Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays, January 2024, BEA 24–06 : Full Release

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

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Thursday, February 29, 2024
Technical:

Media:

Lisa Mataloni (Personal Income)
Kyle Brown (PCE Goods)
Harvey Davis (PCE Services)
Connie O'Connell

(301) 278-9083
(301) 278-9086
(301) 278-9719
(301) 278-9003

BEA 24–06
piniwd@bea.gov
pce@bea.gov

Connie.OConnell@bea.gov

Personal Income and Outlays, January 2024
Personal income increased $233.7 billion (1.0 percent at a monthly rate) in January, according to
estimates released today by the Bureau of Economic Analysis (tables 2 and 3). Disposable personal
income (DPI), personal income less personal current taxes, increased $67.6 billion (0.3 percent) and
personal consumption expenditures (PCE) increased $43.9 billion (0.2 percent).
The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.4
percent (table 5). Real DPI decreased less than 0.1 percent in January and real PCE decreased 0.1
percent; goods decreased 1.1 percent and services increased 0.4 percent (tables 3 and 4).
2023
2024
Sept.
Oct.
Nov.
Dec.
Jan.
Percent change from preceding month
Personal income:
Current dollars
Disposable personal income:
Current dollars
Chained (2017) dollars
Personal consumption expenditures (PCE):
Current dollars
Chained (2017) dollars
Price indexes:
PCE
PCE, excluding food and energy
Price indexes:
PCE
PCE, excluding food and energy

0.4

0.2

0.3

0.3

1.0

0.3
-0.1

0.3
0.3

0.4
0.4

0.3
0.2

0.3
0.0

0.7
0.4

0.1
0.1

0.4
0.4

0.7
0.6

0.2
-0.1

0.4
0.3

0.0
0.2

0.0
0.1

0.1
0.1

0.3
0.4

Percent change from month one year ago
3.4
3.0
2.7
2.6
2.4
3.6
3.4
3.2
2.9
2.8

The increase in current-dollar personal income in January primarily reflected increases in government
social benefits, personal income receipts on assets, and compensation (table 2). The increase in
government social benefits was led by social security benefits, reflecting a 3.2 percent cost-of-living
adjustment, and other government social benefits, primarily reflecting an increase in Affordable Care
Act enrollments. The increase in personal income receipts on assets was led by an increase in personal
dividend income, reflecting information from company financial statements.
The $43.9 billion increase in current-dollar PCE in January reflected a $121.0 billion increase in spending
for services that was partly offset by a $77.0 billion decrease in spending for goods (table 2). Within
services, the largest contributors to the increase were housing and utilities, financial services and
insurance (led by financial service charges, fees, and commissions), and health care (led by hospitals).
Within goods, the leading contributors to the decrease were motor vehicles and parts (led by new light
trucks), gasoline and other energy goods (led by gasoline), and other nondurable goods (led by
prescription drugs). Detailed information on monthly PCE spending can be found on Table 2.4.5U.
Personal outlays, the sum of PCE, personal interest payments, and personal current transfer payments ,
increased $54.3 billion in January (table 2). Personal saving was $779.3 billion in January and the
personal saving rate—personal saving as a percentage of disposable personal income—was 3.8 percent
(table 1).
Prices
From the preceding month, the PCE price index for January increased 0.3 percent (table 5). Prices for
services increased 0.6 percent and prices for goods decreased 0.2 percent. Food prices increased 0.5
percent and energy prices decreased 1.4 percent. Excluding food and energy, the PCE price index
increased 0.4 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 2.4 percent (table 7).
Prices for services increased 3.9 percent and prices for goods decreased 0.5 percent. Food prices
increased 1.4 percent and energy prices decreased 4.9 percent. Excluding food and energy, the PCE
price index increased 2.8 percent from one year ago.
Real PCE
The 0.1 percent decrease in real PCE in January reflected a decrease of 1.1 percent in spending on goods
and an increase of 0.4 percent in spending on services (table 4). Within goods, decreases were
widespread, led by motor vehicles and parts (mainly new light trucks). Within services, the largest
contributor to the increase was housing and utilities (led by utilities). Detailed information on monthly
real PCE spending can be found on Table 2.4.6U.
Updates to Personal Income and Outlays
Estimates have been updated for 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 (2017)
dollar DPI and PCE, are provided below for November and December.

