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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 31, 2017 Technical: Media: James Rankin (Personal Income) Harvey Davis (PCE) Jeannine Aversa (301) 278-9087 (301) 278-9086 (301) 278-9003 BEA 17-15 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays: February 2017 Personal income increased $57.7 billion (0.4 percent) in February according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $44.6 billion (0.3 percent) and personal consumption expenditures (PCE) increased $7.4 billion (0.1 percent). Real DPI increased 0.2 percent in February and Real PCE decreased 0.1 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent. 2016 2017 Oct. Nov. Dec. Jan. Feb. 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 0.4 0.2 0.3 0.5 0.4 0.4 0.2 0.2 0.1 0.3 0.1 0.4 -0.1 0.3 0.2 0.5 0.3 0.3 0.2 0.6 0.4 0.2 -0.2 0.1 -0.1 0.2 0.1 0.1 0.0 0.2 0.1 0.4 0.3 0.1 0.2 Percent change from month one year ago 1.4 1.3 1.6 1.9 2.1 1.8 1.7 1.7 1.8 1.8 The increase in personal income in February primarily reflected increases in wages and salaries and rental income of persons (table 3). The decrease in real PCE in February primarily reflected a decrease in spending for services that was partially offset by an increase in spending for nondurable goods (table 7). Personal outlays increased $7.5 billion in February (table 3). Personal saving was $808.0 billion in February and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.6 percent (table 1). 2016 Personal Income and Outlays Personal income (table 6) increased 3.6 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 3.9 percent in 2016, compared with an increase of 3.8 percent in 2015. In 2016, PCE increased 3.9 percent compared with an increase of 3.5 percent in 2015. Real DPI increased 2.8 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. Annual estimates of personal income, DPI, and real PCE were unrevised from the estimates presented last month; annual estimates of current-dollar PCE were revised up 0.1 percentage point. Updates Estimates have been updated for October 2016 through January 2017. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for December and for January -- revised and as published in last month’s release -- are shown below. Change from preceding month December January 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 47.5 47.2 0.3 0.3 63.0 74.5 0.4 0.5 42.0 16.2 42.4 15.2 0.3 0.1 0.3 0.1 40.1 -19.6 50.2 -9.0 0.3 -0.2 0.4 -0.1 65.0 38.7 75.1 46.5 0.5 0.3 0.6 0.4 22.2 -30.7 27.4 -24.6 0.2 -0.3 0.2 -0.2 Next release: May 1, 2017 at 8:30 A.M. EDT Personal Income and Outlays: March 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 July 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 ....................................................... Aug. Sept. 2017 Oct. r Nov. r Dec. r Jan. r Line Feb. p 16,062.7 16,101.5 16,169.1 16,231.4 16,259.2 16,306.4 16,380.8 16,438.5 1 10,160.8 10,174.1 10,225.3 10,257.5 10,273.7 10,307.4 10,351.9 10,398.4 2 8,241.8 8,250.2 8,294.9 8,322.2 8,334.7 8,363.7 8,397.8 8,438.4 3 6,928.0 6,930.8 6,972.1 6,998.1 