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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, JULY 31, 2018 Technical: Media: James Rankin (Personal Income) Harvey Davis (PCE) Brian Smith (Revisions) Jeannine Aversa (301) 278-9087 (301) 278-9086 (301) 278-9625 (301) 278-9003 BEA 18-38 piniwd@bea.gov pce@bea.gov Brian.Smith@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays: June 2018 Comprehensive Update: 1929 Through May 2018 Personal income increased $71.7 billion (0.4 percent) in June according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $65.3 billion (0.4 percent) and personal consumption expenditures (PCE) increased $57.1 billion (0.4 percent). Real DPI increased 0.3 percent in June and Real PCE increased 0.3 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent. 2018 Feb. Mar. Apr. May June 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 0.3 0.4 0.3 0.4 0.4 0.3 0.2 0.4 0.3 0.3 0.1 0.4 0.2 0.4 0.3 -0.1 -0.3 0.6 0.6 0.6 0.4 0.5 0.3 0.4 0.3 0.1 0.2 0.1 0.2 0.2 0.1 0.2 0.2 0.1 0.1 Percent change from month one year ago 1.9 2.1 2.0 2.2 2.2 1.7 2.0 1.9 1.9 1.9 The increase in personal income in June primarily reflected increases in wages and salaries and personal dividend income (table 3). The $39.7 billion increase in real PCE in June primarily reflected an increase of $36.4 billion in spending for services. The largest contributor to the increase was spending for food services and accommodations (table 7). Spending for goods increased $1.3 billion. Detailed information on monthly real PCE spending can be found in Table 2.3.6U. Personal outlays increased $62.7 billion in June (table 3). Personal saving was $1,049.7 billion in June and the personal saving rate, personal saving as a percentage of disposable personal income, was 6.8 percent (table 1). Comprehensive Update of the National Income and Product Accounts The estimates released today also reflect the results of the 15th comprehensive update of the National Income and Product Accounts (NIPAs). The updated estimates reflect previously announced improvements, and include the introduction of new not seasonally adjusted estimates for GDP, GDI and their major components. For more information, see the Technical Note. Revised NIPA table stubs, initial results, and background materials are available on the BEA Web site. Comprehensive Update of the National Income and Product Accounts Comprehensive updates of the National Income and Product Accounts (NIPAs), which are conducted about every five years, are an important part of BEA’s regular process for improving and modernizing its accounts to keep pace with the ever-changing U.S. economy. Updates incorporate newly available and more comprehensive source data, as well as improved estimation methodologies. The timespan for this year's comprehensive update is 1929 through May 2018. With the release of these updated statistics, most NIPA tables are available on BEA's Web site (www.bea.gov). A complete schedule of the table release plan is also available on BEA’s Web site. An article describing the results will be published in the September 2018 issue of BEA’s monthly journal, the Survey of Current Business. Updates Revisions to annual estimates of personal income and outlays for 2013 through 2017 are shown in table 12. Revised and previously published monthly estimates of personal income, DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in table 13. Revised and previously published annual and quarterly estimates are shown in table 14. Personal income was revised up $107.4 billion, or 0.8 percent in 2013; $173.6 billion, or 1.2 percent in 2014; $166.6 billion, or 1.1 percent in 2015; $196.4 billion, or 1.2 percent in 2016; and $401.9 billion, or 2.4 percent in 2017. • For 2013, the revision to personal income primarily reflected a $118.3 billion upward revision to nonfarm proprietors’ income. • • • • For 2014, the revision to personal income primarily reflected a $129.9 billion upward revision to nonfarm proprietors’ income and a $44.5 billion revision to personal interest income. For 2015, the revision to personal income primarily reflected a $100.4 billion upward revision to nonfarm proprietors’ income and a $70.8 billion revision to personal interest income. For 2016, the revision to personal income primarily reflected a $113.2 billion revision to personal dividend income and a $83.1 billion revision to nonfarm proprietors’ income. For 2017, the revision to personal income primarily reflected a $143.3 billion revision to personal dividend income, a $111.2 billion revision to nonfarm proprietors’ income, a $100.6 billion revision to wages and salaries, and a $45.9 billion revision to personal interest income. Revisions to nonfarm proprietors’ income for 2007-2017 primarily reflect revisions to estimates of underreported income. Estimates of underreported income for nonfarm proprietors are revised based on newly available Internal Revenue Service (IRS) tax gap data, which is a component of the IRS’ National Research Program. These adjustments to IRS source data are designed to correct for the effects of taxpayer underreporting. Table 7.14 shows the adjustment for misreporting on income tax returns. Revisions to personal dividend income in 2016 and 2017 primarily reflect the incorporation of newly available IRS Statistics of Income data. The personal saving rate was revised up 1.4 percentage points to 6.4 percent in 2013, up 1.6 percentage points to 7.3 percent in 2014, up 1.5 percentage points to 7.6 percent in 2015, up 1.8 percentage points to 6.7 percent in 2016, and up 3.3 percentage points to 6.7 percent in 2017. From 2012 to 2017, the average annual rate of growth of real disposable personal income was revised up 0.4 percentage point from 1.8 percent to 2.2 percent. QCEW Included in the First Quarter of 2018 BEA’s data on wages and salaries for the first quarter of 2018 were based on expedited information from state employment offices across the country. BEA acknowledges and appreciates the special efforts by the Bureau of Labor Statistics, with the assistance of these state employment offices, in providing preliminary data from the Quarterly Census of Employment and Wages (QCEW) for the first quarter. Next release: August 30, 2018 at 8:30 A.M. EDT Personal Income and Outlays: July 2018 Additional Information Resources 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 Definitions Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. For more definitions, see the Glossary: National Income and Product Accounts. Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, see the FAQ “How is average annual growth calculated?” Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (months for monthly data, quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. List of Personal Income and Outlays News Release Tables Table 1. Table 2. Table 3. Table 4. Table 5. Table 6. Table 7. Table 8. Table 9. Table 10. Table 11. Table 12. Table 13. Table 14. 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 Revisions to Personal Income and Its Disposition Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months) Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters) July 31, 2018 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2017 Nov. Dec. Line April 17,434.8 10,784.7 8,775.4 7,408.3 1,473.4 889.7 5,934.9 1,351.6 4,583.3 1,367.0 2,009.3 May 17,500.7 10,817.5 8,803.4 7,432.5 1,470.5 883.3 5,962.0 1,362.0 4,600.0 1,370.9 2,014.2 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 17,101.2 10,569.4 8,588.9 7,231.0 1,411.0 856.0 5,820.1 1,328.4 4,491.6 1,357.9 1,980.5 17,164.6 10,612.1 8,626.0 7,266.6 1,415.4 857.0 5,851.3 1,330.3 4,521.0 1,359.4 1,986.1 pension and insurance funds1......................................... Employer contributions for government social insurance................................................................... 