Page 2 of 10

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

89.4

79.8

0.4

0.3

60.0

74.8

0.3

0.3

83.1
79.8

74.9
63.3

0.4
0.5

0.4
0.4

51.8
14.4

61.9
30.9

0.3
0.1

0.3
0.2

73.1
70.6

73.0
61.6

0.4
0.5

0.4
0.4

133.9
84.3

126.7
85.9

0.7
0.5

0.7
0.6

*

*

*

Next release: March 29, 2024, at 8:30 a.m. EDT
Personal Income and Outlays, February 2024

Page 3 of 10

Additional Information
Resources

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

Additional Resources available at www.bea.gov:
•

•
•
•
•
•

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

Definitions
Personal income is the income received by, or on behalf of,
all persons from all sources: from participation as laborers
in production, from owning a home or business, from the
ownership of financial assets, and from government and
business in the form of transfers. It includes income from
domestic sources as well as the rest of world. It does not
include realized or unrealized capital gains or losses.
Disposable personal income is the income available to
persons for spending or saving. It is equal to personal
income less personal current taxes.
Personal consumption expenditures (PCE) is the value of
the goods and services purchased by, or on the behalf of,
“persons” who reside in the United States.
Personal outlays is the sum of PCE, personal interest
payments, and personal current transfer payments.
Personal saving is personal income less personal outlays
and personal current taxes.
The personal saving rate is personal saving as a percentage
of disposable personal income.

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

Statistical conventions
Annual rates. Monthly and quarterly values are expressed
at seasonally-adjusted annual rates (SAAR). Dollar changes
are calculated as the difference between these SAAR
values. For detail, refer to the FAQ “Why does BEA publish
estimates at annual rates?”
Month-to-month percent changes are calculated from
unrounded data and are not annualized.
Quarter-to-quarter percent changes are calculated from
unrounded data and are displayed at annual rates. For
detail, refer to the FAQ “How is average annual growth
calculated?” and “Why does BEA publish percent changes
in quarterly series at annual rates?”
Quantities and prices. Quantities, or “real” volume
measures, and prices are expressed as index numbers with
a specified reference year equal to 100 (currently 2017).
Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from
two adjacent periods (months for monthly data, quarters
for quarterly data and annuals for annual data). For details
on the calculation of quantity and price indexes, refer to
Chapter 4: Estimating Methods in the NIPA Handbook.
Chained-dollar values are calculated by multiplying the
quantity index by the current-dollar value in the reference
year (2017) and then dividing by 100. Percent changes
calculated from real quantity indexes and chained-dollar
levels are conceptually the same; any differences are due
to rounding. Chained-dollar values are not additive
because the relative weights for a given period differ from
those of the reference year. In tables that display chaineddollar values, a "residual" line shows the difference
between the sum of detailed chained-dollar series and its
corresponding aggregate.

Current-dollar estimates are valued in the prices of the
period when the transactions occurred—that is, at “market
value.” Also referred to as “nominal estimates” or as
“current-price estimates.”

Page 4 of 10

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

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

Table 7.

Personal Income and Its Disposition (Months)
Personal Income and Its Disposition, Change from Preceding Period (Months)
Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Real Personal Consumption Expenditures by Major Type of Product (Months)
Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months)
Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One
Year Ago
Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago

Page 5 of 10

February 29, 2024

Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]
Seasonally adjusted at annual rates
2023

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

2024
r

r

Line

p

June
22,921.4
14,218.6
11,788.9
10,070.4
1,847.2
1,088.6
8,223.2
1,804.5
6,418.7
1,718.6
2,429.6
1,615.0

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

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

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

Oct.
23,227.0
14,464.6
11,996.2
10,216.8
1,881.4
1,108.2
8,335.4
1,833.5
6,501.8
1,779.4
2,468.4
1,640.6

Nov.
23,306.8
14,527.0
12,049.9
10,263.6
1,898.2
1,120.7
8,365.4
1,835.4
6,529.9
1,786.3
2,477.0
1,645.5

Dec.
23,381.7
14,595.3
12,109.0
10,312.7
1,894.4
1,112.5
8,418.3
1,848.7
6,569.6
1,796.3
2,486.3
1,650.8

Jan.
23,615.4
14,653.4
12,152.4
10,344.6
1,892.4
1,109.6
8,452.2
1,844.7
6,607.5
1,807.8
2,501.0
1,658.6

