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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JULY 30, 2021 Technical: Media: Karl Rohrer (Personal Income) Kyle Brown (PCE Goods) Jeff Barnett (PCE Services) Jeannine Aversa (301) 278-9083 (301) 278-9086 (301) 278-9663 (301) 278-9003 BEA 21-37 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays, June 2021 and Annual Update Personal income increased $26.1 billion (0.1 percent) in June according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $2.6 billion (less than 0.1 percent) and personal consumption expenditures (PCE) increased $155.4 billion (1.0 percent). Real DPI decreased 0.5 percent in June and Real PCE increased 0.5 percent; goods decreased 0.2 percent and services increased 0.8 percent (tables 5 and 7). The PCE price index increased 0.5 percent. Excluding food and energy, the PCE price index increased 0.4 percent (table 9). 2021 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 -7.2 21.0 -13.6 -2.2 0.1 -8.1 -8.4 23.6 22.9 -15.3 -15.8 -2.7 -3.2 0.0 -0.5 -1.1 -1.3 5.2 4.6 1.1 0.5 -0.1 -0.6 1.0 0.5 0.3 0.1 0.6 0.4 0.6 0.6 0.5 0.5 0.5 0.4 Percent change from month one year ago 1.6 2.5 3.6 4.0 4.0 1.5 2.0 3.1 3.4 3.5 COVID-19 Impact on June 2021 Personal Income and Outlays The estimate for June personal income and outlays reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. Government social benefits associated with pandemic-related assistance programs declined in June. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see Effects of Selected Federal Pandemic Response Programs on Personal Income. The increase in personal income in June primarily reflected an increase in compensation of employees. Government social benefits decreased in June (table 3). Within compensation, the increase was primarily in private wages and salaries, reflecting Bureau of Labor Statistics Current Employment Statistics. Within government social benefits, "other" social benefits decreased as economic impact payments declined. Unemployment insurance also decreased, led by decreases in payments from the Pandemic Unemployment Compensation program. The $155.4 billion increase in current dollar PCE in June reflected an increase of $29.3 billion in spending for goods and a $126.1 billion increase in spending for services (table 3). Within goods, an increase in nondurable goods was partly offset by a decrease in durable goods. Within nondurable goods, the increase was primarily accounted for by increases in “other” nondurable goods (mainly pharmaceuticals) as well as gasoline and other energy goods. Within durable goods, the decrease was primarily in mot or vehicles and parts. Within services, increases were widespread across all spending categories, led by food services and accommodations. Detailed information on monthly PCE spending can be found on Table 2.3.5U. Personal outlays increased $158.7 billion in June (table 3). Personal saving was $1.70 trillion in June and the personal saving rate—personal saving as a percentage of disposable personal income—was 9.4 percent (table 1). The PCE price index for June increased 4.0 percent from one year ago, reflecting increases in both goods and services (table 11). Energy prices increased 24.2 percent while food prices increased 0.9 percent. Excluding food and energy, the PCE price index for June increased 3.5 percent from one year ago. Annual Update of the National Economic Accounts Today’s release also reflects the Annual Update of the National Income and Product Accounts. The timespan of the update is the first quarter of 1999 through the first quarter of 2021 and resulted in revisions to GDP, GDI, and