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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Thursday, August 31, 2023 Technical: Media: Lisa Mataloni (Personal Income) Kyle Brown (PCE Goods) Jeff Barnett (PCE Services) Connie O'Connell (301) 278-9083 (301) 278-9086 (301) 278-9663 (301) 278-9003 BEA 23–39 piniwd@bea.gov pce@bea.gov Connie.OConnell@bea.gov Personal Income and Outlays, July 2023 Personal income increased $45.0 billion (0.2 percent at a monthly rate) in July, according to estimates released today by the Bureau of Economic Analysis (table 3 and table 5). Disposable personal income (DPI), personal income less personal current taxes, increased $7.3 billion (less than 0.1 percent) and personal consumption expenditures (PCE) increased $144.6 billion (0.8 percent). The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 9). Real DPI decreased 0.2 percent in July and real PCE increased 0.6 percent; goods increased 0.9 percent and services increased 0.4 percent (tables 5 and 7). 2023 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 0.4 0.3 0.2 0.5 0.3 0.5 0.2 0.5 0.4 0.2 0.0 0.0 -0.2 0.1 0.0 0.6 0.3 0.2 0.1 0.6 0.4 0.8 0.6 0.1 0.3 0.3 0.3 0.1 0.3 0.2 0.2 0.2 0.2 Percent change from month one year ago 4.2 4.3 3.8 3.0 3.3 4.6 4.6 4.5 4.1 4.2 The increase in current-dollar personal income in July primarily reflected an increase in compensation that was partly offset by a decrease in personal current transfer receipts (table 3). The $144.6 billion increase in current-dollar PCE in July reflected increases of $102.7 billion in spending for services and $41.9 billion in spending for goods (table 3). Within services, the largest contributors to the increase were financial services and insurance (led by portfolio management and investment advice services), housing and utilities (led by housing), food services and accommodation (led by food services), and health care (led by outpatient services). Within goods, the largest contributors to the increase were “other” nondurable goods (led by pharmaceuticals and recreational items), food and beverages (led by groceries), and recreational goods and vehicles (led by video, audio, photographic, and information processing equipment and media). Detailed information on monthly PCE spending can be found on Table 2.4.5U. Personal outlays, the sum of PCE, personal interest payments, and personal current transfer payments, increased $153.8 billion in July (table 3). Personal saving was $705.6 billion in July and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.5 percent (table 1). Prices From the preceding month, the PCE price index for July increased 0.2 percent (table 9). Prices for goods decreased 0.3 percent and prices for services increased 0.4 percent. Food prices increased 0.2 percent and energy prices increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U. From the same month one year ago, the PCE price index for July increased 3.3 percent (table 11). Prices for goods decreased 0.5 percent and prices for services increased 5.2 percent. Food prices increased 3.5 percent and energy prices decreased 14.6 percent. Excluding food and energy, the PCE price index increased 4.2 percent from one year ago. Real PCE The 0.6 percent increase in real PCE in July reflected an increase of 0.9 percent in spending on goods and an increase of 0.4 percent in spending on services (table 7). Within goods, the