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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, AUGUST 30, 2018
Technical:
Media:

James Rankin (Personal Income)
Kyle Brown (PCE)
Jeannine Aversa

(301) 278-9087
(301) 278-9086
(301) 278-9003

BEA 18-44
piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays: July 2018
Personal income increased $54.8 billion (0.3 percent) in July according to estimates released today by
the Bureau of Economic Analysis. Disposable personal income (DPI) increased $52.5 billion (0.3 percent)
and personal consumption expenditures (PCE) increased $49.3 billion (0.4 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 0.2 percent.
2018
Mar.
Apr.
May
June
July
Percent change from preceding month
Personal income:
Current dollars
Disposable personal income:
Current dollars
Chained (2012) dollars
Personal consumption expenditures (PCE):
Current dollars
Chained (2012) dollars
Price indexes:
PCE
PCE, excluding food and energy
Price indexes:
PCE
PCE, excluding food and energy

0.4

0.3

0.3

0.4

0.3

0.4
0.3

0.3
0.1

0.4
0.2

0.4
0.3

0.3
0.2

0.6
0.6

0.5
0.3

0.5
0.3

0.4
0.3

0.4
0.2

0.1
0.2

0.2
0.2

0.2
0.2

0.1
0.1

0.1
0.2

Percent change from month one year ago
2.1
2.0
2.2
2.2
2.3
2.0
1.9
2.0
1.9
2.0

The increase in personal income in July primarily reflected increases in wages and salaries, personal
dividend income, and rental income (table 3).
The $29.6 billion increase in real PCE in July reflected an increase of $10.9 billion in spending for goods
and a $18.9 billion increase in spending for services (table 7). Within goods, prescription drugs 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 in Table 2.3.6U.
Personal outlays increased $52.7 billion in July (table 3). Personal saving was $1,048.1 billion in July and
the personal saving rate, personal saving as a percentage of disposable personal income, was 6.7
percent (table 1).
Updates to Personal Income and Outlays
Estimates have been updated for January through June. The percent change from the preceding month
for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE -revised and previously 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 (2012) dollars
Personal consumption
expenditures:
Current dollars
Chained (2012) dollars

65.9

60.0

0.4

0.3

71.7

66.1

0.4

0.4

61.6
29.3

57.5
25.3

0.4
0.2

0.4
0.2

65.3
45.8

59.6
38.9

0.4
0.3

0.4
0.3

65.4
35.7

75.0
44.4

0.5
0.3

0.5
0.3

57.1
39.7

51.2
32.8

0.4
0.3

0.4
0.3

QCEW Data Included in the First Quarter of 2018
This news release includes revised estimates of wages and salaries, personal taxes, and contributions
for government social insurance for January through March 2018 (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 28, 2018 at 8:30 A.M. EDT
Personal Income and Outlays: August 2018

Additional Information
Resources
Additional Resources available at www.bea.gov:
•

•
•
•
•
•

Stay informed about BEA developments by
reading The BEA Wire, signing up for BEA’s email
subscription service, or following BEA on 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 2012).
Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from
two adjacent periods (months for monthly data, quarters
for quarterly data and annuals for annual data). For details
on the calculation of quantity and price indexes, see
Chapter 4: Estimating Methods in the NIPA Handbook.
Chained-dollar values are calculated by multiplying the
quantity index by the current dollar value in the reference
year (2012) and then dividing by 100. Percent changes
calculated from real quantity indexes and chained-dollar
levels are conceptually the same; any differences are due to
rounding. Chained-dollar values are not additive because
the relative weights for a given period differ from those of
the reference year. In tables that display chained-dollar
values, a "residual" line shows the difference between the
sum of detailed chained-dollar series and its corresponding
aggregate.

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]

Line
1 Personal income.....................................................................
2 Compensation of employees................................................
Wages and salaries............................................................
3
Private industries.............................................................
4
Goods-producing industries...........................................
5
Manufacturing............................................................
6
Services-producing industries........................................
7
Trade, transportation, and utilities..............................
8
Other services-producing industries............................
9
Government....................................................................
10
Supplements to wages and salaries...................................
11
Employer contributions for employee pension and
12
insurance funds1.....................................................................
Employer contributions for government social
13
insurance...........................................................................
14 Proprietors' income with inventory valuation and
capital consumption adjustments...................................
Farm...................................................................................
15
Nonfarm.............................................................................
16
17 Rental income of persons with capital consumption
adjustment...................................................................................
18 Personal income receipts on assets......................................
Personal interest income....................................................
19
Personal dividend income...................................................
20
21 Personal current transfer receipts........................................
Government social benefits to persons...............................
22
Social security2............................................................................
23

2017
Dec.
17,164.6
10,612.1
8,626.0
7,266.6
1,415.4
857.0
5,851.3
1,330.3
4,521.0
1,359.4
1,986.1

r

Seasonally adjusted at annual rates
2018
Marchr
Aprilr

r

Jan.

Feb.

