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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Friday, February 24, 2023 Technical: Media: Lisa Mataloni (Personal Income) Kyle Brown (PCE Goods) Jeff Barnett (PCE Services) Connie O'Connell (301) 278-9083 (301) 278-9086 (301) 278-9663 (301) 278-9003 BEA 23–07 piniwd@bea.gov pce@bea.gov Connie.OConnell@bea.gov Personal Income and Outlays, January 2023 Personal income increased $131.1 billion (0.6 percent) in January, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $387.4 billion (2.0 percent) and personal consumption expenditures (PCE) increased $312.5 billion (1.8 percent). The PCE price index increased 0.6 percent in January. Excluding food and energy, the PCE price index also increased 0.6 percent (table 9). Real DPI increased 1.4 percent and Real PCE increased 1.1 percent; goods increased 2.2 percent and services increased 0.6 percent (tables 5 and 7). 2022 2023 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 0.5 0.9 0.4 0.3 0.6 0.5 0.1 1.1 0.7 0.5 0.3 0.4 0.2 2.0 1.4 0.6 0.3 0.7 0.3 -0.2 -0.3 -0.1 -0.3 1.8 1.1 0.3 0.5 0.4 0.3 0.2 0.2 0.2 0.4 0.6 0.6 Percent change from month one year ago 6.3 6.1 5.6 5.3 5.4 5.2 5.1 4.8 4.6 4.7 The increase in current-dollar personal income in January was led by an increase in compensation (table 3), reflecting private wages and salaries in both services-producing industries and goods-producing industries. Government social benefits decreased in January, reflecting a decrease in “other” benefits that was partly offset by an increase in Social Security. The decrease in “other” benefits primarily reflected the expiration of the extended child tax credit (as authorized by the American Rescue Plan) as well as a decline in one-time refundable tax credits issued by states. The increase in Social Security primarily reflected an 8.7 percent cost-of-living adjustment. The $312.5 billion increase in current-dollar PCE in January reflected increases of $162.2 billion in spending for goods and $150.2 billion in spending for services (table 3). Within goods, the increase was widespread and led by motor vehicles and parts as well as "other" nondurable goods (led by pharmaceuticals). Within services, the largest contributor to the increase was spending for food services. Detailed information on monthly PCE spending can be found on Table 2.3.5U. Personal outlays increased $326.8 billion in January (table 3). Personal saving was $918.8 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.7 percent (table 1). Prices From the preceding month, the PCE price index for January increased 0.6 percent (table 9). Prices for goods and services both increased 0.6 percent as well. Food prices increased 0.4 percent and energy prices increased 2.0 percent. Excluding food and energy, the PCE price index also increased 0.6 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U. From the same month one year ago, the PCE price index for January increased 5.4 percent (table 11). Prices for goods increased 4.7 percent and prices for services increased 5.7 percent. Food prices increased 11.1 percent and energy prices increased 9.6 percent. Excluding food and energy, the PCE price index increased 4.7 percent from one year ago. Real PCE In January, real PCE increased 1.1 percent, reflecting increases of 2.2 percent in spending for goods and 0.6 percent in spending for services (table 7). Within goods, increases in motor vehicles and parts as