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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JULY 31, 2020 Technical: Media: Marissa Crawford (Personal Income) Kyle Brown (PCE Goods) Jeff Barnett (PCE Services) Jeannine Aversa (301) 278-9729 (301) 278-9086 (301) 278-9663 (301) 278-9003 BEA 20-38 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays, June 2020 and Annual Update Personal income decreased $222.8 billion (1.1 percent) in June according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $255.3 billion (1.4 percent) and personal consumption expenditures (PCE) increased $737.7 billion (5.6 percent). Real DPI decreased 1.8 percent in June and Real PCE increased 5.2 percent (tables 5 and 7). The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Coronavirus (COVID-19) Impact on June 2020 Personal Income and Outlays The June estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Federal economic recovery payments continued but were at a lower level than in May, and government “stay-at-home” orders were partially lifted in some areas of the country. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see Effects of Selected Federal Pandemic Response Programs on Personal Income. The decrease in personal income in June was more than accounted for by a decrease in government social benefits to persons as payments made to individuals from federal economic recovery programs in response to the COVID-19 pandemic continued, but at a lower level than in May (table 3). For more information, see “How are the economic impact payments for individuals authorized by the CARES Act of 2020 recorded in the NIPAs?. Partially offsetting the decrease in other government social benefits were increases in compensation of employees and proprietors’ income as portions of the economy continued to reopen in June. Unemployment insurance benefits, based primarily on unemployment claims data from the Department of Labor’s Employment and Training Administration, also increased in June. For more information, see “How will the expansion of unemployment benefits in response to the COVID-19 pandemic be recorded in the NIPAs?”. 2020 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 0.8 -1.8 12.1 -4.4 -1.1 0.7 0.6 -1.8 -1.5 14.7 15.3 -5.1 -5.2 -1.4 -1.8 0.0 -0.1 -6.7 -6.5 -12.9 -12.4 8.5 8.4 5.6 5.2 0.1 0.2 -0.3 -0.1 -0.5 -0.4 0.1 0.2 0.4 0.2 Percent change from month one year ago 1.8 1.3 0.5 0.5 0.8 1.9 1.7 0.9 1.0 0.9 The $623.0 billion increase in real PCE in June reflected an increase of $273.7 billion in spending for goods and a $362.1 billion increase in spending for services (table 7). Within goods, the leading contributor to the increase was spending for clothing & footwear, based on Census Bureau Monthly Retail Trade Survey (MRTS) data. Within services, the leading contributors to the increase were spending for health care as well as food services and accommodations. Within health care, both hospital and outpatient services increased, based on volume data for hospital services and outpatient visits as well as credit card data. Spending for food services and accommodations was based on Census MRTS and Smith Travel Research data. Detailed information on monthly real PCE spending can be found on Table 2.3.6U. Personal outlays increased $734.4 billion in June (table 3). Personal saving was $3.37 trillion in June and the personal saving rate—personal saving as a percentage of disposable personal income—was 19.0 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 timespan of the update is the first quarter of 2015 through the fourth quarter of 2019 for estimates of real GDP and its major components, and the first quarter of 1999 through the fourth quarter of 2019 for estimates of income and saving. The reference year remains 2012. More information on the 2020 Annual Update is included in the May Survey of Current Business article, “GDP and the Economy.” -2- 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, 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 2020 Survey of Current Business will contain 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 annual estimates of personal income and outlays are shown in table 12. Revised and previously published changes in monthly 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 changes in annual and quarterly estimates are shown in table 14. Personal income was revised up $6.5 billion, or less than 0.1 percent in 2015; revised up $39.5 billion, or 0.2 percent in 2016; revised up $69.8 billion, or 0.4 percent in 2017; revised up $32.7 billion, or 0.2 percent in 2018; and revised down $56.8 billion, or 0.3 percent in 2019. • • • • • For 2015, the upward revision to personal income primarily reflected upward revisions of $2.8 billion to wages and salaries and $2.1 billion to personal current transfer receipts that were partly offset by a downward revision of $1.5 billion to supplements to wages and salaries. For 2016, upward revisions of $16.9 billion to personal interest income, $13.5 billion to personal dividend income, and $5.6 billion to wages and salaries were partly offset by a downward revision of $2.1 billion to supplements to wages and salaries. For 2017, upward revisions of $30.8 billion to personal dividend income, $26.1 billion to personal interest income, and $9.4 billion to wages and salaries were partly offset by a downward revision of $12.7 billion to nonfarm proprietors’ income. For 2018, upward revisions of $77.6 billion to personal dividend income, $15.9 billion to supplements to wages and salaries, and $15.8 billion to farm proprietors’ income were partly offset by downward revisions of $61.1 billion to personal interest income and $18.6 billion to nonfarm proprietors’ income. For 2019, downward revisions of $43.1 billion to personal interest income, $39.3 billion to government social benefits to persons, and $18.2 billion to nonfarm proprietors’ income were partly offset by upward revisions of $18.1 billion to personal dividend income, $17.7 billion to farm proprietors’ income, and $9.2 billion to rental income of persons. DPI was revised up $4.3 billion, or less than 0.1 percent in 2015; revised up $37.7 billion, or 0.3 percent in 2016; revised up $68.9 billion, or 0.5 percent in 2017; revised up $25.0 billion, or 0.2 percent in 2018; and revised down $76.5 billion, or 0.5 percent in 2019. Personal outlays was revised up $14.4 billion, or 0.1 percent in 2015; revised up $21.5 billion, or 0.2 percent in 2016; revised up $28.8 billion, or 0.2 percent in 2017; revised down $1.9 billion, or less than 0.1 percent in 2018; and revised down $4.9 billion, or less than 0.1 percent in 2019. -3- The personal saving rate was revised down 0.1 percentage point to 7.5 percent in 2015, revised up 0.1 percentage point to 6.9 percent in 2016, revised up 0.2 percentage point to 7.2 percent in 2017, revised up 0.1 percentage point to 7.8 percent in 2018, and revised down 0.4 percentage point to 7.5 percent in 2019. QCEW Data Included in the First Quarter of 2020 BEA’s data on wages and salaries for the first quarter of 2020 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). Monthly estimates. Revised and previously published changes from the preceding month for currentdollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are shown below. Change from preceding month Previous Revised (Billions of dollars) Personal income: Current dollars Disposable personal income: Current dollars Chained (2012) dollars Personal consumption expenditures: Current dollars Chained (2012) dollars April Previous Revised (Percent) Previous Revised (Billions of dollars) May Previous Revised (Percent) 2,018.8 2,270.4 10.8 12.1 -874.2 -934.8 -4.2 -4.4 2,167.9 2,039.9 2,423.2 2,280.3 13.1 13.6 14.7 15.3 -911.1 -843.8 -969.6 -899.5 -4.9 -5.0 -5.1 -5.2 -1,757.6 -1,539.8 -1,789.7 -1,558.2 -12.6 -12.2 -12.9 -12.4 994.5 892.6 1,024.7 916.7 8.2 8.1 8.5 8.4 Next release: August 28, 2020 at 8:30 A.M. EDT Personal Income and Outlays, July 2020 * * -4- * Additional Information Resources Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Additional Resources available at www.bea.gov: • • • • • • • For more definitions, see the Glossary: National Income and Product Accounts. Information on COVID-19 and recovery impacts is available on our web site. Stay informed about BEA developments Stay informed about BEA developments by reading The BEA Wire, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, see the FAQ “How is average annual growth calculated?” and “Why does BEA publish percent changes in quarterly series at annual rates?” Definitions Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (months for monthly data, quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chaineddollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” -5- 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) -6- July 31, 2020 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries Trade, transportation, and utilities 8 Other services-producing industries 9 10 Government 11 Supplements to wages and salaries 12 Employer contributions for employee pension and insurance funds 1 Employer contributions for government social insurance 13 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons Social security 2 Medicare 3 Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services Personal interest payments 4 Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, 46 47 48 49 Nov. 18,788.3 11,575.1 9,431.8 7,962.2 1,544.2 921.0 6,418.0 1,425.9 4,992.1 1,469.7 2,143.2 1,486.3 656.9 Dec. 18,800.5 11,603.8 9,456.5 7,984.0 1,547.2 924.2 6,436.7 1,430.0 5,006.7 1,472.6 2,147.2 1,488.8 658.4 Seasonally adjusted at annual rates 2020 Jan. Feb. March April 18,975.3 19,119.7 18,767.5 21,037.9 11,717.1 11,828.6 11,488.5 10,625.7 9,563.0 9,663.0 9,362.4 8,632.6 8,085.3 8,180.5 7,877.9 7,195.7 1,550.7 1,565.8 1,514.1 1,350.7 921.7 927.6 894.0 800.2 6,534.6 6,614.7 6,363.8 5,845.0 1,450.2 1,461.1 1,422.5 1,316.9 5,084.4 5,153.6 4,941.4 4,528.1 1,477.7 1,482.5 1,484.4 1,436.9 2,154.1 2,165.5 2,126.1 1,993.0 1,486.3 1,491.0 1,469.6 1,372.1 667.7 674.5 656.5 621.0 1,717.6 79.3 1,638.3 795.3 2,978.6 1,694.0 1,284.6 3,155.9 3,109.4 1,044.9 798.0 618.7 27.6 134.5 485.7 46.5 1,434.2 2,222.9 16,565.4 15,329.4 14,752.8 4,560.0 1,555.8 3,004.1 10,192.8 364.6 212.0 116.0 96.0 1,236.0 7.5 1,695.5 45.6 1,649.9 799.3 2,983.9 1,697.0 1,286.9 3,155.0 3,108.8 1,039.2 800.2 619.6 28.4 136.0 485.5 46.2 1,436.9 2,232.7 16,567.8 15,374.1 14,796.3 4,564.6 1,554.3 3,010.3 10,231.7 365.7 212.1 116.1 96.0 1,193.7 7.2 1,719.1 44.5 1,674.7 800.8 2,990.1 1,688.5 1,301.7 3,203.8 3,157.9 1,064.9 802.1 615.8 28.1 137.4 509.6 46.0 1,455.7 2,258.3 16,717.1 15,448.1 14,880.5 4,591.8 1,567.9 3,024.0 10,288.6 362.9 204.8 112.1 92.7 1,268.9 7.6 1,762.3 79.8 1,682.5 802.3 2,984.1 1,679.8 1,304.4 3,211.2 3,165.4 1,067.2 804.5 620.8 27.8 138.6 506.4 45.8 1,468.7 2,284.7 16,835.1 15,442.3 14,877.4 4,568.2 1,552.5 3,015.7 10,309.2 360.1 204.9 112.2 92.7 1,392.7 8.3 1,636.6 44.9 1,591.7 803.9 2,978.8 1,671.0 1,307.8 3,291.4 3,245.7 1,073.3 807.3 635.7 74.4 139.8 515.2 45.8 1,431.6 2,227.3 16,540.1 14,419.3 13,878.5 4,498.7 1,369.0 3,129.7 9,379.8 335.9 205.0 112.3 92.7 2,120.8 12.8 1,435.0 35.4 1,399.6 801.6 2,941.3 1,650.2 1,291.0 6,585.1 6,539.4 1,075.2 810.6 660.9 473.1 140.8 3,378.8 45.8 1,350.8 2,074.6 18,963.3 12,611.9 12,088.8 3,888.6 1,198.6 2,690.0 8,200.2 317.8 205.2 112.3 92.9 6,351.5 33.5 1,465.0 26.4 1,438.6 800.0 2,901.2 1,629.4 1,271.8 5,431.6 5,385.8 1,076.6 828.7 677.6 1,306.3 142.2 1,354.5 45.8 1,383.8 2,109.4 17,993.7 13,633.2 13,113.5 4,437.8 1,544.6 2,893.2 8,675.7 314.4 205.4 112.5 92.9 4,360.5 24.2 1,544.9 65.4 1,479.5 796.6 2,864.7 1,608.5 1,256.2 4,947.1 4,901.4 1,078.6 832.9 686.1 1,417.0 143.2 743.6 45.8 1,407.5 2,141.9 17,738.4 14,367.6 13,851.2 4,723.5 1,679.5 3,044.0 9,127.6 310.9 205.5 112.6 92.9 3,370.8 19.0 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 14,152.5 14,127.4 14,220.1 14,331.3 13,979.1 13,124.6 13,307.8 13,495.3 45 14,997.2 14,960.2 15,072.6 15,166.0 14,940.3 17,220.6 16,321.1 16,030.5 