Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays, February 2021, BEA 21-12 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 26, 2021
Technical:

Media:

Marissa Crawford (Personal Income)
Kyle Brown (PCE Goods)
Jeff Barnett (PCE Services)
Jeannine Aversa

(301) 278-9729
(301) 278-9086
(301) 278-9663
(301) 278-9003

BEA 21-12
piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays, February 2021
Personal income decreased $1,516.6 billion (7.1 percent) in February according to estimates released
today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased
$1,532.3 billion (8.0 percent) and personal consumption expenditures (PCE) decreased $149.0 billion
(1.0 percent).
Real DPI decreased 8.2 percent in February and Real PCE decreased 1.2 percent; goods decreased 3.3
percent and services decreased 0.1 percent (tables 5 and 7). The PCE price index increased 0.2 percent.
Excluding food and energy, the PCE price index increased 0.1 percent (table 9).

COVID-19 Impact on February 2021 Personal Income and Outlays
The estimate for February personal income and outlays was impacted by the continued
government response to COVID-19. Economic impact payments associated with the Coronavirus
Response and Relief Supplemental Appropriations (CRRSA) Act of 2021 (which was enacted on
December 27, 2020) declined sharply in February and unemployment benefits continued, but at a
lower level. Additionally, restrictions and closures continued in some areas of the United States.
The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income
and outlays estimate because the impacts are generally embedded in source data and cannot be
separately identified. For more information, see “Effects of Selected Federal Pandemic Response
Programs on Personal Income.”

2020
2021
Oct.
Nov.
Dec.
Jan.
Feb.
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

-0.7

-1.2

0.5

10.1

-7.1

-0.9
-0.9

-1.4
-1.4

0.6
0.2

11.4
11.1

-8.0
-8.2

0.3
0.3

-0.6
-0.6

-0.6
-0.9

3.4
3.0

-1.0
-1.2

0.0
0.0

0.0
0.0

0.4
0.3

0.3
0.2

0.2
0.1

Percent change from month one year ago
1.2
1.1
1.2
1.4
1.6
1.4
1.3
1.4
1.5
1.4

The decrease in personal income in February was more than accounted for by a decrease in government
social benefits to persons. Within government social benefits, “other” social benefits, specifically the
economic impact payments to households, decreased. The CRRSA Act authorized a round of direct
economic impact payments that were mostly distributed in January (table 3).
The $149.0 billion decrease in current dollar PCE in February reflected a decrease of $155.9 billion in
spending for goods and a $7.0 billion increase in spending for services (table 3). Within goods, the
decreases were widespread across most categories, led by “other” nondurable goods (mainly
pharmaceutical products and recreational items). Partly offsetting these decreases was an increase in
gasoline and other energy goods. The increase in services primarily reflected increases in housing and
utilities and in health care (mainly hospitals) that were partly offset by a decrease in spending for food
services. Detailed information on monthly PCE spending can be found in Table 2.3.5U.
Personal outlays decreased $141.5 billion in February (table 3). Personal saving was $2.41 trillion in
February and the personal saving rate—personal saving as a percentage of disposable personal
income—was 13.6 percent (table 1).

-2-

Updates to Personal Income and Outlays
Estimates have been updated for October through January. Revised and previously published changes
from the preceding month for current-dollar personal income, and for current-dollar and chained (2012)
dollar DPI and PCE, are shown below.
Change from preceding month
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 (2012) dollars
Personal consumption
expenditures:
Current dollars
Chained (2012) dollars

112.9

105.0

0.6

0.5

1,954.7

1,970.9

10.0

10.1

103.1
35.2

94.4
28.2

0.6
0.2

0.6
0.2

1,963.2
1,692.6

1,971.4
1,701.9

11.4
11.0

11.4
11.1

-57.0
-98.9

-81.7
-120.3

-0.4
-0.8

-0.6
-0.9

340.9
259.3

487.9
391.2

2.4
2.0

3.4
3.0

Next release: April 30, 2021 at 8:30 A.M. EDT
Personal Income and Outlays, March 2021

-3-

Additional Information
Resources

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

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

•
•
•
•
•

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

Information on COVID-19 and recovery impacts
is available on our website.
Stay informed about BEA developments Stay
informed about BEA developments by reading
The BEA Wire, signing up for BEA’s email
subscription service, or following BEA on Twitter
@BEA_News.
Historical time series for these estimates can be
accessed in BEA’s Interactive Data Application.
Access BEA data by registering for BEA’s Data
Application Programming Interface (API).
For more on BEA’s statistics, see our monthly
online journal, the Survey of Current Business.
BEA's news release schedule
NIPA Handbook: Concepts and Methods of the
U.S. National Income and Product Accounts

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

Definitions
Personal income is the income received by, or on behalf of,
all persons from all sources: from participation as laborers
in production, from owning a home or business, from the
ownership of financial assets, and from government and
business in the form of transfers. It includes income from
domestic sources as well as the rest of world. It does not
include realized or unrealized capital gains or losses.

Quantities and prices. Quantities, or “real” volume
measures, and prices are expressed as index numbers with
a specified reference year equal to 100 (currently 2012).
Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from
two adjacent periods (months for monthly data, quarters
for quarterly data and annuals for annual data). For details
on the calculation of quantity and price indexes, see
Chapter 4: Estimating Methods in the NIPA Handbook.

Disposable personal income is the income available to
persons for spending or saving. It is equal to personal
income less personal current taxes.

