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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, JULY 30, 2019 Technical: Media: Jennifer Lee (Personal Income) Kyle Brown (PCE) Jeannine Aversa (301) 278-9087 (301) 278-9086 (301) 278-9003 BEA 19-37 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays: June 2019 Annual Update: January 2014 through May 2019 Personal income increased $83.6 billion (0.4 percent) in June according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $69.7 billion (0.4 percent) and personal consumption expenditures (PCE) increased $41.0 billion (0.3 percent). Real DPI increased 0.3 percent in June and Real PCE increased 0.2 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Personal income: Current dollars Disposable personal income: Current dollars Chained (2012) dollars Personal consumption expenditures (PCE): Current dollars Chained (2012) dollars Price indexes: PCE PCE, excluding food and energy Price indexes: PCE PCE, excluding food and energy 2019 Feb. Mar. Apr. May June Percent change from preceding month 0.6 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.2 0.4 0.1 0.3 0.2 0.4 0.3 -0.1 -0.2 1.0 0.8 0.6 0.3 0.5 0.3 0.3 0.2 0.1 0.0 0.2 0.1 0.3 0.2 0.1 0.2 0.1 0.2 Percent change from month one year ago 1.3 1.4 1.5 1.4 1.4 1.6 1.5 1.5 1.5 1.6 The increase in personal income in June primarily reflected increases in wages and salaries, government social benefits to persons, and supplements to wages and salaries (table 3). The $21.4 billion increase in real PCE in June primarily reflected a $19.5 billion increase in spending for nondurable goods and a $4.6 billion increase in spending for services, that was partially offset by a decline of $1.5 billion in spending for durable goods (table 7). Within nondurable goods, other nondurable goods (including pharmaceutical products) was the leading contributor to the increase. Within durable goods, motor vehicles and parts was the leading contributor to the decline. Detailed information on monthly real PCE spending can be found in Table 2.3.6U. Personal outlays increased $44.2 billion in June (table 3). Personal saving was $1.34 trillion in June and the personal saving rate, personal saving as a percentage of disposable personal income, was 8.1 percent (table 1). Annual Update of the National Income and Product Accounts The estimates released today also reflect the results of the Annual Update of the National Income and Product Accounts (NIPAs). The update covers January of 2014 through May of 2019. With today's release, most NIPA tables are available through BEA’s Interactive Data application on the BEA Web site (www.bea.gov). See "Information on Updates to the National Income and Product Accounts" for the complete table release schedule and a summary of results for 2014 through 2018, which includes a discussion of methodology changes. A table showing the major current-dollar revisions and their sources for each component of GDP, national income, and personal income is also provided. The August 2019 Survey of Current Business will include an article describing the update in more detail. Previously published estimates, which are superseded by today's release, are found in BEA’s archives. Updates to Personal Income and Outlays Revisions to the personal income and outlays estimates reflect the results of the 2019 annual update of the NIPAs. Revisions to annual estimates of personal income and outlays for 2014 through 2018 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 down $0.1 billion, or less than -0.1 percent in 2014; revised down $1.8 billion, or less than -0.1 percent in 2015; revised down $4.0 billion, or less than -0.1 percent in 2016; revised up $47.9 billion, or 0.3 percent in 2017; and revised up $249.6 billion, or 1.4 percent in 2018. • For 2014, revisions to personal income primarily reflected a $3.8 billion downward revision to rental income of persons with capital consumption adjustment that was partly offset by a $2.0 billion upward revision to wages and salaries. • For 2015, revisions to personal income primarily reflected a $3.7 billion downward revision to rental income of persons with capital consumption adjustment that was partly offset by a $2.3 billion upward revision to wages and salaries. - • For 2016, revisions to personal income primarily reflected a $16.5 billion upward revision to personal interest income that was more than offset by a $13.4 billion downward revision to rental income of persons with capital consumption adjustment and a $11.7 billion downward revision to personal dividend income. • For 2017, revisions to personal income primarily reflected an upward revision of $28.6 billion to personal interest income, a $21.4 billion upward revision to personal dividend income, and a $17.3 billion upward revision to proprietors’ income with inventory valuation and capital consumption adjustments. • For 2018, revisions to personal income primarily reflected an upward revision of $86.2 billion to personal interest income, an upward revision of $75.7 billion to personal dividend income, and an upward revision of $67.2 billion to wages and salaries. DPI was revised up $1.3 billion, or less than 0.1 percent in 2014; revised down $4.3 billion, or less than -0.1 percent in 2015; revised down $5.8 billion, or less than -0.1 percent in 2016; revised up $36.7 billion, or 0.2 percent in 2017; and revised up $219.7 billion, or 1.4 percent in 2018. Personal outlays was revised up $0.9 billion, or less than 0.1 percent in 2014; revised down $8.9 billion, or -0.1 percent in 2015; revised down $16.4 billion, or -0.1 percent in 2016; revised down $7.4 billion, or -0.1 percent in 2017; and revised up $46.4 billion, or 0.3 percent in 2018. The personal saving rate was revised up less than 0.1 percentage point to 7.3 in 2014, revised up less than 0.1 percentage point to 7.6 in 2015, revised up 0.1 percentage point to 6.8 in 2016, revised up 0.3 percentage point to 7.0 in 2017, and revised up 1.0 percentage point to 7.7 in 2018. QCEW Data Included in the First Quarter of 2019 BEA’s data on wages and salaries for the first quarter of 2019 were based on expedited information from state employment offices across the country. BEA acknowledges 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). Next release: August 30, 2019 at 8:30 A.M. EDT Personal Income and Outlays: July 2019 - Additional Information Resources For more definitions, see the Glossary: National Income and Product Accounts. Additional Resources available at www.bea.gov: • • • • • • Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, see the FAQ “How is average annual growth calculated?” Definitions Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (months for monthly data, quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. - List of Personal Income and Outlays News Release Tables Table 1. Table 2. Table 3. Table 4. Table 5. Table 6. Table 7. Table 8. Table 9. Table 10. 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 30, 2019 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] 2018 Line 1 Personal income 2 Compensation of employees Wages and salaries 3 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 Supplements to wages and salaries 11 12 Employer contributions for employee pension and insurance 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 44 45 46 47 48 49 funds1 Employer contributions for government social insurance Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons Social security2 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 Personal interest payments4 Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2012) dollars5 Disposable personal income: Total, billions of chained (2012) dollars5 Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) Seasonally adjusted at annual rates 2019 Jan. Feb. March April 18,255.6 18,360.5 18,441.9 18,522.3 11,214.2 11,305.4 11,390.6 11,401.8 9,128.7 9,210.5 9,286.4 9,292.5 7,699.2 7,778.1 7,852.1 7,854.3 1,511.7 1,525.2 1,535.7 1,543.0 901.6 907.5 911.4 912.0 6,187.5 6,252.9 6,316.4 6,311.3 1,389.8 1,399.8 1,422.7 1,406.4 4,797.7 4,853.2 4,893.7 4,904.9 1,429.4 1,432.3 1,434.3 1,438.2 2,085.5 2,094.9 2,104.2 2,109.4 Line May 18,592.3 11,422.9 9,307.4 7,866.0 1,546.7 914.7 6,319.3 1,408.7 4,910.5 1,441.4 2,115.5 Junep 18,675.9 11,480.7 9,355.8 7,907.0 1,553.9 918.7 6,353.1 1,413.9 4,939.2 1,448.8 2,124.9 1 2 3 4 5 6 7 8 9 10 11 1,459.3 650.1 1,464.4 651.1 1,470.6 654.3 12 13 1,613.9 14.7 1,599.2 770.1 2,957.9 1,700.7 1,257.2 3,127.1 3,072.7 1,026.0 781.5 616.6 26.8 117.2 504.6 54.4 1,417.7 2,171.6 16,270.4 14,912.3 14,354.6 4,447.6 1,508.9 2,938.6 9,907.0 359.8 197.9 108.2 89.7 1,358.0 8.3 1,621.7 16.3 1,605.4 773.5 3,001.4 1,737.4 1,264.1 3,142.5 3,088.1 1,028.3 787.7 623.6 25.7 117.6 505.3 54.4 1,418.6 2,193.4 16,328.9 15,003.5 14,440.9 4,482.0 1,508.1 2,973.9 9,958.9 362.8 199.8 108.4 91.4 1,325.5 8.1 1,633.6 18.2 1,615.4 777.6 3,024.3 1,759.3 1,265.0 3,154.7 3,100.3 1,030.5 793.7 628.5 26.0 118.2 503.5 54.4 1,420.9 2,207.5 16,384.7 15,074.3 14,508.6 4,508.4 1,530.1 2,978.3 10,000.2 365.7 200.0 108.6 91.4 1,310.4 8.0 1,639.5 20.5 1,619.0 782.2 3,032.8 1,768.1 1,264.6 3,168.1 3,113.7 1,032.9 799.4 631.4 26.2 119.4 504.3 54.5 1,427.4 2,221.4 16,454.5 15,118.5 14,549.6 4,521.2 1,536.0 2,985.1 10,028.5 368.7 200.2 108.8 91.4 1,336.0 8.1 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 14,009.4 14,042.7 14,062.9 14,097.0 14,144.0 45 14,822.1 14,886.5 14,918.8 14,930.7 14,962.0 15,007.5 46 49,056 45,115 328,539 49,292 45,292 328,677 49,482 45,371 328,817 49,637 45,386 328,969 49,782 45,459 329,131 49,967 45,573 329,304 47 48 49 Nov. 18,036.0 11,047.7 8,981.0 7,557.7 1,485.0 890.6 6,072.6 1,373.1 4,699.5 1,423.3 2,066.8 Dec. 18,205.5 11,089.1 9,016.4 7,590.3 1,493.9 895.3 6,096.4 1,376.3 4,720.1 1,426.1 2,072.6 1,439.4 627.4 1,442.9 629.8 1,446.3 639.2 1,450.2 644.6 1,454.4 649.8 1,621.2 30.4 1,590.8 763.7 2,971.6 1,725.6 1,246.0 2,999.1 2,944.4 982.9 754.5 596.4 25.9 112.1 472.7 54.8 1,367.4 2,073.3 15,962.7 14,812.0 14,266.0 4,449.6 1,509.3 2,940.4 9,816.4 353.5 192.5 107.9 84.5 1,150.7 7.2 1,649.1 58.6 1,590.6 762.1 3,065.9 1,736.4 1,329.4 3,011.6 2,957.0 985.1 761.2 599.5 26.5 112.3 472.4 54.6 1,372.2 2,083.4 16,122.0 14,698.7 14,148.6 4,322.5 1,458.0 2,864.5 9,826.1 357.4 192.7 108.1 84.5 1,423.3 8.8 1,624.2 28.3 1,595.9 764.1 2,951.2 1,700.8 1,250.4 3,098.4 3,043.9 1,020.0 768.2 604.5 26.9 115.6 508.7 54.5 1,396.5 2,138.9 16,116.7 14,783.5 14,227.6 4,391.9 1,483.4 2,908.5 9,835.8 358.3 197.5 107.9 89.7 1,333.2 8.3 1,625.4 31.5 1,593.9 766.9 2,956.3 1,696.5 1,259.8 3,113.9 3,059.5 1,022.6 775.0 610.0 27.0 116.5 508.4 54.4 1,407.4 2,159.4 16,201.1 14,773.3 14,216.6 4,353.6 1,463.8 2,889.9 9,862.9 359.1 197.7 108.0 89.7 1,427.7 8.8 13,824.2 13,961.7 13,939.6 14,675.4 14,814.5 48,631 44,709 328,241 49,094 45,112 328,393 p Preliminary 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 30, 2019 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Line 2017 1 Personal income 2 Compensation of employees Wages and salaries 3 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 Supplements to wages and salaries 11 12 Employer contributions for employee pension and insurance 