The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, AUGUST 29, 2016 Technical: Media: James Rankin (Personal Income) Kyle Brown (PCE) Jeannine Aversa (301) 278-9087 (301) 278-9086 (301) 278-9003 BEA 16-45 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov PERSONAL INCOME AND OUTLAYS: JULY 2016 Personal income increased $71.6 billion (0.4 percent) in July according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $60.1 billion (0.4 percent) and personal consumption expenditures (PCE) increased $42.0 billion (0.3 percent). Real DPI increased 0.4 percent in July and Real PCE increased 0.3 percent. The PCE price index was unchanged from June. Excluding food and energy, the PCE price index increased 0.1 percent in July. Mar Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures (PCE): Current dollars Chained (2009) dollars Price indexes: PCE PCE, excluding food and energy PCE PCE, excluding food and energy 2016 Apr May Jun Jul Percent change from preceding month 0.3 0.6 0.3 0.3 0.4 0.3 0.2 0.6 0.2 0.3 0.1 0.3 0.2 0.4 0.4 0.0 0.0 1.1 0.7 0.3 0.2 0.5 0.4 0.3 0.3 0.1 0.1 0.3 0.2 0.2 0.2 0.1 0.1 0.0 0.1 Percent change from month one year ago 0.8 1.0 1.0 0.9 0.8 1.6 1.6 1.6 1.6 1.6 The increase in personal income in July primarily reflected increases in wages and salaries and personal current transfer receipts. The increase in real PCE in July reflected increases in spending for new motor vehicles and for services that was partially offset by a decrease in spending for nondurable goods. Personal outlays increased $41.6 billion in July. Personal saving was $794.7 billion in July and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.7 percent. Revisions Estimates have been revised for January through June. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2009) dollar DPI and PCE -revised and as published in last month's release -- are shown below. Change from preceding month May June Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollar Chained (2009) dollar 27.0 47.4 0.2 0.3 29.3 53.9 0.2 0.3 25.7 1.4 43.6 18.0 0.2 0.0 0.3 0.1 24.6 9.4 46.3 28.0 0.2 0.1 0.3 0.2 46.1 21.8 43.3 19.7 0.4 0.2 0.3 0.2 53.0 36.3 69.3 50.0 0.4 0.3 0.5 0.4 QCEW Data Included in the First Quarter of 2016 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2016 (first quarter). These estimates reflect the full incorporation of the most recently available first-quarter wage and salary tabulations from the quarterly census of employment and wages (QCEW) from the Bureau of Labor Statistics. Next release: September 30, 2016 at 8:30 A.M. EDT Personal Income and Outlays: August 2016 -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?” 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?” 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 2009). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. 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. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” -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 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2015 Dec. 