largest contributors to the increase were “other” nondurable goods (led by games, toys, and hobbies) and recreational goods and vehicles (led by video, audio, photographic and information processing equipment and media). Within services, the largest contributors to the increase were food services and accommodations (led by food services), financial services and insurance (led by portfolio management and investment advice services), and housing and utilities (led by utilities). Detailed information on monthly real PCE spending can be found on Table 2.4.6U. -2- Updates to Personal Income and Outlays Estimates have been updated for April through June1. 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 provided below for May and June. 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 104.1 91.8 0.5 0.4 69.5 61.3 0.3 0.3 104.3 62.7 104.3 64.7 0.5 0.4 0.5 0.4 67.5 27.8 45.3 3.6 0.3 0.2 0.2 0.0 32.9 7.9 32.8 9.8 0.2 0.1 0.2 0.1 100.4 55.7 114.7 60.9 0.5 0.4 0.6 0.4 1 Revised wage and salary data from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages program for January through March will be incorporated with the comprehensive update of the National Economic Accounts on September 29, 2023. -3- Notice on Upcoming Data Including Comprehensive Updates BEA will release initial results from the 2023 comprehensive update of the National Economic Accounts, which include the National Income and Product Accounts as well as the Industry Economic Accounts, on September 28, 2023. The update will present revised statistics for GDP, GDP by industry, and gross domestic income. Updated monthly personal income and outlays will be released on September 29, along with the August 2023 estimate. For details, refer to Information on Updates to the National Economic Accounts. The initial results of the comprehensive update of the Regional Economic Accounts will be released on September 29. GDP by industry and GDP by state news releases for the second quarter of 2023 will be released this fall. BEA will send out an advisory with the exact days and times when they become available. Personal income by state for the second quarter will be released as scheduled on September 29. * * * Next release: September 29, 2023, at 8:30 a.m. EDT Personal Income and Outlays: August 2023 -4- Additional Information Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Resources Additional Resources available at www.bea.gov: • • • • • • For more definitions, refer to the Glossary: National Income and Product Accounts. 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, refer to our 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, refer to 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, refer to 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, refer to 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. 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. 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 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.” -5- 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 -6- August 31, 2023 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 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 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 45 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 2 Social security 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 4 Personal interest payments 