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 44 45 46 47 48 49 funds1 Employer contributions for government social insurance Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons Social security2 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 Personal interest payments4 Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2012) dollars5 Disposable personal income: Total, billions of chained (2012) dollars5 Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) 2018 Seasonally adjusted at annual rates 2018 2019 Q2 Q3 Q4 Q1 17,725.0 17,928.5 18,082.8 18,352.6 10,876.1 10,994.3 11,057.4 11,303.4 8,845.0 8,942.2 8,990.0 9,208.5 7,450.9 7,529.6 7,566.8 7,776.5 1,459.4 1,477.3 1,488.0 1,524.2 875.0 884.6 891.6 906.8 5,991.5 6,052.2 6,078.8 6,252.3 1,356.8 1,366.3 1,373.1 1,404.1 4,634.7 4,686.0 4,705.8 4,848.2 1,394.1 1,412.6 1,423.3 1,432.0 2,031.1 2,052.0 2,067.4 2,094.9 Line 16,878.8 10,411.6 8,462.1 7,114.1 1,391.7 845.6 5,722.4 1,312.5 4,410.0 1,348.0 1,949.5 17,819.2 10,928.5 8,888.5 7,485.9 1,471.6 883.2 6,014.3 1,361.0 4,653.3 1,402.6 2,040.0 Q1 17,540.3 10,786.0 8,776.7 7,396.3 1,461.7 881.7 5,934.5 1,348.0 4,586.6 1,380.4 2,009.4 Q2 18,596.8 11,435.1 9,318.6 7,875.7 1,547.9 915.1 6,327.9 1,409.7 4,918.2 1,442.8 2,116.6 1 2 3 4 5 6 7 8 9 10 11 1,343.9 605.7 1,417.2 622.8 1,391.8 617.6 1,410.9 620.2 1,426.6 625.4 1,439.3 628.1 1,450.3 644.6 1,464.7 651.8 12 13 1,518.2 38.1 1,480.1 718.8 2,681.6 1,551.6 1,130.0 2,848.1 2,800.1 926.1 689.3 577.4 29.8 104.0 473.5 48.1 1,299.6 2,045.8 14,833.0 13,802.1 13,312.1 4,165.0 1,412.6 2,752.5 9,147.0 299.3 190.7 103.6 87.1 1,030.9 7.0 1,588.8 27.2 1,561.6 756.8 2,930.1 1,702.7 1,227.5 2,971.5 2,918.3 972.4 730.9 597.7 27.1 109.9 480.3 53.2 1,356.5 2,077.6 15,741.5 14,531.1 13,998.7 4,364.8 1,475.6 2,889.2 9,633.9 336.7 195.8 106.9 88.9 1,210.4 7.7 1,567.5 28.1 1,539.4 743.8 2,851.6 1,669.6 1,182.0 2,935.4 2,884.8 960.5 710.2 589.8 28.8 108.8 486.7 50.6 1,344.0 2,074.9 15,465.4 14,245.2 13,728.4 4,298.5 1,454.8 2,843.7 9,429.8 322.3 194.5 105.7 88.8 1,220.2 7.9 1,573.3 27.5 1,545.8 754.0 2,909.3 1,694.6 1,214.7 2,963.1 2,910.1 968.0 721.9 600.4 27.2 109.0 483.5 53.0 1,350.9 2,071.7 15,653.3 14,465.9 13,939.8 4,363.2 1,476.7 2,886.5 9,576.6 329.6 196.4 106.5 89.9 1,187.4 7.6 1,590.0 17.4 1,572.6 765.2 2,957.7 1,719.3 1,238.4 2,983.8 2,929.4 976.0 736.7 602.9 26.6 109.9 477.4 54.4 1,362.4 2,086.5 15,842.0 14,655.6 14,114.6 4,398.0 1,485.2 2,912.8 9,716.6 341.5 199.6 107.3 92.3 1,186.4 7.5 1,624.4 35.9 1,588.4 764.1 3,002.0 1,727.2 1,274.8 3,003.7 2,949.0 985.1 754.6 597.6 26.0 111.8 473.8 54.7 1,368.7 2,077.4 16,005.4 14,757.8 14,211.9 4,399.4 1,485.6 2,913.8 9,812.5 353.4 192.5 107.9 84.5 1,247.6 7.8 1,621.2 24.8 1,596.3 767.0 2,955.1 1,699.3 1,255.8 3,113.1 3,058.7 1,022.9 774.9 610.3 26.9 116.4 507.3 54.4 1,407.2 2,156.6 16,196.0 14,823.0 14,266.3 4,397.7 1,485.4 2,912.3 9,868.6 359.1 197.7 108.0 89.7 1,373.0 8.5 1,631.6 18.3 1,613.3 777.8 3,019.5 1,754.9 1,264.6 3,155.1 3,100.7 1,030.5 793.6 627.8 26.0 118.4 504.4 54.4 1,422.3 2,207.4 16,389.4 15,065.4 14,499.7 4,503.8 1,524.7 2,979.1 9,995.9 365.7 200.0 108.6 91.4 1,324.0 8.1 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 13,245.3 13,729.6 13,599.1 13,670.5 13,785.6 13,863.6 13,997.2 14,101.3 45 14,002.8 14,556.2 14,400.3 14,495.9 14,613.3 14,715.2 14,875.8 14,966.7 46 45,583 43,031 325,410 48,075 44,455 327,436 47,343 44,082 326,670 47,849 44,311 327,138 48,343 44,594 327,697 48,762 44,831 328,237 49,276 45,260 328,678 49,795 45,473 329,135 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 30, 2019 Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Line 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government 11 Supplements to wages and salaries 12 Employer contributions for employee pension and insurance funds1 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets 19 Personal interest income 20 Personal dividend income 21 Personal current transfer receipts 22 Government social benefits to persons 23 Social security2 24 Medicare3 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other 29 Other current transfer receipts, from business (net) 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 39 Personal interest payments4 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2012) dollars5 45 Disposable personal income, billions of chained (2012) dollars5 2018 Seasonally adjusted at annual rates 2019 Jan. Feb. March April 50.1 104.9 81.5 80.4 125.1 91.2 85.3 11.2 112.2 81.8 76.0 6.0 108.9 78.9 74.0 2.2 17.8 13.5 10.5 7.3 6.4 5.9 3.8 0.7 91.1 65.4 63.5 -5.2 13.5 10.0 23.0 -16.4 77.6 55.4 40.5 11.2 3.4 2.9 2.0 3.9 12.9 9.4 9.3 5.2 Line May 69.9 21.1 14.9 11.7 3.7 2.7 8.0 2.4 5.6 3.2 6.1 Junep 83.6 57.8 48.4 41.0 7.2 4.0 33.9 5.1 28.7 7.4 9.4 1 2 3 4 5 6 7 8 9 10 11 4.9 0.3 5.1 1.0 6.2 3.2 12 13 -11.6 -16.8 5.2 3.3 1.6 4.1 -2.6 13.1 13.2 3.4 6.5 6.6 -0.2 0.7 -3.8 0.0 10.2 12.2 69.3 139.0 138.0 93.9 45.2 48.8 44.1 0.8 0.2 0.2 0.0 -69.7 7.8 1.6 6.2 3.4 43.5 36.7 6.8 15.5 15.5 2.3 6.2 7.0 -1.1 0.4 0.7 0.0 1.0 21.8 58.6 91.1 86.3 34.4 -0.9 35.3 51.9 2.9 1.9 0.2 1.7 -32.6 12.0 2.0 10.0 4.1 22.9 21.9 1.0 12.2 12.2 2.2 6.0 4.9 0.3 0.6 -1.8 0.0 2.3 14.1 55.8 70.9 67.7 26.4 22.0 4.4 41.3 2.9 0.2 0.2 0.0 -15.1 5.8 2.2 3.6 4.6 8.4 8.8 -0.4 13.4 13.4 2.4 5.7 3.0 0.2 1.2 0.8 0.0 6.5 13.9 69.7 44.2 41.0 12.7 6.0 6.8 28.3 2.9 0.2 0.2 0.0 25.6 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 33.3 32.3 20.2 11.9 34.1 31.2 47.0 45.5 44 45 Nov. 29.0 12.4 8.2 5.4 0.1 1.9 5.2 3.4 1.9 2.9 4.1 Dec. 169.5 41.3 35.4 32.7 8.9 4.6 23.8 3.1 20.6 2.8 5.9 3.8 0.4 3.5 2.4 3.4 9.5 3.9 5.4 4.1 5.1 18.4 11.7 6.8 -2.7 