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries ......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2................................................................................ 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods ................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 .................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................. Per capita: 47 Current dollars................................................................................. 48 Chained (2009) dollars .................................................................... 49 Population (midperiod, thousands) 6....................................................... 2016 Jan. r Feb. r March r April r Line May r June r July p 15,737.7 15,739.0 15,719.9 15,761.4 15,850.4 15,897.8 15,951.7 16,023.4 1 9,937.9 9,919.4 9,875.1 9,883.2 9,964.9 10,000.1 10,049.0 10,099.4 2 8,063.0 8,040.4 7,995.0 7,998.5 8,070.7 8,099.6 8,141.3 8,184.6 3 6,771.4 6,746.1 6,699.2 6,700.3 6,770.3 6,795.2 6,832.8 6,871.7 4 1,340.7 1,336.5 1,324.1 1,322.6 1,336.1 1,344.9 1,342.0 1,352.0 5 828.1 821.1 809.6 805.1 817.4 825.2 824.7 831.6 6 5,430.6 5,409.6 5,375.1 5,377.7 5,434.2 5,450.3 5,490.7 5,519.7 7 1,269.4 1,259.0 1,251.4 1,250.6 1,262.7 1,262.5 1,274.7 1,277.0 8 4,161.2 4,150.6 4,123.8 4,127.1 4,171.5 4,187.8 4,216.1 4,242.6 9 1,291.7 1,294.3 1,295.8 1,298.2 1,300.4 1,304.4 1,308.5 1,312.8 10 1,874.9 1,879.0 1,880.2 1,884.8 1,894.2 1,900.5 1,907.7 1,914.8 11 1,294.9 580.0 1,300.0 579.0 1,304.9 575.3 1,309.8 575.0 1,314.7 579.5 1,319.4 581.1 1,324.1 583.5 1,328.7 12 586.1 13 1,408.1 1,405.7 1,402.7 1,403.3 1,408.0 1,408.0 1,416.2 1,418.4 14 33.9 33.1 32.3 31.5 31.7 31.8 32.0 32.6 15 1,374.2 1,372.7 1,370.3 1,371.8 1,376.3 1,376.1 1,384.2 1,385.8 16 679.1 685.7 692.8 699.9 700.4 701.9 704.8 709.8 17 2,221.1 2,230.9 2,230.0 2,246.7 2,251.8 2,261.1 2,257.5 2,264.6 18 1,278.3 1,287.2 1,296.1 1,304.9 1,307.6 1,310.3 1,312.9 1,316.5 19 942.7 943.7 934.0 941.7 944.2 950.8 944.6 948.2 20 2,720.1 2,730.8 2,746.2 2,754.9 2,761.0 2,765.8 2,768.4 2,780.4 21 2,667.7 2,678.4 2,693.6 2,702.2 2,708.2 2,712.8 2,715.2 2,727.1 22 889.2 884.6 887.1 887.1 895.1 894.4 892.9 898.1 23 642.7 646.5 650.1 653.4 656.3 658.9 661.4 663.6 24 549.3 552.0 555.8 559.1 558.9 560.3 563.3 569.7 25 31.7 31.8 31.8 31.1 30.3 30.5 30.3 30.1 26 93.1 92.5 93.2 93.6 94.1 95.1 96.1 94.8 27 461.7 470.9 475.8 478.0 473.5 473.6 471.2 470.6 28 52.4 52.5 52.6 52.7 52.9 53.0 53.2 53.3 29 1,228.7 1,233.5 1,226.9 1,226.7 1,235.7 1,239.1 1,244.1 1,249.3 30 1,966.6 1,939.0 1,929.6 1,929.5 1,940.5 1,944.3 1,951.9 1,963.4 31 13,771.1 13,800.0 13,790.3 13,831.9 13,909.9 13,953.5 13,999.8 14,059.9 32 12,935.8 12,946.0 12,968.2 12,971.5 13,102.0 13,149.9 13,223.7 13,265.2 33 12,471.8 12,479.1 12,504.3 12,510.5 12,643.1 12,686.4 12,755.7 12,797.6 34 4,037.5 4,019.9 3,999.9 4,006.2 4,076.8 4,081.4 4,099.8 4,109.3 35 1,376.0 1,364.8 1,370.0 1,365.1 1,392.4 1,387.5 1,391.4 1,414.3 36 2,661.6 2,655.1 2,629.9 2,641.1 2,684.4 2,693.9 2,708.5 2,695.1 37 