46 50,321 45,558 329,191 50,310 45,428 329,314 50,747 45,755 329,423 51,089 46,024 329,527 50,177 45,323 329,638 57,506 52,222 329,760 54,544 49,474 329,894 53,747 48,572 330,038 47 48 49 2019 Line billions of chained (2012) dollars 5 Disposable personal income: Total, billions of chained (2012) dollars 5 Per capita: Current dollars Chained (2012) dollars Population (midperiod, thousands) 6 Line May 20,103.1 10,889.1 8,859.7 7,448.0 1,418.7 833.6 6,029.4 1,350.7 4,678.6 1,411.7 2,029.4 1,390.4 639.0 June p 19,880.3 11,134.4 9,057.3 7,640.8 1,453.3 856.3 6,187.5 1,386.3 4,801.2 1,416.6 2,077.1 1,427.3 649.8 1 2 3 4 5 6 7 8 9 10 11 12 13 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 -7- July 31, 2020 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] 2018 Line 1 Personal income Compensation of employees 2 Wages and salaries 3 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries Trade, transportation, and utilities 8 Other services-producing industries 9 10 Government Supplements to wages and salaries 11 12 Employer contributions for employee pension and insurance funds 1 Employer contributions for government social insurance 13 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 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 Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons Social security 2 Medicare 3 Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services Personal interest payments 4 Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2012) dollars 5 Disposable personal income: Total, billions of chained (2012) dollars 5 Per capita: Current dollars Chained (2012) dollars Population (midperiod, thousands) 6 2019 Seasonally adjusted at annual rates 2019 2020 Q2 Q3 Q4 Q1 18,480.9 18,597.6 18,760.8 18,954.2 11,391.7 11,438.0 11,564.8 11,678.0 9,274.9 9,311.3 9,422.5 9,529.5 7,832.5 7,852.3 7,953.0 8,047.9 1,529.1 1,524.9 1,541.3 1,543.5 910.9 903.9 917.5 914.4 6,303.5 6,327.3 6,411.6 6,504.4 1,411.1 1,416.5 1,427.2 1,444.6 4,892.4 4,910.9 4,984.5 5,059.8 1,442.3 1,459.0 1,469.5 1,481.6 2,116.8 2,126.6 2,142.4 2,148.6 1,469.8 1,477.6 1,486.1 1,482.3 646.9 649.0 656.3 666.3 Q2 20,340.4 10,883.1 8,849.9 7,428.2 1,407.6 830.0 6,020.6 1,351.3 4,669.3 1,421.7 2,033.2 1,396.6 636.6 1 2 3 4 5 6 7 8 9 10 11 12 13 Line 17,851.8 10,950.1 8,894.2 7,491.7 1,468.7 883.6 6,023.0 1,360.7 4,662.3 1,402.5 2,055.9 1,430.7 625.2 18,551.5 11,432.4 9,309.3 7,858.5 1,529.9 910.3 6,328.7 1,415.3 4,913.4 1,450.8 2,123.1 1,474.0 649.1 Q1 18,366.7 11,335.3 9,228.7 7,796.4 1,524.2 908.7 6,272.2 1,406.4 4,865.8 1,432.3 2,106.6 1,462.5 644.1 1,585.9 43.0 1,542.9 759.3 2,946.7 1,641.6 1,305.1 2,970.3 2,922.9 972.4 734.2 589.8 27.9 119.7 478.9 47.4 1,360.4 2,085.3 15,766.5 14,529.2 13,993.3 4,371.9 1,481.6 2,890.3 9,621.4 332.9 203.0 111.4 91.6 1,237.3 7.8 1,657.7 49.7 1,608.0 787.1 2,967.9 1,677.4 1,290.4 3,125.2 3,078.0 1,030.7 783.7 614.0 27.7 130.9 490.9 47.2 1,418.8 2,202.9 16,348.6 15,117.4 14,544.6 4,512.2 1,534.4 2,977.9 10,032.4 362.3 210.5 115.2 95.3 1,231.2 7.5 1,627.5 44.2 1,583.4 776.6 2,950.7 1,652.0 1,298.7 3,085.2 3,037.5 1,018.9 767.4 599.4 28.0 127.3 496.5 47.7 1,408.7 2,170.7 16,196.0 14,841.5 14,276.6 4,415.2 1,494.5 2,920.7 9,861.4 355.1 209.8 114.2 95.6 1,354.5 8.4 1,628.5 36.9 1,591.6 786.7 2,970.2 1,682.6 1,287.6 3,118.6 3,071.0 1,026.7 779.7 615.0 27.5 129.8 492.4 47.5 1,414.7 2,222.5 16,258.4 15,072.3 14,497.3 4,517.7 1,536.0 2,981.7 9,979.6 364.7 210.3 114.9 95.4 1,186.1 7.3 1,677.0 58.9 1,618.1 789.7 2,970.1 1,681.7 1,288.3 3,141.9 3,094.8 1,034.3 789.9 622.3 27.6 131.9 488.9 47.1 1,419.0 2,197.1 16,400.5 15,219.9 14,645.3 4,553.6 1,552.8 3,000.8 10,091.7 364.9 209.7 115.5 94.2 1,180.6 7.2 1,697.7 58.7 1,639.0 795.5 2,980.4 1,693.4 1,287.0 3,155.2 3,108.7 1,043.0 797.9 619.4 27.9 134.5 486.0 46.5 1,432.9 2,221.2 16,539.6 15,335.8 14,759.2 4,562.4 1,554.1 3,008.2 10,196.8 364.6 212.0 116.0 96.0 1,203.8 7.3 1,706.0 56.4 1,649.6 802.3 2,984.3 1,679.7 1,304.6 3,235.5 3,189.6 1,068.5 804.7 624.1 43.4 138.6 510.4 45.9 1,452.0 2,256.8 16,697.4 15,103.3 14,545.5 4,552.9 1,496.4 3,056.5 9,992.5 352.9 204.9 112.2 92.7 1,594.1 9.5 1,481.6 42.4 1,439.3 799.4 2,902.4 1,629.4 1,273.0 5,654.6 5,608.8 1,076.8 824.1 674.8 1,065.5 142.1 1,825.6 45.8 1,380.7 2,108.6 18,231.8 13,537.6 13,017.8 4,350.0 1,474.2 2,875.7 8,667.8 314.4 205.4 112.5 92.9 4,694.2 25.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 13,748.8 14,042.9 14,014.8 14,001.1 14,037.4 14,119.5 14,176.5 13,308.2 45 14,566.4 14,882.5 14,853.5 14,817.8 14,895.4 14,964.5 15,059.2 16,521.5 46 48,223 44,553 326,949 49,763 45,301 328,527 49,390 45,296 327,923 49,528 45,139 328,270 49,890 45,312 328,730 50,244 45,459 329,186 50,671 45,699 329,529 55,265 50,081 329,898 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 -8- July 31, 2020 Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Line 2019 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government 11 Supplements to wages and salaries 1 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets 19 Personal interest income 20 Personal dividend income 21 Personal current transfer receipts 22 Government social benefits to persons 2 23 Social security 3 24 Medicare 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other 29 Other current transfer receipts, from business (net) 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 4 39 Personal interest payments 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2012) dollars 45 5 Disposable personal income, billions of chained (2012) dollars 5 Seasonally adjusted at annual rates 2020 Jan. Feb. March April 174.9 144.4 -352.3 2,270.4 113.3 111.5 -340.1 -862.8 106.5 100.0 -300.7 -729.7 101.3 95.2 -302.6 -682.2 3.5 15.0 -51.7 -163.4 -2.5 5.9 -33.5 -93.9 97.8 80.2 -250.9 -518.8 20.1 11.0 -38.7 -105.5 77.7 69.2 -212.3 -413.3 5.2 4.8 1.9 -47.5 6.8 11.5 -39.4 -133.1 -2.5 4.7 -21.4 -97.5 9.3 6.8 -18.0 -35.5 Nov. 94.7 59.4 52.7 49.4 11.6 13.7 37.8 0.3 37.5 3.4 6.6 3.2 3.5 Dec. 12.2 28.7 24.7 21.8 3.1 3.2 18.7 4.1 14.6 2.9 4.0 2.5 1.5 37.7 28.2 9.5 3.3 -0.3 4.7 -5.0 