7,010.0 7,036.9 7,062.5 7,099.0 4 1,358.4 1,355.9 1,363.8 1,374.4 1,369.0 1,377.9 1,383.9 1,402.7 5 837.5 834.4 837.2 845.6 839.1 845.2 847.4 861.3 6 5,569.6 5,574.8 5,608.3 5,623.8 5,641.0 5,659.1 5,678.6 5,696.3 7 1,286.7 1,285.7 1,289.6 1,296.2 1,297.5 1,304.2 1,308.6 1,309.2 8 4,282.9 4,289.1 4,318.7 4,327.6 4,343.5 4,354.8 4,369.9 4,387.2 9 1,313.8 1,319.4 1,322.7 1,324.1 1,324.7 1,326.8 1,335.3 1,339.4 10 1,919.1 1,923.9 1,930.5 1,935.3 1,939.0 1,943.7 1,954.2 1,959.9 11 1,329.0 590.1 1,333.6 590.3 1,337.6 592.9 1,340.9 594.4 1,344.1 595.0 1,347.1 596.6 1,349.9 604.2 1,353.2 12 606.8 13 1,416.9 1,417.1 1,428.3 1,431.7 1,440.5 1,440.1 1,451.7 1,453.4 14 28.6 28.3 28.0 24.3 20.6 16.9 16.3 15.7 15 1,388.2 1,388.8 1,400.3 1,407.4 1,419.9 1,423.1 1,435.4 1,437.7 16 703.1 705.7 708.9 713.6 719.2 726.1 732.0 737.9 17 2,262.0 2,272.3 2,276.5 2,286.5 2,290.9 2,291.8 2,290.7 2,294.7 18 1,315.3 1,317.8 1,320.3 1,327.0 1,333.8 1,340.6 1,344.6 1,348.6 19 946.7 954.5 956.3 959.5 957.1 951.2 946.1 946.0 20 2,776.7 2,789.8 2,793.0 2,808.4 2,802.4 2,812.1 2,846.3 2,851.1 21 2,723.4 2,736.3 2,739.3 2,754.5 2,748.3 2,757.8 2,791.6 2,796.2 22 898.0 899.9 901.3 910.8 901.9 904.8 913.8 913.8 23 664.1 666.2 668.2 670.3 672.7 675.2 677.9 680.8 24 566.2 570.9 575.1 578.2 581.6 584.5 586.6 586.7 25 30.1 30.3 29.2 28.5 28.5 29.1 29.0 28.8 26 94.9 95.7 96.3 96.4 96.5 98.1 98.1 98.1 27 470.0 473.3 469.2 470.2 467.1 466.2 486.3 488.0 28 53.3 53.5 53.7 53.9 54.1 54.3 54.7 54.9 29 1,256.9 1,257.6 1,262.9 1,266.3 1,267.6 1,271.1 1,291.8 1,296.9 30 1,974.7 1,981.0 1,991.4 1,993.2 1,994.1 1,998.9 2,023.2 2,036.3 31 14,087.9 14,120.5 14,177.7 14,238.3 14,265.1 14,307.5 14,357.6 14,402.2 32 13,265.7 13,273.3 13,363.2 13,437.6 13,478.6 13,557.9 13,586.7 13,594.2 33 12,796.8 12,804.7 12,894.9 12,959.4 12,996.1 13,071.2 13,098.6 13,106.0 34 4,106.5 4,088.9 4,140.2 4,178.8 4,171.0 4,212.8 4,233.2 4,231.1 35 1,418.6 1,397.1 1,426.3 1,442.3 1,428.4 1,452.0 1,443.8 1,442.5 36 2,687.9 2,691.8 2,713.9 2,736.6 2,742.6 2,760.7 2,789.4 2,788.6 37 8,690.3 8,715.8 8,754.8 8,780.6 8,825.1 8,858.4 8,865.4 8,874.9 38 276.4 275.8 275.3 279.1 282.9 286.7 286.2 285.7 39 192.5 192.7 193.0 199.2 199.6 200.1 201.9 202.5 40 108.5 108.8 109.0 109.4 109.8 110.2 112.1 112.7 41 84.0 84.0 84.0 89.8 89.8 89.8 89.8 89.8 42 822.2 847.2 814.4 800.6 786.5 749.6 770.9 808.0 43 5.8 6.0 5.7 5.6 5.5 5.2 5.4 5.6 44 11,999.3 12,003.3 12,036.2 12,053.5 12,076.3 12,088.4 12,073.7 12,105.1 45 12,723.6 12,732.7 12,757.5 12,785.5 12,801.7 12,816.9 12,807.9 12,831.0 46 43,554 39,336 323,458 43,626 39,338 323,676 43,773 39,388 323,892 43,932 39,450 324,098 43,990 39,477 324,280 44,098 39,504 324,447 44,231 39,457 324,608 44,347 47 39,509 48 324,763 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 r 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 r 15,458.5 16,011.6 15,556.1 15,690.2 15,740.1 15,929.4 16,111.1 16,265.7 1 9,693.1 10,101.3 9,740.0 9,892.4 9,892.6 10,046.5 10,186.8 10,279.5 2 7,854.8 8,189.2 7,893.9 8,024.6 8,011.3 8,142.9 8,262.3 8,340.2 3 6,580.3 6,878.1 6,613.8 6,735.8 6,715.2 6,838.5 6,943.6 7,015.0 4 