their major components. The reference year remains 2012. -2- With today's release, most NIPA tables are available through BEA’s Interactive Data application on the BEA website (www.bea.gov). See Information on Updates to the National Economic Accounts for the complete table release schedule and a summary of results through 2020, 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 2021 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, for the most recent five years, 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 down $63.8 billion, or 0.4 percent in 2016; revised down $98.4 billion, or 0.6 percent in 2017; revised down $145.8 billion, or 0.8 percent in 2018; revised down $127.1 billion, or 0.7 percent in 2019; and revised down $100.3 billion, or 0.5 percent in 2020. The revisions primarily reflect the incorporation of an improved methodology for measuring PCE for housing services. The new methodology impacts the estimates for rental income of persons, as these estimates are derived from PCE for housing services. For more information, see Improved Measures of Housing Services for the U.S. Economic Accounts in the May 2021 Survey of Current Business. • For 2016, the downward revision to personal income primarily reflected downward revisions of $56.0 billion to rental income of persons and $9.1 billion to personal interest income. • For 2017, the downward revision to personal income primarily reflected downward revisions of $69.2 billion to rental income of persons, $24.2 billion to personal interest income, and $6.3 billion to personal dividend income. • For 2018, the downward revision to personal income primarily reflected downward revisions of $77.4 billion to rental income of persons, $51.8 billion to personal dividend income, and $26.6 billion to personal interest income. • For 2019, the downward revision to personal income primarily reflected downward revisions of $95.0 billion to rental income of persons, $58.8 billion to proprietors' income, and $25.4 billion to personal interest income that were partly offset by upward revisions of $25.5 billion to personal dividend income and $15.3 billion to compensation (mainly private wages and salaries). • For 2020, the downward revision to personal income primarily reflected downward revisions of $90.2 billion to rental income of persons, $45.1 billion to proprietors' income, $40.3 billion to government social benefits to persons, and $25.8 billion to personal interest income. These downward revisions were partly offset by upward revisions of $81.5 billion to compensation (mainly government employee compensation) and $25.2 billion to personal dividend income. -3- DPI was revised down $64.2 billion, or 0.5 percent in 2016; revised down $100.7 billion, or 0.7 percent in 2017; revised down $136.8 billion, or 0.9 percent in 2018; revised down $129.4 billion, or 0.8 percent in 2019; and revised down $93.2 billion, or 0.5 percent in 2020. Personal outlays was revised down $77.0 billion, or 0.6 percent in 2016; revised down $106.1 billion, or 0.8 percent in 2017; revised down $90.5 billion, or 0.6 percent in 2018; revised down $135.9 billion, or 0.9 percent in 2019; and revised down $103.7 billion, or 0.7 percent in 2020. The personal saving rate was revised up 0.1 percentage point to 7.0 percent in 2016; revised up 0.1 percentage point to 7.3 percent in 2017; revised down 0.2 percentage point to 7.6 percent in 2018; revised up 0.1 percentage point to 7.6 percent in 2019; and revised up 0.2 percentage point to 16.6 percent in 2020. Monthly estimates. For January through March of 2021, estimates for compensation, personal taxes, and contributions