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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, AUGUST 27, 2021 Technical: Media: Karl Rohrer (Personal Income) Kyle Brown (PCE Goods) Jeff Barnett (PCE Services) Jeannine Aversa (301) 278-9083 (301) 278-9086 (301) 278-9663 (301) 278-9003 BEA 21-41 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays, July 2021 Personal income increased $225.9 billion (1.1 percent) in July according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $198.0 billion (1.1 percent) and personal consumption expenditures (PCE) increased $42.2 billion (0.3 percent). Real DPI increased 0.7 percent in July and Real PCE decreased 0.1 percent; goods decreased 1.6 percent and services increased 0.6 percent (tables 5 and 7). The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent (table 9). 2021 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 21.0 -13.6 -2.1 0.2 1.1 23.7 23.0 -15.5 -16.0 -2.7 -3.2 0.0 -0.5 1.1 0.7 5.2 4.6 1.0 0.4 0.1 -0.5 1.1 0.5 0.3 -0.1 0.6 0.4 0.6 0.6 0.5 0.6 0.5 0.5 0.4 0.3 Percent change from month one year ago 2.5 3.6 4.0 4.0 4.2 2.0 3.1 3.5 3.6 3.6 COVID-19 Impact on July 2021 Personal Income and Outlays The estimate for July personal income and outlays reflected the continued economic recovery, reopening of establishments, and government response related to the COVID-19 pandemic. Government social benefits increased in July, reflecting new advance Child Tax Credit payments authorized by the American Rescue Plan. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see Effects of Selected Federal Pandemic Response Programs on Personal Income. The increase in personal income in July primarily reflected increases in government social benefits and compensation of employees (table 3). Within government social benefits, an increase in "other" social benefits (more than accounted for by advance Child Tax Credit payments as authorized by the American Rescue Plan) was partly offset by a decrease in unemployment insurance, reflecting a decrease in payments from the Pandemic Unemployment Compensation program. Within compensation, the increase was primarily in private wages and salaries, reflecting Bureau of Labor Statistics Current Employment Statistics. The $42.2 billion increase in current dollar PCE in July reflected an increase of $102.6 billion in spending for services and a decrease of $60.4 billion in spending for goods (table 3). Within services, increases were widespread across all spending categories, led by food services and accommodations. Within goods, decreases were widespread across most spending categories, led by motor vehicles and parts, recreational goods and vehicles, as well as clothing and footwear. These decreases were partly offset by an increase in gasoline and other energy goods. Detailed information on monthly PCE spending can be found on Table 2.3.5U. Personal outlays increased $45.4 billion in July (table 3). Personal saving was $1.72 trillion in July and the personal saving rate—personal saving as a percentage of disposable personal income—was 9.6 percent (table 1). The PCE price index for July increased 4.2 percent from one year ago, reflecting increases in both goods and services (table 11). Energy prices increased 23.6 percent while food prices increased 2.4 percent. Excluding food and energy, the PCE price index for July increased 3.6 percent from one year ago. -2- Updates to Personal Income and Outlays Estimates have been updated for January through June. For January through March, estimates of personal taxes were revised based on updated data from the Treasury Department’s Office of Tax Analysis. