.1
-59.0
1.5
-62.3
26.1
14.0
34.6
21.2
180.8
177.6
62.9
-5.2
68.0
114.7
3.0
0.3
0.3
0.0
-159.6

8.3
-7.1
15.4
7.3
2.5
-2.0
4.5
121.0
136.3
0.3
3.7
20.4
-65.2
2.4
174.7
-15.3
13.6
31.5
216.9
16.7
12.9
-112.7
-80.7
-32.0
125.6
0.7
3.2
0.3
2.9
200.2

-3.5
-8.5
5.0
9.1
-4.3
-1.7
-2.6
23.5
32.3
5.7
4.9
14.1
-15.5
1.9
21.3
-8.8
5.7
21.0
50.1
177.1
176.2
96.3
17.3
79.0
79.9
0.7
0.2
0.2
0.0
-127.0

-8.9
-20.2
11.2
9.2
4.1
-0.9
5.0
-291.2
-291.9
-0.5
6.0
7.0
-255.3
2.2
-51.2
0.7
11.0
28.3
-233.6
98.7
97.8
31.7
11.4
20.3
66.0
0.7
0.2
0.2
0.0
-332.3

43.5
-477.4

35.2
-66.2

53.7
125.8

-13.6
-16.7

24.4
-254.3

5

Disposable personal income, billions of chained (2012) dollars

Seasonally adjusted at annual rates
2021
r
July
Aug.
Sept.
Oct.
248.4
71.0
-205.3
124.3
122.9
51.9
92.6
119.1
109.9
45.9
83.4
108.7
88.8
40.9
80.2
109.6
17.3
8.0
10.2
12.4
14.3
5.0
1.1
7.8
71.5
33.0
69.9
97.1
11.1
5.0
15.6
17.1
60.4
27.9
54.4
80.1
21.1
4.9
3.2
-0.8
13.0
6.1
9.2
10.4
6.3
3.4
3.7
3.3
6.8
2.6
5.5
7.1

5

Line
r

p

Nov.
107.5
73.5
65.0
62.6
13.2
9.9
49.4
7.6
41.8
2.3
8.5
4.3
4.2

Dec.
70.7
83.3
73.4
70.2
5.7
2.9
64.5
12.4
52.1
3.2
9.9
5.1
4.8

1
2
3
4
5
6
7
8
9
10
11
12
13

-0.5
-4.5
4.0
5.4
26.5
11.6
14.9
-11.9
-12.6
11.0
7.1
5.0
-51.8
2.3
13.7
0.7
14.3
36.6
87.7
250.8
246.8
151.8
89.6
62.2
95.0
1.4
2.6
0.2
2.3
-163.1

0.3
-2.7
3.0
6.4
11.6
8.0
3.7
24.3
23.6
-3.5
8.2
3.3
-7.9
2.6
20.9
0.7
8.6
29.3
78.2
67.5
65.8
-10.2
-25.7
15.5
76.1
1.4
0.2
0.2
0.0
10.7

-26.5
-5.7
-20.8
6.2
18.6
7.6
11.1
-1.3
-1.9
-1.5
9.4
1.7
-6.8
2.6
-7.2
0.7
9.7
30.8
39.9
-93.5
-95.2
-147.2
-84.2
-63.0
52.0
1.4
0.2
0.2
0.0
133.4

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

23.1
-25.4

-19.2
-30.1

-3.5
-35.2

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 28, 2022

Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars]
2020

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

2021

2020

Seasonally adjusted at annual rates
2021
Q4
Q1
Q2
Q3
-235.4 2,325.3 -1,197.4
127.9
424.5
124.7
327.7
310.2
372.7
96.2
301.2
279.1
375.1
89.9
284.8
244.0
57.7
19.2
36.0
35.3
40.5
13.0
20.6
23.4
317.4
70.7
248.8
208.7
59.0
17.7
56.7
38.9
258.4
53.0
192.1
169.7
-2.4
6.3
16.4
35.1
51.8
28.6
26.5
31.1
33.4
12.6
7.4
13.6
18.3
16.0
19.1
17.6

