Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays: January 2020, BEA 20-08 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, FEBRUARY 28, 2020
Technical:
Media:

Marissa Crawford (Personal Income)
Kyle Brown (PCE)
Jeannine Aversa

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

BEA 20-08
piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays: January 2020
Personal income increased $116.5 billion (0.6 percent) in January according to estimates released today
by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $101.4 billion (0.6
percent) and personal consumption expenditures (PCE) increased $29.6 billion (0.2 percent).
Real DPI increased 0.5 percent in January and Real PCE increased 0.1 percent. The PCE price index
increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.
2019
2020
Sept.
Oct.
Nov.
Dec.
Jan.
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

0.2

0.1

0.5

0.1

0.6

0.3
0.3

0.0
-0.1

0.4
0.4

0.1
-0.1

0.6
0.5

0.2
0.2

0.2
0.0

0.3
0.2

0.4
0.1

0.2
0.1

0.0
0.1

0.2
0.1

0.1
0.1

0.3
0.2

0.1
0.1

Percent change from month one year ago
1.3
1.3
1.3
1.5
1.7
1.7
1.6
1.5
1.5
1.6

Quarterly Census of Employment and Wages Included in the Third Quarter of 2019
This release includes revised estimates of wages and salaries, personal taxes, and contributions for
government social insurance for July through September 2019 (third quarter). These estimates reflect
the incorporation of new third-quarter data from the Bureau of Labor Statistics’ Quarterly Census of
Employment and Wages.

1

The increase in personal income in January primarily reflected increases in compensation of employees
and social security benefit payments (related to annual cost of living adjustments), and other
government social benefits to persons, which includes the Affordable Care Act refundable tax credit
(table 3).
The $12.9 billion increase in real PCE in January reflected increases of $2.2 billion in spending for goods
and $10.3 billion in spending for services (table 7). Within goods, new motor vehicles was the leading
contributor to the increase. Within services, the largest contributor to the increase was spending for
food services and accommodations. Detailed information on monthly real PCE spending can be found on
Table 2.3.6U.
Personal outlays increased $27.0 billion in January (table 3). Personal saving was $1.33 trillion in
January, and the personal saving rate, personal saving as a percentage of disposable personal income,
was 7.9 percent (table 1).
Updates
Estimates have been updated for July through December 2019. 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.

Personal income:
Current dollars
Disposable personal
income:
Current dollars
Chained (2012) dollars
Personal consumption
expenditures:
Current dollars
Chained (2012) dollars

Change from preceding month
November
December
Previous
Revised
Previous
Revised
Previous
Revised
Previous
Revised
(Billions of dollars)
(Percent)
(Billions of dollars)
(Percent)

84.1

85.8

0.4

0.5

40.7

28.2

0.2

0.1

70.0
47.8

71.8
52.7

0.4
0.3

0.4
0.4

30.6
-12.1

21.0
-18.9

0.2
-0.1

0.1
-0.1

65.3
45.3

45.6
30.3

0.4
0.3

0.3
0.2

46.6
6.8

54.8
16.0

0.3
0.1

0.4
0.1

*

*

*

Next release: March 27, 2020 at 8:30 A.M. EDT
Personal Income and Outlays: February 2020

2

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.

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

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?”
Calendar years and quarters. Unless noted otherwise,
annual data are presented on a calendar-year basis (i.e.,
covering January through December). Quarterly data are
presented on a calendar-quarter basis (i.e., Q1 = January,
February, March; Q2 = April, May, June; Q3 = July, August,
September; Q4 = October, November, December).

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.

Month-to-month percent changes are calculated from
unrounded data and are not annualized.
Quarter-to-quarter percent changes are calculated from
unrounded data and are displayed at annual rates. For
detail, see the FAQ “How is average annual growth
calculated?”
Quantities and prices. Quantities, or “real” volume
measures, and prices are expressed as index numbers with
a specified reference year equal to 100 (currently 2012).
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 (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.

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.

Chained-dollar values are not additive because the
relative weights for a given period differ from those of the
reference year.

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.”