1.3 1.6 -0.1 2.4 -1.1 -0.1 1.4 -1.0 -0.3 6.7 14.9 79.8 25.5 24.3 -2.5 3.6 -6.2 26.9 1.0 0.1 0.1 0.0 54.3 -22.1 -33.8 11.6 4.0 5.3 3.0 2.3 -0.9 -0.6 -5.8 2.2 0.9 0.8 1.5 -0.3 -0.3 2.8 9.8 2.4 44.7 43.5 4.6 -1.5 6.1 38.9 1.1 0.1 0.1 0.0 -42.3 23.7 -1.1 24.8 1.5 6.3 -8.5 14.8 48.9 49.0 25.8 2.0 -3.8 -0.3 1.4 24.1 -0.2 18.7 25.6 149.3 74.1 84.2 27.2 13.5 13.7 57.0 -2.8 -7.3 -4.0 -3.4 75.3 43.1 35.3 7.8 1.4 -6.0 -8.7 2.7 7.4 7.5 2.2 2.4 5.0 -0.3 1.2 -3.1 -0.1 13.0 26.4 118.0 -5.8 -3.1 -23.6 -15.4 -8.2 20.5 -2.8 0.1 0.1 0.0 123.8 -125.7 -34.9 -90.8 1.6 -5.4 -8.8 3.4 80.2 80.3 6.1 2.8 14.9 46.5 1.2 8.7 -0.1 -37.1 -57.3 -294.9 -1,023.0 -998.9 -69.5 -183.5 114.0 -929.4 -24.2 0.1 0.1 0.0 728.0 73.9 60.9 -25.1 -37.0 92.7 112.4 111.2 93.4 -352.2 -225.7 Line p May -934.8 263.4 227.1 252.3 67.9 33.4 184.4 33.8 150.6 -25.2 36.3 18.3 18.0 June -222.8 245.3 197.6 192.7 34.6 22.7 158.1 35.6 122.5 4.9 47.7 36.9 10.9 1 2 3 4 5 6 7 8 9 10 11 12 13 -201.5 -9.5 -192.0 -2.3 -37.5 -20.7 -16.8 3,293.7 3,293.7 1.9 3.2 25.2 398.7 1.0 2,863.6 0.0 -80.8 -152.8 2,423.2 -1,807.5 -1,789.7 -610.1 -170.4 -439.7 -1,179.6 -18.1 0.3 0.0 0.3 4,230.7 30.0 -9.0 39.0 -1.6 -40.1 -20.8 -19.2 -1,153.5 -1,153.6 1.4 18.2 16.7 833.2 1.4 -2,024.4 0.0 33.0 34.8 -969.6 1,021.4 1,024.7 549.2 346.0 203.2 475.5 -3.4 0.1 0.1 0.0 -1,991.0 79.9 39.0 40.9 -3.3 -36.5 -20.9 -15.6 -484.4 -484.5 2.0 4.2 8.5 110.7 1.0 -610.9 0.0 23.7 32.5 -255.3 734.4 737.7 285.7 134.9 150.8 452.0 -3.4 0.2 0.2 0.0 -989.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 -854.5 2,280.3 183.2 -899.5 187.6 -290.7 44 45 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 -9- July 31, 2020 Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government 11 Supplements to wages and salaries 1 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons 2 Social security 3 Medicare Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services 4 Personal interest payments Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2012) dollars 45 903.2 527.6 422.7 368.0 76.3 37.6 291.6 48.3 243.3 54.8 104.8 84.7 20.1 699.7 482.3 415.1 366.8 61.1 26.7 305.7 54.6 251.1 48.3 67.2 43.3 23.9 Q1 234.8 227.4 207.7 198.8 33.3 13.9 165.5 31.7 133.8 9.0 19.7 8.2 11.5 Seasonally adjusted at annual rates 2019 2020 Line Q2 Q3 Q4 Q1 Q2 114.2 116.7 163.1 193.4 1,386.2 1 56.4 46.3 126.9 113.2 -795.0 2 46.2 36.4 111.2 107.0 -679.6 3 36.1 19.7 100.7 94.9 -619.7 4 4.9 -4.1 16.4 2.2 -136.0 5 2.2 -7.0 13.5 -3.0 -84.4 6 31.2 23.9 84.3 92.7 -483.8 7 4.7 5.4 10.7 17.4 -93.3 8 26.6 18.5 73.6 75.3 -390.5 9 10.1 16.7 10.5 12.1 -59.8 10 10.1 9.9 15.7 6.2 -115.4 11 7.3 7.8 8.4 -3.8 -85.7 12 2.8 2.1 7.3 10.0 -29.7 13 77.0 1.5 75.5 37.4 208.2 63.9 144.2 115.2 116.7 46.3 41.9 16.1 -2.4 8.2 6.5 -1.5 62.0 38.6 864.7 698.3 652.9 199.6 70.9 128.7 453.3 35.6 9.8 4.3 5.5 166.3 71.7 6.6 65.1 27.8 21.2 35.8 -14.6 154.9 155.1 58.3 49.5 24.2 -0.1 11.2 12.1 -0.2 58.4 117.6 582.1 588.2 551.3 140.4 52.8 87.6 411.0 29.4 7.4 3.8 3.6 -6.1 0.6 -10.8 11.3 5.4 -54.8 -10.5 -44.3 88.1 88.1 34.8 14.0 9.6 1.0 5.1 23.7 0.0 31.9 80.0 154.8 94.8 85.2 6.9 1.3 5.6 78.3 6.2 3.3 1.3 2.0 60.0 1.0 -7.3 8.3 10.1 19.5 30.6 -11.1 33.3 33.5 7.8 12.4 15.6 -0.5 2.5 -4.1 -0.2 6.1 51.8 62.4 230.8 220.7 102.5 41.5 61.0 118.2 9.6 0.5 0.7 -0.3 -168.4 48.5 22.0 26.5 3.0 -0.1 -0.8 0.7 23.3 23.8 7.6 10.2 7.3 0.1 2.1 -3.5 -0.4 4.2 -25.3 142.1 147.6 148.0 35.9 16.9 19.1 112.1 0.2 -0.6 0.6 -1.2 -5.5 20.7 -0.2 20.9 5.9 10.4 11.7 -1.3 13.3 13.9 8.8 8.0 -2.9 0.3 2.6 -2.9 -0.6 13.9 24.1 139.1 115.9 113.9 8.8 1.3 7.5 105.1 -0.3 2.3 0.5 1.8 23.2 8.3 -2.3 10.6 6.8 3.9 -13.7 17.6 80.3 80.9 25.4 6.7 4.7 15.5 4.1 24.4 -0.6 19.1 35.6 157.8 -232.5 -213.7 -9.5 -57.7 48.2 -204.3 -11.7 -7.1 -3.8 -3.4 390.4 -224.4 -14.0 -210.4 -2.9 -81.9 -50.3 -31.6 2,419.1 2,419.2 8.3 19.4 50.8 1,022.0 3.5 1,315.2 -0.1 -71.3 -148.1 1,534.4 -1,565.7 -1,527.6 -202.9 -22.2 -180.7 -1,324.7 -38.6 0.5 0.3 0.3 3,100.1 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 43 451.0 505.9 294.1 316.1 114.9 121.2 -13.6 -35.7 36.3 77.6 82.1 69.1 57.0 94.7 -868.4 1,462.3 44 45 2018 Line 5 Disposable personal income, billions of chained (2012) dollars 5 2019 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis -10- July 31, 2020 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2019 2020 Nov. Dec. Jan. Based on current-dollar measures Feb. 1 Personal income 0.5 0.1 0.9 2 Compensation of employees 0.5 0.2 1.0 3 Wages and salaries 0.6 0.3 1.1 4 Supplements to wages and salaries 0.3 0.2 0.3 5 Proprietors' income with inventory valuation and capital consumption adjustments 2.2 -1.3 1.4 0.4 0.5 0.2 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets 0.0 0.2 0.2 8 Personal interest income 0.3 0.2 -0.5 9 Personal dividend income -0.4 0.2 1.1 10 Personal current transfer receipts 0.0 0.0 1.5 0.5 0.2 1.3 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 0.7 0.4 1.1 13 Equals: Disposable personal income 0.5 0.0 0.9 Addenda: 14 Personal consumption expenditures 0.2 0.3 0.6 15 Goods -0.1 0.1 0.6 16 Durable goods 0.2 -0.1 0.9 17 Nondurable goods -0.2 0.2 0.5 18 Services 0.3 0.4 0.6 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 0.5 0.4 -0.2 -0.2 March Line April May June p 0.8 1.0 1.0 0.5 -1.8 -2.9 -3.1 -1.8 12.1 -7.5 -7.8 -6.3 -4.4 2.5 2.6 1.8 -1.1 2.3 2.2 2.4 1 2 3 4 2.5 0.2 -0.2 -0.5 0.2 0.2 0.9 1.2 0.7 -7.1 0.2 -0.2 -0.5 0.3 2.5 -2.5 -2.5 -1.8 -12.3 -0.3 -1.3 -1.2 -1.3 100.1 -5.6 -6.9 14.7 2.1 -0.2 -1.4 -1.3 -1.5 -17.5 2.4 1.7 -5.1 5.5 -0.4 -1.3 -1.3 -1.2 -8.9 1.7 1.5 -1.4 5 6 7 8 9 10 11 12 13 0.0 -0.5 -1.0 -0.3 0.2 -6.7 -1.5 -11.8 3.8 -9.0 -12.9 -13.6 -12.4 -14.0 -12.6 8.5 14.1 28.9 7.6 5.8 5.6 6.4 8.7 5.2 5.2 14 15 16 17 18 0.8 0.6 -2.5 -1.5 -6.1 15.3 1.4 -5.2 1.4 -1.8 19 20 0.7 0.8 p Preliminary Source: U.S. Bureau of Economic Analysis July 31, 2020 Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2018 2019 2019 Q1 Q2 Line 2020 Q3 Q4 Q1 Q2 Based on current-dollar measures 1 Personal income 5.3 3.9 5.3 2 Compensation of employees 5.1 4.4 8.4 3 Wages and salaries 5.0 4.7 9.5 4 Supplements to wages and salaries 5.4 3.3 3.8 5 Proprietors' income