Line
Mayr

Juner

Julyp

17,257.7
10,674.0
8,679.5
7,318.2
1,436.3
870.6
5,881.9
1,340.2
4,541.6
1,361.4
1,994.5

17,315.7
10,709.0
8,709.5
7,346.2
1,458.2
880.6
5,887.9
1,343.2
4,544.7
1,363.4
1,999.4

17,384.1
10,747.3
8,742.8
7,378.2
1,462.2
882.8
5,916.0
1,350.8
4,565.3
1,364.6
2,004.5

17,435.6
10,785.0
8,775.6
7,408.8
1,474.9
890.3
5,933.9
1,350.1
4,583.7
1,366.8
2,009.4

17,495.6
10,816.9
8,802.7
7,432.1
1,473.0
884.3
5,959.1
1,361.1
4,598.0
1,370.6
2,014.2

17,561.7
10,858.9
8,839.0
7,462.8
1,481.1
890.4
5,981.7
1,363.2
4,618.5
1,376.2
2,019.9

17,616.5
10,895.0
8,870.4
7,492.4
1,485.4
892.9
6,007.0
1,364.8
4,642.2
1,378.0
2,024.6

1
2
3
4
5
6
7
8
9
10
11

1,369.6

1,373.4

1,376.3

1,379.1

1,381.8

1,384.9

1,388.2

1,390.7

12

616.5

621.1

623.1

625.4

627.6

629.3

631.7

633.8

13

1,525.3
33.8
1,491.6

1,538.6
34.5
1,504.1

1,551.4
35.2
1,516.1

1,559.8
36.0
1,523.9

1,562.4
39.0
1,523.4

1,574.0
42.1
1,531.9

1,584.0
45.1
1,538.8

1,583.6
43.9
1,539.7

14
15
16

746.3
2,717.9
1,604.5
1,113.4
2,885.6
2,828.6
935.8
708.9
584.2
27.9
102.8
468.9
57.0

745.7
2,712.3
1,601.1
1,111.2
2,926.2
2,868.2
959.5
711.0
586.7
28.1
104.9
478.1
58.0

748.6
2,719.8
1,597.6
1,122.2
2,930.4
2,872.2
956.9
713.5
590.0
27.5
106.2
477.9
58.2

753.6
2,726.4
1,594.2
1,132.3
2,945.2
2,886.8
966.1
716.6
594.2
27.0
105.6
477.2
58.5

752.2
2,729.2
1,598.7
1,130.5
2,959.5
2,899.5
966.5
720.3
598.8
26.3
110.7
477.1
60.0

753.4
2,745.4
1,603.2
1,142.1
2,962.7
2,902.3
968.3
724.4
601.3
25.1
107.6
475.6
60.4

756.2
2,755.7
1,607.8
1,148.0
2,968.7
2,907.9
972.3
729.0
601.0
25.1
105.5
474.9
60.8

761.7
2,763.7
1,609.0
1,154.7
2,978.9
2,917.7
975.2
734.1
598.7
25.3
109.5
474.9
61.2

17
18
19
20
21
22
23
24
25
26
27
28
29

1,322.5
2,080.9
15,083.7
14,143.4
13,633.6
4,266.3
1,445.3
2,821.0
9,367.4
311.4
198.4
109.4
89.0
940.3

1,339.1
2,021.9
15,235.8
14,175.6
13,662.6
4,276.7
1,437.6
2,839.1
9,386.0
313.2
199.8
109.6
90.3
1,060.1

1,343.4
2,029.9
15,285.8
14,161.2
13,645.9
4,248.7
1,418.5
2,830.2
9,397.2
314.9
200.3
110.0
90.3
1,124.6

1,348.2
2,038.2
15,346.0
14,247.7
13,730.3
4,277.7
1,447.4
2,830.3
9,452.5
316.7
200.8
110.5
90.3
1,098.3

1,352.9
2,038.7
15,396.9
14,328.0
13,804.6
4,305.3
1,456.9
2,848.4
9,499.3
322.0
201.4
110.9
90.5
1,068.9

1,356.7
2,041.3
15,454.3
14,408.7
13,879.6
4,341.7
1,460.4
2,881.3
9,537.9
327.3
201.8
111.4
90.5
1,045.6

1,361.8
2,047.8
15,514.0
14,465.6
13,930.7
4,336.4
1,458.9
2,877.5
9,594.3
332.6
202.3
111.8
90.5
1,048.4

1,366.4
2,050.0
15,566.5
14,518.4
13,980.0
4,346.7
1,456.5
2,890.3
9,633.3
335.7
202.7
112.2
90.5
1,048.1

30
31
32
33
34
35
36
37
38
39
40
41
42
43

6.2

7.0

7.4

7.2

6.9

6.8

6.8

6.7

44

13,338.5

13,343.7

13,375.2

13,418.4

13,423.3

13,449.7

13,490.1

13,514.6

45

14,090.2

14,185.7

14,212.5

14,261.3

14,277.2

14,302.5

14,341.4

14,372.2

46

47
46,114
46,555
46,686
46,846
48
43,077
43,346
43,408
43,535
49 Population (midperiod, thousands)6.......................................
327,097
327,265
327,418
327,584
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.

46,976
43,559
327,763

47,124
43,612
327,951

47,277
43,704
328,150

47,406
43,769
328,365

47
48
49

24
25
26
27
28
29
30

3

Medicare ................................................................................
Medicaid..........................................................................
Unemployment insurance................................................
Veterans' benefits............................................................
Other...............................................................................
Other current transfer receipts, from business (net)...........
Less: Contributions for government social
insurance, domestic.....................................................................
Less: Personal current taxes...................................................
Equals: Disposable personal income.......................................
Less: Personal outlays.............................................................
Personal consumption expenditures.....................................
Goods.................................................................................
Durable goods..................................................................
Nondurable goods............................................................
Services..............................................................................

31
32
33
34
35
36
37
38
39 Personal interest payments4.......................................................
40 Personal current transfer payments......................................
To government...................................................................
41
To the rest of the world (net)..............................................
42
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 (2012) dollars5....................
Disposable personal income:
46

Total, billions of chained (2012) dollars5.............................
Per capita:
Current dollars.................................................................
Chained (2012) dollars.....................................................