well as recreational goods were partly offset by a decrease in gasoline. Within services, an increase in food services and accommodations was partly offset by a decrease in housing and utilities (notably, utilities). Detailed information on monthly real PCE spending can be found on Table 2.4.6U. -2- Updates to Personal Income and Outlays Estimates have been updated for July through December. For July through September, estimates for compensation, personal taxes, and contributions for government social insurance reflect the incorporation of updated third-quarter wage and salary data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. 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 provided below for November and December. 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 (2012) dollars Personal consumption expenditures: Current dollars Chained (2012) dollars 56.6 79.4 0.3 0.4 49.5 70.9 0.2 0.3 60.6 33.8 91.7 48.0 0.3 0.2 0.5 0.3 49.2 31.5 77.6 31.3 0.3 0.2 0.4 0.2 -19.1 -29.3 -27.2 -45.6 -0.1 -0.2 -0.2 -0.3 -41.6 -40.8 -23.2 -47.1 -0.2 -0.3 -0.1 -0.3 * * * Next release: March 31, 2023, at 8:30 a.m. EDT Personal Income and Outlays, February 2023 -3- Additional Information Resources 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.” Additional Resources available at www.bea.gov: • • • • • • • The full economic effects of the COVID-19 pandemic cannot be quantified in these statistics because the impacts are generally embedded in source data and cannot be separately identified. For more Information about COVID-19 impacts, refer to Federal Recovery Programs and BEA Statistics on our website. Stay informed about BEA developments by reading The BEA Wire, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, refer to 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 Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. For more definitions, refer to the Glossary: National Income and Product Accounts. Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, refer to the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, refer to the FAQ “How is average annual growth calculated?” and “Why does BEA publish percent changes in quarterly series at annual rates?” Definitions Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (months for monthly data, quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, refer to Chapter 4: Estimating Methods in the NIPA Handbook. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Chained-dollar values are calculated by multiplying the quantity index by the current-dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chaineddollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. -4- Personal Income and Outlays News Release Tables Table 1. Table 2. Table 3. Table 4. Table 5. Table 6. Table 7. Table 8. Table 9. Table 10. Table 11. Personal Income and Its Disposition (Months) Personal Income and Its Disposition (Years and Quarters) Personal Income and Its Disposition, Change from Preceding Period (Months) Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Real Personal Consumption Expenditures by Major Type of Product (Months) Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago -5- February 24, 2023 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2022 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 45 Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons 2 Social security 3 Medicare Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services 4 