3.1 6.0 -2.9 -1.2 -1.2 -4.5 6.3 -0.5 0.3 0.9 -3.7 0.0 1.0 -2.2 31.2 49.2 44.9 23.5 19.6 3.9 21.4 4.1 0.2 0.2 0.0 -18.1 27.9 28.1 -0.2 -1.6 94.3 10.8 83.4 12.4 12.6 2.2 6.7 3.1 0.6 0.2 -0.2 -0.2 4.8 10.1 159.4 -113.2 -117.4 -127.1 -51.3 -75.8 9.7 4.0 0.2 0.2 0.0 272.6 -24.9 -30.2 5.3 2.0 -114.7 -35.6 -79.0 86.9 87.0 34.9 7.0 5.0 0.4 3.4 36.3 -0.1 24.3 55.5 -5.4 84.7 79.0 69.4 25.4 44.0 9.6 0.9 4.8 -0.3 5.1 -90.1 1.3 3.2 -1.9 2.7 5.1 -4.3 9.4 15.5 15.6 2.6 6.8 5.5 0.2 0.8 -0.3 -0.1 10.9 20.5 84.4 -10.1 -11.1 -38.2 -19.6 -18.6 27.2 0.8 0.2 0.2 0.0 94.5 19.4 19.8 137.4 139.1 -22.0 7.5 69.8 64.4 p Preliminary 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 30, 2019 Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] 2017 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 Employer contributions for employee pension and insurance 12 funds1 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 44 45 Employer contributions for government social insurance Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons Social security2 Medicare3 Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services Personal interest payments4 Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Addenda: Personal income excluding current transfer receipts, billions of chained (2012) dollars5 Disposable personal income, billions of chained (2012) dollars5 2018 Seasonally adjusted at annual rates 2018 2019 Line Q2 Q3 Q4 Q1 Q2 184.6 203.5 154.3 269.8 244.2 1 90.1 118.1 63.1 246.0 131.7 2 68.4 97.2 47.8 218.5 110.0 3 54.6 78.7 37.2 209.7 99.3 4 -2.4 17.9 10.6 36.2 23.7 5 -6.7 9.6 6.9 15.3 8.3 6 57.0 60.8 26.6 173.5 75.6 7 8.8 9.5 6.8 31.0 5.6 8 48.1 51.2 19.8 142.4 70.0 9 13.8 18.5 10.6 8.8 10.8 10 21.7 20.9 15.3 27.5 21.7 11 757.6 451.3 378.6 338.6 63.5 31.8 275.1 51.1 224.0 40.0 72.7 940.4 516.8 426.4 371.8 79.9 37.7 291.8 48.5 243.3 54.6 90.4 Q1 309.2 158.1 134.6 121.4 39.9 20.2 81.5 18.5 63.0 13.2 23.4 48.3 24.4 73.3 17.2 21.8 1.7 19.1 2.6 15.7 5.2 12.7 2.7 11.0 16.5 14.4 7.3 12 13 94.5 2.5 92.0 37.4 160.2 94.2 66.0 73.9 85.5 29.6 29.1 14.7 -1.9 8.1 5.9 -11.6 59.7 89.7 667.9 595.8 563.6 169.1 59.9 109.2 394.5 25.6 6.7 1.6 5.0 72.1 70.5 -10.9 81.4 38.0 248.5 151.1 97.4 123.4 118.2 46.3 41.6 20.2 -2.6 5.8 6.9 5.1 56.9 31.9 908.5 729.0 686.6 199.8 63.0 136.7 486.8 37.4 5.0 3.3 1.8 179.5 24.6 -3.7 28.3 7.8 84.2 61.1 23.1 56.7 53.3 22.9 8.9 5.8 -0.4 2.4 13.6 3.4 22.2 -40.8 350.0 155.0 142.1 34.6 4.3 30.3 107.5 12.1 0.8 1.1 -0.3 195.0 5.8 -0.6 6.4 10.3 57.7 24.9 32.7 27.7 25.3 7.5 11.7 10.6 -1.6 0.2 -3.1 2.4 6.9 -3.2 187.9 220.6 211.5 64.6 21.9 42.8 146.8 7.3 1.9 0.8 1.0 -32.8 16.7 -10.2 26.8 11.2 48.4 24.7 23.7 20.7 19.4 8.0 14.8 2.5 -0.7 0.9 -6.2 1.4 11.5 14.8 188.8 189.8 174.7 34.8 8.6 26.3 139.9 11.9 3.2 0.7 2.4 -1.0 34.4 18.6 15.8 -1.1 44.3 8.0 36.4 19.9 19.5 9.1 17.9 -5.3 -0.5 1.9 -3.6 0.4 6.3 -9.1 163.4 102.2 97.4 1.4 0.4 1.0 96.0 11.9 -7.1 0.7 -7.8 61.2 -3.2 -11.1 7.9 2.9 -46.8 -27.9 -19.0 109.4 109.7 37.8 20.3 12.8 0.9 4.6 33.5 -0.3 38.5 79.2 190.6 65.2 54.3 -1.7 -0.3 -1.4 56.1 5.7 5.2 0.1 5.1 125.4 10.4 -6.5 16.9 10.8 64.4 55.6 8.8 42.0 42.0 7.7 18.7 17.5 -0.9 2.0 -2.9 0.0 15.1 50.8 193.3 242.4 233.5 106.2 39.4 66.8 127.3 6.6 2.3 0.5 1.7 -49.0 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 422.9 394.4 484.3 553.4 151.5 237.9 71.4 95.6 115.1 117.3 78.0 101.9 133.6 160.6 104.0 90.9 44 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 30, 2019 Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2018 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Supplements to wages and salaries Proprietors' income with inventory valuation and capital 5 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 Real personal income excluding transfer receipts Real disposable personal income 2019 Nov. Dec. Jan. Based on current-dollar measures 0.2 0.9 0.3 0.1 0.4 1.1 0.1 0.4 1.2 0.2 0.3 0.6 Feb. March Line April p May June 0.6 0.8 0.9 0.4 0.4 0.8 0.8 0.4 0.4 0.1 0.1 0.2 0.4 0.2 0.2 0.3 0.4 0.5 0.5 0.4 -1.5 0.3 -3.7 -2.1 -5.9 2.9 1.8 2.7 0.0 0.1 0.4 0.2 -0.3 0.7 0.5 0.8 1.0 0.5 -0.7 0.4 0.1 0.2 -0.2 0.4 0.7 0.6 0.4 0.5 0.4 1.5 2.2 0.5 0.5 0.1 1.0 0.4 0.7 0.5 0.8 1.3 0.1 0.4 0.2 0.6 0.3 0.4 0.6 0.3 0.5 0.0 0.4 0.5 0.6 0.4 6 7 8 9 10 11 12 13 0.3 -0.8 0.6 0.5 -2.9 1.6 1.3 -3.4 1.7 0.1 -2.6 1.5 0.2 0.1 0.1 Based on chained (2012) dollar measures 0.1 1.0 -0.2 0.1 0.9 0.1 -0.1 -0.9 -1.3 -0.6 0.3 1.0 2.2 3.1 1.7 0.4 0.6 0.8 -0.1 1.2 0.5 0.5 0.6 1.5 0.1 0.4 0.3 0.3 0.4 0.2 0.3 14 15 16 17 18 0.5 0.4 0.2 0.2 0.1 0.1 0.2 0.2 0.3 0.3 19 20 1.2 -0.4 0.1 0.4 -0.2 0.0 0.1 -0.1 0.2 1.7 -0.2 3.2 0.6 6.7 0.4 0.4 0.5 1.0 1 2 3 4 5 p Preliminary Source: U.S. Bureau of Economic Analysis July 30, 2019 Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2017 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Supplements to wages and salaries Proprietors' income with inventory valuation and capital 5 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 Real personal income excluding transfer receipts Real disposable personal income Source: U.S. Bureau of Economic Analysis 2018 2018 Q1 Based on current-dollar measures 4.7 5.6 4.5 5.0 4.7 5.0 3.9 4.6 Q2 Line 2019 Q3 Q4 Q1 Q2 7.4 6.1 6.4 4.8 4.3 3.4 3.2 4.4 4.7 4.4 4.5 4.2 3.5 2.3 2.2 3.0 6.1 9.2 10.1 5.4 5.4 4.7 4.9 4.2 6.5 4.3 12.7 16.1 8.2 8.1 6.9 -7.5 9.6 1.5 5.6 8.3 6.1 11.6 3.8 2.1 -0.6 4.9 4.3 6.1 6.8 6.0 8.0 2.8 3.5 2.9 4.9 8.9 -0.6 6.1 1.9 12.3 2.7 1.9 -1.7 4.2 -0.8 1.5 -6.1 -6.3 -5.8 15.4 11.7 16.1 4.8 2.6 5.7 9.0 13.7 2.8 5.5 4.4 9.8 4.9 6 7 8 9 10 11 12 13 4.4 5.2 4.2 4.2 4.8 3.3 4.4 4.5 1.2 4.1 5.0 4.4 4.5 5.3 4.7 Based on chained (2012) dollar measures 3.3 3.7 4.6 2.9 4.0 6.9 6.3 6.2 6.1 6.2 6.4 