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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, MARCH 1, 2018 Technical: Media: Brian Smith (Personal Income) Harvey Davis (PCE) Mark Ludwick (Taxes and Government) Jeannine Aversa (301) 278-9625 (301) 278-9086 (301) 278-9090 (301) 278-9003 BEA 18-09 piniwd@bea.gov pce@bea.gov Mark.Ludwick@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays: January 2018 Personal income increased $64.7 billion (0.4 percent) in January according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $134.8 billion (0.9 percent) and personal consumption expenditures (PCE) increased $31.2 billion (0.2 percent). Real DPI increased 0.6 percent in January and Real PCE decreased 0.1 percent. The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent. 2017 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 2018 Sept. Oct. Nov. Dec. Jan. Percent change from preceding month 0.5 0.4 0.3 0.4 0.4 0.4 0.0 0.3 0.2 0.3 0.1 0.4 0.2 0.9 0.6 1.0 0.6 0.3 0.2 0.7 0.5 0.4 0.2 0.2 -0.1 0.4 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.4 0.3 Percent change from month one year ago 1.7 1.6 1.7 1.7 1.7 1.4 1.5 1.5 1.5 1.5 Quarterly Census of Employment and Wage Data Included in the Third Quarter of 2017 This news release includes revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2017 (third quarter). These estimates reflect the incorporation of the most recently available third-quarter wage and salary tabulations from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages (QCEW) program. Impacts of the Tax Cuts and Jobs Act Increases in the January estimates of disposable personal income and the personal saving rate mostly result from a decrease in personal current taxes, which reflect the effects of the Tax Cuts and Jobs Act (TCJA). BEA estimates that the TCJA reduced personal current taxes by $115.5 billion at an annual rate. BEA’s preliminary estimates of the effects of the TCJA are based in part on projections prepared by the Treasury Department’s Office of Tax Analysis. For more information on the TCJA’s effects on personal taxes, please see “How will the 2017 Tax Cuts and Jobs Act impact personal taxes?” January estimates of wages and salaries were adjusted up by $30.0 billion to account for bonuses paid by businesses that are not included in the monthly source data in the Current Employment Statistics from the Bureau of Labor Statistics. This adjustment reflects one-time bonuses reported publicly in response to the TCJA and was derived based on news releases covering estimates of the number of employees receiving bonuses and payment amounts. BEA will release QCEW-based estimates of wages and salaries, that will include both regular and TCJA-related bonus activity, for the first quarter of 2018 on July 27, 2018. The increase in personal income in January primarily reflected increases in wages and salaries and Social Security benefits that were partially offset by an increase in contributions for government social insurance, a subtraction in the calculation of personal income (table 3). The $17.0 billion decrease in real PCE in January reflected a decrease of $24.6 billion in spending for goods and a partially offsetting $4.8 billion increase in spending for services (table 7). Within goods, new motor vehicle sales was the leading contributor to the decrease. Detailed information on monthly real PCE spending can be found in Table 2.3.6U. Personal outlays increased $33.7 billion in January (table 3). Personal saving was $464.4 billion in January and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.2 percent (table 1). 