Personal interest payments Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: r r r r 2023 r r Line p June 21,687.0 13,468.8 11,104.0 9,500.1 1,738.4 1,028.2 7,761.6 1,700.4 6,061.3 1,603.9 2,364.8 1,608.1 July 21,852.3 13,654.1 11,271.8 9,656.4 1,767.7 1,046.3 7,888.7 1,734.0 6,154.8 1,615.4 2,382.3 1,614.2 Aug. 21,975.8 13,754.9 11,360.7 9,735.9 1,780.1 1,054.4 7,955.8 1,748.4 6,207.4 1,624.8 2,394.1 1,620.2 Sept. 22,080.4 13,856.1 11,450.6 9,819.5 1,797.4 1,064.8 8,022.1 1,762.3 6,259.8 1,631.1 2,405.5 1,625.6 Oct. 22,281.0 13,921.3 11,507.0 9,872.3 1,807.9 1,070.6 8,064.4 1,775.0 6,289.4 1,634.7 2,414.3 1,630.6 Nov. 22,360.4 13,977.6 11,553.8 9,908.8 1,814.1 1,070.8 8,094.7 1,778.6 6,316.1 1,645.0 2,423.8 1,637.1 Dec. 22,431.3 14,029.0 11,596.8 9,947.1 1,816.6 1,066.3 8,130.5 1,781.3 6,349.3 1,649.7 2,432.1 1,642.7 Jan. 22,562.4 14,149.7 11,704.3 10,047.1 1,838.6 1,079.9 8,208.6 1,808.1 6,400.5 1,657.1 2,445.4 1,646.7 1 2 3 4 5 6 7 8 9 10 11 12 756.8 768.1 774.0 779.9 783.7 786.7 789.5 798.7 13 1,842.6 1,846.5 1,869.7 1,874.4 1,878.8 1,882.0 1,889.8 1,897.5 14 93.7 1,749.0 792.0 3,348.4 1,724.6 1,623.8 3,896.4 3,814.4 1,209.0 916.6 797.2 18.1 160.4 713.2 82.0 1,661.3 3,198.5 18,488.5 17,982.2 17,437.4 6,033.9 2,189.1 3,844.8 11,403.5 320.2 224.6 115.8 108.8 506.3 2.7 94.8 1,751.7 792.9 3,350.6 1,731.1 1,619.5 3,891.7 3,821.1 1,211.1 914.1 790.3 18.7 161.1 725.8 70.7 1,683.6 3,224.2 18,628.1 17,983.4 17,420.3 5,988.2 2,189.5 3,798.7 11,432.1 338.7 224.4 116.1 108.3 644.7 3.5 95.9 1,773.7 794.9 3,358.1 1,738.0 1,620.1 3,893.9 3,824.5 1,215.9 920.1 785.3 18.9 161.6 722.7 69.4 1,695.6 3,236.7 18,739.1 18,132.7 17,550.9 5,981.9 2,197.8 3,784.1 11,568.9 357.1 224.7 116.4 108.3 606.4 3.2 97.1 1,777.4 797.0 3,367.7 1,745.2 1,622.6 3,892.9 3,823.5 1,216.9 926.7 782.8 18.0 162.5 716.6 69.4 1,707.7 3,248.6 18,831.7 18,257.4 17,656.8 5,995.6 2,200.2 3,795.4 11,661.2 375.6 225.0 116.7 108.3 574.4 3.0 98.8 1,780.0 803.5 3,409.6 1,763.0 1,646.6 3,983.2 3,913.8 1,229.4 933.8 789.6 18.9 163.2 778.9 69.4 1,715.4 3,242.9 19,038.1 18,392.3 17,788.6 6,064.0 2,239.0 3,824.9 11,724.7 379.1 224.5 116.9 107.6 645.8 3.4 100.6 1,781.3 808.3 3,415.1 1,781.4 1,633.7 3,999.2 3,929.7 1,224.7 941.5 794.0 20.7 164.0 785.0 69.5 1,721.7 3,230.6 19,129.8 18,368.8 17,761.4 5,974.0 2,167.5 3,806.5 11,787.5 382.7 224.7 117.1 107.6 761.0 4.0 102.4 1,787.4 816.5 3,419.6 1,800.6 1,619.0 4,003.8 3,934.2 1,223.9 949.7 796.5 21.6 164.8 777.6 69.6 1,727.5 3,223.9 19,207.4 18,349.2 17,738.2 5,880.6 2,125.1 3,755.5 11,857.5 386.2 224.8 117.2 107.6 858.2 4.5 99.6 1,797.9 828.9 3,437.1 1,803.2 1,633.9 4,003.4 3,932.0 1,333.6 958.4 795.8 21.3 165.5 657.4 71.4 1,754.1 2,967.6 19,594.8 18,676.0 18,050.7 6,042.9 2,241.7 3,801.2 12,007.8 400.4 225.0 117.3 107.6 918.8 4.7 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 14,407.9 14,559.1 14,618.2 14,653.2 14,681.4 14,707.8 14,731.2 14,745.0 45 14,973.1 15,100.2 15,149.6 15,172.2 15,275.4 15,323.4 15,354.7 15,567.9 46 55,444 44,902 333,460 55,836 45,261 333,624 56,139 45,385 333,799 56,387 45,429 333,976 56,976 45,716 334,141 57,226 45,839 334,287 57,435 45,915 334,420 58,573 46,536 334,533 47 48 49 Personal income excluding current transfer receipts, billions of chained (2012) dollars 5 Disposable personal income: 46 47 48 49 Total, billions of chained (2012) dollars Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) 5 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. 