1,308.1 1,351.0 1,310.4 1,334.6 1,327.7 1,343.0 1,359.4 1,373.7 5 806.7 829.4 806.2 823.9 811.9 825.9 836.4 843.3 6 5,272.2 5,527.1 5,303.4 5,401.1 5,387.5 5,495.5 5,584.3 5,641.3 7 1,237.1 1,278.4 1,245.1 1,264.2 1,253.7 1,273.1 1,287.4 1,299.3 8 4,035.1 4,248.8 4,058.3 4,137.0 4,133.8 4,222.4 4,296.9 4,342.0 9 1,274.5 1,311.1 1,280.1 1,288.9 1,296.1 1,304.4 1,318.6 1,325.2 10 1,838.2 1,912.2 1,846.1 1,867.8 1,881.3 1,903.6 1,924.5 1,939.4 11 1,270.5 567.7 1,325.4 586.7 1,276.1 570.0 1,290.0 577.8 1,304.9 576.4 1,319.4 584.1 1,333.4 591.1 1,344.0 12 595.3 13 1,376.8 1,417.5 1,389.0 1,400.9 1,403.9 1,407.8 1,420.8 1,437.4 14 39.9 27.8 44.6 38.1 32.3 29.8 28.3 20.6 15 1,336.8 1,389.7 1,344.4 1,362.8 1,371.6 1,378.0 1,392.4 1,416.8 16 659.6 704.7 668.1 677.3 692.8 700.6 705.9 719.6 17 2,253.8 2,262.9 2,275.1 2,235.5 2,235.9 2,255.8 2,270.3 2,289.7 18 1,302.7 1,314.5 1,336.1 1,293.0 1,296.1 1,310.2 1,317.8 1,333.8 19 951.1 948.4 939.0 942.5 939.8 945.5 952.5 955.9 20 2,678.6 2,775.4 2,692.1 2,708.2 2,744.0 2,763.6 2,786.5 2,807.6 21 2,627.2 2,722.1 2,640.0 2,655.8 2,691.4 2,710.6 2,733.0 2,753.6 22 871.8 896.5 874.5 881.5 886.3 894.1 899.7 905.9 23 628.2 662.0 631.6 639.8 650.0 659.2 666.2 672.7 24 539.6 566.6 545.3 547.3 555.6 558.8 570.7 581.4 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 27 465.6 471.6 466.5 463.5 474.9 473.0 470.8 467.8 28 51.4 53.3 52.1 52.4 52.6 53.0 53.5 54.1 29 1,203.5 1,250.3 1,208.3 1,224.1 1,229.0 1,244.8 1,259.1 1,268.3 30 1,938.7 1,965.6 1,944.4 1,963.8 1,932.7 1,952.1 1,982.4 1,995.4 31 13,519.8 14,045.9 13,611.7 13,726.4 13,807.4 13,977.3 14,128.7 14,270.3 32 12,736.2 13,227.1 12,813.2 12,899.6 12,961.9 13,154.5 13,300.7 13,491.4 33 12,283.7 12,757.9 12,356.9 12,438.8 12,498.0 12,692.7 12,832.2 13,008.9 34 4,012.1 4,098.4 4,043.0 4,038.1 4,008.7 4,085.4 4,111.9 4,187.5 35 1,355.2 1,402.9 1,364.7 1,371.8 1,366.6 1,390.0 1,414.0 1,440.9 36 2,656.9 2,695.5 2,678.4 2,666.3 2,642.0 2,695.4 2,697.9 2,746.6 37 8,271.6 8,659.6 8,313.9 8,400.6 8,489.3 8,607.3 8,720.3 8,821.4 38 263.8 274.9 266.2 270.6 268.0 273.0 275.8 282.9 39 188.8 194.3 190.1 190.2 196.0 188.8 192.7 199.6 40 103.3 108.8 103.9 104.0 108.2 108.2 108.8 109.8 41 85.4 85.5 86.2 86.2 87.8 80.6 84.0 89.8 42 783.6 818.8 798.5 826.8 845.5 822.8 828.0 778.9 43 5.8 5.8 5.9 6.0 6.1 5.9 5.9 5.5 44 11,667.7 11,954.1 11,717.8 11,813.7 11,818.2 11,912.9 12,012.9 12,072.7 45 12,343.3 12,685.5 12,398.9 12,491.0 12,556.0 12,647.2 12,737.9 12,801.4 46 42,095 38,432 321,173 43,433 39,226 323,391 42,343 38,571 321,458 42,621 38,785 322,058 42,807 38,927 322,549 43,265 39,148 323,064 43,651 39,354 323,675 44,007 47 39,477 48 324,275 49 r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2016 July 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 ........... Aug. Sept. 2017 Oct. r Nov. r Dec. r Jan. r Line Feb. p 74.2 58.9 51.0 45.7 15.2 9.5 30.4 3.1 27.3 5.4 7.9 38.8 13.3 8.4 2.8 –2.5 –3.1 5.2 –1.0 6.2 5.7 4.8 67.6 51.2 44.6 41.4 7.9 2.8 33.5 3.9 29.6 3.3 6.6 62.3 32.2 27.3 26.0 10.5 8.4 15.5 6.6 8.9 1.4 4.8 27.8 16.2 12.5 11.9 –5.4 –6.5 17.2 1.3 15.9 0.6 3.7 47.2 33.7 29.0 26.9 8.9 