Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays, February 2024, BEA 24-12 : Full Release

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

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Friday, March 29, 2024
Technical:
Media:

Lisa Mataloni (Personal Income)
Harvey Davis (PCE)
Connie O'Connell

(301) 278-9083
(301) 278-9719
(301) 278-9003

BEA 24–12
piniwd@bea.gov
pce@bea.gov
Connie.OConnell@bea.gov

Personal Income and Outlays, February 2024
Personal income increased $66.5 billion (0.3 percent at a monthly rate) in February, according to
estimates released today by the Bureau of Economic Analysis (tables 2 and 3). Disposable personal
income (DPI), personal income less personal current taxes, increased $50.3 billion (0.2 percent) and
personal consumption expenditures (PCE) increased $145.5 billion (0.8 percent).
The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.3
percent (table 5). Real DPI decreased 0.1 percent in February and real PCE increased 0.4 percent; goods
increased 0.1 percent and services increased 0.6 percent (tables 3 and 4).
2023
2024
Oct.
Nov.
Dec.
Jan.
Feb.
Percent change from preceding month
Personal income:
Current dollars
Disposable personal income:
Current dollars
Chained (2017) dollars
Personal consumption expenditures (PCE):
Current dollars
Chained (2017) dollars
Price indexes:
PCE
PCE, excluding food and energy
Price indexes:
PCE
PCE, excluding food and energy

0.2

0.4

0.3

1.0

0.3

0.2
0.2

0.4
0.4

0.3
0.2

0.4
0.0

0.2
-0.1

0.2
0.2

0.4
0.4

0.6
0.5

0.2
-0.2

0.8
0.4

0.0
0.1

0.0
0.1

0.1
0.2

0.4
0.5

0.3
0.3

Percent change from month one year ago
2.9
2.7
2.6
2.4
2.5
3.4
3.2
2.9
2.9
2.8

The increase in current-dollar personal income in February primarily reflected increases in
compensation and personal current transfer receipts that were partly offset by a decrease in personal
income receipts on assets (led by personal dividend income) (table 2).
The $145.5 billion increase in current-dollar PCE in February reflected an increase of $111.8 billion in
spending for services and a $33.7 billion increase in spending for goods (table 2). Within services, the
largest contributors to the increase were financial services and insurance (led by financial service
charges, fees, and commissions), transportation services (led by air transportation), and housing and
utilities (led by housing). Within goods, the largest contributor to the increase was spending for motor
vehicles and parts (led by new light trucks). Detailed information on monthly PCE spending can be found
on Table 2.4.5U.
Personal outlays—the sum of PCE, personal interest payments, and personal current transfer
payments—increased $149.9 billion in February (table 2). Personal saving was $745.7 billion in February
and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.6
percent (table 1).
Prices
From the preceding month, the PCE price index for February increased 0.3 percent (table 5). Prices for
goods increased 0.5 percent and prices for services increased 0.3 percent. Food prices increased 0.1
percent and energy prices increased 2.3 percent. Excluding food and energy, the PCE price index
increased 0.3 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U.
From the same month one year ago, the PCE price index for February increased 2.5 percent (table 7).
Prices for services increased 3.8 percent and prices for goods decreased 0.2 percent. Food prices
increased 1.3 percent and energy prices decreased 2.3 percent. Excluding food and energy, the PCE
price index increased 2.8 percent from one year ago.
Real PCE
The 0.4 percent increase in real PCE in February reflected an increase of 0.6 percent in spending on
services and an increase of 0.1 percent in spending on goods (table 4). Within services, the largest
contributors to the increase were other services (led by international travel), transportation services (led
by air transportation), and financial services and insurance (led by financial service charges, fees, and
commissions). Within goods, the largest contributor to the increase was motor vehicles and parts (led by
new light trucks). Detailed information on monthly real PCE spending can be found on Table 2.4.6U.
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 (2017)
dollar DPI and PCE, are provided below for December and January.