Chained-dollar values are calculated by multiplying the
quantity index by the current dollar value in the reference
year (2012) and then dividing by 100. Percent changes
calculated from real quantity indexes and chained-dollar
levels are conceptually the same; any differences are due
to rounding. Chained-dollar values are not additive
because the relative weights for a given period differ from
those of the reference year. In tables that display chaineddollar values, a "residual" line shows the difference
between the sum of detailed chained-dollar series and its
corresponding aggregate.

Personal consumption expenditures (PCE) is the value of
the goods and services purchased by, or on the behalf of,
“persons” who reside in the United States.
Personal outlays is the sum of PCE, personal interest
payments, and personal current transfer payments.
Personal saving is personal income less personal outlays
and personal current taxes.
The personal saving rate is personal saving as a percentage
of disposable personal income.
Current-dollar estimates are valued in the prices of the
period when the transactions occurred—that is, at “market
value.” Also referred to as “nominal estimates” or as
“current-price estimates.”

-4-

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

-5-

March 26, 2021

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

July
20,173.9
11,354.1
9,246.2
7,816.5
1,502.5
893.7
6,314.0
1,433.0
4,881.0
1,429.7
2,107.9
1,446.7
661.2

Aug.
19,624.3
11,479.5
9,354.8
7,902.0
1,508.3
887.2
6,393.8
1,445.1
4,948.6
1,452.8
2,124.7
1,459.2
665.6

Seasonally adjusted at annual rates
2020
Sept.
Oct. r
Nov. r
Dec. r
19,762.2
19,628.7
19,386.3
19,491.3
11,564.9
11,646.2
11,704.6
11,761.7
9,428.9
9,500.0
9,546.9
9,591.2
7,984.3
8,062.3
8,110.9
8,154.7
1,508.2
1,520.2
1,529.7
1,541.0
880.1
883.7
889.6
893.9
6,476.1
6,542.1
6,581.2
6,613.8
1,465.3
1,463.8
1,473.7
1,472.3
5,010.8
5,078.3
5,107.5
5,141.4
1,444.6
1,437.7
1,436.0
1,436.5
2,135.9
2,146.2
2,157.7
2,170.5
1,467.7
1,477.4
1,487.8
1,498.1
668.2
668.8
669.9
672.4

1,700.6
47.4
1,653.2
797.9
2,870.5
1,628.4
1,242.0
4,882.0
4,836.2
1,078.1
837.5
686.3
1,330.5
144.3
759.5
45.8
1,431.1
2,165.4
18,008.6
14,702.9
14,224.7
4,815.8
1,724.5
3,091.3
9,408.9
277.8
200.4
112.8
87.6
3,305.7
18.4

1,807.9
71.7
1,736.2
803.7
2,847.9
1,619.1
1,228.8
4,128.2
4,082.3
1,081.8
842.6
684.7
636.0
145.4
691.8
45.9
1,442.8
2,193.9
17,430.4
14,878.5
14,397.2
4,860.0
1,759.8
3,100.1
9,537.2
287.2
194.2
113.0
81.2
2,551.9
14.6

1,900.6
69.3
1,831.3
811.6
2,838.6
1,611.8
1,226.8
4,097.5
4,051.6
1,082.1
848.1
680.1
358.9
146.4
936.0
46.0
1,451.0
2,215.5
17,546.8
15,080.1
14,582.7
4,929.3
1,774.6
3,154.6
9,653.5
296.6
200.7
113.1
87.6
2,466.7
14.1

1,918.4
150.7
1,767.7
807.4
2,858.3
1,622.0
1,236.4
3,855.4
3,809.3
1,091.2
854.0
680.5
304.3
147.3
732.0
46.1
1,457.0
2,233.0
17,395.7
15,115.4
14,627.1
4,922.8
1,788.7
3,134.1
9,704.3
283.5
204.7
113.3
91.4
2,280.3
13.1

1,719.6
79.6
1,640.0
804.3
2,894.7
1,624.2
1,270.5
3,725.0
3,678.8
1,087.6
860.4
682.0
280.8
148.3
619.7
46.2
1,461.9
2,241.6
17,144.6
15,008.2
14,532.8
4,862.1
1,747.6
3,114.5
9,670.7
270.5
205.0
113.6
91.4
2,136.4
12.5

1,641.0
71.3
1,569.8
801.3
2,959.9
1,626.6
1,333.2
3,795.8
3,749.4
1,090.0
867.3
684.8
304.3
149.2
653.9
46.4
1,468.3
2,252.2
17,239.0
14,913.7
14,451.1
4,772.3
1,707.9
3,064.4
9,678.8
257.4
205.2
113.8
91.4
2,325.3
13.5

1,639.6
55.2
1,584.4
811.9
2,877.0
1,633.2
1,243.8
5,777.6
5,731.0
1,104.5
873.9
689.2
555.5
150.2
2,357.7
46.7
1,489.5
2,251.7
19,210.5
15,409.2
14,939.1
5,174.8
1,910.5
3,264.3
9,764.2
264.7
205.5
114.0
91.4
3,801.3
19.8

1,677.3
56.5
1,620.9
822.3
2,892.6
1,639.8
1,252.8
4,193.8
4,146.9
1,106.2
880.2
691.5
537.0
150.9
781.1
46.9
1,489.8
2,267.4
17,678.2
15,267.7
14,790.1
5,018.9
1,820.3
3,198.7
9,771.2
271.9
205.7
114.3
91.4
2,410.4
13.6

