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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