Page 2 of 10

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 (2017) dollars
Personal consumption
expenditures:
Current dollars
Chained (2017) dollars

74.8

77.3

0.3

0.3

233.7

230.9

1.0

1.0

61.9
30.9

67.6
34.4

0.3
0.2

0.3
0.2

67.6
-2.8

77.8
0.2

0.3
0.0

0.4
0.0

126.7
85.9

110.7
71.5

0.7
0.6

0.6
0.5

43.9
-17.8

29.9
-34.2

0.2
-0.1

0.2
-0.2

*

*

*

Next release: April 26, 2024, at 8:30 a.m. EDT
Personal Income and Outlays, March 2024

Page 3 of 10

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:
•

•
•
•
•
•

Stay informed about BEA developments by
reading The BEA Wire, signing up for BEA’s email
subscription service, or following BEA on X,
formerly known as Twitter @BEA_News.
Historical time series for these estimates can be
accessed in BEA’s Interactive Data Application.
Access BEA data by registering for BEA’s Data
Application Programming Interface (API).
For more on BEA’s statistics, refer to our 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.

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

Statistical conventions
Annual rates. Monthly and quarterly values are expressed
at seasonally-adjusted annual rates (SAAR). Dollar changes
are calculated as the difference between these SAAR
values. For detail, refer to the FAQ “Why does BEA publish
estimates at annual rates?”
Month-to-month percent changes are calculated from
unrounded data and are not annualized.
Quarter-to-quarter percent changes are calculated from
unrounded data and are displayed at annual rates. For
detail, refer to the FAQ “How is average annual growth
calculated?” and “Why does BEA publish percent changes
in quarterly series at annual rates?”
Quantities and prices. Quantities, or “real” volume
measures, and prices are expressed as index numbers with
a specified reference year equal to 100 (currently 2017).
Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from
two adjacent periods (months for monthly data, quarters
for quarterly data and annuals for annual data). For details
on the calculation of quantity and price indexes, refer to
Chapter 4: Estimating Methods in the NIPA Handbook.
Chained-dollar values are calculated by multiplying the
quantity index by the current-dollar value in the reference
year (2017) 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.

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.”

Page 4 of 10

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

1.
2.
3.
4.
5.
6.

Table 7.

Personal Income and Its Disposition (Months)
Personal Income and Its Disposition, Change from Preceding Period (Months)
Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Real Personal Consumption Expenditures by Major Type of Product (Months)
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

Page 5 of 10

March 29, 2024

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

Aug.

Seasonally adjusted at annual rates
2023
r
r
r
Sept.
Oct.
Nov.
Dec.

Line
July

2024
r

Line
p

1 Personal income
Compensation of employees
2
Wages and salaries
3
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
Supplements to wages and salaries
11
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

22,986.4
14,296.4
11,855.6
10,117.4
1,859.0
1,096.9
8,258.4
1,816.7
6,441.7
1,738.2
2,440.8
1,622.0

23,094.5
14,372.7
11,921.2
10,167.9
1,867.1
1,102.2
8,300.8
1,828.0
6,472.8
1,753.3
2,451.5
1,628.6

23,176.2
14,437.1
11,975.7
10,207.1
1,876.1
1,108.6
8,331.0
1,837.3
6,493.8
1,768.6
2,461.4
1,635.0

23,230.9
14,463.6
11,995.3
10,216.0
1,881.4
1,108.2
8,334.6
1,833.5
6,501.1
1,779.3
2,468.3
1,640.6

23,319.7
14,525.8
12,048.8
10,262.8
1,898.2
1,120.7
8,364.6
1,835.4
6,529.2
1,786.0
2,477.0
1,645.5

23,397.0
14,589.0
12,102.9
10,305.9
1,893.9
1,112.4
8,412.1
1,849.1
6,563.0
1,797.0
2,486.0
1,650.9

Jan.
23,627.9
14,645.0
12,144.2
10,334.6
1,897.3
1,112.8
8,437.2
1,845.4
6,591.9
1,809.6
2,500.8
1,658.9

818.7

822.9

826.4

827.7

831.4

835.1

841.8

848.2

1,839.7

1,861.1

1,877.8

1,880.2

1,886.2

1,881.5

1,880.3

1,891.7

14

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

52.7
1,787.0
967.2
3,594.4
1,766.1
1,828.3
4,097.9
3,993.8
1,358.3
944.8
893.4
21.1
172.7
603.5
104.1
1,809.2
2,744.1
20,242.2
19,351.5
18,595.4
6,188.2
2,206.9
3,981.3
12,407.2
510.0
246.1
130.9
115.2
890.7
4.4