8,434.3 8,459.1 8,504.4 8,504.3 8,566.3 8,605.0 8,655.8 8,688.3 38 273.8 270.9 268.0 265.1 269.5 274.0 278.4 277.8 39 190.1 196.1 195.9 195.9 189.4 189.5 189.6 189.8 40 103.9 108.3 108.2 108.1 108.1 108.2 108.4 108.5 41 86.2 87.8 87.8 87.8 81.3 81.3 81.3 81.3 42 835.3 854.0 822.1 860.4 807.9 803.7 776.2 794.7 43 6.1 6.2 6.0 6.2 5.8 5.8 5.5 5.7 44 11,848.2 11,826.0 11,803.4 11,825.3 11,862.1 11,880.5 11,913.8 11,967.6 45 12,534.1 12,545.8 12,546.4 12,575.8 12,605.7 12,623.7 12,651.7 12,705.9 46 42,648 38,818 322,897 42,714 38,832 323,076 42,663 38,815 323,238 42,769 38,885 323,413 42,985 38,954 323,601 43,093 38,986 323,804 43,207 39,046 324,018 43,362 47 39,186 48 324,245 49 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2016. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2015 I 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities ............................................ 9 Other services-producing industries ......................................... 10 Government .................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets.................................................. 19 Personal interest income.................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 ............................................................................... 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance ............................................................... 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4.................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................. Per capita: 47 Current dollars................................................................................. 48 Chained (2009) dollars.................................................................... 49 Population (midperiod, thousands) 6 ...................................................... II 2016 III IV I r Line II r 14,809.7 15,458.5 15,185.9 15,401.9 15,556.1 15,690.2 15,740.1 15,900.0 1 9,253.4 9,693.1 9,502.3 9,637.6 9,740.0 9,892.4 9,892.6 10,004.7 2 7,476.3 7,854.8 7,692.0 7,808.8 7,893.9 8,024.6 8,011.3 8,103.9 3 6,239.6 6,580.3 6,433.8 6,537.8 6,613.8 6,735.8 6,715.2 6,799.4 4 1,257.4 1,308.1 1,286.1 1,301.4 1,310.4 1,334.6 1,327.7 1,341.0 5 780.0 806.7 793.6 803.1 806.2 823.9 811.9 822.4 6 4,982.2 5,272.2 5,147.7 5,236.4 5,303.4 5,401.1 5,387.5 5,458.4 7 1,175.4 1,237.1 1,210.0 1,229.0 1,245.1 1,264.2 1,253.7 1,266.6 8 3,806.8 4,035.1 3,937.7 4,007.5 4,058.3 4,137.0 4,133.8 4,191.8 9 1,236.7 1,274.5 1,258.2 1,271.0 1,280.1 1,288.9 1,296.1 1,304.4 10 1,777.1 1,838.2 1,810.3 1,828.7 1,846.1 1,867.8 1,881.3 1,900.8 11 1,229.8 547.3 1,270.5 567.7 1,252.4 558.0 1,263.5 565.2 1,276.1 570.0 1,290.0 577.8 1,304.9 576.4 1,319.4 12 581.4 13 1,337.7 1,376.8 1,351.1 1,366.1 1,389.0 1,400.9 1,403.9 1,410.7 14 68.5 39.9 38.4 38.7 44.6 38.1 32.3 31.8 15 1,269.2 1,336.8 1,312.7 1,327.4 1,344.4 1,362.8 1,371.6 1,378.9 16 606.1 659.6 636.5 656.6 668.1 677.3 692.8 702.4 17 2,227.0 2,253.8 2,240.4 2,264.3 2,275.1 2,235.5 2,235.9 2,256.8 18 1,300.9 1,302.7 1,266.0 1,315.9 