 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.
 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.
 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.
 Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
 The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
 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
thefollowing month; the annual and quarterly estimates are averages of the monthly estimates.
Source: U.S. Bureau of Economic Analysis

Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2017

2016

1 Personal income.....................................................................
2 Compensation of employees................................................
Wages and salaries............................................................
3
Private industries.............................................................
4
Goods-producing industries...........................................
5
Manufacturing............................................................
6
Services-producing industries........................................
7
Trade, transportation, and utilities..............................
8
Other services-producing industries............................
9
Government....................................................................
10
Supplements to wages and salaries...................................
11
Employer contributions for employee pension and
12
insurance funds1.....................................................................
13
Employer contributions for government social
insurance................................................................................
14 Proprietors' income with inventory valuation and
capital consumption adjustments...........................................
Farm...................................................................................
15
Nonfarm.............................................................................
16
17 Rental income of persons with capital consumption
adjustment.................................................................................
18 Personal income receipts on assets......................................
Personal interest income....................................................
19
Personal dividend income...................................................
20
21 Personal current transfer receipts........................................
Government social benefits to persons...............................
22

2017

Line

2018

16,125.1
9,956.2
8,080.7
6,773.0
1,328.3
814.0
5,444.7
1,262.0
4,182.7
1,307.7
1,875.6

16,830.9
10,407.2
8,453.8
7,108.1
1,390.3
846.4
5,717.8
1,313.5
4,404.3
1,345.7
1,953.4

Q1
16,604.4
10,249.2
8,325.0
6,991.3
1,370.0
836.7
5,621.3
1,300.0
4,321.3
1,333.7
1,924.2

Q2
16,721.2
10,339.9
8,395.7
7,054.3
1,380.4
841.8
5,673.9
1,306.8
4,367.2
1,341.4
1,944.2

Q3
16,895.1
10,471.2
8,506.6
7,156.3
1,400.7
851.2
5,755.6
1,321.1
4,434.5
1,350.2
1,964.6

Q4
17,103.1
10,568.6
8,588.1
7,230.4
1,410.3
855.9
5,820.1
1,325.9
4,494.2
1,357.7
1,980.5

1,294.2

1,348.1

1,327.4

1,342.7

1,355.7

581.4

605.3

596.8

601.5

1,419.3
37.5
1,381.8

1,500.9
38.9
1,462.0

1,475.1
42.3
1,432.9

694.8
2,516.6
1,440.9
1,075.7
2,778.1
2,717.4
896.5
662.2
562.7
31.7
92.8
471.6
60.7

730.2
2,631.6
1,523.0
1,108.6
2,859.7
2,804.0
926.1
695.3
577.4
29.1
98.5
477.6
55.7

1,239.9
1,954.3
14,170.9
13,222.7
12,766.9
3,996.3
1,346.6
2,649.7
8,770.6
269.2
186.5
104.3
82.3
948.2

Q1r

Q2r

17,319.2
10,710.1
8,710.6
7,347.5
1,452.2
878.0
5,895.3
1,344.8
4,550.5
1,363.1
1,999.4

17,497.6
10,820.3
8,805.8
7,434.6
1,476.3
888.3
5,958.2
1,358.2
4,600.1
1,371.2
2,014.5

1
2
3
4
5
6
7
8
9
10
11

1,366.4

1,376.3

1,385.0

12

608.8

614.0

623.2

629.5

13

1,495.0
41.5
1,453.5

1,507.5
36.4
1,471.1

1,526.1
35.4
1,490.6

1,549.9
35.2
1,514.7

1,573.5
42.1
1,531.4

14
15
16

719.0
2,607.4
1,523.9
1,083.5
2,834.2
2,777.4
916.2
683.1
573.6
30.4
95.0
479.1
56.9

724.4
2,610.9
1,490.9
1,120.0
2,841.6
2,786.6
922.8
691.7
569.3
29.0
97.4
476.4
55.0

732.0
2,615.1
1,500.1
1,115.1
2,875.3
2,820.5
929.8
699.6
583.6
28.8
99.8
478.9
54.8

745.3
2,692.9
1,577.2
1,115.7
2,887.6
2,831.5
935.5
706.6
583.2
28.0
102.0
476.1
56.1

749.3
2,719.5
1,597.6
1,121.9
2,933.9
2,875.7
960.8
713.7
590.3
27.6
105.6
477.8
58.2

753.9
2,743.4
1,603.2
1,140.2
2,963.6
2,903.2
969.1
724.5
600.4
25.5
107.9
475.9
60.4

17
18
19
20
21
22
23
24
25
26
27
28
29

1,298.6
2,034.6
14,796.3
13,809.5
13,321.4
4,156.1
1,406.5
2,749.6
9,165.3
293.9
194.2
107.3
86.9
986.8

1,280.5
2,004.9
14,599.6
13,584.7
13,114.1
4,090.4
1,375.6
2,714.8
9,023.7
280.6
190.0
105.8
84.2
1,014.9

1,290.6
2,014.2
14,707.0
13,716.7
13,233.2
4,117.1
1,393.4
2,723.7
9,116.1
288.7
194.9
106.7
88.2
990.2

1,306.0
2,048.5
14,846.6
13,853.3
13,359.1
4,166.0
1,411.2
2,754.8
9,193.1
300.0
194.1
107.8
86.3
993.4

1,317.3
2,070.9
15,032.2
14,083.3
13,579.2
4,250.9
1,445.7
2,805.2
9,328.3
306.1
197.9
109.0
89.0
948.9

1,343.6
2,030.0
15,289.2
14,194.8
13,679.6
4,267.7
1,434.5
2,833.2
9,411.9
314.9
200.3
110.0
90.3
1,094.3

1,357.1
2,042.6
15,455.1
14,400.8
13,871.6
4,327.8
1,458.7
2,869.1
9,543.8
327.3
201.8
111.3
90.5
1,054.3

30
31
32
33
34
35
36
37
38
39
40
41
42
43

6.7

6.7

7.0

6.7

6.7

6.3

7.2

6.8

44

12,804.8

13,171.4

13,049.4

13,127.2

13,207.3

13,301.7

13,379.1

13,454.4

45

13,595.2

13,949.2

13,835.3

13,909.8

13,986.2

14,065.9

14,219.8

14,307.0

46

47
43,782
45,390
44,907
45,163
48
42,003
42,791
42,556
42,715
6
49 Population (midperiod, thousands) ....................................
323,668
325,983
325,108
325,640
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.