Q4
106.3
274.9
247.4
241.8
32.6
17.7
209.2
38.3
170.9
5.6
27.5
11.5
16.0

1
2
3
4
5
6
7
8
9
10
11
12
13

Line

1,203.2
124.4
120.6
76.3
-17.6
-6.1
93.9
27.6
66.3
44.3
3.9
-10.2
14.1

1,432.2
986.4
862.4
823.0
124.8
76.4
698.2
153.6
544.6
39.4
124.0
61.7
62.3

Q3
-571.2
510.5
431.4
400.2
74.4
29.5
325.8
80.9
244.9
31.2
79.2
54.4
24.8

51.1
31.7
19.4
19.5
-55.9
-37.7
-18.2
1,102.0
1,098.1
47.2
33.5
43.2
509.1
14.6
450.5
3.9
38.0
-9.6
1,212.8
-437.0
-381.1
174.9
103.1
71.8
-556.0
-54.9
-0.9
-4.0
3.1
1,649.7

169.9
27.1
142.8
16.4
28.6
25.7
2.9
359.9
352.8
37.1
6.8
91.1
-197.6
14.6
400.8
7.1
129.0
375.5
1,056.7
1,691.1
1,702.4
827.2
408.1
419.1
875.2
-18.0
6.7
1.8
4.9
-634.4

289.7
24.4
265.3
5.0
-59.1
-13.7
-45.4
-1,264.5
-1,260.1
5.4
4.2
36.1
-271.6
3.0
-1,037.2
-4.4
52.8
82.7
-654.0
1,296.7
1,304.1
517.3
285.0
232.2
786.8
0.9
-8.3
0.0
-8.3
-1,950.6

-30.7
39.3
-70.0
-4.5
57.9
12.8
45.1
-639.9
-640.2
8.6
-4.8
-12.0
-467.9
2.2
-166.2
0.3
42.7
78.0
-313.5
162.4
173.8
0.1
5.9
-5.8
173.7
-18.5
7.1
0.5
6.7
-475.9

-16.1
-35.5
19.4
6.9
-10.7
19.8
-30.6
2,253.1
2,250.3
17.5
-6.8
17.6
265.9
2.9
1,953.3
2.8
32.5
152.3
2,173.0
538.8
537.8
377.8
198.7
179.1
160.1
-0.6
1.6
0.5
1.1
1,634.2

134.2
46.4
87.8
-0.7
33.3
9.2
24.1
-1,653.5
-1,662.8
3.3
1.1
34.6
-85.3
4.1
-1,620.6
9.3
38.4
120.4
-1,317.9
689.4
676.3
284.8
134.3
150.5
391.5
12.1
1.1
0.7
0.4
-2,007.3

18.8
-8.8
27.6
12.7
13.1
-3.0
16.1
-191.5
-188.2
7.5
11.2
44.6
-208.1
5.8
-49.2
-3.3
35.3
91.2
36.7
291.2
283.2
-29.7
-97.0
67.3
312.9
4.3
3.7
0.8
2.9
-254.5

-16.3
-24.5
8.2
21.0
41.7
18.2
23.5
-182.5
-181.3
9.7
21.3
17.1
-234.7
6.9
-1.7
-1.2
32.5
92.2
14.1
389.4
382.9
149.1
57.8
91.3
233.8
3.5
3.0
0.7
2.3
-375.3

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

-71.9
917.6

410.6
328.3

502.5
-734.6

309.5
-339.4

-68.6
1,778.6

179.0
-1,416.0

90.5
-172.9

21.3
-231.6

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 28, 2022

Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Seasonally adjusted at monthly rates
Line

2021
May
June
July
Based on current-dollar measures

Aug.

1 Personal income
-2.0
0.3
1.2
2
Compensation of employees
1.0
1.0
1.0
3
Wages and salaries
1.1
1.1
1.1
4
Supplements to wages and salaries
0.5
0.5
0.6
5
Proprietors' income with inventory valuation and capital consumption
adjustments
1.2
0.7
0.4
-0.6
-0.5
1.0
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
0.4
0.4
0.1
8
Personal interest income
0.0
0.0
-0.1
9
Personal dividend income
0.8
0.9
0.3
10
Personal current transfer receipts
-11.6
-1.8
3.0
0.9
0.9
0.9
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
1.6
1.4
1.2
13 Equals: Disposable personal income
-2.4
0.1
1.2
Addenda:
14
Personal consumption expenditures
0.0
1.1
0.1
15
Goods
-1.8
1.1
-2.0
16
Durable goods
-3.9
-0.3
-3.9
17
Nondurable goods
-0.5
2.0
-0.9
18
Services
1.1
1.1
1.2
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

0.3
-3.0

0.2
-0.4

0.4
0.8

Line
Sept.