49.9
1,811.2
974.5
3,607.3
1,776.3
1,831.0
4,096.5
3,991.8
1,362.1
946.3
879.5
21.1
172.9
610.0
104.7
1,817.6
2,768.2
20,326.4
19,417.0
18,651.6
6,228.7
2,193.1
4,035.5
12,422.9
519.0
246.4
131.2
115.2
909.4
4.5

47.2
1,830.6
981.5
3,617.9
1,786.7
1,831.2
4,086.6
3,977.7
1,363.4
947.9
868.8
20.8
173.0
603.8
108.9
1,824.6
2,783.7
20,392.5
19,600.9
18,791.5
6,278.4
2,213.4
4,065.0
12,513.0
562.8
246.7
131.5
115.2
791.6
3.9

42.6
1,837.6
985.3
3,645.6
1,801.0
1,844.6
4,083.8
3,977.9
1,378.6
949.6
863.5
22.1
173.3
590.8
105.8
1,827.5
2,793.2
20,437.7
19,622.8
18,826.8
6,250.7
2,191.1
4,059.7
12,576.1
547.3
248.8
131.8
117.0
814.9
4.0

38.0
1,848.2
988.1
3,672.7
1,815.5
1,857.2
4,082.0
3,972.1
1,370.3
951.3
865.8
23.1
173.6
588.1
109.9
1,835.1
2,806.2
20,513.5
19,683.8
18,903.0
6,242.4
2,195.7
4,046.7
12,660.5
531.7
249.1
132.1
117.0
829.7
4.0

33.4
1,848.1
991.0
3,683.6
1,830.2
1,853.4
4,094.6
3,987.7
1,373.8
953.1
875.6
22.9
173.9
588.3
106.9
1,842.7
2,815.9
20,581.1
19,779.3
19,013.7
6,273.8
2,219.8
4,054.0
12,739.9
516.1
249.5
132.5
117.0
801.9
3.9

37.2
1,843.1
1,004.8
3,751.6
1,822.9
1,928.7
4,209.8
4,088.7
1,422.0
958.5
894.6
22.7
174.3
616.5
121.1
1,863.6
2,968.9
20,658.9
19,813.7
19,043.6
6,182.3
2,164.0
4,018.2
12,861.3
520.2
249.9
132.9
117.0
845.3
4.1

41.0
1,850.8
1,021.0
3,673.9
1,815.8
1,858.1
4,236.2
4,127.9
1,424.9
960.7
906.0
22.4
174.7
639.3
108.3
1,876.4
2,985.1
20,709.3
19,963.5
19,189.0
6,216.0
2,193.7
4,022.2
12,973.1
524.2
250.3
133.3
117.0
745.7
3.6

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

15,691.7

15,726.6

15,741.9

15,784.0

15,860.3

15,893.6

15,928.8

15,908.7

45

16,816.4

16,826.2

16,816.3

16,847.8

16,912.1

16,946.5

16,946.7

16,931.6

46

60,380
50,161
335,248

60,598
50,163
335,431

60,762
50,106
335,612

60,868
50,176
335,773

61,066
50,345
335,925

61,241
50,425
336,070

61,449
50,407
336,194

61,579
50,346
336,306

47
48
49

45

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
2
Social security
3
Medicare
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
4
Personal interest payments
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:

Feb.
23,694.3
14,747.9
12,236.2
10,414.3
1,912.4
1,123.4
8,501.9
1,861.2
6,640.7
1,821.9
2,511.6
1,663.5

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

Personal income excluding current transfer receipts,
billions of chained (2017) dollars

5

Disposable personal income:
46
47
48
49

Total, billions of chained (2017) dollars
Per capita:
Current dollars
Chained (2017) dollars
6
Population (midperiod, thousands)

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.
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

Page 6 of 10

March 29, 2024

Table 2. Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars]

Line
July

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
17
Rental income of persons with capital consumption adjustment
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
Addenda:
44
Personal income excluding current transfer receipts,
billions of chained (2017) dollars 5
45

Disposable personal income, billions of chained (2017) dollars 5

Aug.