3

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

4

February 28, 2020

Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]
Seasonally adjusted at annual rates
2019
June
18,615.4
11,410.9
9,290.8
7,842.4
1,536.0
914.4
6,306.4
1,411.0
4,895.4
1,448.4
2,120.1
1,470.4
649.7

July
18,613.4
11,411.7
9,286.2
7,831.4
1,530.9
907.5
6,300.5
1,409.7
4,890.8
1,454.9
2,125.4
1,476.3
649.1

Aug.
18,688.2
11,457.0
9,323.7
7,862.4
1,530.9
904.8
6,331.5
1,418.4
4,913.1
1,461.3
2,133.2
1,481.8
651.4

Sept.
18,729.1
11,456.4
9,318.8
7,854.5
1,528.3
901.5
6,326.2
1,418.3
4,907.9
1,464.4
2,137.5
1,486.6
650.9

Oct.
18,750.9
11,508.0
9,362.9
7,895.0
1,538.5
906.0
6,356.5
1,424.1
4,932.4
1,467.9
2,145.1
1,491.5
653.6

Nov.
18,836.7
11,556.2
9,403.9
7,931.4
1,544.7
913.1
6,386.7
1,424.0
4,962.7
1,472.5
2,152.3
1,496.2
656.1

Dec.
18,864.9
11,575.2
9,417.5
7,941.9
1,543.7
912.7
6,398.2
1,429.3
4,968.9
1,475.6
2,157.7
1,500.9
656.8

Line
2020
p
Jan.
18,981.3
1
11,629.6
2
9,465.1
3
7,984.8
4
1,543.7
5
909.0
6
6,441.1
7
1,440.3
8
5,000.8
9
1,480.3 10
2,164.5 11
1,505.9 12
658.6 13

1,641.0
21.8
1,619.1
781.4
3,027.3
1,760.9
1,266.4
3,173.4
3,119.0
1,032.9
799.4
637.7
26.1
119.4
503.6
54.5
1,418.7
2,211.5
16,403.9
15,128.6
14,565.0
4,525.2
1,537.1
2,988.2
10,039.7
364.6
199.1
108.8
90.3
1,275.3
7.8

1,655.2
22.1
1,633.2
780.4
2,999.0
1,724.0
1,275.0
3,185.2
3,130.7
1,034.8
804.8
641.9
26.0
119.5
503.7
54.5
1,418.1
2,184.8
16,428.6
15,206.0
14,644.4
4,557.1
1,541.8
3,015.3
10,087.3
361.8
199.8
108.9
90.9
1,222.6
7.4

1,695.2
45.6
1,649.6
779.6
2,983.5
1,703.2
1,280.4
3,196.0
3,141.4
1,037.7
810.0
644.6
25.8
120.1
503.2
54.6
1,423.1
2,174.7
16,513.5
15,241.4
14,682.4
4,560.8
1,545.6
3,015.1
10,121.6
359.1
200.0
109.1
90.9
1,272.0
7.7

1,699.7
57.8
1,641.8
779.0
3,010.5
1,723.2
1,287.3
3,206.1
3,151.5
1,040.7
814.9
646.0
25.6
120.7
503.6
54.7
1,422.6
2,166.4
16,562.7
15,264.3
14,707.8
4,552.2
1,561.7
2,990.5
10,155.6
356.3
200.1
109.3
90.9
1,298.4
7.8

1,681.9
34.7
1,647.2
784.1
2,988.7
1,700.8
1,287.9
3,216.7
3,161.9
1,049.7
819.5
642.5
25.8
121.0
503.5
54.8
1,428.4
2,182.0
16,568.9
15,300.7
14,740.6
4,549.6
1,541.7
3,007.9
10,191.0
357.6
202.5
109.5
93.1
1,268.2
7.7

1,712.1
62.4
1,649.8
789.0
2,992.9
1,708.6
1,284.4
3,220.2
3,165.3
1,049.9
823.9
640.4
25.6
122.2
503.2
54.9
1,433.8
2,196.0
16,640.7
15,347.8
14,786.2
4,559.6
1,552.5
3,007.1
10,226.6
359.0
202.7
109.6
93.1
1,292.8
7.8

1,687.6
27.7
1,659.9
793.8
3,022.6
1,735.2
1,287.4
3,221.4
3,166.4
1,043.0
828.0
640.5
26.7
123.7
504.6
55.1
1,435.7
2,203.2
16,661.6
15,404.2
14,841.0
4,570.3
1,546.6
3,023.8
10,270.7
360.3
202.9
109.8
93.1
1,257.5
7.5

1,697.0
24.5
1,672.4
798.0
3,035.7
1,733.6
1,302.1
3,273.4
3,218.2
1,067.1
831.8
642.8
26.4
124.1
525.9
55.2
1,452.4
2,218.2
16,763.1
15,431.2
14,870.7
4,573.1
1,555.1
3,017.9
10,297.6
360.9
199.7
106.6
93.1
1,331.9
7.9