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: Seasonally adjusted at annual rates 2023 r r Feb. March April May 22,520.6 22,605.1 22,669.7 22,761.5 13,980.9 14,026.9 14,090.5 14,158.6 11,541.3 11,579.8 11,634.6 11,693.8 9,874.0 9,904.7 9,951.2 10,002.1 1,810.2 1,819.1 1,831.1 1,842.1 1,057.5 1,062.2 1,069.8 1,073.9 8,063.7 8,085.6 8,120.1 8,160.0 1,780.4 1,774.8 1,783.7 1,784.8 6,283.3 6,310.8 6,336.3 6,375.2 1,667.3 1,675.1 1,683.4 1,691.7 2,439.6 2,447.1 2,455.8 2,464.8 1,652.1 1,657.3 1,662.6 1,667.9 2022 Dec. 22,281.9 13,832.7 11,412.7 9,762.3 1,789.6 1,046.9 7,972.7 1,745.6 6,227.2 1,650.4 2,420.0 1,642.9 Jan. 22,432.0 13,948.8 11,515.6 9,855.1 1,813.2 1,063.4 8,041.9 1,774.0 6,267.9 1,660.5 2,433.2 1,647.1 777.1 786.1 787.6 789.8 793.3 1,888.6 1,903.5 1,913.0 1,911.8 102.8 1,785.8 820.0 3,433.5 1,811.6 1,622.0 4,010.8 3,941.2 1,223.6 949.7 800.6 21.6 164.8 780.9 69.6 1,703.8 3,202.1 19,079.7 18,377.4 17,736.5 5,901.5 2,134.9 3,766.5 11,835.0 416.1 224.8 117.2 107.6 702.3 3.7 99.7 1,803.8 831.8 3,444.8 1,810.1 1,634.8 4,030.0 3,959.0 1,335.3 955.8 821.8 21.9 165.4 658.7 71.0 1,726.9 2,920.9 19,511.1 18,725.8 18,076.6 6,104.4 2,288.2 3,816.2 11,972.1 425.8 223.4 117.5 105.9 785.3 4.0 96.7 1,816.3 844.8 3,446.4 1,808.2 1,638.2 4,065.9 3,994.6 1,340.2 960.9 840.0 22.8 166.3 664.5 71.3 1,730.3 2,901.5 19,619.1 18,783.1 18,123.9 6,098.0 2,258.2 3,839.8 12,025.9 435.5 223.7 117.8 105.9 836.1 4.3 93.6 1,818.2 858.4 3,466.6 1,806.0 1,660.6 4,076.6 4,005.0 1,344.8 964.7 856.2 23.6 167.0 648.6 71.6 1,735.2 2,896.1 19,708.9 18,807.7 18,138.7 6,034.5 2,230.2 3,804.3 12,104.2 445.1 223.9 118.0 105.9 901.2 4.6 14,604.2 14,623.3 14,622.7 15,250.6 15,504.7 57,053 45,603 334,420 58,323 46,347 334,533 Line r p June 22,822.8 14,241.0 11,765.7 10,064.0 1,852.0 1,082.7 8,212.0 1,800.9 6,411.1 1,701.7 2,475.3 1,673.8 July 22,867.8 14,296.5 11,812.5 10,100.9 1,861.9 1,085.0 8,239.0 1,802.7 6,436.3 1,711.7 2,483.9 1,679.5 1 2 3 4 5 6 7 8 9 10 11 12 796.9 801.5 804.4 13 1,906.4 1,906.5 1,913.4 1,923.5 14 89.4 1,817.0 860.8 3,481.2 1,815.9 1,665.3 4,072.8 4,000.9 1,350.1 966.0 875.1 23.6 167.1 619.1 71.9 1,741.9 2,856.8 19,812.9 18,927.5 18,241.4 6,090.6 2,254.7 3,835.9 12,150.9 462.5 223.6 118.3 105.3 885.4 4.5 85.2 1,821.3 863.4 3,494.0 1,826.1 1,667.9 4,088.2 4,016.0 1,355.1 967.3 882.5 23.1 166.9 621.1 72.2 1,749.2 2,844.3 19,917.2 18,978.0 18,274.3 6,077.4 2,254.3 3,823.1 12,196.8 479.8 223.9 118.5 105.3 939.2 4.7 81.0 1,832.4 866.9 3,483.7 1,836.4 1,647.3 4,076.1 4,003.5 1,356.9 968.7 878.0 22.4 166.9 610.6 72.5 1,758.2 2,860.3 19,962.5 19,110.3 18,389.0 6,115.4 2,271.9 3,843.4 12,273.6 497.2 224.1 118.8 105.3 852.1 4.3 82.9 1,840.7 876.3 3,485.2 1,841.6 1,643.6 4,050.5 3,977.7 1,357.8 970.2 861.5 22.0 167.0 599.1 72.8 1,764.2 2,898.1 19,969.7 19,264.1 18,533.6 6,157.2 2,288.6 3,868.7 12,376.4 506.1 224.4 119.1 105.3 705.6 3.5 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 14,664.3 14,673.5 14,717.4 14,745.1 14,769.0 45 15,545.3 15,598.6 15,633.0 15,697.7 15,701.3 15,673.5 46 58,628 46,454 334,637 58,876 46,597 334,753 59,164 46,682 334,880 59,452 46,857 335,013 59,560 46,847 335,163 59,553 46,741 335,329 47 48 49 Personal income excluding current transfer receipts, billions of chained (2012) dollars 5 Disposable personal income: 46 47 48 49 Total, billions of chained (2012) dollars Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) 5 p Preliminary r Revised 