2017 Personal Income and Outlays Personal income (table 6) increased 3.1 percent in 2017 (that is, from the 2016 annual level to the 2017 annual level), compared with an increase of 2.4 percent in 2016. DPI increased 2.9 percent in 2017 compared with an increase of 2.6 percent in 2016. In 2017, PCE increased 4.5 percent, compared with an increase of 4.0 percent in 2016. Real DPI increased 1.2 percent in 2017, compared with an increase of 1.4 percent in 2016. Real PCE (table 8) increased 2.7 percent, the same increase as in 2016. Updates to Personal Income and Outlays Estimates have been updated for July through December. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2009) dollar DPI and PCE -- revised and as published in last month's release -- are shown below. Change from preceding month November December 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 50.4 56.1 0.3 0.3 58.7 63.2 0.4 0.4 37.6 2.6 39.9 8.8 0.3 0.0 0.3 0.1 48.0 28.1 52.2 27.4 0.3 0.2 0.4 0.2 101.9 61.1 92.0 56.4 0.8 0.5 0.7 0.5 54.2 34.4 53.1 29.3 0.4 0.3 0.4 0.2 Next release: March 29, 2018 at 8:30 A.M. EDT Personal Income and Outlays: February 2018 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 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?” Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. 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. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. 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. 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. 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 March 1, 2018 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2017 June 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....................................................... July r Aug. r Sept. r 2018 Oct. r Nov. r Dec. r Line Jan. p 16,350.6 16,412.9 16,458.2 16,535.6 16,599.6 16,655.7 16,718.9 16,783.6 1 10,266.2 10,326.1 10,348.6 10,393.6 10,413.5 10,464.6 10,507.4 10,559.3 2 8,313.9 8,367.4 8,385.5 8,424.9 8,441.3 8,486.5 8,523.8 8,569.0 3 6,974.0 7,025.9 7,040.2 7,076.1 7,091.6 7,134.4 7,168.2 7,205.0 4 1,365.1 1,374.0 1,372.8 1,382.6 1,383.9 1,392.8 1,395.2 1,406.6 5 829.1 834.7 832.9 837.0 839.6 841.8 840.9 847.8 6 5,608.9 5,652.0 5,667.4 5,693.5 5,707.7 5,741.6 5,773.0 5,798.4 7 1,296.9 1,305.7 1,305.4 1,312.2 1,313.1 1,325.7 1,330.0 1,333.7 8 4,311.9 4,346.3 4,362.0 4,381.3 4,394.6 4,415.9 4,443.0 4,464.7 9 1,339.9 1,341.4 1,345.3 1,348.7 1,349.6 1,352.1 1,355.6 1,364.0 10 1,952.3 1,958.8 1,963.1 1,968.7 1,972.2 1,978.1 1,983.7 1,990.4 11 1,344.8 607.5 1,347.4 611.4 1,350.5 612.6 1,353.4 615.4 1,355.6 616.6 1,358.2 619.9 1,361.1 622.6 1,364.0 12 626.4 13 1,379.8 1,375.8 1,380.7 1,389.2 1,394.0 1,406.9 1,404.6 1,406.9 14 32.7 32.3 31.9 31.5 30.1 28.7 27.3 28.7 15 1,347.0 1,343.5 1,348.7 1,357.7 1,363.8 1,378.2 1,377.3 1,378.2 16 744.1 744.0 746.4 751.1 756.4 760.4 763.8 768.0 17 2,416.7 2,426.2 2,432.7 2,442.7 2,463.2 2,476.0 2,493.7 2,484.7 18 1,451.9 1,456.2 1,460.6 1,465.0 1,484.1 1,503.2 1,522.4 1,516.9 19 964.9 970.0 972.1 977.7 979.1 972.7 971.3 967.8 20 2,840.5 2,845.4 2,857.4 2,872.2 2,888.8 2,870.9 2,878.0 2,914.2 21 2,781.1 2,785.8 2,797.5 2,812.1 2,828.4 2,810.2 2,817.1 2,852.8 22 925.2 928.4 929.2 932.3 939.0 931.5 935.7 959.4 23 673.0 674.6 676.4 678.3 680.1 681.9 683.8 684.2 24 577.3 579.7 583.0 587.3 591.8 595.5 599.1 602.1 25 28.6 28.8 28.5 28.2 27.6 27.9 