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

14,083.2

14,037.7

14,092.3

14,120.7

14,105.5

14,168.5

14,157.4

14,201.0

45

14,960.5

14,948.0

15,021.2

15,066.5

15,045.1

15,097.7

15,078.9

15,155.0

46

49,950
45,555
328,404

50,002
45,495
328,561

50,234
45,695
328,730

50,358
45,809
328,897

50,353
45,722
329,054

50,550
45,863
329,191

50,595
45,789
329,314

50,886
46,005
329,423

47
48
49

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
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
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
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:
45
Personal income excluding current transfer receipts,
5

46
47
48
49

billions of chained (2012) dollars
Disposable personal income:
5
Total, billions of chained (2012) dollars
Per capita:
Current dollars
Chained (2012) dollars
6
Population (midperiod, thousands)

r

r

r

r

r

r

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2019.
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

5

February 28, 2020

Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
2018

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
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
45

46
47
48
49

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:
Personal income excluding current transfer receipts,
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

2019 r

2018

Seasonally adjusted at annual rates
2019

Line

Q4
18,082.8
11,057.4
8,990.0
7,566.8
1,488.0
891.6
6,078.8
1,373.1
4,705.8
1,423.3
2,067.4
1,439.3
628.1

Q1
18,355.4
11,306.6
9,211.5
7,779.5
1,525.3
907.1
6,254.2
1,403.5
4,850.7
1,432.0
2,095.1
1,450.3
644.8

Q2
18,555.9
11,386.9
9,273.6
7,830.9
1,533.6
911.1
6,297.3
1,410.0
4,887.3
1,442.7
2,113.3
1,464.7
648.6

Q3 r
18,676.9
11,441.7
9,309.6
7,849.4
1,530.0
904.6
6,319.4
1,415.5
4,903.9
1,460.2
2,132.1
1,481.6
650.5

Q4 r
18,817.5
11,546.5
9,394.8
7,922.8
1,542.3
910.6
6,380.5
1,425.8
4,954.7
1,472.0
2,151.7
1,496.2
655.5

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

17,819.2
10,928.5
8,888.5
7,485.9
1,471.6
883.2
6,014.3
1,361.0
4,653.3
1,402.6
2,040.0
1,417.2
622.8

18,601.4
11,420.4
9,297.4
7,845.7
1,532.8
908.4
6,312.8
1,413.7
4,899.2
1,451.7
2,123.0
1,473.2
649.9

Q3
17,928.5
10,994.3
8,942.2
7,529.6
1,477.3
884.6
6,052.2
1,366.3
4,686.0
1,412.6
2,052.0
1,426.6
625.4

1,588.8
27.2
1,561.6
756.8
2,930.1
1,702.7
1,227.5
2,971.5
2,918.3
972.4
730.9
597.7
27.1
109.9
480.3
53.2
1,356.5
2,077.6
15,741.5
14,531.1
13,998.7
4,364.8
1,475.6
2,889.2
9,633.9
336.7
195.8
106.9
88.9
1,210.4
7.7

1,657.8
31.9
1,626.0
778.2
2,992.7
1,720.4
1,272.3
3,171.7
3,117.1
1,034.7
800.5
631.8
26.1
119.3
504.7
54.6
1,419.5
2,181.5
16,419.9
15,121.1
14,561.2
4,505.3
1,526.6
2,978.6
10,055.9
360.0
199.8
108.8
91.0
1,298.8
7.9

1,590.0
17.4
1,572.6
765.2
2,957.7
1,719.3
1,238.4
2,983.8
2,929.4
976.0
736.7
602.9
26.6
109.9
477.4
54.4
1,362.4
2,086.5
15,842.0
14,655.6
14,114.6
4,398.0
1,485.2
2,912.8
9,716.6
341.5
199.6
107.3
92.3
1,186.4
7.5

1,624.4
35.9
1,588.4
764.1
3,002.0
1,727.2
1,274.8
3,003.7
2,949.0
985.1
754.6
597.6
26.0
111.8
473.8
54.7
1,368.7
2,077.4
16,005.4
14,757.8
14,211.9
4,399.4
1,485.6
2,913.8
9,812.5
353.4
192.5
107.9
84.5
1,247.6
7.8

1,621.2
24.8
1,596.3
767.0
2,955.1
1,699.3
1,255.8
3,113.1
3,058.7
1,022.9
774.9
610.3
26.9
116.4
507.3
54.4
1,407.6
2,156.9
16,198.5
14,823.0
14,266.3
4,397.7
1,485.4
2,912.3
9,868.6
359.1
197.7
108.0
89.7
1,375.5
8.5