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 31, 2023 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2022 2023 Line Q2 Q3 Q4 Q1 Q2 r 21,578.3 21,969.5 22,241.3 22,519.2 22,751.3 1 13,415.2 13,755.0 13,828.1 13,985.5 14,163.3 2 11,058.0 11,361.0 11,413.9 11,545.6 11,698.0 3 9,457.7 9,737.3 9,770.7 9,877.9 10,005.8 4 1,732.8 1,781.7 1,793.0 1,814.2 1,841.8 5 1,027.9 1,055.2 1,054.6 1,061.0 1,075.4 6 7,724.9 7,955.6 7,977.6 8,063.7 8,164.0 7 1,701.0 1,748.2 1,751.0 1,776.4 1,789.8 8 6,023.9 6,207.3 6,226.6 6,287.3 6,374.2 9 1,600.4 1,623.8 1,643.3 1,667.6 1,692.3 10 2,357.1 2,394.0 2,414.2 2,440.0 2,465.3 11 1,603.6 1,620.0 1,636.8 1,652.1 1,668.1 12 2021 2022 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government 11 Supplements to wages and salaries 12 Employer contributions for employee pension and insurance funds 1 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 21,294.8 12,538.5 10,290.1 8,746.0 1,601.8 960.1 7,144.2 1,593.7 5,550.5 1,544.1 2,248.4 1,550.3 21,777.2 13,564.5 11,189.6 9,575.8 1,753.2 1,037.7 7,822.6 1,724.3 6,098.3 1,613.8 2,374.9 1,612.5 Q1 21,319.8 13,259.7 10,925.5 9,337.8 1,705.4 1,013.3 7,632.4 1,697.0 5,935.4 1,587.8 2,334.2 1,589.6 698.1 762.4 744.6 753.6 774.0 777.4 787.8 797.2 1,753.6 1,848.3 1,811.4 1,835.4 1,863.5 1,882.9 1,909.5 1,908.7 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 51.3 1,702.2 723.8 3,202.4 1,658.6 1,543.9 4,617.3 4,546.4 1,114.6 880.6 735.6 320.9 154.2 1,340.5 71.0 1,540.8 2,661.7 18,633.1 16,389.8 15,902.6 5,496.5 2,060.2 3,436.3 10,406.1 274.4 212.8 110.3 102.4 2,243.4 12.0 91.7 1,756.6 781.9 3,343.9 1,726.6 1,617.3 3,910.7 3,839.6 1,211.5 920.4 783.7 20.3 160.8 742.9 71.1 1,672.1 3,196.6 18,580.6 17,922.5 17,357.2 5,941.3 2,185.5 3,755.9 11,415.8 341.6 223.7 115.7 108.0 658.1 3.5 74.4 1,737.0 744.9 3,269.9 1,670.8 1,599.1 3,868.7 3,797.7 1,198.7 908.0 763.1 23.6 157.7 746.6 71.1 1,634.7 3,145.5 18,174.4 17,389.5 16,874.8 5,843.2 2,183.9 3,659.3 11,031.6 293.5 221.3 114.1 107.2 784.9 4.3 95.7 1,739.7 775.9 3,323.0 1,708.6 1,614.4 3,883.2 3,809.1 1,206.9 911.8 789.5 18.6 159.7 722.7 74.1 1,654.4 3,188.5 18,389.8 17,798.7 17,261.3 5,953.6 2,181.8 3,771.9 11,307.7 313.1 224.2 115.4 108.8 591.1 3.2 95.9 1,767.6 794.9 3,358.8 1,738.1 1,620.7 3,892.8 3,823.0 1,214.6 920.3 786.1 18.5 161.7 721.7 69.8 1,695.6 3,236.5 18,733.0 18,124.5 17,542.7 5,988.6 2,195.8 3,792.7 11,554.1 357.1 224.7 116.4 108.3 608.5 3.2 100.9 1,782.0 811.8 3,424.0 1,789.0 1,635.0 3,998.2 3,928.7 1,225.6 941.6 796.2 20.4 164.0 780.8 69.5 1,703.7 3,216.2 19,025.1 18,377.2 17,749.9 5,980.0 2,180.4 3,799.6 11,769.9 402.6 224.7 117.0 107.6 647.9 3.4 96.7 1,812.8 845.0 3,452.6 1,808.1 1,644.5 4,057.5 3,986.2 1,340.1 960.5 839.4 22.8 166.2 657.3 71.3 1,730.8 2,906.2 19,613.1 18,772.2 18,113.1 6,079.0 2,258.9 3,820.1 12,034.1 435.5 223.7 117.8 105.9 840.9 4.3 85.2 1,823.6 863.7 3,486.3 1,826.1 1,660.2 4,079.0 4,006.8 1,354.0 967.3 878.5 23.1 167.0 616.9 72.2 1,749.8 2,853.8 19,897.5 19,005.3 18,301.6 6,094.5 2,260.3 3,834.1 12,207.1 479.8 223.9 118.5 105.3 892.3 4.5 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 14,424.3 14,544.9 14,507.5 14,453.7 14,610.2 14,609.8 14,636.8 14,712.0 45 16,115.7 15,126.3 15,108.8 15,021.2 15,140.6 15,236.1 15,549.6 15,677.3 46 56,065 48,490 332,351 55,698 45,343 333,595 54,581 45,375 332,978 55,171 45,065 333,321 56,121 45,359 333,799 56,913 45,579 334,282 58,609 46,466 334,641 