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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, AUGUST 31, 2017 Technical: Media: James Rankin (Personal Income) Harvey Davis (PCE) Jeannine Aversa BEA 17-43 (301) 278-9087 (301) 278-9086 (301) 278-9003 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays: July 2017 Personal income increased $65.6 billion (0.4 percent) in July according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $39.6 billion (0.3 percent) and personal consumption expenditures (PCE) increased $44.7 billion (0.3 percent). Real DPI increased 0.2 percent in July and Real PCE increased 0.2 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent. Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures (PCE): Current dollars Chained (2009) dollars Price indexes: PCE PCE, excluding food and energy Price indexes: PCE PCE, excluding food and energy 2017 Mar. Apr. May June July Percent change from preceding month 0.3 0.1 0.3 0.0 0.4 0.3 0.5 0.2 0.0 0.4 0.5 0.0 0.0 0.3 0.2 0.5 0.7 0.3 0.1 0.2 0.3 0.2 0.2 0.3 0.2 -0.2 -0.2 0.2 0.2 -0.1 0.1 0.0 0.1 0.1 0.1 Percent change from month one year ago 1.8 1.7 1.5 1.4 1.4 1.6 1.6 1.5 1.5 1.4 The increase in personal income in July primarily reflected increases in wages and salaries and personal income receipts on assets (table 3). The $29.3 billion increase in real PCE in July reflected an increase of $18.7 billion in spending for goods and an $11.8 billion increase in spending for services (table 7). Within goods, furnishings and durable household equipment was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for food services and accommodations. Detailed information on monthly real PCE spending can be found on Table 2.3.6U. Personal outlays increased $45.2 billion in July (table 3). Personal saving was $510.2 billion in July and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.5 percent (table 1). Updates Estimates have been updated for January through June. The change from the preceding month for current-dollar personal income and for current-dollar and chained (2009) dollar DPI and PCE -- revised and previously published -- are shown below for May and June. Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars Change from preceding month May June Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) 53.2 51.8 0.3 0.3 -3.5 5.2 0.0 0.0 61.4 58.7 60.6 60.6 0.4 0.5 0.4 0.5 -4.2 -6.7 3.0 -2.7 0.0 -0.1 0.0 0.0 20.1 21.5 27.4 30.5 0.2 0.2 0.2 0.3 8.1 4.5 31.3 23.0 0.1 0.0 0.2 0.2 QCEW Data Included in the First Quarter of 2017 This news release includes revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2017 (first quarter). These estimates reflect the incorporation of the most recently available first-quarter wage and salary tabulations from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages (QCEW) program. Next release: September 29, 2017 at 8:30 A.M. EDT Personal Income and Outlays: August 2017 Additional Information Resources Additional Resources available at www.bea.gov/: • • • • • • Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Definitions 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. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. For more definitions, see the Glossary: National Income and Product Accounts. Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, see the FAQ “How is average annual growth calculated?” 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. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. 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 August 31, 2017 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2016 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....................................................... 2017 Jan. r Feb. r March r April r Line May r June r July p 16,027.3 16,173.5 16,257.3 16,304.9 16,327.7 16,379.5 16,384.7 16,450.3 1 10,008.7 10,117.6 10,185.7 10,195.7 10,248.4 10,262.3 10,308.5 10,355.9 2 8,099.4 8,189.9 8,250.0 8,256.3 8,303.0 8,313.2 8,353.1 8,394.5 3 6,783.9 6,864.1 6,918.5 6,922.2 6,968.8 6,977.1 7,011.6 7,050.3 4 1,327.6 1,351.0 1,356.4 1,344.1 1,348.3 1,348.3 1,354.6 1,364.7 5 809.4 815.5 831.8 826.3 829.3 827.0 830.7 837.5 6 5,456.3 5,513.1 5,562.1 5,578.0 5,620.5 5,628.8 5,657.1 5,685.6 7 1,262.0 1,279.7 1,291.0 1,294.8 1,304.7 1,305.9 1,313.1 1,318.5 8 4,194.3 4,233.4 4,271.1 4,283.2 4,315.8 4,322.9 4,344.0 4,367.1 9 1,315.5 1,325.8 1,331.5 1,334.2 1,334.3 1,336.1 1,341.5 1,344.2 10 1,909.3 1,927.7 1,935.7 1,939.4 1,945.4 1,949.1 1,955.4 1,961.3 11 1,324.7 584.7 1,329.1 598.6 1,332.8 602.8 1,336.1 603.3 1,338.7 606.7 1,341.6 607.5 1,345.2 610.2 1,348.1 12 613.3 13 1,354.8 1,377.5 1,378.2 1,385.0 1,373.8 1,376.5 1,374.2 1,376.4 14 34.3 38.1 41.9 45.6 39.3 33.0 26.7 29.1 15 1,320.5 1,339.4 1,336.4 1,339.4 1,334.5 1,343.5 1,347.5 1,347.3 16 721.2 725.7 730.6 736.1 737.1 739.7 744.1 746.8 17 2,394.1 2,404.1 2,419.7 2,436.5 2,427.5 2,460.9 2,418.3 2,431.8 18 1,446.8 1,461.7 1,476.6 1,491.5 1,479.0 1,466.5 1,454.0 1,462.7 19 947.3 942.4 943.1 944.9 948.4 994.4 964.3 969.1 20 2,797.9 2,826.8 2,829.5 2,839.3 2,835.3 2,836.3 2,841.5 2,847.7 21 2,739.8 2,768.6 2,771.0 2,780.7 2,776.4 2,777.2 2,782.1 2,788.1 22 905.0 913.7 913.7 920.8 921.6 921.6 925.2 928.5 23 664.4 665.9 667.4 668.8 670.1 671.5 673.0 674.6 24 579.8 580.9 581.2 582.0 578.7 577.5 578.3 580.8 25 30.7 30.6 30.3 29.9 28.9 28.3 28.6 28.8 26 94.9 95.4 95.3 95.9 96.7 98.1 99.3 98.4 27 465.0 482.0 483.2 483.3 480.4 480.2 477.6 477.0 28 58.0 58.2 58.4 58.7 58.9 59.2 59.4 59.6 29 1,249.3 1,278.1 1,286.5 1,287.7 1,294.5 1,296.3 1,302.0 1,308.2 30 1,982.5 2,004.8 2,023.3 2,028.3 2,020.5 2,011.6 2,013.8 2,039.8 31 14,044.8 14,168.7 14,234.0 14,276.6 14,307.3 14,367.9 14,370.8 14,410.4 32 13,601.7 13,639.8 13,655.3 13,720.4 13,782.2 13,816.7 13,855.1 13,900.3 33 13,117.7 13,160.0 13,175.0 13,239.7 13,279.9 13,307.3 13,338.6 13,383.3 34 4,219.0 4,231.9 4,222.9 4,237.8 4,256.2 4,250.3 4,250.8 4,274.8 35 1,451.6 1,438.2 1,442.4 1,449.0 1,456.3 1,459.0 1,468.0 1,477.1 36 2,767.4 2,793.6 2,780.5 2,788.8 2,799.9 2,791.3 2,782.8 2,797.7 37 8,898.7 8,928.1 8,952.1 9,001.9 9,023.7 9,057.0 9,087.8 9,108.5 38 287.8 287.6 287.4 287.2 293.8 300.3 306.9 306.9 39 196.3 192.2 192.9 193.5 208.5 209.1 209.6 210.1 40 111.3 111.6 112.3 113.0 113.6 114.1 114.6 115.1 41 85.0 80.6 80.6 80.6 95.0 95.0 95.0 95.0 42 443.1 528.9 578.6 556.2 525.1 551.2 515.7 510.2 43 3.2 3.7 4.1 3.9 3.7 3.8 3.6 3.5 44 11,840.1 11,894.9 11,954.6 12,017.7 12,015.6 12,067.0 12,062.0 12,104.2 45 12,569.9 12,627.4 12,672.3 12,741.5 12,741.3 12,801.9 12,799.2 12,823.1 46 43,288 38,742 324,447 43,649 38,901 324,608 43,829 39,020 324,763 43,938 39,214 324,925 44,009 39,192 325,096 44,171 39,357 325,278 44,154 39,325 325,469 44,248 47 39,374 48 325,674 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 2017. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis August 31, 2017 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2015 2016 2016 Q1 1 Personal income ..................................................................................... 15,553.0 2 Compensation of employees.............................................................. 9,708.3 3 Wages and salaries .......................................................................... 7,858.9 4 Private industries............................................................................. 6,583.3 5 Goods-producing industries ......................................................... 1,308.6 6 Manufacturing........................................................................... 806.8 7 Services-producing industries...................................................... 5,274.6 8 Trade, transportation, and utilities ............................................ 1,237.4 9 Other services-producing industries ......................................... 4,037.2 10 Government .................................................................................... 1,275.6 11 Supplements to wages and salaries............................................... 1,849.4 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 1,278.0 13 Employer contributions for government social insurance................ 571.4 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 1,318.8 15 Farm ................................................................................................... 53.7 16 Nonfarm.............................................................................................. 1,265.1 17 Rental income of persons with capital consumption adjustment .. 662.5 18 Personal income receipts on assets.................................................. 2,387.1 19 Personal interest income.................................................................... 1,367.3 20 Personal dividend income .................................................................. 1,019.8 21 Personal current transfer receipts ..................................................... 2,684.4 22 Government social benefits to persons .............................................. 2,631.2 23 Social security 2 ............................................................................... 871.8 24 Medicare 3 ........................................................................................ 633.7 25 Medicaid.......................................................................................... 536.0 26 Unemployment insurance ............................................................... 32.2 27 Veterans’ benefits............................................................................ 89.8 28 Other ............................................................................................... 467.8 29 Other current transfer receipts, from business (net)........................... 53.1 30 Less: Contributions for government social insurance, domestic .. 1,208.0 31 Less: Personal current taxes................................................................. 1,937.9 32 Equals: Disposable personal income ................................................... 13,615.0 33 Less: Personal outlays........................................................................... 12,786.7 34 Personal consumption expenditures...................................................... 12,332.3 35 Goods................................................................................................. 