27.9 28.2 26 99.3 98.4 98.6 100.7 98.9 101.1 100.5 103.4 27 477.7 475.8 481.8 485.3 491.0 472.3 470.3 475.3 28 59.4 59.6 59.9 60.1 60.4 60.7 60.9 61.4 29 1,296.8 1,304.6 1,307.5 1,313.3 1,316.3 1,323.0 1,328.6 1,349.5 30 2,003.8 2,037.8 2,059.0 2,077.5 2,095.8 2,112.0 2,123.0 2,052.9 31 14,346.8 14,375.1 14,399.2 14,458.1 14,503.8 14,543.7 14,596.0 14,730.8 32 13,835.2 13,869.7 13,890.9 14,020.9 14,072.6 14,172.1 14,232.7 14,266.4 33 13,329.1 13,369.0 13,392.8 13,525.5 13,566.9 13,658.9 13,711.9 13,743.1 34 4,238.9 4,267.9 4,273.0 4,363.4 4,366.7 4,416.5 4,414.1 4,419.0 35 1,458.5 1,475.5 1,454.9 1,502.4 1,508.4 1,519.6 1,527.5 1,504.3 36 2,780.4 2,792.4 2,818.0 2,861.0 2,858.3 2,897.0 2,886.6 2,914.7 37 9,090.2 9,101.1 9,119.9 9,162.1 9,200.2 9,242.3 9,297.8 9,324.2 38 307.4 304.4 301.3 298.2 305.5 312.7 319.9 322.5 39 198.7 196.3 196.7 197.1 200.3 200.6 200.8 200.8 40 114.6 115.1 115.5 115.9 116.2 116.5 116.8 116.8 41 84.1 81.2 81.2 81.2 84.1 84.1 84.1 84.1 42 511.5 505.4 508.3 437.2 431.2 371.6 363.2 464.4 43 3.6 3.5 3.5 3.0 3.0 2.6 2.5 3.2 44 12,032.8 12,072.5 12,076.5 12,084.0 12,107.6 12,147.9 12,179.7 12,160.0 45 12,778.1 12,791.1 12,785.4 12,786.9 12,807.9 12,816.7 12,844.1 12,915.1 46 44,031 39,216 325,836 44,088 39,230 326,051 44,132 39,186 326,275 44,282 39,163 326,500 44,393 39,202 326,714 44,489 39,206 326,909 44,623 39,267 327,097 45,012 47 39,464 48 327,265 49 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2017. 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. Source: U.S. Bureau of Economic Analysis March 1, 2018 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2016 2017 r 2016 Q3 1 Personal income ..................................................................................... 15,928.7 2 Compensation of employees.............................................................. 9,978.6 3 Wages and salaries .......................................................................... 8,085.2 4 Private industries............................................................................. 6,777.8 5 Goods-producing industries ......................................................... 1,331.2 6 Manufacturing........................................................................... 814.4 7 Services-producing industries...................................................... 5,446.5 8 Trade, transportation, and utilities ............................................ 1,265.0 9 Other services-producing industries ......................................... 4,181.5 10 Government .................................................................................... 1,307.5 11 Supplements to wages and salaries............................................... 1,893.4 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 1,309.8 13 Employer contributions for government social insurance................ 583.6 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 1,341.9 15 Farm ................................................................................................... 43.2 16 Nonfarm.............................................................................................. 1,298.7 17 Rental income of persons with capital consumption adjustment .. 707.3 18 Personal income receipts on assets.................................................. 2,377.8 19 Personal interest income.................................................................... 1,415.3 20 Personal dividend income .................................................................. 