6.1 18.0 6.8 11.3 2.1 4.7 74.5 44.6 34.1 25.6 6.1 2.2 19.5 4.4 15.1 8.5 10.5 57.7 1 46.4 2 40.7 3 36.5 4 18.7 5 13.9 6 17.8 7 0.6 8 17.2 9 4.2 10 5.8 11 4.8 3.1 4.7 0.2 4.0 2.6 3.3 1.6 3.2 0.5 3.1 1.6 2.8 7.7 3.2 12 2.5 13 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 6.2 14.5 59.7 49.0 46.0 7.6 27.2 –19.6 38.4 –0.5 3.5 0.2 3.4 10.7 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 0.6 6.2 32.6 7.6 7.9 –17.6 –21.5 3.9 25.5 –0.5 0.2 0.2 0.0 25.0 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 5.4 10.5 57.1 90.0 90.2 51.3 29.1 22.2 38.9 –0.5 0.3 0.3 0.0 –32.8 3.4 –3.7 7.1 4.7 10.0 6.8 3.2 15.4 15.2 9.6 2.2 3.1 –0.6 0.0 1.0 0.2 3.3 1.7 60.6 74.4 64.4 38.6 16.0 22.6 25.8 3.8 6.2 0.3 5.9 –13.8 8.8 –3.7 12.5 5.6 4.4 6.8 –2.4 –5.9 –6.1 –8.9 2.3 3.4 0.0 0.2 –3.1 0.2 1.3 0.9 26.8 40.9 36.7 –7.8 –13.8 6.0 44.6 3.8 0.4 0.4 0.0 –14.1 –0.4 –3.7 3.3 6.8 0.9 6.8 –5.9 9.7 9.5 2.9 2.5 2.9 0.6 1.6 –0.9 0.2 3.5 4.8 42.4 79.3 75.1 41.8 23.6 18.2 33.3 3.8 0.5 0.5 0.0 –36.9 11.6 –0.6 12.2 5.9 –1.1 4.0 –5.1 34.1 33.8 8.9 2.7 2.1 –0.1 0.0 20.2 0.4 20.7 24.3 50.2 28.8 27.4 20.4 –8.2 28.7 7.0 –0.5 1.8 1.8 0.0 21.4 51.2 47.1 4.1 9.1 32.9 24.8 17.3 28.0 22.8 16.2 12.1 15.2 –14.7 –9.0 1.7 –0.6 2.3 6.0 3.9 4.0 –0.1 4.8 4.6 0.0 2.9 0.2 –0.2 0.0 1.6 0.2 5.2 13.2 44.6 7.5 7.4 –2.1 –1.3 –0.8 9.4 –0.5 0.6 0.6 0.0 37.1 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 31.4 44 23.0 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 r 2015 2016 Line III IV I II III IV r 648.8 439.6 378.5 340.7 50.7 26.7 290.0 61.6 228.3 37.8 61.1 553.0 408.3 334.3 297.8 42.8 22.7 255.0 41.3 213.7 36.5 73.9 154.2 102.5 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 22.3 181.7 140.3 119.4 105.1 16.4 10.5 88.7 14.2 74.5 14.2 20.9 154.6 1 92.8 2 77.9 3 71.4 4 14.3 5 6.9 6 57.0 7 11.9 8 45.1 9 6.5 10 14.9 11 40.7 20.4 54.9 19.0 12.6 4.8 13.9 7.8 14.9 –1.4 14.5 7.7 14.0 7.0 10.6 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 40.7 –12.2 52.9 45.1 9.1 11.7 –2.7 96.8 94.9 24.7 33.8 27.0 –2.1 5.4 6.0 1.9 46.9 26.9 526.1 490.9 474.2 86.2 47.7 38.6 388.0 11.2 5.5 5.4 0.1 35.2 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 14.3 30.3 151.4 146.2 139.5 26.5 24.0 2.5 113.0 2.8 3.9 0.5 3.4 5.2 426.9 412.2 286.4 342.2 92.2 98.9 95.9 92.1 4.6 65.0 94.7 91.2 100.0 90.7 16.7 –7.7 24.4 13.7 19.5 16.0 3.4 21.1 20.6 6.2 6.6 10.7 –1.2 1.3 –3.0 0.6 9.2 13.0 141.6 190.7 176.7 75.7 26.9 48.7 101.1 7.0 6.9 1.0 5.9 –49.1 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 59.8 44 63.5 45 r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2016 July Aug. Sept. 2017 Oct. r Nov. r Dec. r Jan. r Line Feb. 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................................................................................. 0.5 0.6 0.6 0.4 0.2 0.1 0.1 0.3 0.4 0.5 0.5 0.3 0.4 0.3 0.3 0.3 0.2 0.2 0.1 0.2 0.3 0.3 0.3 0.2 0.5 0.4 0.4 0.5 0.4 0.1 0.2 0.2 0.3 0.4 0.5 0.7 0.4 0.0 0.4 0.5 0.2 0.8 0.5 0.0 0.3 0.2 0.8 0.4 0.2 0.2 0.2 0.1 0.4 0.5 0.4 0.2 0.7 0.4 0.5 0.3 0.6 0.3 0.1 0.4 0.6 0.8 0.2 0.5 –0.2 –0.2 0.1 0.0 0.2 0.0 0.9 0.0 0.5 –0.6 0.3 0.3 0.2 0.3 0.8 0.8 0.0 0.3 –0.5 1.2 1.6 1.2 0.4 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 0.5 0.9 1.1 0.8 0.3 0.3 –0.2 –1.0 0.2 0.5 0.6 1.0 1.7 0.7 0.4 0.2 0.5 –0.6 1.0 0.1 0.1 0.2 0.2 0.1 0.1 0.1 –0.1 –0.1 0.4 0.4 0.5 0.3 1 2 3 4 0.1 5 0.8 6 0.2 7 0.3 8 0.0 9 0.2 10 0.4 11 0.7 12 0.3 13 0.1 0.0 –0.1 0.0 0.1 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. 