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 24, 2023 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2021 2022 r 2021 2022 Line r r 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 21,294.8 12,538.5 10,290.1 8,746.0 1,601.8 960.1 7,144.2 1,593.7 5,550.5 1,544.1 2,248.4 1,550.3 21,806.3 13,601.5 11,224.3 9,610.5 1,758.2 1,041.4 7,852.3 1,731.1 6,121.2 1,613.8 2,377.2 1,612.5 Q3 21,005.2 12,681.3 10,422.3 8,858.2 1,608.8 958.9 7,249.3 1,613.2 5,636.1 1,564.2 2,259.0 1,554.6 698.1 764.7 704.4 724.6 744.6 753.6 774.0 786.6 1,753.6 1,848.5 1,792.7 1,789.8 1,811.4 1,835.4 1,863.5 1,883.5 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 44 51.3 1,702.2 723.8 3,202.4 1,658.6 1,543.9 4,617.3 4,546.4 1,114.6 880.6 735.6 320.9 154.2 1,340.5 71.0 1,540.8 2,661.7 18,633.1 16,389.8 15,902.6 5,496.5 2,060.2 3,436.3 10,406.1 274.4 212.8 110.3 102.4 2,243.4 12.0 91.7 1,756.8 781.3 3,341.6 1,724.8 1,616.8 3,910.0 3,838.9 1,211.6 920.4 783.0 20.3 160.8 742.9 71.1 1,676.6 3,200.7 18,605.6 17,920.7 17,360.4 5,939.6 2,184.7 3,754.9 11,420.8 336.6 223.7 115.7 108.0 684.9 3.7 63.8 1,728.9 722.7 3,222.9 1,655.7 1,567.3 4,139.6 4,064.4 1,116.8 889.5 748.2 245.1 155.1 909.6 75.2 1,554.0 2,693.2 18,312.0 16,643.0 16,147.3 5,517.1 2,035.0 3,482.2 10,630.2 281.1 214.5 111.0 103.6 1,669.1 9.1 43.9 1,745.9 739.6 3,258.5 1,657.5 1,601.0 3,925.7 3,852.5 1,126.5 900.0 745.0 33.8 156.4 890.9 73.2 1,595.8 2,806.1 18,356.1 17,019.0 16,518.0 5,673.7 2,101.6 3,572.1 10,844.3 282.8 218.2 112.4 105.8 1,337.1 7.3 74.4 1,737.0 744.9 3,269.9 1,670.8 1,599.1 3,868.7 3,797.7 1,198.7 908.0 763.1 23.6 157.7 746.6 71.1 1,634.7 3,145.5 18,174.4 17,389.5 16,874.8 5,843.2 2,183.9 3,659.3 11,031.6 293.5 221.3 114.1 107.2 784.9 4.3 95.7 1,739.7 775.9 3,323.0 1,708.6 1,614.4 3,883.2 3,809.1 1,206.9 911.8 789.5 18.6 159.7 722.7 74.1 1,654.4 3,188.5 18,389.8 17,798.7 17,261.3 5,953.6 2,181.8 3,771.9 11,307.7 313.1 224.2 115.4 108.8 591.1 3.2 95.9 1,767.6 794.9 3,358.8 1,738.1 1,620.7 3,892.8 3,823.0 1,214.6 920.3 786.1 18.5 161.7 721.7 69.8 1,695.6 3,236.5 18,733.0 18,124.5 17,542.7 5,988.6 2,195.8 3,792.7 11,554.1 357.1 224.7 116.4 108.3 608.5 3.2 100.6 1,782.9 809.4 3,414.8 1,781.7 1,633.1 3,995.4 3,925.9 1,226.0 941.6 793.3 20.4 164.0 780.5 69.5 1,721.6 3,232.5 19,125.1 18,370.1 17,762.7 5,972.9 2,177.2 3,795.6 11,789.9 382.7 224.7 117.0 107.6 755.0 3.9 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 14,424.3 14,569.6 14,491.6 14,589.6 14,507.5 14,453.7 14,610.2 14,706.9 45 16,115.7 15,147.0 15,734.4 15,537.3 15,108.8 15,021.2 15,140.6 15,318.0 46 56,065 48,490 332,351 55,773 45,405 333,595 55,077 47,324 332,480 55,159 46,689 332,786 54,581 45,375 332,978 55,171 45,065 333,321 56,121 45,359 333,799 57,212 45,823 334,282 47 48 49 45 Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons 2 Social security 3 Medicare Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services 4 Personal interest payments Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: Q4 21,162.1 13,044.4 10,748.4 9,175.7 1,665.5 993.3 7,510.2 1,668.0 5,842.2 1,572.7 2,296.0 1,571.3 Q1 21,319.8 13,259.7 10,925.5 9,337.8 1,705.4 1,013.3 7,632.4 1,697.0 5,935.4 1,587.8 2,334.2 1,589.6 Q2 21,578.3 13,415.2 11,058.0 9,457.7 1,732.8 1,027.9 7,724.9 1,701.0 6,023.9 1,600.4 2,357.1 1,603.6 Q3 21,969.5 13,755.0 11,361.0 9,737.3 1,781.7 1,055.2 7,955.6 1,748.2 6,207.3 1,623.8 2,394.0 1,620.0 Q4 22,357.6 13,975.9 11,552.5 9,909.4 1,812.9 1,069.2 8,096.5 1,778.3 6,318.2 1,643.1 2,423.4 1,636.8 1 2 3 