4,033.2 36 Durable goods................................................................................. 1,367.1 37 Nondurable goods........................................................................... 2,666.0 38 Services.............................................................................................. 8,299.1 39 Personal interest payments 4.................................................................. 268.7 40 Personal current transfer payments....................................................... 185.7 41 To government.................................................................................... 105.4 42 To the rest of the world (net)............................................................... 80.2 43 Equals: Personal saving......................................................................... 828.4 44 Personal saving as a percentage of disposable personal income . 6.1 Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................... 11,754.2 Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................. 12,436.0 Per capita: 47 Current dollars................................................................................. 42,392 48 Chained (2009) dollars.................................................................... 38,720 49 Population (midperiod, thousands) 6 ...................................................... 321,173 Q2 2017 Q3 Q4 Q1 r Line Q2 r 15,928.7 15,751.0 15,910.1 16,028.0 16,025.7 16,245.2 16,363.9 1 9,978.6 9,838.6 9,979.6 10,081.4 10,014.9 10,166.3 10,273.1 2 8,085.2 7,964.9 8,090.2 8,178.1 8,107.8 8,232.1 8,323.1 3 6,777.8 6,669.7 6,785.2 6,863.4 6,792.7 6,901.6 6,985.8 4 1,331.2 1,317.6 1,332.4 1,345.2 1,329.8 1,350.5 1,350.4 5 814.4 803.7 817.5 824.8 811.7 824.5 829.0 6 5,446.5 5,352.1 5,452.8 5,518.3 5,462.9 5,551.1 5,635.5 7 1,265.0 1,250.3 1,269.3 1,277.7 1,262.9 1,288.5 1,307.9 8 4,181.5 4,101.9 4,183.5 4,240.6 4,200.0 4,262.6 4,327.6 9 1,307.5 1,295.1 1,305.0 1,314.6 1,315.2 1,330.5 1,337.3 10 1,893.4 1,873.7 1,889.4 1,903.4 1,907.1 1,934.2 1,950.0 11 1,309.8 583.6 1,298.6 575.1 1,305.5 583.9 1,313.3 590.1 1,321.7 585.4 1,332.7 601.6 1,341.9 12 608.1 13 1,341.9 1,327.6 1,339.5 1,346.1 1,354.6 1,380.2 1,374.9 14 43.2 46.8 46.7 41.4 37.8 41.9 33.0 15 1,298.7 1,280.8 1,292.8 1,304.6 1,316.7 1,338.4 1,341.8 16 707.3 697.6 704.8 708.1 718.9 730.8 740.3 17 2,377.8 2,374.9 2,371.4 2,373.2 2,391.6 2,420.1 2,435.6 18 1,415.3 1,397.4 1,408.4 1,416.9 1,438.5 1,476.6 1,466.5 19 962.5 977.5 962.9 956.4 953.0 943.5 969.1 20 2,768.4 2,739.9 2,760.2 2,777.4 2,795.9 2,831.9 2,837.7 21 2,711.0 2,683.4 2,703.0 2,719.7 2,737.9 2,773.4 2,778.6 22 896.5 886.2 894.0 899.7 906.0 916.1 922.8 23 655.9 648.8 653.5 658.2 662.9 667.4 671.5 24 563.0 549.4 558.0 566.8 577.8 581.4 578.2 25 31.7 32.5 31.9 31.6 30.7 30.2 28.6 26 92.8 91.6 92.7 92.9 94.0 95.5 98.0 27 471.1 474.8 472.8 470.4 466.5 482.8 479.4 28 57.4 56.5 57.3 57.8 58.0 58.4 59.2 29 1,245.3 1,227.5 1,245.4 1,258.2 1,250.2 1,284.1 1,297.6 30 1,960.1 1,928.9 1,950.7 1,983.8 1,977.2 2,018.8 2,015.3 31 13,968.6 13,822.1 13,959.4 14,044.3 14,048.5 14,226.4 14,348.7 32 13,288.0 13,034.3 13,214.2 13,366.6 13,537.0 13,671.8 13,818.0 33 12,820.7 12,571.5 12,755.0 12,899.4 13,056.9 13,191.6 13,308.6 34 4,121.4 4,046.9 4,108.5 4,134.4 4,195.9 4,230.8 4,252.4 35 1,411.0 1,382.5 1,401.1 1,420.2 1,440.2 1,443.2 1,461.1 36 2,710.4 2,664.3 