1,632.9
19.2
1,613.7
777.2
3,016.5
1,750.5
1,266.0
3,158.6
3,104.2
1,030.5
793.6
631.4
25.9
118.4
504.4
54.4
1,416.3
2,200.1
16,355.7
15,073.1
14,511.2
4,507.0
1,524.6
2,982.4
10,004.2
363.0
198.9
108.6
90.3
1,282.6
7.8

1,683.4
41.8
1,641.5
779.7
2,997.7
1,716.8
1,280.9
3,195.8
3,141.2
1,037.7
809.9
644.2
25.8
120.1
503.5
54.6
1,421.3
2,175.3
16,501.6
15,237.2
14,678.2
4,556.7
1,549.7
3,007.0
10,121.5
359.1
200.0
109.1
90.9
1,264.3
7.7

1,693.9
41.6
1,652.3
789.0
3,001.4
1,714.8
1,286.6
3,219.5
3,164.5
1,047.5
823.8
641.1
26.0
122.3
503.8
54.9
1,432.7
2,193.8
16,623.7
15,350.9
14,789.3
4,559.8
1,546.9
3,012.9
10,229.4
359.0
202.7
109.6
93.1
1,272.8
7.7

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

13,729.6

14,071.2

13,785.6

13,863.6

13,999.8

14,059.1

14,083.6

14,143.8

45

14,556.2

14,974.3

14,613.3

14,715.2

14,878.1

14,934.3

15,011.9

15,073.9

46

48,147
44,521
326,949

49,980
45,580
328,527

48,422
44,666
327,167

48,856
44,918
327,602

49,397
45,371
327,923

49,824
45,494
328,270

50,198
45,666
328,730

50,500
45,791
329,186

47
48
49

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2019.
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

February 28, 2020

Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)
[Billions of dollars]
Seasonally adjusted at annual rates
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
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 (2012) dollars 5
45
Disposable personal income, billions of chained (2012) dollars 5

2020 Line
Jan. p
116.5
1
54.4
2
47.5
3
42.8
4
-0.1
5
-3.6
6
42.9
7
11.0
8
31.9
9
4.7 10
6.9 11
5.0 12
1.8 13

June
68.9
41.9
33.7
26.6
5.7
4.9
20.9
4.3
16.6
7.1
8.2
6.1
2.1

July r
-2.0
0.7
-4.6
-11.0
-5.1
-6.8
-6.0
-1.4
-4.6
6.4
5.3
5.9
-0.5

Aug. r
74.8
45.3
37.5
31.0
0.1
-2.7
31.0
8.8
22.2
6.5
7.8
5.5
2.3

Sept. r
40.9
-0.6
-4.9
-7.9
-2.6
-3.3
-5.3
-0.1
-5.2
3.1
4.3
4.8
-0.6

Oct. r
21.8
51.6
44.0
40.5
10.2
4.5
30.3
5.7
24.6
3.5
7.6
4.9
2.8

Nov. r
85.8
48.3
41.0
36.5
6.3
7.2
30.2
-0.1
30.3
4.6
7.2
4.7
2.5

Dec. r
28.2
18.9
13.6
10.5
-1.0
-0.5
11.5
5.4
6.2
3.1
5.3
4.6
0.7

6.4
2.7
3.7
4.4
5.6
5.6
0.0
15.1
15.1
2.4
5.7
5.9
0.2
1.2
-0.4
0.0
4.5
11.6
57.3
50.7
48.9
12.6
8.0
4.5
36.4
1.6
0.2
0.2
0.0
6.6

14.3
0.2
14.0
-1.0
-28.3
-36.9
8.6
11.7
11.7
2.0
5.4
4.2
-0.1
0.1
0.1
0.1
-0.5
-26.7
24.7
77.4
79.4
31.9
4.8
27.1
47.6
-2.7
0.7
0.2
0.5
-52.7

40.0
23.5
16.5
-0.8
-15.5
-20.9
5.4
10.8
10.7
2.8
5.2
2.8
-0.1
0.6
-0.4
0.1
5.0
-10.0
84.9
35.4
38.0
3.7
3.8
-0.1
34.3
-2.7
0.2
0.2
0.0
49.5

4.5
12.3
-7.8
-0.7
27.0
20.1
6.9
10.1
10.0
3.1
4.9
1.3
-0.3
0.6
0.4
0.1
-0.5
-8.3
49.2
22.9
25.4
-8.6
16.1
-24.6
34.0
-2.7
0.2
0.2
0.0
26.4

-17.8
-23.2
5.4
5.1
-21.8
-22.5
0.6
10.6
10.5
9.0
4.6
-3.5
0.2
0.3
-0.1
0.1
5.9
15.6
6.2
36.4
32.7
-2.6
-20.0
17.4
35.3
1.3
2.4
0.2
2.2
-30.2