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are shown below. Change from preceding month May Previous Revised Previous Revised (Billions of dollars) (Percent) Personal income: Current dollars Disposable personal income: Current dollars Chained (2012) dollars Personal consumption expenditures: Current dollars Chained (2012) dollars June Previous Revised Previous Revised (Billions of dollars) (Percent) -465.0 -443.6 -2.2 -2.1 26.1 37.2 0.1 0.2 -502.0 -518.8 -491.6 -514.0 -2.7 -3.2 -2.7 -3.2 -2.6 -82.4 -0.8 -83.2 0.0 -0.5 0.0 -0.5 -13.8 -80.8 8.5 -65.5 -0.1 -0.6 0.1 -0.5 155.4 65.0 167.0 72.5 1.0 0.5 1.1 0.5 Next release: October 1, 2021 at 8:30 A.M. EDT Personal Income and Outlays, August 2021 -3- Additional Information Resources Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Additional Resources available at www.bea.gov: • • • • • • • For more definitions, see the Glossary: National Income and Product Accounts. Information on COVID-19 and recovery impacts is available on our website. Stay informed about BEA developments 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 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?” and “Why does BEA publish percent changes in quarterly series at annual rates?” Definitions Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 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. 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 chaineddollar 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.” -4- List of Personal Income and Outlays News Release Tables Table Table Table Table Table Table Table Table Table Table 1. 2. 3. 4. 5. 6. 7. 8. 9. 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 -5- August 27, 2021 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 Trade, transportation, and utilities 8 Other services-producing industries 9 10 Government 11 Supplements to wages and salaries 12 Employer contributions for employee pension and insurance funds 1 Employer contributions for government social insurance 13 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 security 2 Medicare 3 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 payments 4 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, 46 47 48 49 billions of chained (2012) dollars 5 Disposable personal income: Total, billions of chained (2012) dollars 5 Per capita: Current dollars Chained (2012) dollars Population (midperiod, thousands) 6 Seasonally adjusted at annual rates 2021 Line 2020 Dec. 19,562.2 12,070.5 9,872.6 8,375.9 1,586.9 951.8 6,789.0 1,516.4 5,272.6 1,496.7 2,197.9 1,509.7 688.1 Jan. r 21,504.5 12,088.1 9,879.5 8,376.4 1,584.0 947.1 6,792.5 1,527.6 5,264.8 1,503.0 2,208.6 1,508.9 699.8 Feb. r 19,955.1 12,049.5 9,843.3 8,343.7 1,578.9 946.2 6,764.8 1,515.1 5,249.7 1,499.6 2,206.2 1,509.8 696.4 March r 24,142.4 12,129.2 9,914.9 8,409.3 1,594.9 954.4 6,814.4 1,533.1 5,281.3 1,505.6 2,214.4 1,513.9 700.4 April r 20,848.2 12,216.6 9,996.0 8,484.5 1,597.0 949.7 6,887.5 1,546.3 5,341.2 1,511.5 2,220.7 1,514.7 706.0 May r 20,404.6 12,296.1 10,067.4 8,550.3 1,605.1 958.3 6,945.3 1,559.3 5,386.0 1,517.1 2,228.6 1,518.0 710.6 June r 20,441.8 12,391.0 10,152.9 8,623.2 1,610.8 959.7 7,012.5 1,570.5 5,442.0 1,529.6 2,238.2 1,522.3 715.8 July p 20,667.7 12,500.9 10,251.4 8,705.6 1,623.8 971.0 7,081.7 1,580.6 5,501.1 1,545.8 2,249.5 1,527.5 722.0 1 2 3 4 5 6 7 8 9 10 11 12 13 1,615.7 78.7 1,537.0 703.4 2,965.7 1,613.6 1,352.1 3,719.4 3,660.1 1,088.9 818.6 679.2 318.9 150.1 