1,366.5 1,369.6 1,373.4 1,376.3 1,379.1 1,381.9 614.0 616.5 621.0 623.0 625.3 1,532.9 35.8 1,497.1 1,525.3 33.8 1,491.6 1,538.6 34.5 1,504.1 1,551.4 35.2 1,516.1 746.3 2,692.4 1,578.6 1,113.8 2,877.5 2,821.5 931.2 706.7 582.4 28.1 102.1 471.1 56.0 746.3 2,717.9 1,604.5 1,113.4 2,885.6 2,828.6 935.8 708.9 584.2 27.9 102.8 468.9 57.0 745.7 2,712.3 1,601.1 1,111.2 2,926.2 2,868.2 959.5 711.0 586.7 28.1 104.9 478.1 58.0 1,317.3 2,070.7 15,030.5 14,102.1 13,598.5 4,267.4 1,453.2 2,814.3 9,331.0 305.7 197.9 109.0 89.0 928.4 1,322.5 2,080.9 15,083.7 14,143.4 13,633.6 4,266.3 1,445.3 2,821.0 9,367.4 311.4 198.4 109.4 89.0 940.3 6.2 13 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 Proprietors' income with inventory valuation and capital consumption adjustments..................................... Farm................................................................................... Nonfarm............................................................................. Rental income of persons with capital consumption adjustment.......................................................................... Personal income receipts on assets...................................... Personal interest income.................................................... Personal dividend income................................................... Personal current transfer receipts........................................ Government social benefits to persons............................... 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 44 disposable personal income................................................ Addenda: Personal income excluding current transfer receipts, 45 billions of chained (2012) dollars5........................................ Disposable personal income: 5 46 Total, billions of chained (2012) dollars ............................... Per capita: 47 Current dollars.................................................................... 48 Chained (2012) dollars........................................................ 49 Population (midperiod, thousands)6......................................... p Preliminary Feb. 17,315.3 10,708.5 8,709.1 7,345.7 1,457.0 880.1 5,888.8 1,344.5 4,544.3 1,363.4 1,999.3 2018 March 17,383.7 10,746.7 8,742.3 7,377.7 1,460.7 882.2 5,917.0 1,352.3 4,564.8 1,364.6 2,004.4 Jan. 17,257.5 10,673.7 8,679.3 7,318.0 1,435.6 870.4 5,882.4 1,341.0 4,541.4 1,361.4 1,994.4 Junep 17,572.4 10,854.5 8,834.9 7,458.8 1,477.8 889.1 5,980.9 1,363.0 4,617.9 1,376.1 2,019.6 1 2 3 4 5 6 7 8 9 10 11 1,385.0 1,388.3 12 627.4 629.2 631.3 13 1,559.8 36.0 1,523.9 1,559.8 37.8 1,522.1 1,570.0 39.6 1,530.4 1,577.4 41.4 1,536.0 14 15 16 748.6 2,719.8 1,597.6 1,122.2 2,930.4 2,872.2 956.9 713.5 590.0 27.5 106.2 477.9 58.2 753.6 2,726.4 1,594.2 1,132.3 2,945.2 2,886.8 966.1 716.6 594.2 27.0 105.6 477.2 58.5 754.4 2,729.7 1,600.6 1,129.1 2,958.8 2,900.1 966.6 720.3 599.1 26.3 110.7 477.1 58.8 757.4 2,749.3 1,606.9 1,142.4 2,963.0 2,904.0 968.4 724.4 602.8 25.1 107.6 475.7 59.0 761.9 2,768.9 1,613.3 1,155.6 2,970.8 2,911.5 972.5 729.0 604.4 25.2 105.5 474.9 59.3 17 18 19 20 21 22 23 24 25 26 27 28 29 1,338.9 2,021.9 15,235.7 14,175.6 13,662.6 4,276.7 1,437.6 2,839.1 9,386.0 313.2 199.8 109.6 90.3 1,060.0 1,343.2 2,029.8 15,285.5 14,161.2 13,645.9 4,248.7 1,418.5 2,830.2 9,397.2 314.9 200.3 110.0 90.3 1,124.3 1,348.0 2,038.1 15,345.6 14,247.7 13,730.3 4,277.7 1,447.4 2,830.3 9,452.5 316.7 200.8 110.5 90.3 1,097.9 1,352.7 2,041.2 15,393.6 14,337.0 13,814.6 4,309.9 1,457.2 2,852.7 9,504.7 321.9 200.5 110.9 89.6 1,056.6 1,356.6 2,045.6 15,455.1 14,408.1 13,880.0 4,347.2 1,463.5 2,883.6 9,532.9 327.1 200.9 111.4 89.6 1,047.1 1,361.0 2,052.0 15,520.4 14,470.8 13,937.1 4,345.2 1,464.1 2,881.1 9,591.9 332.3 201.4 111.8 89.6 1,049.7 30 31 32 33 34 35 36 37 38 39 40 41 42 43 6.2 7.0 7.4 7.2 6.9 6.8 6.8 44 13,306.1 13,338.5 13,343.6 13,374.9 13,418.0 13,424.1 13,455.2 13,500.6 45 14,060.8 14,090.2 14,185.6 14,212.2 14,261.0 14,275.0 14,304.3 14,350.1 46 45,978 43,011 326,909 46,114 43,077 327,097 46,554 43,346 327,265 46,685 43,407 327,418 46,845 43,534 327,584 46,966 43,553 327,763 47,126 43,617 327,951 47,297 43,730 328,150 47 48 49 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 July 31, 2018 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Line 2016 2017 Seasonally adjusted at annual rates 2017 Q2 Q3 Q4 16,721.2 16,895.1 17,103.1 10,339.9 10,471.2 10,568.6 8,395.7 8,506.6 8,588.1 7,054.3 7,156.3 7,230.4 1,380.4 1,400.7 1,410.3 841.8 851.2 855.9 5,673.9 5,755.6 5,820.1 1,306.8 1,321.1 1,325.9 4,367.2 4,434.5 4,494.2 1,341.4 1,350.2 1,357.7 1,944.2 1,964.6 1,980.5 2018 Q1 17,318.9 10,709.6 8,710.2 7,347.1 1,451.1 877.6 5,896.1 1,345.9 4,550.1 1,363.1 1,999.4 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 16,125.1 9,956.2 8,080.7 6,773.0 1,328.3 814.0 5,444.7 1,262.0 4,182.7 1,307.7 1,875.6 16,830.9 10,407.2 8,453.8 7,108.1 1,390.3 846.4 5,717.8 1,313.5 4,404.3 1,345.7 1,953.4 Q1 16,604.4 10,249.2 8,325.0 6,991.3 1,370.0 836.7 5,621.3 1,300.0 4,321.3 1,333.7 1,924.2 pension and insurance funds1......................................... Employer contributions for government social insurance................................................................... 1,294.2 1,348.1 1,327.4 1,342.7 1,355.7 1,366.4 1,376.3 1,385.0 12 581.4 605.3 596.8 601.5 608.8 614.0 623.1 629.3 13 1,419.3 37.5 1,381.8 1,500.9 38.9 1,462.0 1,475.1 42.3 1,432.9 1,495.0 41.5 1,453.5 1,507.5 36.4 1,471.1 1,526.1 35.4 1,490.6 1,549.9 35.2 1,514.7 1,569.1 39.6 1,529.5 14 15 16 694.8 2,516.6 1,440.9 1,075.7 2,778.1 2,717.4 896.5 662.2 562.7 31.7 92.8 471.6 60.7 730.2 2,631.6 1,523.0 1,108.6 2,859.7 2,804.0 926.1 695.3 577.4 29.1 98.5 477.6 55.7 719.0 2,607.4 1,523.9 1,083.5 2,834.2 2,777.4 916.2 683.1 573.6 30.4 95.0 479.1 56.9 724.4 2,610.9 1,490.9 1,120.0 2,841.6 2,786.6 922.8 691.7 569.3 29.0 97.4 476.4 55.0 732.0 2,615.1 1,500.1 1,115.1 2,875.3 2,820.5 929.8 699.6 583.6 28.8 99.8 478.9 54.8 745.3 2,692.9 1,577.2 1,115.7 2,887.6 2,831.5 935.5 706.6 583.2 28.0 102.0 476.1 56.1 749.3 2,719.5 1,597.6 1,121.9 2,933.9 2,875.7 960.8 713.7 590.3 27.6 105.6 477.8 58.2 757.9 2,749.3 1,606.9 1,142.4 2,964.2 2,905.2 969.2 724.5 602.1 25.5 107.9 475.9 59.0 17 18 19 20 21 22 23 24 25 26 27 28 29 1,239.9 1,954.3 14,170.9 13,222.7 12,766.9 3,996.3 1,346.6 2,649.7 8,770.6 269.2 186.5 104.3 82.3 948.2 1,298.6 2,034.6 14,796.3 13,809.5 13,321.4 4,156.1 1,406.5 2,749.6 9,165.3 293.9 194.2 107.3 86.9 986.8 1,280.5 2,004.9 14,599.6 13,584.7 13,114.1 4,090.4 1,375.6 2,714.8 9,023.7 280.6 190.0 105.8 84.2 1,014.9 1,290.6 2,014.2 14,707.0 13,716.7 13,233.2 4,117.1 1,393.4 2,723.7 9,116.1 288.7 194.9 106.7 88.2 990.2 1,306.0 2,048.5 14,846.6 13,853.3 13,359.1 4,166.0 1,411.2 2,754.8 9,193.1 300.0 194.1 107.8 86.3 993.4 1,317.3 2,070.9 15,032.2 14,083.3 13,579.2 4,250.9 1,445.7 2,805.2 9,328.3 306.1 197.9 109.0 89.0 948.9 1,343.4 2,029.9 15,288.9 14,194.8 13,679.6 4,267.7 1,434.5 2,833.2 9,411.9 314.9 200.3 110.0 90.3 1,094.1 1,356.7 2,046.3 15,456.4 14,405.3 13,877.2 4,334.1 1,461.6 2,872.5 9,543.2 327.1 200.9 111.3 89.6 1,051.1 30 31 32 33 34 35 36 37 38 39 40 41 42 43 6.7 6.7 7.0 