962.5 21 Personal current transfer receipts ..................................................... 2,768.4 22 Government social benefits to persons .............................................. 2,711.0 23 Social security 2 ............................................................................... 896.5 24 Medicare 3 ........................................................................................ 655.9 25 Medicaid.......................................................................................... 563.0 26 Unemployment insurance ............................................................... 31.7 27 Veterans’ benefits............................................................................ 92.8 28 Other ............................................................................................... 471.1 29 Other current transfer receipts, from business (net)........................... 57.4 30 Less: Contributions for government social insurance, domestic .. 1,245.3 31 Less: Personal current taxes................................................................. 1,960.1 32 Equals: Disposable personal income ................................................... 13,968.6 33 Less: Personal outlays........................................................................... 13,288.0 34 Personal consumption expenditures...................................................... 12,820.7 35 Goods................................................................................................. 4,121.4 36 Durable goods................................................................................. 1,411.0 37 Nondurable goods........................................................................... 2,710.4 38 Services.............................................................................................. 8,699.3 39 Personal interest payments 4.................................................................. 278.4 40 Personal current transfer payments....................................................... 189.0 41 To government.................................................................................... 108.9 42 To the rest of the world (net)............................................................... 80.1 43 Equals: Personal saving......................................................................... 680.6 44 Personal saving as a percentage of disposable personal income . 4.9 Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................... 11,878.7 Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................. 12,608.2 Per capita: 47 Current dollars................................................................................. 43,157 48 Chained (2009) dollars.................................................................... 38,954 49 Population (midperiod, thousands) 6 ...................................................... 323,668 2017 Q4 Q1 Q2 Line Q3 r Q4 r 16,428.0 16,028.0 16,025.7 16,245.2 16,339.6 16,468.9 16,658.1 1 10,306.8 10,081.4 10,014.9 10,166.3 10,243.0 10,356.1 10,461.8 2 8,350.9 8,178.1 8,107.8 8,232.1 8,295.2 8,392.6 8,483.8 3 7,009.7 6,863.4 6,792.7 6,901.6 6,958.4 7,047.4 7,131.4 4 1,369.4 1,345.2 1,329.8 1,350.5 1,359.8 1,376.4 1,390.7 5 832.3 824.8 811.7 824.5 829.1 834.9 840.8 6 5,640.3 5,518.3 5,462.9 5,551.1 5,598.6 5,671.0 5,740.7 7 1,303.7 1,277.7 1,262.9 1,288.5 1,295.6 1,307.8 1,322.9 8 4,336.6 4,240.6 4,200.0 4,262.6 4,303.0 4,363.2 4,417.8 9 1,341.2 1,314.6 1,315.2 1,330.5 1,336.8 