Oct.

r

Nov.

r

Dec.

p

0.3
0.4
0.4
0.3

-1.0
0.7
0.8
0.4

0.6
0.9
1.0
0.5

0.5
0.6
0.6
0.4

0.3
0.6
0.7
0.4

1
2
3
4

-0.2
1.3
-0.1
-0.1
-0.2
0.6
0.4
0.8
0.3

-0.5
1.3
0.1
-0.1
0.4
-6.9
0.7
1.1
-1.3

0.0
0.7
0.9
0.7
1.1
-0.3
0.9
1.4
0.5

0.0
0.9
0.4
0.5
0.3
0.6
0.5
1.1
0.4

-1.4
0.8
0.6
0.5
0.8
0.0
0.6
1.1
0.2

5
6
7
8
9
10
11
12
13

1.1
1.8
0.9
2.3
0.8

0.6
0.6
0.6
0.6
0.6

1.5
2.7
4.5
1.8
0.9

0.4
-0.2
-1.2
0.4
0.7

-0.6
-2.6
-4.1
-1.7
0.5

14
15
16
17
18

-0.1
-0.1

0.2
-1.6

0.2
-0.2

-0.1
-0.2

0.0
-0.2

19
20

p Preliminary
r Revised
Source: U.S. Bureau of Economic Analysis

January 28, 2022

Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
Seasonally adjusted at annual rates
Line

2020

2021

2020
Q3

2021
Q4

Q1

Q2

Line
Q3

Q4

Based on current-dollar measures

1 Personal income
6.5
7.3
-10.8
2
Compensation of employees
1.1
8.5
19.8
3
Wages and salaries
1.3
9.1
20.6
4
Supplements to wages and salaries
0.2
5.8
16.4
5
Proprietors' income with inventory valuation and capital consumption
adjustments
3.2
10.3
105.2
6
Rental income of persons with capital consumption adjustment
2.8
2.3
2.8
7
Personal income receipts on assets
-1.9
1.0
-7.9
8
Personal interest income
-2.3
1.6
-3.4
9
Personal dividend income
-1.4
0.2
-13.3
10
Personal current transfer receipts
35.1
8.5
-63.8
2.7
8.8
15.9
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
-0.4
17.1
16.7
13 Equals: Disposable personal income
7.5
6.1
-13.6
Addenda:
14
Personal consumption expenditures
-2.6
12.1
46.6
15
Goods
3.9
17.8
56.7
16
Durable goods
6.8
25.2
103.3
17
Nondurable goods
2.4
13.8
36.3
18
Services
-5.6
9.3
41.7
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