1,336.1 1,293.0 1,296.1 1,310.3 19 926.1 951.1 974.4 948.5 939.0 942.5 939.8 946.5 20 2,540.4 2,678.6 2,638.9 2,675.4 2,692.1 2,708.2 2,744.0 2,765.1 21 2,494.9 2,627.2 2,589.0 2,624.1 2,640.0 2,655.8 2,691.4 2,712.1 22 834.6 871.8 861.7 869.5 874.5 881.5 886.3 894.1 23 601.1 628.2 617.3 624.1 631.6 639.8 650.0 658.9 24 487.4 539.6 524.9 540.9 545.3 547.3 555.6 560.9 25 35.5 32.2 33.2 32.1 32.0 31.4 31.5 30.3 26 83.7 89.8 87.7 89.4 90.0 92.2 93.1 95.1 27 452.6 465.6 464.3 468.2 466.5 463.5 474.9 472.8 28 45.5 51.4 49.9 51.3 52.1 52.4 52.6 53.0 29 1,154.9 1,203.5 1,183.3 1,198.1 1,208.3 1,224.1 1,229.0 1,239.6 30 1,787.0 1,938.7 1,909.4 1,937.2 1,944.4 1,963.8 1,932.7 1,945.6 31 13,022.7 13,519.8 13,276.5 13,464.7 13,611.7 13,726.4 13,807.4 13,954.4 32 12,296.7 12,736.2 12,540.9 12,691.2 12,813.2 12,899.6 12,961.9 13,158.5 33 11,863.4 12,283.7 12,098.9 12,240.2 12,356.9 12,438.8 12,498.0 12,695.1 34 3,970.5 4,012.1 3,956.7 4,010.7 4,043.0 4,038.1 4,008.7 4,086.0 35 1,294.8 1,355.2 1,331.0 1,353.3 1,364.7 1,371.8 1,366.6 1,390.4 36 2,675.7 2,656.9 2,625.6 2,657.4 2,678.4 2,666.3 2,642.0 2,695.6 37 7,892.9 8,271.6 8,142.2 8,229.5 8,313.9 8,400.6 8,489.3 8,609.0 38 251.6 263.8 255.9 262.3 266.2 270.6 268.0 274.0 39 181.8 188.8 186.0 188.7 190.1 190.2 196.0 189.5 40 98.3 103.3 102.2 103.3 103.9 104.0 108.2 108.2 41 83.5 85.4 83.8 85.4 86.2 86.2 87.8 81.3 42 726.0 783.6 735.6 773.5 798.5 826.8 845.5 795.9 43 5.6 5.8 5.5 5.7 5.9 6.0 6.1 5.7 44 11,240.8 11,667.7 11,513.6 11,625.6 11,717.8 11,813.7 11,818.2 11,885.4 45 11,931.0 12,343.3 12,183.0 12,299.9 12,398.9 12,491.0 12,556.0 12,627.0 46 40,794 37,374 319,233 42,026 38,368 321,704 41,389 37,980 320,771 41,902 38,277 321,337 42,270 38,504 322,015 42,537 38,709 322,693 42,715 38,844 323,242 43,095 47 38,995 48 323,808 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2016. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2015 Dec. 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities ............................................ 9 Other services-producing industries ......................................... 10 Government .................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets.................................................. 19 Personal interest income.................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 ............................................................................... 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance ............................................................... 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4.................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ...................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 .......... 