Seasonally adjusted at annual rates
2023
Sept.
Oct. r
Nov. r
Dec. r

2024

Line

65.0
77.8
66.6
47.0
11.8
8.3
35.2
12.2
23.0
19.6
11.1
7.0

108.2
76.3
65.6
50.5
8.1
5.3
42.4
11.3
31.1
15.1
10.7
6.5

81.7
64.4
54.5
39.2
9.0
6.4
30.2
9.2
21.0
15.3
9.9
6.5

54.7
26.5
19.6
8.9
5.3
-0.4
3.6
-3.7
7.3
10.7
6.9
5.6

88.7
62.2
53.5
46.8
16.9
12.5
30.0
1.9
28.1
6.7
8.7
5.0

77.3
63.2
54.1
43.1
-4.4
-8.3
47.5
13.7
33.8
11.0
9.1
5.4

Jan. r
230.9
56.0
41.2
28.6
3.5
0.4
25.2
-3.7
28.9
12.6
14.7
8.0

Feb. p
66.5
102.9
92.0
79.7
15.0
10.6
64.7
15.9
48.8
12.3
10.9
4.5

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

4.1

4.2

3.5

1.3

3.7

3.7

6.7

6.3

13

9.8

21.4

16.7

2.4

6.0

-4.7

-1.3

11.4

14

-2.8
12.6
5.4

-2.8
24.2
7.3

-2.8
19.4
7.0

-4.6
7.0
3.8

-4.6
10.6
2.8

-4.6
-0.1
2.9

3.8
-5.0
13.8

3.8
7.7
16.2

15
16
17

3.7
10.0
-6.4
-23.4
-24.1
1.5
1.5
-16.4
-0.5
0.1
-10.3
0.6
8.3
31.2
33.8
123.2
110.0
38.1
12.7
25.4
71.9
10.2
2.9
0.3
2.7
-89.4

12.9
10.2
2.7
-1.3
-1.9
3.9
1.5
-13.9
-0.1
0.2
6.5
0.6
8.4
24.0
84.1
65.5
56.2
40.4
-13.8
54.2
15.7
9.0
0.3
0.3
0.0
18.7

10.6
10.4
0.3
-10.0
-14.1
1.3
1.6
-10.7
-0.3
0.2
-6.2
4.2
7.1
15.6
66.2
184.0
139.9
49.8
20.2
29.5
90.1
43.8
0.3
0.3
0.0
-117.8

27.7
14.3
13.4
-2.8
0.2
15.2
1.7
-5.3
1.3
0.3
-12.9
-3.0
2.9
9.5
45.2
21.9
35.4
-27.7
-22.3
-5.4
63.0
-15.6
2.1
0.3
1.8
23.3

27.0
14.5
12.5
-1.8
-5.8
-8.3
1.7
2.3
0.9
0.3
-2.8
4.0
7.6
12.9
75.8
60.9
76.2
-8.3
4.6
-12.9
84.5
-15.6
0.3
0.3
0.0
14.9

10.9
14.7
-3.8
12.7
15.6
3.5
1.8
9.8
-0.2
0.4
0.2
-2.9
7.6
9.7
67.6
95.5
110.7
31.4
24.1
7.3
79.3
-15.6
0.4
0.4
0.0
-27.9

68.1
-7.2
75.3
115.2
101.0
48.2
5.4
19.0
-0.2
0.4
28.2
14.2
20.9
153.1
77.8
34.4
29.9
-91.5
-55.7
-35.8
121.4
4.0
0.4
0.4
0.0
43.4

-77.7
-7.2
-70.6
26.4
39.2
2.9
2.1
11.4
-0.4
0.4
22.8
-12.8
12.7
16.1
50.3
149.9
145.5
33.7
29.7
4.0
111.8
4.0
0.4
0.4
0.0
-99.5

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

53.7

34.8

15.4

42.0

76.3

33.3

35.2

-20.1

44

6.8

9.8

-9.9

31.5

64.3

34.4

0.2

-15.1

45

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

Page 7 of 10

March 29, 2024

Table 3. Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Seasonally adjusted at monthly rates
2023

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

Oct.