45,503
42,866
326,276

45,983
43,027
326,907

46,696
43,430
327,423

47,126
43,625
327,955

47
48
49

23
24
25
26
27
28
29
30

Social security2..........................................................................
3

Medicare .................................................................................
Medicaid..........................................................................
Unemployment insurance................................................
Veterans' benefits............................................................
Other...............................................................................
Other current transfer receipts, from business (net)...........
Less: Contributions for government social
insurance, domestic....................................................................
Less: Personal current taxes...................................................
Equals: Disposable personal income.......................................
Less: Personal outlays.............................................................
Personal consumption expenditures.....................................
Goods.................................................................................
Durable goods..................................................................
Nondurable goods............................................................
Services..............................................................................

31
32
33
34
35
36
37
38
39 Personal interest payments4....................................................
40 Personal current transfer payments......................................
To government...................................................................
41
To the rest of the world (net)..............................................
42
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 (2012) dollars5.....................
Disposable personal income:
46

5

Total, billions of chained (2012) dollars ...........................
Per capita:
Current dollars.................................................................
Chained (2012) dollars.....................................................

 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.
 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.
 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.
 Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
 The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
 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
thefollowing month; the annual and quarterly estimates are averages of the monthly estimates.
Source: U.S. Bureau of Economic Analysis

Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2017
Dec.

Jan.r

Feb.r

Line

2018
Aprilr

Marchr

Mayr

Juner

Julyp

1 Personal income...................................................................
2 Compensation of employees...............................................
Wages and salaries..........................................................
3
Private industries...............................................................
4
Goods-producing industries............................................
5
Manufacturing..............................................................
6
Services-producing industries.........................................
7
Trade, transportation, and utilities...............................
8
Other services-producing industries.............................
9
Government.......................................................................
10
Supplements to wages and salaries..................................
11
Employer contributions for employee pension and
12

63.4
42.7
37.1
35.6
4.4
1.1
31.2
1.9
29.3
1.5
5.5

93.0
61.9
53.6
51.6
21.0
13.6
30.6
10.0
20.7
2.0
8.4

58.0
35.0
30.0
28.0
21.9
9.9
6.1
3.0
3.1
2.0
5.0

68.5
38.3
33.3
32.1
4.0
2.2
28.1
7.5
20.5
1.2
5.0

51.4
37.7
32.8
30.6
12.7
7.5
17.9
-0.6
18.5
2.2
5.0

60.0
31.9
27.1
23.3
-1.9
-5.9
25.2
11.0
14.2
3.8
4.8

66.1
42.0
36.3
30.7
8.1
6.1
22.5
2.1
20.5
5.6
5.7

54.8
36.1
31.4
29.6
4.3
2.5
25.4
1.6
23.8
1.8
4.7

1
2
3
4
5
6
7
8
9
10
11

insurance funds1...................................................................
Employer contributions for government social
insurance...............................................................................

3.1

3.8

3.0

2.7

2.8

3.1

3.3

2.5

12

2.5

4.6

2.0

2.3

2.2

1.7

2.4

2.2

13

-7.6
-2.0
-5.5

13.2
0.7
12.5

12.8
0.7
12.1

8.4
0.7
7.7

2.6
3.1
-0.4

11.5
3.1
8.5

10.0
3.1
6.9

-0.4
-1.3
0.8

14
15
16

-0.1
25.5
25.9
-0.4
8.1
7.1
4.6
2.2
1.9
-0.1
0.7
-2.1
1.1

-0.6
-5.6
-3.4
-2.2
40.6
39.6
23.7
2.1
2.4
0.2
2.1
9.2
1.0

2.9
7.5
-3.4
10.9
4.2
4.0
-2.5
2.6
3.3
-0.6
1.3
-0.2
0.2

5.0
6.7
-3.4
10.1
14.8
14.6
9.1
3.1
4.1
-0.5
-0.6
-0.7
0.2

-1.4
2.8
4.5
-1.7
14.3
12.8
0.5
3.6
4.6
-0.8
5.0
-0.2
1.5

1.1
16.1
4.5
11.6
3.2
2.8
1.8
4.1
2.5
-1.2
-3.1
-1.5
0.4

2.8
10.4
4.5
5.8
6.0
5.6
4.0
4.6
-0.3
0.0
-2.1
-0.6
0.4

5.6
7.9
1.2
6.7
10.2
9.8
2.8
5.1
-2.3
0.2
4.0
0.0
0.4

17
18
19
20
21
22
23
24
25
26
27
28
29

5.2
10.2
53.3
41.3
35.1
-1.2
-7.9
6.7
36.3
5.7
0.5
0.5
0.0
12.0

16.5
-59.0
152.0
32.2
29.0
10.4
-7.7
18.1
18.6
1.8
1.4
0.1
1.3
119.8

4.3
8.0
50.0
-14.5
-16.7
-28.0
-19.1
-8.9
11.3
1.8
0.5
0.5
0.0
64.5

4.8
8.3
60.2
86.5
84.3
29.1
28.9
0.1
55.3
1.8
0.4
0.4
0.0
-26.3

4.7
0.5
50.9
80.3
74.3
27.6
9.5
18.0
46.8
5.3
0.6
0.4
0.2
-29.4

3.8
2.6
57.5
80.7
75.0
36.4
3.4
33.0
38.6
5.3
0.4
0.4
0.0
-23.3

5.0
6.5
59.6
56.9
51.2
-5.3
-1.4
-3.9
56.5
5.3
0.4
0.4
0.0
2.8

4.6
2.3
52.5
52.7
49.3
10.3
-2.5
12.8
39.0
3.0
0.4
0.4
0.0
-0.2

30
31
32
33
34
35
36
37
38
39
40
41
42
43

32.4

5.2

31.5

43.1

5.0

26.4

40.4

24.5

44

29.4
95.5
26.8
48.8
(2012) dollars ......................................................................
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.