6.7 6.7 6.3 7.2 6.8 44 12,804.8 13,171.4 13,049.4 13,127.2 13,207.3 13,301.7 13,378.8 13,460.0 45 13,595.2 13,949.2 13,835.3 13,909.8 13,986.2 14,065.9 14,219.6 14,309.8 46 43,782 42,003 323,668 45,390 42,791 325,983 44,907 42,556 325,108 45,163 42,715 325,640 45,503 42,866 326,276 45,983 43,027 326,907 46,695 43,429 327,423 47,130 43,634 327,955 47 48 49 13 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 Proprietors' income with inventory valuation and capital consumption adjustments..................................... Farm................................................................................... Nonfarm............................................................................. Rental income of persons with capital consumption adjustment.......................................................................... Personal income receipts on assets...................................... Personal interest income.................................................... Personal dividend income................................................... Personal current transfer receipts........................................ Government social benefits to persons............................... 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 44 disposable personal income................................................ Addenda: Personal income excluding current transfer receipts, 45 billions of chained (2012) dollars5........................................ Disposable personal income: 46 Total, billions of chained (2012) dollars5.............................. Per capita: 47 Current dollars.................................................................... 48 Chained (2012) dollars........................................................ 49 Population (midperiod, thousands)6......................................... Q2 17,502.6 10,818.9 8,804.5 7,433.2 1,473.9 887.4 5,959.3 1,358.9 4,600.4 1,371.3 2,014.4 1 2 3 4 5 6 7 8 9 10 11 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 July 31, 2018 Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2017 Nov. Dec. Jan. Feb. 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 57.9 45.2 39.5 37.3 6.3 1.2 31.0 9.3 21.7 2.1 5.8 63.4 42.7 37.1 35.6 4.4 1.1 31.2 1.9 29.3 1.5 5.5 92.9 61.6 53.3 51.4 20.2 13.3 31.1 10.7 20.4 2.0 8.3 57.8 34.7 29.8 27.8 21.4 9.8 6.4 3.5 2.9 2.0 5.0 pension and insurance funds1.......................................... Employer contributions for government social insurance................................................................ 3.3 3.1 3.8 3.0 2.4 2.5 4.5 12.9 -1.0 13.9 -7.6 -2.0 -5.5 3.0 24.1 30.0 -6.0 -22.1 -22.8 -8.4 2.3 -0.7 0.0 1.2 -17.2 0.7 13 14 Proprietors' income with inventory valuation and capital consumption adjustments......................................... 15 16 17 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................................ 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 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, 45 billions of chained (2012) dollars5........................................ Disposable personal income, billions of chained 5 (2012) dollars ........................................................................ p Preliminary 2018 March 68.4 38.2 33.2 32.0 3.7 2.1 28.3 7.8 20.5 1.2 5.0 Line April Junep May 51.1 38.0 33.0 30.6 12.7 7.5 17.9 -0.7 18.6 2.4 5.0 65.9 32.9 28.0 24.2 -2.9 -6.4 27.1 10.4 16.7 3.8 4.8 71.7 37.0 31.5 26.3 7.3 5.8 18.9 1.1 17.9 5.2 5.5 1 2 3 4 5 6 7 8 9 10 11 2.7 2.8 3.1 3.3 12 2.0 2.3 2.2 1.8 2.1 13 13.2 0.7 12.5 12.8 0.7 12.1 8.4 0.7 7.7 0.0 1.8 -1.8 10.1 1.8 8.3 7.5 1.8 5.6 14 15 16 -0.1 25.5 25.9 -0.4 8.1 7.1 4.6 2.2 1.9 -0.1 0.7 -2.1 1.1 -0.6 -5.6 -3.4 -2.2 40.6 39.6 23.7 2.1 2.4 0.2 2.1 9.2 1.0 2.9 7.5 -3.4 10.9 4.2 4.0 -2.5 2.6 3.3 -0.6 1.3 -0.2 0.2 5.0 6.7 -3.4 10.1 14.8 14.6 9.1 3.1 4.1 -0.5 -0.6 -0.7 0.2 0.8 3.3 6.4 -3.1 13.6 13.3 0.5 3.6 5.0 -0.8 5.0 -0.1 0.3 3.0 19.6 6.4 13.3 4.2 3.9 1.8 4.1 3.7 -1.2 -3.1 -1.4 0.3 4.4 19.5 6.4 13.1 7.8 7.5 4.1 4.6 1.6 0.1 -2.1 -0.8 0.3 17 18 19 20 21 22 23 24 25 26 27 28 29 5.3 9.7 48.2 97.8 92.9 48.5 14.5 34.0 44.5 4.5 0.4 0.4 0.0 -49.6 5.2 10.2 53.3 41.3 35.1 -1.2 -7.9 6.7 36.3 5.7 0.5 0.5 0.0 12.0 16.4 -59.1 151.9 32.2 29.0 10.4 -7.7 18.1 18.6 1.8 1.4 0.1 1.3 119.7 4.3 8.0 49.8 -14.5 -16.7 -28.0 -19.1 -8.9 11.3 1.8 0.5 0.5 0.0 64.3 4.8 8.2 60.2 86.5 84.3 29.1 28.9 0.1 55.3 1.8 0.4 0.4 0.0 -26.4 4.6 3.1 47.9 89.3 84.3 32.1 9.8 22.4 52.2 5.2 -0.3 0.4 -0.7 -41.4 3.9 4.4 61.6 71.1 65.4 37.3 6.4 30.9 28.1 5.2 0.4 0.4 0.0 -9.5 4.4 6.4 65.3 62.7 57.1 -2.0 0.6 -2.5 59.1 5.2 0.4 0.4 0.0 2.6 30 31 32 33 34 35 36 37 38 39 40 41 42 43 45.5 32.4 5.1 31.3 43.1 6.1 31.1 45.4 44 14.0 29.4 95.4 26.6 48.8 14.0 29.3 45.8 45 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 July 31, 2018 Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] Line 2016 2017 Q1 Seasonally adjusted at annual rates 2017 Q2 Q3 Q4 116.7 173.9 208.0 90.7 131.3 97.4 70.7 110.9 81.5 63.0 102.0 74.1 10.4 20.3 9.6 5.1 9.4 4.7 52.6 81.7 64.5 6.7 14.4 4.8 45.9 67.3 59.7 7.7 8.9 7.4 19.9 20.4 15.9 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 405.6 259.4 226.3 194.3 21.3 6.8 173.0 25.0 148.0 31.9 33.1 705.8 451.0 373.2 335.1 62.0 32.5 273.1 51.5 221.6 38.1 77.8 252.7 139.9 115.4 103.7 23.2 12.5 80.5 17.9 62.6 11.8 24.5 pension and insurance funds1.......................................... Employer contributions for government social insurance................................................................ 21.5 53.9 17.6 15.3 13.0 11.7 23.9 6.9 4.7 -2.6 -18.9 16.4 81.6 1.4 80.2 36.5 11.3 25.3 43.0 45.3 2.9 42.4 95.0 84.9 24.7 28.2 26.8 -0.5 3.0 2.8 10.1 35.4 115.0 82.1 32.9 81.6 86.6 29.6 33.1 14.7 -2.6 5.7 6.0 -5.0 34.6 19.1 386.5 482.5 472.4 76.6 40.0 36.6 395.7 8.3 1.8 2.4 -0.6 -96.0 billions of chained (2012) dollars5........................................ Disposable personal income, billions of chained (2012) dollars5........................................................................ 13 14 Proprietors' income with inventory valuation and capital consumption adjustments......................................... 15 16 17 Farm...................................................................................... Nonfarm................................................................................ 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 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, 45 Line 2018 Q1 Q2 215.8 141.0 122.1 116.7 40.8 21.7 75.9 20.0 55.9 5.5 18.9 183.8 109.3 94.3 86.1 22.8 9.8 63.2 13.0 50.3 8.2 15.0 1 2 3 4 5 6 7 8 9 10 11 10.7 9.8 8.8 12 7.4 5.2 9.1 6.2 13 19.9 -0.7 20.6 12.5 -5.2 17.6 18.6 -0.9 19.5 23.8 -0.2 24.0 19.2 4.4 14.8 14 15 16 15.2 57.0 65.8 -8.8 26.9 30.3 10.2 9.2 -2.2 -0.3 1.3 12.0 -3.4 5.4 3.5 -32.9 36.5 7.4 9.3 6.6 8.6 -4.3 -1.4 2.4 -2.7 -1.8 7.7 4.2 9.2 -4.9 33.6 33.9 6.9 7.9 14.3 -0.2 2.4 2.6 -0.3 13.3 77.7 77.1 0.6 12.3 11.0 5.7 7.1 -0.4 -0.8 2.2 -2.8 1.3 4.0 26.6 20.4 6.2 46.4 44.3 25.3 7.1 7.1 -0.5 3.6 1.7 2.1 8.6 29.8 9.3 20.5 30.3 29.5 8.4 10.8 11.8 -2.0 2.4 -1.9 0.8 17 18 19 20 21 22 23 24 25 26 27 28 29 58.7 80.3 625.5 586.8 554.5 159.8 59.9 99.9 394.7 24.6 7.7 3.0 4.7 38.6 22.9 20.6 232.1 131.1 124.7 41.5 6.8 34.7 83.2 4.9 1.5 0.7 0.8 101.0 10.1 9.3 107.4 132.0 119.1 26.7 17.8 8.9 92.3 8.1 4.9 0.9 4.0 -24.6 15.4 34.3 139.6 136.5 125.9 48.9 17.8 31.1 77.0 11.4 -0.8 1.1 -1.9 3.1 11.3 22.4 185.6 230.0 220.1 84.9 34.5 50.4 135.2 6.1 3.9 1.2 2.6 -44.5 26.1 -41.0 256.8 111.5 100.4 16.8 -11.2 28.0 83.6 8.8 2.4 1.0 1.3 145.2 13.4 16.3 167.5 210.5 197.6 66.4 27.1 39.2 131.3 12.2 0.6 1.3 -0.7 -43.0 30 31 32 33 34 35 36 37 38 39 40 41 42 43 163.5 366.5 148.0 77.8 80.2 94.4 77.1 81.2 44 228.6 354.0 150.0 74.4 76.4 79.7 153.7 90.2 45 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 July 31, 2018 Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Line 2017 Nov. Dec. Jan. Seasonally adjusted at monthly rates 2018 Feb. March Line April Junep May 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.......................................... 