2016 Jan. r Feb. r March r April r Line May r June r July p 52.4 41.0 34.3 31.7 3.2 2.9 28.5 4.8 23.7 2.6 6.7 1.4 –18.6 –22.7 –25.3 –4.3 –7.0 –21.0 –10.4 –10.6 2.6 4.1 –19.1 –44.2 –45.4 –46.9 –12.4 –11.5 –34.5 –7.6 –26.9 1.5 1.2 41.5 8.1 3.5 1.1 –1.5 –4.5 2.6 –0.8 3.4 2.4 4.6 89.0 81.7 72.3 70.0 13.5 12.3 56.5 12.1 44.4 2.3 9.4 47.4 35.1 28.8 24.9 8.8 7.8 16.1 –0.2 16.3 3.9 6.3 53.9 48.9 41.7 37.6 –2.9 –0.5 40.4 12.2 28.2 4.2 7.2 71.6 1 50.4 2 43.3 3 38.9 4 10.0 5 6.9 6 28.9 7 2.3 8 26.6 9 4.3 10 7.2 11 4.9 1.8 5.1 –1.0 4.8 –3.7 5.0 –0.3 4.9 4.5 4.7 1.6 4.7 2.4 4.6 12 2.6 13 12.7 –4.2 16.9 1.4 –14.0 –13.2 –0.8 15.2 15.2 11.2 2.9 2.9 0.2 0.4 –2.4 0.0 3.8 1.2 51.2 32.6 29.4 –11.2 0.0 –11.3 40.6 3.3 –0.1 –0.1 0.0 18.6 –2.3 –0.8 –1.5 6.6 9.9 8.9 1.0 10.7 10.6 –4.5 3.8 2.7 0.1 –0.6 9.2 0.1 4.9 –27.5 28.9 10.3 7.3 –17.6 –11.2 –6.4 24.9 –2.9 5.9 4.4 1.5 18.7 –3.1 –0.8 –2.3 7.1 –0.9 8.9 –9.8 15.4 15.3 2.5 3.5 3.7 –0.1 0.7 4.8 0.1 –6.7 –9.4 –9.7 22.2 25.2 –20.0 5.2 –25.3 45.3 –2.9 –0.1 –0.1 0.0 –31.9 0.7 –0.8 1.4 7.1 16.6 8.9 7.8 8.7 8.6 –0.1 3.3 3.3 –0.7 0.5 2.3 0.1 –0.2 –0.1 41.6 3.3 6.2 6.3 –4.9 11.2 –0.1 –2.9 0.0 0.0 0.0 38.4 4.7 0.2 4.5 0.4 5.1 2.7 2.4 6.1 6.0 8.1 2.9 –0.2 –0.8 0.5 –4.5 0.2 9.0 11.0 78.0 130.5 132.6 70.6 27.3 43.3 62.0 4.4 –6.5 0.0 –6.5 –52.5 0.0 0.2 –0.2 1.6 9.3 2.7 6.7 4.7 4.6 –0.7 2.7 1.4 0.2 1.0 0.1 0.2 3.4 3.8 43.6 47.8 43.3 4.7 –4.9 9.6 38.6 4.4 0.1 0.1 0.0 –4.2 8.2 0.2 8.1 2.9 –3.6 2.7 –6.3 2.6 2.4 –1.5 2.5 3.0 –0.1 1.0 –2.4 0.2 5.0 7.6 46.3 73.8 69.3 18.4 3.9 14.5 50.9 4.4 0.1 0.1 0.0 –27.5 43.5 56.8 –22.3 11.7 –22.5 0.6 21.9 29.4 36.7 29.9 18.4 18.0 33.4 28.0 2.3 0.7 1.6 5.0 7.2 3.6 3.6 12.0 11.8 5.2 2.2 6.4 –0.2 –1.3 –0.5 0.2 5.3 11.5 60.1 41.6 42.0 9.5 22.9 –13.4 32.4 –0.6 0.2 0.2 0.0 18.5 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 53.8 44 54.2 45 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2016. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2015 I 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities ............................................ 9 Other services-producing industries ......................................... 10 Government .................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets.................................................. 19 Personal interest income.................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 ............................................................................... 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance ............................................................... 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4.................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ...................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 .......... 2016 II III IV I r Line II r 736.1 411.0 359.6 330.9 68.5 33.8 262.5 56.3 206.2 28.7 51.4 648.8 439.6 378.5 340.7 50.7 26.7 290.0 61.6 228.3 37.8 61.1 79.7 70.2 59.2 51.9 –1.4 –0.7 53.3 9.4 43.9 7.3 11.0 216.0 135.2 116.8 104.0 15.3 9.4 88.7 18.9 69.8 12.8 18.4 154.2 102.5 85.1 75.9 9.0 3.2 67.0 16.1 50.8 9.2 17.3 134.1 152.4 130.7 122.0 24.3 17.7 97.7 19.1 78.6 8.7 21.7 49.9 0.1 –13.4 –20.6 –6.9 –12.0 –13.7 –10.5 –3.1 7.2 13.5 159.9 1 112.1 2 92.6 3 84.2 4 13.3 5 10.5 6 70.9 7 13.0 8 58.0 9 8.4 10 19.5 11 30.8 20.6 40.7 20.4 10.0 1.0 11.2 7.2 12.6 4.8 13.9 7.8 14.9 –1.4 14.5 12 5.0 13 53.0 –19.3 72.3 39.0 170.9 