0.3
0.5
0.4
1 Personal income
2
Compensation of employees
0.5
0.5
0.4
3
Wages and salaries
0.6
0.6
0.5
4
Supplements to wages and salaries
0.5
0.4
0.4
Proprietors' income with inventory valuation and capital
5
0.5
1.2
0.9
consumption adjustments
0.6
0.8
0.7
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
0.1
0.4
0.3
8
Personal interest income
0.6
0.6
0.6
9
Personal dividend income
-0.3
0.1
0.0
10
Personal current transfer receipts
-0.6
0.0
-0.2
0.5
0.5
0.4
11
Less: Contributions for government social insurance, domestic
1.1
0.9
0.6
12 Less: Personal current taxes
0.2
0.4
0.3
13 Equals: Disposable personal income
Addenda:
14
Personal consumption expenditures
0.6
0.3
0.7
15
Goods
0.6
0.7
0.8
16
Durable goods
0.6
-0.6
0.9
17
Nondurable goods
0.6
1.4
0.7
18
Services
0.6
0.1
0.7
Based on chained (2017) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

0.3
0.0

0.2
0.1

2024

0.1
-0.1

r

Nov.

r

Dec.

r

Jan.

r

Line
Feb.

p

0.2
0.2
0.2
0.3

0.4
0.4
0.4
0.4

0.3
0.4
0.4
0.4

1.0
0.4
0.3
0.6

0.3
0.7
0.8
0.4

1
2
3
4

0.1
0.4

0.3
0.3

-0.2
0.3

-0.1
1.4

0.6
1.6

5
6

0.8
0.8
0.7
-0.1
0.2

0.7
0.8
0.7
0.0
0.4

0.3
0.8
-0.2
0.3
0.4

1.8
-0.4
4.1
2.8
1.1

-2.1
-0.4
-3.7
0.6
0.7

7
8
9
10
11

0.3
0.2

0.5
0.4

0.3
0.3

5.4
0.4

0.5
0.2

12
13

0.2
-0.4
-1.0
-0.1
0.5

0.4
-0.1
0.2
-0.3
0.7

0.6
0.5
1.1
0.2
0.6

0.2
-1.5
-2.5
-0.9
1.0

0.8
0.5
1.4
0.1
0.9

14
15
16
17
18

0.3
0.2

0.5
0.4

0.2
0.2

0.2
0.0

-0.1
-0.1

19
20

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

Table 4. 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

2023
July
Aug.
Sept.
Oct. r
Nov. r
Dec. r
Billions of chained (2017) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
15,448.3 15,439.8 15,496.0 15,519.9 15,584.3 15,655.8
Goods
5,404.7
5,397.7
5,431.5
5,422.5
5,445.4
5,485.5
Durable goods
2,051.0
2,044.9
2,065.8
2,050.0
2,064.0
2,096.3
Nondurable goods
3,363.5
3,362.3
3,376.1
3,381.6
3,391.0
3,400.9
Services
10,072.0 10,070.3 10,093.7 10,125.3 10,167.0 10,199.8
Change from preceding period in billions of chained (2017) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
72.0
-8.5
56.2
23.9
64.4
71.5
Goods
47.5
-7.0
33.8
-8.9
22.8
40.1
Durable goods
26.4
-6.1
20.9
-15.8
14.0
32.2
Nondurable goods
21.9
-1.3
13.8
5.5
9.4
9.9
Services
26.1
-1.8
23.4
31.6
41.7
32.7
Percent change from preceding period in chained (2017) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.5
-0.1
0.4
0.2
0.4
0.5
Goods
0.9
-0.1
0.6
-0.2
0.4
0.7
Durable goods
1.3
-0.3
1.0
-0.8
0.7
1.6
Nondurable goods
0.7
0.0
0.4
0.2
0.3
0.3
Services
0.3
0.0
0.2
0.3
0.4
0.3

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

Page 8 of 10

2024
Jan.

r

Feb. p

Line

15,621.6
5,414.9
2,039.5
3,383.6
10,230.9

15,688.7
5,417.7
2,063.6
3,364.9
10,293.4

1
2
3
4
5

-34.2
-70.6
-56.8
-17.2
31.1

67.1
2.8
24.1
-18.8
62.5

6
7
8
9
10

-0.2
-1.3
-2.7
-0.5
0.3

0.4
0.1
1.2
-0.6
0.6

11
12
13
14
15

March 29, 2024

Table 5. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months)
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