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

13,759.2

13,900.7

14,029.2

14,121.8

14,021.3

14,000.7

13,944.6

13,972.3

45

16,203.6

15,635.9

15,714.8

15,574.4

15,349.3

15,377.5

17,079.4

15,681.0

46

54,539
49,072
330,199

52,761
47,329
330,368

53,086
47,544
330,535

52,604
47,096
330,692

51,823
46,397
330,829

52,094
46,468
330,924

58,043
51,605
330,968

53,408
47,374
331,004

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

2021

Line

Jan. r
21,462.2
11,845.5
9,658.6
8,214.9
1,550.9
899.3
6,664.0
1,490.5
5,173.5
1,443.7
2,186.9
1,509.2
677.7

Feb. p
19,945.6
11,849.4
9,658.4
8,216.5
1,548.5
899.4
6,668.0
1,485.2
5,182.8
1,441.9
2,191.0
1,514.1
676.9

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

p Preliminary
r Revised
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the
annual and quarterly estimates are averages of the monthly estimates.
Source: U.S. Bureau of Economic Analysis

-6-

March 26, 2021

Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
Line
1 Personal income
Compensation of employees
2
Wages and salaries
3
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
Trade, transportation, and utilities
8
Other services-producing industries
9
10
Government
Supplements to wages and salaries
11
12
Employer contributions for employee pension and insurance funds 1
Employer contributions for government social insurance
13
14
Proprietors' income with inventory valuation and capital
consumption adjustments
15
Farm
16
Nonfarm
Rental income of persons with capital consumption adjustment
17
Personal income receipts on assets
18
19
Personal interest income
20
Personal dividend income
Personal current transfer receipts
21
22
Government social benefits to persons
23
Social security 2
24
Medicare 3
25
Medicaid
26
Unemployment insurance
27
Veterans' benefits
28
Other
Other current transfer receipts, from business (net)
29
Less: Contributions for government social insurance, domestic
30
31 Less: Personal current taxes
32 Equals: Disposable personal income
33 Less: Personal outlays
34
Personal consumption expenditures
35
Goods
36
Durable goods
37
Nondurable goods
38
Services
39
Personal interest payments 4
40
Personal current transfer payments
41
To government
42
To the rest of the world (net)
43 Equals: Personal saving
Personal saving as a percentage of disposable personal income
44
Addenda:
45
Personal income excluding current transfer receipts,
billions of chained (2012) dollars 5
Disposable personal income:
46
Total, billions of chained (2012) dollars 5
Per capita:
47
Current dollars
48
Chained (2012) dollars
49
Population (midperiod, thousands) 6

2019

2020 r

2019

Seasonally adjusted at annual rates
2020
Q4
Q1
Q2
Q3
18,760.8 18,951.0
20,457.3
19,853.5
11,564.8 11,674.4
10,949.5
11,466.2
9,422.5
9,526.1
8,908.8
9,343.3
7,953.0
8,044.5
7,487.2
7,900.9
1,541.3
1,543.1
1,431.0
1,506.3
917.5
913.8
857.8
887.0
6,411.6
6,501.4
6,056.2
6,394.6
1,427.2
1,444.2
1,362.1
1,447.8
4,984.5
5,057.2
4,694.1
4,946.8
1,469.5
1,481.6
1,421.6
1,442.4
2,142.4
2,148.3
2,040.7
2,122.9
1,486.1
1,482.3
1,400.1
1,457.9
656.3
666.0
640.5
665.0

Q4 r
19,502.1
11,704.1
9,546.0
8,109.3
1,530.3
889.1
6,579.0
1,469.9
5,109.1
1,436.8
2,158.1
1,487.8
670.3

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

Line

18,551.5
11,432.4
9,309.3
7,858.5
1,529.9
910.3
6,328.7
1,415.3
4,913.4
1,450.8
2,123.1
1,474.0
649.1

19,691.0
11,448.5
9,331.1
7,885.5
1,502.7
886.9
6,382.8
1,431.0
4,951.8
1,445.6
2,117.5
1,457.0
660.5

Q3
18,597.6
11,438.0
9,311.3
7,852.3
1,524.9
903.9
6,327.3
1,416.5
4,910.9
1,459.0
2,126.6
1,477.6
649.0

1,657.7
49.7
1,608.0
787.1
2,967.9
1,677.4
1,290.4
3,125.2
3,078.0
1,030.7
783.7
614.0
27.7
130.9
490.9
47.2
1,418.8
2,202.9
16,348.6
15,117.4
14,544.6
4,512.2
1,534.4
2,977.9
10,032.4
362.3
210.5
115.2
95.3
1,231.2
7.5

1,695.1
64.7
1,630.5
801.8
2,912.8
1,640.2
1,272.6
4,268.7
4,221.6
1,078.5
833.0
664.8
549.9
143.6
951.8
47.2
1,436.0
2,195.7
17,495.3
14,648.2
14,145.3
4,658.8
1,619.0
3,039.8
9,486.5
299.2
203.7
112.8
90.9
2,847.1
16.3

1,677.0
58.9
1,618.1
789.7
2,970.1
1,681.7
1,288.3
3,141.9
3,094.8
1,034.3
789.9
622.3
27.6
131.9
488.9
47.1
1,419.0
2,197.1
16,400.5
15,219.9
14,645.3
4,553.6
1,552.8
3,000.8
10,091.7
364.9
209.7
115.5
94.2
1,180.6
7.2