2,707.4 2,714.2 2,755.7 2,787.6 2,791.3 37 8,699.3 8,524.6 8,646.5 8,765.0 8,861.0 8,960.7 9,056.2 38 278.4 273.4 276.3 279.3 284.4 287.4 300.3 39 189.0 189.4 183.0 187.9 195.6 192.9 209.1 40 108.9 107.7 108.1 109.0 110.6 112.3 114.1 41 80.1 81.7 74.9 78.9 85.0 80.6 95.0 42 680.6 787.8 745.2 677.7 511.5 554.6 530.7 43 4.9 5.7 5.3 4.8 3.6 3.9 3.7 44 11,878.7 11,830.4 11,894.9 11,934.4 11,857.1 11,955.7 12,048.2 45 12,608.2 12,567.7 12,627.2 12,649.2 12,590.8 12,680.4 12,780.8 46 43,194 38,988 323,391 42,853 38,964 322,549 43,209 39,086 323,064 43,390 39,080 323,675 43,323 38,828 324,275 43,805 39,045 324,765 44,112 47 39,292 48 325,281 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2017. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis August 31, 2017 Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2016 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 .......... 2017 Jan. r Feb. r March r April r Line May r June r July p 12.9 7.5 4.3 3.4 3.9 2.8 –0.5 2.2 –2.7 0.9 3.2 146.2 108.9 90.5 80.3 23.4 6.1 56.9 17.7 39.2 10.3 18.4 83.7 68.1 60.1 54.4 5.4 16.4 49.0 11.3 37.7 5.7 8.0 47.6 10.0 6.3 3.6 –12.3 –5.5 15.9 3.8 12.1 2.7 3.7 22.8 52.7 46.7 46.6 4.1 2.9 42.5 9.9 32.6 0.1 6.0 51.8 13.9 10.2 8.3 0.0 –2.2 8.3 1.2 7.1 1.9 3.7 5.2 46.2 39.9 34.5 6.3 3.7 28.2 7.2 21.1 5.4 6.3 65.6 1 47.3 2 41.4 3 38.7 4 10.1 5 6.8 6 28.6 7 5.4 8 23.1 9 2.7 10 5.9 11 3.0 0.1 4.4 14.0 3.7 4.2 3.3 0.5 2.7 3.3 2.9 0.8 3.6 2.8 2.9 12 3.0 13 –3.5 –3.9 0.4 1.8 1.3 8.0 –6.7 6.5 6.5 3.1 1.5 1.5 0.2 1.2 –1.0 0.0 0.7 9.2 3.7 74.9 70.8 34.5 22.4 12.1 36.3 3.5 0.7 0.7 0.0 –71.2 22.7 3.8 18.9 4.6 10.0 14.9 –4.9 28.9 28.7 8.7 1.5 1.1 –0.2 0.5 17.0 0.2 28.9 22.4 123.9 38.1 42.3 12.9 –13.4 26.3 29.4 –0.2 –4.1 0.4 –4.4 85.8 0.8 3.8 –3.0 4.9 15.7 14.9 0.7 2.7 2.5 0.0 1.5 0.3 –0.3 –0.1 1.2 0.2 8.3 18.5 65.3 15.5 15.0 –9.0 4.2 –13.2 24.0 –0.2 0.7 0.7 0.0 49.8 6.8 3.8 3.0 5.5 16.7 14.9 1.8 9.9 9.6 7.1 1.4 0.9 –0.5 0.6 0.1 0.2 1.2 5.0 42.6 65.1 64.6 14.9 6.5 8.3 49.8 –0.2 0.6 0.6 0.0 –22.5 –11.2 –6.3 –4.9 1.1 –9.0 –12.5 3.5 –4.0 –4.3 0.8 1.3 –3.3 –1.0 0.8 –2.9 0.2 6.7 –7.9 30.7 61.8 40.2 18.4 7.3 11.1 21.8 6.6 15.0 0.6 14.4 –31.1 2.7 –6.3 9.0 2.6 33.5 –12.5 46.0 1.0 0.8 0.0 1.4 –1.2 –0.6 1.4 –0.2 0.2 1.9 –8.8 60.6 34.5 27.4 –5.9 2.7 –8.7 33.3 6.6 0.6 0.6 0.0 26.1 –2.3 –6.3 4.0 4.4 –42.6 –12.5 –30.1 5.2 4.9 3.6 1.5 0.8 0.3 1.2 –2.5 0.2 5.7 2.2 3.0 38.4 31.3 0.5 9.0 –8.4 30.8 6.6 0.5 0.5 0.0 –35.5 –15.8 –19.6 54.8 57.5 59.7 44.9 63.1 69.2 –2.1 –0.3 51.4 60.6 –5.0 –2.7 2.2 2.3 –0.2 2.6 13.5 8.7 4.8 6.2 6.0 3.2 1.6 2.5 0.2 –0.9 –0.7 0.2 6.2 26.0 39.6 45.2 44.7 24.0 9.1 14.8 20.7 0.0 0.5 0.5 0.0 –5.6 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 42.2 44 23.9 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 2017. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis August 31, 2017 Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities ............................................ 9 Other services-producing industries ......................................... 10 Government .................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment .. 18 Personal income receipts on assets.................................................. 19 Personal interest income.................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 ............................................................................... 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance ............................................................... 