59,392 46,795 335,019 47 48 49 Line 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, billions of chained (2012) dollars 5 46 47 48 49 Disposable personal income: Total, billions of chained (2012) dollars 5 Per capita: Current dollars Chained (2012) dollars Population (midperiod, thousands) 6 13 r Revised 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 -8- August 31, 2023 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 2022 Dec. 41.8 9.9 4.0 -1.6 -4.1 -8.6 2.6 -4.2 6.7 5.6 5.9 5.8 Jan. 150.1 116.1 102.9 92.8 23.7 16.5 69.1 28.4 40.7 10.1 13.2 4.3 0.1 8.9 5 Disposable personal income, billions of chained (2012) dollars 5 Seasonally adjusted at annual rates 2023 r r Feb. March April May 88.6 84.5 64.7 91.8 32.1 46.0 63.6 68.1 25.7 38.5 54.8 59.1 18.9 30.8 46.5 50.9 -3.0 8.9 12.0 10.9 -5.9 4.6 7.6 4.1 21.9 21.8 34.5 40.0 6.4 -5.6 8.9 1.1 15.4 27.4 25.6 38.9 6.8 7.7 8.4 8.2 6.4 7.5 8.7 9.0 4.9 5.2 5.3 5.3 1.5 2.3 3.4 3.7 Line r p June 61.3 82.4 72.0 61.9 10.0 8.8 51.9 16.1 35.9 10.1 10.5 5.9 July 45.0 55.5 46.8 36.9 9.8 2.4 27.0 1.8 25.2 10.0 8.7 5.7 1 2 3 4 5 6 7 8 9 10 11 12 4.6 2.9 13 5.8 15.0 9.4 -1.1 -5.5 0.2 6.8 10.2 14 1.9 3.9 9.4 -3.1 18.0 11.8 -3.1 12.5 13.0 -3.1 1.9 13.6 -4.2 -1.3 2.4 -4.2 4.4 2.6 -4.2 11.0 3.5 1.9 8.3 9.4 15 16 17 8.8 22.9 -14.0 8.6 8.5 -0.7 8.2 3.7 0.9 0.8 -4.5 0.1 0.7 -11.5 53.3 15.1 1.5 -72.7 -32.4 -40.3 74.1 13.5 0.1 0.1 0.0 38.1 11.3 -1.5 12.8 19.2 17.8 111.7 6.2 21.2 0.3 0.6 -122.2 1.3 23.2 -281.3 431.4 348.3 340.1 203.0 153.3 49.7 137.1 9.7 -1.4 0.3 -1.7 83.1 1.5 -1.9 3.4 35.9 35.6 4.9 5.0 18.2 0.9 0.9 5.8 0.3 3.4 -19.4 108.0 57.3 47.3 -6.5 -30.0 23.5 53.8 9.7 0.3 0.3 0.0 50.7 20.2 -2.2 22.5 10.7 10.4 4.6 3.8 16.2 0.8 0.8 -15.9 0.3 4.9 -5.4 89.8 24.7 14.8 -63.5 -28.1 -35.4 78.3 9.7 0.3 0.3 0.0 65.1 14.6 10.0 4.6 -3.8 -4.1 5.3 1.3 18.9 0.0 0.0 -29.5 0.3 6.7 -39.3 104.0 119.8 102.7 56.1 24.5 31.6 46.6 17.4 -0.3 0.3 -0.6 -15.8 12.8 10.1 2.6 15.4 15.1 5.0 1.3 7.4 -0.5 -0.2 2.0 0.3 7.3 -12.5 104.3 50.4 32.8 -13.1 -0.4 -12.8 46.0 17.4 0.2 0.2 0.0 53.8 -10.3 10.3 -20.6 -12.1 -12.4 1.8 1.4 -4.5 -0.7 0.1 -10.5 0.3 9.0 16.0 45.3 132.4 114.7 37.9 17.6 20.3 76.8 17.4 0.3 0.3 0.0 -87.1 1.5 5.2 -3.7 -25.6 -25.9 0.9 1.5 -16.5 -0.4 0.1 -11.5 0.3 6.0 37.7 7.3 153.8 144.6 41.9 16.6 25.3 102.7 8.9 0.3 0.3 0.0 -146.5 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 -2.9 19.2 -0.7 41.7 9.2 43.8 27.7 24.0 44 11.9 254.1 40.6 53.3 34.4 64.7 3.6 -27.7 45 p Preliminary r Revised 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- Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) August 31, 2023 [Billions of dollars] 2021 Line 2022 Seasonally adjusted at annual rates 2022 2023 Q2 Q3 Q4 Q1 258.4 391.2 271.8 278.0 155.5 339.8 73.1 157.4 132.5 303.0 52.9 131.7 119.9 279.6 33.4 107.3 27.4 48.9 11.4 21.2 14.7 27.2 -0.6 6.4 92.5 230.7 22.0 86.1 3.9 47.3 2.8 25.4 88.6 183.4 19.3 60.7 12.6 23.4 19.5 24.4 22.9 36.8 20.2 25.8 13.9 16.4 16.9 15.3 Line r 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 1,462.5 945.7 832.7 783.1 86.2 55.8 696.9 151.3 545.6 49.7 113.0 74.0 482.4 1,026.0 899.5 829.9 151.4 77.6 678.4 130.6 547.8 69.7 126.5 62.3 Q1 157.7 215.4 177.1 162.1 39.9 19.9 122.2 29.0 93.2 15.0 38.3 18.3 39.0 64.2 19.9 9.0 20.4 3.4 10.5 110.5 94.7 21.7 23.9 28.2 19.3 26.6 -0.7 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 6.2 40.4 104.3 54.3 4.0 58.1 107.0 141.5 11.2 68.1 95.8 73.4 386.2 -706.6 359.3 -706.7 36.7 96.9 