1,345.1 1,352.4 10 1,955.9 1,903.4 1,907.1 1,934.2 1,947.9 1,963.5 1,978.0 11 1,345.8 610.1 1,313.3 590.1 1,321.7 585.4 1,332.7 601.6 1,341.7 606.1 1,350.4 613.1 1,358.3 12 619.7 13 1,385.6 1,346.1 1,354.6 1,380.2 1,378.6 1,381.9 1,401.8 14 34.9 41.4 37.8 41.9 37.0 31.9 28.7 15 1,350.8 1,304.6 1,316.7 1,338.4 1,341.6 1,350.0 1,373.1 16 744.6 708.1 718.9 730.8 740.3 747.2 760.2 17 2,441.5 2,373.2 2,391.6 2,420.1 2,434.5 2,433.9 2,477.6 18 1,476.4 1,416.9 1,438.5 1,476.6 1,465.1 1,460.6 1,503.2 19 965.1 956.4 953.0 943.5 969.4 973.2 974.4 20 2,851.6 2,777.4 2,795.9 2,831.9 2,836.9 2,858.4 2,879.2 21 2,792.1 2,719.7 2,737.9 2,773.4 2,777.8 2,798.5 2,818.6 22 926.1 899.7 906.0 916.1 922.8 930.0 935.4 23 674.3 658.2 662.9 667.4 671.5 676.4 681.9 24 584.4 566.8 577.8 581.4 577.4 583.4 595.4 25 28.8 31.6 30.7 30.2 28.6 28.5 27.8 26 98.2 92.9 94.0 95.5 98.0 99.2 100.2 27 480.3 470.4 466.5 482.8 479.4 481.0 477.9 28 59.5 57.8 58.0 58.4 59.2 59.9 60.7 29 1,302.3 1,258.2 1,250.2 1,284.1 1,293.8 1,308.5 1,322.6 30 2,048.8 1,983.8 1,977.2 2,018.8 2,007.9 2,058.1 2,110.3 31 14,379.2 14,044.3 14,048.5 14,226.4 14,331.6 14,410.8 14,547.8 32 13,891.0 13,366.6 13,537.0 13,671.8 13,805.9 13,927.2 14,159.2 33 13,393.4 12,899.4 13,056.9 13,191.6 13,307.0 13,429.1 13,645.9 34 4,294.6 4,134.4 4,195.9 4,230.8 4,247.2 4,301.4 4,399.1 35 1,474.0 1,420.2 1,440.2 1,443.2 1,456.6 1,477.6 1,518.5 36 2,820.7 2,714.2 2,755.7 2,787.6 2,790.6 2,823.8 2,880.6 37 9,098.8 8,765.0 8,861.0 8,960.7 9,059.8 9,127.7 9,246.8 38 300.5 279.3 284.4 287.4 300.7 301.3 312.7 39 197.1 187.9 195.6 192.9 198.2 196.7 200.6 40 114.6 109.0 110.6 112.3 114.1 115.5 116.5 41 82.5 78.9 85.0 80.6 84.1 81.2 84.1 42 488.2 677.7 511.5 554.6 525.7 483.7 388.7 43 3.4 4.8 3.6 3.9 3.7 3.4 2.7 44 12,051.3 11,934.4 11,857.1 11,955.7 12,027.2 12,077.6 12,145.1 45 12,763.9 12,649.2 12,590.8 12,680.4 12,765.6 12,787.7 12,822.9 46 44,110 39,155 325,983 43,352 39,045 323,962 43,280 38,790 324,593 43,759 39,004 325,108 44,011 39,202 325,640 44,168 39,193 326,276 44,501 47 39,225 48 326,907 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2017. 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. Source: U.S. Bureau of Economic Analysis March 1, 2018 Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2017 June 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 .......... July r Aug. r Sept. 2018 r Oct. r Nov. r Dec. r Jan. Line p –3.2 35.4 30.1 26.3 7.2 2.3 19.1 4.1 15.0 3.8 5.3 62.4 60.0 53.5 51.9 8.8 5.6 43.1 8.8 34.3 1.5 6.5 45.3 22.5 18.1 14.2 –1.2 –1.8 15.4 –0.3 15.7 3.9 4.3 77.4 45.0 39.4 36.0 9.9 4.1 26.1 6.8 19.3 3.4 5.6 64.0 19.9 16.4 15.5 1.3 2.7 14.2 0.9 13.3 0.9 3.5 56.1 51.1 45.2 42.8 8.9 2.2 33.9 12.6 21.3 2.4 5.9 63.2 42.8 37.3 33.8 2.4 –1.0 31.4 4.3 27.1 3.5 5.5 64.7 1 51.9 2 45.2 3 36.8 4 11.4 5 7.0 6 25.4 7 3.7 8 21.7 9 8.4 10 6.7 11 3.2 2.1 2.6 3.9 3.1 1.3 2.9 2.7 2.2 1.3 2.6 3.3 2.9 2.6 2.9 12 3.8 13 –0.6 –4.3 3.7 4.5 –43.1 –13.2 –29.9 5.1 4.8 3.6 1.5 0.6 0.3 1.2 –2.4 0.2 4.5 0.0 –3.2 26.0 18.8 –8.6 2.4 –11.0 27.4 6.7 0.5 0.5 0.0 –29.2 –3.9 –0.4 –3.5 –0.2 9.5 4.4 5.1 4.9 4.6 3.2 1.6 2.4 0.2 –0.9 –1.9 0.2 7.8 34.0 28.3 34.5 39.9 29.0 17.0 12.0 10.9 –3.1 –2.4 0.5 –2.9 –6.1 4.8 –0.4 5.2 2.5 6.5 4.4 2.1 12.0 11.7 0.8 1.7 3.3 –0.3 0.2 6.0 0.2 2.9 21.2 24.1 21.2 23.9 5.1 –20.6 25.7 18.8 –3.1 0.4 0.4 0.0 2.9 8.6 –0.4 9.0 4.7 10.0 4.4 5.7 14.8 14.6 3.1 1.9 4.3 –0.3 2.1 3.5 0.3 5.8 18.5 58.9 130.0 132.7 90.5 47.5 43.0 42.2 –3.1 0.4 0.4 0.0 –71.1 4.7 –1.4 6.1 5.3 20.5 19.1 1.3 16.6 16.3 6.7 1.8 4.5 –0.6 –1.8 