604.3 59.3 1,512.5 2,290.0 17,272.2 14,846.0 14,389.5 4,785.3 1,719.9 3,065.5 9,604.2 243.1 213.5 115.0 98.4 2,426.2 14.0 1,643.8 66.9 1,576.9 709.3 2,886.2 1,621.9 1,264.3 5,711.8 5,650.5 1,103.9 815.6 688.5 574.2 151.3 2,317.0 61.4 1,534.7 2,384.2 19,120.3 15,321.7 14,857.9 5,165.4 1,912.6 3,252.7 9,692.5 249.2 214.7 115.2 99.5 3,798.6 19.9 1,693.8 72.6 1,621.2 716.6 2,901.2 1,630.2 1,271.1 4,123.0 4,061.0 1,106.0 813.8 696.2 557.5 152.4 735.2 62.0 1,529.1 2,408.5 17,546.6 15,169.7 14,699.6 5,015.4 1,836.9 3,178.5 9,684.2 255.3 214.8 115.3 99.5 2,376.9 13.5 1,804.2 79.6 1,724.6 724.8 2,909.1 1,638.4 1,270.7 8,112.8 8,050.2 1,109.1 813.0 703.0 565.5 153.6 4,706.0 62.6 1,537.7 2,443.6 21,698.9 15,935.3 15,458.9 5,554.3 2,124.0 3,430.3 9,904.6 261.5 215.0 115.5 99.5 5,763.5 26.6 1,817.9 97.0 1,720.8 720.7 2,923.0 1,642.2 1,280.8 4,719.0 4,656.9 1,107.6 813.4 720.5 516.4 155.0 1,344.0 62.1 1,548.9 2,505.8 18,342.5 16,095.5 15,614.6 5,576.0 2,150.1 3,425.9 10,038.6 264.8 216.1 115.7 100.4 2,247.0 12.3 1,840.7 108.5 1,732.3 716.4 2,937.4 1,645.9 1,291.4 4,172.1 4,109.3 1,108.2 814.9 736.0 492.0 156.5 801.7 62.8 1,558.1 2,553.7 17,850.9 16,107.6 15,623.1 5,475.7 2,065.4 3,410.3 10,147.3 268.2 216.4 116.0 100.4 1,743.2 9.8 1,855.9 120.0 1,735.9 713.4 2,954.0 1,649.7 1,304.3 4,096.3 4,007.4 1,113.3 817.5 750.0 433.0 158.0 735.6 88.9 1,568.7 2,591.8 17,850.0 16,278.2 15,790.0 5,530.5 2,056.7 3,473.8 10,259.5 271.6 216.7 116.3 100.4 1,571.8 8.8 1,851.9 112.7 1,739.2 716.4 2,963.0 1,654.0 1,309.0 4,216.6 4,143.0 1,113.4 821.3 760.4 380.5 160.3 907.1 73.6 1,581.1 2,619.6 18,048.1 16,323.7 15,832.3 5,470.1 2,009.6 3,460.5 10,362.1 274.5 216.9 116.5 100.4 1,724.4 9.6 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 14,119.8 14,031.9 14,028.9 14,124.2 14,130.6 14,145.3 14,168.2 14,201.1 45 15,393.8 16,988.6 15,548.2 19,119.5 16,069.5 15,555.5 15,472.3 15,579.7 46 52,194 46,518 330,924 57,771 51,330 330,968 53,010 46,973 331,004 65,543 57,752 331,061 55,394 48,530 331,126 53,897 46,967 331,204 53,879 46,702 331,297 54,461 47,012 331,395 47 48 49 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2021. 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 -6- August 27, 2021 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Line 1 Personal income Compensation of employees 2 Wages and salaries 3 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries Trade, transportation, and utilities 8 Other services-producing industries 9 10 Government Supplements to wages and salaries 11 12 Employer contributions for employee pension and insurance funds 1 Employer contributions for government social insurance 13 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm Rental income of persons with capital consumption adjustment 17 Personal income receipts on assets 18 19 Personal interest income 20 Personal dividend income Personal current transfer receipts 21 22 Government social benefits to persons 23 Social security 2 24 Medicare 3 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other Other current transfer receipts, from business (net) 29 Less: Contributions for government social insurance, domestic 30 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 39 Personal interest payments 4 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving Personal saving as a percentage of disposable personal income 44 Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2012) dollars 5 Disposable personal income: 46 Total, billions of chained (2012) dollars 5 Per capita: 47 Current dollars 48 Chained (2012) dollars 