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic .. 31 Less: Personal current taxes................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4.................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ...................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 .......... 2015 2016 2016 2017 Q1 Q2 Q3 Q4 Q1 r Line Q2 r 734.7 451.8 382.1 343.4 49.5 26.3 293.9 62.7 231.2 38.7 69.7 375.8 270.4 226.4 194.5 22.6 7.6 171.9 27.7 144.2 31.9 44.0 –18.1 –66.9 –65.1 –66.4 –17.5 –20.2 –48.9 –14.2 –34.7 1.3 –1.8 159.1 141.0 125.3 115.5 14.8 13.8 100.7 19.0 81.6 9.8 15.7 117.9 101.8 87.9 78.2 12.7 7.4 65.5 8.3 57.2 9.6 14.0 –2.3 –66.5 –70.2 –70.8 –15.4 –13.2 –55.4 –14.8 –40.6 0.5 3.8 219.5 151.4 124.3 108.9 20.7 12.9 88.2 25.6 62.6 15.3 27.1 118.7 1 106.8 2 91.0 3 84.2 4 –0.2 5 4.5 6 84.4 7 19.4 8 65.0 9 6.8 10 15.7 11 46.3 23.4 31.8 12.2 6.4 –8.3 6.9 8.8 7.7 6.2 8.4 –4.7 10.9 16.2 9.2 12 6.5 13 3.0 –14.5 17.5 50.8 141.9 64.0 77.9 140.0 132.5 37.2 32.7 45.0 –3.3 6.1 14.8 7.5 52.8 152.3 582.4 492.8 468.6 62.7 70.8 –8.0 405.9 15.0 9.2 6.8 2.4 89.6 23.1 –10.5 33.6 44.8 –9.3 48.0 –57.4 84.0 79.7 24.7 22.2 27.0 –0.5 3.0 3.3 4.3 37.3 22.2 353.5 501.4 488.4 88.3 43.9 44.4 400.2 9.6 3.3 3.4 –0.1 –147.8 2.2 –4.2 6.5 16.2 –2.6 20.0 –22.5 28.5 27.4 4.6 5.0 8.0 0.6 0.2 9.0 1.1 –4.4 –47.6 29.4 79.1 76.6 –13.9 –0.9 –13.0 90.4 –0.5 3.0 2.0 0.9 –49.6 11.9 –0.1 12.0 7.2 –3.6 11.0 –14.6 20.4 19.6 7.8 4.7 8.6 –0.6 1.1 –2.0 0.8 17.9 21.8 137.3 180.0 183.5 61.6 18.5 43.1 121.9 2.9 –6.4 0.4 –6.8 –42.7 6.6 –5.3 11.8 3.3 1.9 8.4 –6.6 17.2 16.7 5.7 4.7 8.8 –0.3 0.2 –2.4 0.5 12.9 33.1 84.9 152.4 144.4 25.9 19.1 6.8 118.5 3.0 5.0 1.0 4.0 –67.5 8.5 –3.6 12.1 10.8 18.4 21.7 –3.3 18.5 18.3 6.3 4.6 11.0 –1.0 1.1 –3.9 0.2 –8.0 –6.6 4.2 170.4 157.5 61.5 20.0 41.4 96.0 5.2 7.7 1.6 6.2 –166.1 25.7 4.0 21.6 11.9 28.5 38.1 –9.6 35.9 35.5 10.1 4.5 3.5 –0.4 1.5 16.3 0.5 33.9 41.6 177.9 134.9 134.7 34.9 3.0 32.0 99.7 3.0 –2.8 1.7 –4.4 43.0 510.0 496.7 124.5 172.3 –61.5 6.5 64.6 59.5 39.5 22.0 –77.3 –58.4 98.7 89.6 –5.4 –8.8 3.5 9.5 15.5 –10.1 25.6 5.8 5.1 6.8 4.1 –3.2 –1.7 2.5 –3.4 0.7 13.5 –3.5 122.2 146.1 117.0 21.6 17.9 3.7 95.4 12.9 16.2 1.8 14.4 –23.9 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 92.5 44 100.3 45 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2017. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis August 31, 2017 Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2016 Dec. 2017 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................................................................................. 0.1 0.1 0.1 0.2 0.9 1.1 1.1 1.0 0.5 0.7 0.7 0.4 0.3 0.1 0.1 0.2 0.1 0.5 0.6 0.3 0.3 0.1 0.1 0.2 0.0 0.5 0.5 0.3 0.4 0.5 0.5 0.3 1 2 3 4 –0.3 0.3 0.1 0.6 –0.7 0.2 0.1 0.5 0.0 1.7 0.6 0.4 1.0 –0.5 1.0 2.3 1.1 0.9 0.1 0.7 0.7 1.0 0.1 0.1 0.7 0.9 0.5 0.5 0.8 0.7 1.0 0.2 0.3 0.1 0.2 0.3 –0.8 0.1 –0.4 –0.8 0.4 –0.1 0.5 –0.4 0.2 0.2 0.3 1.4 –0.8 4.8 0.0 0.1 –0.4 0.4 –0.2 0.6 –1.7 –0.9 –3.0 0.2 0.4 0.1 0.0 0.2 5 0.4 6 0.6 7 0.6 8 0.5 9 0.2 10 0.5 11 1.3 12 0.3 13 0.5 0.8 1.6 0.4 0.4 0.3 0.3 –0.9 0.9 0.3 0.1 –0.2 0.3 –0.5 0.3 0.5 0.4 0.5 0.3 0.6 0.3 0.4 0.5 0.4 0.2 0.2 –0.1 0.2 –0.3 0.4 0.2 0.0 0.6 –0.3 0.3 0.3 0.6 0.6 0.5 0.2 0.5 0.5 0.0 0.0 0.4 0.5 0.0 0.0 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. –0.1 –0.2 0.5 0.5 0.5 0.4 0.3 19 0.2 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 2017. Source: U.S. Bureau of Economic Analysis Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2015 2016 2016 Q1 Q2 2017 Q3 Q4 Q1 Line Q2 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................................................................................. 