0.4 0.4 0.0 0.1 0.3 0.2 0.3 19 0.2 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 r 2015 III 2016 IV I II Line III IV r Based on current-dollar measures 1 Personal income ........................................................................ 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services................................................................................. 4.4 4.8 5.1 3.4 3.6 4.2 4.3 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 4.6 5.7 6.0 4.5 3.9 3.7 3.8 3.1 1 2 3 4 2.9 8.8 1.2 0.1 2.7 5.4 4.2 8.5 3.8 3.0 6.8 0.4 0.9 –0.3 3.6 3.9 1.4 3.9 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 4.7 6.4 4.4 4.8 5 8.0 6 3.5 7 5.0 8 1.5 9 3.1 10 2.9 11 2.6 12 4.1 13 3.5 1.0 4.7 –0.7 4.8 3.9 2.1 3.5 1.5 4.7 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 5.6 7.6 7.8 7.4 4.7 3.3 3.0 0.2 2.1 3.2 2.9 3.4 2.9 2.0 19 2.0 20 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. r Revised 3.8 3.5 2.5 2.8 3.2 3.3 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2016 Line July Aug. Sept. 2017 Oct. r Nov. r Dec. r Jan. r Feb. p 11,709.4 4,150.7 1,664.4 2,531.5 7,570.5 11,684.8 4,135.2 1,645.8 2,531.9 7,560.5 11,676.1 4,138.0 1,645.0 2,535.1 7,549.7 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 ...................................................................................... 11,557.5 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 11,637.1 4,115.9 1,644.2 2,515.3 7,531.6 11,662.9 4,115.8 1,636.1 2,521.6 7,556.5 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 ...................................................................................... 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 33.8 29.3 21.0 10.4 6.8 25.8 –0.2 –8.1 6.3 24.8 46.5 35.0 28.3 9.9 14.0 –24.6 –15.5 –18.5 0.3 –10.0 –8.7 6 2.8 7 –0.8 8 3.3 9 –10.7 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 ...................................................................................... 0.3 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 0.3 0.7 1.3 0.4 0.1 0.2 0.0 –0.5 0.3 0.3 0.4 0.8 1.7 0.4 0.2 –0.2 –0.4 –1.1 0.0 –0.1 –0.1 0.1 –0.1 0.1 –0.1 11 12 13 14 15 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2015 2016 2015 r III 2016 IV I II Line III IV r 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 11,522.2 4,048.2 1,584.6 2,500.4 7,481.0 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 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 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 11,669.8 4,127.5 1,648.2 2,522.8 7,552.9 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures (PCE) ..................... 7 Goods ......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 345.9 152.0 97.0 62.9 196.2 307.5 140.8 86.5 61.1 170.6 74.5 40.5 22.5 19.5 35.4 63.4 20.7 15.0 7.1 42.6 100.8 6 59.7 7 43.8 8 20.3 9 44.3 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures (PCE) ..................... 