2023
July
Aug.
Sept.
Oct. r
Nov. r
Dec. r
Chain-type price indexes (2017=100), seasonally adjusted
Personal consumption expenditures (PCE)
120.373 120.803 121.267 121.309 121.296 121.448
Goods
114.492 115.390 115.588 115.267 114.630 114.362
Durable goods
107.616 107.261 107.154 106.890 106.385 105.898
Nondurable goods
118.354 120.012 120.395 120.040 119.324 119.192
Services
123.192 123.370 123.976 124.212 124.533 124.912
Addenda:
PCE excluding food and energy
119.332 119.449 119.842 120.015 120.122 120.305
125.082 125.395 125.770 126.020 125.855 125.912
Food 1
134.319 142.555 144.958 141.367 138.748 138.350
Energy goods and services 2
118.990 119.437 119.911 120.011 120.001 120.100
Market-based PCE 3
117.569 117.658 118.051 118.311 118.439 118.564
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)
0.1
0.4
0.4
0.0
0.0
0.1
Goods
-0.3
0.8
0.2
-0.3
-0.6
-0.2
Durable goods
-0.7
-0.3
-0.1
-0.2
-0.5
-0.5
Nondurable goods
0.0
1.4
0.3
-0.3
-0.6
-0.1
Services
0.3
0.1
0.5
0.2
0.3
0.3
Addenda:
PCE excluding food and energy
0.1
0.1
0.3
0.1
0.1
0.2
1
0.2
0.3
0.3
0.2
-0.1
0.0
Food
2
0.1
6.1
1.7
-2.5
-1.9
-0.3
Energy goods and services
0.1
0.4
0.4
0.1
0.0
0.1
Market-based PCE 3
3
0.1
0.1
0.3
0.2
0.1
0.1
Market-based PCE excluding food and energy

2024
Jan.

r

Feb. p

Line

121.906
114.164
106.115
118.741
125.718

122.312
114.726
106.315
119.522
126.041

1
2
3
4
5

120.849
126.501
136.396
120.484
119.038

121.165
126.660
139.532
120.864
119.311

6
7
8
9
10

0.4
-0.2
0.2
-0.4
0.6

0.3
0.5
0.2
0.7
0.3

11
12
13
14
15

0.5
0.5
-1.4
0.3
0.4

0.3
0.1
2.3
0.3
0.2

16
17
18
19
20

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

Table 6. Real Disposable Personal Income and Real Personal Consumption Expenditures:
Percent Change from Month One Year Ago
Line
1 Disposable personal income
2 Personal consumption expenditures
3
Goods
4
Durable goods
5
Nondurable goods
6
Services

2023
July

Aug.

4.4
2.5
2.9
4.8
1.9
2.3

4.1
2.0
2.3
4.1
1.3
1.8

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

Page 9 of 10

Sept.

3.9
2.1
2.5
5.1
1.1
1.9

2024
Oct. r
3.8
2.1
2.0
3.1
1.4
2.1

Nov. r
4.2
2.9
3.6
6.2
2.1
2.5

Dec. r
4.2
3.3
4.5
8.0
2.6
2.7

Jan. r
2.1
2.0
1.1
0.1
1.6
2.4

Feb. p
1.7
2.4
1.1
1.6
0.8
3.0

Line
1
2
3
4
5
6

March 29, 2024

Table 7. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago
2023

Line

July

Personal consumption expenditures (PCE)
1
2 Goods
3
Durable goods
4
Nondurable goods
5 Services
Addenda:
6
7
8
9
10

PCE excluding food and energy
Food 1
Energy goods and services 2
Market-based PCE 3
Market-based PCE excluding food and energy 3

Aug.

Sept.

2024

3.3
-0.2
-1.0
0.2
5.1

3.3
0.7
-1.9
2.1
4.7

3.4
0.9
-2.3
2.7
4.6

Oct. r
2.9
0.2
-2.2
1.6
4.3

4.2
3.7
-13.0
3.0
4.0

3.7
3.1
-3.5
3.1
3.6

3.6
2.7
0.1
3.2
3.5

3.4
2.4
-4.6
2.8
3.3

Nov. r
2.7
-0.1
-2.1
1.0
4.1

Dec. r
2.6
0.2
-2.3
1.6
3.9

Jan. r
2.4
-0.5
-2.4
0.5
3.9

Feb. p
2.5
-0.2
-2.0
0.8
3.8

3.2
1.7
-5.0
2.7
3.2

2.9
1.4
-1.7
2.6
3.0

2.9
1.4
-4.9
2.4
2.9

2.8
1.3
-2.3
2.3
2.7

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

Page 10 of 10

Line
1
2
3
4
5
6
7
8
9
10