5.0 4.9 5.1 3.9 2.4 2.8 2.9 2.4 –0.5 –2.7 –3.2 –0.4 4.1 5.9 6.4 3.4 3.0 4.1 4.4 3.0 –0.1 –2.6 –3.4 0.8 5.6 6.2 6.3 5.8 3.0 4.3 4.5 3.3 1 2 3 4 0.2 8.3 6.3 4.9 8.3 5.5 4.6 8.5 4.5 1.8 6.8 –0.4 3.5 –5.6 3.1 3.1 1.1 2.6 0.7 9.8 –0.4 5.9 –8.7 4.3 –1.4 –9.3 0.9 3.6 4.2 –0.6 3.2 –5.8 3.0 5.9 4.6 4.0 2.0 1.9 0.3 2.4 –2.7 2.5 4.2 7.0 2.5 2.5 6.2 3.1 6.3 –1.4 2.7 –2.5 –1.3 0.1 7.8 6.8 4.9 11.0 –3.9 5.2 11.3 8.7 5.2 3.9 1.6 5.5 –0.3 5.1 4.0 2.2 3.2 1.7 4.8 2.5 –1.4 –0.3 –1.9 4.4 6.0 6.2 5.5 6.6 5.8 4.6 2.5 5.6 1.0 5.6 5.0 6.1 5.8 6.2 4.5 4.2 3.4 0.8 4.7 4.6 3.6 2.1 5.0 0.5 4.3 2.2 1.9 1.3 0.7 –2.6 –1.8 3.4 2.9 3.1 19 3.2 20 –1.5 5 5.3 6 2.6 7 –2.7 8 11.3 9 0.8 10 4.3 11 –0.7 12 3.5 13 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. 4.5 4.2 1.1 1.4 –2.1 0.2 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2017. Source: U.S. Bureau of Economic Analysis August 31, 2017 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2016 Line Dec. 2017 Jan. Feb. March April r May r June r July p 11,856.9 4,208.1 1,680.8 2,571.8 7,661.1 11,879.9 4,218.1 1,695.0 2,569.7 7,674.4 11,909.1 4,236.8 1,708.7 2,576.2 7,686.2 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 ...................................................................................... 11,740.1 4,159.8 1,664.6 2,539.8 7,591.4 11,728.4 4,135.0 1,638.2 2,537.8 7,601.8 11,729.6 4,131.1 1,643.4 2,530.0 7,606.3 11,816.1 4,170.1 1,660.4 2,552.7 7,655.0 11,826.4 4,188.7 1,673.1 2,559.9 7,648.7 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 ...................................................................................... 42.1 27.9 26.9 4.4 16.0 –11.6 –24.8 –26.4 –2.0 10.4 1.1 –3.9 5.2 –7.8 4.5 86.6 39.1 17.1 22.7 48.7 10.2 18.6 12.7 7.2 –6.3 30.5 19.4 7.7 11.9 12.4 23.0 10.0 14.3 –2.1 13.3 29.3 6 18.7 7 13.6 8 6.5 9 11.8 10 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... 0.4 0.7 1.6 0.2 0.2 –0.1 –0.6 –1.6 –0.1 0.1 0.0 –0.1 0.3 –0.3 0.1 0.7 0.9 1.0 0.9 0.6 0.1 0.4 0.8 0.3 –0.1 0.3 0.5 0.5 0.5 0.2 0.2 0.2 0.8 –0.1 0.2 0.2 0.4 0.8 0.3 0.2 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2015 2016 2016 Q1 2017 Q2 Q3 Q4 Q1 Line Q2 r Billions of chained (2009) dollars 1 Personal consumption expenditures (PCE)...................... 2 Goods .......................................................................................... 3 Durable goods........................................................................... 4 Nondurable goods..................................................................... 5 Services....................................................................................... 11,264.3 3,927.3 1,511.8 2,446.8 7,340.1 11,572.1 4,072.2 1,595.1 2,514.3 7,507.3 11,430.5 4,000.4 1,544.4 2,488.6 7,434.7 11,537.7 4,059.1 1,576.2 2,517.5 7,485.7 11,618.1 4,090.8 1,611.9 2,517.9 7,534.9 11,702.1 4,138.4 1,647.9 2,533.2 7,573.8 11,758.0 4,145.4 1,647.3 2,540.2 7,621.0 80.4 31.7 35.7 0.4 49.2 84.0 47.6 36.0 15.3 38.9 55.9 7.0 –0.6 7.0 47.2 2.8 3.2 9.4 0.1 2.7 2.9 4.7 9.2 2.5 2.1 1.9 0.7 –0.1 1.1 2.5 11,854.4 4,205.0 1,683.0 2,567.1 7,661.4 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....................................................................................... 