for government social insurance reflect the incorporation of the most recently available first-quarter wage and salary data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are shown below for April and May. Change from preceding month April May Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars Disposable personal income: Current dollars Chained (2012) dollars Personal consumption expenditures: Current dollars Chained (2012) dollars -3,201.9 -3,289.3 -13.1 -13.6 -414.3 -465.0 -2.0 -2.2 -3,224.3 -2,949.5 -3,342.3 -3,040.1 -14.6 -15.1 -15.3 -15.8 -436.3 -454.5 -502.0 -518.8 -2.3 -2.8 -2.7 -3.2 141.1 36.6 171.1 70.3 0.9 0.3 1.1 0.5 2.9 -58.8 -13.8 -80.8 0.0 -0.4 -0.1 -0.6 Next release: August 27, 2021 at 8:30 A.M. EDT Personal Income and Outlays, July 2021 -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 website. Stay informed about BEA developments Stay informed about BEA developments by reading The BEA Wire, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, see the FAQ “How is average annual growth calculated?” and “Why does BEA publish percent changes in quarterly series at annual rates?” Definitions Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (months for monthly data, quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chaineddollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” -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 30, 2021 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. 19,435.0 11,977.8 9,796.3 8,300.1 1,569.0 939.9 6,731.0 1,514.2 5,216.8 1,496.3 2,181.5 1,498.2 683.2 Dec. 19,562.2 12,070.5 9,872.6 8,375.9 1,586.9 951.8 6,789.0 1,516.4 5,272.6 1,496.7 2,197.9 1,509.7 688.1 Seasonally adjusted at annual rates 2021 Jan. Feb. March April 21,504.5 19,955.1 24,142.4 20,853.2 12,088.1 12,049.5 12,129.2 12,223.2 9,879.5 9,843.3 9,914.9 10,002.5 8,376.4 8,343.7 8,409.3 8,490.5 1,584.0 1,578.9 1,594.9 1,597.0 947.1 946.2 954.4 949.7 6,792.5 6,764.8 6,814.4 6,893.5 1,527.6 1,515.1 1,533.1 1,546.3 5,264.8 5,249.7 5,281.3 5,347.2 1,503.0 1,499.6 1,505.6 1,512.0 2,208.6 2,206.2 2,214.4 2,220.8 1,508.9 1,509.8 1,513.9 1,514.7 699.8 696.4 700.4 706.0 1,691.0 87.7 1,603.3 710.5 2,900.8 1,611.1 1,289.6 3,657.4 3,598.2 1,086.9 821.1 675.9 285.0 149.6 579.7 59.2 1,502.6 2,259.4 17,175.6 14,936.3 14,467.3 4,879.3 1,763.7 3,115.6 9,588.1 255.8 213.2 114.8 98.4 2,239.3 13.0 1,615.7 78.7 1,537.0 703.4 2,965.7 1,613.6 1,352.1 3,719.4 3,660.1 1,088.9 818.6 679.2 318.9 150.1 604.3 59.3 1,512.5 2,290.0 17,272.2 14,846.0 14,389.5 4,785.3 1,719.9 3,065.5 9,604.2 243.1 213.5 115.0 98.4 2,426.2 14.0 1,643.8 66.9 1,576.9 709.3 2,886.2 1,621.9 1,264.3 5,711.8 5,650.5 1,103.9 815.6 688.5 574.2 151.3 2,317.0 61.4 1,534.7 2,301.4 19,203.1 15,321.7 14,857.9 5,165.4 1,912.6 3,252.7 9,692.5 249.2 214.7 115.2 99.5 3,881.4 20.2 1,693.8 72.6 1,621.2 716.6 2,901.2 1,630.2 1,271.1 4,123.0 4,061.0 1,106.0 813.8 696.2 557.5 152.4 735.2 62.0 1,529.1 2,314.6 17,640.4 15,169.7 14,699.6 5,015.4 1,836.9 3,178.5 9,684.2 255.3 214.8 115.3 99.5 2,470.7 14.0 1,804.2 79.6 1,724.6 724.8 2,909.1 1,638.4 1,270.7 8,112.8 8,050.2 1,109.1 813.0 703.0 565.5 153.6 4,706.0 62.6 1,537.7 2,340.1 21,802.3 15,935.3 15,458.9 5,554.3 2,124.0 3,430.3 9,904.6 261.5 215.0 115.5 99.5 5,867.0 26.9 1,823.4 99.0 1,724.4 721.8 2,922.8 1,642.3 1,280.5 4,711.0 4,647.8 1,107.7 813.4 709.1 516.4 155.0 1,346.2 63.2 1,548.9 2,393.2 18,460.0 16,110.5 15,630.0 5,579.4 2,153.9 3,425.5 10,050.6 264.6 215.9 115.6 100.3 2,349.4 12.7 1,848.9 112.3 1,736.7 718.6 2,935.9 1,646.1 1,289.7 4,150.4 4,086.6 1,108.2 814.9 713.4 492.0 156.5 801.6 63.8 1,556.7 2,430.2 17,958.0 16,100.0 15,616.2 5,463.7 2,063.9 3,399.8 10,152.5 267.8 