-0.5
6.2

Source: U.S. Bureau of Economic Analysis

- 11 -

3.0
2.1

16.0
-16.6

-4.7
15.5
16.8
10.1

56.8
4.2
4.0
5.3

-20.2
11.3
12.8
4.9

2.5
10.4
11.4
5.7

2.1
8.9
9.8
4.9

1
2
3
4

-6.8
-2.5
8.4
3.2
15.2
-46.9
12.2
15.1
-6.9

-3.7
3.9
-1.5
5.0
-9.1
562.1
9.0
29.8
60.6

35.2
-0.4
4.7
2.3
7.8
-72.6
10.4
21.5
-24.5

4.1
7.3
1.8
-0.7
5.1
-16.6
9.3
15.2
0.8

-3.4
12.0
5.8
4.5
7.4
-16.5
8.3
14.8
0.3

5
6
7
8
9
10
11
12
13

5.0
0.0
1.3
-0.7
7.6

15.7
34.9
53.4
25.1
6.8

19.3
23.6
30.4
19.6
17.0

7.4
-2.1
-17.3
8.1
12.9

9.9
11.3
12.1
10.8
9.2

14
15
16
17
18

9.3
-8.3

-1.9
54.7

5.2
-29.1

2.6
-4.3

0.6
-5.8

19
20

January 28, 2022

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

2021
May
June
July
Aug.
Sept.
Oct. r
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
13,616.2
13,696.6
13,653.8
13,753.5
13,789.9
13,910.8
Goods
5,589.1
5,610.5
5,472.8
5,538.9
5,543.2
5,623.8
Durable goods
2,279.2
2,248.4
2,156.3
2,157.5
2,161.8
2,228.5
Nondurable goods
3,354.4
3,402.2
3,352.0
3,414.9
3,415.3
3,433.3
Services
8,214.0
8,271.5
8,341.5
8,381.7
8,412.3
8,460.0
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
-67.8
80.4
-42.8
99.7
36.5
120.9
Goods
-151.6
21.5
-137.7
66.1
4.3
80.6
Durable goods
-142.0
-30.7
-92.1
1.2
4.2
66.7
Nondurable goods
-20.7
47.9
-50.3
62.9
0.4
18.0
Services
56.7
57.5
70.0
40.2
30.6
47.6
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
-0.5
0.6
-0.3
0.7
0.3
0.9
Goods
-2.6
0.4
-2.5
1.2
0.1
1.5
Durable goods
-5.9
-1.3
-4.1
0.1
0.2
3.1
Nondurable goods
-0.6
1.4
-1.5
1.9
0.0
0.5
Services
0.7
0.7
0.8
0.5
0.4
0.6

Line

Nov. r

Dec. p

13,879.7
5,562.3
2,190.5
3,408.0
8,480.3

13,737.5
5,389.1
2,082.3
3,337.5
8,487.7

1
2
3
4
5

-31.1
-61.4
-38.0
-25.3
20.4

-142.2
-173.3
-108.2
-70.6
7.4

6
7
8
9
10

-0.2
-1.1
-1.7
-0.7
0.2

-1.0
-3.1
-4.9
-2.1
0.1

11
12
13
14
15

p Preliminary
r Revised
Source: U.S. Bureau of Economic Analysis

January 28, 2022

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

2020

2021

2020

Q3
Q4
Billions of chained (2012) dollars
Personal consumption expenditures (PCE)
12,629.9
13,630.8
12,820.8
12,927.9
Goods
4,942.5
5,541.7
5,158.9
5,155.0
Durable goods
1,884.3
2,223.8
2,030.6
2,036.4
Nondurable goods
3,080.5
3,358.4
3,159.9
3,151.1
Services
7,808.5
8,265.6
7,815.2
7,917.0
Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)
-496.4
1,000.9
1,064.4
107.1
Goods
219.5
599.2
493.1
-3.9
Durable goods
134.6
339.6
298.8
5.8
Nondurable goods
92.4
277.9
210.8
-8.8
Services
-635.2
457.1
597.8
101.8
Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)
-3.8
7.9
41.4
3.4
Goods
4.6
12.1
49.5
-0.3
Durable goods
7.7
18.0
89.0
1.2
Nondurable goods
3.1
9.0
31.8
-1.1
Services
-7.5
5.9
37.5
5.3

Source: U.S. Bureau of Economic Analysis

- 12 -

2021
Q1

Q2

Line
Q3

Q4

13,282.7
5,476.6
2,253.5
3,269.3
7,993.4

13,665.6
5,646.7
2,316.2
3,377.2
8,214.3

13,732.4
5,518.3
2,158.5
3,394.0
8,378.5

13,842.7
5,525.1
2,167.1
3,392.9
8,476.0

1
2
3
4
5

354.8
321.6
217.1
118.3
76.5

382.9
170.1
62.7
107.9
220.8

66.8
-128.4
-157.7
16.8
164.3

110.3
6.8
8.5
-1.1
97.5

6
7
8
9
10

11.4
27.4
50.0
15.9
3.9

12.0
13.0
11.6
13.9
11.5

2.0
-8.8
-24.6
2.0
8.2

3.3
0.5
1.6
-0.1
4.7

11
12
13
14
15

January 28, 2022

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months)
2021
May
June
July
Aug.
Chain-type price indexes (2012=100), seasonally adjusted
114.767
115.388
115.847
116.290
97.975
98.716
99.150
99.711
90.661
91.657
91.864
92.639
101.657
102.223
102.803
103.225
123.565
124.093
124.557
124.913

Line

Sept.