49 Population (midperiod, thousands) 6 2019 2020 Seasonally adjusted at annual rates 2020 2021 Q2 Q3 Q4 Q1 r 20,348.7 19,777.4 19,542.0 21,867.3 11,029.2 11,539.7 11,964.2 12,088.9 8,979.0 9,410.3 9,783.0 9,879.2 7,511.3 7,911.5 8,286.6 8,376.5 1,434.6 1,509.0 1,566.8 1,585.9 866.3 895.8 936.3 949.3 6,076.7 6,402.5 6,719.8 6,790.6 1,367.7 1,448.6 1,507.6 1,525.3 4,709.0 4,953.9 5,212.3 5,265.3 1,467.7 1,498.8 1,496.4 1,502.7 2,050.2 2,129.4 2,181.1 2,209.7 1,410.5 1,464.9 1,498.3 1,510.9 639.7 664.5 682.8 698.9 Q2 r 20,564.9 12,301.2 10,072.1 8,552.7 1,604.3 955.9 6,948.4 1,558.7 5,389.7 1,519.4 2,229.2 1,518.4 710.8 1 2 3 4 5 6 7 8 9 10 11 12 13 Line 18,424.4 11,447.7 9,323.5 7,873.3 1,531.6 910.6 6,341.7 1,415.6 4,926.1 1,450.2 2,124.2 1,474.6 649.6 19,627.6 11,572.2 9,444.1 7,949.6 1,514.0 904.4 6,435.6 1,443.2 4,992.4 1,494.5 2,128.0 1,464.4 663.7 Q1 18,842.2 11,755.5 9,604.1 8,088.9 1,545.5 919.5 6,543.4 1,449.1 5,094.3 1,515.2 2,151.4 1,483.7 667.7 1,598.9 38.4 1,560.5 692.1 2,968.0 1,652.0 1,316.0 3,139.1 3,083.1 1,030.7 785.7 614.0 27.6 130.9 494.2 56.0 1,421.4 2,205.1 16,219.3 14,981.5 14,428.7 4,478.9 1,513.3 2,965.6 9,949.8 340.4 212.4 118.6 93.9 1,237.8 7.6 1,650.0 70.2 1,579.9 711.6 2,912.1 1,614.4 1,297.8 4,241.1 4,181.3 1,077.9 819.2 657.3 536.6 145.5 944.7 59.9 1,459.5 2,195.6 17,432.0 14,544.5 14,047.6 4,653.8 1,616.4 3,037.4 9,393.7 285.4 211.5 114.6 96.9 2,887.5 16.6 1,638.3 58.1 1,580.2 712.2 2,976.4 1,638.2 1,338.1 3,231.8 3,173.8 1,067.9 808.5 606.2 39.5 140.8 511.0 58.0 1,472.0 2,241.6 16,600.6 14,989.2 14,439.1 4,530.9 1,484.9 3,046.0 9,908.2 337.8 212.3 114.9 97.5 1,611.4 9.7 1,471.1 44.9 1,426.2 709.5 2,910.9 1,611.3 1,299.6 5,633.9 5,570.5 1,074.8 821.6 654.2 1,039.4 144.4 1,836.1 63.3 1,405.9 2,099.0 18,249.6 13,477.7 12,989.7 4,349.9 1,468.3 2,881.7 8,639.8 273.6 214.4 114.4 100.0 4,772.0 26.1 1,760.7 69.2 1,691.5 714.5 2,851.7 1,597.6 1,254.2 4,369.4 4,310.5 1,080.2 825.8 690.4 767.8 147.4 799.0 58.9 1,458.7 2,181.8 17,595.7 14,774.3 14,293.8 4,867.2 1,753.3 3,113.9 9,426.6 274.4 206.1 114.3 91.8 2,821.3 16.0 1,730.0 108.5 1,621.5 710.0 2,909.6 1,610.3 1,299.2 3,729.5 3,670.2 1,088.8 821.0 678.3 299.9 149.5 632.7 59.2 1,501.3 2,259.8 17,282.2 14,936.8 14,467.6 4,867.3 1,759.2 3,108.1 9,600.4 255.9 213.2 114.8 98.4 2,345.5 13.6 1,714.0 73.0 1,640.9 716.9 2,898.8 1,630.2 1,268.7 5,982.5 5,920.6 1,106.3 814.1 695.9 565.8 152.4 2,586.0 62.0 1,533.8 2,412.1 19,455.3 15,475.6 15,005.4 5,245.0 1,957.8 3,287.2 9,760.4 255.3 214.8 115.3 99.5 3,979.7 20.5 1,838.2 108.5 1,729.7 716.8 2,938.1 1,645.9 1,292.2 4,329.1 4,257.9 1,109.7 815.3 735.5 480.5 156.5 960.4 71.2 1,558.6 2,550.4 18,014.5 16,160.5 15,675.9 5,527.4 2,090.7 3,436.7 10,148.5 268.2 216.4 116.0 100.4 1,854.0 10.3 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 44 13,905.6 13,833.7 14,070.2 13,317.7 13,820.2 14,129.7 14,061.1 14,148.1 45 14,755.2 15,672.8 14,962.7 16,516.9 15,782.4 15,443.0 17,221.6 15,698.0 46 49,370 44,913 328,527 52,800 47,471 330,152 50,377 45,406 329,529 55,319 50,067 329,898 53,261 47,772 330,368 52,241 46,682 330,815 58,775 52,027 331,011 54,390 47,396 331,209 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 2021. 