30.3
27.7
2.6
4.9
4.2
7.8
-3.5
3.5
3.3
0.2
4.4
-2.1
-0.2
1.3
-0.3
0.1
5.4
14.0
71.8
47.1
45.6
10.0
10.8
-0.8
35.7
1.3
0.2
0.2
0.0
24.7

-24.6
-34.7
10.2
4.8
29.6
26.6
3.0
1.2
1.1
-6.9
4.1
0.0
1.0
1.5
1.4
0.2
1.9
7.2
21.0
56.3
54.8
10.7
-5.9
16.7
44.1
1.3
0.2
0.2
0.0
-35.4

9.4
-3.1
12.5
4.2
13.1
-1.6
14.7
52.0
51.8
24.1
3.8
2.4
-0.3
0.4
21.4
0.2
16.7
15.0
101.4
27.0
29.6
2.7
8.6
-5.8
26.9
0.6
-3.2
-3.2
0.0
74.4

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

30.9
33.0

-45.5
-12.5

54.5
73.3

28.4
45.2

-15.2
-21.4

63.0
52.7

-11.1
-18.9

43.7
76.2

44
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 2019.
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

7

February 28, 2020

Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)
[Billions of dollars]
2018

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
Employer contributions for employee pension and insurance funds 1
12
13
Employer contributions for government social insurance
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

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
Addenda:
44
Personal income excluding current transfer receipts,
billions of chained (2012) dollars 5
45
Disposable personal income, billions of chained (2012) dollars 5

2019 r

2018

Seasonally adjusted at annual rates
2019
Q4
Q1
Q2
Q3 r
154.3
272.6
200.4
121.0
63.1
249.2
80.4
54.7
47.8
221.5
62.1
36.0
37.2
212.7
51.5
18.5
10.6
37.3
8.3
-3.6
6.9
15.6
4.0
-6.5
26.6
175.4
43.1
22.1
6.8
30.4
6.6
5.5
19.8
145.0
36.6
16.6
10.6
8.8
10.7
17.5
15.3
27.7
18.3
18.7
12.7
11.0
14.4
16.9
2.7
16.7
3.9
1.8

Line
Q4 r
140.6
104.8
85.2
73.3
12.3
6.0
61.1
10.3
50.8
11.8
19.6
14.6
5.0

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

940.4
516.8
426.4
371.8
79.9
37.7
291.8
48.5
243.3
54.6
90.4
73.3
17.2

782.3
492.0
408.9
359.8
61.2
25.1
298.6
52.7
245.9
49.1
83.1
56.0
27.0

Q3
203.5
118.1
97.2
78.7
17.9
9.6
60.8
9.5
51.2
18.5
20.9
15.7
5.2

70.5
-10.9
81.4
38.0
248.5
151.1
97.4
123.4
118.2
46.3
41.6
20.2
-2.6
5.8
6.9
5.1
56.9
31.9
908.5
729.0
686.6
199.8
63.0
136.7
486.8
37.4
5.0
3.3
1.8
179.5

69.0
4.6
64.4
21.4
62.6
17.7
44.8
200.2
198.8
62.2
69.7
34.1
-1.0
9.4
24.4
1.4
63.0
103.9
678.4
589.9
562.6
140.5
51.1
89.5
422.0
23.3
4.1
2.0
2.1
88.4

16.7
-10.2
26.8
11.2
48.4
24.7
23.7
20.7
19.4
8.0
14.8
2.5
-0.7
0.9
-6.2
1.4
11.5
14.8
188.8
189.8
174.7
34.8
8.6
26.3
139.9
11.9
3.2
0.7
2.4
-1.0

34.4
18.6
15.8
-1.1
44.3
8.0
36.4
19.9
19.5
9.1
17.9
-5.3
-0.5
1.9
-3.6
0.4
6.3
-9.1
163.4
102.2
97.4
1.4
0.4
1.0
96.0
11.9
-7.1
0.7
-7.8
61.2

-3.2
-11.1
7.9
2.9
-46.8
-27.9
-19.0
109.4
109.7
37.8
20.3
12.8
0.9
4.6
33.5
-0.3
38.9
79.5
193.1
65.2
54.3
-1.7
-0.3
-1.4
56.1
5.7
5.2
0.1
5.1
127.9

11.7
-5.6
17.4
10.2
61.4
51.2
10.2
45.4
45.4
7.6
18.7
21.1
-1.0
2.0
-2.9
0.0
8.7
43.2
157.2
250.1
244.9
109.3
39.3
70.0
135.6
3.9
1.2
0.5
0.7
-92.9