15.9

25.3

38.9

30.8

45

13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Proprietors' income with inventory valuation and
capital consumption adjustments......................................
Farm......................................................................................
Nonfarm................................................................................
Rental income of persons with capital consumption
adjustment...........................................................................
Personal income receipts on assets.....................................
Personal interest income......................................................
Personal dividend income.....................................................
Personal current transfer receipts.......................................
Government social benefits to persons................................

Social security2......................................................................
Medicare3.............................................................................
Medicaid............................................................................
Unemployment insurance..................................................
Veterans' benefits..............................................................
Other..................................................................................
Other current transfer receipts, from business (net)............
Less: Contributions for government social
insurance, domestic......................................................
Less: Personal current taxes..................................................
Equals: Disposable personal income.......................................
Less: Personal outlays...........................................................
Personal consumption expenditures.......................................
Goods....................................................................................
Durable goods....................................................................
Nondurable goods..............................................................
Services.................................................................................

31
32
33
34
35
36
37
38
4
39 Personal interest payments ....................................................
40 Personal current transfer payments........................................
To government......................................................................
41
To the rest of the world (net)................................................
42
43 Equals: Personal saving.........................................................
Addenda:
44 Personal income excluding current transfer
45

receipts, billions of chained (2012) dollars5......................
Disposable personal income, billions of chained
5

 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.
 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.
 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.
 Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
 The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Source: U.S. Bureau of Economic Analysis

Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2016

2017

2017
Q1

Q2

Line

2018
Q3

Q1r

Q4

Q2r

1 Personal income...................................................................
2 Compensation of employees...............................................
Wages and salaries..........................................................
3
Private industries...............................................................
4
Goods-producing industries............................................
5
Manufacturing..............................................................
6
Services-producing industries.........................................
7
Trade, transportation, and utilities...............................
8
Other services-producing industries.............................
9
Government.......................................................................
10
Supplements to wages and salaries..................................
11
Employer contributions for employee pension and
12

405.6
259.4
226.3
194.3
21.3
6.8
173.0
25.0
148.0
31.9
33.1

705.8
451.0
373.2
335.1
62.0
32.5
273.1
51.5
221.6
38.1
77.8

252.7
139.9
115.4
103.7
23.2
12.5
80.5
17.9
62.6
11.8
24.5

116.7
90.7
70.7
63.0
10.4
5.1
52.6
6.7
45.9
7.7
19.9

173.9
131.3
110.9
102.0
20.3
9.4
81.7
14.4
67.3
8.9
20.4

208.0
97.4
81.5
74.1
9.6
4.7
64.5
4.8
59.7
7.4
15.9

216.1
141.5
122.5
117.1
41.9
22.1
75.1
18.8
56.3
5.5
19.0

178.5
110.2
95.1
87.0
24.1
10.3
62.9
13.4
49.5
8.1
15.1

1
2
3
4
5
6
7
8
9
10
11

insurance funds1.................................................................
Employer contributions for government social
insurance.........................................................................

21.5

53.9

17.6

15.3

13.0

10.7

9.8

8.7

12

11.7

23.9

6.9

4.7

7.4

5.2

9.2

6.3

13

Proprietors' income with inventory valuation and
capital consumption adjustments..........................................
Farm......................................................................................
Nonfarm................................................................................

-2.6
-18.9
16.4

81.6
1.4
80.2

36.5
11.3
25.3

19.9
-0.7
20.6

12.5
-5.2
17.6

18.6
-0.9
19.5

23.8
-0.2
24.0

23.6
6.9
16.7

14
15
16

Rental income of persons with capital consumption
adjustment................................................................................
Personal income receipts on assets.....................................
Personal interest income......................................................
Personal dividend income.....................................................
Personal current transfer receipts.......................................
Government social benefits to persons................................
Social security2........................................................................
Medicare3................................................................................
Medicaid............................................................................
Unemployment insurance..................................................
Veterans' benefits..............................................................
Other..................................................................................
Other current transfer receipts, from business (net)............