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 -7- August 27, 2021 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 1 12 Employer contributions for employee pension and insurance funds 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 2 23 Social security 3 24 Medicare 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 4 39 Personal interest payments 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) dollars 45 Jan. 1,942.3 17.6 6.8 0.5 -2.9 -4.6 3.5 11.2 -7.7 6.3 10.8 -0.9 11.7 Feb. March -1,549.5 4,187.4 -38.6 79.7 -36.2 71.6 -32.7 65.6 -5.0 16.0 -0.9 8.2 -27.7 49.6 -12.5 18.0 -15.1 31.6 -3.5 6.0 -2.4 8.1 1.0 4.1 -3.4 4.0 -75.3 -9.0 -66.3 -7.1 65.0 2.5 62.5 62.0 61.9 1.9 -2.5 3.4 33.9 0.5 24.7 0.1 9.9 30.7 96.6 -90.3 -77.8 -93.9 -43.8 -50.1 16.1 -12.7 0.3 0.3 0.0 186.9 28.1 -11.8 39.9 5.9 -79.6 8.3 -87.8 1,992.4 1,990.4 15.0 -3.0 9.3 255.3 1.2 1,712.6 2.0 22.3 94.1 1,848.1 475.7 468.4 380.0 192.8 187.3 88.3 6.1 1.2 0.1 1.1 1,372.4 4.1 27.2 -87.9 1,594.8 5 Disposable personal income, billions of chained (2012) dollars Seasonally adjusted at annual rates 2021 2020 Dec. 127.3 92.6 76.3 75.8 17.9 11.9 58.0 2.3 55.7 0.4 16.4 11.5 4.9 5 r r r r Line r r p April -3,294.2 87.4 81.1 75.2 2.1 -4.7 73.1 13.2 59.9 5.9 6.3 0.7 5.6 May -443.6 79.4 71.5 65.8 8.1 8.6 57.7 13.0 44.7 5.6 7.9 3.4 4.6 June 37.2 95.0 85.4 72.9 5.7 1.5 67.2 11.2 56.0 12.5 9.5 4.3 5.3 July 225.9 109.8 98.5 82.3 13.1 11.2 69.2 10.1 59.1 16.2 11.3 5.2 6.2 1 2 3 4 5 6 7 8 9 10 11 12 13 50.0 5.7 44.3 7.3 15.1 8.2 6.8 -1,588.8 -1,589.4 2.1 -1.9 7.7 -16.7 1.1 -1,581.8 0.6 -5.6 24.3 -1,573.7 -152.0 -158.3 -150.0 -75.8 -74.2 -8.3 6.1 0.1 0.1 0.0 -1,421.7 110.4 13.6 7.0 17.4 103.4 -3.8 8.2 -4.1 7.9 13.9 8.2 3.8 -0.4 10.1 3,989.8 -3,393.8 3,989.2 -3,393.3 3.1 -1.5 -0.7 0.4 6.8 17.5 8.0 -49.1 1.2 1.4 3,970.8 -3,362.0 0.6 -0.5 8.6 11.2 35.1 62.2 4,152.3 -3,356.4 765.6 160.2 759.3 155.7 538.9 21.7 287.1 26.1 251.8 -4.4 220.4 134.0 6.1 3.4 0.1 1.1 0.1 0.3 0.0 0.9 3,386.7 -3,516.6 22.9 11.5 11.4 -4.3 14.4 3.8 10.6 -546.9 -547.5 0.7 1.5 15.5 -24.5 1.6 -542.3 0.7 9.2 48.0 -491.6 12.1 8.5 -100.3 -84.7 -15.6 108.8 3.4 0.3 0.3 0.0 -503.8 15.1 11.5 3.6 -3.1 16.7 3.8 12.9 -75.8 -101.9 5.0 2.6 14.0 -59.0 1.5 -66.1 26.1 10.7 38.0 -0.8 170.6 167.0 54.8 -8.7 63.5 112.2 3.4 0.3 0.3 0.0 -171.4 -4.0 -7.3 3.3 3.1 9.0 4.3 4.7 120.3 135.6 0.2 3.7 10.4 -52.5 2.3 171.5 -15.3 12.4 27.9 198.0 45.4 42.2 -60.4 -47.1 -13.3 102.6 2.9 0.3 0.3 0.0 152.6 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 -3.0 -1,440.4 95.3 3,571.3 14.7 -514.0 22.9 -83.2 32.9 107.4 44 45 6.4 -3,049.9 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2021. 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 -8- August 27, 2021 Table 4. Personal Income and Its Disposition, Change from Preceding Period (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 1 12 Employer contributions for employee pension and insurance funds 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 2 23 Social security 3 24 Medicare 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 4 39 Personal interest payments 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) dollars 45 718.4 488.2 423.0 374.2 62.8 27.0 311.4 54.4 257.0 48.8 65.2 40.3 24.9 1,203.2 124.4 120.6 76.3 -17.6 -6.1 93.9 27.6 66.3 44.3 3.9 -10.2 14.1 Q1 193.7 148.8 138.5 106.5 1.9 -0.6 104.7 20.2 84.5 31.9 10.3 2.0 8.3 Seasonally adjusted at annual rates 2020 2021 Line r r Q2 Q3 Q4 Q1 Q2 1,506.5 -571.2 -235.4 2,325.3 -1,302.5 1 -726.3 510.5 424.5 124.7 212.3 2 -625.1 431.4 372.7 96.2 192.9 3 -577.6 400.2 375.1 89.9 176.2 4 -110.8 74.4 57.7 19.2 18.3 5 -53.2 29.5 40.5 13.0 6.6 6 -466.8 325.8 317.4 70.7 157.9 7 -81.5 80.9 59.0 17.7 33.4 8 -385.3 244.9 258.4 53.0 124.4 9 -47.5 31.2 -2.4 6.3 16.7 10 -101.2 79.2 51.8 28.6 19.4 11 -73.2 54.4 33.4 12.6 7.5 12 -28.0 24.8 18.3 16.0 11.9 13 18.5 -0.5 19.0 10.2 99.7 37.0 62.7 162.8 157.0 58.3 50.8 24.2 -0.2 11.2 12.6 5.7 61.0 128.8 589.6 542.7 