50.5
22.6
27.9
2.4
-18.8
-33.7
14.9
37.2
37.0
7.3
16.3
12.7
-0.1
1.7
-0.9
0.2
5.0
-24.8
145.9
164.2
167.0
49.7
25.1
24.6
117.3
-3.9
1.1
0.5
0.5
-18.3

10.5
-0.2
10.7
9.3
3.7
-2.0
5.7
23.7
23.4
9.8
13.9
-3.0
0.3
2.2
0.2
0.3
11.4
18.4
122.2
113.7
111.1
3.1
-2.8
6.0
107.9
-0.1
2.7
0.5
2.2
8.5

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

484.3
553.4

341.6
418.1

115.1
117.3

78.0
101.9

136.2
162.9

59.3
56.2

24.4
77.6

60.2
62.0

44
45

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2019.
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

February 28, 2020

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

2019
June
July r
Aug. r
Based on current-dollar measures

Sept. r

1 Personal income
0.4
0.0
0.4
2
Compensation of employees
0.4
0.0
0.4
3
Wages and salaries
0.4
0.0
0.4
4
Supplements to wages and salaries
0.4
0.3
0.4
5
Proprietors' income with inventory valuation and capital consumption
adjustments
0.4
0.9
2.4
0.6
-0.1
-0.1
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
0.2
-0.9
-0.5
8
Personal interest income
0.3
-2.1
-1.2
9
Personal dividend income
0.0
0.7
0.4
10
Personal current transfer receipts
0.5
0.4
0.3
0.3
0.0
0.3
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
0.5
-1.2
-0.5
13 Equals: Disposable personal income
0.4
0.2
0.5
Addenda:
14
Personal consumption expenditures
0.3
0.5
0.3
15
Goods
0.3
0.7
0.1
16
Durable goods
0.5
0.3
0.2
17
Nondurable goods
0.2
0.9
0.0
18
Services
0.4
0.5
0.3
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

0.2
0.2

-0.3
-0.1

0.4
0.5

2020
Oct. r

Nov. r

Dec. r

Line

Jan. p

0.2
0.0
-0.1
0.2

0.1
0.5
0.5
0.4

0.5
0.4
0.4
0.3

0.1
0.2
0.1
0.2

0.6
0.5
0.5
0.3

1
2
3
4

0.3
-0.1
0.9
1.2
0.5
0.3
0.0
-0.4
0.3

-1.0
0.7
-0.7
-1.3
0.0
0.3
0.4
0.7
0.0

1.8
0.6
0.1
0.5
-0.3
0.1
0.4
0.6
0.4

-1.4
0.6
1.0
1.6
0.2
0.0
0.1
0.3
0.1

0.6
0.5
0.4
-0.1
1.1
1.6
1.2
0.7
0.6

5
6
7
8
9
10
11
12
13

0.2
-0.2
1.0
-0.8
0.3

0.2
-0.1
-1.3
0.6
0.3

0.3
0.2
0.7
0.0
0.3

0.4
0.2
-0.4
0.6
0.4

0.2
0.1
0.6
-0.2
0.3

14
15
16
17
18

0.2
0.3

-0.1
-0.1

0.4
0.4

-0.1
-0.1

0.3
0.5

19
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 2019.
Source: U.S. Bureau of Economic Analysis

February 28, 2020

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

2019 r

2018

2018
Q3

2019
Q4

Q1

Q2

Line
Q3

r

Q4

r

Based on current-dollar measures

1 Personal income
5.6
4.4
4.7
2
Compensation of employees
5.0
4.5
4.4
3
Wages and salaries
5.0
4.6
4.5
4
Supplements to wages and salaries
4.6
4.1
4.2
5
Proprietors' income with inventory valuation and capital consumption
adjustments
4.6
4.3
4.3
6
Rental income of persons with capital consumption adjustment
5.3
2.8
6.1
7
Personal income receipts on assets
9.3
2.1
6.8
8
Personal interest income
9.7
1.0
6.0
9
Personal dividend income
8.6
3.7
8.0
10
Personal current transfer receipts
4.3
6.7
2.8
4.4
4.6
3.5
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
1.6
5.0
2.9
13 Equals: Disposable personal income
6.1
4.3
4.9
Addenda:
14
Personal consumption expenditures
5.2
4.0
5.1
15
Goods
4.8
3.2
3.2
16
Durable goods
4.5
3.5
2.3
17
Nondurable goods
5.0
3.1
3.7
18
Services
5.3
4.4
6.0
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

3.7
4.0

2.5
2.9

3.4
3.3

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2019.
Source: U.S. Bureau of Economic Analysis