6 Rental income of persons with capital consumption 0.3 0.4 0.5 0.3 0.4 0.4 0.4 0.3 0.5 0.6 0.6 0.4 0.3 0.3 0.3 0.2 0.4 0.4 0.4 0.3 0.3 0.4 0.4 0.2 0.4 0.3 0.3 0.2 0.4 0.3 0.4 0.3 1 2 3 4 0.9 -0.5 0.9 0.8 0.5 0.0 0.6 0.5 5 adjustment............................................................................. Personal income receipts on assets......................................... Personal interest income...................................................... Personal dividend income..................................................... Personal current transfer receipts........................................... 0.4 0.9 1.9 -0.5 -0.8 0.0 0.9 1.6 0.0 0.3 -0.1 -0.2 -0.2 -0.2 1.4 0.4 0.3 -0.2 1.0 0.1 0.7 0.2 -0.2 0.9 0.5 0.1 0.1 0.4 -0.3 0.5 0.4 0.7 0.4 1.2 0.1 0.6 0.7 0.4 1.2 0.3 6 7 8 9 10 0.4 0.5 0.3 0.4 0.5 0.4 1.2 -2.8 1.0 0.3 0.4 0.3 0.4 0.4 0.4 0.3 0.2 0.3 0.3 0.2 0.4 0.3 0.3 0.4 11 12 13 0.7 1.1 1.0 1.2 0.5 0.3 0.0 -0.5 0.2 0.4 0.2 0.2 -0.5 0.6 0.2 -0.1 -0.7 -1.3 -0.3 0.1 0.6 0.7 2.0 0.0 0.6 0.6 0.8 0.7 0.8 0.6 0.5 0.9 0.4 1.1 0.3 0.4 0.0 0.0 -0.1 0.6 14 15 16 17 18 0.2 0.2 0.3 0.3 0.0 0.1 0.2 0.2 0.3 0.3 19 20 7 8 9 10 11 12 13 14 15 16 17 18 Less: Contributions for government social insurance, domestic............................................................... Less: Personal current taxes.................................................. Equals: Disposable personal income....................................... Addenda: Personal consumption expenditures....................................... Goods.................................................................................... Durable goods.................................................................... Nondurable goods.............................................................. Services................................................................................. Based on chained (2012) dollar measures 19 Real personal income excluding transfer receipts................... 20 Real disposable personal income............................................. p Preliminary 0.3 0.1 0.2 0.2 0.0 0.7 Source: U.S. Bureau of Economic Analysis July 31, 2018 Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) 2016 Line 2017 Q1 Q2 Seasonally adjusted at annual rates 2017 Q3 Q4 2018 Q1 Line Q2 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.......................................... 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................................................................................. 2.6 2.7 2.9 1.8 4.4 4.5 4.6 4.1 6.3 5.7 5.7 5.3 2.8 3.6 3.4 4.2 4.2 5.2 5.4 4.3 5.0 3.8 3.9 3.3 5.1 5.4 5.8 3.9 4.3 4.1 4.4 3.0 1 2 3 4 -0.2 5.8 10.5 5.5 3.4 5.0 6.4 5.0 5 6.6 1.8 0.2 4.1 3.5 5.1 4.6 5.7 3.1 2.9 8.9 9.2 19.3 -3.2 3.9 3.0 0.5 -8.4 14.2 1.1 4.3 0.6 2.5 -1.8 4.8 7.4 12.4 22.2 0.2 1.7 2.2 4.0 5.3 2.2 6.6 4.7 4.5 2.4 7.5 4.2 6 7 8 9 10 2.9 1.0 2.8 4.7 4.1 4.4 7.5 4.2 6.6 3.2 1.9 3.0 4.8 7.0 3.9 3.5 4.4 5.1 8.2 -7.7 7.0 4.0 3.3 4.5 11 12 13 3.8 2.0 3.1 1.4 4.7 4.3 4.0 4.4 3.8 4.5 3.9 4.2 2.0 5.3 3.8 3.7 2.6 5.3 1.3 4.2 3.9 4.8 5.2 4.6 3.4 6.8 8.4 10.1 7.5 6.0 3.0 1.6 -3.1 4.1 3.6 5.9 6.4 7.8 5.7 5.7 14 15 16 17 18 2.4 2.2 2.5 2.2 2.9 2.3 2.3 4.4 2.4 2.6 19 20 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts................... Real disposable personal income............................................. Source: U.S. Bureau of Economic Analysis 1.3 1.7 2.9 2.6 4.7 4.5 July 31, 2018 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2017 Line Nov. 2018 Dec. Jan. Feb. March April Line Junep May Billions of chained (2012) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures...................................... 2 Goods.................................................................................... 3 Durable goods................................................................. 4 Nondurable goods........................................................... 5 Services................................................................................. 12,721.2 4,498.0 1,646.4 2,862.5 8,248.8 12,735.6 4,498.1 1,639.6 2,868.8 8,262.3 12,721.0 4,476.3 1,626.8 2,859.2 8,266.7 12,687.8 4,453.0 1,611.8 2,850.1 8,254.9 12,759.8 4,501.7 1,646.1 2,866.4 8,282.2 12,810.8 4,518.8 1,656.6 2,873.7 8,316.0 12,846.5 4,552.7 1,666.1 2,897.7 8,321.5 12,886.2 4,553.9 1,672.0 2,893.7 8,357.8 1 2 3 4 5 51.0 17.1 10.4 7.2 33.8 35.7 33.8 9.6 24.0 5.5 39.7 1.3 5.9 -4.0 36.4 6 7 8 9 10 0.4 0.4 0.6 0.3 0.4 0.3 0.7 0.6 0.8 0.1 0.3 0.0 0.4 -0.1 0.4 11 12 13 14 15 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures...................................... 7 Goods.................................................................................... 8 Durable goods................................................................. 9 Nondurable goods........................................................... 10 Services................................................................................. 58.9 42.5 22.6 20.7 20.0 14.4 0.1 -6.9 6.3 13.5 -14.6 -21.8 -12.7 -9.6 4.4 -33.2 -23.4 -15.1 -9.1 -11.8 72.0 48.7 34.4 16.3 27.3 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures...................................... 12 Goods.................................................................................... 13 Durable goods................................................................. 14 Nondurable goods........................................................... 15 Services................................................................................. p Preliminary 0.5 1.0 1.4 0.7 0.2 0.1 0.0 -0.4 0.2 0.2 -0.1 -0.5 -0.8 -0.3 0.1 -0.3 -0.5 -0.9 -0.3 -0.1 0.6 1.1 2.1 0.6 0.3 Source: U.S. Bureau of Economic Analysis July 31, 2018 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Line 2016 2017 Q1 Q2 Seasonally adjusted at annual rates 2017 Q3 Q4 2018 Line Q1 Q2 Billions of chained (2012) dollars 1 Personal consumption expenditures...................................... 2 Goods.................................................................................... 3 Durable goods................................................................. 4 Nondurable goods........................................................... 5 Services................................................................................. 12,248.2 4,236.1 1,476.8 2,763.9 8,022.5 12,558.7 4,391.9 1,577.9 2,822.0 8,184.5 12,427.6 4,307.3 1,527.2 2,786.3 8,131.9 12,515.9 4,366.0 1,559.2 2,813.9 8,165.6 12,584.9 4,410.2 1,588.6 2,829.9 8,193.7 12,706.4 4,483.9 1,636.6 2,857.7 8,246.6 12,722.8 4,477.0 1,628.2 2,858.6 8,267.9 12,847.8 4,541.8 1,664.9 2,888.4 8,331.8 1 2 3 4 5 69.0 44.2 29.4 16.0 28.1 121.5 73.6 48.0 27.8 52.9 16.5 -6.9 -8.4 0.9 21.3 125.0 64.8 36.7 29.8 63.8 6 7 8 9 10 2.2 4.1 7.7 2.3 1.4 3.9 6.8 12.7 4.0 2.6 0.5 -0.6 -2.0 0.1 1.0 4.0 5.9 9.3 4.2 3.1 11 12 13 14 15 Change from preceding period in billions of chained (2012) dollars 6 Personal consumption expenditures...................................... 7 Goods.................................................................................... 