5.7 0.3 3.0 18.3 45.7 51.7 41.4 3.2 6.0 –2.7 38.1 7.2 3.2 0.3 2.8 –6.0 12.9 –1.4 14.3 4.0 12.8 19.1 –6.3 –17.9 –18.2 –7.5 1.8 3.7 0.3 2.2 –18.7 0.3 6.8 16.2 39.9 99.5 92.0 49.9 11.2 38.7 42.1 7.2 0.3 0.3 0.0 –59.6 –2.3 –1.4 –0.8 3.4 17.7 19.1 –1.4 7.2 6.9 4.2 1.8 3.6 0.0 –0.7 –2.1 0.3 5.6 11.0 52.2 60.6 53.1 –2.4 7.9 –10.3 55.5 7.2 0.3 0.3 0.0 –8.3 –12.3 –8.1 39.7 13.0 4.0 –5.7 7.5 1.5 23.6 21.0 40.3 8.8 31.8 27.4 2.3 1.4 0.9 4.2 –9.0 –5.4 –3.5 36.1 35.6 23.8 0.4 3.1 0.3 3.0 5.1 0.5 20.8 –70.1 134.8 33.7 31.2 4.8 –23.2 28.0 26.3 2.5 0.0 0.0 0.0 101.1 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 –19.7 44 71.0 45 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2017. 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. Source: U.S. Bureau of Economic Analysis March 1, 2018 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 .......... 2016 2017 r 2016 2017 Q3 Q4 Q1 Q2 Line Q3 r Q4 r 375.8 270.4 226.4 194.5 22.6 7.6 171.9 27.7 144.2 31.9 44.0 499.2 328.2 265.7 232.0 38.1 17.9 193.8 38.7 155.2 33.7 62.5 117.9 101.8 87.9 78.2 12.7 7.4 65.5 8.3 57.2 9.6 14.0 –2.3 –66.5 –70.2 –70.8 –15.4 –13.2 –55.4 –14.8 –40.6 0.5 3.8 219.5 151.4 124.3 108.9 20.7 12.9 88.2 25.6 62.6 15.3 27.1 94.3 76.7 63.1 56.8 9.3 4.6 47.5 7.1 40.5 6.3 13.6 129.4 113.1 97.4 89.0 16.6 5.8 72.4 12.2 60.2 8.4 15.7 189.2 1 105.7 2 91.3 3 84.0 4 14.2 5 5.9 6 69.8 7 15.1 8 54.6 9 7.3 10 14.5 11 31.8 12.2 36.0 26.5 7.7 6.2 8.4 –4.7 10.9 16.2 9.1 4.5 8.7 7.0 7.9 12 6.6 13 23.1 –10.5 33.6 44.8 –9.3 48.0 –57.4 84.0 79.7 24.7 22.2 27.0 –0.5 3.0 3.3 4.3 37.3 22.2 353.5 501.4 488.4 88.3 43.9 44.4 400.2 9.6 3.3 3.4 –0.1 –147.8 43.7 –8.3 52.0 37.3 63.7 61.1 2.7 83.2 81.1 29.6 18.5 21.4 –2.9 5.4 9.1 2.1 56.9 88.6 410.6 603.0 572.7 173.2 63.0 110.3 399.5 22.2 8.1 5.7 2.4 –192.4 6.6 –5.3 11.8 3.3 1.9 8.4 –6.6 17.2 16.7 5.7 4.7 8.8 –0.3 0.2 –2.4 0.5 12.9 33.1 84.9 152.4 144.4 25.9 19.1 6.8 118.5 3.0 5.0 1.0 4.0 –67.5 8.5 –3.6 12.1 10.8 18.4 21.7 –3.3 18.5 18.3 6.3 4.6 11.0 –1.0 1.1 –3.9 0.2 –8.0 –6.6 4.2 170.4 157.5 61.5 20.0 41.4 96.0 5.2 7.7 1.6 6.2 –166.1 25.7 4.0 21.6 11.9 28.5 38.1 –9.6 35.9 35.5 10.1 4.5 3.5 –0.4 1.5 16.3 0.5 33.9 41.6 177.9 134.9 134.7 34.9 3.0 32.0 99.7 3.0 –2.8 1.7 –4.4 43.0 –1.6 –4.8 3.3 9.5 14.4 –11.5 25.9 5.1 4.3 6.8 4.1 –4.0 –1.7 2.5 –3.4 0.7 9.7 –10.9 105.2 134.1 115.5 16.4 13.4 3.0 99.1 13.3 5.3 1.8 3.5 –28.9 3.3 –5.1 8.4 6.9 –0.6 –4.5 3.9 21.4 20.7 7.2 4.9 6.0 –0.1 1.2 1.6 0.7 14.7 50.2 79.2 121.2 122.1 54.2 21.0 33.2 67.9 0.6 –1.5 1.4 –2.9 –42.1 124.5 172.3 172.6 155.7 39.5 22.0 –77.3 –58.4 98.7 89.6 71.5 85.2 50.4 22.1 19.9 –3.2 23.1 13.0 43.7 42.6 1.1 20.9 20.1 5.4 5.5 12.1 –0.7 0.9 –3.1 0.8 14.2 52.1 137.0 232.0 216.8 97.7 40.9 56.8 119.1 11.4 3.8 1.0 2.8 –95.0 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 67.5 44 35.2 45 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2017. 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. Source: U.S. Bureau of Economic Analysis March 1, 2018 Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2017 June July r Aug. r Sept. r 2018 Oct. r Nov. r Dec. r Line Jan. 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................................................................................. 