12 Goods ......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... r Revised 3.2 4.0 6.9 2.6 2.8 2.7 3.6 5.8 2.5 2.3 2.7 4.2 6.2 3.2 2.0 2.3 2.1 4.0 1.2 2.3 3.5 6.0 11.4 3.3 2.4 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2016 Line July Aug. Sept. 2017 Oct. r Nov. r Dec. r Jan. Feb. p r 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....................... 110.725 100.926 88.286 107.452 115.926 110.902 101.014 88.237 107.627 116.151 111.135 101.310 87.861 108.349 116.349 111.365 101.527 87.714 108.799 116.586 111.434 101.342 87.304 108.764 116.793 111.632 101.493 87.237 109.056 117.016 112.102 102.368 87.719 110.172 117.264 112.248 102.248 87.683 110.000 117.556 1 2 3 4 5 111.441 109.760 95.500 109.081 109.617 111.659 109.582 95.439 109.221 109.799 111.778 109.523 98.337 109.445 109.893 111.906 109.493 101.049 109.684 110.016 111.954 109.259 102.037 109.776 110.088 112.114 109.124 103.547 109.972 110.241 112.428 109.144 107.983 110.479 110.576 112.643 6 109.304 7 106.628 8 110.583 9 110.752 10 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... Addenda: 16 PCE excluding food and energy ............................................... 17 Food 1 ........................................................................................ 18 Energy goods and services 2 ..................................................... 19 Market-based PCE 3 .................................................................. 20 Market-based PCE excluding food and energy 3....................... 0.1 –0.4 –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 0.2 0.2 –0.2 0.4 0.2 0.1 –0.2 –0.5 0.0 0.2 0.2 0.1 –0.1 0.3 0.2 0.4 0.9 0.6 1.0 0.2 0.1 –0.1 0.0 –0.2 0.2 11 12 13 14 15 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 2.8 0.2 0.1 0.0 –0.2 1.0 0.1 0.1 0.1 –0.1 1.5 0.2 0.1 0.3 0.0 4.3 0.5 0.3 0.2 0.1 –1.3 0.1 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. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2016 Line July 1 Disposable personal income .................................................... 2 Personal consumption expenditures....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services .................................................................................... Aug. 2.9 2.9 3.7 6.6 2.3 2.5 2.7 2.6 2.9 4.8 2.0 2.4 Sept. 2017 Oct. r 2.7 2.8 3.6 6.8 2.0 2.4 Nov. r 2.6 3.1 4.6 8.6 2.6 2.3 Dec. r 2.6 3.1 4.0 6.8 2.6 2.6 Jan. r 2.3 3.2 4.6 8.4 2.7 2.5 Feb. p 2.1 3.0 4.5 8.4 2.5 2.3 2.3 2.6 4.4 7.6 2.8 1.8 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 July Aug. Sept. 2017 Oct. r Nov. r Dec. r Jan. r Feb. p Line 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 –0.8 –2.6 0.1 2.5 1.3 –0.9 –2.8 0.0 2.4 1.6 –0.3 –2.7 1.0 2.5 1.9 0.8 –2.4 2.5 2.4 2.1 1.3 –2.1 3.1 2.5 1 2 3 4 5 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 –1.1 1.1 1.5 1.7 –1.7 –0.4 1.2 1.5 1.7 –1.6 4.2 1.5 1.6 1.8 –1.4 12.0 1.9 1.7 1.8 6 –1.5 7 18.4 8 2.1 9 1.6 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.