39.3 131.6 112.4 108.0 35.6 26.1 47.7 –26.9 4.7 20.8 4.4 50.3 109.2 626.9 521.0 502.2 136.0 53.1 82.9 366.2 7.7 11.1 4.9 6.2 105.9 39.0 –28.6 67.6 53.5 26.9 1.9 25.0 138.3 132.3 37.2 27.1 52.2 –3.3 6.1 13.0 6.0 48.6 151.7 497.1 439.5 420.3 41.6 60.4 –18.8 378.7 12.2 7.0 5.0 1.9 57.6 –14.4 –22.6 8.2 13.2 –26.7 –38.6 11.9 46.5 44.5 18.1 6.2 11.4 0.0 2.4 6.4 2.0 9.0 68.5 11.2 16.8 23.1 –57.4 5.9 –63.3 80.5 –3.9 –2.4 1.6 –3.9 –5.6 15.0 0.3 14.7 20.1 23.9 49.9 –26.0 36.5 35.1 7.8 6.8 16.0 –1.1 1.8 3.9 1.4 14.8 27.8 188.2 150.3 141.3 54.0 22.2 31.8 87.3 6.4 2.6 1.1 1.5 37.9 22.9 5.9 17.0 11.5 10.8 20.3 –9.5 16.7 15.9 5.0 7.5 4.5 0.0 0.6 –1.6 0.8 10.1 7.3 147.0 122.0 116.7 32.4 11.4 21.0 84.3 3.8 1.5 0.6 0.9 25.0 11.9 –6.5 18.4 9.2 –39.7 –43.1 3.5 16.0 15.7 6.9 8.2 1.9 –0.6 2.2 –3.0 0.3 15.8 19.4 114.7 86.4 81.9 –4.9 7.1 –12.0 86.8 4.4 0.1 0.1 0.0 28.3 3.0 –5.8 8.8 15.5 0.4 3.1 –2.7 35.8 35.6 4.8 10.1 8.4 0.1 0.9 11.4 0.2 4.9 –31.1 81.1 62.3 59.2 –29.5 –5.1 –24.3 88.6 –2.6 5.7 4.2 1.5 18.7 410.8 403.4 426.9 412.2 77.0 59.6 112.0 117.0 92.2 98.9 95.9 92.1 4.6 65.0 6.8 –0.5 7.3 9.6 20.9 14.2 6.7 21.1 20.7 7.9 8.9 5.2 –1.2 2.0 –2.1 0.4 10.6 12.9 147.0 196.6 197.1 77.3 23.8 53.6 119.8 5.9 –6.5 0.0 –6.5 –49.6 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 67.2 44 71.0 45 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2016. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2015 Dec. 2016 Jan. r Feb. r March r April r Line May r June r July p Based on current-dollar measures 1 Personal income ........................................................................ 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services................................................................................. 0.3 0.4 0.4 0.4 0.0 –0.2 –0.3 0.2 –0.1 –0.4 –0.6 0.1 0.3 0.1 0.0 0.2 0.6 0.8 0.9 0.5 0.3 0.4 0.4 0.3 0.3 0.5 0.5 0.4 0.9 0.2 –0.6 –1.0 –0.1 0.6 0.3 0.1 0.4 –0.2 1.0 0.4 0.7 0.1 0.4 0.4 –1.4 0.2 –0.2 1.0 0.0 0.7 –1.0 0.6 –0.5 –0.5 –0.1 0.0 1.0 0.7 0.7 0.8 0.3 0.0 0.0 0.3 0.3 0.1 0.2 0.2 0.3 0.2 0.7 0.6 0.6 0.0 0.2 0.4 0.2 0.7 0.2 0.3 0.2 0.3 0.6 0.4 –0.2 0.2 –0.7 0.1 0.4 0.4 0.3 0.2 –0.3 0.0 –0.4 0.5 0.1 –0.4 –0.8 –0.2 0.3 0.2 –0.5 0.4 –1.0 0.5 0.0 0.2 –0.4 0.4 0.0 1.1 1.8 2.0 1.6 0.7 0.3 0.1 –0.4 0.4 0.5 0.5 0.5 0.3 0.5 0.6 0.2 0.2 0.3 0.2 0.2 0.1 0.3 0.2 0.4 0.5 0.5 0.4 1 2 3 4 0.2 5 0.7 6 0.3 7 0.3 8 0.4 9 0.4 10 0.4 11 0.6 12 0.4 13 0.3 0.2 1.6 –0.5 0.4 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. 0.4 0.5 –0.2 0.1 –0.2 0.0 0.5 19 0.4 20 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2016. Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2014 2015 2015 I II 2016 III IV I Line II r r Based on current-dollar measures 1 Personal income ........................................................................ 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services................................................................................. 