0.0 0.3 0.4 0.3 0.4 0.6 0.6 0.3 0.3 0.2 0.2 0.2 0.5 0.4 0.5 0.3 0.4 0.2 0.2 0.2 0.3 0.5 0.5 0.3 0.4 0.4 0.4 0.3 0.4 0.5 0.5 0.3 1 2 3 4 0.0 0.6 –1.8 –0.9 –3.0 0.2 0.3 0.0 0.0 –0.3 0.0 0.4 0.3 0.5 0.2 0.6 1.7 0.2 0.3 0.3 0.3 0.3 0.2 0.4 0.2 1.0 0.2 0.6 0.6 0.4 0.3 0.6 0.5 0.4 0.9 0.4 0.3 0.7 0.8 1.3 0.1 0.6 0.2 0.9 0.3 0.9 0.5 0.5 1.3 –0.6 –0.6 0.5 0.8 0.3 –0.2 0.4 0.7 1.3 –0.1 0.2 0.4 0.5 0.4 0.2 5 0.5 6 –0.4 7 –0.4 8 –0.4 9 1.3 10 1.6 11 –3.3 12 0.9 13 0.1 –0.2 0.2 –0.4 0.3 0.3 0.7 1.2 0.4 0.1 0.2 0.1 –1.4 0.9 0.2 1.0 2.1 3.3 1.5 0.5 0.3 0.1 0.4 –0.1 0.4 0.7 1.1 0.7 1.4 0.5 0.4 –0.1 0.5 –0.4 0.6 0.2 0.1 –1.5 1.0 0.3 0.1 0.0 0.2 0.2 0.3 0.1 0.3 0.2 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. –0.1 –0.1 0.3 0.1 0.0 0.0 –0.2 19 0.6 20 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2017. Source: U.S. Bureau of Economic Analysis Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2016 2017 r 2016 Q3 2017 Q4 Q1 Q2 Line Q3 Q4 r 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................................................................................. 2.4 2.8 2.9 2.4 3.1 3.3 3.3 3.3 3.0 4.1 4.4 3.0 –0.1 –2.6 –3.4 0.8 5.6 6.2 6.3 5.8 2.3 3.1 3.1 2.8 3.2 4.5 4.8 3.3 1.8 6.8 –0.4 3.5 –5.6 3.1 3.1 1.1 2.6 3.3 5.3 2.7 4.3 0.3 3.0 4.6 4.5 2.9 2.0 1.9 0.3 2.4 –2.7 2.5 4.2 7.0 2.5 2.5 6.2 3.1 6.3 –1.4 2.7 –2.5 –1.3 0.1 7.8 6.8 4.9 11.0 –3.9 5.2 11.3 8.7 5.2 –0.5 5.3 2.4 –3.1 11.4 0.7 3.1 –2.1 3.0 1.0 3.8 –0.1 –1.2 1.6 3.1 4.6 10.4 2.2 4.0 2.2 3.2 1.7 4.8 4.5 4.2 4.5 4.1 4.6 4.6 2.5 5.6 1.0 5.6 5.0 6.1 5.8 6.2 4.5 4.2 3.4 0.8 4.7 4.6 3.5 1.6 3.8 0.4 4.5 3.7 5.2 5.9 4.8 3.0 –2.6 –1.8 3.4 2.9 2.4 2.7 1.7 0.7 4.7 4.1 4.4 3.0 1 2 3 4 5.9 5 7.2 6 7.4 7 12.2 8 0.5 9 3.0 10 4.4 11 10.5 12 3.9 13 6.6 9.4 11.5 8.3 5.3 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. 1.1 1.4 1.5 1.2 1.3 0.7 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2017. Source: U.S. Bureau of Economic Analysis 2.3 19 1.1 20 March 1, 2018 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2017 Line June July Aug. 2018 Sept. Oct. r Nov. r Dec. r Jan. p 12,036.9 4,337.1 1,771.6 2,619.7 7,722.0 12,066.2 4,336.6 1,783.0 2,610.3 7,750.2 12,049.2 4,312.0 1,753.7 2,610.4 7,755.0 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 ...................................................................................... 11,871.6 4,206.8 1,684.5 2,567.6 7,676.3 11,895.8 4,230.6 1,707.5 2,571.4 7,678.9 11,891.8 4,224.0 1,685.8 2,582.5 7,680.7 11,962.1 4,283.3 1,745.3 2,590.6 7,696.8 11,980.5 4,296.8 1,752.6 2,597.3 7,702.8 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 ...................................................................................... 11.8 1.3 7.0 –4.4 10.1 24.2 23.8 23.0 3.8 2.6 –4.0 –6.6 –21.6 11.1 1.7 70.3 59.2 59.4 8.1 16.1 18.4 13.5 7.3 6.7 6.0 56.4 40.3 19.0 22.4 19.2 29.3 –0.5 11.4 –9.3 28.2 –17.0 6 –24.6 7 –29.3 8 0.0 9 4.8 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 ...................................................................................... 0.1 0.0 0.4 –0.2 0.1 0.2 0.6 1.4 0.1 0.0 0.0 –0.2 –1.3 0.4 0.0 0.6 1.4 3.5 0.3 0.2 0.2 0.3 0.4 0.3 0.1 0.5 0.9 1.1 0.9 0.2 0.2 0.0 0.6 –0.4 0.4 –0.1 –0.6 –1.6 0.0 0.1 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2016 2017 2016 r Q3 2017 Q4 Q1 Q2 Line Q3 Q4 r Billions of chained (2009) dollars 1 Personal consumption expenditures (PCE)...................... 2 Goods .......................................................................................... 3 Durable goods........................................................................... 4 Nondurable goods..................................................................... 5 Services....................................................................................... 