4 5 6 7 8 9 10 11 12 13 Personal income excluding current transfer receipts, billions of chained (2012) dollars 5 Disposable personal income: 46 47 48 49 Total, billions of chained (2012) dollars Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) 5 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis -7- February 24, 2023 Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2022 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, 45 2023 Line June 113.4 55.0 47.4 45.6 3.8 -2.1 41.7 0.2 41.5 1.8 7.6 4.3 July r 165.2 185.3 167.8 156.3 29.2 18.1 127.1 33.6 93.5 11.5 17.5 6.1 Aug. r 123.5 100.8 88.9 79.5 12.4 8.1 67.1 14.4 52.6 9.4 11.9 5.9 Sept. r 104.6 101.2 89.9 83.6 17.3 10.4 66.3 13.9 52.4 6.3 11.3 5.4 Oct. r 200.6 65.2 56.4 52.8 10.6 5.8 42.2 12.7 29.5 3.6 8.8 5.0 Nov. r 79.4 56.4 46.8 36.5 6.2 0.2 30.3 3.6 26.7 10.3 9.5 6.5 Dec. r 70.9 51.4 43.0 38.3 2.5 -4.5 35.8 2.6 33.2 4.7 8.3 5.6 Jan. p 131.1 120.7 107.4 100.0 22.0 13.6 78.0 26.8 51.2 7.4 13.3 4.0 1 2 3 4 5 6 7 8 9 10 11 12 3.3 11.3 5.9 5.9 3.8 3.1 2.7 9.3 13 6.4 3.9 23.2 4.7 4.4 3.1 7.9 7.6 14 -2.0 8.4 16.2 1.1 2.8 0.9 1.1 22.0 2.0 1.1 3.6 2.1 1.8 2.6 6.5 1.8 1.4 4.8 1.8 6.1 8.3 -2.8 10.4 12.4 15 16 17 24.2 16.1 8.1 18.6 6.6 1.7 5.0 6.5 0.0 0.7 -7.3 12.0 7.0 9.3 104.1 213.8 206.3 109.9 24.9 85.0 96.5 7.1 0.4 0.4 0.0 -109.7 2.2 6.5 -4.3 -4.7 6.6 2.1 -2.5 -6.9 0.6 0.7 12.6 -11.3 22.3 25.7 139.6 1.2 -17.1 -45.7 0.4 -46.1 28.6 18.5 -0.2 0.3 -0.5 138.4 7.4 6.8 0.6 2.1 3.4 4.8 6.0 -5.0 0.2 0.5 -3.2 -1.3 12.0 12.5 111.0 149.3 130.6 -6.3 8.3 -14.5 136.8 18.5 0.3 0.3 0.0 -38.3 9.7 7.2 2.5 -1.0 -1.0 1.0 6.6 -2.5 -0.8 0.9 -6.1 -0.1 12.1 12.0 92.6 124.6 105.9 13.6 2.4 11.3 92.3 18.5 0.3 0.3 0.0 -32.0 41.9 17.8 24.1 90.4 90.3 12.5 7.1 6.8 0.9 0.7 62.3 0.0 7.8 -5.7 206.3 134.9 131.8 68.4 38.9 29.5 63.4 3.5 -0.5 0.2 -0.7 71.4 5.5 18.4 -13.0 16.0 15.9 -4.8 7.7 4.4 1.8 0.8 6.1 0.1 6.3 -12.3 91.7 -23.5 -27.2 -90.0 -71.6 -18.5 62.8 3.5 0.2 0.2 0.0 115.2 4.5 19.2 -14.7 4.6 4.4 -0.7 8.2 2.5 1.0 0.8 -7.3 0.1 5.7 -6.8 77.6 -19.6 -23.2 -93.3 -42.4 -50.9 70.1 3.5 0.1 0.1 0.0 97.2 17.4 2.5 14.9 -0.3 -2.1 109.7 8.7 -0.7 -0.3 0.7 -120.2 1.8 26.6 -256.2 387.4 326.8 312.5 162.2 116.6 45.6 150.2 14.2 0.1 0.1 0.0 60.6 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 billions of chained (2012) dollars 5 -65.3 151.2 59.2 34.9 28.2 26.4 23.5 13.7 44 Disposable personal income, billions of chained (2012) dollars 5 -63.3 127.2 49.3 22.6 103.2 48.0 31.3 213.2 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 2022. 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 24, 2023 Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] 2021 Line 2022 r 2021 Seasonally adjusted at annual rates 2022 r Q4 Q1 Q2 Q3 156.9 157.7 258.4 391.2 363.1 215.4 155.5 339.8 326.1 177.1 132.5 303.0 317.5 162.1 119.9 279.6 56.7 39.9 27.4 48.9 34.4 19.9 14.7 27.2 260.8 122.2 92.5 230.7 54.8 29.0 3.9 47.3 206.1 93.2 88.6 183.4 8.6 15.0 12.6 23.4 37.0 38.3 22.9 36.8 16.7 18.3 13.9 16.4 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 1,462.5 945.7 832.7 783.1 86.2 55.8 696.9 151.3 545.6 49.7 113.0 74.0 511.5 1,063.0 934.2 864.6 156.4 81.3 708.2 137.4 570.7 69.6 128.8 62.2 Q3 88.9 311.5 283.8 248.9 29.8 5.3 219.1 39.5 179.5 34.9 27.7 12.3 39.0 66.6 15.4 110.5 94.9 15.8 -2.9 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 6.2 40.3 104.3 54.6 4.0 57.5 107.0 139.2 11.2 66.2 95.8 73.0 386.2 -707.3 359.3 -707.4 36.7 97.0 64.9 39.8 78.0 47.4 -216.5 -300.6 8.7 6.6 387.5 -597.6 26.9 0.2 90.8 