395.9 173.8 108.7 73.8 224.6 307.9 144.9 83.3 67.5 167.2 51.3 20.5 3.8 16.1 31.0 107.2 58.7 31.8 28.9 51.0 96.3 6 59.6 7 35.7 8 27.0 9 40.3 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures (PCE)...................... 12 Goods .......................................................................................... 13 Durable goods........................................................................... 14 Nondurable goods..................................................................... 15 Services....................................................................................... r Revised Source: U.S. Bureau of Economic Analysis 3.6 4.6 7.7 3.1 3.2 2.7 3.7 5.5 2.8 2.3 1.8 2.1 1.0 2.6 1.7 3.8 6.0 8.5 4.7 2.8 3.3 5.9 8.9 4.3 2.1 11 12 13 14 15 August 31, 2017 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2016 Line Dec. 2017 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....................... 111.740 101.423 87.179 108.967 117.228 112.212 102.343 87.771 110.085 117.454 112.329 102.222 87.748 109.902 117.701 112.053 101.622 87.241 109.252 117.602 112.296 101.610 87.016 109.379 117.984 112.238 101.002 86.780 108.538 118.228 112.285 100.775 86.581 108.298 118.425 112.384 100.896 86.425 108.599 118.512 1 2 3 4 5 112.208 109.086 104.158 109.917 110.149 112.525 109.099 108.685 110.434 110.497 112.708 109.260 107.322 110.522 110.657 112.536 109.672 103.695 110.215 110.462 112.735 109.960 104.763 110.359 110.542 112.826 109.945 101.531 110.228 110.569 112.975 109.792 99.786 110.245 110.698 113.076 6 109.979 7 99.700 8 110.313 9 110.764 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....................... 0.2 0.1 –0.1 0.3 0.2 0.4 0.9 0.7 1.0 0.2 0.1 –0.1 0.0 –0.2 0.2 –0.2 –0.6 –0.6 –0.6 –0.1 0.2 0.0 –0.3 0.1 0.3 –0.1 –0.6 –0.3 –0.8 0.2 0.0 –0.2 –0.2 –0.2 0.2 0.1 0.1 –0.2 0.3 0.1 11 12 13 14 15 0.1 –0.1 1.5 0.2 0.1 0.3 0.0 4.3 0.5 0.3 0.2 0.1 –1.3 0.1 0.1 –0.2 0.4 –3.4 –0.3 –0.2 0.2 0.3 1.0 0.1 0.1 0.1 0.0 –3.1 –0.1 0.0 0.1 –0.1 –1.7 0.0 0.1 0.1 0.2 –0.1 0.1 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. Source: U.S. Bureau of Economic Analysis Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2016 Line Dec. 1 Disposable personal income .................................................... 2 Personal consumption expenditures....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services .................................................................................... 2017 Jan. r 0.0 2.9 3.9 7.3 2.2 2.4 0.5 2.9 3.8 6.9 2.3 2.4 Feb. r 0.9 2.5 3.1 6.3 1.5 2.2 March r 1.3 3.2 4.0 6.9 2.5 2.9 April r 1.0 2.8 3.6 6.8 2.0 2.4 May r 1.4 2.8 3.7 6.8 2.1 2.4 June r 1.2 2.6 3.4 6.7 1.7 2.3 July p 1.3 2.7 3.6 5.9 2.5 2.3 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 2017. Source: U.S. Bureau of Economic Analysis Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Line 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3....................... 2016 Dec. 2017 Jan. Feb. March April r May r June r 1.8 –0.2 –2.7 1.1 2.7 2.0 0.8 –2.2 2.3 2.6 2.2 1.2 –2.0 2.9 2.6 1.8 0.7 –2.3 2.3 2.4 1.7 0.3 –2.5 1.8 2.4 1.5 –0.2 –2.4 1.0 2.3 1.4 –0.4 –2.1 0.5 2.3 1.9 –1.6 5.9 1.5 1.5 1.9 –1.5 12.3 1.8 1.6 1.9 –1.5 17.3 2.0 1.6 1.6 –0.7 12.0 1.6 1.4 1.6 –0.6 9.8 1.5 1.3 1.5 –0.1 5.4 1.3 1.2 1.5 –0.1 2.1 1.1 1.2 July p 1.4 0.0 –2.0 1.0 2.1 Line 1 2 3 4 5 1.4 6 0.2 7 3.3 8 1.1 9 1.1 10 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis