Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays: July 2019, BEA 19-42 : Full Release

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

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, AUGUST 30, 2019
Technical:
Media:

Brian Smith (Personal Income)
Kyle Brown (PCE)
Jeannine Aversa

(301) 278-9625
(301) 278-9086
(301) 278-9003

BEA 19-42
piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays: July 2019
Personal income increased $23.9 billion (0.1 percent) in July according to estimates released today by
the Bureau of Economic Analysis. Disposable personal income (DPI) increased $44.4 billion (0.3 percent)
and personal consumption expenditures (PCE) increased $93.1 billion (0.6 percent).
Real DPI increased 0.1 percent in July and Real PCE increased 0.4 percent. The PCE price index increased
0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

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

2019
Mar.
Apr.
May
Jun.
Jul.
Percent change from preceding month
0.4

0.4

0.4

0.5

0.1

0.4
0.2

0.4
0.1

0.3
0.2

0.4
0.3

0.3
0.1

1.0
0.8

0.7
0.4

0.5
0.4

0.3
0.2

0.6
0.4

0.2
0.1

0.3
0.2

0.1
0.1

0.1
0.2

0.2
0.2

Percent change from month one year ago
1.4
1.5
1.4
1.3
1.4
1.5
1.5
1.5
1.6
1.6

The increase in personal income in July primarily reflected increases in compensation of employees and
government social benefits to persons that were partially offset by a decrease in personal interest
income (table 3).
The $56.9 billion increase in real PCE in July reflected an increase of $36.4 billion in spending for goods
and a $23.8 billion increase in spending for services (table 7). Within goods, recreational goods and
vehicles was the leading contributor to the increase. Within services, the largest contributor to the
increase was spending for household electricity and gas. Detailed information on monthly real PCE
spending can be found in Table 2.3.6U.
Personal outlays increased $96.4 billion in July (table 3). Personal saving was $1.27 trillion in July and
the personal saving rate, personal saving as a percentage of disposable personal income, was 7.7
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 as published in last month's release -- are shown below.
Change from preceding month
May
June
Previous
Revised
Previous
Revised
Previous
Revised
Previous
Revised
(Billions of dollars)
(Percent)
(Billions of dollars)
(Percent)
Personal income:
Current dollars
Disposable personal
income:
Current dollars
Chained (2012) dollars
Personal consumption
expenditures:
Current dollars
Chained (2012) dollars

69.9

68.3

0.4

0.4

83.6

83.8

0.4

0.5

55.8
31.2

51.4
32.2

0.3
0.2

0.3
0.2

69.7
45.5

69.7
45.9

0.4
0.3

0.4
0.3

67.7
44.4

69.5
50.5

0.5
0.3

0.5
0.4

41.0
21.4

50.3
30.2

0.3
0.2

0.3
0.2

QCEW Data Included in the First Quarter of 2019
This news release includes revised estimates of wages and salaries, personal taxes, and contributions
for government social insurance for January through March 2019 (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 27, 2019 at 8:30 A.M. EDT
Personal Income and Outlays: August 2019

-

Additional Information
Resources

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

Additional Resources available at www.bea.gov:
•

•
•
•
•
•

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

Statistical conventions
Annual rates. Monthly and quarterly values are expressed
at seasonally-adjusted annual rates (SAAR). Dollar changes
are calculated as the difference between these SAAR
values. For detail, see the FAQ “Why does BEA publish
estimates at annual rates?”
Month-to-month percent changes are calculated from
unrounded data and are not annualized.
Quarter-to-quarter percent changes are calculated from
unrounded data and are displayed at annual rates. For
detail, see the FAQ “How is average annual growth
calculated?”

Definitions

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.

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.

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.

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.

-

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.

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
Table 11.
Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
Table 12.
Revisions to Personal Income and Its Disposition
Table 13.
Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)
Table 14.
Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and
Quarters)
Consumption Expenditures: Percent Change From Month One Year Ago

-

August 30, 2019

Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]
Line
1 Personal income
2 Compensation of employees
3
Wages and salaries
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
11
Supplements to wages and salaries
12
Employer contributions for employee pension and insurance funds1
13
Employer contributions for government social insurance
14 Proprietors' income with inventory valuation and capital
consumption adjustments
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

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
Personal interest payments4
Personal current transfer payments
To government
To the rest of the world (net)
Equals: Personal saving
Personal saving as a percentage of disposable personal income
Addenda:
45 Personal income excluding current transfer receipts,
billions of chained (2012) dollars5

46
47
48
49

Disposable personal income:
Total, billions of chained (2012) dollars5
Per capita:
Current dollars
Chained (2012) dollars
Population (midperiod, thousands)6

Jan.r
18,257.4
11,216.2
9,130.6
7,701.1
1,512.4
901.8
6,188.7
1,389.4
4,799.4
1,429.4
2,085.7
1,446.3
639.4

Seasonally adjusted at annual rates
2019
Feb.r
Marchr
Aprilr
Mayr
18,363.5 18,445.5 18,527.4 18,595.6
11,308.8 11,394.7 11,406.2 11,423.9
9,213.7
9,290.3
9,296.6
9,308.5
7,781.3
7,855.9
7,858.2
7,867.0
1,526.4
1,537.1
1,544.4
1,546.7
907.8
911.7
912.4
914.2
6,255.0
6,318.9
6,313.9
6,320.3
1,399.1
1,421.9
1,405.6
1,406.9
4,855.9
4,897.0
4,908.3
4,913.4
1,432.3
1,434.3
1,438.3
1,441.5
2,095.1
2,104.5
2,109.6
2,115.4
1,450.2
1,454.4
1,459.3
1,464.3
644.9
650.1
650.3
651.1

Juner
18,679.5
11,478.2
9,353.7
7,905.3
1,554.3
918.5
6,351.0
1,412.3
4,938.6
1,448.4
2,124.5
1,470.4
654.1

Julyp
18,703.4
11,503.9
9,373.0
7,920.8
1,554.5
917.0
6,366.2
1,412.9
4,953.3
1,452.2
2,130.9
1,475.7
655.2

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

1,649.1
58.6
1,590.6
762.1
3,065.9
1,736.4
1,329.4
3,011.6
2,957.0
985.1
761.2
599.5
26.5
112.3
472.4
54.6
1,372.2
2,083.4
16,122.0
14,698.7
14,148.6
4,322.5
1,458.0
2,864.5
9,826.1
357.4
192.7
108.1
84.5
1,423.3
8.8

1,624.2
28.3
1,595.9
764.1
2,951.2
1,700.8
1,250.4
3,098.4
3,043.9
1,020.0
768.2
604.5
26.9
115.6
508.7
54.5
1,396.8
2,139.0
16,118.4
14,783.5
14,227.6
4,391.9
1,483.4
2,908.5
9,835.8
358.3
197.5
107.9
89.7
1,334.9
8.3

1,625.4
31.5
1,593.9
766.9
2,956.3
1,696.5
1,259.8
3,113.9
3,059.5
1,022.6
775.0
610.0
27.0
116.5
508.4
54.4
1,407.8
2,159.7
16,203.7
14,773.3
14,216.6
4,353.6
1,463.8
2,889.9
9,862.9
359.1
197.7
108.0
89.7
1,430.4
8.8

1,613.9
14.7
1,599.2
770.1
2,957.9
1,700.7
1,257.2
3,127.1
3,072.7
1,026.0
781.5
616.6
26.8
117.2
504.6
54.4
1,418.2
2,172.0
16,273.5
14,912.3
14,354.6
4,447.6
1,508.9
2,938.6
9,907.0
359.8
197.9
108.2
89.7
1,361.2
8.4

1,622.9
17.0
1,605.9
774.0
3,000.3
1,735.2
1,265.0
3,143.2
3,088.8
1,028.2
787.7
624.2
25.7
117.6
505.5
54.4
1,419.2
2,194.5
16,332.9
15,009.2
14,448.2
4,483.6
1,508.0
2,975.5
9,964.6
361.5
199.5
108.4
91.1
1,323.7
8.1

1,634.9
19.7
1,615.1
778.4
3,021.0
1,755.3
1,265.7
3,158.5
3,104.0
1,030.4
793.7
632.1
25.9
118.2
503.8
54.4
1,420.9
2,211.4
16,384.3
15,080.6
14,517.7
4,513.7
1,529.2
2,984.4
10,004.0
363.2
199.7
108.6
91.1
1,303.6
8.0

1,640.4
22.7
1,617.6
783.4
3,027.4
1,762.0
1,265.3
3,177.3
3,122.8
1,032.8
799.4
640.5
26.2
119.4
504.6
54.5
1,427.1
2,225.5
16,454.0
15,132.8
14,568.0
4,529.2
1,535.9
2,993.3
10,038.7
364.9
199.9
108.8
91.1
1,321.2
8.0

1,648.6
22.1
1,626.6
786.9
3,003.4
1,730.0
1,273.4
3,190.4
3,135.8
1,035.0
804.8
647.9
25.9
119.5
502.8
54.5
1,429.7
2,205.0
16,498.4
15,229.2
14,661.1
4,571.1
1,545.7
3,025.4
10,090.0
368.0
200.1
108.9
91.1
1,269.2
7.7

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

13,961.7

13,941.3

14,012.2

14,046.0

14,065.4

14,100.0

14,142.6

14,122.9

45

14,814.5

14,823.6

14,889.0

14,921.7

14,932.8

14,965.0

15,011.0

15,019.9

46

49,094
45,112
328,393

49,061
45,120
328,539

49,300
45,300
328,677

49,491
45,380
328,817

49,649
45,393
328,969

49,781
45,468
329,131

49,966
45,584
329,304

50,072
45,585
329,493

47
48
49

2018
Dec.
18,205.5
11,089.1
9,016.4
7,590.3
1,493.9
895.3
6,096.4
1,376.3
4,720.1
1,426.1
2,072.6
1,442.9
629.8

Line

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2019.

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

August 30, 2019

Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
Line
1 Personal income
2 Compensation of employees
3
Wages and salaries
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
11
Supplements to wages and salaries
12
Employer contributions for employee pension and insurance funds1
13
Employer contributions for government social insurance
14 Proprietors' income with inventory valuation and capital
consumption adjustments
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

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
Personal interest payments4
Personal current transfer payments
To government
To the rest of the world (net)
Equals: Personal saving
Personal saving as a percentage of disposable personal income
Addenda:
45 Personal income excluding current transfer receipts,
billions of chained (2012) dollars5

46
47
48
49

Disposable personal income:
Total, billions of chained (2012) dollars5
Per capita:
Current dollars
Chained (2012) dollars
Population (midperiod, thousands)6

2017

2018

16,878.8
10,411.6
8,462.1
7,114.1
1,391.7
845.6
5,722.4
1,312.5
4,410.0
1,348.0
1,949.5
1,343.9
605.7

17,819.2
10,928.5
8,888.5
7,485.9
1,471.6
883.2
6,014.3
1,361.0
4,653.3
1,402.6
2,040.0
1,417.2
622.8

Q1
17,540.3
10,786.0
8,776.7
7,396.3
1,461.7
881.7
5,934.5
1,348.0
4,586.6
1,380.4
2,009.4
1,391.8
617.6

Seasonally adjusted at annual rates
2018
2019
Line
Q2
Q3
Q4
Q1r
Q2r
17,725.0 17,928.5 18,082.8 18,355.4 18,600.8
1
10,876.1 10,994.3 11,057.4 11,306.6 11,436.1
2
8,845.0
8,942.2
8,990.0
9,211.5
9,319.6
3
7,450.9
7,529.6
7,566.8
7,779.5
7,876.8
4
1,459.4
1,477.3
1,488.0
1,525.3
1,548.5
5
875.0
884.6
891.6
907.1
915.0
6
5,991.5
6,052.2
6,078.8
6,254.2
6,328.4
7
1,356.8
1,366.3
1,373.1
1,403.5
1,408.3
8
4,634.7
4,686.0
4,705.8
4,850.7
4,920.1
9
1,394.1
1,412.6
1,423.3
1,432.0
1,442.7 10
2,031.1
2,052.0
2,067.4
2,095.1
2,116.5 11
1,410.9
1,426.6
1,439.3
1,450.3
1,464.7 12
620.2
625.4
628.1
644.8
651.8 13

1,518.2
38.1
1,480.1
718.8
2,681.6
1,551.6
1,130.0
2,848.1
2,800.1
926.1
689.3
577.4
29.8
104.0
473.5
48.1
1,299.6
2,045.8
14,833.0
13,802.1
13,312.1
4,165.0
1,412.6
2,752.5
9,147.0
299.3
190.7
103.6
87.1
1,030.9
7.0

1,588.8
27.2
1,561.6
756.8
2,930.1
1,702.7
1,227.5
2,971.5
2,918.3
972.4
730.9
597.7
27.1
109.9
480.3
53.2
1,356.5
2,077.6
15,741.5
14,531.1
13,998.7
4,364.8
1,475.6
2,889.2
9,633.9
336.7
195.8
106.9
88.9
1,210.4
7.7

1,567.5
28.1
1,539.4
743.8
2,851.6
1,669.6
1,182.0
2,935.4
2,884.8
960.5
710.2
589.8
28.8
108.8
486.7
50.6
1,344.0
2,074.9
15,465.4
14,245.2
13,728.4
4,298.5
1,454.8
2,843.7
9,429.8
322.3
194.5
105.7
88.8
1,220.2
7.9

1,573.3
27.5
1,545.8
754.0
2,909.3
1,694.6
1,214.7
2,963.1
2,910.1
968.0
721.9
600.4
27.2
109.0
483.5
53.0
1,350.9
2,071.7
15,653.3
14,465.9
13,939.8
4,363.2
1,476.7
2,886.5
9,576.6
329.6
196.4
106.5
89.9
1,187.4
7.6

1,590.0
17.4
1,572.6
765.2
2,957.7
1,719.3
1,238.4
2,983.8
2,929.4
976.0
736.7
602.9
26.6
109.9
477.4
54.4
1,362.4
2,086.5
15,842.0
14,655.6
14,114.6
4,398.0
1,485.2
2,912.8
9,716.6
341.5
199.6
107.3
92.3
1,186.4
7.5

1,624.4
35.9
1,588.4
764.1
3,002.0
1,727.2
1,274.8
3,003.7
2,949.0
985.1
754.6
597.6
26.0
111.8
473.8
54.7
1,368.7
2,077.4
16,005.4
14,757.8
14,211.9
4,399.4
1,485.6
2,913.8
9,812.5
353.4
192.5
107.9
84.5
1,247.6
7.8

1,621.2
24.8
1,596.3
767.0
2,955.1
1,699.3
1,255.8
3,113.1
3,058.7
1,022.9
774.9
610.3
26.9
116.4
507.3
54.4
1,407.6
2,156.9
16,198.5
14,823.0
14,266.3
4,397.7
1,485.4
2,912.3
9,868.6
359.1
197.7
108.0
89.7
1,375.5
8.5

1,632.7
19.8
1,612.9
778.6
3,016.2
1,750.8
1,265.4
3,159.7
3,105.2
1,030.5
793.6
632.3
25.9
118.4
504.6
54.4
1,422.4
2,210.4
16,390.4
15,074.2
14,511.3
4,508.8
1,524.4
2,984.4
10,002.5
363.2
199.7
108.6
91.1
1,316.2
8.0

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

13,245.3

13,729.6

13,599.1

13,670.5

13,785.6

13,863.6

13,999.8

14,102.7

45

14,002.8

14,556.2

14,400.3

14,495.9

14,613.3

14,715.2

14,878.1

14,969.6

46

45,583
43,031
325,410

48,075
44,455
327,436

47,343
44,082
326,670

47,849
44,311
327,138

48,343
44,594
327,697

48,762
44,831
328,237

49,284
45,267
328,678

49,798
45,482
329,135

47
48
49

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2019.

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

August 30, 2019

Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)
[Billions of dollars]

Line
1 Personal income
2 Compensation of employees
3
Wages and salaries
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
11
Supplements to wages and salaries
12
Employer contributions for employee pension and insurance funds1
13
Employer contributions for government social insurance
14 Proprietors' income with inventory valuation and capital
consumption adjustments
15
Farm
16
Nonfarm
17 Rental income of persons with capital consumption adjustment
18 Personal income receipts on assets
19
Personal interest income
20
Personal dividend income
21 Personal current transfer receipts
22
Government social benefits to persons
23
Social security2
24
Medicare3
25
Medicaid
26
Unemployment insurance
27
Veterans' benefits
28
Other
29
Other current transfer receipts, from business (net)
30 Less: Contributions for government social insurance, domestic
31 Less: Personal current taxes
32 Equals: Disposable personal income
33 Less: Personal outlays
34 Personal consumption expenditures
35
Goods
36
Durable goods
37
Nondurable goods
38
Services
39 Personal interest payments4
40 Personal current transfer payments
41
To government
42
To the rest of the world (net)
43 Equals: Personal saving
Addenda:
44 Personal income excluding current transfer receipts,
billions of chained (2012) dollars5
45

Disposable personal income, billions of chained (2012) dollars5

Seasonally adjusted at annual rates
2019
Feb.r
Marchr
Aprilr
Mayr
106.1
82.0
81.9
68.3
92.5
86.0
11.5
17.7
83.1
76.6
6.3
11.9
80.2
74.6
2.3
8.7
14.0
10.7
7.3
2.3
6.0
3.9
0.7
1.8
66.2
63.9
-5.0
6.5
9.7
22.8
-16.3
1.4
56.5
41.1
11.3
5.1
2.9
2.0
4.0
3.2
9.4
9.4
5.2
5.8
3.9
4.1
4.9
5.0
5.5
5.2
0.3
0.7

2018
Dec.
169.5
41.3
35.4
32.7
8.9
4.6
23.8
3.1
20.6
2.8
5.9
3.5
2.4

Jan.r
51.9
127.2
114.2
110.8
18.5
6.6
92.3
13.1
79.2
3.4
13.0
3.4
9.6

27.9
28.1
-0.2
-1.6
94.3
10.8
83.4
12.4
12.6
2.2
6.7
3.1
0.6
0.2
-0.2
-0.2
4.8
10.1
159.4
-113.2
-117.4
-127.1
-51.3
-75.8
9.7
4.0
0.2
0.2
0.0
272.6

-24.9
-30.2
5.3
2.0
-114.7
-35.6
-79.0
86.9
87.0
34.9
7.0
5.0
0.4
3.4
36.3
-0.1
24.5
55.6
-3.7
84.7
79.0
69.4
25.4
44.0
9.6
0.9
4.8
-0.3
5.1
-88.4

1.3
3.2
-1.9
2.7
5.1
-4.3
9.4
15.5
15.6
2.6
6.8
5.5
0.2
0.8
-0.3
-0.1
11.0
20.8
85.4
-10.1
-11.1
-38.2
-19.6
-18.6
27.2
0.8
0.2
0.2
0.0
95.5

-11.6
-16.8
5.2
3.3
1.6
4.1
-2.6
13.1
13.2
3.4
6.5
6.6
-0.2
0.7
-3.8
0.0
10.4
12.3
69.8
139.0
138.0
93.9
45.2
48.8
44.1
0.8
0.2
0.2
0.0
-69.2

9.0
2.3
6.7
3.8
42.4
34.5
7.8
16.2
16.2
2.2
6.2
7.6
-1.1
0.4
0.8
0.0
1.0
22.5
59.4
96.9
93.6
36.0
-0.9
36.9
57.6
1.7
1.7
0.2
1.5
-37.5

137.4
139.1

-20.4
9.1

70.9
65.3

33.8
32.7

19.4
11.1

Line
Juner
83.8
54.3
45.2
38.3
7.7
4.3
30.7
5.4
25.3
6.9
9.1
6.1
3.0

Julyp
23.9
25.7
19.3
15.5
0.2
-1.5
15.2
0.6
14.7
3.9
6.4
5.3
1.1

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

12.0
2.7
9.3
4.4
20.8
20.1
0.7
15.2
15.2
2.2
6.0
7.9
0.2
0.6
-1.7
0.0
1.8
16.9
51.4
71.4
69.5
30.1
21.2
8.9
39.4
1.7
0.2
0.2
0.0
-20.0

5.5
3.0
2.5
5.0
6.3
6.8
-0.4
18.9
18.8
2.4
5.7
8.4
0.3
1.2
0.8
0.0
6.1
14.1
69.7
52.1
50.3
15.6
6.7
8.9
34.7
1.7
0.2
0.2
0.0
17.5

8.3
-0.7
8.9
3.5
-24.0
-32.1
8.1
13.0
13.0
2.2
5.4
7.4
-0.3
0.1
-1.8
0.1
2.7
-20.5
44.4
96.4
93.1
41.9
9.8
32.1
51.2
3.1
0.2
0.2
0.0
-52.0

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

34.6
32.2

42.6
45.9

-19.7
8.9

44
45

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2019.

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

August 30, 2019

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

2017

1 Personal income
2 Compensation of employees
3
Wages and salaries
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
11
Supplements to wages and salaries
12
Employer contributions for employee pension and insurance funds1
13
Employer contributions for government social insurance
14 Proprietors' income with inventory valuation and capital
consumption adjustments
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

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
Personal interest payments4
Personal current transfer payments
To government
To the rest of the world (net)
Equals: Personal saving
Addenda:
44 Personal income excluding current transfer receipts,
billions of chained (2012) dollars5

45

Disposable personal income, billions of chained (2012) dollars5

2018

Seasonally adjusted at annual rates
2018
2019
Line
Q2
Q3
Q4
Q1r
Q2r
184.6
203.5
154.3
272.6
245.4
1
90.1
118.1
63.1
249.2
129.5
2
68.4
97.2
47.8
221.5
108.1
3
54.6
78.7
37.2
212.7
97.4
4
-2.4
17.9
10.6
37.3
23.2
5
-6.7
9.6
6.9
15.6
7.9
6
57.0
60.8
26.6
175.4
74.2
7
8.8
9.5
6.8
30.4
4.8
8
48.1
51.2
19.8
145.0
69.4
9
13.8
18.5
10.6
8.8
10.7 10
21.7
20.9
15.3
27.7
21.4 11
19.1
15.7
12.7
11.0
14.4 12
2.6
5.2
2.7
16.7
7.1 13

757.6
451.3
378.6
338.6
63.5
31.8
275.1
51.1
224.0
40.0
72.7
48.3
24.4

940.4
516.8
426.4
371.8
79.9
37.7
291.8
48.5
243.3
54.6
90.4
73.3
17.2

Q1
309.2
158.1
134.6
121.4
39.9
20.2
81.5
18.5
63.0
13.2
23.4
21.8
1.7

94.5
2.5
92.0
37.4
160.2
94.2
66.0
73.9
85.5
29.6
29.1
14.7
-1.9
8.1
5.9
-11.6
59.7
89.7
667.9
595.8
563.6
169.1
59.9
109.2
394.5
25.6
6.7
1.6
5.0
72.1

70.5
-10.9
81.4
38.0
248.5
151.1
97.4
123.4
118.2
46.3
41.6
20.2
-2.6
5.8
6.9
5.1
56.9
31.9
908.5
729.0
686.6
199.8
63.0
136.7
486.8
37.4
5.0
3.3
1.8
179.5

24.6
-3.7
28.3
7.8
84.2
61.1
23.1
56.7
53.3
22.9
8.9
5.8
-0.4
2.4
13.6
3.4
22.2
-40.8
350.0
155.0
142.1
34.6
4.3
30.3
107.5
12.1
0.8
1.1
-0.3
195.0

5.8
-0.6
6.4
10.3
57.7
24.9
32.7
27.7
25.3
7.5
11.7
10.6
-1.6
0.2
-3.1
2.4
6.9
-3.2
187.9
220.6
211.5
64.6
21.9
42.8
146.8
7.3
1.9
0.8
1.0
-32.8

16.7
-10.2
26.8
11.2
48.4
24.7
23.7
20.7
19.4
8.0
14.8
2.5
-0.7
0.9
-6.2
1.4
11.5
14.8
188.8
189.8
174.7
34.8
8.6
26.3
139.9
11.9
3.2
0.7
2.4
-1.0

34.4
18.6
15.8
-1.1
44.3
8.0
36.4
19.9
19.5
9.1
17.9
-5.3
-0.5
1.9
-3.6
0.4
6.3
-9.1
163.4
102.2
97.4
1.4
0.4
1.0
96.0
11.9
-7.1
0.7
-7.8
61.2

-3.2
-11.1
7.9
2.9
-46.8
-27.9
-19.0
109.4
109.7
37.8
20.3
12.8
0.9
4.6
33.5
-0.3
38.9
79.5
193.1
65.2
54.3
-1.7
-0.3
-1.4
56.1
5.7
5.2
0.1
5.1
127.9

11.5
-5.0
16.5
11.5
61.1
51.5
9.6
46.5
46.5
7.6
18.7
21.9
-1.0
2.0
-2.7
0.0
14.8
53.5
191.9
251.2
245.0
111.1
39.0
72.1
133.9
4.1
2.0
0.5
1.5
-59.3

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

422.9
394.4

484.3
553.4

151.5
237.9

71.4
95.6

115.1
117.3

78.0
101.9

136.2
162.9

102.8
91.5

44
45

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2019.

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

August 30, 2019

Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)
Seasonally adjusted at monthly rates
Line

2019

2018
Dec.
Jan.r
Based on current-dollar measures

1 Personal income
2 Compensation of employees
3
Wages and salaries
4
Supplements to wages and salaries
5 Proprietors' income with inventory valuation and capital consumption
adjustments

0.9
0.4
0.4
0.3

Feb.

0.3
1.1
1.3
0.6

1.7
-1.5
-0.2
0.3
6 Rental income of persons with capital consumption adjustment
7 Personal income receipts on assets
3.2
-3.7
8
Personal interest income
0.6
-2.1
9
Personal dividend income
6.7
-5.9
10 Personal current transfer receipts
0.4
2.9
0.4
1.8
11 Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
0.5
2.7
13 Equals: Disposable personal income
1.0
0.0
Addenda:
14 Personal consumption expenditures
-0.8
0.6
15
Goods
-2.9
1.6
16
Durable goods
-3.4
1.7
17
Nondurable goods
-2.6
1.5
18
Services
0.1
0.1
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

1.0
0.9

r

March

r

r

April

Line
r

May

June

r

p

July

0.6
0.8
0.9
0.5

0.4
0.8
0.8
0.4

0.4
0.1
0.1
0.2

0.4
0.2
0.1
0.3

0.5
0.5
0.5
0.4

0.1
0.2
0.2
0.3

1
2
3
4

0.1
0.4
0.2
-0.3
0.7
0.5
0.8
1.0
0.5

-0.7
0.4
0.1
0.2
-0.2
0.4
0.7
0.6
0.4

0.6
0.5
1.4
2.0
0.6
0.5
0.1
1.0
0.4

0.7
0.6
0.7
1.2
0.1
0.5
0.1
0.8
0.3

0.3
0.6
0.2
0.4
0.0
0.6
0.4
0.6
0.4

0.5
0.5
-0.8
-1.8
0.6
0.4
0.2
-0.9
0.3

5
6
7
8
9
10
11
12
13

-0.1
-0.9
-1.3
-0.6
0.3

1.0
2.2
3.1
1.7
0.4

0.7
0.8
-0.1
1.3
0.6

0.5
0.7
1.4
0.3
0.4

0.3
0.3
0.4
0.3
0.3

0.6
0.9
0.6
1.1
0.5

14
15
16
17
18

0.5
0.4

0.2
0.2

0.1
0.1

0.2
0.2

0.3
0.3

-0.1
0.1

19
20

-0.1
0.1

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2019.
Source: U.S. Bureau of Economic Analysis

August 30, 2019

Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters)
Seasonally adjusted at annual rates
2017

Line

2018

2018
Q1

Q2

Line

2019
Q3

Q1r

Q4

Q2r

Based on current-dollar measures
1 Personal income
2 Compensation of employees
3
Wages and salaries
4
Supplements to wages and salaries
5 Proprietors' income with inventory valuation and capital consumption
adjustments

4.7
4.5
4.7
3.9

5.6
5.0
5.0
4.6

6.6
4.6
6 Rental income of persons with capital consumption adjustment
5.5
5.3
7 Personal income receipts on assets
6.4
9.3
8
Personal interest income
6.5
9.7
9
Personal dividend income
6.2
8.6
10 Personal current transfer receipts
2.7
4.3
4.8
4.4
11 Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
4.6
1.6
13 Equals: Disposable personal income
4.7
6.1
Addenda:
14 Personal consumption expenditures
4.4
5.2
15
Goods
4.2
4.8
16
Durable goods
4.4
4.5
17
Nondurable goods
4.1
5.0
18
Services
4.5
5.3
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

3.3
2.9

3.7
4.0

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2019.
Source: U.S. Bureau of Economic Analysis

7.4
6.1
6.4
4.8

4.3
3.4
3.2
4.4

4.7
4.4
4.5
4.2

3.5
2.3
2.2
3.0

6.2
9.3
10.2
5.5

5.5
4.7
4.8
4.2

1
2
3
4

6.5
4.3
12.7
16.1
8.2
8.1
6.9
-7.5
9.6

1.5
5.6
8.3
6.1
11.6
3.8
2.1
-0.6
4.9

4.3
6.1
6.8
6.0
8.0
2.8
3.5
2.9
4.9

8.9
-0.6
6.1
1.9
12.3
2.7
1.9
-1.7
4.2

-0.8
1.5
-6.1
-6.3
-5.8
15.4
11.9
16.2
4.9

2.9
6.1
8.5
12.7
3.1
6.1
4.3
10.3
4.8

5
6
7
8
9
10
11
12
13

4.2
3.3
1.2
4.4
4.7

6.3
6.2
6.1
6.2
6.4

5.1
3.2
2.3
3.7
6.0

2.8
0.1
0.1
0.1
4.0

1.5
-0.2
-0.1
-0.2
2.3

7.0
10.5
10.9
10.3
5.5

14
15
16
17
18

4.6
6.9

2.1
2.7

3.4
3.3

2.3
2.8

4.0
4.5

3.0
2.5

19
20

August 30, 2019

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

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

2019

2018

Dec.
Jan.
Feb.
March
Aprilr
Mayr
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
13,001.2 13,084.8 13,063.0 13,162.2 13,209.6 13,260.1
Goods
4,570.8
4,647.0
4,607.0
4,693.5
4,722.0
4,750.6
Durable goods
1,673.8
1,698.6
1,680.9
1,739.5
1,743.5
1,767.2
Nondurable goods
2,908.2
2,959.4
2,936.6
2,967.9
2,991.7
2,998.4
Services
8,451.3
8,467.5
8,479.7
8,502.1
8,523.4
8,547.5
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
-114.4
83.6
-21.7
99.2
47.5
50.5
Goods
-112.2
76.2
-40.0
86.5
28.5
28.5
Durable goods
-57.9
24.8
-17.7
58.6
4.0
23.7
Nondurable goods
-56.6
51.2
-22.8
31.3
23.8
6.7
Services
-15.6
16.2
12.1
22.5
21.2
24.1
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
-0.9
0.6
-0.2
0.8
0.4
0.4
Goods
-2.4
1.7
-0.9
1.9
0.6
0.6
Durable goods
-3.3
1.5
-1.0
3.5
0.2
1.4
Nondurable goods
-1.9
1.8
-0.8
1.1
0.8
0.2
Services
-0.2
0.2
0.1
0.3
0.2
0.3

Line

Juner

Julyp

13,290.4
4,772.7
1,766.6
3,020.0
8,557.8

13,347.3
4,809.0
1,785.6
3,038.2
8,581.6

1
2
3
4
5

30.2
22.1
-0.6
21.6
10.4

56.9
36.4
19.0
18.1
23.8

6
7
8
9
10

0.2
0.5
0.0
0.7
0.1

0.4
0.8
1.1
0.6
0.3

11
12
13
14
15

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

August 30, 2019

Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Seasonally adjusted at annual rates
Line

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

2017

2018

2018

Q1
Q2
Billions of chained (2012) dollars
Personal consumption expenditures (PCE)
12,566.9 12,944.6 12,782.9 12,909.2
Goods
4,403.4
4,583.3
4,513.9
4,573.5
Durable goods
1,586.4
1,685.7
1,652.8
1,685.1
Nondurable goods
2,825.2
2,909.6
2,872.0
2,900.8
Services
8,182.2
8,388.1
8,293.5
8,362.9
Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)
319.5
377.6
53.2
126.3
Goods
166.8
179.9
14.1
59.6
Durable goods
102.2
99.3
9.3
32.2
Nondurable goods
67.7
84.4
5.3
28.8
Services
161.1
206.0
38.5
69.4
Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)
2.6
3.0
1.7
4.0
Goods
3.9
4.1
1.3
5.4
Durable goods
6.9
6.3
2.3
8.0
Nondurable goods
2.5
3.0
0.7
4.1
Services
2.0
2.5
1.9
3.4

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

2019
Q3

Q4

Line
Q2r

Q1

13,019.8
4,614.0
1,699.8
2,926.6
8,433.6

13,066.3
4,631.8
1,705.2
2,938.9
8,462.6

13,103.3
4,649.2
1,706.3
2,954.6
8,483.1

13,253.4
4,748.4
1,759.1
3,003.4
8,542.9

1
2
3
4
5

110.6
40.4
14.8
25.8
70.7

46.5
17.8
5.4
12.3
29.0

37.0
17.4
1.1
15.7
20.5

150.1
99.2
52.8
48.7
59.8

6
7
8
9
10

3.5
3.6
3.6
3.6
3.4

1.4
1.6
1.3
1.7
1.4

1.1
1.5
0.3
2.2
1.0

4.7
8.8
13.0
6.8
2.8

11
12
13
14
15

August 30, 2019

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
2018
Dec.
Jan.
Feb.
March
Chain-type price indexes (2012=100), seasonally adjusted
108.830
108.739
108.835
109.064
94.570
94.511
94.500
94.760
87.106
87.327
87.078
86.742
98.502
98.282
98.408
99.013
116.274
116.165
116.320
116.532

Line

2019
Aprilr

Personal consumption expenditures (PCE)
109.381
1
94.949
2 Goods
3 Durable goods
86.491
4 Nondurable goods
99.460
116.916
5 Services
Addenda:
6 PCE excluding food and energy
110.812
110.852
110.894
110.960
111.206
103.737
103.902
104.428
104.687
104.326
7 Food1
85.181
82.477
82.866
85.845
88.359
8 Energy goods and services2
106.627
106.691
106.788
107.009
107.294
9 Market-based PCE3
108.528
108.768
108.804
108.836
109.035
10 Market-based PCE excluding food and energy3
Percent change from preceding period in price indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.0
-0.1
0.1
0.2
0.3
11
-0.5
-0.1
0.0
0.3
0.2
12 Goods
13 Durable goods
-0.1
0.3
-0.3
-0.4
-0.3
14 Nondurable goods
-0.7
-0.2
0.1
0.6
0.5
0.3
-0.1
0.1
0.2
0.3
15 Services
Addenda:
16 PCE excluding food and energy
0.2
0.0
0.0
0.1
0.2
0.1
0.2
0.5
0.2
-0.3
17 Food1
-2.8
-3.2
0.5
3.6
2.9
18 Energy goods and services2
0.0
0.1
0.1
0.2
0.3
19 Market-based PCE3
0.1
0.2
0.0
0.0
0.2
20 Market-based PCE excluding food and energy3

Line

Mayr

Juner

Julyp

109.488
95.013
86.536
99.534
117.048

109.618
94.899
86.943
99.115
117.312

109.848
95.053
86.564
99.580
117.584

1
2
3
4
5

111.336
104.615
87.841
107.377
109.139

111.608
104.544
85.805
107.458
109.376

111.807
104.483
87.019
107.683
109.563

6
7
8
9
10

0.1
0.1
0.1
0.1
0.1

0.1
-0.1
0.5
-0.4
0.2

0.2
0.2
-0.4
0.5
0.2

11
12
13
14
15

0.1
0.3
-0.6
0.1
0.1

0.2
-0.1
-2.3
0.1
0.2

0.2
-0.1
1.4
0.2
0.2

16
17
18
19
20

p Preliminary
r Revised

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

August 30, 2019

Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures:
Percent Change From Month One Year Ago
Line
1 Disposable personal income
2 Personal consumption expenditures
3 Goods
4
Durable goods
5
Nondurable goods
6 Services

2018
Dec.
4.2
1.7
0.9
1.1
0.8
2.0

Jan.r
3.2
2.4
3.0
3.0
3.0
2.2

Feb.r
3.4
2.3
2.1
1.7
2.4
2.4

Marchr
3.3
2.8
3.9
5.0
3.3
2.3

2019
Aprilr
3.2
2.7
3.8
4.1
3.7
2.2

Mayr
3.3
2.6
3.4
4.6
2.9
2.3

Juner
3.3
2.7
4.2
4.5
4.1
2.0

Line

Julyp
3.0
2.7
4.5
5.7
3.9
2.0

1
2
3
4
5
6

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

August 30, 2019

Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
Line
Personal consumption expenditures (PCE)
1
2 Goods
3 Durable goods
4 Nondurable goods
5 Services
Addenda:
6 PCE excluding food and energy
7 Food1
8 Energy goods and services2
9 Market-based PCE3
10 Market-based PCE excluding food and energy3

2019

2018
Dec.

Jan.

Feb.

1.8
-0.3
-1.1
0.1
2.7

1.4
-0.8
-1.1
-0.7
2.5

1.3
-0.8
-1.0
-0.8
2.3

March
1.4
-0.3
-1.3
0.1
2.2

2.0
0.7
-0.3
1.6
1.8

1.8
0.8
-5.1
1.4
1.8

1.6
1.3
-5.1
1.3
1.6

1.5
1.4
-0.3
1.4
1.5

Aprilr
1.5
-0.4
-1.5
0.3
2.3
1.5
0.8
1.7
1.4
1.5

Mayr
1.4
-0.4
-1.2
0.0
2.2

Juner
1.3
-0.6
-0.5
-0.6
2.2

1.5
1.3
-0.4
1.3
1.4

1.6
1.1
-3.4
1.3
1.5

Julyp

Line

1.4
-0.5
-1.2
-0.1
2.2

1
2
3
4
5

1.6
0.9
-2.1
1.3
1.5

6
7
8
9
10

p Preliminary
r Revised

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