5.1 3.2 2.3 3.7 6.0 2.8 0.1 0.1 0.1 4.0 1.5 -0.2 -0.1 -0.2 2.3 6.7 10.0 11.0 9.5 5.3 14 15 16 17 18 2.1 2.7 3.4 3.3 2.3 2.8 3.9 4.4 3.0 2.5 19 20 6.6 5.5 6.4 6.5 6.2 2.7 4.8 4.6 4.7 4.6 5.3 9.3 9.7 8.6 4.3 4.4 1.6 6.1 1 2 3 4 5 July 30, 2019 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2018 2019 Nov. Dec. Jan. Feb. March April Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 13,115.6 13,001.2 13,084.8 13,063.0 13,162.2 13,204.4 Goods 4,683.0 4,570.8 4,647.0 4,607.0 4,693.5 4,720.4 Durable goods 1,731.7 1,673.8 1,698.6 1,680.9 1,739.5 1,743.6 Nondurable goods 2,964.7 2,908.2 2,959.4 2,936.6 2,967.9 2,990.1 Services 8,467.0 8,451.3 8,467.5 8,479.7 8,502.1 8,519.8 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 33.4 -114.4 83.6 -21.7 99.2 42.2 Goods 41.5 -112.2 76.2 -40.0 86.5 26.9 Durable goods 21.5 -57.9 24.8 -17.7 58.6 4.1 Nondurable goods 20.9 -56.6 51.2 -22.8 31.3 22.1 Services -2.6 -15.6 16.2 12.1 22.5 17.6 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.3 -0.9 0.6 -0.2 0.8 0.3 Goods 0.9 -2.4 1.7 -0.9 1.9 0.6 Durable goods 1.3 -3.3 1.5 -1.0 3.5 0.2 Nondurable goods 0.7 -1.9 1.8 -0.8 1.1 0.7 Services 0.0 -0.2 0.2 0.1 0.3 0.2 Junep May Line 13,248.7 4,744.0 1,767.0 2,992.3 8,542.1 13,270.2 4,763.1 1,765.5 3,011.8 8,546.7 1 2 3 4 5 44.4 23.6 23.4 2.2 22.3 21.4 19.1 -1.5 19.5 4.6 6 7 8 9 10 0.3 0.5 1.3 0.1 0.3 0.2 0.4 -0.1 0.7 0.1 11 12 13 14 15 p Preliminary Source: U.S. Bureau of Economic Analysis July 30, 2019 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2017 2018 2018 Q1 Q2 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 12,566.9 12,944.6 12,782.9 12,909.2 Goods 4,403.4 4,583.3 4,513.9 4,573.5 Durable goods 1,586.4 1,685.7 1,652.8 1,685.1 Nondurable goods 2,825.2 2,909.6 2,872.0 2,900.8 Services 8,182.2 8,388.1 8,293.5 8,362.9 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 319.5 377.6 53.2 126.3 Goods 166.8 179.9 14.1 59.6 Durable goods 102.2 99.3 9.3 32.2 Nondurable goods 67.7 84.4 5.3 28.8 Services 161.1 206.0 38.5 69.4 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 2.6 3.0 1.7 4.0 Goods 3.9 4.1 1.3 5.4 Durable goods 6.9 6.3 2.3 8.0 Nondurable goods 2.5 3.0 0.7 4.1 Services 2.0 2.5 1.9 3.4 Source: U.S. Bureau of Economic Analysis 2019 Q3 Q4 Q1 Line Q2 13,019.8 4,614.0 1,699.8 2,926.6 8,433.6 13,066.3 4,631.8 1,705.2 2,938.9 8,462.6 13,103.3 4,649.2 1,706.3 2,954.6 8,483.1 13,241.1 4,742.5 1,758.7 2,998.1 8,536.2 1 2 3 4 5 110.6 40.4 14.8 25.8 70.7 46.5 17.8 5.4 12.3 29.0 37.0 17.4 1.1 15.7 20.5 137.8 93.4 52.4 43.4 53.1 6 7 8 9 10 3.5 3.6 3.6 3.6 3.4 1.4 1.6 1.3 1.7 1.4 1.1 1.5 0.3 2.2 1.0 4.3 8.3 12.9 6.0 2.5 11 12 13 14 15 July 30, 2019 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2018 Nov. Dec. Jan. Feb. Chain-type price indexes (2012=100), seasonally adjusted 108.776 108.830 108.739 108.835 95.018 94.570 94.511 94.500 87.154 87.106 87.327 87.078 99.181 98.502 98.282 98.408 115.945 116.274 116.165 116.320 Line 2019 March 1 Personal consumption expenditures (PCE) 109.064 2 Goods 94.760 3 Durable goods 86.742 4 Nondurable goods 99.013 5 Services 116.532 Addenda: 6 PCE excluding food and energy 110.616 110.812 110.852 110.894 110.960 103.590 103.737 103.902 104.428 104.687 7 Food1 87.647 85.181 82.477 82.866 85.845 8 Energy goods and services2 106.646 106.627 106.691 106.788 107.009 9 Market-based PCE3 108.397 108.528 108.768 108.804 108.836 10 Market-based PCE excluding food and energy3 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE) 0.1 0.0 -0.1 0.1 0.2 12 Goods -0.4 -0.5 -0.1 0.0 0.3 13 Durable goods 0.1 -0.1 0.3 -0.3 -0.4 14 Nondurable goods -0.6 -0.7 -0.2 0.1 0.6 15 Services 0.2 0.3 -0.1 0.1 0.2 Addenda: 16 PCE excluding food and energy 0.2 0.2 0.0 0.0 0.1 0.2 0.1 0.2 0.5 0.2 17 Food1 -2.8 -2.8 -3.2 0.5 3.6 18 Energy goods and services2 0.1 0.0 0.1 0.1 0.2 19 Market-based PCE3 0.2 0.1 0.2 0.0 0.0 20 Market-based PCE excluding food and energy3 Line April May Junep 109.369 94.948 86.489 99.459 116.899 109.514 95.032 86.592 99.533 117.077 109.646 94.919 87.003 99.112 117.345 1 2 3 4 5 111.193 104.326 88.366 107.286 109.026 111.365 104.615 87.850 107.405 109.171 111.641 104.544 85.811 107.489 109.411 6 7 8 9 10 0.3 0.2 -0.3 0.5 0.3 0.1 0.1 0.1 0.1 0.2 0.1 -0.1 0.5 -0.4 0.2 11 12 13 14 15 0.2 -0.3 2.9 0.3 0.2 0.2 0.3 -0.6 0.1 0.1 0.2 -0.1 -2.3 0.1 0.2 16 17 18 19 20 p Preliminary 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 30, 2019 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2018 Line Nov. 1 Disposable personal income 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Nondurable goods 6 Services Dec. 3.7 3.0 4.0 5.1 3.4 2.6 Jan. 4.2 1.7 0.9 1.1 0.8 2.0 Feb. 3.2 2.4 3.0 3.0 3.0 2.2 3.4 2.3 2.1 1.7 2.4 2.4 2019 March April 3.3 3.2 2.8 2.7 3.9 3.8 5.0 4.1 3.3 3.6 2.3 2.1 May 3.3 2.6 3.3 4.6 2.7 2.2 Junep 3.3 2.5 4.0 4.5 3.8 1.8 Line 1 2 3 4 5 6 p Preliminary Source: U.S. Bureau of Economic Analysis July 30, 2019 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Line 1 Personal consumption expenditures (PCE) 2 Goods 3 Durable goods 4 Nondurable goods 5 Services Addenda: 6 PCE excluding food and energy 7 Food1 8 Energy goods and services2 9 Market-based PCE3 10 Market-based PCE excluding food and energy3 2018 Nov. 2019 Dec. Jan. Feb. 1.9 0.3 -1.2 1.0 2.7 1.8 -0.3 -1.1 0.1 2.7 1.4 -0.8 -1.1 -0.7 2.5 1.3 -0.8 -1.0 -0.8 2.3 March 1.4 -0.3 -1.3 0.1 2.2 2.0 0.6 3.0 1.7 1.8 2.0 0.7 -0.3 1.6 1.8 1.8 0.8 -5.1 1.4 1.8 1.6 1.3 -5.1 1.3 1.6 1.5 1.4 -0.3 1.4 1.5 1.5 -0.4 -1.5 0.3 2.3 1.4 -0.4 -1.2 0.0 2.2 Junep 1.4 -0.6 -0.5 -0.6 2.2 1.5 0.8 1.7 1.4 1.5 1.5 1.3 -0.4 1.3 1.4 1.6 1.1 -3.4 1.3 1.6 April May Line 1 2 3 4 5 6 7 8 9 10 p Preliminary 