135.8 425.3 539.0 1,037.2 -27.6 1,786.2 1,530.9 1,786.4 1,457.8 826.4 443.0 413.5 124.4 412.9 318.6 960.0 1,014.8 -9.8 62.2 9.6 11.0 2.3 5.4 7.3 5.6 -749.0 -1,558.5 -7.5 23.2 9.3 26.7 -9.7 36.4 -242.0 -241.3 7.4 14.1 3.4 -203.4 1.7 -64.6 -0.7 32.3 54.7 34.2 343.7 333.8 -12.8 -78.5 65.7 346.5 5.6 4.3 1.4 2.9 -309.5 -19.9 17.0 16.9 35.5 1.8 33.7 -213.9 -211.8 9.7 10.4 -3.2 -211.4 1.3 -18.8 -2.0 41.8 112.8 44.0 376.0 370.7 156.6 66.6 90.0 214.1 1.6 3.7 1.5 2.2 -332.0 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 Addenda: 19.9 1 2 3 4 5 6 7 8 9 10 11 12 13 9.0 20.4 12.6 21.7 23.9 28.2 20.0 14 30.5 -8.9 5.3 11.4 13.3 -1.9 -57.0 -54.9 72.2 8.0 18.1 -10.2 1.3 -144.3 -2.1 38.9 339.4 -181.7 370.5 356.8 169.5 82.3 87.2 187.3 10.7 3.0 1.7 1.4 -552.2 21.3 2.7 31.0 53.2 37.8 15.4 14.5 11.5 8.2 3.8 26.4 -5.0 2.1 -23.9 3.0 19.7 43.0 215.4 409.2 386.6 110.5 -2.1 112.6 276.1 19.6 3.0 1.3 1.7 -193.8 0.3 27.9 19.0 35.8 29.5 6.3 9.6 13.9 7.7 8.5 -3.3 -0.1 2.0 -1.0 -4.2 41.2 48.0 343.2 325.9 281.3 34.9 14.1 20.9 246.4 44.1 0.5 1.0 -0.5 17.3 4.7 15.3 14.5 56.0 43.6 12.4 102.6 102.9 11.4 21.4 7.2 1.9 2.3 58.8 -0.3 25.9 -4.0 392.1 245.6 220.1 -15.7 -18.6 2.9 235.8 25.5 0.0 0.7 -0.7 146.5 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 Personal income excluding current transfer receipts, billions of chained (2012) dollars 45 20.3 Line r Q4 388.1 220.9 191.5 172.2 31.2 14.1 141.0 30.1 110.9 19.3 29.4 16.8 5 Disposable personal income, billions of chained (2012) dollars 5 387.5 145.3 89.8 98.0 -82.1 -53.8 156.4 96.7 44 284.2 -968.7 -185.7 -197.1 -428.6 -87.6 119.4 177.3 45 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis -9- February 24, 2023 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2022 June July r Aug. 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 Nov. r Dec. r Jan. Line p 0.5 0.7 0.8 0.5 0.9 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.3 0.4 0.4 0.3 0.6 0.9 0.9 0.5 1 2 3 4 0.4 0.2 1.3 2.1 0.1 0.3 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets 0.7 0.1 0.2 8 Personal interest income 0.9 0.4 0.4 9 Personal dividend income 0.5 -0.3 0.0 10 Personal current transfer receipts 0.5 -0.1 0.1 0.4 1.3 0.7 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 0.3 0.8 0.4 13 Equals: Disposable personal income 0.6 0.8 0.6 Addenda: 14 Personal consumption expenditures 1.2 -0.1 0.7 15 Goods 1.9 -0.8 -0.1 16 Durable goods 1.1 0.0 0.4 17 Nondurable goods 2.3 -1.2 -0.4 18 Services 0.9 0.3 1.2 Based on chained (2012) dollar measures 0.3 0.3 0.2 0.8 0.2 0.6 0.4 1.0 0.4 1.5 5 6 0.3 0.4 0.2 0.0 0.7 1.2 1.0 1.5 2.3 0.5 0.2 1.0 -0.8 0.4 0.4 0.1 1.1 -0.9 0.1 0.3 0.5 0.1 0.9 0.0 1.5 7 8 9 10 11 0.4 0.5 -0.2 1.1 -0.4 0.5 -0.2 0.4 -7.9 2.0 12 13 0.6 0.2 0.1 0.3 0.8 0.7 1.1 1.8 0.8 0.5 -0.2 -1.5 -3.2 -0.5 0.5 -0.1 -1.6 -2.0 -1.3 0.6 1.8 2.8 5.5 1.2 1.3 14 15 16 17 18 0.2 0.1 0.2 0.7 0.2 0.3 0.2 0.2 0.1 1.4 19 20 Real personal income excluding transfer receipts Real disposable personal income 0.8 1.4 1.5 0.7 Oct. r 0.6 0.7 0.8 0.5 19 20 0.5 0.4 0.4 0.3 Sept. 2023 r -0.5 -0.4 1.0 0.8 0.4 0.3 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. Source: U.S. Bureau of Economic Analysis February 24, 2023 Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2022 r 2021 2021 Q3 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 2022 Q4 Q1 Q2 Q3 1 2 3 4 6.3 4.4 10.2 4.4 7.1 1.6 1.0 10.3 7.5 6.8 10.4 3.1 11.0 6.3 -0.5 8.6 5 6 7 8 9 10 11 12 13 6.7 2.4 2.6 2.2 9.0 5.1 -1.0 -3.3 0.3 8.4 14 15 16 17 18 4.4 3.2 2.7 