1,697.7
58.7
1,639.0
795.5
2,980.4
1,693.4
1,287.0
3,155.2
3,108.7
1,043.0
797.9
619.4
27.9
134.5
486.0
46.5
1,432.9
2,221.2
16,539.6
15,335.8
14,759.2
4,562.4
1,554.1
3,008.2
10,196.8
364.6
212.0
116.0
96.0
1,203.8
7.3

1,706.0
56.4
1,649.6
802.3
2,984.3
1,679.7
1,304.6
3,235.5
3,189.6
1,068.5
804.7
624.1
43.4
138.6
510.4
45.9
1,451.5
2,252.4
16,698.6
15,103.3
14,545.5
4,552.9
1,496.4
3,056.5
9,992.5
352.9
204.9
112.2
92.7
1,595.3
9.6

1,511.9
38.9
1,473.0
796.1
2,910.2
1,637.0
1,273.2
5,678.0
5,627.4
1,075.4
824.1
668.8
1,084.6
142.1
1,832.5
50.6
1,388.4
2,096.5
18,360.8
13,590.0
13,097.3
4,361.5
1,478.3
2,883.2
8,735.8
286.0
206.6
112.5
94.1
4,770.8
26.0

1,803.0
62.8
1,740.2
804.4
2,852.3
1,619.8
1,232.6
4,369.3
4,323.4
1,080.7
842.7
683.7
775.2
145.3
795.8
45.9
1,441.6
2,191.6
17,661.9
14,887.1
14,401.5
4,868.4
1,753.0
3,115.4
9,533.2
287.2
198.4
113.0
85.5
2,774.8
15.7

1,759.7
100.5
1,659.1
804.3
2,904.3
1,624.3
1,280.0
3,792.1
3,745.8
1,089.6
860.6
682.4
296.4
148.2
668.5
46.2
1,462.4
2,242.3
17,259.8
15,012.4
14,537.0
4,852.4
1,748.1
3,104.3
9,684.6
270.5
205.0
113.6
91.4
2,247.3
13.0

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

14,042.9

13,874.4

14,037.4

14,119.5

14,173.6

13,383.3

13,896.4

14,048.0

45

14,882.5

15,739.3

14,895.4

14,964.5

15,060.3

16,626.5

15,850.8

15,433.8

46

49,763
45,301
328,527

52,992
47,673
330,152

49,890
45,312
328,730

50,244
45,459
329,186

50,674
45,702
329,529

55,656
50,399
329,898

53,461
47,979
330,368

52,174
46,654
330,815

47
48
49

r Revised
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month;
the annual and quarterly estimates are averages of the monthly estimates.
Source: U.S. Bureau of Economic Analysis

-7-

March 26, 2021

Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars]

Line
1 Personal income
2
Compensation of employees
3
Wages and salaries
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
11
Supplements to wages and salaries
1
12
Employer contributions for employee pension and insurance funds
13
Employer contributions for government social insurance
14
Proprietors' income with inventory valuation and capital
consumption adjustments
15
Farm
16
Nonfarm
17
Rental income of persons with capital consumption adjustment
18
Personal income receipts on assets
19
Personal interest income
20
Personal dividend income
21
Personal current transfer receipts
22
Government social benefits to persons
2
23
Social security
3
24
Medicare
25
Medicaid
26
Unemployment insurance
27
Veterans' benefits
28
Other
29
Other current transfer receipts, from business (net)
30
Less: Contributions for government social insurance, domestic
31 Less: Personal current taxes
32 Equals: Disposable personal income
33 Less: Personal outlays
34
Personal consumption expenditures
35
Goods
36
Durable goods
37
Nondurable goods
38
Services
4
39
Personal interest payments
40
Personal current transfer payments
41
To government
42
To the rest of the world (net)
43 Equals: Personal saving
Addenda:
44
Personal income excluding current transfer receipts,
billions of chained (2012) dollars
45

July
141.3
128.3
107.2
94.5
14.9
-2.3
79.6
31.3
48.3
12.7
21.1
15.3
5.9

Aug.
-549.6
125.4
108.6
85.5
5.8
-6.5
79.7
12.1
67.6
23.1
16.8
12.5
4.4

102.2
-12.8
115.0
6.2
-6.2
8.5
-14.7
-76.2
-61.8
3.5
4.6
2.2
-74.4
1.2
1.2
-14.5
13.0
32.2
109.1
213.1
210.1
69.9
38.0
32.0
140.2
9.4
-6.4
0.2
-6.5
-104.0

107.3
24.3
83.0
5.8
-22.6
-9.4
-13.2
-753.8
-753.9
3.7
5.1
-1.6
-694.5
1.1
-67.7
0.1
11.7
28.6
-578.1
175.6
172.5
44.1
35.3
8.8
128.3
9.4
-6.2
0.2
-6.4
-753.8

92.7
-2.4
95.1
8.0
-9.3
-7.3
-2.0
-30.7
-30.7
0.3
5.5
-4.6
-277.1
1.0
244.2
0.1
8.2
21.5
116.4
201.6
185.6
69.3
14.8
54.5
116.3
9.4
6.6
0.2
6.4
-85.2

17.8
81.4
-63.6
-4.3
19.7
10.2
9.5
-242.2
-242.3
9.1
6.0
0.4
-54.7
0.9
-204.0
0.1
6.0
17.5
-151.1
35.3
44.3
-6.5
14.0
-20.5
50.8
-13.1
4.0
0.2
3.8
-186.4