5.2 4.6 5.1 3.0 4.4 4.8 5.1 3.4 2.1 3.0 3.1 2.5 5.8 5.8 6.2 4.1 4.1 4.3 4.4 3.8 3.5 6.4 6.8 4.8 1.3 0.0 –0.7 2.9 4.1 4.6 4.7 4.2 1 2 3 4 4.1 6.9 8.3 3.1 16.6 4.6 4.6 6.5 5.1 2.9 8.8 1.2 0.1 2.7 5.4 4.2 8.5 3.8 –4.2 8.7 –4.6 –11.3 5.1 7.4 3.1 15.7 0.3 4.5 13.3 4.3 16.7 –10.2 5.7 5.1 5.9 5.8 6.9 7.2 1.9 6.3 –3.9 2.5 3.4 1.5 4.4 3.5 5.6 –6.8 –12.3 1.5 2.4 5.3 4.1 3.4 0.8 9.5 0.1 1.0 –1.1 5.4 1.6 –6.2 2.4 2.0 5 5.6 6 3.8 7 4.4 8 2.9 9 3.1 10 3.5 11 2.7 12 4.3 13 4.4 3.5 4.3 3.2 4.9 3.5 1.0 4.7 –0.7 4.8 0.8 –5.6 1.8 –9.1 4.1 4.8 5.6 6.9 4.9 4.4 3.9 3.3 3.4 3.2 4.2 2.7 –0.5 2.1 –1.8 4.2 1.9 –2.9 –1.5 –3.6 4.3 6.5 7.9 7.1 8.4 5.8 3.9 3.9 3.2 3.3 3.3 3.0 0.2 2.1 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. 3.8 3.5 3.8 3.5 2.7 2.0 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2016. 2.3 19 2.3 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2015 Line Dec. 2016 Jan. Feb. March April r May r June r July p 11,477.3 4,029.6 1,556.4 2,506.1 7,454.2 11,527.3 4,047.5 1,571.0 2,510.9 7,486.4 11,565.2 4,071.9 1,600.9 2,509.2 7,501.3 Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 11,351.5 3,967.8 1,534.8 2,465.8 7,387.9 11,344.9 3,958.0 1,518.7 2,470.0 7,390.2 11,376.4 3,962.4 1,528.9 2,465.6 7,416.5 11,374.4 3,973.6 1,527.0 2,477.8 7,404.9 11,457.6 4,023.2 1,556.5 2,499.9 7,441.0 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures (PCE)...................... 7 Goods.......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 36.0 9.9 2.3 7.4 25.8 –6.6 –9.8 –16.1 4.1 2.4 31.5 4.4 10.2 –4.4 26.3 –2.0 11.1 –1.9 12.1 –11.7 83.2 49.6 29.5 22.2 36.2 19.7 6.4 –0.1 6.2 13.2 50.0 17.9 14.6 4.8 32.1 37.8 6 24.3 7 29.9 8 –1.7 9 14.9 10 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... 0.3 0.3 0.2 0.3 0.4 –0.1 –0.2 –1.0 0.2 0.0 0.3 0.1 0.7 –0.2 0.4 0.0 0.3 –0.1 0.5 –0.2 0.7 1.2 1.9 0.9 0.5 0.2 0.2 0.0 0.2 0.2 0.4 0.4 0.9 0.2 0.4 0.3 0.6 1.9 –0.1 0.2 11 12 13 14 15 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2014 2015 2015 I 2016 II III IV I Line II r Billions of chained (2009) dollars 1 Personal consumption expenditures (PCE) ..................... 2 Goods ......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 10,868.9 3,755.4 1,401.1 2,376.4 7,114.2 11,214.7 3,907.4 1,498.1 2,439.3 7,310.3 11,102.4 3,851.5 1,462.9 2,415.8 7,252.4 11,181.3 3,892.1 1,489.8 2,431.8 7,291.8 11,255.9 3,932.6 1,512.4 2,451.3 7,327.2 11,319.3 3,953.4 1,527.3 2,458.4 7,369.8 11,365.2 3,964.7 1,524.9 2,471.1 7,403.9 74.5 40.5 22.5 19.5 35.4 63.4 20.7 15.0 7.1 42.6 45.9 11.3 –2.4 12.7 34.1 2.7 4.2 6.2 3.2 2.0 2.3 2.1 4.0 1.2 2.3 1.6 1.2 –0.6 2.1 1.9 11,487.4 4,033.4 1,561.3 2,505.6 7,460.5 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures (PCE) ..................... 7 Goods ......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 303.5 141.9 88.4 60.2 162.8 345.9 152.0 97.0 62.9 196.2 66.0 25.2 14.8 11.6 41.0 79.0 40.7 26.9 16.0 39.5 122.2 6 68.7 7 36.4 8 34.5 9 56.7 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures (PCE) ..................... 12 Goods ......