9

3.5
2.3
2.2
3.0

6.2
9.3
10.2
5.5

4.4
2.9
2.7
3.5

2.6
1.9
1.6
3.6

3.0
3.7
3.7
3.7

1
2
3
4

8.9
-0.6
6.1
1.9
12.3
2.7
1.9
-1.7
4.2

-0.8
1.5
-6.1
-6.3
-5.8
15.4
11.9
16.2
4.9

2.9
5.4
8.6
12.6
3.3
6.0
2.5
8.3
3.9

12.9
1.3
-2.5
-7.5
4.8
4.8
1.4
-4.4
3.6

2.5
4.8
0.5
-0.5
1.8
3.0
3.2
3.4
3.0

5
6
7
8
9
10
11
12
13

2.8
0.1
0.1
0.1
4.0

1.5
-0.2
-0.1
-0.2
2.3

7.0
10.3
11.0
10.0
5.6

4.7
4.5
6.8
3.3
4.8

3.1
0.3
-0.7
0.8
4.3

14
15
16
17
18

2.3
2.8

4.0
4.5

1.7
1.5

0.7
2.1

1.7
1.7

19
20

February 28, 2020

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

2019

2020
r

r

June
July
Aug.
Sept.
Oct.
Nov.
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
13,283.4
13,324.6
13,355.6
13,379.2
13,384.9
13,415.2
Goods
4,768.2
4,794.5
4,811.2
4,818.4
4,807.4
4,818.8
Durable goods
1,767.7
1,781.3
1,789.0
1,811.3
1,791.5
1,811.3
Nondurable goods
3,014.8
3,028.0
3,037.2
3,024.7
3,031.5
3,025.2
Services
8,554.9
8,572.2
8,587.7
8,603.9
8,618.0
8,637.1
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
27.5
41.2
31.1
23.6
5.7
30.3
Goods
18.7
26.2
16.7
7.3
-11.0
11.4
Durable goods
0.8
13.6
7.7
22.4
-19.9
19.9
Nondurable goods
17.2
13.2
9.2
-12.5
6.8
-6.3
Services
10.6
17.3
15.5
16.1
14.2
19.1
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.2
0.3
0.2
0.2
0.0
0.2
Goods
0.4
0.6
0.3
0.2
-0.2
0.2
Durable goods
0.0
0.8
0.4
1.2
-1.1
1.1
Nondurable goods
0.6
0.4
0.3
-0.4
0.2
-0.2
Services
0.1
0.2
0.2
0.2
0.2
0.2

Dec.

r

Jan. p

Line

13,431.2
4,822.2
1,813.1
3,026.9
8,649.3

13,444.1
4,824.3
1,822.3
3,021.0
8,659.6

1
2
3
4
5

16.0
3.4
1.8
1.7
12.2

12.9
2.2
9.2
-5.8
10.3

6
7
8
9
10

0.1
0.1
0.1
0.1
0.1

0.1
0.0
0.5
-0.2
0.1

11
12
13
14
15

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

February 28, 2020

Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Seasonally adjusted at annual rates
2018

Line

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

2019 r

2018

Q3
Q4
Billions of chained (2012) dollars
Personal consumption expenditures (PCE)
12,944.6
13,279.2
13,019.8
13,066.3
Goods
4,583.3
4,754.9
4,614.0
4,631.8
Durable goods
1,685.7
1,766.2
1,699.8
1,705.2
Nondurable goods
2,909.6
3,003.4
2,926.6
2,938.9
Services
8,388.1
8,561.8
8,433.6
8,462.6
Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)
377.6
334.7
110.6
46.5
Goods
179.9
171.6
40.4
17.8
Durable goods
99.3
80.5
14.8
5.4
Nondurable goods
84.4
93.9
25.8
12.3
Services
206.0
173.7
70.7
29.0
Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)
3.0
2.6
3.5
1.4
Goods
4.1
3.7
3.6
1.6
Durable goods
6.3
4.8
3.6
1.3
Nondurable goods
3.0
3.2
3.6
1.7
Services
2.5
2.1
3.4
1.4