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

814.6

818.7

822.9

826.4

827.8

831.5

835.6

842.4

13

1,829.9

1,839.7

1,861.1

1,877.8

1,882.4

1,888.4

1,886.4

1,882.1

14

55.5
1,774.4
961.8
3,590.7
1,756.1
1,834.7
4,121.3
4,017.8
1,356.7
943.3
909.8
21.6
172.5
613.8
103.5
1,800.9
2,712.9
20,208.4
19,228.3
18,485.4
6,150.1
2,194.2
3,955.9
12,335.3
499.8
243.1
130.6
112.5
980.1
4.8

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

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

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

43.6
1,838.8
985.3
3,644.9
1,799.4
1,845.5
4,077.5
3,971.6
1,378.6
949.6
857.9
22.1
173.3
590.2
105.8
1,827.6
2,774.7
20,452.3
19,622.3
18,810.6
6,250.7
2,191.1
4,059.6
12,559.9
563.0
248.7
131.8
116.9
830.0
4.1

40.1
1,848.3
988.1
3,670.8
1,812.3
1,858.5
4,067.8
3,957.9
1,370.3
951.3
853.6
23.0
173.6
586.1
109.9
1,835.2
2,779.6
20,527.2
19,695.8
18,883.6
6,242.5
2,195.8
4,046.7
12,641.1
563.2
249.0
132.1
116.9
831.4
4.1

36.5
1,849.9
990.9
3,680.3
1,825.4
1,854.9
4,072.3
3,965.4
1,373.8
953.1
856.1
22.9
173.9
585.5
106.9
1,843.6
2,792.5
20,589.2
19,823.1
19,010.3
6,285.3
2,219.1
4,066.3
12,725.0
563.5
249.4
132.5
116.9
766.0
3.7

37.1
1,845.1
1,006.9
3,759.0
1,828.1
1,930.9
4,178.7
4,057.6
1,421.5
958.5
866.7
22.8
174.3
613.8
121.1
1,864.7
2,958.7
20,656.7
19,877.4
19,054.2
6,208.3
2,176.0
4,032.3
12,845.9
573.4
249.8
132.9
116.9
779.3
3.8

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

15,638.0

15,691.7

15,726.6

15,741.9

15,784.6

15,859.9

15,899.0

15,948.8

45

16,809.5

16,816.4

16,826.2

16,816.3

16,858.5

16,921.8

16,952.7

16,949.9

46

60,309
50,166
335,080

60,380
50,161
335,248

60,598
50,163
335,431

60,762
50,106
335,612

60,911
50,208
335,773

61,107
50,374
335,925

61,265
50,444
336,070

61,443
50,417
336,194

47
48
49

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

5

Disposable personal income:
46
47
48
49

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

5

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2023.
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month;
the annual and quarterly estimates are averages of the monthly estimates.
Source: U.S. Bureau of Economic Analysis

Page 6 of 10

February 29, 2024

Table 2. Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars]
Seasonally adjusted at annual rates
2023

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

2024 Line
Jan. p
233.7
1
58.1
2
43.4
3
31.9
4
-2.0
5
-2.9
6
33.9
7
-4.0
8
37.9
9
11.5 10
14.7 11
7.9 12

June
44.7
67.5
58.2
50.6
10.5
9.1
40.1
11.3
28.7
7.6
9.3
5.6

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

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

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

Oct. r
50.8
27.4
20.5
9.6
5.3
-0.4
4.3
-3.7
8.1
10.9
7.0
5.6

Nov. r
79.8
62.4
53.7
46.8
16.9
12.5
30.0
1.9
28.1
6.9
8.7
4.9

Dec. r
74.8
68.3
59.1
49.1
-3.9
-8.3
52.9
13.3
39.6
10.0
9.3
5.2

3.7

4.1

4.2

3.5

1.4

3.7

4.1

6.8

13

8.6

9.8

21.4

16.7

4.6

6.0

-2.0

-4.3

14

-2.8
11.3
1.0

-2.8
12.6
5.4

-2.8
24.2
7.3

-2.8
19.4
7.0

-3.6
8.2
3.7

-3.6
9.5
2.8

-3.6
1.6
2.8

0.5
-4.9
16.0

15
16
17

-19.5
1.3
-20.8
-5.5
-6.1
2.1
1.4
-6.4
-0.7
0.1
-2.6
0.6
7.3
21.7
23.0
102.9
77.6
5.4
-8.6
14.0
72.3
25.0
0.3
0.3
0.0
-79.9

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

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

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

27.0
12.7
14.3
-9.1
-6.1
15.2
1.7
-10.9
1.3
0.3
-13.6
-3.0
3.0
-9.0
59.8
21.4
19.1
-27.7
-22.3
-5.4
46.8
0.2
2.0
0.3
1.7
38.5