4.8 19 20 1.7 10.5 11.7 5.1 3.0 12.0 13.1 6.7 6.7 5.4 3.6 -0.6 4.9 5.4 6 Rental income of persons with capital consumption adjustment 0.6 7.9 5.3 7 Personal income receipts on assets 3.5 4.3 3.4 8 Personal interest income 0.7 4.0 -2.3 9 Personal dividend income 6.6 4.7 9.9 10 Personal current transfer receipts 9.1 -15.3 -20.3 6.3 8.8 8.8 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 19.0 20.3 8.6 13 Equals: Disposable personal income 5.9 -0.1 0.8 Addenda: 14 Personal consumption expenditures 12.7 9.2 8.7 15 Goods 17.7 8.1 -0.9 16 Durable goods 25.1 6.0 -14.1 17 Nondurable goods 13.7 9.3 7.9 18 Services 10.2 9.8 14.2 Based on chained (2012) dollar measures 9.7 4.5 0.4 8.9 -19.1 11.2 2.9 1.4 3.3 -0.5 -5.7 10.1 17.7 6.7 9.4 3.9 1.5 4.9 17.8 1.0 57.9 -3.9 5.6 4.8 6.2 7.7 9.5 11.8 13.7 10.7 8.3 8.9 12.5 16.6 10.1 7.1 9.5 7.8 -0.4 12.9 10.4 2.7 -4.9 -2.2 -10.6 -1.5 -2.3 2.8 1.8 1.0 -6.0 2.5 -4.6 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. Source: U.S. Bureau of Economic Analysis - 10 - r 7.3 6.6 6.9 5.0 2.4 8.5 9.1 5.7 Real personal income excluding transfer receipts Real disposable personal income 4.9 4.8 4.9 4.0 Q4 7.4 8.2 8.8 5.3 19 20 3.0 6.8 6.8 6.8 Line r 7.5 10.5 11.4 6.4 February 24, 2023 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 2022 2023 r r June July Aug. Sept. Oct. Nov. Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 14,121.8 14,121.2 14,188.9 14,225.6 14,272.9 14,227.3 Goods 5,528.0 5,509.9 5,522.7 5,540.9 5,582.8 5,513.2 Durable goods 2,253.1 2,258.5 2,256.2 2,248.6 2,297.4 2,236.6 Nondurable goods 3,317.1 3,295.5 3,309.5 3,333.2 3,331.4 3,317.1 Services 8,732.1 8,746.4 8,799.6 8,819.1 8,829.3 8,843.5 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 28.7 -0.6 67.8 36.6 47.3 -45.6 Goods 12.8 -18.1 12.8 18.1 41.9 -69.6 Durable goods 9.6 5.4 -2.3 -7.6 48.8 -60.7 Nondurable goods 4.0 -21.6 14.0 23.7 -1.8 -14.3 Services 16.5 14.4 53.2 19.5 10.3 14.2 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.2 0.0 0.5 0.3 0.3 -0.3 Goods 0.2 -0.3 0.2 0.3 0.8 -1.2 Durable goods 0.4 0.2 -0.1 -0.3 2.2 -2.6 Nondurable goods 0.1 -0.7 0.4 0.7 -0.1 -0.4 Services 0.2 0.2 0.6 0.2 0.1 0.2 Dec. r Jan. p Line 14,180.2 5,454.7 2,197.8 3,294.7 8,846.8 14,341.1 5,573.2 2,312.5 3,309.6 8,901.7 1 2 3 4 5 -47.1 -58.5 -38.8 -22.4 3.3 161.0 118.5 114.7 14.9 54.9 6 7 8 9 10 -0.3 -1.1 -1.7 -0.7 0.0 1.1 2.2 5.2 0.5 0.6 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis February 24, 2023 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2021 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2022 r 2021 Q3 Q4 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 13,754.1 14,133.3 13,874.4 13,981.5 Goods 5,561.9 5,534.2 5,534.6 5,566.7 Durable goods 2,268.8 2,258.2 2,206.0 2,233.5 Nondurable goods 3,336.2 3,318.7 3,365.5 3,371.7 Services 8,361.1 8,737.7 8,494.3 8,568.2 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 1,053.4 379.2 100.7 107.1 Goods 606.2 -27.7 -115.3 32.1 Durable goods 354.6 -10.6 -141.0 27.6 Nondurable goods 269.4 -17.5 14.1 6.3 Services 498.1 376.6 184.8 73.9 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 8.3 2.8 3.0 3.1 Goods 12.2 -0.5 -7.9 2.3 Durable goods 18.5 -0.5 -22.0 5.1 Nondurable goods 8.8 -0.5 1.7 0.7 Services 6.3 4.5 9.2 3.5 r Revised Source: U.S. Bureau of Economic Analysis - 11 - 2022 Q1 Q2 Line Q3 Q4 r 14,028.4 5,565.7 2,275.1 3,334.1 8,613.0 14,099.5 5,529.6 2,259.2 3,313.5 8,709.6 14,178.6 5,524.5 2,254.4 3,312.7 8,788.4 14,226.8 5,516.9 