8 Durable goods................................................................. 9 Nondurable goods........................................................... 10 Services................................................................................. 326.4 148.3 77.4 72.2 182.5 310.5 155.8 101.1 58.0 162.0 54.9 20.1 7.0 13.1 35.0 88.2 58.7 32.0 27.7 33.7 Percent change from preceding period in chained (2012) dollars 11 Personal consumption expenditures...................................... 12 Goods.................................................................................... 13 Durable goods................................................................. 14 Nondurable goods........................................................... 15 Services................................................................................. Source: U.S. Bureau of Economic Analysis 2.7 3.6 5.5 2.7 2.3 2.5 3.7 6.8 2.1 2.0 1.8 1.9 1.9 1.9 1.7 2.9 5.6 8.7 4.0 1.7 July 31, 2018 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2018 2017 Line Nov. Dec. Jan. Feb. March April Line Junep May Chain-type price indexes (2012=100), seasonally adjusted 1 Personal consumption expenditures (PCE)............................. 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....................... 106.900 94.874 88.247 98.318 113.124 107.056 94.845 88.135 98.337 113.379 107.406 95.538 88.352 99.299 113.543 107.556 95.411 87.992 99.304 113.842 107.610 95.023 87.911 98.743 114.135 107.840 95.375 87.948 99.273 114.298 108.049 95.486 87.826 99.517 114.561 108.160 95.416 87.550 99.567 114.769 1 2 3 4 5 108.627 102.996 85.801 105.059 106.729 108.808 103.109 85.601 105.152 106.840 109.054 103.129 88.186 105.507 107.075 109.240 102.995 88.148 105.663 107.276 109.431 103.189 85.680 105.706 107.473 109.590 103.504 86.984 105.975 107.668 109.804 103.259 87.793 106.182 107.879 109.923 103.442 87.665 106.220 107.915 6 7 8 9 10 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)............................. 12 Goods....................................................................................... 13 Durable goods....................................................................... 14 Nondurable goods................................................................. 15 Services.................................................................................... Addenda: 16 PCE excluding food and energy................................................ 17 Food1........................................................................................ 18 Energy goods and services2...................................................... 19 Market-based PCE3................................................................... 20 Market-based PCE excluding food and energy3....................... p Preliminary 0.2 0.2 -0.4 0.5 0.2 0.1 0.0 -0.1 0.0 0.2 0.3 0.7 0.2 1.0 0.1 0.1 -0.1 -0.4 0.0 0.3 0.1 -0.4 -0.1 -0.6 0.3 0.2 0.4 0.0 0.5 0.1 0.2 0.1 -0.1 0.2 0.2 0.1 -0.1 -0.3 0.1 0.2 11 12 13 14 15 0.1 -0.1 3.5 0.2 0.1 0.2 0.1 -0.2 0.1 0.1 0.2 0.0 3.0 0.3 0.2 0.2 -0.1 0.0 0.1 0.2 0.2 0.2 -2.8 0.0 0.2 0.1 0.3 1.5 0.3 0.2 0.2 -0.2 0.9 0.2 0.2 0.1 0.2 -0.1 0.0 0.0 16 17 18 19 20 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 July 31, 2018 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2018 2017 Line Nov. 1 Disposable personal income.................................................. 2 Personal consumption expenditures...................................... 3 Goods.................................................................................... 4 Durable goods................................................................. 5 Nondurable goods........................................................... 6 Services................................................................................. p Preliminary Dec. 2.7 2.8 5.3 9.3 3.3 1.8 Jan. 2.7 2.7 4.3 6.5 3.2 1.9 Feb. 3.0 2.5 3.9 6.4 2.7 1.9 March 2.7 2.4 4.0 6.5 2.7 1.7 April 2.6 2.2 3.9 6.9 2.4 1.5 2.9 2.5 3.9 6.9 2.4 1.9 Line Junep May 2.7 2.6 4.3 6.8 3.0 1.9 3.1 2.8 3.9 6.6 2.6 2.2 1 2 3 4 5 6 Source: U.S. Bureau of Economic Analysis July 31, 2018 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2017 Line Nov. 2018 Dec. Jan. Feb. March April Line Junep May 1 Personal consumption expenditures (PCE)........................ 2 Goods................................................................................... 3 Durable goods.......................................................................... 4 Nondurable goods................................................................... 5 Services................................................................................ Addenda: 6 PCE excluding food and energy................................................ 1.9 0.6 -1.8 1.9 2.4 1.8 0.4 -1.8 1.5 2.5 1.8 0.3 -2.2 1.5 2.4 1.9 0.4 -2.4 1.9 2.5 2.1 0.4 -1.9 1.7 2.8 2.0 0.8 -1.8 2.1 2.6 2.2 1.4 -1.7 3.0 2.6 2.2 1.4 -1.8 3.1 2.6 1 2 3 4 5 1.6 1.6 1.6 1.7 2.0 1.9 1.9 1.9 6 7 Food1........................................................................................ 0.6 0.9 0.8 0.6 0.5 0.6 0.3 0.6 7 8 Energy goods and services2...................................................... Market-based PCE3................................................................... 10.1 7.4 6.0 8.4 7.5 8.3 12.2 13.1 8 1.6 1.4 1.4 1.5 1.8 1.9 2.1 2.1 9 10 Market-based PCE excluding food and energy3....................... p Preliminary 1.2 1.2 1.2 1.2 1.6 1.6 1.8 1.7 10 9 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 July 31, 2018 Table 12. Revisions to Personal Income and Its Disposition 1 Personal income............................................................ 2 Compensation of employees...................................... Wages and salaries................................................... 3 Private industries.................................................... 4 Goods-producing industries................................. 5 Manufacturing.................................................. 6 Services-producing industries.............................. 7 Trade, transportation, and utilities.................... 8 Other services-producing industries.................. 9 Government........................................................... 10 Supplements to wages and salaries......................... 11 12 Employer contributions for employee pension 1 13 Percent of previously published Billions of dollars Line and insurance funds ............................................. Employer contributions for government social insurance.................................................................. Line 2013 107.4 -8.2 -3.5 -3.5 -1.4 0.0 -2.2 -0.5 -1.7 0.0 -4.7 2014 173.6 -8.4 -3.6 -3.6 -1.7 0.0 -1.9 -0.7 -1.2 0.0 -4.8 2015 166.6 -11.4 -4.5 -4.6 -1.7 0.3 -2.9 -0.4 -2.5 0.1 -6.9 2016 196.4 -22.4 -4.6 -4.8 -2.9 -0.5 -1.8 -3.1 1.2 0.2 -17.8 2017 2013 2014 2015 2016 2017 401.9 0.8 1.2 1.1 1.2 2.4 97.9 -0.1 -0.1 -0.1 -0.2 0.9 100.6 0.0 0.0 -0.1 -0.1 1.2 96.1 -0.1 -0.1 -0.1 -0.1 1.4 20.1 -0.1 -0.1 -0.1 -0.2 1.5 12.5 0.0 0.0 0.0 -0.1 1.5 76.1 0.0 0.0 -0.1 0.0 1.3 11.9 0.0 -0.1 0.0 -0.2 0.9 64.2 0.0 0.0 -0.1 0.0 1.5 4.5 0.0 0.0 0.0 0.0 0.3 -2.7 -0.3 -0.3 -0.4 -0.9 -0.1 -4.3 -3.5 -5.2 -15.6 2.3 -0.4 -0.3 -0.4 -1.2 0.2 12 1 2 3 4 5 6 7 8 9 10 11 -0.5 -1.3 -1.7 -2.3 -5.0 -0.1 -0.2 -0.3 -0.4 -0.8 13 Proprietors' income with inventory valuation and capital consumption adjustments............................. Farm......................................................................... Nonfarm................................................................... 