with inventory valuation and capital consumption adjustments 5.1 4.5 0.1 6 Rental income of persons with capital consumption adjustment 5.2 3.7 2.8 7 Personal income receipts on assets 7.6 0.7 -7.1 8 Personal interest income 4.1 2.2 -2.5 9 Personal dividend income 12.4 -1.1 -12.6 10 Personal current transfer receipts 4.0 5.2 12.3 4.8 4.3 9.6 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 1.9 5.6 16.2 13 Equals: Disposable personal income 5.8 3.7 3.9 Addenda: 14 Personal consumption expenditures 4.9 3.9 2.4 15 Goods 4.8 3.2 0.6 16 Durable goods 5.0 3.6 0.3 17 Nondurable goods 4.7 3.0 0.8 18 Services 4.9 4.3 3.2 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 3.4 3.6 Source: U.S. Bureau of Economic Analysis -11- 2.1 2.2 3.3 3.3 2.5 2.0 2.0 1.9 2.6 1.6 1.6 1.9 3.6 4.5 4.9 3.0 4.2 4.0 4.6 1.2 32.6 -24.6 -25.6 -19.8 1 2 3 4 0.2 5.3 2.7 7.6 -3.4 4.4 1.7 9.9 1.5 12.4 1.5 0.0 -0.2 0.2 3.0 1.2 -4.5 3.5 5.0 3.0 1.4 2.8 -0.4 1.7 4.0 4.5 3.4 2.0 3.5 0.5 -3.2 5.6 10.6 5.4 6.6 3.9 -43.1 -1.4 -10.5 -11.5 -9.3 832.9 -18.2 -23.8 42.1 5 6 7 8 9 10 11 12 13 6.3 9.6 11.6 8.6 4.9 4.1 3.2 4.5 2.6 4.6 3.1 0.8 0.3 1.0 4.2 -5.7 -0.8 -14.0 6.6 -7.8 -35.8 -16.7 -5.8 -21.6 -43.4 14 15 16 17 18 -0.4 -1.0 1.0 2.1 2.4 1.9 1.6 2.6 -22.3 44.9 19 20 July 31, 2020 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2019 2020 Nov. Dec. Jan. Feb. March April Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 13,356.2 13,360.6 13,416.7 13,402.4 12,536.1 10,977.9 Goods 4,812.2 4,809.6 4,836.4 4,817.2 4,785.2 4,184.6 Durable goods 1,813.2 1,820.4 1,835.2 1,813.9 1,606.8 1,425.4 Nondurable goods 3,017.3 3,008.6 3,021.4 3,021.3 3,169.1 2,754.5 Services 8,586.9 8,593.1 8,623.5 8,625.3 7,847.1 6,875.9 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 11.9 4.4 56.1 -14.3 -866.3 -1,558.2 Goods -1.5 -2.7 26.9 -19.3 -32.0 -600.5 Durable goods 11.8 7.2 14.8 -21.3 -207.2 -181.4 Nondurable goods -11.6 -8.7 12.8 -0.1 147.8 -414.7 Services 12.3 6.2 30.4 1.8 -778.2 -971.2 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.1 0.0 0.4 -0.1 -6.5 -12.4 Goods 0.0 -0.1 0.6 -0.4 -0.7 -12.5 Durable goods 0.7 0.4 0.8 -1.2 -11.4 -11.3 Nondurable goods -0.4 -0.3 0.4 0.0 4.9 -13.1 Services 0.1 0.1 0.4 0.0 -9.0 -12.4 June p May Line 11,894.5 4,777.4 1,825.5 2,973.3 7,260.6 12,517.5 5,051.1 1,986.3 3,095.0 7,622.7 1 2 3 4 5 916.7 592.8 400.2 218.8 384.7 623.0 273.7 160.8 121.6 362.1 6 7 8 9 10 8.4 14.2 28.1 7.9 5.6 5.2 5.7 8.8 4.1 5.0 11 12 13 14 15 p Preliminary Source: U.S. Bureau of Economic Analysis July 31, 2020 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 2018 2019 2019 Q1 Q2 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 12,928.1 13,240.2 13,093.2 13,212.8 Goods 4,590.2 4,760.5 4,668.6 4,756.3 Durable goods 1,692.7 1,774.6 1,718.3 1,770.5 Nondurable goods 2,910.3 3,001.5 2,962.9 3,001.0 Services 8,367.1 8,520.5 8,457.5 8,498.3 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 341.0 312.1 59.8 119.6 Goods 179.6 170.3 28.8 87.6 Durable goods 108.1 81.9 4.1 52.1 Nondurable goods 76.3 91.2 24.0 38.1 Services 171.7 153.4 32.4 40.8 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 2.7 2.4 1.8 3.7 Goods 4.1 3.7 2.5 7.7 Durable goods 6.8 4.8 1.0 12.7 Nondurable goods 2.7 3.1 3.3 5.3 Services 2.1 1.8 1.5 1.9 Source: U.S. Bureau of Economic Analysis -12- 2020 Q3 Q4 Q1 Line Q2 13,301.3 4,805.2 1,797.8 3,023.9 8,541.5 13,353.7 4,811.8 1,811.7 3,018.2 8,584.9 13,118.4 4,812.9 1,752.0 3,070.6 8,365.3 11,796.6 4,671.0 1,745.7 2,940.9 7,253.1 1 2 3 4 5 88.6 48.9 27.4 22.9 43.2 52.3 6.6 13.8 -5.7 43.4 -235.3 1.1 -59.7 52.4 -219.5 -1,321.8 -141.9 -6.2 -129.7 -1,112.2 6 7 8 9 10 2.7 4.2 6.3 3.1 2.0 1.6 0.6 3.1 -0.7 2.0 -6.9 0.1 -12.5 7.1 -9.8 -34.6 -11.3 -1.4 -15.9 -43.5 11 12 13 14 15 July 31, 2020 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) 2019 Nov. Dec. Jan. Feb. Chain-type price indexes (2012=100), seasonally adjusted 110.461 110.750 110.917 111.014 94.760 94.908 94.946 94.836 85.795 85.373 85.429 85.587 99.568 100.059 100.081 99.806 118.707 119.073 119.312 119.524 Line 2020 March Personal consumption expenditures (PCE) 110.717 1 94.017 2 Goods Durable goods 3 85.201 Nondurable goods 4 98.744 119.533 5 Services Addenda: PCE excluding food and energy 6 112.501 112.753 112.949 113.121 113.013 7 104.628 104.571 104.875 105.359 105.958 Food 1 8 86.865 88.334 87.832 86.028 80.854 Energy goods and services 2 9 108.040 108.239 108.426 108.538 108.282 Market-based PCE 3 10 109.972 110.114 110.337 110.536 110.506 Market-based PCE excluding food and energy 3 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.1 0.3 0.2 0.1 -0.3 11 0.0 0.2 0.0 -0.1 -0.9 12 Goods Durable goods 13 -0.4 -0.5 0.1 0.2 -0.5 Nondurable goods 14 0.2 0.5 0.0 -0.3 -1.1 0.1 0.3 0.2 0.2 0.0 15 Services Addenda: PCE excluding food and energy 16 0.0 0.2 0.2 0.2 -0.1 17 0.0 -0.1 0.3 0.5 0.6 Food 1 0.8 1.7 -0.6 -2.1 -6.0 18 Energy goods and services 2 19 0.1 0.2 0.2 0.1 -0.2 Market-based PCE 3 20 0.1 0.1 0.2 0.2 0.0 Market-based PCE excluding food and energy 3 Line April May June p 110.132 92.935 84.101 97.662 119.268 110.264 92.910 84.632 97.322 119.502 110.673 93.540 84.581 98.379 119.758 1 2 3 4 5 112.531 108.470 73.025 107.926 110.317 112.705 109.334 71.500 107.983 110.407 112.934 109.900 74.818 108.392 110.604 6 7 8 9 10 -0.5 -1.2 -1.3 -1.1 -0.2 0.1 0.0 0.6 -0.3 0.2 0.4 0.7 -0.1 1.1 0.2 11 12 13 14 15 -0.4 2.4 -9.7 -0.3 -0.2 0.2 0.8 -2.1 0.1 0.1 0.2 0.5 4.6 0.4 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 31, 2020 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago 2019 Line Nov. 1 Disposable personal income 2 Personal consumption expenditures Goods 3 Durable goods 4 Nondurable goods 5 Services 6 Dec. 2.1 2.1 2.4 3.9 1.6 1.9 Jan. 0.8 3.0 5.2 8.4 3.5 2.1 Feb. 1.6 2.7 3.8 7.5 1.9 2.2 2.0 2.6 3.9 6.8 2.4 2.0 2020 March April 0.6 16.2 -4.7 -16.7 1.6 -11.6 -8.2 -18.8 6.5 -7.9 -7.5 -19.0 May 10.2 -10.0 0.4 2.7 -0.8 -14.5 June p 8.1 -5.5 5.7 11.7 2.7 -10.5 Line 1 2 3 4 5 6 p Preliminary Source: U.S. Bureau of Economic Analysis July 31, 2020 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago Line Personal consumption expenditures (PCE) 1 2 Goods Durable goods 3 Nondurable goods 4 5 Services Addenda: PCE excluding food and energy 6 7 Food 1 8 Energy goods and services 2 9 Market-based PCE 3 10 Market-based PCE excluding food and energy 3 2019 Nov. 2020 Dec. Jan. Feb. 1.4 -0.3 -1.5 0.3 2.2 1.6 0.4 -2.0 1.6 2.2 1.9 0.5 -2.1 1.9 2.5 1.8 0.4 -1.6 1.3 2.5 March 1.3 -0.8 -1.8 -0.3 2.3 1.6 0.9 -0.8 1.3 1.5 1.6 0.8 3.7 1.5 1.5 1.8 0.9 6.6 1.6 1.5 1.9 0.9 3.0 1.6 1.6 1.7 1.3 -5.9 1.2 1.5 0.5 -2.2 -2.9 -1.8 1.7 0.5 -2.2 -2.3 -2.2 1.8 June p 0.8 -1.5 -2.8 -0.8 1.8 0.9 4.0 -17.0 0.6 1.1 1.0 4.6 -18.2 0.6 1.1 0.9 5.2 -12.8 0.9 1.1 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 -13- July 31, 2020 Table 12. Revisions to Personal Income and Its Disposition 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 12 and insurance funds 1 13 Employer contributions for government social insurance 2015 6.5 1.3 2.8 2.7 0.1 0.2 2.6 0.2 2.4 0.1 -1.5 Billions of dollars 2016 2017 2018 39.5 69.8 32.7 3.5 10.9 21.6 5.6 9.4 5.7 5.4 9.6 5.8 -0.2 0.7 -2.9 0.2 0.4 0.3 5.6 8.9 8.7 0.3 -0.1 -0.3 5.3 9.0 9.0 0.2 -0.2 -0.1 -2.1 1.5 15.9 2019 -56.8 4.7 5.2 6.1 -3.8 0.0 9.9 1.6 8.3 -1.0 -0.4 Percent of previously published Line 2015 2016 2017 2018 2019 0.0 0.2 0.4 0.2 -0.3 1 0.0 0.0 0.1 0.2 0.0 2 0.0 0.1 0.1 0.1 0.1 3 0.0 0.1 0.1 0.1 0.1 4 0.0 0.0 0.1 -0.2 -0.2 5 0.0 0.0 0.0 0.0 0.0 6 0.0 0.1 0.2 0.1 0.2 7 0.0 0.0 0.0 0.0 0.1 8 0.1 0.1 0.2 0.2 0.2 9 0.0 0.0 0.0 0.0 -0.1 10 -0.1 -0.1 0.1 0.8 0.0 11 -1.7 -2.1 2.1 13.5 0.8 -0.1 -0.2 0.2 1.0 0.1 12 0.1 0.0 -0.6 2.4 -1.2 0.0 0.0 -0.1 0.4 -0.2 13 14 Proprietors' income with inventory valuation and capital consumption adjustments 0.8 1.1 -9.2 -2.8 -0.6 0.1 0.1 -0.6 -0.2 0.0 14 15 16 17 Farm Nonfarm Rental income of persons with capital consumption adjustment 0.2 0.6 0.4 0.6 3.4 -12.7 15.8 -18.6 17.7 -18.2 0.4 0.0 1.2 0.0 9.0 -0.9 58.0 -1.2 55.3 -1.1 15 16 0.9 1.2 3.1 2.5 9.2 0.1 0.2 0.4 0.3 1.2 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 1.4 1.2 0.2 2.1 2.1 0.0 30.3 16.9 13.5 2.6 2.6 0.0 56.9 26.1 30.8 7.0 6.2 0.8 16.5 -61.1 77.6 -1.2 4.6 -5.8 -25.0 -43.1 18.1 -46.7 -39.3 -7.4 0.1 0.1 0.0 0.1 0.1 0.0 1.2 1.2 1.3 0.1 0.1 0.0 2.1 1.7 2.7 0.2 0.2 1.6 0.6 -3.6 6.3 0.0 0.2 -10.9 -0.8 -2.5 1.4 -1.5 -1.3 -13.5 18 19 20 21 22 23 -1.6 0.0 -0.1 -0.1 0.3 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 payments 2 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 39 receipts, billions of chained (2012) dollars 3 0.0 -0.8 -1.2 4.0 -0.1 24 2.2 4.3 14.4 13.2 2.7 1.7 0.9 10.5 0.5 0.6 0.9 -0.3 -10.1 1.8 37.7 21.5 21.5 2.4 -2.4 4.9 19.0 -0.7 0.8 1.4 -0.6 16.2 0.9 68.9 28.8 28.3 7.2 -1.9 9.1 21.1 -2.0 2.5 3.5 -1.0 40.1 7.6 25.0 -1.9 -5.4 7.1 6.0 1.1 -12.5 -3.8 7.3 4.5 2.8 26.9 19.7 0.1 0.1 0.0 0.4 0.9 -76.5 0.0 0.3 0.5 0.2 -0.5 -4.9 0.1 0.2 0.2 0.0 0.0 -18.1 0.1 0.2 0.2 0.0 -0.1 7.2 0.1 0.1 0.2 0.2 0.2 7.5 0.1 -0.2 -0.1 0.4 0.5 -0.3 0.0 0.2 0.3 0.0 0.0 -25.3 0.1 0.2 0.2 -0.1 -0.3 2.4 0.2 -0.3 -0.7 -1.1 0.7 10.7 0.3 0.4 1.3 3.7 5.4 6.3 0.9 1.4 3.4 4.2 5.8 4.4 -0.4 -0.8 -1.2 3.1 4.8 -71.6 ............. ............. ............. ............. ............. 25 26 27 28 29 30 31 32 33 34 35 36 37 -0.1 0.1 0.2 0.1 -0.4 ............. ............. ............. ............. ............. 38 4.5 31.8 52.5 19.2 -34.0 0.0 0.2 0.4 0.1 -0.2 39 4.4 32.3 57.7 10.3 -96.0 0.0 0.2 0.4 0.1 -0.6 40 14 14 0 117 100 0 212 178 0 76 32 0 -233 -292 0 0.0 0.0 0 0.3 0.2 0 0.5 0.4 0 0.2 0.1 0 -0.5 -0.6 0 41 42 43 Disposable personal income: 40 41 42 43 Total, billions of chained (2012) dollars 3 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 -14- July 31, 2020 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continues Line Jan. 2015 Feb. March April May June July Seasonally adjusted at annual rates Aug. Sept. Oct. Nov. Dec. Line Change from preceding period in billions of dollars: 1 2 3 4 5 6 7 Personal income Previously published Disposable personal income Previously published Personal consumption expenditures Previously published Personal saving as a percentage of disposable personal income 85.2 46.0 37.4 -2.2 -19.0 -25.1 84.8 69.9 74.7 60.4 52.3 49.1 -1.4 1.6 -12.5 -9.6 54.5 56.7 55.8 96.1 38.1 79.6 43.5 41.7 71.0 97.1 57.1 84.1 68.2 73.7 42.5 63.9 40.6 60.8 41.3 34.4 49.8 46.3 53.5 48.3 60.3 61.6 38.9 29.7 37.3 28.3 34.8 29.9 22.0 15.1 18.8 13.0 0.0 -2.5 36.3 20.2 22.8 9.5 8.4 2.8 8.1 8.2 7.7 7.6 7.5 7.4 7.3 7.3 7.4 6.3 -11.7 4.0 -12.6 36.9 35.5 54.2 38.9 54.7 39.8 36.1 30.9 1 2 3 4 5 6 7.5 7.2 7.3 7 Previously published 7.8 7.9 7.4 7.6 7.6 7.7 7.6 7.6 7.7 7.7 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 7.3 7.4 8 9 Personal income 0.6 0.5 0.0 0.4 0.5 0.3 0.3 0.2 0.1 0.2 10 Previously published 0.3 0.5 0.0 0.6 0.6 0.4 0.3 0.2 0.1 0.1 11 Disposable personal income 0.3 0.6 -0.1 0.3 0.4 0.3 0.4 0.3 0.1 0.2 12 Previously published 0.0 0.4 -0.1 0.6 0.6 0.4 0.3 0.2 0.1 0.1 13 Personal consumption expenditures -0.2 0.4 0.5 0.4 0.6 0.3 0.5 0.3 0.0 0.1 14 Previously published -0.2 0.4 0.5 0.3 0.6 0.3 0.5 0.2 0.0 0.0 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 0.0 -0.1 0.0 -0.1 0.3 0.3 0.3 0.2 0.4 0.3 0.3 0.2 9 10 11 12 13 14 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published 0.0 -0.1 0.2 0.2 0.5 0.3 0.4 0.3 15 16 17 18 8 Line 0.7 0.5 0.3 0.3 Jan. 0.4 0.3 0.3 0.2 -0.3 -0.3 0.3 0.2 0.2 0.5 0.3 0.3 0.2 0.4 0.3 0.4 0.1 0.2 0.1 0.1 0.3 0.2 0.4 0.4 2016 Feb. March April May June July Seasonally adjusted at annual rates 0.3 0.2 0.3 0.2 Aug. 0.3 0.2 0.1 0.1 Sept. 0.2 0.1 0.1 0.0 Oct. Nov. Dec. Line Change from preceding period in billions of dollars: 1 2 3 4 5 6 7 Personal income Previously published Disposable personal income Previously published Personal consumption expenditures Previously published Personal saving as a percentage of disposable personal income 26.4 27.6 64.3 62.9 23.6 26.7 1.3 -3.4 7.0 2.5 73.3 69.7 38.2 41.4 34.1 36.0 -9.7 -10.2 38.9 37.9 27.2 24.5 79.8 84.9 22.4 19.4 16.1 12.0 46.7 53.3 45.3 42.3 35.0 32.3 80.9 83.9 65.0 63.2 52.9 52.6 17.2 17.6 37.4 40.9 34.4 37.8 41.8 33.5 69.0 64.1 60.4 