2,243.9 3,314.4 8,839.9 1 2 3 4 5 46.9 -1.0 41.5 -37.6 44.7 71.1 -36.1 -15.9 -20.7 96.7 79.1 -5.1 -4.8 -0.8 78.7 48.3 -7.6 -10.5 1.7 51.5 6 7 8 9 10 1.3 -0.1 7.6 -4.4 2.1 2.0 -2.6 -2.8 -2.5 4.6 2.3 -0.4 -0.8 -0.1 3.7 1.4 -0.5 -1.8 0.2 2.4 11 12 13 14 15 February 24, 2023 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) Line 1 Personal consumption expenditures (PCE) 2 Goods 3 Durable goods 4 Nondurable goods 5 Services Addenda: 6 PCE excluding food and energy 1 7 Food 8 Energy goods and services 9 Market-based PCE 10 11 12 13 14 15 16 17 18 2 3 2022 June July Aug. Sept. Chain-type price indexes (2012=100), seasonally adjusted 123.512 123.397 123.728 124.154 109.154 108.682 108.316 108.207 97.090 96.880 97.347 97.782 115.940 115.297 114.367 113.890 130.639 130.753 131.519 132.275 2023 Oct. r Nov. 20 Market-based PCE excluding food and energy Jan. p Line 124.873 108.363 96.850 114.782 133.336 125.124 107.815 96.635 114.017 134.078 125.899 108.434 96.880 114.884 134.939 1 2 3 4 5 123.352 124.623 124.031 125.588 124.607 126.366 124.987 127.043 125.258 127.661 125.727 128.174 126.445 128.689 6 7 134.256 127.651 120.475 117.581 120.315 118.645 114.383 116.708 8 120.561 120.541 120.728 121.085 121.661 121.752 121.981 122.706 9 121.680 122.154 122.806 10 0.2 -0.2 -0.6 -0.1 0.4 0.2 -0.5 -0.2 -0.7 0.6 0.6 0.6 0.3 0.8 0.6 11 12 13 14 15 0.2 0.5 0.4 0.4 0.6 0.4 16 17 2 Market-based PCE r 123.258 123.053 3 19 Dec. 124.666 108.622 97.400 114.841 132.839 3 119.785 120.018 120.580 121.097 121.533 Market-based PCE excluding food and energy Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 1.0 -0.1 0.3 0.3 0.4 Goods 1.6 -0.4 -0.3 -0.1 0.4 Durable goods 0.7 -0.2 0.5 0.4 -0.4 Nondurable goods 2.1 -0.6 -0.8 -0.4 0.8 Services 0.7 0.1 0.6 0.6 0.4 Addenda: PCE excluding food and energy 0.6 0.1 0.6 0.5 0.3 1 1.0 1.3 0.8 0.6 0.5 Food Energy goods and services r 3 7.6 -4.9 -5.6 -2.4 2.3 -1.4 -3.6 2.0 18 1.1 0.0 0.2 0.3 0.5 0.1 0.2 0.6 19 0.6 0.2 0.5 0.4 0.4 0.1 0.4 0.5 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 February 24, 2023 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago 2022 Line June -4.7 2.1 -1.6 -1.3 -1.7 4.1 1 Disposable personal income 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Nondurable goods 6 Services July r Aug. -4.6 2.2 -0.3 1.8 -1.5 3.5 r -4.1 2.3 0.0 2.9 -1.7 3.5 2023 r Sept. -2.6 2.1 -0.2 1.9 -1.5 3.4 Oct. r Nov. -2.0 1.8 -0.6 1.1 -1.7 3.0 r Dec. -1.4 1.5 -1.5 -0.6 -2.1 3.2 r Jan. -0.8 2.0 -0.5 0.9 -1.4 3.3 p 2.8 2.4 -0.7 0.5 -1.4 4.1 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 2022. Source: U.S. Bureau of Economic Analysis February 24, 2023 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago 2022 Line June 1 Personal consumption expenditures (PCE) 2 Goods 3 Durable goods 4 Nondurable goods 5 Services Addenda: 6 PCE excluding food and energy 1 7 Food 8 Energy goods and services 2 3 9 Market-based PCE 10 Market-based PCE excluding food and energy 3 July Aug. 2023 Sept. Oct. r Nov. r Dec. r Jan. p Line 7.0 10.6 6.3 13.2 5.1 6.4 9.6 5.7 11.9 4.7 6.3 8.6 5.3 10.6 5.1 6.3 8.0 5.7 9.5 5.4 6.1 7.3 4.2 9.2 5.5 5.6 6.3 3.2 8.2 5.3 5.3 5.1 2.0 6.9 5.4 5.4 4.7 1.1 7.0 5.7 1 2 3 4 5 5.0 11.2 4.7 11.9 4.9 12.3 5.2 11.9 5.1 11.7 4.8 11.5 4.6 11.6 4.7 11.1 6 7 43.6 34.4 24.5 20.1 18.3 13.6 8.5 9.6 8 7.4 6.8 6.6 6.6 6.4 6.0 5.6 5.6 9 5.1 4.9 5.1 5.4 5.3 5.0 4.9 4.9 10 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis - 12 -
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