118.8 0.6 118.3 131.8 1.9 129.9 103.0 2.7 100.4 77.4 -5.7 83.1 114.9 3.8 111.2 9.2 0.6 9.9 10.0 2.8 10.4 7.8 5.0 7.9 5.8 -13.3 6.4 8.3 10.8 8.2 14 15 16 18 19 20 21 22 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..................... -10.1 10.2 11.4 -1.1 -3.7 -1.0 -3.3 56.1 44.5 11.5 -4.1 -1.6 -10.7 84.2 70.8 13.4 -1.3 1.2 -12.5 138.8 25.6 113.2 9.7 6.4 -13.7 189.2 45.9 143.3 9.6 13.4 -1.8 0.5 0.9 -0.1 -0.2 0.0 -0.5 2.5 3.4 1.2 -0.2 -0.1 -1.6 3.5 5.2 1.3 0.0 0.0 -1.8 5.8 1.8 11.8 0.4 0.2 -1.8 7.7 3.1 14.8 0.3 0.5 17 18 19 20 21 22 23 Other current transfer receipts, from business (net)............................................................... -2.7 -2.5 -2.5 3.3 -3.8 -6.5 -5.5 -4.8 5.7 -6.5 23 -0.3 -2.0 109.4 -71.8 -44.0 -104.5 -52.3 -52.3 60.6 -14.4 -13.5 -5.9 -7.6 181.3 -1.5 -0.2 173.8 -57.7 -39.6 -108.9 -54.0 -54.9 69.3 -12.1 -6.0 -5.2 -0.8 231.5 -2.7 -2.7 169.3 -46.5 -37.7 -113.5 -60.6 -52.9 75.8 -7.8 -1.0 -3.6 2.6 215.8 -5.5 -5.9 202.3 -65.4 -53.8 -125.1 -64.4 -60.7 71.3 -9.1 -2.4 -4.6 2.2 267.6 -4.0 0.0 -0.1 -0.2 -0.4 -0.3 -14.0 -0.1 0.0 -0.1 -0.3 -0.7 415.9 0.9 1.3 1.2 1.4 2.9 -83.6 -0.6 -0.5 -0.4 -0.5 -0.6 -74.1 -0.4 -0.3 -0.3 -0.4 -0.6 -139.2 -2.7 -2.7 -2.8 -3.0 -3.2 -67.3 -4.2 -4.2 -4.4 -4.6 -4.6 -71.9 -2.0 -2.1 -2.0 -2.2 -2.5 65.1 0.8 0.9 0.9 0.8 0.7 -6.7 -5.9 -4.8 -2.9 -3.3 -2.2 -2.8 -7.9 -3.4 -0.5 -1.3 -1.4 -7.3 -6.3 -5.3 -3.4 -4.2 -6.4 4.5 -9.8 -1.0 3.2 2.7 5.5 499.4 ........... ........... ........... ........... ........... 24 25 26 27 28 29 30 31 32 33 34 35 36 37 1.4 1.6 1.5 1.8 3.3 ........... ........... ........... ........... ........... 38 770.6 860.1 887.2 926.1 1,117.8 7.1 7.6 7.5 7.8 9.3 39 811.5 898.9 930.6 986.9 1,184.2 7.0 7.5 7.5 7.8 9.3 40 346 2,563 0 544 2,818 0 527 2,896 0 625 3,049 0 1,276 1.0 0.9 1.3 1.2 3.0 3,633 7.0 7.0 7.5 7.5 9.0 0 ........... ........... ........... ........... ........... 41 42 43 14 15 16 17 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..................................................................... 24 25 26 27 28 29 30 31 32 33 Personal interest payments2......................................... 34 Personal current transfer payments............................ To government......................................................... 35 To the rest of the world (net).................................... 36 37 Equals: Personal saving................................................. Personal saving as a percentage of disposable personal income....................................................... Addenda: 39 Personal income excluding current transfer 38 3 receipts, billions of chained (2012) dollars ............... Disposable personal income: 40 41 42 43 3 Total, billions of chained (2012) dollars .................... Per capita: Current dollars....................................................... Chained (2012) dollars............................................ 4 Population (midperiod, thousands) ............................. 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. Consists of nonmortgage interest paid by households. 3. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 4. 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 July 31, 2018 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continues 2014 2013 Line Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: Personal income............................................................. Previously published.................................................... Disposable personal income.......................................... Previously published.................................................... Personal consumption expenditures............................. Previously published.................................................... -697.7 -754.4 -731.0 -788.0 62.4 38.8 -9.3 49.9 -17.3 43.9 36.8 57.6 12.1 7.4 2.6 -2.1 -12.6 -21.3 54.9 11.9 39.3 -5.7 -21.7 -7.7 89.6 90.9 79.0 78.4 39.2 25.6 42.4 56.9 40.0 50.4 24.2 40.7 -12.1 -5.8 1.8 6.1 27.9 22.9 46.8 57.8 46.4 54.8 32.5 27.1 59.4 51.5 56.0 46.6 37.7 53.7 -7.6 -12.6 -12.8 -15.5 52.8 41.3 74.6 67.5 59.1 51.5 67.9 76.7 80.4 50.1 64.6 37.1 30.3 24.1 115.8 88.7 94.5 67.1 -5.5 10.3 107.5 102.2 92.4 88.1 53.7 52.8 1 2 3 4 5 6 Personal saving as a percentage of disposable personal income.......................................... 8 Previously published...................................................... 6.3 4.9 5.8 4.7 5.9 4.8 6.4 4.9 6.7 5.3 6.8 5.4 6.6 5.2 6.7 5.4 6.8 5.3 6.3 4.8 6.2 4.6 6.4 4.7 7.1 5.1 7.3 5.4 7 8 0.5 0.5 0.5 0.4 0.6 0.7 0.6 0.4 0.5 0.3 0.3 0.2 0.8 0.6 0.7 0.5 0.0 0.1 0.7 0.7 0.7 0.7 0.5 0.5 9 10 11 12 13 14 0.3 0.3 0.4 0.5 0.3 0.1 0.1 0.0 0.5 0.3 -0.2 -0.2 0.7 0.6 0.4 0.4 15 16 17 18 1 2 3 4 5 6 7 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income............................................................. 10 Previously published.................................................... 11 Disposable personal income.......................................... 12 Previously published.................................................... 13 Personal consumption expenditures............................. 14 Previously published.................................................... -4.7 -5.2 -5.6 -6.1 0.6 0.3 -0.1 0.4 -0.1 0.4 0.3 0.5 0.1 0.1 0.0 0.0 -0.1 -0.2 0.4 0.1 0.3 0.0 -0.2 -0.1 0.6 0.7 0.6 0.6 0.4 0.2 0.3 0.4 0.3 0.4 0.2 0.4 -0.1 0.0 0.0 0.0 0.2 0.2 0.3 0.4 0.4 0.4 0.3 0.2 0.4 0.4 0.4 0.4 0.3 0.5 -0.1 -0.1 -0.1 -0.1 0.5 0.4 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 16 17 18 Real disposable personal income..................................... Previously published...................................................... Real personal consumption expenditures....................... Previously published...................................................... -5.8 -6.2 0.4 0.2 -0.5 0.0 0.0 0.1 0.2 0.1 0.0 -0.1 0.4 0.0 -0.1 0.0 0.6 0.6 0.3 0.2 0.1 0.2 0.0 0.2 -0.1 -0.1 0.1 0.1 0.2 0.3 0.1 0.1 0.4 0.3 0.3 0.4 -0.3 -0.3 0.3 0.2 2014 Line March April May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 2015 March April Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: Personal income............................................................. Previously published.................................................... Disposable personal income.......................................... Previously published.................................................... Personal consumption expenditures............................. Previously published.................................................... Personal saving as a percentage of disposable personal income.......................................... 8 Previously published...................................................... 1 2 3 4 5 6 7 114.3 105.4 103.7 96.7 76.9 85.9 56.8 52.7 60.0 59.8 59.6 33.3 56.3 65.4 55.0 65.5 45.8 39.0 77.8 81.1 69.3 72.3 68.6 52.8 81.4 59.5 65.9 44.4 43.5 40.9 78.5 84.3 61.4 65.6 83.8 85.7 52.5 59.2 40.4 45.7 13.0 8.8 60.9 89.0 49.1 74.4 65.6 74.8 61.8 79.6 49.0 64.2 28.4 47.8 67.8 42.9 60.8 37.7 10.6 -2.6 51.4 36.3 5.0 -11.9 -16.1 -7.3 74.2 79.8 65.1 71.2 36.4 40.3 13.2 22.9 0.6 12.8 75.9 81.0 92.6 98.8 73.9 84.5 35.5 18.7 1 2 3 4 5 6 7.4 5.4 7.4 5.5 7.4 5.7 7.4 5.9 7.5 5.8 7.2 5.6 7.4 5.8 7.2 5.8 7.3 5.8 7.6 6.1 7.7 6.1 7.9 6.3 7.4 5.8 7.6 6.2 7 8 0.3 0.2 0.0 -0.1 -0.1 -0.1 0.5 0.5 0.5 0.5 0.3 0.3 0.1 0.1 0.0 0.1 0.6 0.7 0.6 0.6 0.5 0.6 0.3 0.2 9 10 11 12 13 14 0.5 0.3 0.3 0.4 0.3 0.4 0.2 0.2 -0.2 -0.1 0.4 0.5 0.5 0.6 0.2 0.1 15 16 17 18 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income............................................................. 