64.9 39.8 78.0 48.1 -216.5 -300.6 8.7 6.6 387.5 -597.5 26.9 0.2 90.8 131.3 425.3 534.9 1,037.2 -52.5 1,786.2 1,532.7 1,786.4 1,454.6 826.4 444.8 413.5 125.2 412.9 319.6 960.0 1,009.8 -9.8 67.2 9.6 11.0 2.3 5.4 7.3 5.6 -749.0 -1,585.2 30.5 -8.9 5.3 11.4 13.3 -1.9 -57.0 -54.9 72.2 8.0 18.1 -10.2 1.3 -144.3 -2.1 38.9 339.4 -181.7 370.5 356.8 169.5 82.3 87.2 187.3 10.7 3.0 1.7 1.4 -552.2 21.3 2.7 31.0 53.2 37.8 15.4 14.5 11.5 8.2 3.8 26.4 -5.0 2.1 -23.9 3.0 19.7 43.0 215.4 409.2 386.6 110.5 -2.1 112.6 276.1 19.6 3.0 1.3 1.7 -193.8 0.3 27.9 19.0 35.8 29.5 6.3 9.6 13.9 7.7 8.5 -3.3 -0.1 2.0 -1.0 -4.2 41.2 48.0 343.2 325.9 281.3 34.9 14.1 20.9 246.4 44.1 0.5 1.0 -0.5 17.3 4.9 14.4 16.8 65.2 50.9 14.3 105.4 105.7 11.0 21.4 10.1 1.8 2.3 59.1 -0.3 8.1 -20.3 292.1 252.7 207.2 -8.6 -15.5 6.9 215.8 45.5 -0.1 0.7 -0.7 39.5 -4.2 30.8 33.2 28.6 19.1 9.5 59.2 57.5 114.5 18.8 43.1 2.4 2.2 -123.5 1.8 27.1 -310.0 587.9 395.0 363.2 99.0 78.5 20.5 264.2 32.8 -1.0 0.7 -1.7 192.9 -11.5 10.8 18.7 33.7 18.1 15.6 21.5 20.6 13.9 6.9 39.2 0.3 0.7 -40.3 0.9 18.9 -52.3 284.5 233.1 188.5 15.5 1.5 14.0 173.0 44.4 0.2 0.8 -0.6 51.4 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 2 Social security 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 4 Personal interest payments Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Addenda: 1 2 3 4 5 6 7 8 9 10 11 12 9.4 13 Personal income excluding current transfer receipts, billions of chained (2012) dollars 45 Q2 232.1 177.8 152.5 127.8 27.6 14.4 100.3 13.4 86.9 24.6 25.3 15.9 5 Disposable personal income, billions of chained (2012) dollars 5 387.5 120.6 -82.1 -53.8 156.4 -0.4 27.0 75.2 44 284.2 -989.4 -428.6 -87.6 119.4 95.5 313.5 127.7 45 r Revised 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 - 10 - August 31, 2023 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2023 2022 r r Dec. Jan. Feb. March April May Based on current-dollar measures Line 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Supplements to wages and salaries 5 Proprietors' income with inventory valuation and capital consumption adjustments 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets 8 Personal interest income 9 Personal dividend income 10 Personal current transfer receipts 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 13 Equals: Disposable personal income Addenda: 14 Personal consumption expenditures 15 Goods 16 Durable goods 17 Nondurable goods 18 Services 19 20 Line June r July p 0.2 0.1 0.0 0.2 0.7 0.8 0.9 0.5 0.4 0.2 0.2 0.3 0.4 0.3 0.3 0.3 0.3 0.5 0.5 0.4 0.4 0.5 0.5 0.4 0.3 0.6 0.6 0.4 0.2 0.4 0.4 0.3 1 2 3 4 0.3 1.2 0.8 1.4 0.5 1.6 -0.1 1.6 -0.3 0.3 0.0 0.3 0.4 0.4 0.5 1.1 5 6 0.3 1.3 -0.9 0.2 0.0 0.3 -0.1 0.8 0.5 1.4 0.0 -0.1 0.2 0.9 0.2 0.6 -0.1 1.4 0.3 0.3 0.4 0.6 0.3 -0.1 0.4 0.4 0.6 0.2 0.4 0.4 -0.3 0.6 -1.2 -0.3 0.5 0.0 0.3 -0.2 -0.6 0.3 7 8 9 10 11 -0.4 0.3 -8.8 2.3 -0.7 0.6 -0.2 0.5 -1.4 0.5 -0.4 0.5 0.6 0.2 1.3 0.0 12 13 0.0 1.9 0.3 -1.2 3.4 -0.1 -1.5 7.2 -1.3 -1.1 1.3 0.6 0.6 1.2 0.4 Based on chained (2012) dollar measures 0.1 -1.0 -1.2 -0.9 0.7 0.6 0.9 1.1 0.8 0.4 0.2 -0.2 0.0 -0.3 0.4 0.6 0.6 0.8 0.5 0.6 0.8 0.7 0.7 0.7 0.8 14 15 16 17 18 0.3 0.3 0.1 0.2 0.3 0.4 0.2 0.0 0.2 -0.2 19 20 Real personal income excluding transfer receipts Real disposable personal income 0.0 0.1 0.1 1.7 0.0 0.3 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Line 2021 Seasonally adjusted at annual rates 2022 2023 r Q2 Q3 Q4 Q1 