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... r Revised 2.9 3.9 6.7 2.6 2.3 3.2 4.0 6.9 2.6 2.8 2.4 2.7 4.1 1.9 2.3 2.9 4.3 7.6 2.7 2.2 4.4 7.1 9.9 5.7 3.1 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2015 Line Dec. 2016 Jan. Feb. March April r May r June r July p Line Chain-type price indexes (2009=100), seasonally adjusted 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3....................... 109.871 101.755 89.645 107.938 114.167 109.999 101.563 89.859 107.497 114.467 109.917 100.944 89.603 106.662 114.671 109.991 100.820 89.395 106.592 114.851 110.349 101.332 89.450 107.379 115.126 110.537 101.286 89.144 107.496 115.441 110.659 101.292 88.560 107.869 115.625 110.659 100.920 88.334 107.410 115.828 1 2 3 4 5 110.191 110.882 99.403 108.388 108.500 110.494 110.739 96.441 108.432 108.730 110.702 110.953 90.059 108.352 108.979 110.776 110.438 91.087 108.400 109.023 110.993 110.629 94.558 108.713 109.168 111.179 110.120 95.899 108.915 109.371 111.265 109.867 97.300 109.050 109.467 111.366 6 109.762 7 95.514 8 109.026 9 109.554 10 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... Addenda: 16 PCE excluding food and energy ............................................... 17 Food 1 ........................................................................................ 18 Energy goods and services 2 ..................................................... 19 Market-based PCE 3 .................................................................. 20 Market-based PCE excluding food and energy 3....................... –0.1 –0.5 –0.1 –0.7 0.1 0.1 –0.2 0.2 –0.4 0.3 –0.1 –0.6 –0.3 –0.8 0.2 0.1 –0.1 –0.2 –0.1 0.2 0.3 0.5 0.1 0.7 0.2 0.2 0.0 –0.3 0.1 0.3 0.1 0.0 –0.7 0.3 0.2 0.0 –0.4 –0.3 –0.4 0.2 11 12 13 14 15 0.1 –0.3 –3.0 –0.1 0.1 0.3 –0.1 –3.0 0.0 0.2 0.2 0.2 –6.6 –0.1 0.2 0.1 –0.5 1.1 0.0 0.0 0.2 0.2 3.8 0.3 0.1 0.2 –0.5 1.4 0.2 0.2 0.1 –0.2 1.5 0.1 0.1 0.1 –0.1 –1.8 0.0 0.1 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2015 Line Dec. 1 Disposable personal income .................................................... 2 Personal consumption expenditures....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services .................................................................................... 2016 Jan. r 3.0 2.6 3.5 5.5 2.4 2.2 3.1 2.4 3.1 4.1 2.6 2.0 Feb. r 2.9 2.6 3.3 5.5 2.2 2.2 March r 3.2 2.2 2.4 3.2 2.0 2.0 April r 2.8 2.8 4.0 5.2 3.3 2.2 May r 2.6 2.5 3.2 3.9 2.8 2.2 June r 2.6 2.9 3.8 5.4 2.9 2.5 July p 2.7 3.0 3.8 6.3 2.6 2.6 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 first quarter of 2016. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Line 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3....................... 2015 Dec. 2016 Jan. Feb. March April r May r June r 0.6 –2.2 –1.6 –2.5 1.9 1.1 –1.0 –1.2 –0.8 2.1 0.9 –1.8 –1.6 –1.9 2.2 0.8 –2.0 –1.7 –2.2 2.1 1.0 –1.4 –1.7 –1.3 2.2 1.0 –1.8 –1.9 –1.8 2.3 0.9 –1.8 –2.3 –1.6 2.2 1.4 –0.2 –13.5 0.3 1.2 1.6 –0.2 –7.2 0.8 1.4 1.7 –0.1 –14.0 0.6 1.5 1.6 –0.3 –13.8 0.5 1.4 1.6 0.0 –9.7 0.7 1.3 1.6 –0.4 –10.7 0.7 1.4 1.6 –0.9 –10.0 0.7 1.4 July p 0.8 –2.2 –2.3 –2.1 2.3 Line 1 2 3 4 5 1.6 6 –1.2 7 –11.7 8 0.6 9 1.4 10 p Preliminary 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.