56.7 57.2 61.5 66.7 63.2 61.3 58.7 29.5 38.3 7.6 7.2 7.5 7.1 6.9 6.5 6.7 6.6 6.6 40.9 40.5 35.4 35.0 35.1 29.2 65.1 61.6 54.3 50.5 100.2 82.5 1 2 3 4 5 6 6.8 6.7 6.4 7 Previously published 7.6 7.1 7.5 7.1 6.7 6.3 6.5 6.5 6.5 6.5 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 6.5 6.3 8 9 Personal income 0.2 0.0 0.2 0.2 0.1 0.3 0.4 0.2 0.4 0.4 10 Previously published 0.2 0.0 0.3 0.2 0.1 0.3 0.4 0.3 0.4 0.4 11 Disposable personal income 0.5 0.0 0.2 0.2 0.1 0.2 0.4 0.2 0.4 0.4 12 Previously published 0.5 0.0 0.3 0.2 0.1 0.2 0.4 0.3 0.4 0.4 13 Personal consumption expenditures 0.2 0.6 -0.1 0.6 0.4 0.6 0.1 0.3 0.4 0.2 14 Previously published 0.2 0.6 -0.1 0.7 0.4 0.7 0.1 0.3 0.5 0.3 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 0.3 0.2 0.2 0.2 0.3 0.2 0.4 0.4 0.4 0.4 0.8 0.6 9 10 11 12 13 14 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published 0.2 0.2 0.2 0.2 0.2 0.1 0.6 0.4 15 16 17 18 8 0.4 0.4 0.1 0.2 0.1 0.1 0.7 0.6 0.1 0.1 -0.2 -0.2 -0.1 -0.2 0.3 0.4 Source: U.S. Bureau of Economic Analysis -15- 0.0 -0.1 0.2 0.2 0.0 0.0 0.4 0.5 0.3 0.3 0.1 0.0 0.1 0.1 0.2 0.1 0.3 0.3 0.3 0.4 0.2 0.2 0.0 0.1 July 31, 2020 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continues Line Jan. 2017 Feb. March April May June July Seasonally adjusted at annual rates Aug. Sept. Oct. Nov. Dec. Line Change from preceding period in billions of dollars: 1 2 3 4 5 6 7 Personal income Previously published Disposable personal income Previously published Personal consumption expenditures Previously published Personal saving as a percentage of disposable personal income 119.2 136.0 121.8 138.0 64.2 54.9 75.2 75.8 67.8 67.1 18.7 11.2 51.3 61.1 53.1 57.8 55.6 52.8 58.7 29.4 60.3 24.8 25.7 42.4 98.1 68.7 96.5 65.9 3.5 15.3 34.0 12.6 22.8 3.9 50.2 49.8 65.1 63.0 48.0 53.1 25.4 23.4 75.8 74.5 57.0 60.5 43.2 43.1 111.7 110.7 84.2 87.3 122.3 126.5 92.1 102.4 63.5 76.5 36.6 57.5 69.1 96.1 43.3 73.5 90.2 86.3 63.5 107.3 47.9 92.8 97.2 82.4 6.7 7.0 7.0 7.1 7.6 7.4 7.5 7.6 7.3 1 2 3 4 5 6 7.4 7.0 6.6 7 Previously published 6.8 7.1 7.2 7.0 7.2 6.9 7.0 7.1 6.8 6.9 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 6.7 6.7 8 9 Personal income 0.7 0.5 0.3 0.4 0.6 0.2 0.4 0.4 0.7 0.5 10 Previously published 0.8 0.5 0.4 0.2 0.4 0.1 0.4 0.4 0.7 0.6 11 Disposable personal income 0.8 0.5 0.4 0.4 0.7 0.2 0.3 0.4 0.6 0.4 12 Previously published 1.0 0.5 0.4 0.2 0.4 0.0 0.4 0.4 0.6 0.5 13 Personal consumption expenditures 0.5 0.1 0.4 0.2 0.0 0.4 0.2 0.3 0.9 0.3 14 Previously published 0.4 0.1 0.4 0.3 0.1 0.4 0.2 0.3 0.9 0.4 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 0.4 0.6 0.3 0.5 0.7 0.6 0.4 0.6 0.3 0.6 0.7 0.6 9 10 11 12 13 14 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published 0.1 0.3 0.5 0.4 0.2 0.4 0.6 0.4 15 16 17 18 8 Line 0.5 0.6 0.1 0.1 Jan. 0.4 0.4 0.0 0.0 0.5 0.5 0.5 0.5 0.2 -0.1 0.0 0.1 0.7 0.4 0.0 0.1 0.0 -0.1 0.3 0.3 0.3 0.3 0.1 0.1 2018 Feb. March April May June July Seasonally adjusted at annual rates 0.1 0.2 0.1 0.1 Aug. 0.2 0.3 0.5 0.6 Sept. 0.3 0.3 0.1 0.2 Oct. Nov. Dec. Line Change from preceding period in billions of dollars: 1 2 3 4 5 6 7 Personal income Previously published Disposable personal income Previously published Personal consumption expenditures Previously published Personal saving as a percentage of disposable personal income 117.1 136.6 173.5 193.0 25.5 27.8 70.8 66.1 73.6 68.0 22.0 14.5 69.8 74.8 78.6 75.9 73.3 62.9 54.3 44.8 69.3 47.0 64.1 86.3 74.1 64.3 78.5 66.2 77.9 91.7 83.3 75.3 73.2 70.5 36.4 51.6 95.7 82.8 72.7 72.5 58.2 72.4 68.7 72.2 55.7 66.5 53.8 51.1 13.8 3.0 16.3 8.7 6.1 9.8 44.1 52.5 58.0 61.5 85.5 83.0 7.5 7.8 7.8 7.7 7.7 7.9 7.9 7.8 7.9 27.9 182.1 29.0 169.5 31.1 171.2 31.2 159.4 55.9 -118.9 44.9 -117.4 1 2 3 4 5 6 7.6 7.4 9.1 7 Previously published 7.7 8.0 8.0 7.7 7.5 7.6 7.5 7.5 7.5 7.3 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 7.2 8.8 8 9 Personal income 0.7 0.4 0.4 0.3 0.4 0.5 0.5 0.4 0.1 0.2 10 Previously published 0.8 0.4 0.4 0.3 0.4 0.4 0.5 0.4 0.0 0.3 11 Disposable personal income 1.1 0.5 0.5 0.4 0.5 0.5 0.5 0.4 0.1 0.4 12 Previously published 1.3 0.4 0.5 0.3 0.4 0.5 0.5 0.4 0.1 0.4 13 Personal consumption expenditures 0.2 0.2 0.5 0.5 0.6 0.3 0.4 0.4 0.0 0.6 14 Previously published 0.2 0.1 0.5 0.6 0.7 0.4 0.5 0.4 0.1 0.6 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 0.2 0.2 0.2 0.2 0.4 0.3 1.0 0.9 1.1 1.0 -0.8 -0.8 9 10 11 12 13 14 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published 0.1 0.1 0.3 0.3 1.0 0.9 -0.9 -0.9 15 16 17 18 8 0.8 1.0 -0.1 -0.1 0.3 0.3 -0.1 -0.1 0.4 0.4 0.4 0.3 0.2 0.1 0.3 0.4 Source: U.S. Bureau of Economic Analysis -16- 0.3 0.2 0.3 0.4 0.3 0.3 0.1 0.2 0.4 0.3 0.3 0.4 0.3 0.4 0.3 0.3 -0.1 0.0 -0.1 0.0 0.2 0.2 0.5 0.4 July 31, 2020 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Table Ends Line Jan. 2019 Feb. March April May June July Seasonally adjusted at annual rates Aug. Sept. Oct. Nov. Dec. Line Change from preceding period in billions of dollars: 1 2 3 4 5 6 7 8 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 40.8 51.9 -8.8 -3.7 92.9 79.0 66.5 106.1 44.5 85.4 12.5 -11.1 56.7 82.0 28.0 69.8 133.9 138.0 32.3 60.2 10.8 43.2 73.2 97.9 15.1 40.8 8.1 29.9 49.8 63.5 35.3 68.9 38.0 57.3 62.8 48.9 21.7 -2.0 43.6 24.7 56.1 79.4 85.5 74.8 90.2 84.9 38.9 38.0 28.6 40.9 31.0 49.2 22.3 25.4 48.4 34.5 34.4 15.4 55.3 37.6 94.7 101.4 79.8 84.1 24.3 47.1 12.2 41.6 2.4 31.7 43.5 54.6 1 2 3 4 5 6 8.5 8.6 8.0 7.5 7.3 7.1 7.0 7.3 7.3 7.2 7.5 7.2 7 8.3 8.8 8.4 8.0 7.8 7.8 7.4 7.7 7.8 7.7 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 7.9 7.7 8 9 Personal income 0.2 0.4 0.3 0.2 0.1 0.2 0.1 0.5 0.2 10 Previously published 0.3 0.6 0.4 0.3 0.2 0.4 0.0 0.4 0.2 11 Disposable personal income -0.1 0.3 0.2 0.1 0.1 0.2 0.3 0.6 0.2 12 Previously published 0.0 0.5 0.4 0.3 0.2 0.4 0.2 0.5 0.3 13 Personal consumption expenditures 0.7 0.1 0.9 0.5 0.3 0.4 0.4 0.3 0.2 14 Previously published 0.6 -0.1 1.0 0.7 0.4 0.3 0.5 0.3 0.2 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 0.3 0.2 0.2 0.1 0.4 0.3 0.5 0.5 0.5 0.5 0.2 0.3 0.1 0.2 0.0 0.2 0.3 0.4 9 