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

10

2019
Q1

Q2

Line
Q3

Q4

r

13,103.3
4,649.2
1,706.3
2,954.6
8,483.1

13,250.0
4,746.4
1,759.3
3,001.3
8,541.4

13,353.1
4,808.0
1,793.9
3,030.0
8,587.9

13,410.4
4,816.1
1,805.3
3,027.8
8,634.8

1
2
3
4
5

37.0
17.4
1.1
15.7
20.5

146.7
97.3
53.0
46.6
58.3

103.1
61.6
34.6
28.7
46.5

57.3
8.1
11.4
-2.2
46.9

6
7
8
9
10

1.1
1.5
0.3
2.2
1.0

4.6
8.6
13.0
6.5
2.8

3.1
5.3
8.1
3.9
2.2

1.7
0.7
2.6
-0.3
2.2

11
12
13
14
15

February 28, 2020

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
2019
June
July
Aug.
Sept.
Chain-type price indexes (2012=100), seasonally adjusted
109.653
109.909
109.938
109.935
94.903
95.048
94.795
94.474
86.953
86.556
86.395
86.215
99.115
99.578
99.272
98.869
117.364
117.682
117.869
118.043

Line

Oct. r

Personal consumption expenditures (PCE)
110.133
1
94.637
2 Goods
3
Durable goods
86.054
4
Nondurable goods
99.224
118.259
5 Services
Addenda:
6
PCE excluding food and energy
111.648
111.878
112.027
112.085
112.217
7
104.545
104.482
104.299
104.344
104.481
Food 1
8
85.811
87.008
85.291
84.156
85.581
Energy goods and services 2
9
107.467
107.697
107.681
107.671
107.856
Market-based PCE 3
10
109.386
109.581
109.695
109.755
109.861
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
0.2
0.0
0.0
0.2
11
-0.1
0.2
-0.3
-0.3
0.2
12 Goods
13
Durable goods
0.5
-0.5
-0.2
-0.2
-0.2
14
Nondurable goods
-0.4
0.5
-0.3
-0.4
0.4
0.2
0.3
0.2
0.1
0.2
15 Services
Addenda:
16
PCE excluding food and energy
0.3
0.2
0.1
0.1
0.1
17
-0.1
-0.1
-0.2
0.0
0.1
Food 1
18
-2.3
1.4
-2.0
-1.3
1.7
Energy goods and services 2
19
0.1
0.2
0.0
0.0
0.2
Market-based PCE 3
20
0.2
0.2
0.1
0.1
0.1
Market-based PCE excluding food and energy 3

Nov. r

Dec. r

2020
Jan. p

110.225
94.620
85.707
99.403
118.411

110.501
94.776
85.296
99.898
118.754

110.615
94.791
85.335
99.897
118.923

1
2
3
4
5

112.279
104.526
86.252
107.972
109.947

112.517
104.471
87.708
108.164
110.081

112.659
104.747
87.076
108.342
110.302

6
7
8
9
10

0.1
0.0
-0.4
0.2
0.1

0.3
0.2
-0.5
0.5
0.3

0.1
0.0
0.0
0.0
0.1

11
12
13
14
15

0.1
0.0
0.8
0.1
0.1

0.2
-0.1
1.7
0.2
0.1

0.1
0.3
-0.7
0.2
0.2

16
17
18
19
20

Line

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

February 28, 2020

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

July r

June

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

2.9
2.6
4.1
4.6
3.9
1.9

2.5
2.6
4.2
5.4
3.5
1.8

Aug. r
2.6
2.5
4.1
5.0
3.6
1.7

2019
Sept. r
3.0
2.7
4.4
6.2
3.4
1.9

Oct. r

2.7
2.3
3.6
4.8
3.0
1.8

Nov. r
2.9
2.3
2.9
4.6
2.0
2.0

Dec. r
1.8
3.3
5.5
8.3
4.1
2.3

2020
Line
Jan. p
2.2
1
2.7
2
3.8
3
7.3
4
2.1
5
2.3
6

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

February 28, 2020

Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
Line
Personal consumption expenditures (PCE)
1
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

2019

2020

1.4
-0.6
-0.5
-0.6
2.3

1.4
-0.5
-1.2
-0.1
2.3

1.4
-0.5
-1.1
-0.2
2.3

1.3
-0.7
-1.0
-0.6
2.3

1.3
-0.8
-1.2
-0.5
2.3

Nov. r
1.3
-0.4
-1.7
0.2
2.1

1.6
1.1
-3.4
1.3
1.5

1.6
0.9
-2.1
1.3
1.5

1.8
0.8
-4.5
1.3
1.7

1.7
0.8
-4.8
1.2
1.6

1.6
1.0
-5.1
1.2
1.6

1.5
0.9
-1.6
1.2
1.4

June

July

Aug.

Sept.

Oct. r

Dec. r
1.5
0.2
-2.1
1.4
2.1

Jan. p
1.7
0.3
-2.3
1.6
2.4

1.5
0.7
3.0
1.4
1.4

1.6
0.8
5.6
1.5
1.4

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

11

Line
1
2
3
4
5
6
7
8
9
10