-198.8
-71.1
-127.7
-3.1
36.4
2.3
34.1
-130.3
-130.5
-3.6
6.4
1.5
-23.5
1.0
-112.2
0.1
5.0
8.7
-251.0
-107.1
-94.3
-60.7
-41.1
-19.6
-33.6
-13.1
0.2
0.2
0.0
-143.9

158.4
53.9

141.5
-567.8

128.5
79.0

92.6
-140.5

-100.6
-225.0

5

Disposable personal income, billions of chained (2012) dollars

Seasonally adjusted at annual rates
2020
r
r
r
Sept.
Oct.
Nov.
Dec.
137.9
-133.6
-242.4
105.0
85.3
81.3
58.4
57.1
74.1
71.1
46.9
44.3
82.3
78.0
48.6
43.8
0.0
12.0
9.5
11.3
-7.2
3.6
6.0
4.3
82.3
66.0
39.1
32.5
20.2
-1.5
9.8
-1.4
62.1
67.5
29.3
33.9
-8.2
-6.9
-1.7
0.5
11.2
10.3
11.5
12.8
8.6
9.7
10.4
10.3
2.6
0.6
1.1
2.5

5

2021
r

Jan.
1,970.9
83.8
67.4
60.2
10.0
5.4
50.2
18.1
32.1
7.2
16.4
11.1
5.4

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

-78.5
-8.3
-70.2
-3.1
65.1
2.4
62.8
70.7
70.6
2.4
6.8
2.8
23.5
0.9
34.2
0.2
6.4
10.6
94.4
-94.5
-81.7
-89.8
-39.7
-50.1
8.1
-13.1
0.2
0.2
0.0
188.9

-1.4
37.7
-16.1
1.3
14.7
36.4
10.6
10.4
-82.8
15.6
6.6
6.6
-89.5
9.0
1,981.9 -1,583.9
1,981.6 -1,584.1
14.5
1.7
6.6
6.3
4.4
2.3
251.2
-18.5
1.0
0.8
1,703.8 -1,576.6
0.3
0.2
21.2
0.3
-0.6
15.8
1,971.4 -1,532.3
495.4
-141.5
487.9
-149.0
402.5
-155.9
202.6
-90.3
199.9
-65.6
85.4
7.0
7.3
7.3
0.3
0.2
0.3
0.2
0.0
0.0
1,476.0 -1,390.9

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

-20.6
28.2

-56.0
1,701.9

44
45

27.7
-1,398.5

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

-8-

Line
p

Feb.
-1,516.6
3.9
-0.2
1.6
-2.4
0.1
4.0
-5.3
9.3
-1.8
4.1
5.0
-0.8

March 26, 2021

Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars]
2019

Line
1 Personal income
2
Compensation of employees
3
Wages and salaries
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
11
Supplements to wages and salaries
1
12
Employer contributions for employee pension and insurance funds
13
Employer contributions for government social insurance
14
Proprietors' income with inventory valuation and capital
consumption adjustments
15
Farm
16
Nonfarm
17
Rental income of persons with capital consumption adjustment
18
Personal income receipts on assets
19
Personal interest income
20
Personal dividend income
21
Personal current transfer receipts
22
Government social benefits to persons
2
23
Social security
3
24
Medicare
25
Medicaid
26
Unemployment insurance
27
Veterans' benefits
28
Other
29
Other current transfer receipts, from business (net)
30
Less: Contributions for government social insurance, domestic
31 Less: Personal current taxes
32 Equals: Disposable personal income
33 Less: Personal outlays
34
Personal consumption expenditures
35
Goods
36
Durable goods
37
Nondurable goods
38
Services
4
39
Personal interest payments
40
Personal current transfer payments
41
To government
42
To the rest of the world (net)
43 Equals: Personal saving
Addenda:
44
Personal income excluding current transfer receipts,
billions of chained (2012) dollars
45

5

Disposable personal income, billions of chained (2012) dollars

5

2020

r

2019

Seasonally adjusted at annual rates
2020
Q4
Q1
Q2
Q3
163.1
190.2 1,506.3
-603.8
126.9
109.6
-724.9
516.7
111.2
103.6
-617.3
434.5
100.7
91.5
-557.3
413.7
16.4
1.8
-112.1
75.3
13.5
-3.6
-56.0
29.2
84.3
89.8
-445.2
338.4
10.7
17.0
-82.0
85.7
73.6
72.8
-363.2
252.7
10.5
12.1
-60.0
20.8
15.7
6.0
-107.7
82.2
8.4
-3.8
-82.2
57.7
7.3
9.8
-25.5
24.5

Q4
-351.4
238.0
202.7
208.3
23.9
2.1
184.4
22.1
162.3
-5.6
35.2
29.9
5.3

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

Line
r

699.7
482.3
415.1
366.8
61.1
26.7
305.7
54.6
251.1
48.3
67.2
43.3
23.9

1,139.5
16.1
21.7
26.9
-27.2
-23.3
54.1
15.7
38.4
-5.2
-5.6
-17.0
11.4

Q3
116.7
46.3
36.4
19.7
-4.1
-7.0
23.9
5.4
18.5
16.7
9.9
7.8
2.1

71.7
6.6
65.1
27.8
21.2
35.8
-14.6
154.9
155.1
58.3
49.5
24.2
-0.1
11.2
12.1
-0.2
58.4
117.6
582.1
588.2
551.3
140.4
52.8
87.6
411.0
29.4
7.4
3.8
3.6
-6.1