515.1 125.2 44.1 81.1 389.9 19.4 8.2 4.6 3.6 46.8 51.1 31.7 19.4 19.5 -55.9 -37.7 -18.2 1,102.0 1,098.1 47.2 33.5 43.2 509.1 14.6 450.5 3.9 38.0 -9.6 1,212.8 -437.0 -381.1 174.9 103.1 71.8 -556.0 -54.9 -0.9 -4.0 3.1 1,649.7 11.5 7.5 4.0 13.2 -5.7 -15.8 10.1 56.5 55.9 25.0 7.1 -14.3 12.7 4.3 21.2 0.5 30.6 18.4 175.3 -227.7 -214.9 -9.8 -54.3 44.4 -205.0 -7.2 -5.6 -4.0 -1.6 403.0 -167.2 -13.2 -154.0 -2.7 -65.5 -26.9 -38.6 2,402.1 2,396.8 6.9 13.1 48.1 999.9 3.6 1,325.2 5.3 -66.1 -142.6 1,649.1 -1,511.5 -1,449.4 -181.0 -16.7 -164.4 -1,268.3 -64.2 2.0 -0.5 2.5 3,160.6 289.7 24.4 265.3 5.0 -59.1 -13.7 -45.4 -1,264.5 -1,260.1 5.4 4.2 36.1 -271.6 3.0 -1,037.2 -4.4 52.8 82.7 -654.0 1,296.7 1,304.1 517.3 285.0 232.2 786.8 0.9 -8.3 0.0 -8.3 -1,950.6 -30.7 39.3 -70.0 -4.5 57.9 12.8 45.1 -639.9 -640.2 8.6 -4.8 -12.0 -467.9 2.2 -166.2 0.3 42.7 78.0 -313.5 162.4 173.8 0.1 5.9 -5.8 173.7 -18.5 7.1 0.5 6.7 -475.9 -16.1 -35.5 19.4 6.9 -10.7 19.8 -30.6 2,253.1 2,250.3 17.5 -6.8 17.6 265.9 2.9 1,953.3 2.8 32.5 152.3 2,173.0 538.8 537.8 377.8 198.7 179.1 160.1 -0.6 1.6 0.5 1.1 1,634.2 124.2 35.5 88.7 -0.1 39.3 15.8 23.5 -1,653.4 -1,662.7 3.4 1.1 39.6 -85.3 4.1 -1,625.6 9.3 24.7 138.3 -1,440.8 684.9 670.4 282.4 132.9 149.5 388.1 12.9 1.6 0.7 0.9 -2,125.7 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 43 307.1 325.8 -71.9 917.6 80.6 112.2 -752.6 1,554.2 502.5 -734.6 309.5 -339.4 -68.6 1,778.6 87.0 -1,523.6 44 45 2019 5 Disposable personal income, billions of chained (2012) dollars 5 2020 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2021. 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 -9- August 27, 2021 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2021 2020 r r r r r Dec. Jan. Feb. March April May Based on current-dollar measures Line 1 Personal income 0.7 9.9 -7.2 2 Compensation of employees 0.8 0.1 -0.3 3 Wages and salaries 0.8 0.1 -0.4 4 Supplements to wages and salaries 0.8 0.5 -0.1 5 Proprietors' income with inventory valuation and capital consumption adjustments -4.5 1.7 3.0 -1.0 0.8 1.0 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets 2.2 -2.7 0.5 8 Personal interest income 0.2 0.5 0.5 9 Personal dividend income 4.8 -6.5 0.5 10 Personal current transfer receipts 1.7 53.6 -27.8 0.7 1.5 -0.4 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 1.4 4.1 1.0 13 Equals: Disposable personal income 0.6 10.7 -8.2 Addenda: 14 Personal consumption expenditures -0.5 3.3 -1.1 15 Goods -1.9 7.9 -2.9 16 Durable goods -2.5 11.2 -4.0 17 Nondurable goods -1.6 6.1 -2.3 18 Services 0.2 0.9 -0.1 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 0.0 0.2 -0.6 10.4 0.0 -8.5 Line June r July p 21.0 0.7 0.7 0.4 -13.6 0.7 0.8 0.3 -2.1 0.7 0.7 0.4 0.2 0.8 0.8 0.4 1.1 0.9 1.0 0.5 1 2 3 4 6.5 1.1 0.3 0.5 0.0 96.8 0.6 1.5 23.7 0.8 -0.6 0.5 0.2 0.8 -41.8 0.7 2.5 -15.5 1.3 -0.6 0.5 0.2 0.8 -11.6 0.6 1.9 -2.7 0.8 -0.4 0.6 0.2 1.0 -1.8 0.7 1.5 0.0 -0.2 0.4 0.3 0.3 0.4 2.9 0.8 1.1 1.1 5 6 7 8 9 10 11 12 13 5.2 10.7 15.6 7.9 2.3 1.0 0.4 1.2 -0.1 1.4 0.1 -1.8 -3.9 -0.5 1.1 1.1 1.0 -0.4 1.9 1.1 0.3 -1.1 -2.3 -0.4 1.0 14 15 16 17 18 0.7 23.0 0.0 -16.0 0.1 -3.2 0.2 -0.5 0.2 0.7 19 20 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2021. Source: U.S. Bureau of Economic Analysis August 27, 2021 Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Line 2019 Seasonally adjusted at annual rates 2020 2021 r r Q2 Q3 Q4 Q1 Q2 2020 Q1 Based on current-dollar measures 1 Personal income 4.1 6.5 4.2 2 Compensation of employees 4.5 1.1 5.2 3 Wages and salaries 4.8 1.3 6.0 4 Supplements to wages and salaries 3.2 0.2 1.9 5 