10 11 12 13 14 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published 0.0 -0.1 0.2 0.1 0.4 0.4 0.1 0.2 -0.2 -0.1 0.0 0.1 15 16 17 18 Line 1 2 3 4 5 6 7 8 0.0 0.1 0.7 0.6 0.2 0.4 0.0 -0.2 -0.1 0.2 0.7 0.8 2020 Jan. Feb. March 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 Previously published -0.3 0.0 0.2 0.4 April -352.3 2,270.4 -422.9 2,018.8 -294.9 2,423.2 -353.1 2,167.9 -998.9 -1,789.7 -988.5 -1,757.6 -0.1 0.1 0.2 0.3 May -934.8 -874.2 -969.6 -911.1 1,024.7 994.5 0.1 0.2 0.3 0.2 Line 174.9 107.7 149.3 99.6 84.2 62.8 144.4 103.2 118.0 90.2 -3.1 4.4 1 2 3 4 5 6 7.6 8.3 12.8 33.5 24.2 7 7.9 8.4 12.6 32.2 23.2 8 -4.4 -4.2 -5.1 -4.9 8.5 8.2 9 10 11 12 13 14 -5.2 -5.0 8.3 8.1 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 0.9 0.6 0.9 0.6 0.6 0.4 0.8 0.5 0.7 0.5 0.0 0.0 -1.8 -2.2 -1.8 -2.1 -6.7 -6.6 12.1 10.8 14.7 13.1 -12.9 -12.6 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 0.8 0.5 0.4 0.3 0.6 0.4 -0.1 -0.1 -1.5 -1.8 -6.5 -6.4 15.3 13.6 -12.4 -12.2 Source: U.S. Bureau of Economic Analysis -17- 0.1 -0.1 0.2 0.3 0.5 0.5 0.2 0.2 0.1 0.3 0.1 0.2 July 31, 2020 Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters)--Continues Line 2015 2016 2017 2018 Seasonally adjusted at annual rates 2019 Line 2015 Q1 Q2 Q3 Change from preceding period in billions of dollars: 1 Personal income 732.5 436.5 787.9 903.2 699.7 209.8 144.7 135.1 2 Previously published Disposable personal income 726.0 403.4 757.6 940.4 789.2 161.7 206.5 146.1 2 577.2 418.5 699.0 864.7 582.1 141.8 106.2 130.7 3 Previously published Personal consumption expenditures 572.3 385.1 667.9 908.5 683.6 93.6 169.7 140.1 4 474.7 472.5 570.4 652.9 551.3 54.5 156.5 133.8 5 461.5 464.2 563.6 686.6 564.0 47.0 156.4 128.2 6 7.5 6.9 7.2 7.8 7.5 8.0 7.5 7.3 7 7.6 6.8 7.0 7.7 7.9 7.7 7.7 7.6 8 3 4 5 6 7 8 Previously published Personal saving as a percentage of disposable personal income Previously published 1 Percent change from preceding period for current-dollar measures 9 4.9 2.8 4.9 5.3 3.9 5.6 3.8 3.5 9 4.8 2.6 4.7 5.6 4.4 4.3 5.4 3.8 10 11 Disposable personal income 4.4 3.0 4.9 5.8 3.7 4.3 3.2 3.9 11 12 4.3 2.8 4.7 6.1 4.3 2.8 5.1 4.1 12 4.0 3.8 4.5 4.9 3.9 1.8 5.3 4.4 13 3.9 3.8 4.4 5.2 4.0 1.6 5.3 4.3 14 15 10 Personal income Previously published Previously published 13 Personal consumption expenditures 14 Previously published Percent change from preceding period for chained-dollar measures 15 Real disposable personal income 4.2 16 2.0 3.1 3.6 2.2 6.1 1.1 2.8 Previously published 17 Real personal consumption expenditures 4.1 1.8 2.9 4.0 2.9 4.6 3.0 3.0 16 3.8 2.8 2.6 2.7 2.4 3.6 3.2 3.4 17 18 3.7 2.7 2.6 3.0 2.6 3.4 3.2 3.1 18 Previously published Seasonally adjusted at annual rates Line 2016 2015 Q4 Q1 Q2 Line 2017 Q3 Q4 Q1 Q2 Q3 Change from preceding period in billions of dollars: 1 Personal income 86.2 78.2 94.8 150.6 174.1 243.4 194.7 208.2 2 Previously published Disposable personal income 45.3 61.2 91.4 146.5 167.1 261.5 145.5 180.8 2 68.6 118.1 74.6 124.7 154.8 232.7 190.2 161.4 3 Previously published Personal consumption expenditures 32.5 98.8 68.1 122.2 149.3 247.4 131.0 147.1 4 56.7 105.6 155.9 133.6 138.4 173.7 88.1 129.7 5 45.1 102.2 164.7 134.1 137.4 144.7 108.1 132.6 6 3 4 5 6 7 8 Previously published Personal saving as a percentage of disposable personal income Previously published 1 7.4 7.4 6.8 6.6 6.6 6.9 7.4 7.5 7 7.5 7.4 6.7 6.5 6.5 7.0 7.0 7.0 8 Percent change from preceding period for current-dollar measures 9 2.2 2.0 2.4 3.8 4.4 6.1 4.8 5.0 9 1.2 1.6 2.3 3.7 4.2 6.6 3.6 4.4 10 11 Disposable personal income 2.0 3.4 2.1 3.6 4.4 6.6 5.3 4.4 11 12 0.9 2.9 2.0 3.5 4.3 7.1 3.6 4.1 12 1.8 3.4 5.1 4.3 4.4 5.5 2.7 4.0 13 1.5 3.3 5.4 4.3 4.4 4.5 3.3 4.1 14 15 10 Personal income Previously published Previously published 13 Personal consumption expenditures 14 Previously published Percent change from preceding period for chained-dollar measures 15 Real disposable personal income 2.3 16 3.1 -0.3 1.9 2.5 4.3 4.4 2.7 Previously published 17 Real personal consumption expenditures 1.3 2.7 -0.4 1.8 2.4 4.9 2.7 2.3 16 2.2 3.1 2.6 2.6 2.5 3.2 1.8 2.3 17 18 1.8 3.2 2.9 2.6 2.5 2.4 2.4 2.4 18 Previously published Source: U.S. Bureau of Economic Analysis -18- July 31, 2020 Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters)--Table Ends Seasonally adjusted at annual rates Line 2018 2017 Q4 Q1 259.0 300.8 183.5 2019 2020 Line Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 253.0 201.7 226.3 155.4 234.8 114.2 116.7 163.1 193.4 309.2 184.6 203.5 154.3 272.6 200.4 121.0 168.2 97.1 2 295.2 222.9 190.2 165.2 154.8 62.4 142.1 139.1 157.8 3 Change from preceding period in billions of dollars: 1 2 3 4 Personal income Previously published Disposable personal income 1 234.8 350.0 187.9 188.8 163.4 193.1 157.2 145.9 143.2 91.3 4 5 Personal consumption expenditures 225.1 159.5 184.4 146.4 105.1 85.2 220.7 148.0 113.9 -213.7 5 6 7 Previously published Personal saving as a percentage of disposable personal income 241.2 142.1 211.5 174.7 97.4 54.3 244.9 167.0 116.8 -211.7 6 7.0 7.7 7.8 7.9 8.1 8.4 7.3 7.2 7.3 9.5 7 6.8 7.9 7.6 7.5 7.8 8.5 7.8 7.7 7.7 9.6 8 8 Previously published Previously published Percent change from preceding period for current-dollar measures 9 10 Personal income Previously published 11 Disposable personal income 12 Previously published 13 Personal consumption expenditures 14 Previously published 6.2 6.0 4.7 5.2 3.5 5.3 2.5 2.6 3.6 4.2 9 7.3 7.4 4.3 4.7 3.5 6.2 4.4 2.6 3.7 2.1 10 5.0 8.0 5.9 4.9 4.2 3.9 1.5 3.5 3.4 3.9 11 6.5 9.6 4.9 4.9 4.2 4.9 3.9 3.6 3.5 2.2 12 6.9 4.8 5.5 4.3 3.0 2.4 6.3 4.1 3.1 -5.7 13 7.4 4.2 6.3 5.1 2.8 1.5 7.0 4.7 3.2 -5.6 14 15 Percent change from preceding period for chained-dollar measures 15 Real disposable personal income 2.3 5.2 3.6 3.3 2.8 3.3 -1.0 2.1 1.9 2.6 16 3.7 6.9 2.7 3.3 2.8 4.5 1.5 2.1 2.1 0.9 16 17 Real personal consumption expenditures 4.2 2.0 3.2 2.7 1.6 1.8 3.7 2.7 1.6 -6.9 17 18 4.6 1.7 4.0 3.5 1.4 1.1 4.6 3.2 1.8 -6.8 18 Previously published Previously published Source: U.S. Bureau of Economic Analysis -19-