37.5
15.0
22.5
14.6
-55.1
-37.2
-17.8
1,143.5
1,143.5
47.8
49.3
50.8
522.2
12.7
460.9
-0.1
17.2
-7.2
1,146.6
-469.2
-399.3
146.6
84.6
62.0
-545.9
-63.2
-6.7
-2.4
-4.4
1,615.8

48.5
22.0
26.5
3.0
-0.1
-0.8
0.7
23.3
23.8
7.6
10.2
7.3
0.1
2.1
-3.5
-0.4
4.2
-25.3
142.1
147.6
148.0
35.9
16.9
19.1
112.1
0.2
-0.6
0.6
-1.2
-5.5

20.7
-0.2
20.9
5.9
10.4
11.7
-1.3
13.3
13.9
8.8
8.0
-2.9
0.3
2.6
-2.9
-0.6
13.9
24.1
139.1
115.9
113.9
8.8
1.3
7.5
105.1
-0.3
2.3
0.5
1.8
23.2

8.3
-2.3
10.6
6.8
3.9
-13.7
17.6
80.3
80.9
25.4
6.7
4.7
15.5
4.1
24.4
-0.6
18.7
31.2
159.0
-232.5
-213.7
-9.5
-57.7
48.2
-204.3
-11.7
-7.1
-3.8
-3.4
391.5

-194.1
-17.5
-176.6
-6.3
-74.1
-42.7
-31.4
2,442.5
2,437.8
6.9
19.4
44.7
1,041.1
3.5
1,322.1
4.7
-63.2
-155.9
1,662.2
-1,513.3
-1,448.1
-191.4
-18.1
-173.3
-1,256.7
-66.9
1.7
0.3
1.5
3,175.5

291.1
23.8
267.2
8.3
-57.9
-17.3
-40.6
-1,308.8
-1,304.0
5.2
18.7
14.9
-309.4
3.3
-1,036.7
-4.7
53.3
95.1
-698.9
1,297.2
1,304.2
506.8
274.7
232.1
797.3
1.2
-8.2
0.5
-8.7
-1,996.0

-43.3
37.8
-81.1
-0.1
52.0
4.5
47.5
-577.2
-577.6
8.9
17.9
-1.3
-478.7
2.9
-127.3
0.3
20.8
50.7
-402.1
125.3
135.5
-15.9
-4.9
-11.0
151.4
-16.7
6.5
0.6
5.9
-527.4

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

294.1
316.1

-168.5
856.8

36.3
77.6

82.1
69.1

54.1
95.8

-790.3
1,566.3

513.1
-775.8

151.6
-416.9

44
45

r Revised
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Source: U.S. Bureau of Economic Analysis

-9-

March 26, 2021

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

2020
July
Aug.
Sept.
Based on current-dollar measures

1 Personal income
0.7
-2.7
0.7
2
Compensation of employees
1.1
1.1
0.7
3
Wages and salaries
1.2
1.2
0.8
4
Supplements to wages and salaries
1.0
0.8
0.5
5
Proprietors' income with inventory valuation and capital consumption
adjustments
6.4
6.3
5.1
0.8
0.7
1.0
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
-0.2
-0.8
-0.3
8
Personal interest income
0.5
-0.6
-0.4
9
Personal dividend income
-1.2
-1.1
-0.2
10
Personal current transfer receipts
-1.5
-15.4
-0.7
0.9
0.8
0.6
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
1.5
1.3
1.0
13 Equals: Disposable personal income
0.6
-3.2
0.7
Addenda:
14
Personal consumption expenditures
1.5
1.2
1.3
15
Goods
1.5
0.9
1.4
16
Durable goods
2.3
2.0
0.8
17
Nondurable goods
1.0
0.3
1.8
18
Services
1.5
1.4
1.2
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

1.2
0.3

1.0
-3.5

2021
Oct.

r

Nov.

r

Dec.

r

Jan.

r

Line
Feb.