11,572.1 4,072.2 1,595.1 2,514.3 7,507.3 11,888.9 4,228.7 1,701.8 2,574.3 7,674.0 11,618.1 4,090.8 1,611.9 2,517.9 7,534.9 11,702.1 4,138.4 1,647.9 2,533.2 7,573.8 11,758.0 4,145.4 1,647.3 2,540.2 7,621.0 11,853.0 4,199.9 1,677.8 2,566.6 7,664.4 11,916.6 4,246.0 1,712.9 2,581.5 7,685.5 55.9 7.0 –0.6 7.0 47.2 94.9 54.5 30.5 26.4 43.4 63.6 46.1 35.1 14.9 21.0 1.9 0.7 –0.1 1.1 2.5 3.3 5.4 7.6 4.2 2.3 2.2 4.5 8.6 2.3 1.1 12,027.9 4,323.5 1,769.1 2,609.1 7,725.0 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....................................................................................... 307.9 144.9 83.3 67.5 167.2 316.7 156.5 106.7 60.0 166.7 80.4 31.7 35.7 0.4 49.2 84.0 47.6 36.0 15.3 38.9 111.3 6 77.5 7 56.2 8 27.6 9 39.5 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 Source: U.S. Bureau of Economic Analysis 2.7 3.7 5.5 2.8 2.3 2.7 3.8 6.7 2.4 2.2 2.8 3.2 9.4 0.1 2.7 2.9 4.7 9.2 2.5 2.1 3.8 7.5 13.8 4.3 2.1 11 12 13 14 15 March 1, 2018 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2017 Line June July Aug. Sept. 2018 Oct. r Nov. r Dec. r Jan. p 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....................... 112.282 100.764 86.562 108.292 118.426 112.390 100.884 86.392 108.600 118.527 112.629 101.162 86.278 109.129 118.745 113.077 101.876 86.061 110.447 119.045 113.247 101.629 86.041 110.055 119.447 113.481 101.832 85.750 110.591 119.696 113.646 101.788 85.646 110.590 119.976 114.064 102.481 85.755 111.663 120.242 1 2 3 4 5 112.974 109.792 99.758 110.254 110.711 113.083 109.979 99.647 110.315 110.767 113.206 109.953 102.767 110.565 110.885 113.378 109.961 109.810 111.001 111.007 113.644 110.032 108.138 111.135 111.244 113.731 109.966 111.981 111.348 111.289 113.921 110.061 111.720 111.438 111.396 114.230 6 110.120 7 115.079 8 111.920 9 111.763 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....................... 0.0 –0.2 –0.3 –0.2 0.2 0.1 0.1 –0.2 0.3 0.1 0.2 0.3 –0.1 0.5 0.2 0.4 0.7 –0.3 1.2 0.3 0.2 –0.2 0.0 –0.4 0.3 0.2 0.2 –0.3 0.5 0.2 0.1 0.0 –0.1 0.0 0.2 0.4 0.7 0.1 1.0 0.2 11 12 13 14 15 0.1 –0.1 –1.7 0.0 0.1 0.1 0.2 –0.1 0.1 0.1 0.1 0.0 3.1 0.2 0.1 0.2 0.0 6.9 0.4 0.1 0.2 0.1 –1.5 0.1 0.2 0.1 –0.1 3.6 0.2 0.0 0.2 0.1 –0.2 0.1 0.1 0.3 0.1 3.0 0.4 0.3 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 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2017 Line June 1 Disposable personal income .................................................... 2 Personal consumption expenditures....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services .................................................................................... July r 1.1 2.6 3.1 6.1 1.7 2.3 1.0 2.6 3.5 5.8 2.3 2.2 Aug. r 1.1 2.5 3.6 5.6 2.6 2.0 Sept. r 2018 Oct. r 1.2 2.6 4.3 7.4 2.7 1.8 Nov. r 1.5 2.7 4.2 6.8 2.9 2.0 Dec. r 1.8 2.9 5.0 8.2 3.3 1.9 2.2 2.8 4.2 7.1 2.8 2.1 Jan. p 2.3 2.7 4.3 7.1 2.9 2.0 Line 1 2 3 4 5 6 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2017. Source: U.S. Bureau of Economic Analysis 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....................... 2017 June July Aug. Sept. 2018 Oct. r Nov. r Dec. r 1.4 –0.4 –2.1 0.5 2.3 1.4 0.0 –2.1 1.0 2.1 1.4 0.1 –2.2 1.4 2.1 1.7 0.6 –2.0 2.0 2.2 1.6 0.1 –1.9 1.2 2.3 1.7 0.6 –1.7 1.8 2.3 1.7 0.4 –1.8 1.5 2.3 1.5 –0.1 2.1 1.1 1.2 1.4 0.2 3.3 1.1 1.1 1.3 0.3 6.7 1.2 1.0 1.4 0.4 11.1 1.5 1.1 1.5 0.5 6.4 1.4 1.2 1.5 0.7 9.1 1.5 1.2 1.5 0.9 7.3 1.4 1.1 Jan. p 1.7 0.1 –2.3 1.4 2.4 Line 1 2 3 4 5 1.5 6 0.9 7 5.9 8 1.3 9 1.1 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
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