Proprietors' income with inventory valuation and capital consumption adjustments 1.2 3.2 2.9 6 Rental income of persons with capital consumption adjustment 1.5 2.8 7.8 7 Personal income receipts on assets 3.5 -1.9 -0.8 8 Personal interest income 2.3 -2.3 -3.8 9 Personal dividend income 5.0 -1.4 3.1 10 Personal current transfer receipts 5.5 35.1 7.3 4.5 2.7 8.8 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 6.2 -0.4 3.4 13 Equals: Disposable personal income 3.8 7.5 4.3 Addenda: 14 Personal consumption expenditures 3.7 -2.6 -5.7 15 Goods 2.9 3.9 -0.9 16 Durable goods 3.0 6.8 -13.4 17 Nondurable goods 2.8 2.4 6.1 18 Services 4.1 -5.6 -7.9 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 2.3 2.3 -0.5 6.2 2.3 3.1 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2021. Source: U.S. Bureau of Economic Analysis - 10 - Line 36.0 -22.5 -23.6 -17.5 -10.8 19.8 20.6 16.4 -4.7 15.5 16.8 10.1 56.8 4.2 4.0 5.3 -21.8 7.2 8.0 3.6 1 2 3 4 -35.0 -1.5 -8.5 -6.4 -11.0 823.5 -16.8 -23.1 46.1 105.2 2.8 -7.9 -3.4 -13.3 -63.8 15.9 16.7 -13.6 -6.8 -2.5 8.4 3.2 15.2 -46.9 12.2 15.1 -6.9 -3.7 3.9 -1.5 5.0 -9.1 562.1 9.0 29.8 60.6 32.3 -0.1 5.5 3.9 7.6 -72.6 6.6 25.0 -26.5 5 6 7 8 9 10 11 12 13 -34.5 -15.0 -4.4 -19.9 -42.2 46.6 56.7 103.3 36.3 41.7 5.0 0.0 1.3 -0.7 7.6 15.7 34.9 53.4 25.1 6.8 19.1 23.3 30.0 19.5 16.9 14 15 16 17 18 -19.7 48.5 16.0 -16.6 9.3 -8.3 -1.9 54.7 2.5 -31.0 19 20 August 27, 2021 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 2021 2020 Dec. Jan. Feb. March April r May r Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 12,824.6 13,201.3 13,025.4 13,621.3 13,679.7 13,614.2 Goods 5,056.1 5,421.0 5,242.9 5,766.0 5,740.3 5,589.3 Durable goods 1,990.2 2,210.1 2,116.8 2,433.6 2,420.6 2,278.7 Nondurable goods 3,096.9 3,253.9 3,164.7 3,389.3 3,375.2 3,355.0 Services 7,898.6 7,961.9 7,938.8 8,079.6 8,153.6 8,211.9 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) -119.0 376.8 -175.9 595.8 58.4 -65.5 Goods -117.2 364.9 -178.1 523.1 -25.7 -150.9 Durable goods -54.1 219.9 -93.3 316.7 -13.0 -141.9 Nondurable goods -64.8 157.0 -89.1 224.6 -14.1 -20.2 Services -18.5 63.3 -23.1 140.8 74.0 58.3 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) -0.9 2.9 -1.3 4.6 0.4 -0.5 Goods -2.3 7.2 -3.3 10.0 -0.4 -2.6 Durable goods -2.6 11.1 -4.2 15.0 -0.5 -5.9 Nondurable goods -2.0 5.1 -2.7 7.1 -0.4 -0.6 Services -0.2 0.8 -0.3 1.8 0.9 0.7 Line June r July p 13,686.7 5,603.6 2,245.2 3,398.5 8,267.8 13,666.9 5,516.1 2,186.8 3,366.3 8,319.0 1 2 3 4 5 72.5 14.3 -33.5 43.4 55.9 -19.8 -87.5 -58.4 -32.2 51.3 6 7 8 9 10 0.5 0.3 -1.5 1.3 0.7 -0.1 -1.6 -2.6 -0.9 0.6 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis August 27, 2021 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) 2019 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2020 Seasonally adjusted at annual rates 2020 2021 Q2 Q3 Q4 Q1 Q2 r Q1 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 13,126.3 12,629.9 13,014.5 11,756.4 Goods 4,723.0 4,942.5 4,790.2 4,665.8 Durable goods 1,749.7 1,884.3 1,738.3 1,731.8 Nondurable goods 2,988.1 3,080.5 3,061.8 2,949.1 Services 8,443.7 7,808.5 8,284.4 7,217.3 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 281.3 -496.4 -234.5 -1,258.1 Goods 153.7 219.5 3.3 -124.4 Durable goods 71.5 134.6 -56.3 -6.6 Nondurable goods 84.5 92.4 51.7 -112.7 Services 138.1 -635.2 -221.5 -1,067.1 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 2.2 -3.8 -6.9 -33.4 Goods 3.4 4.6 0.3 -10.0 Durable goods 4.3 7.7 -12.0 -1.5 Nondurable goods 2.9 3.1 7.1 -13.9 Services 1.7 -7.5 -10.0 -42.4 r Revised Source: U.S. Bureau of Economic Analysis - 11 - Line 12,820.8 5,158.9 2,030.6 3,159.9 7,815.2 12,927.9 5,155.0 2,036.4 3,151.1 7,917.0 13,282.7 5,476.6 2,253.5 3,269.3 7,993.4 13,660.2 5,644.4 2,314.8 3,376.2 8,211.1 1 2 3 4 5 1,064.4 493.1 298.8 210.8 597.8 107.1 -3.9 5.8 -8.8 101.8 354.8 321.6 217.1 118.3 76.5 377.5 167.7 61.3 106.9 217.6 6 7 8 9 10 41.4 49.5 89.0 31.8 37.5 3.4 -0.3 1.2 -1.1 5.3 11.4 27.4 50.0 15.9 3.9 11.9 12.8 11.3 13.7 11.3 11 12 13 14 15 August 27, 2021 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) 2020 Dec. Jan. Feb. March Chain-type price indexes (2012=100), seasonally adjusted 112.220 112.570 112.878 113.518 94.662 95.311 95.694 96.365 86.486 86.617 86.857 87.363 98.992 99.980 100.456 101.233 121.597 121.742 121.992 122.594 Line 2021 April r 1 Personal consumption expenditures (PCE) 114.166 2 Goods 97.160 3 88.879 Durable goods 4 101.517 Nondurable goods 5 Services 123.125 Addenda: 6 114.494 114.746 114.899 115.383 116.107 PCE excluding food and energy 1 7 108.769 108.692 108.913 109.102 109.485 Food 2 8 81.151 84.033 87.311 91.594 91.359 Energy goods and services 3 9 109.374 109.751 110.144 110.734 111.284 Market-based PCE 3 10 111.501 111.770 112.000 112.404 113.023 Market-based PCE excluding food and energy Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE) 0.4 0.3 0.3 0.6 0.6 12 Goods 0.4 0.7 0.4 0.7 0.8 13 0.2 0.2 0.3 0.6 1.7 Durable goods 14 0.5 1.0 0.5 0.8 0.3 Nondurable goods 15 Services 0.4 0.1 0.2 0.5 0.4 Addenda: 16 0.3 0.2 0.1 0.4 0.6 PCE excluding food and energy 1 17 0.2 -0.1 0.2 0.2 0.4 Food 2 18 2.8 3.6 3.9 4.9 -0.3 Energy goods and services 3 19 0.3 0.3 0.4 0.5 0.5 Market-based PCE 3 20 0.2 0.2 0.2 0.4 0.6 Market-based PCE excluding food and energy May r June r July Line p 114.774 97.979 90.669 101.658 123.575 115.385 98.702 91.620 102.225 124.096 115.860 99.173 91.911 102.809 124.565 1 2 3 4 5 116.775 109.844 91.337 111.767 113.553 117.324 110.673 92.713 112.341 114.050 117.720 111.379 94.239 112.867 114.494 6 7 8 9 10 0.5 0.8 2.0 0.1 0.4 0.5 0.7 1.0 0.6 0.4 0.4 0.5 0.3 0.6 0.4 11 12 13 14 15 0.6 0.3 0.0 0.4 0.5 0.5 0.8 1.5 0.5 0.4 0.3 0.6 1.6 0.5 0.4 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 27, 2021 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago 2020 Dec. Line 1 Disposable personal income 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Nondurable goods 6 Services 3.7 -3.3 5.5 10.2 3.0 -7.2 2021 r Jan. 13.4 -0.8 12.8 21.7 8.1 -6.8 Feb. r 3.2 -2.2 9.1 16.9 5.1 -7.2 r March 28.8 9.6 21.1 53.2 7.2 4.1 April r -6.4 25.4 37.3 70.5 22.4 19.7 May r r -4.8 15.1 17.1 25.9 12.5 14.0 June -3.6 9.3 11.1 14.3 9.3 8.3 July p -3.5 7.6 7.5 8.5 7.1 7.6 Line 1 2 3 4 5 6 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2021. Source: U.S. Bureau of Economic Analysis August 27, 2021 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago Line 1 Personal consumption expenditures (PCE) 2 Goods 3 Durable goods 4 Nondurable goods 5 Services Addenda: 6 PCE excluding food and energy 1 7 Food 2 8 Energy goods and services 3 9 Market-based PCE 3 10 Market-based PCE excluding food and energy 2020 Dec. 2021 Jan. Feb. 1.3 -0.2 1.4 -0.9 2.0 1.4 0.3 1.4 -0.1 1.9 1.6 0.9 1.4 0.7 2.0 March 2.5 2.5 2.4 2.6 2.4 1.5 3.9 -7.7 1.1 1.3 1.5 3.5 -4.5 1.3 1.4 1.5 3.3 1.9 1.6 1.4 2.0 3.0 13.3 2.4 1.8 April r May r June r July p 3.6 4.5 5.4 4.0 3.1 4.0 5.4 7.0 4.5 3.2 4.0 5.2 7.2 4.1 3.4 4.2 5.4 7.0 4.4 3.5 1 2 3 4 5 3.1 1.1 24.3 3.2 2.5 3.5 0.7 27.3 3.5 2.9 3.6 0.9 24.2 3.7 3.1 3.6 2.4 23.6 4.0 3.3 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 - 12 - Line