p

-0.7
0.7
0.8
0.5

-1.2
0.5
0.5
0.5

0.5
0.5
0.5
0.6

10.1
0.7
0.7
0.8

-7.1
0.0
0.0
0.2

1
2
3
4

0.9
-0.5
0.7
0.6
0.8
-5.9
0.4
0.8
-0.9

-10.4
-0.4
1.3
0.1
2.8
-3.4
0.3
0.4
-1.4

-4.6
-0.4
2.3
0.1
4.9
1.9
0.4
0.5
0.6

-0.1
1.3
-2.8
0.4
-6.7
52.2
1.4
0.0
11.4

2.3
1.3
0.5
0.4
0.7
-27.4
0.0
0.7
-8.0

5
6
7
8
9
10
11
12
13

0.3
-0.1
0.8
-0.7
0.5

-0.6
-1.2
-2.3
-0.6
-0.3

-0.6
-1.8
-2.3
-1.6
0.1

3.4
8.4
11.9
6.5
0.9

-1.0
-3.0
-4.7
-2.0
0.1

14
15
16
17
18

0.7
-0.9

-0.7
-1.4

-0.1
0.2

-0.4
11.1

0.2
-8.2

19
20

0.9
0.5

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

March 26, 2021

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

2019

2020

r

2019
Q3

Line

2020
Q4

Q1

Q2

Q3

Q4

r

Based on current-dollar measures

1 Personal income
3.9
6.1
2.6
2
Compensation of employees
4.4
0.1
1.6
3
Wages and salaries
4.7
0.2
1.6
4
Supplements to wages and salaries
3.3
-0.3
1.9
5
Proprietors' income with inventory valuation and capital consumption
adjustments
4.5
2.3
12.4
6
Rental income of persons with capital consumption adjustment
3.7
1.9
1.5
7
Personal income receipts on assets
0.7
-1.9
0.0
8
Personal interest income
2.2
-2.2
-0.2
9
Personal dividend income
-1.1
-1.4
0.2
10
Personal current transfer receipts
5.2
36.6
3.0
4.3
1.2
1.2
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
5.6
-0.3
-4.5
13 Equals: Disposable personal income
3.7
7.0
3.5
Addenda:
14
Personal consumption expenditures
3.9
-2.7
4.1
15
Goods
3.2
3.2
3.2
16
Durable goods
3.6
5.5
4.5
17
Nondurable goods
3.0
2.1
2.6
18
Services
4.3
-5.4
4.6
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

2.1
2.2

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

- 10 -

-1.2
5.8

1.0
2.1

3.6
4.5
4.9
3.0

4.1
3.8
4.5
1.1

35.8
-22.6
-23.5
-18.6

-11.3
20.3
21.0
17.1

-6.9
8.6
9.0
6.8

1
2
3
4

5.0
3.0
1.4
2.8
-0.4
1.7
4.0
4.5
3.4

2.0
3.5
0.5
-3.2
5.6
10.6
5.3
5.7
3.9

-38.3
-3.1
-9.6
-9.8
-9.3
848.5
-16.3
-24.9
46.2

102.2
4.3
-7.7
-4.1
-12.2
-64.9
16.3
19.4
-14.4

-9.3
0.0
7.5
1.1
16.3
-43.3
5.9
9.6
-8.8

5
6
7
8
9
10
11
12
13

3.1
0.8
0.3
1.0
4.2

-5.7
-0.8
-14.0
6.6
-7.8

-34.3
-15.8
-4.8
-20.8
-41.6

46.2
55.2
97.7
36.3
41.8

3.8
-1.3
-1.1
-1.4
6.5

14
15
16
17
18

2.4
1.9

1.5
2.6

-20.5
48.6

16.2
-17.4

4.4
-10.1

19
20

March 26, 2021

Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
Line

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

2020

2021

July
Aug.
Sept.
Oct. r
Nov. r
Dec. r
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
12,799.0
12,914.9
13,060.2
13,095.6
13,011.0
12,890.7
Goods
5,108.6
5,133.0
5,215.6
5,214.7
5,150.4
5,037.9
Durable goods
2,006.0
2,030.4
2,048.2
2,067.2
2,025.0
1,975.7
Nondurable goods
3,132.2
3,133.9
3,197.4
3,180.0
3,155.5
3,091.0
Services
7,837.7
7,925.7
7,995.3
8,028.8
8,000.9
7,977.7
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
154.4
115.9
145.4
35.4
-84.7
-120.3
Goods
51.6
24.4
82.7
-0.9
-64.3
-112.6
Durable goods
30.7
24.4
17.8
18.9
-42.2
-49.3
Nondurable goods
22.3
1.7
63.4
-17.4
-24.5
-64.5
Services
102.1
88.0
69.6
33.6
-28.0
-23.2
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
1.2
0.9
1.1
0.3
-0.6
-0.9
Goods
1.0
0.5
1.6
0.0
-1.2
-2.2
Durable goods
1.6
1.2
0.9
0.9
-2.0
-2.4
Nondurable goods
0.7
0.1
2.0
-0.5
-0.8
-2.0
Services
1.3
1.1
0.9
0.4
-0.3
-0.3

Jan.

r

Feb. p

Line

13,281.9
5,428.2
2,208.6
3,261.1
8,033.9

13,119.2
5,251.2
2,106.6
3,180.6
8,022.3

1
2
3
4
5

391.2
390.4
232.9
170.2
56.2

-162.7
-177.1
-102.0
-80.5
-11.6

6
7
8
9
10

3.0
7.7
11.8
5.5
0.7

-1.2
-3.3
-4.6
-2.5
-0.1

11
12
13
14
15

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

March 26, 2021

Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Seasonally adjusted at annual rates
Line

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

2019

2020 r

2019

Q3
Q4
Billions of chained (2012) dollars
Personal consumption expenditures (PCE)
13,240.2
12,725.6
13,301.3
13,353.7
Goods
4,760.5
4,944.3
4,805.2
4,811.8
Durable goods
1,774.6
1,886.9
1,797.8
1,811.7
Nondurable goods
3,001.5
3,078.8
3,023.9
3,018.2
Services
8,520.5
7,898.6
8,541.5
8,584.9
Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)
312.1
-514.6
88.6
52.3
Goods
170.3
183.8
48.9
6.6
Durable goods
81.9
112.3
27.4
13.8
Nondurable goods
91.2
77.3
22.9
-5.7
Services
153.4
-622.0
43.2
43.4
Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)
2.4
-3.9
2.7
1.6
Goods
3.7
3.9
4.2
0.6
Durable goods
4.8
6.3
6.3
3.1
Nondurable goods
3.1
2.6
3.1
-0.7
Services
1.8
-7.3
2.0
2.0

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

- 11 -

2020
Q1

Q2

Line
Q3

Q4

r

13,118.4
4,812.9
1,752.0
3,070.6
8,365.3

11,860.3
4,677.4
1,744.6
2,947.9
7,306.9

12,924.7
5,152.4
2,028.2
3,154.5
7,919.6

12,999.1
5,134.3
2,022.6
3,142.1
8,002.5

1
2
3
4
5

-235.3
1.1
-59.7
52.4
-219.5

-1,258.2
-135.5
-7.4
-122.7
-1,058.4

1,064.5
475.0
283.6
206.6
612.6

74.4
-18.1
-5.6
-12.4
82.9

6
7
8
9
10

-6.9
0.1
-12.5
7.1
-9.8

-33.2
-10.8
-1.7
-15.0
-41.8

41.0
47.2
82.7
31.1
38.0

2.3
-1.4
-1.1
-1.6
4.3

11
12
13
14
15

March 26, 2021

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months)
2020
July
Aug.
Sept.
Oct. r
Chain-type price indexes (2012=100), seasonally adjusted
111.152
111.482
111.658
111.697
94.283
94.681
94.502
94.399
85.989
86.660
86.611
86.510
98.706
98.922
98.659
98.558
120.057
120.338
120.743
120.871

Line

2021
Nov. r

Personal consumption expenditures (PCE)
111.700
1
94.402
2 Goods
Durable goods
3
86.292
Nondurable goods
4
98.703
120.874
5 Services
Addenda:
PCE excluding food and energy
6
113.466
113.818
114.019
114.023
114.006
7
108.908
108.795
108.477
108.646
108.519
Food 1
8
76.706
77.357
77.894
78.335
78.926
Energy goods and services 2
9
108.700
108.982
109.102
109.146
109.185
Market-based PCE 3
10
110.944
111.242
111.381
111.387
111.409
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)
0.3
0.3
0.2
0.0
0.0
11
0.4
0.4
-0.2
-0.1
0.0
12 Goods
Durable goods
13
0.6
0.8
-0.1
-0.1
-0.3
Nondurable goods
14
0.3
0.2
-0.3
-0.1
0.1
0.2
0.2
0.3
0.1
0.0
15 Services
Addenda:
PCE excluding food and energy
16
0.3
0.3
0.2
0.0
0.0
17
-0.9
-0.1
-0.3
0.2
-0.1
Food 1
2.5
0.8
0.7
0.6
0.8
18
Energy goods and services 2
19
0.2
0.3
0.1
0.0
0.0
Market-based PCE 3
20
0.2
0.3
0.1
0.0
0.0
Market-based PCE excluding food and energy 3

Line

Dec. r

Jan. r

Feb. p

112.109
94.731
86.443
99.143
121.328

112.481
95.334
86.500
100.098
121.541

112.740
95.579
86.403
100.570
121.805

1
2
3
4
5

114.341
108.684
81.080
109.475
111.591

114.622
108.601
83.865
109.831
111.839

114.720
108.823
87.079
110.226
112.074

6
7
8
9
10

0.4
0.3
0.2
0.4
0.4

0.3
0.6
0.1
1.0
0.2

0.2
0.3
-0.1
0.5
0.2

11
12
13
14
15

0.3
0.2
2.7
0.3
0.2

0.2
-0.1
3.4
0.3
0.2

0.1
0.2
3.8
0.4
0.2

16
17
18
19
20

p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity and gas services.
3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without
payment) and the final consumption expenditures of nonprofit institutions serving households.
Source: U.S. Bureau of Economic Analysis

March 26, 2021

Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures:
Percent Change from Month One Year Ago
2020

Line

July

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

9.2
-3.6
6.5
12.2
3.6
-8.1

Aug.
4.9
-2.9
6.7
13.0
3.4
-7.2

Oct. r

Sept.
5.2
-1.9
8.5
13.3
6.0
-6.6

4.3
-1.9
8.3
14.8
5.0
-6.4

Nov. r
2.3
-2.6
7.0
11.7
4.6
-6.8

Dec. r
2.8
-3.5
4.7
8.5
2.7
-7.2

2021
Line
Jan. r
Feb. p
13.3
3.4
1
-1.0
-2.1
2
12.2
9.0
3
20.3
16.1
4
7.9
5.3
5
-6.8
-7.0
6

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

March 26, 2021

Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago
Line
Personal consumption expenditures (PCE)
1
2 Goods
Durable goods
3
Nondurable goods
4
5 Services
Addenda:
PCE excluding food and energy
6
7
Food 1
8
Energy goods and services 2
9
Market-based PCE 3
10
Market-based PCE excluding food and energy 3

2020

2021

1.0
-0.7
-0.6
-0.7
1.8

1.2
-0.1
0.4
-0.3
1.8

1.4
-0.1
0.3
-0.4
2.0

1.2
-0.4
0.4
-0.8
1.9

Nov. r
1.1
-0.4
0.6
-0.9
1.8

1.3
4.3
-11.4
1.0
1.3

1.4
4.3
-9.4
1.2
1.5

1.5
3.9
-8.1
1.3
1.5

1.4
3.9
-9.1
1.1
1.4

1.3
3.7
-9.1
1.1
1.3

July

Aug.

Sept.

Oct. r

Dec. r
1.2
-0.2
1.3
-0.9
1.9

Jan. r
1.4
0.4
1.3
0.0
1.9

Feb. p
1.6
0.8
1.0
0.8
1.9

1.4
3.9
-8.2
1.1
1.3

1.5
3.6
-4.5
1.3
1.4

1.4
3.3
1.2
1.6
1.4

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

- 12 -