Q2 2022 Q1 Based on current-dollar measures 1 2 3 4 4.2 5.8 -0.1 8.7 8.0 12.2 3.6 11.3 1.9 17.4 3.4 4.3 2.3 6.1 6.5 9.2 4.0 4.1 3.9 2.1 4.4 -2.5 6.4 -33.3 12.9 -7.0 5.9 5 6 7 8 9 10 11 12 13 6.7 2.4 2.6 2.2 9.0 4.8 -0.6 -2.8 0.7 7.7 8.4 6.8 15.2 2.2 9.3 4.2 1.0 0.3 1.5 5.9 14 15 16 17 18 4.4 3.2 0.0 2.5 0.7 8.5 2.1 3.3 19 20 6.7 5.4 4.9 5.4 6.3 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets 8 Personal interest income 9 Personal dividend income 10 Personal current transfer receipts 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 13 Equals: Disposable personal income Addenda: 14 Personal consumption expenditures 15 Goods 16 Durable goods 17 Nondurable goods 18 Services 0.6 3.5 0.7 6.6 9.1 6.3 8.0 4.4 4.1 4.8 -15.3 8.5 2.9 1.4 3.3 -0.5 -5.7 10.1 17.7 6.7 9.4 3.9 1.5 4.9 10.2 4.4 7.1 1.6 1.0 10.3 19.0 5.9 20.1 -0.3 57.9 -3.9 5.6 4.8 6.2 7.7 12.7 9.1 8.9 17.7 8.1 12.5 25.1 6.1 16.6 13.7 9.3 10.1 10.2 9.7 7.1 Based on chained (2012) dollar measures 9.5 7.8 -0.4 12.9 10.4 -1.5 -2.3 2.8 1.8 r Revised Source: U.S. Bureau of Economic Analysis - 11 - 0.8 -6.1 -2.2 -10.6 4.9 4.8 4.9 4.0 4.2 5.2 5.4 4.2 7.4 8.2 8.8 5.3 Real personal income excluding transfer receipts Real disposable personal income 3.0 6.8 6.8 6.8 Line 5.1 4.6 4.7 4.3 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 19 20 2.3 8.2 8.7 5.6 August 31, 2023 7.5 10.5 11.4 6.4 5.0 2.1 1.9 3.4 August 31, 2023 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 2023 2022 r r Dec. Jan. Feb. March April May Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 14,176.9 14,364.7 14,360.5 14,355.8 14,393.0 14,402.8 Goods 5,474.1 5,629.9 5,615.6 5,569.4 5,604.4 5,599.6 Durable goods 2,208.0 2,360.5 2,333.8 2,306.8 2,327.5 2,321.8 Nondurable goods 3,304.4 3,322.6 3,331.7 3,310.9 3,326.4 3,326.7 Services 8,827.9 8,877.7 8,885.1 8,917.6 8,924.3 8,937.3 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) -27.4 187.8 -4.2 -4.7 37.2 9.8 Goods -39.4 155.8 -14.3 -46.2 35.0 -4.8 Durable goods -28.4 152.5 -26.7 -27.1 20.8 -5.8 Nondurable goods -13.1 18.3 9.0 -20.7 15.5 0.3 Services 6.2 49.8 7.4 32.5 6.7 13.0 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) -0.2 1.3 0.0 0.0 0.3 0.1 Goods -0.7 2.8 -0.3 -0.8 0.6 -0.1 Durable goods -1.3 6.9 -1.1 -1.2 0.9 -0.2 Nondurable goods -0.4 0.6 0.3 -0.6 0.5 0.0 Services 0.1 0.6 0.1 0.4 0.1 0.1 June r July p Line 14,463.7 5,638.2 2,347.2 3,341.7 8,963.2 14,546.4 5,691.1 2,379.9 3,364.2 8,998.1 1 2 3 4 5 60.9 38.6 25.4 15.0 25.9 82.7 52.9 32.7 22.4 34.9 6 7 8 9 10 0.4 0.7 1.1 0.5 0.3 0.6 0.9 1.4 0.7 0.4 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis August 31, 2023 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2021 2022 Seasonally adjusted at annual rates 2022 2023 r Q2 Q3 Q4 Q1 Q2 Q1 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 13,754.1 14,130.3 14,028.4 14,099.5 Goods 5,561.9 5,535.9 5,565.7 5,529.6 Durable goods 2,268.8 2,259.0 2,275.1 2,259.2 Nondurable goods 3,336.2 3,319.6 3,334.1 3,313.5 Services 8,361.1 8,733.5 8,613.0 8,709.6 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 1,053.4 376.2 46.9 71.1 Goods 606.2 -26.1 -1.0 -36.1 Durable goods 354.6 -9.8 41.5 -15.9 Nondurable goods 269.4 -16.6 -37.6 -20.7 Services 498.1 372.4 44.7 96.7 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 8.3 2.7 1.3 2.0 Goods 12.2 -0.5 -0.1 -2.6 Durable goods 18.5 -0.4 7.6 -2.8 Nondurable goods 8.8 -0.5 -4.4 -2.5 Services 6.3 4.5 2.1 4.6 r