Personal consumption expenditures (PCE)
116.693
1
100.210
2 Goods
Durable goods
3
92.999
Nondurable goods
4
103.808
125.243
5 Services
Addenda:
PCE excluding food and energy
6
116.766
117.327
117.704
118.073
118.357
7
109.845
110.673
111.384
111.822
113.000
Food 1
8
91.346
92.727
94.255
96.066
97.309
Energy goods and services 2
9
111.745
112.328
112.857
113.250
113.563
Market-based PCE 3
10
113.526
114.034
114.483
114.781
114.943
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)
0.5
0.5
0.4
0.4
0.3
11
0.8
0.8
0.4
0.6
0.5
12 Goods
Durable goods
13
2.0
1.1
0.2
0.8
0.4
Nondurable goods
14
0.1
0.6
0.6
0.4
0.6
0.4
0.4
0.4
0.3
0.3
15 Services
Addenda:
PCE excluding food and energy
16
0.6
0.5
0.3
0.3
0.2
17
0.3
0.8
0.6
0.4
1.1
Food 1
0.0
1.5
1.6
1.9
1.3
18
Energy goods and services 2
19
0.4
0.5
0.5
0.3
0.3
Market-based PCE 3
20
0.5
0.4
0.4
0.3
0.1
Market-based PCE excluding food and energy 3

Line

Oct. r

Nov. r

Dec. p

117.450
101.463
94.220
105.066
125.661

118.186
102.392
94.664
106.296
126.257

118.715
102.949
95.529
106.652
126.760

1
2
3
4
5

118.881
113.892
102.099
114.329
115.444

119.452
114.654
105.806
115.003
115.919

120.047
115.023
105.421
115.517
116.506

6
7
8
9
10

0.6
1.3
1.3
1.2
0.3

0.6
0.9
0.5
1.2
0.5

0.4
0.5
0.9
0.3
0.4

11
12
13
14
15

0.4
0.8
4.9
0.7
0.4

0.5
0.7
3.6
0.6
0.4

0.5
0.3
-0.4
0.4
0.5

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 28, 2022

Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures:
Percent Change from Month One Year Ago
2021

Line
1 Disposable personal income
2 Personal consumption expenditures
Goods
3
Durable goods
4
Nondurable goods
5
Services
6

May
-4.1
15.1
17.1
25.9
12.5
14.0

June
-2.8
9.3
11.2
14.4
9.5
8.4

July
-2.6
7.5
6.7
7.0
6.6
7.9

Aug.
1.0
7.5
8.1
6.5
9.1
7.2

Sept.
-1.2
6.4
6.1
5.4
6.6
6.5

Oct. r
-0.9
6.9
7.4
7.4
7.5
6.6

Nov. r
0.2
7.2
7.5
7.1
7.8
7.1

Dec. p
-0.2
7.1
6.6
4.6
7.8
7.5

Line
1
2
3
4
5
6

p Preliminary
r Revised
Source: U.S. Bureau of Economic Analysis

January 28, 2022

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

2021
4.0
5.4
7.0
4.5
3.2

4.0
5.3
7.3
4.1
3.4

4.2
5.3
6.9
4.4
3.5

4.2
5.5
6.9
4.6
3.6

4.4
6.1
7.4
5.4
3.5

5.1
7.6
8.9
6.8
3.8

Nov. r
5.7
8.5
9.6
7.9
4.3

3.5
0.7
27.3
3.5
2.9

3.6
0.9
24.2
3.7
3.1

3.6
2.4
23.6
4.0
3.3

3.6
2.8
24.8
4.0
3.3

3.7
4.1
24.9
4.2
3.3

4.2
4.7
30.3
4.9
3.8

4.7
5.6
34.0
5.4
4.2

May

June

July

Aug.

Oct. r

Sept.

Dec. p
5.8
8.8
10.5
7.7
4.2
4.9
5.7
29.9
5.6
4.5

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 -