10 Previously published.................................................... 11 Disposable personal income.......................................... 12 Previously published.................................................... 13 Personal consumption expenditures............................. 14 Previously published.................................................... 0.8 0.7 0.8 0.8 0.7 0.7 0.4 0.4 0.5 0.5 0.5 0.3 0.4 0.4 0.4 0.5 0.4 0.3 0.5 0.6 0.5 0.6 0.6 0.4 0.5 0.4 0.5 0.3 0.4 0.3 0.5 0.6 0.5 0.5 0.7 0.7 0.3 0.4 0.3 0.3 0.1 0.1 0.4 0.6 0.4 0.6 0.5 0.6 0.4 0.5 0.4 0.5 0.2 0.4 0.4 0.3 0.5 0.3 0.1 0.0 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 16 17 18 Real disposable personal income..................................... Previously published...................................................... Real personal consumption expenditures....................... Previously published...................................................... 0.6 0.6 0.5 0.6 0.3 0.3 0.3 0.1 0.3 0.4 0.2 0.2 0.4 0.5 0.5 0.4 0.3 0.2 0.2 0.2 0.5 0.5 0.7 0.7 0.3 0.3 0.1 0.0 0.4 0.6 0.6 0.6 0.4 0.6 0.3 0.5 0.6 0.5 0.3 0.2 2015 Line May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 2016 March April May June Line Seasonally adjusted at annual rates 1 2 3 4 5 6 7 8 Change from preceding period in billions of dollars: Personal income............................................................. Previously published.................................................... Disposable personal income.......................................... Previously published.................................................... Personal consumption expenditures............................. Previously published.................................................... Personal saving as a percentage of disposable personal income.......................................... Previously published...................................................... 93.7 90.2 80.1 79.8 74.3 74.5 65.5 43.0 63.5 43.4 40.2 18.7 51.9 11.8 55.7 17.5 47.0 53.4 48.7 39.4 46.5 34.3 38.7 33.4 5.6 37.9 5.4 29.6 -1.2 31.8 17.9 87.8 5.7 61.7 23.3 14.0 -14.1 24.6 -15.3 15.1 34.0 45.1 32.2 3.1 33.5 5.7 18.9 32.2 34.9 -26.6 69.6 15.3 13.1 5.2 -2.6 -25.4 3.4 -14.1 67.9 47.9 43.5 45.3 37.6 44.3 -2.9 8.8 34.0 88.8 20.0 74.7 98.9 106.6 18.5 46.9 10.7 38.2 52.3 50.5 31.9 51.9 22.2 37.0 76.7 64.4 1 2 3 4 5 6 7.5 6.2 7.6 6.3 7.6 6.0 7.7 6.0 7.7 6.0 7.6 6.3 7.2 6.1 7.3 5.8 7.7 5.9 7.2 5.5 7.5 5.7 7.0 5.5 6.6 5.4 6.2 5.1 7 8 0.3 0.3 0.3 0.3 0.0 0.1 0.2 0.6 0.1 0.5 0.8 0.8 0.1 0.3 0.1 0.3 0.4 0.4 0.2 0.3 0.2 0.3 0.6 0.5 9 10 11 12 13 14 0.1 0.2 -0.2 0.0 -0.2 0.2 0.4 0.5 -0.1 0.1 0.2 0.2 0.0 0.1 0.4 0.4 15 16 17 18 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income............................................................. 10 Previously published.................................................... 11 Disposable personal income.......................................... 12 Previously published.................................................... 13 Personal consumption expenditures............................. 14 Previously published.................................................... 0.6 0.6 0.6 0.6 0.6 0.6 0.4 0.3 0.5 0.3 0.3 0.2 0.3 0.1 0.4 0.1 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.0 0.2 0.0 0.2 0.0 0.3 0.1 0.6 0.0 0.4 0.2 0.1 -0.1 0.2 -0.1 0.1 0.3 0.4 0.2 0.0 0.2 0.0 0.2 0.3 0.2 -0.2 0.5 0.1 0.1 0.0 0.0 -0.2 0.0 -0.1 0.5 0.4 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 16 17 18 Real disposable personal income..................................... Previously published...................................................... Real personal consumption expenditures....................... Previously published...................................................... Source: U.S. Bureau of Economic Analysis 0.3 0.4 0.4 0.4 0.2 0.1 0.1 0.0 0.3 0.0 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.3 0.1 0.3 0.0 0.4 0.2 0.1 -0.2 0.0 0.2 0.3 0.3 0.1 0.2 0.3 0.4 -0.1 0.0 -0.1 0.1 -0.1 0.6 0.4 July 31, 2018 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Table Ends 2016 Line July Aug. Sept. 2017 Oct. Nov. Dec. Jan. Feb. March April May June July Aug. Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: Personal income................................................................ Previously published........................................................ Disposable personal income............................................. Previously published........................................................ Personal consumption expenditures................................ Previously published........................................................ 64.4 55.7 52.7 37.7 15.1 34.6 38.4 8.7 36.1 6.2 51.7 34.4 64.8 18.7 58.5 16.8 61.7 81.5 67.9 -7.9 66.1 2.1 41.0 41.0 51.4 -21.1 45.1 -18.4 35.9 40.7 68.7 12.9 54.9 3.7 62.8 70.8 118.7 146.2 118.5 123.9 55.4 42.3 82.2 83.7 69.3 65.3 -14.3 15.0 48.6 47.6 47.2 42.6 75.1 64.6 11.3 9.5 11.6 21.6 44.5 42.1 62.0 39.4 61.1 51.7 25.5 28.5 12.9 -3.2 1.7 -3.2 36.7 18.8 68.1 62.4 52.1 28.3 26.0 39.9 73.2 45.3 62.3 24.1 47.0 23.9 1 2 3 4 5 6 Personal saving as a percentage of disposable personal income.......................................... 8 Previously published......................................................... 6.4 5.1 6.3 4.9 6.3 4.5 6.4 4.1 6.4 3.7 6.3 3.2 6.7 3.7 7.2 4.1 7.0 3.9 6.7 3.7 6.9 3.8 6.6 3.6 6.7 3.5 6.8 3.5 7 8 0.4 0.2 0.4 0.4 0.2 0.2 0.1 0.0 0.0 0.0 0.3 0.1 0.4 0.4 0.4 0.2 0.2 0.3 0.4 0.3 0.4 0.2 0.4 0.2 9 10 11 12 13 14 0.4 0.4 0.2 0.3 -0.1 -0.1 0.2 0.1 0.3 0.1 0.1 0.2 0.2 0.0 0.1 0.0 15 16 17 18 1 2 3 4 5 6 7 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income................................................................ 10 Previously published........................................................ 11 Disposable personal income............................................. 12 Previously published........................................................ 13 Personal consumption expenditures................................ 14 Previously published........................................................ 0.4 0.3 0.4 0.3 0.1 0.3 0.2 0.1 0.3 0.0 0.4 0.3 0.4 0.1 0.4 0.1 0.5 0.6 0.4 0.0 0.5 0.0 0.3 0.3 0.3 -0.1 0.3 -0.1 0.3 0.3 0.4 0.1 0.4 0.0 0.5 0.5 0.7 0.9 0.8 0.9 0.4 0.3 0.5 0.5 0.5 0.5 -0.1 0.1 0.3 0.3 0.3 0.3 0.6 0.5 0.1 0.1 0.1 0.2 0.3 0.3 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 16 17 18 Real disposable personal income....................................... Previously published......................................................... Real personal consumption expenditures.......................... Previously published......................................................... 0.3 0.2 0.0 0.2 0.1 -0.1 0.2 0.1 0.3 -0.1 0.4 0.5 0.2 -0.2 0.1 0.1 0.2 -0.2 0.2 0.3 0.2 -0.2 0.3 0.4 2017 Line Sept. Oct. Nov. Dec. Jan. Feb. 0.4 0.5 0.0 -0.1 2018 March 0.4 0.4 -0.1 0.0 April 0.5 0.5 0.7 0.7 May -0.2 -0.1 0.1 0.1 Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: Personal income................................................................ Previously published........................................................ Disposable personal income............................................. Previously published........................................................ Personal consumption expenditures................................ Previously published........................................................ Personal saving as a percentage of disposable personal income........................................... 8 Previously published......................................................... 1 2 3 4 5 6 7 83.1 77.4 73.4 58.9 106.9 132.7 68.4 64.6 66.0 46.9 59.5 44.1 57.9 58.9 48.2 43.0 92.9 95.7 63.4 69.4 53.3 57.7 35.1 62.7 92.9 65.8 151.9 121.8 29.0 17.0 57.8 58.9 49.8 46.3 -16.7 -7.5 68.4 51.1 60.2 43.9 84.3 87.3 51.1 41.1 47.9 48.9 84.3 68.1 65.9 60.0 61.6 63.2 65.4 27.8 1 2 3 4 5 6 6.6 3.0 6.5 3.0 6.2 2.5 6.2 2.4 7.0 3.1 7.4 3.5 7.2 3.2 6.9 3.0 6.8 3.2 7 8 0.3 0.2 0.3 0.3 0.6 0.5 0.4 0.4 0.4 0.4 0.5 0.2 9 10 11 12 13 14 0.1 0.1 0.4 0.3 0.2 0.2 0.3 0.0 15 16 17 18 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income................................................................ 10 Previously published........................................................ 11 Disposable personal income............................................. 12 Previously published........................................................ 13 Personal consumption expenditures................................ 14 Previously published........................................................ 0.5 0.5 0.5 0.4 0.8 1.0 0.4 0.4 0.4 0.3 0.4 0.3 0.3 0.4 0.3 0.3 0.7 0.7 0.4 0.4 0.4 0.4 0.3 0.5 0.5 0.4 1.0 0.8 0.2 0.1 0.3 0.4 0.3 0.3 -0.1 -0.1 0.4 0.3 0.4 0.3 0.6 0.6 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 16 17 18 Real disposable personal income....................................... Previously published......................................................... Real personal consumption expenditures.......................... Previously published......................................................... Source: U.S. Bureau of Economic Analysis 0.2 0.0 0.5 0.6 0.3 0.2 0.3 0.2 0.1 0.1 0.5 0.5 0.2 0.3 0.1 0.3 0.7 0.5 -0.1 -0.2 0.2 0.2 -0.3 -0.2 0.3 0.3 0.6 0.6 July 31, 2018 Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters) Seasonally adjusted at annual rates Line 2014 2013 2015 2017 2016 2013 Q1 Q2 Line 2014 Q3 Q4 Q1 Q2 Q3 Q4 Change from preceding period in billions of dollars: Personal income.......................................................... Previously published................................................. Disposable personal income........................................ Previously published................................................. Personal consumption expenditures............................ Previously published................................................. 171.0 158.6 4.1 -7.9 310.4 310.5 810.7 744.6 701.1 636.8 506.8 502.5 727.7 734.7 577.9 582.4 470.5 468.6 405.6 375.8 386.5 353.5 472.4 488.4 705.8 500.4 625.5 411.9 554.5 574.8 -391.4 -412.7 -469.3 -488.8 97.5 92.3 133.8 113.0 101.3 76.6 16.4 27.9 97.0 118.2 104.4 117.9 91.4 94.6 124.1 102.7 101.0 80.5 144.2 145.3 304.0 247.9 253.4 200.0 98.8 115.8 232.3 227.7 219.6 221.4 182.1 151.8 221.9 211.3 184.8 173.4 164.7 149.2 185.8 223.9 149.4 182.1 124.8 140.3 1 2 3 4 5 6 Personal saving as a percentage of disposable personal income..................................... 8 Previously published................................................... 6.4 5.0 7.3 5.7 7.6 6.1 6.7 4.9 6.7 3.4 6.0 4.8 6.6 5.2 6.7 5.3 6.3 4.7 7.3 5.3 7.4 5.7 7.4 5.8 7.4 5.9 7 8 2.8 3.4 3.4 3.9 3.3 3.4 3.5 2.9 3.3 2.6 5.2 5.2 8.7 7.1 8.3 6.5 3.5 4.1 6.5 6.4 7.0 7.1 6.4 5.3 6.1 5.9 5.7 5.5 5.7 5.2 5.0 6.1 4.6 5.7 4.3 4.8 9 10 11 12 13 14 1.7 2.4 1.6 1.9 1.6 0.9 3.5 3.4 6.2 4.3 1.6 1.9 4.9 5.3 4.4 3.5 4.5 4.2 4.5 3.9 5.0 5.9 4.7 5.1 15 16 17 18 1 2 3 4 5 6 7 Percent change from preceding period for current-dollar measures 9 10 11 12 13 14 Personal income............................................................ Previously published.................................................... Disposable personal income.......................................... Previously published................................................... Personal consumption expenditures............................. Previously published................................................... 1.2 1.1 0.0 -0.1 2.8 2.8 15 16 17 18 Real disposable personal income................................... Previously published................................................... Real personal consumption expenditures........................ Previously published................................................... -1.3 -1.4 1.5 1.5 5.7 5.3 5.6 5.1 4.5 4.4 4.9 5.0 4.4 4.5 4.0 3.9 2.6 2.4 2.8 2.6 3.8 4.0 4.4 3.1 4.4 2.9 4.3 4.5 -10.4 -11.0 -13.9 -14.5 3.6 3.3 3.9 3.3 3.3 2.5 0.6 1.0 Percent change from preceding period for chained-dollar measures 4.0 3.6 2.9 2.9 Line 1.7 1.4 2.7 2.7 2.6 1.2 2.5 2.8 Q1 Q2 8 9 10 11 12 13 14 Personal income............................................................ Previously published.................................................... Disposable personal income.......................................... Previously published................................................... Personal consumption expenditures............................. Previously published................................................... 4.5 4.1 3.2 2.6 1.7 2.0 15 16 17 18 Real disposable personal income................................... Previously published................................................... Real personal consumption expenditures........................ Previously published................................................... 5.0 4.3 3.5 3.7 Q3 Q4 -15.1 -15.7 2.1 1.9 3.0 2.4 0.3 0.8 Seasonally adjusted at annual rates 2016 Q2 Q3 Q4 2015 Change from preceding period in billions of dollars: Personal income.......................................................... Previously published................................................. Disposable personal income........................................ Previously published................................................. Personal consumption expenditures............................ Previously published................................................. Personal saving as a percentage of disposable personal income..................................... Previously published................................................... 1 2 3 4 5 6 7 4.1 4.2 3.7 3.6 Q1 Q2 Q3 Line 2018 Q1 2017 Q1 Q4 171.1 152.3 105.4 86.3 50.1 60.7 210.4 215.1 170.5 184.5 161.2 142.0 161.2 109.4 157.5 105.8 124.0 123.6 39.2 143.6 25.8 104.9 64.3 87.1 64.4 -18.1 101.6 29.4 81.4 76.6 85.1 159.1 60.7 137.3 180.0 183.5 139.0 117.9 114.6 84.9 138.6 144.4 181.1 -2.3 165.5 4.2 144.3 157.5 252.7 219.5 232.1 177.9 124.7 134.7 116.7 94.3 107.4 105.2 119.1 115.5 173.9 129.4 139.6 79.2 125.9 122.1 208.0 193.7 185.6 142.1 220.1 225.2 215.8 188.0 256.8 220.1 100.4 114.8 1 2 3 4 5 6 7.7 6.0 7.6 6.2 7.7 6.0 7.4 6.1 7.5 5.7 6.6 5.3 6.3 4.8 6.4 3.6 7.0 3.9 6.7 3.7 6.7 3.4 6.3 2.7 7.2 3.3 7 8 4.6 -0.1 4.7 0.1 4.6 5.0 6.3 5.6 6.6 5.2 3.9 4.2 2.8 2.3 3.0 3.0 3.7 3.5 4.2 3.2 3.9 2.2 3.9 3.7 5.0 4.8 5.1 4.0 6.8 6.9 5.1 4.6 7.0 6.2 3.0 3.4 9 10 11 12 13 14 2.7 -1.8 2.6 2.9 4.5 2.9 1.8 1.9 2.2 2.7 2.9 3.3 2.2 0.7 2.2 2.2 2.3 1.2 3.9 4.0 4.4 3.6 0.5 0.9 15 16 17 18 Percent change from preceding period for current-dollar measures 5.6 5.7 5.1 5.6 5.4 4.8 4.2 2.9 4.7 3.2 4.1 4.1 1.0 3.7 0.7 3.1 2.1 2.8 1.6 -0.5 3.0 0.9 2.6 2.5 2.2 4.1 1.7 4.0 5.9 6.0 3.5 3.0 3.3 2.5 4.4 4.6 Percent change from preceding period for chained-dollar measures Source: U.S. Bureau of Economic Analysis 3.1 3.8 3.4 3.0 3.4 1.8 2.9 2.8 0.9 2.9 2.3 2.7 2.7 0.2 2.4 1.8 -0.6 1.9 3.4 3.8 1.5 0.7 2.7 2.8
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