43.0
45.3
2.9
42.4
95.0
84.9
24.7
28.2
26.8
-0.5
3.0
2.8
10.1

35.4
115.0
82.1
32.9
81.6
86.6
29.6
33.1
14.7
-2.6
5.7
6.0
-5.0

15.2
57.0
65.8
-8.8
26.9
30.3
10.2
9.2
-2.2
-0.3
1.3
12.0
-3.4

5.4
3.5
-32.9
36.5
7.4
9.3
6.6
8.6
-4.3
-1.4
2.4
-2.7
-1.8

7.7
4.2
9.2
-4.9
33.6
33.9
6.9
7.9
14.3
-0.2
2.4
2.6
-0.3

13.3
77.7
77.1
0.6
12.3
11.0
5.7
7.1
-0.4
-0.8
2.2
-2.8
1.3

4.0
26.6
20.4
6.2
46.4
44.3
25.3
7.1
7.1
-0.5
3.6
1.7
2.1

4.7
23.9
5.6
18.3
29.7
27.5
8.2
10.8
10.1
-2.1
2.4
-1.9
2.2

17
18
19
20
21
22
23
24
25
26
27
28
29

34.6
19.1
386.5
482.5
472.4
76.6
40.0
36.6
395.7
8.3
1.8
2.4
-0.6
-96.0

58.7
80.3
625.5
586.8
554.5
159.8
59.9
99.9
394.7
24.6
7.7
3.0
4.7
38.6

22.9
20.6
232.1
131.1
124.7
41.5
6.8
34.7
83.2
4.9
1.5
0.7
0.8
101.0

10.1
9.3
107.4
132.0
119.1
26.7
17.8
8.9
92.3
8.1
4.9
0.9
4.0
-24.6

15.4
34.3
139.6
136.5
125.9
48.9
17.8
31.1
77.0
11.4
-0.8
1.1
-1.9
3.1

11.3
22.4
185.6
230.0
220.1
84.9
34.5
50.4
135.2
6.1
3.9
1.2
2.6
-44.5

26.2
-40.9
257.0
111.5
100.4
16.8
-11.2
28.0
83.6
8.8
2.4
1.0
1.3
145.5

13.6
12.6
165.9
206.0
192.0
60.1
24.3
35.9
131.9
12.4
1.5
1.3
0.2
-40.1

30
31
32
33
34
35
36
37
38
39
40
41
42
43

163.5

366.5

148.0

77.8

80.2

94.4

77.4

75.3

44

(2012) dollars ............................................................................
228.6
354.0
150.0
74.4
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.

76.4

79.7

153.9

87.2

45

13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Less: Contributions for government social
insurance, domestic.................................................................
Less: Personal current taxes..................................................
Equals: Disposable personal income.......................................
Less: Personal outlays...........................................................
Personal consumption expenditures.......................................
Goods....................................................................................
Durable goods....................................................................
Nondurable goods..............................................................
Services.................................................................................

31
32
33
34
35
36
37
38
39 Personal interest payments4....................................................
40 Personal current transfer payments........................................
To government......................................................................
41
To the rest of the world (net)................................................
42
43 Equals: Personal saving.........................................................
Addenda:
44 Personal income excluding current transfer
receipts, billions of chained (2012) dollars5........................
45 Disposable personal income, billions of chained
5

 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.
 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.
 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.
 Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
 The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Source: U.S. Bureau of Economic Analysis

Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)
Line

2017
Dec.

Jan.r

Feb.r

Seasonally adjusted at monthly rates
2018
Marchr
Aprilr

Line
Mayr

Juner

Julyp

Based on current-dollar measures
1 Personal income...................................................................
2 Compensation of employees...................................................
Wages and salaries................................................................
3
Supplements to wages and salaries......................................
4
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.........................................
Personal interest income......................................................
8
Personal dividend income.....................................................
9
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.......................................
Goods....................................................................................
15
Durable goods....................................................................
16
Nondurable goods..............................................................
17
Services.................................................................................
18

0.4
0.4
0.4
0.3

0.5
0.6
0.6
0.4

0.3
0.3
0.3
0.2

0.4
0.4
0.4
0.3

0.3
0.4
0.4
0.2

0.3
0.3
0.3
0.2

0.4
0.4
0.4
0.3

0.3
0.3
0.4
0.2

1
2
3
4

-0.5

0.9

0.8

0.5

0.2

0.7

0.6

0.0

5

0.0
0.9
1.6
0.0
0.3

-0.1
-0.2
-0.2
-0.2
1.4

0.4
0.3
-0.2
1.0
0.1

0.7
0.2
-0.2
0.9
0.5

-0.2
0.1
0.3
-0.2
0.5

0.2
0.6
0.3
1.0
0.1

0.4
0.4
0.3
0.5
0.2

0.7
0.3
0.1
0.6
0.3

6
7
8
9
10

0.4
0.5
0.4

1.2
-2.8
1.0

0.3
0.4
0.3

0.4
0.4
0.4

0.3
0.0
0.3

0.3
0.1
0.4

0.4
0.3
0.4

0.3
0.1
0.3

11
12
13

0.3
0.0
-0.5
0.2
0.4

0.2
0.2
-0.5
0.6
0.2

-0.1
-0.7
-1.3
-0.3
0.1

0.6
0.7
2.0
0.0
0.6

0.5
0.6
0.7
0.6
0.5

0.5
0.8
0.2
1.2
0.4

0.4
-0.1
-0.1
-0.1
0.6

0.4
0.2
-0.2
0.4
0.4

14
15
16
17
18

0.3
0.3

0.0
0.1

0.2
0.2

0.3
0.3

0.2
0.2

19
20

Based on chained (2012) dollar measures
19 Real personal income excluding transfer receipts...................
0.2
0.0
0.2
20 Real disposable personal income.............................................
0.2
0.7
0.2
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.
Source: U.S. Bureau of Economic Analysis

Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters)
Line

2016

Seasonally adjusted at annual rates
2017

2017
Q1

Q2

Q3

2018
Q1r

Q4

Line
Q2r

Based on current-dollar measures
1 Personal income...................................................................
2 Compensation of employees...................................................
Wages and salaries................................................................
3
Supplements to wages and salaries......................................
4
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.........................................
Personal interest income......................................................
8
Personal dividend income.....................................................
9
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.......................................
Goods....................................................................................
15
Durable goods....................................................................
16
Nondurable goods..............................................................
17
Services.................................................................................
18