Revised Source: U.S. Bureau of Economic Analysis - 12 - Line 14,178.6 5,524.5 2,254.4 3,312.7 8,788.4 14,214.9 5,523.6 2,247.3 3,317.9 8,823.2 14,360.4 5,605.0 2,333.7 3,321.7 8,893.5 14,419.9 5,614.0 2,332.2 3,331.6 8,941.6 1 2 3 4 5 79.1 -5.1 -4.8 -0.8 78.7 36.3 -0.9 -7.2 5.2 34.8 145.5 81.4 86.5 3.8 70.3 59.5 9.1 -1.5 9.9 48.1 6 7 8 9 10 2.3 -0.4 -0.8 -0.1 3.7 1.0 -0.1 -1.3 0.6 1.6 4.2 6.0 16.3 0.5 3.2 1.7 0.7 -0.3 1.2 2.2 11 12 13 14 15 August 31, 2023 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) Line 1 Personal consumption expenditures (PCE) 2 Goods 3 Durable goods 4 Nondurable goods 5 Services Addenda: 6 PCE excluding food and energy 7 Food 1 2022 Dec. Jan. Feb. March Chain-type price indexes (2012=100), seasonally adjusted 125.141 125.874 126.240 126.385 107.814 108.433 108.593 108.352 96.632 96.875 96.696 96.614 114.017 114.885 115.279 114.930 134.109 134.903 135.397 135.782 2023 Line April r May r June r July p 126.772 108.677 96.804 115.344 136.202 126.914 108.536 97.030 114.949 136.519 127.174 108.465 96.729 115.041 136.982 127.445 108.192 96.099 115.024 137.592 1 2 3 4 5 125.746 128.175 126.422 128.682 126.847 128.956 127.257 128.707 127.655 128.675 128.029 128.863 128.302 128.703 128.579 129.006 6 7 8 8 Energy goods and services 2 114.420 116.611 115.979 111.685 112.520 108.211 108.869 108.994 9 Market-based PCE 3 121.983 122.636 123.045 123.200 123.529 123.659 123.787 123.948 9 124.396 124.518 124.669 10 0.1 -0.1 0.2 -0.3 0.2 0.2 -0.1 -0.3 0.1 0.3 0.2 -0.3 -0.7 0.0 0.4 11 12 13 14 15 0.3 0.1 0.2 -0.1 0.2 0.2 16 17 10 11 12 13 14 15 16 17 122.156 122.732 123.213 123.671 124.004 Market-based PCE excluding food and energy 3 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.2 0.6 0.3 0.1 0.3 Goods -0.5 0.6 0.1 -0.2 0.3 Durable goods -0.2 0.3 -0.2 -0.1 0.2 Nondurable goods -0.7 0.8 0.3 -0.3 0.4 Services 0.6 0.6 0.4 0.3 0.3 Addenda: PCE excluding food and energy 0.4 0.5 0.3 0.3 0.3 0.4 0.4 0.2 -0.2 0.0 Food 1 18 Energy goods and services 2 -3.6 1.9 -0.5 -3.7 0.7 -3.8 0.6 0.1 18 19 Market-based PCE 3 0.2 0.5 0.3 0.1 0.3 0.1 0.1 0.1 19 20 Market-based PCE excluding food and energy 3 0.4 0.5 0.4 0.4 0.3 0.3 0.1 0.1 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 31, 2023 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 2022 Dec. -1.5 1.9 -0.2 1.4 -1.1 3.1 2023 Jan. Feb. 2.4 2.6 0.3 2.6 -1.1 3.8 2.8 2.4 1.3 3.0 0.3 3.1 March 3.5 2.1 0.6 2.2 -0.3 2.9 April r 3.8 2.2 1.1 2.0 0.5 2.8 May r 4.4 2.2 1.5 3.5 0.4 2.5 June r 4.9 2.4 2.0 4.2 0.7 2.6 Line July p 3.8 3.0 3.3 5.4 2.1 2.9 1 2 3 4 5 6 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis August 31, 2023 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago 2023 2022 Dec. Line 1 Personal consumption expenditures (PCE) 2 Goods 3 Durable goods 4 Nondurable goods 5 Services Addenda: 6 PCE excluding food and energy 7 Food 1 Jan. Feb. 5.3 5.1 2.0 6.9 5.4 5.4 4.7 1.0 7.0 5.7 5.0 3.6 0.7 5.4 5.8 March 4.2 1.6 0.8 2.1 5.5 4.6 11.6 4.7 11.1 4.7 9.7 4.6 8.0 April r 4.3 2.1 0.8 2.9 5.4 May r 3.8 1.0 0.7 1.3 5.2 June r 3.0 -0.6 -0.4 -0.8 4.9 4.6 6.9 4.5 5.8 Line July p 3.3 -0.5 -0.8 -0.2 5.2 1 2 3 4 5 4.1 4.6 4.2 3.5 6 7 8 8 Energy goods and services 2 8.6 9.5 4.9 -9.8 -6.2 -13.2 -18.9 -14.6 9 Market-based PCE 3 5.6 5.6 5.1 4.1 4.2 3.7 2.7 2.8 9 10 Market-based PCE excluding food and energy 3 4.9 4.8 4.7 4.6 4.6 4.5 4.0 3.9 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 - 13 -