25.9
12.9
13.0
-9.7
-13.7
-8.3
1.7
-4.2
0.9
0.3
-4.1
4.0
7.6
4.9
74.9
73.5
73.0
-8.2
4.7
-12.9
81.2
0.2
0.3
0.3
0.0
1.4

9.5
13.1
-3.6
4.5
7.4
3.5
1.8
2.4
-0.1
0.4
-0.6
-2.9
8.4
12.9
61.9
127.3
126.7
42.8
23.3
19.5
83.9
0.2
0.4
0.4
0.0
-65.4

78.7
2.7
76.0
106.4
92.2
47.7
5.4
10.7
-0.2
0.4
28.3
14.2
21.1
166.2
67.6
54.3
43.9
-77.0
-43.0
-34.0
121.0
10.0
0.4
0.4
0.0
13.3

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 (2017) dollars 5

15.6

53.7

34.8

15.4

42.7

75.3

39.1

49.9

44

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

-9.0

6.8

9.8

-9.9

42.2

63.3

30.9

-2.8

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 2023.
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Source: U.S. Bureau of Economic Analysis

Page 7 of 10

February 29, 2024

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

Line
r

r

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

Real personal income excluding transfer receipts
Real disposable personal income

0.1
-0.1

0.3
0.0

0.2
0.1

2024
r

Sept.

Oct.

r

Nov.

r

Dec.

r

Jan.

Line

p

0.4
0.4
0.5
0.4

0.2
0.2
0.2
0.3

0.3
0.4
0.4
0.4

0.3
0.5
0.5
0.4

1.0
0.4
0.4
0.6

1
2
3
4

0.9
0.7

0.2
0.4

0.3
0.3

-0.1
0.3

-0.2
1.6

5
6

0.3
0.6
0.0
-0.2
0.4

0.7
0.7
0.8
-0.2
0.2

0.7
0.7
0.7
-0.2
0.4

0.3
0.7
-0.2
0.1
0.5

2.1
0.1
4.1
2.6
1.1

7
8
9
10
11

0.6
0.3

-0.3
0.3

0.2
0.4

0.5
0.3

6.0
0.3

12
13

0.7
0.8
0.9
0.7
0.7

0.1
-0.4
-1.0
-0.1
0.4

0.4
-0.1
0.2
-0.3
0.6

0.7
0.7
1.1
0.5
0.7

0.2
-1.2
-1.9
-0.8
1.0

14
15
16
17
18

0.1
-0.1

0.3
0.3

0.5
0.4

0.2
0.2

0.3
0.0

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 2023.
Source: U.S. Bureau of Economic Analysis

Table 4. Real Personal Consumption Expenditures by Major Type of Product (Months)
Line

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

2023
June
July
Aug.
Sept.
Oct. r
Nov. r
Billions of chained (2017) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
15,376.3 15,448.3 15,439.8 15,496.0 15,505.2 15,566.9
Goods
5,357.2
5,404.7
5,397.7
5,431.5
5,422.5
5,445.4
Durable goods
2,024.6
2,051.0
2,044.9
2,065.8
2,050.0
2,064.1
Nondurable goods
3,341.6
3,363.5
3,362.3
3,376.1
3,381.5
3,391.0
Services
10,045.9 10,072.0 10,070.3 10,093.7 10,111.0 10,149.9
Change from preceding period in billions of chained (2017) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
38.9
72.0
-8.5
56.2
9.2
61.6
Goods
8.8
47.5
-7.0
33.8
-9.0
22.9
Durable goods
-0.8
26.4
-6.1
20.9
-15.8
14.1
Nondurable goods
9.2
21.9
-1.3
13.8
5.4
9.4
Services
29.9
26.1
-1.8
23.4
17.3
38.9
Percent change from preceding period in chained (2017) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.3
0.5
-0.1
0.4
0.1
0.4
Goods
0.2
0.9
-0.1
0.6
-0.2
0.4
Durable goods
0.0
1.3
-0.3
1.0
-0.8
0.7
Nondurable goods
0.3
0.7
0.0
0.4
0.2
0.3
Services
0.3
0.3
0.0
0.2
0.2
0.4