2.6
2.7
2.9
1.8

4.4
4.5
4.6
4.1

6.3
5.7
5.7
5.3

2.8
3.6
3.4
4.2

4.2
5.2
5.4
4.3

5.0
3.8
3.9
3.3

5.2
5.5
5.8
3.9

4.2
4.2
4.4
3.0

1
2
3
4

-0.2

5.8

10.5

5.5

3.4

5.0

6.4

6.2

5

6.6
1.8
0.2
4.1
3.5

5.1
4.6
5.7
3.1
2.9

8.9
9.2
19.3
-3.2
3.9

3.0
0.5
-8.4
14.2
1.1

4.3
0.6
2.5
-1.8
4.8

7.4
12.4
22.2
0.2
1.7

2.2
4.0
5.3
2.2
6.6

2.5
3.6
1.4
6.7
4.1

6
7
8
9
10

2.9
1.0
2.8

4.7
4.1
4.4

7.5
4.2
6.6

3.2
1.9
3.0

4.8
7.0
3.9

3.5
4.4
5.1

8.2
-7.7
7.0

4.1
2.5
4.4

11
12
13

3.8
2.0
3.1
1.4
4.7

4.3
4.0
4.4
3.8
4.5

3.9
4.2
2.0
5.3
3.8

3.7
2.6
5.3
1.3
4.2

3.9
4.8
5.2
4.6
3.4

6.8
8.4
10.1
7.5
6.0

3.0
1.6
-3.1
4.1
3.6

5.7
5.8
6.9
5.2
5.7

14
15
16
17
18

2.4
2.2

2.5
2.2

2.9
2.3

2.3
4.4

2.3
2.5

19
20

Based on chained (2012) dollar measures
19 Real personal income excluding transfer receipts...................
20 Real disposable personal income.............................................
r Revised
Source: U.S. Bureau of Economic Analysis

1.3
1.7

2.9
2.6

4.7
4.5

Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
2017
Dec.

Line

Jan.

Feb.

2018
Aprilr

March

Mayr

Juner

Line

Julyp

Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)........................
1
2 Goods...................................................................................
3 Durable goods..........................................................................
4 Nondurable goods...................................................................
5 Services................................................................................

12,735.6
4,498.1
1,639.6
2,868.8
8,262.3

12,721.0
4,476.3
1,626.8
2,859.2
8,266.7

12,687.8
4,453.0
1,611.8
2,850.1
8,254.9

12,759.8
4,501.7
1,646.1
2,866.4
8,282.2

12,800.7
4,514.1
1,656.3
2,869.3
8,310.4

12,845.1
4,547.7
1,663.3
2,895.4
8,324.3

12,877.8
4,545.5
1,667.0
2,890.1
8,357.0

12,907.5
4,556.4
1,658.3
2,908.2
8,375.8

1
2
3
4
5

44.4
33.6
7.0
26.1
13.9

32.8
-2.2
3.7
-5.3
32.7

29.6
10.9
-8.7
18.1
18.9

6
7
8
9
10

0.3
0.7
0.4
0.9
0.2

0.3
0.0
0.2
-0.2
0.4

0.2
0.2
-0.5
0.6
0.2

11
12
13
14
15

Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)........................
6
7 Goods...................................................................................
8 Durable goods..........................................................................
9 Nondurable goods...................................................................
10 Services................................................................................

14.4
0.1
-6.9
6.3
13.5

-14.6
-21.8
-12.7
-9.6
4.4

-33.2
-23.4
-15.1
-9.1
-11.8

72.0
48.7
34.4
16.3
27.3

40.9
12.4
10.2
2.9
28.3

Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)........................
11
12 Goods...................................................................................
13 Durable goods..........................................................................
14 Nondurable goods...................................................................
15 Services................................................................................
p Preliminary
r Revised
Source: U.S. Bureau of Economic Analysis

0.1
0.0
-0.4
0.2
0.2

-0.1
-0.5
-0.8
-0.3
0.1

-0.3
-0.5
-0.9
-0.3
-0.1

0.6
1.1
2.1
0.6
0.3

0.3
0.3
0.6
0.1
0.3

Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Line

Seasonally adjusted at annual rates
2017

2017

2016

Q1

Q2

Q3

Q4

2018

Line
Q2r

Q1

Billions of chained (2012) dollars
Personal consumption expenditures (PCE)........................
1
2 Goods...................................................................................
3 Durable goods..........................................................................
4 Nondurable goods...................................................................
5 Services................................................................................

12,248.2
4,236.1
1,476.8
2,763.9
8,022.5

12,558.7
4,391.9
1,577.9
2,822.0
8,184.5

12,427.6
4,307.3
1,527.2
2,786.3
8,131.9

12,515.9
4,366.0
1,559.2
2,813.9
8,165.6

12,584.9
4,410.2
1,588.6
2,829.9
8,193.7

12,706.4
4,483.9
1,636.6
2,857.7
8,246.6

12,722.8
4,477.0
1,628.2
2,858.6
8,267.9

12,841.2
4,535.7
1,662.2
2,884.9
8,330.6

1
2
3
4
5

69.0
44.2
29.4
16.0
28.1

121.5
73.6
48.0
27.8
52.9

16.5
-6.9
-8.4
0.9
21.3

118.4
58.7
34.0
26.3
62.6

6
7
8
9
10

2.2
4.1
7.7
2.3
1.4

3.9
6.8
12.7
4.0
2.6

0.5
-0.6
-2.0
0.1
1.0

3.8
5.4
8.6
3.7
3.1

11
12
13
14
15

Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)........................
6
7 Goods...................................................................................
8 Durable goods..........................................................................
9 Nondurable goods...................................................................
10 Services................................................................................