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 30, 2019 Table 12. Revisions to Personal Income and Its Disposition Line 1 Personal income 2 Compensation of employees Wages and salaries 3 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 Supplements to wages and salaries 11 Employer contributions for employee pension 12 and insurance funds1 13 Employer contributions for government social insurance 2014 -0.1 1.0 2.0 2.0 0.0 0.0 2.1 0.1 2.0 0.0 -1.0 Billions of dollars 2015 2016 2017 -1.8 -4.0 47.9 1.3 4.1 4.4 2.3 2.8 8.2 2.4 2.5 6.0 -0.3 -0.2 1.3 -0.3 -0.2 -0.9 2.7 2.7 4.7 -0.1 -0.6 -1.0 2.8 3.2 5.7 -0.1 0.3 2.2 -1.0 1.3 -3.8 2018 249.6 87.1 67.2 43.2 9.6 4.0 33.6 2.5 31.1 24.0 19.9 Percent of previously published Line 2014 2015 2016 2017 2018 0.0 0.0 0.0 0.3 1.4 1 0.0 0.0 0.0 0.0 0.8 2 0.0 0.0 0.0 0.1 0.8 3 0.0 0.0 0.0 0.1 0.6 4 0.0 0.0 0.0 0.1 0.7 5 0.0 0.0 0.0 -0.1 0.5 6 0.0 0.1 0.0 0.1 0.6 7 0.0 0.0 0.0 -0.1 0.2 8 0.1 0.1 0.1 0.1 0.7 9 0.0 0.0 0.0 0.2 1.7 10 -0.1 -0.1 0.1 -0.2 1.0 11 -0.7 -0.5 1.4 -4.2 27.4 -0.1 0.0 0.1 -0.3 2.0 12 -0.3 -0.4 -0.1 0.4 -7.5 -0.1 -0.1 0.0 0.1 -1.2 13 14 Proprietors' income with inventory valuation and capital consumption adjustments 0.1 0.3 4.4 17.3 10.0 0.0 0.0 0.3 1.2 0.6 14 15 16 17 Farm Nonfarm Rental income of persons with capital consumption adjustment -0.2 0.4 -0.3 0.7 -1.8 6.3 -0.8 18.1 -9.8 19.8 -0.3 0.0 -0.6 0.0 -4.9 0.5 -2.0 1.2 -26.4 1.3 15 16 -3.8 -3.7 -13.4 -11.4 -3.1 -0.6 -0.6 -1.9 -1.6 -0.4 17 18 19 20 21 22 23 24 Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic 1.0 1.2 -0.2 1.2 1.4 -0.2 -0.5 -0.2 -0.4 0.2 0.6 -0.3 4.8 16.5 -11.7 -3.9 -2.9 -1.0 50.0 28.6 21.4 -11.5 -3.9 -7.6 161.9 86.2 75.7 -9.2 -1.7 -7.5 0.0 0.1 0.0 0.0 0.1 -0.4 0.0 0.0 0.0 0.0 0.0 -0.6 0.2 1.1 -1.1 -0.1 -0.1 -1.7 1.9 1.9 1.9 -0.4 -0.1 -13.7 5.8 5.3 6.6 -0.3 -0.1 -12.4 18 19 20 21 22 23 -2.9 0.0 0.0 0.0 0.1 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services Personal interest payments2 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: 39 Personal income excluding current transfer receipts, billions of chained (2012) dollars3 -0.3 -0.6 0.1 1.0 -0.2 24 -1.5 1.3 0.9 -1.3 1.4 -0.3 1.7 -2.7 2.2 0.0 0.0 0.0 0.4 2.6 -4.3 -8.9 -10.2 0.7 -0.7 1.3 -10.9 3.2 -1.9 -1.9 0.0 4.6 1.8 -5.8 -16.4 -18.4 -0.4 6.0 -6.5 -18.0 4.5 -2.5 -2.3 -0.2 10.6 11.2 36.7 -7.4 -9.3 8.9 6.1 2.8 -18.3 5.5 -3.5 -3.7 0.2 44.1 29.9 -0.1 0.1 0.1 0.5 1.5 219.7 0.0 0.0 0.0 0.2 1.4 46.4 0.0 -0.1 -0.1 -0.1 0.3 50.2 0.0 -0.1 -0.1 -0.1 0.4 26.0 0.0 0.0 0.0 0.2 0.6 16.2 0.0 -0.1 0.4 0.4 1.1 9.8 0.1 0.1 -0.2 0.1 0.3 24.2 0.0 -0.1 -0.2 -0.2 0.3 2.5 0.9 1.2 1.7 1.9 0.7 -6.2 0.0 -1.0 -1.3 -1.8 -3.1 -5.1 0.0 -1.9 -2.2 -3.5 -4.5 -1.2 0.0 0.0 -0.2 0.2 -1.3 173.4 ............. ............. ............. ............. ............. 25 26 27 28 29 30 31 32 33 34 35 36 37 0.0 0.0 0.1 0.3 1.0 ............. ............. ............. ............. ............. 38 3.3 7.9 17.6 74.0 250.4 0.0 0.1 0.1 0.6 1.9 39 6.1 6.2 13.2 53.6 214.9 0.0 0.0 0.1 0.4 1.5 40 4 19 0 -13 19 0 -18 41 0 113 165 0 671 656 0 0.0 0.0 0 0.0 0.0 0 0.0 0.1 0 0.2 0.4 0 1.4 1.5 0 41 42 43 Disposable personal income: 40 41 42 43 Total, billions of chained (2012) dollars3 Per capita: Current dollars Chained (2012) dollars Population (midperiod, thousands)4 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 30, 2019 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months) Line Jan. Feb. March April May 2014 June July Aug. Sept. Oct. Nov. Dec. Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: 1 Personal income 2 Previously published 3 Disposable personal income 4 Previously published 5 Personal consumption expenditures 6 Previously published 7 Personal saving as a percentage of disposable personal income 8 Previously published 102.7 115.8 84.4 94.5 -14.3 -5.5 100.7 107.5 85.8 92.4 70.8 53.7 104.5 114.3 96.0 103.7 70.1 76.9 71.0 56.8 73.3 60.0 62.6 59.6 73.3 56.3 71.0 55.0 43.8 45.8 85.2 77.8 74.9 69.3 61.8 68.6 77.3 81.4 60.5 65.9 45.5 43.5 77.6 78.5 60.5 61.4 81.0 83.8 57.1 52.5 44.0 40.4 9.7 13.0 65.4 60.9 53.0 49.1 69.6 65.6 66.5 61.8 54.2 49.0 31.8 28.4 69.6 67.8 61.0 60.8 14.8 10.6 1 2 3 4 5 6 7.1 7.1 7.2 7.2 7.4 7.5 7.5 7.3 7.5 7.3 7.4 7.7 7 7.1 7.3 7.4 7.4 7.4 7.4 7.5 7.2 7.4 7.2 7.3 7.6 8 0.4 0.4 0.4 0.4 0.6 0.5 0.4 0.4 0.4 0.4 0.3 0.2 0.5 0.4 0.5 0.5 0.1 0.1 9 10 11 12 13 14 0.4 0.4 0.6 0.6 0.5 0.4 0.3 0.3 0.6 0.6 0.3 0.3 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 0.7 0.8 0.7 0.7 -0.1 0.0 0.7 0.7 0.7 0.7 0.6 0.5 0.7 0.8 0.7 0.8 0.6 0.7 0.5 0.4 0.6 0.5 0.5 0.5 0.5 0.4 0.5 0.4 0.4 0.4 0.6 0.5 0.6 0.5 0.5 0.6 0.5 0.5 0.5 0.5 0.4 0.4 0.5 0.5 0.5 0.5 0.7 0.7 0.4 0.3 0.3 0.3 0.1 0.1 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published Line 0.5 0.5 -0.3 -0.2 Jan. 0.6 0.7 0.6 0.4 Feb. 0.5 0.6 0.4 0.5 March 0.4 0.3 0.4 0.3 April 0.4 0.3 0.2 0.2 May 0.5 0.4 0.4 0.5 0.3 0.3 0.2 0.2 2015 June July 0.5 0.5 0.7 0.7 Aug. 0.3 0.3 0.1 0.1 Sept. Oct. Nov. Dec. Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: 1 Personal income 2 Previously published 3 Disposable personal income 4 Previously published 5 Personal consumption expenditures 6 Previously published 7 Personal saving as a percentage of disposable personal income 8 Previously published 46.0 51.4 -2.2 5.0 -25.1 -16.1 69.9 74.2 60.4 65.1 49.1 36.4 1.6 13.2 -9.6 0.6 56.7 75.9 96.1 92.6 79.6 73.9 41.7 35.5 97.1 93.7 84.1 80.1 73.7 74.3 63.9 65.5 60.8 63.5 34.4 40.2 46.3 51.9 48.3 55.7 61.6 47.0 29.7 48.7 28.3 46.5 29.9 38.7 15.1 5.6 13.0 5.4 -2.5 -1.2 20.2 17.9 9.5 5.7 2.8 23.3 -11.7 -14.1 -12.6 -15.3 35.5 34.0 38.9 32.2 39.8 33.5 30.9 18.9 1 2 3 4 5 6 7.8 7.9 7.4 7.6 7.6 7.7 7.6 7.6 7.7 7.7 7.3 7.4 7 7.7 7.9 7.4 7.6 7.5 7.6 7.6 7.7 7.7 7.6 7.2 7.3 8 0.1 0.1 0.1 0.0 0.0 0.2 -0.1 -0.1 -0.1 -0.1 0.3 0.3 0.2 0.2 0.3 0.2 0.2 0.2 9 10 11 12 13 14 0.1 0.0 0.0 0.2 -0.1 -0.2 0.2 0.2 0.3 0.3 0.3 0.2 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 0.3 0.3 0.0 0.0 -0.2 -0.1 0.5 0.5 0.4 0.5 0.4 0.3 0.0 0.1 -0.1 0.0 0.5 0.6 0.6 0.6 0.6 0.5 0.3 0.3 0.6 0.6 0.6 0.6 0.6 0.6 0.4 0.4 0.4 0.5 0.3 0.3 0.3 0.3 0.3 0.4 0.5 0.4 0.2 0.3 0.2 0.3 0.2 0.3 0.1 0.0 0.1 0.0 0.0 0.0 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published Source: U.S. Bureau of Economic Analysis 0.5 0.5 0.3 0.3 0.3 0.3 0.2 0.2 -0.3 -0.2 0.2 0.4 0.5 0.5 0.3 0.2 0.4 0.3 0.4 0.4 0.2 0.2 0.1 0.1 0.2 0.3 0.4 0.3 0.2 0.3 0.2 0.3 0.2 0.2 0.1 0.1 July 30, 2019 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months) Line Jan. Feb. March April May 2016 June July Aug. Sept. Oct. Nov. Dec. Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: 1 Personal income 2 Previously published 3 Disposable personal income 4 Previously published 5 Personal consumption expenditures 6 Previously published 7 Personal saving as a percentage of disposable personal income 8 Previously published 27.6 34.9 62.9 69.6 26.7 13.1 -3.4 -2.6 2.5 3.4 69.7 67.9 41.4 43.5 36.0 37.6 -10.2 -2.9 37.9 34.0 24.5 20.0 84.9 98.9 19.4 18.5 12.0 10.7 53.3 52.3 42.3 31.9 32.3 22.2 83.9 76.7 63.2 64.4 52.6 52.7 17.6 15.1 40.9 38.4 37.8 36.1 33.5 51.7 64.1 64.8 56.7 58.5 61.5 61.7 63.2 67.9 58.7 66.1 38.3 41.0 40.5 51.4 35.0 45.1 29.2 35.9 61.6 68.7 50.5 54.9 82.5 62.8 1 2 3 4 5 6 7.6 7.1 7.5 7.1 6.7 6.3 6.5 6.5 6.5 6.5 6.5 6.3 7 7.7 7.2 7.5 7.0 6.6 6.2 6.4 6.3 6.3 6.4 6.4 6.3 8 0.4 0.4 0.4 0.5 0.3 0.3 0.2 0.3 0.2 0.3 0.2 0.3 0.4 0.4 0.4 0.4 0.6 0.5 9 10 11 12 13 14 0.2 0.2 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.2 0.4 0.3 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 0.2 0.2 0.5 0.5 0.2 0.1 0.0 0.0 0.0 0.0 0.6 0.5 0.3 0.3 0.3 0.3 -0.1 0.0 0.2 0.2 0.2 0.1 0.7 0.8 0.1 0.1 0.1 0.1 0.4 0.4 0.3 0.2 0.2 0.2 0.7 0.6 0.4 0.4 0.4 0.4 0.1 0.1 0.3 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.5 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published Line 0.4 0.4 0.2 0.0 Jan. 0.1 0.1 0.6 0.6 Feb. 0.1 0.1 -0.2 -0.2 March -0.2 -0.2 0.4 0.4 April -0.1 -0.1 0.2 0.2 May 0.0 0.0 0.5 0.4 0.3 0.3 0.0 0.0 2017 June July 0.1 0.1 0.1 0.2 Aug. 0.3 0.3 0.4 0.4 Sept. Oct. 110.7 83.1 87.3 73.4 126.5 106.9 102.4 68.4 76.5 66.0 57.5 59.5 Nov. Dec. Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: 1 Personal income 2 Previously published 3 Disposable personal income 4 Previously published 5 Personal consumption expenditures 6 Previously published 7 Personal saving as a percentage of disposable personal income 8 Previously published 136.0 118.7 138.0 118.5 54.9 55.4 75.8 82.2 67.1 69.3 11.2 -14.3 61.1 48.6 57.8 47.2 52.8 75.1 29.4 11.3 24.8 11.6 42.4 44.5 68.7 62.0 65.9 61.1 15.3 25.5 12.6 12.9 3.9 1.7 49.8 36.7 63.0 68.1 53.1 52.1 23.4 26.0 74.5 73.2 60.5 62.3 43.1 47.0 96.1 57.9 73.5 48.2 86.3 92.9 107.3 63.4 92.8 53.3 82.4 35.1 1 2 3 4 5 6 6.8 7.1 7.2 7.0 7.2 6.9 7.0 7.1 6.8 6.9 6.7 6.7 7 6.7 7.2 7.0 6.7 6.9 6.6 6.7 6.8 6.6 6.5 6.2 6.2 8 0.6 0.4 0.5 0.4 0.4 0.4 0.6 0.3 0.5 0.3 0.6 0.7 0.6 0.4 0.6 0.4 0.6 0.3 9 10 11 12 13 14 0.3 0.3 0.2 0.3 0.3 0.1 0.4 0.5 0.4 0.2 0.4 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 1.0 0.8 0.4 0.4 0.5 0.5 0.5 0.5 0.1 -0.1 0.4 0.3 0.4 0.3 0.4 0.6 0.2 0.1 0.2 0.1 0.3 0.3 0.4 0.4 0.4 0.4 0.1 0.2 0.1 0.1 0.0 0.0 0.4 0.3 0.4 0.4 0.4 0.4 0.2 0.2 0.4 0.4 0.4 0.4 0.3 0.4 0.7 0.5 0.6 0.5 0.9 0.8 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published Source: U.S. Bureau of Economic Analysis 0.6 0.4 0.1 0.0 0.4 0.4 0.0 -0.1 0.5 0.5 0.5 0.7 -0.1 -0.2 0.1 0.1 0.4 0.4 0.1 0.2 -0.1 -0.1 0.3 0.2 0.3 0.3 0.1 0.1 0.2 0.2 0.1 0.1 0.3 0.2 0.6 0.5 July 30, 2019 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months) Line Jan. Feb. March April May 2018 June July Aug. Sept. Oct. Nov. Dec. Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: 1 Personal income 2 Previously published 3 Disposable personal income 4 Previously published 5 Personal consumption expenditures 6 Previously published 7 Personal saving as a percentage of disposable personal income 8 Previously published 136.6 93.0 193.0 152.0 27.8 29.0 66.1 58.0 68.0 50.0 14.5 -16.7 74.8 68.5 75.9 60.2 62.9 84.3 44.8 30.3 47.0 34.6 86.3 75.0 64.3 46.7 66.2 47.3 91.7 75.4 75.3 63.4 70.5 58.2 51.6 60.4 82.8 69.0 72.5 55.1 72.4 67.3 72.2 76.6 66.5 61.6 51.1 54.3 3.0 38.3 8.7 30.4 9.8 17.7 52.5 52.1 61.5 63.2 83.0 88.5 29.0 169.5 28.0 168.0 31.2 159.4 34.5 164.1 44.9 -117.4 70.0 -81.6 1 2 3 4 5 6 7.7 8.0 8.0 7.7 7.5 7.6 7.5 7.5 7.5 7.3 7.2 8.8 7 7.0 7.4 7.2 6.8 6.6 6.5 6.4 6.4 6.4 6.2 6.0 7.4 8 0.3 0.3 0.4 0.4 0.6 0.6 0.2 0.2 0.2 0.2 0.3 0.5 0.9 0.9 1.0 1.0 -0.8 -0.6 9 10 11 12 13 14 0.2 0.2 0.4 0.4 0.1 0.2 0.3 0.4 0.9 1.0 -0.9 -0.6 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 0.5 1.3 1.0 0.2 0.2 0.4 0.3 0.4 0.3 0.1 -0.1 0.4 0.4 0.5 0.4 0.5 0.6 0.3 0.2 0.3 0.2 0.6 0.5 0.4 0.3 0.4 0.3 0.7 0.5 0.4 0.4 0.5 0.4 0.4 0.4 0.5 0.4 0.5 0.4 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.0 0.2 0.1 0.2 0.1 0.1 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published Line 1.0 0.7 -0.1 -0.1 Jan. 0.3 0.2 -0.1 -0.3 Feb. 0.4 0.3 0.3 0.6 2019 March 0.1 0.0 0.4 0.3 April 0.2 0.1 0.4 0.3 May 0.3 0.3 0.2 0.3 Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: 1 Personal income 2 Previously published 3 Disposable personal income 4 Previously published 5 Personal consumption expenditures 6 Previously published 7 Personal saving as a percentage of disposable personal income 