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

Page 8 of 10

2024
Dec.

r

Jan. p

Line

15,652.7
5,495.6
2,095.6
3,411.1
10,187.4

15,635.0
5,437.4
2,050.6
3,395.3
10,223.2

1
2
3
4
5

85.9
50.2
31.5
20.1
37.5

-17.8
-58.2
-45.0
-15.8
35.8

6
7
8
9
10

0.6
0.9
1.5
0.6
0.4

-0.1
-1.1
-2.1
-0.5
0.4

11
12
13
14
15

February 29, 2024

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

2023
June
July
Aug.
Sept.
Oct. r
Nov. r
Chain-type price indexes (2017=100), seasonally adjusted
Personal consumption expenditures (PCE)
120.221 120.373 120.803 121.267 121.319 121.307
Goods
114.794 114.492 115.390 115.588 115.267 114.630
Durable goods
108.390 107.616 107.261 107.154 106.890 106.385
Nondurable goods
118.369 118.354 120.012 120.395 120.040 119.325
Services
122.797 123.192 123.370 123.976 124.228 124.551
Addenda:
PCE excluding food and energy
119.189 119.332 119.449 119.842 120.027 120.134
124.790 125.082 125.395 125.770 126.020 125.855
Food 1
134.192 134.319 142.555 144.958 141.367 138.758
Energy goods and services 2
118.814 118.990 119.437 119.911 120.011 120.000
Market-based PCE 3
117.400 117.569 117.658 118.051 118.311 118.438
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)
0.2
0.1
0.4
0.4
0.0
0.0
Goods
-0.1
-0.3
0.8
0.2
-0.3
-0.6
Durable goods
-0.4
-0.7
-0.3
-0.1
-0.2
-0.5
Nondurable goods
0.1
0.0
1.4
0.3
-0.3
-0.6
Services
0.3
0.3
0.1
0.5
0.2
0.3
Addenda:
PCE excluding food and energy
0.2
0.1
0.1
0.3
0.2
0.1
1
-0.1
0.2
0.3
0.3
0.2
-0.1
Food
0.6
0.1
6.1
1.7
-2.5
-1.8
Energy goods and services 2
3
0.1
0.1
0.4
0.4
0.1
0.0
Market-based PCE
3
0.1
0.1
0.1
0.3
0.2
0.1
Market-based PCE excluding food and energy

Dec. r

2024
Jan. p

121.451
114.363
105.898
119.193
124.917

121.870
114.169
106.122
118.745
125.662

1
2
3
4
5

120.308
125.912
138.364
120.096
118.560

120.808
126.500
136.436
120.407
118.948

6
7
8
9
10

0.1
-0.2
-0.5
-0.1
0.3

0.3
-0.2
0.2
-0.4
0.6

11
12
13
14
15

0.1
0.0
-0.3
0.1
0.1

0.4
0.5
-1.4
0.3
0.3

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

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

2023
June
5.3
2.1
1.8
4.3
0.4
2.2

July r
4.4
2.5
2.9
4.8
1.9
2.3

Aug. r
4.1
2.0
2.3
4.1
1.3
1.8

Sept. r
3.9
2.1
2.5
5.1
1.1
1.9

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2023.
Source: U.S. Bureau of Economic Analysis

Page 9 of 10

Oct. r
3.9
2.0
2.0
3.1
1.4
2.0

Nov. r
4.3
2.8
3.6
6.2
2.1
2.3

Dec. r
4.2
3.2
4.7
8.0
2.9
2.5

2024
Line
Jan. p
2.1
1
2.1
2
1.5
3
0.7
4
2.0
5
2.3
6

February 29, 2024

Table 7. 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
7
8
9
10

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

June
3.2
-0.4
-0.5
-0.3
5.1
4.3
4.7
-17.5
2.9
4.1

3.3
-0.2
-1.0
0.2
5.1

Aug.
3.3
0.7
-1.9
2.1
4.7

2023
Sept.
3.4
0.9
-2.3
2.7
4.6

Oct. r
3.0
0.2
-2.2
1.6
4.3

Nov. r
2.7
-0.1
-2.1
1.0
4.2

Dec. r
2.6
0.2
-2.3
1.6
3.9

4.2
3.7
-13.0
3.0
4.0

3.7
3.1
-3.5
3.1
3.6

3.6
2.7
0.1
3.2
3.5

3.4
2.4
-4.6
2.8
3.3

3.2
1.7
-5.0
2.7
3.2

2.9
1.4
-1.7
2.6
3.0

July

2024
Line
Jan. p
2.4
1
-0.5
2
-2.4
3
0.5
4
3.9
5
2.8
1.4
-4.9
2.3
2.8

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

Page 10 of 10

6
7
8
9
10