326.4
148.3
77.4
72.2
182.5

310.5
155.8
101.1
58.0
162.0

54.9
20.1
7.0
13.1
35.0

88.2
58.7
32.0
27.7
33.7

Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)........................
11
12 Goods...................................................................................
13 Durable goods..........................................................................
14 Nondurable goods...................................................................
15 Services................................................................................
r Revised
Source: U.S. Bureau of Economic Analysis

2.7
3.6
5.5
2.7
2.3

2.5
3.7
6.8
2.1
2.0

1.8
1.9
1.9
1.9
1.7

2.9
5.6
8.7
4.0
1.7

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
2017
Dec.

Line

Jan.

Feb.

2018
Aprilr

March

Mayr

Juner

Line

Julyp

Chain-type price indexes (2012=100), seasonally adjusted
Personal consumption expenditures (PCE)........................
1
2 Goods...................................................................................
3 Durable goods..........................................................................
4 Nondurable goods...................................................................
5 Services................................................................................
Addenda:
6 PCE excluding food and energy................................................
7
8
9
10

Food1.....................................................................................
Energy goods and services2.................................................
Market-based PCE3....................................................................
Market-based PCE excluding food and energy3...............

107.056
94.845
88.135
98.337
113.379

107.406
95.538
88.352
99.299
113.543

107.556
95.411
87.992
99.304
113.842

107.610
95.023
87.911
98.743
114.135

107.847
95.374
87.946
99.274
114.309

108.058
95.470
87.783
99.518
114.583

108.180
95.400
87.503
99.568
114.810

108.314
95.398
87.812
99.388
115.017

1
2
3
4
5

108.808
103.109
85.601
105.152
106.840

109.054
103.129
88.186
105.507
107.075

109.240
102.995
88.148
105.663
107.276

109.431
103.189
85.680
105.706
107.473

109.598
103.504
86.989
105.976
107.668

109.814
103.259
87.792
106.190
107.888

109.947
103.442
87.654
106.239
107.937

110.118
103.526
87.240
106.374
108.116

6
7
8
9
10

Percent change from preceding period in price indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)........................
11
12 Goods...................................................................................
13 Durable goods..........................................................................
14 Nondurable goods...................................................................
15 Services................................................................................
Addenda:
16 PCE excluding food and energy................................................
1
17 Food ..............................................................................
2
18 Energy goods and services .....................................................
3
19 Market-based PCE ..............................................................
20 Market-based PCE excluding food and energy3..............
p Preliminary
r Revised

0.1
0.0
-0.1
0.0
0.2

0.3
0.7
0.2
1.0
0.1

0.1
-0.1
-0.4
0.0
0.3

0.1
-0.4
-0.1
-0.6
0.3

0.2
0.4
0.0
0.5
0.2

0.2
0.1
-0.2
0.2
0.2

0.1
-0.1
-0.3
0.1
0.2

0.1
0.0
0.4
-0.2
0.2

11
12
13
14
15

0.2
0.1
-0.2
0.1
0.1

0.2
0.0
3.0
0.3
0.2

0.2
-0.1
0.0
0.1
0.2

0.2
0.2
-2.8
0.0
0.2

0.2
0.3
1.5
0.3
0.2

0.2
-0.2
0.9
0.2
0.2

0.1
0.2
-0.2
0.0
0.0

0.2
0.1
-0.5
0.1
0.2

16
17
18
19
20

 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food.
 Consists of gasoline and other energy goods and of electricity and gas services.
 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
2017

Line

Jan.r

Dec.

Feb.r

2018
Aprilr

Marchr

1 Disposable personal income..................................................
2.7
3.0
2.7
2 Personal consumption expenditures......................................
2.7
2.5
2.4
3 Goods.......................................................................................
4.3
3.9
4.0
Durable goods.......................................................................
4
6.5
6.4
6.5
Nondurable goods.................................................................
5
3.2
2.7
2.7
6 Services....................................................................................
1.9
1.9
1.7
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2018.
Source: U.S. Bureau of Economic Analysis

2.6
2.2
3.9
6.9
2.4
1.5

Mayr
2.9
2.5
3.8
6.9
2.2
1.9

Juner
2.7
2.6
4.1
6.7
2.9
1.9

Line

Julyp
3.0
2.7
3.7
6.2
2.5
2.2

2.9
2.8
3.7
4.8
3.2
2.4

1
2
3
4
5
6

Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
2018
Aprilr

2017

Line

Dec.

Jan.

Feb.

March

Mayr

Juner

Line

Julyp

Personal consumption expenditures (PCE)........................
1
2 Goods...................................................................................
3 Durable goods..........................................................................
4 Nondurable goods...................................................................
5 Services................................................................................
Addenda:
6 PCE excluding food and energy................................................

1.8
0.4
-1.8
1.5
2.5

1.8
0.3
-2.2
1.5
2.4

1.9
0.4
-2.4
1.9
2.5

2.1
0.4
-1.9
1.7
2.8

2.0
0.8
-1.8
2.1
2.6

2.2
1.4
-1.7
3.0
2.6

2.2
1.4
-1.8
3.1
2.6

2.3
1.4
-1.4
2.8
2.7

1
2
3
4
5

1.6

1.6

1.7

2.0

1.9

2.0

1.9

2.0

6

7

Food1.....................................................................................

0.9

0.8

0.6

0.5

0.6

0.3

0.6

0.5

7

8

Energy goods and services2.....................................................

7.4

6.0

8.4

7.5

8.3

12.2

13.0

13.4

8

9

Market-based PCE3...................................................................

1.4

1.4

1.5

1.8

1.9

2.1

2.1

2.2

9

10 Market-based PCE excluding food and energy3..............
1.2
1.2
1.2
1.6
1.6
1.8
1.7
1.8
10
p Preliminary
r Revised
 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food.
 Consists of gasoline and other energy goods and of electricity and gas services.
 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