8 Previously published 50.1 -12.5 -5.4 -38.8 79.0 47.8 104.9 39.9 84.4 22.6 -11.1 -23.4 81.5 16.4 69.3 4.2 138.0 147.5 80.4 94.7 58.6 73.3 86.3 79.5 69.9 88.6 55.8 72.6 67.7 59.7 1 2 3 4 5 6 8.3 8.8 8.3 8.1 8.0 7 6.8 7.1 6.2 6.1 6.1 8 0.4 0.5 0.3 0.5 0.5 0.4 9 10 11 12 13 14 0.2 0.3 0.3 0.2 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 0.3 -0.1 0.0 -0.2 0.6 0.3 0.6 0.2 0.5 0.1 -0.1 -0.2 0.4 0.1 0.4 0.0 1.0 1.0 0.4 0.5 0.4 0.5 0.6 0.6 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published Source: U.S. Bureau of Economic Analysis 0.1 -0.2 0.6 0.4 0.4 0.1 -0.2 -0.3 0.2 -0.2 0.8 0.8 0.1 0.1 0.3 0.2 0.3 0.2 0.4 0.3 0.4 0.3 0.3 0.3 0.0 0.1 0.0 0.0 July 30, 2019 Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters) Line 2014 2015 2016 2017 Seasonally adjusted at annual rates 2018 Line 2014 Q1 Q2 Q3 Change from preceding period in billions of dollars: 1 2 3 4 5 Personal income Previously published Disposable personal income Previously published 810.6 726.0 403.4 757.6 940.4 283.1 251.5 229.2 1 810.7 727.7 405.6 705.8 738.6 304.0 232.3 221.9 2 702.5 572.3 385.1 667.9 908.5 236.4 238.1 189.1 3 701.1 577.9 386.5 625.5 725.5 253.4 219.6 184.8 4 Personal consumption expenditures 505.5 461.5 464.2 563.6 686.6 99.1 182.6 158.5 5 6 Previously published 7 Personal saving as a percentage of disposable personal income 506.8 470.5 472.4 554.5 627.1 98.8 182.1 164.7 6 8 Previously published 7.3 7.6 6.8 7.0 7.7 7.1 7.4 7.4 7 7.3 7.6 6.7 6.7 6.7 7.3 7.4 7.4 8 Percent change from preceding period for current-dollar measures 9 Personal income 10 Previously published 5.7 4.8 2.6 4.7 5.6 8.1 7.1 6.3 9 5.7 4.9 2.6 4.4 4.4 8.7 6.5 6.1 10 11 Disposable personal income 5.6 4.3 2.8 4.7 6.1 7.7 7.6 5.9 11 12 5.6 4.4 2.8 4.4 4.9 8.3 7.0 5.7 12 Previously published 13 Personal consumption expenditures 4.5 3.9 3.8 4.4 5.2 3.5 6.5 5.5 13 14 4.5 4.0 3.8 4.3 4.7 3.5 6.4 5.7 14 4.0 5.7 5.6 4.8 15 Previously published Percent change from preceding period for chained-dollar measures 15 Real disposable personal income 16 4.1 Previously published 4.1 1.8 2.9 4.0 4.1 1.7 2.6 2.8 6.2 4.9 4.5 16 17 Real personal consumption expenditures 3.0 3.7 2.7 2.6 3.0 1.6 4.4 4.4 17 18 2.9 3.7 2.7 2.5 2.6 1.6 4.4 4.5 18 Previously published Seasonally adjusted at annual rates Line 2014 2015 Q4 Q1 Q2 Line 2016 Q3 Q4 Q1 Q2 Q3 Change from preceding period in billions of dollars: 1 2 3 4 Personal income Previously published Disposable personal income 161.7 206.5 146.1 45.3 61.2 91.4 146.5 1 171.1 210.4 161.2 39.2 64.4 85.1 139.0 2 158.9 93.6 169.7 140.1 32.5 98.8 68.1 122.2 3 4 149.4 105.4 170.5 157.5 25.8 101.6 60.7 114.6 Personal consumption expenditures 129.2 47.0 156.4 128.2 45.1 102.2 164.7 134.1 5 6 Previously published 7 Personal saving as a percentage of disposable personal income 124.8 50.1 161.2 124.0 64.3 81.4 180.0 138.6 6 5 8 Previously published 196.8 185.8 Previously published 7.5 7.7 7.7 7.6 7.5 7.4 6.7 6.5 7 7.4 7.7 7.6 7.7 7.4 7.5 6.6 6.3 8 Percent change from preceding period for current-dollar measures 9 Personal income 10 Previously published 5.3 4.3 5.4 3.8 1.2 1.6 2.3 3.7 9 5.0 4.5 5.6 4.2 1.0 1.6 2.2 3.5 10 11 Disposable personal income 4.9 2.8 5.1 4.1 0.9 2.9 2.0 3.5 11 12 4.6 3.2 5.1 4.7 0.7 3.0 1.7 3.3 12 Previously published 13 Personal consumption expenditures 4.4 1.6 5.3 4.3 1.5 3.3 5.4 4.3 13 14 4.3 1.7 5.4 4.1 2.1 2.6 5.9 4.4 14 Previously published Percent change from preceding period for chained-dollar measures 15 Real disposable personal income 5.4 4.6 3.0 3.0 1.3 2.7 -0.4 1.8 15 16 5.0 5.0 3.1 3.4 0.9 2.7 -0.6 1.5 16 Previously published 17 Real personal consumption expenditures 4.9 3.4 3.2 3.1 1.8 3.2 2.9 2.6 17 18 4.7 3.5 3.4 2.9 2.3 2.4 3.4 2.7 18 Previously published Source: U.S. Bureau of Economic Analysis July 30, 2019 Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters) Seasonally adjusted at annual rates Line 2017 2016 Q4 Q1 Q2 2018 Q3 Q4 Q1 Q2 2019 Q3 Q4 Line Q1 Change from preceding period in billions of dollars: 1 2 3 4 Personal income Previously published Disposable personal income 261.5 145.5 180.8 300.8 309.2 184.6 203.5 154.3 269.8 1 252.7 116.7 173.9 208.0 216.1 147.6 190.6 177.8 140.9 2 149.3 247.4 131.0 147.1 234.8 350.0 187.9 188.8 163.4 190.6 3 4 165.5 232.1 107.4 139.6 185.6 257.0 142.3 160.9 181.7 98.6 Personal consumption expenditures 137.4 144.7 108.1 132.6 241.2 142.1 211.5 174.7 97.4 54.3 5 6 Previously published 7 Personal saving as a percentage of disposable personal income 144.3 124.7 119.1 125.9 220.1 100.4 196.0 174.9 137.9 50.3 6 5 8 Previously published 167.1 181.1 Previously published 6.5 7.0 7.0 7.0 6.8 7.9 7.6 7.5 7.8 8.5 7 6.4 7.0 6.7 6.7 6.3 7.2 6.7 6.4 6.5 6.7 8 Percent change from preceding period for current-dollar measures 9 Personal income 4.2 6.6 3.6 4.4 7.3 7.4 4.3 4.7 3.5 6.1 9 Previously published 4.6 6.3 2.8 4.2 5.0 5.2 3.5 4.4 4.1 3.2 10 11 Disposable personal income 4.3 7.1 3.6 4.1 6.5 9.6 4.9 4.9 4.2 4.8 11 10 12 Previously published 13 Personal consumption expenditures 14 Previously published 4.7 6.6 3.0 3.9 5.1 7.0 3.8 4.2 4.7 2.5 12 4.4 4.5 3.3 4.1 7.4 4.2 6.3 5.1 2.8 1.5 13 4.6 3.9 3.7 3.9 6.8 3.0 5.9 5.1 4.0 1.4 14 Percent change from preceding period for chained-dollar measures 15 Real disposable personal income 2.4 4.9 2.7 2.3 3.7 6.9 2.7 3.3 2.8 4.4 15 16 2.7 4.5 2.2 2.2 2.3 4.4 1.8 2.6 3.2 2.0 16 17 Real personal consumption expenditures 2.5 2.4 2.4 2.4 4.6 1.7 4.0 3.5 1.4 1.1 17 18 2.6 1.8 2.9 2.2 3.9 0.5 3.8 3.5 2.5 0.9 18 Previously published Previously published Source: U.S. Bureau of Economic Analysis
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