216.1 115.8 100.3 1,857.9 10.3 1,868.4 125.6 1,742.8 716.6 2,951.7 1,650.0 1,301.8 4,066.8 3,976.9 1,112.6 817.5 716.2 437.9 158.0 734.6 89.9 1,566.2 2,458.9 17,955.4 16,258.8 15,771.6 5,493.0 2,033.7 3,459.3 10,278.6 270.9 216.2 115.9 100.3 1,696.6 9.4 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 14,115.8 14,119.8 14,031.9 14,028.9 14,124.2 14,140.2 14,152.5 14,175.1 45 15,366.5 15,393.8 17,062.1 15,631.4 19,210.6 16,170.5 15,651.8 15,569.3 46 51,917 46,449 330,829 52,194 46,518 330,924 58,021 51,552 330,968 53,294 47,224 331,004 65,856 58,028 331,061 55,749 48,835 331,126 54,220 47,257 331,204 54,197 46,995 331,297 47 48 49 2020 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 20,388.2 12,291.1 10,063.0 8,544.6 1,603.6 957.2 6,940.9 1,558.0 5,382.9 1,518.4 2,228.1 1,518.3 709.8 June p 20,414.3 12,377.0 10,139.8 8,608.2 1,608.0 957.8 7,000.2 1,571.4 5,428.8 1,531.7 2,237.1 1,522.7 714.5 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 30, 2021 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Line 1 Personal income Compensation of employees 2 Wages and salaries 3 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries Trade, transportation, and utilities 8 Other services-producing industries 9 10 Government Supplements to wages and salaries 11 12 Employer contributions for employee pension and insurance funds 1 Employer contributions for government social insurance 13 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm Rental income of persons with capital consumption adjustment 17 Personal income receipts on assets 18 19 Personal interest income 20 Personal dividend income Personal current transfer receipts 21 22 Government social benefits to persons 23 Social security 2 24 Medicare 3 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other Other current transfer receipts, from business (net) 29 Less: Contributions for government social insurance, domestic 30 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 39 Personal interest payments 4 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving Personal saving as a percentage of disposable personal income 44 Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2012) dollars 5 Disposable personal income: 46 Total, billions of chained (2012) dollars 5 Per capita: 47 Current dollars 48 Chained (2012) dollars 49 Population (midperiod, thousands) 6 2019 2020 Seasonally adjusted at annual rates 2020 2021 Q2 Q3 Q4 Q1 20,348.7 19,777.4 19,542.0 21,867.3 11,029.2 11,539.7 11,964.2 12,088.9 8,979.0 9,410.3 9,783.0 9,879.2 7,511.3 7,911.5 8,286.6 8,376.5 1,434.6 1,509.0 1,566.8 1,585.9 866.3 895.8 936.3 949.3 6,076.7 6,402.5 6,719.8 6,790.6 1,367.7 1,448.6 1,507.6 1,525.3 4,709.0 4,953.9 5,212.3 5,265.3 1,467.7 1,498.8 1,496.4 1,502.7 2,050.2 2,129.4 2,181.1 2,209.7 1,410.5 1,464.9 1,498.3 1,510.9 639.7 664.5 682.8 698.9 Q2 20,551.9 12,297.1 10,068.4 8,547.7 1,602.9 954.9 6,944.9 1,558.6 5,386.3 1,520.7 2,228.7 1,518.6 710.1 1 2 3 4 5 6 7 8 9 10 11 12 13 Line 18,424.4 11,447.7 9,323.5 7,873.3 1,531.6 910.6 6,341.7 1,415.6 4,926.1 1,450.2 2,124.2 1,474.6 649.6 19,627.6 11,572.2 9,444.1 7,949.6 1,514.0 904.4 6,435.6 1,443.2 4,992.4 1,494.5 2,128.0 1,464.4 663.7 Q1 18,842.2 11,755.5 9,604.1 8,088.9 1,545.5 919.5 6,543.4 1,449.1 5,094.3 1,515.2 2,151.4 1,483.7 667.7 1,598.9 38.4 1,560.5 692.1 2,968.0 1,652.0 1,316.0 3,139.1 3,083.1 1,030.7 785.7 614.0 27.6 130.9 494.2 56.0 1,421.4 2,205.1 16,219.3 14,981.5 14,428.7 4,478.9 1,513.3 2,965.6 9,949.8 340.4 212.4 118.6 93.9 1,237.8 7.6 1,650.0 70.2 1,579.9 711.6 2,912.1 1,614.4 1,297.8 4,241.1 4,181.3 1,077.9 819.2 657.3 536.6 145.5 944.7 59.9 1,459.5 2,195.6 17,432.0 14,544.5 14,047.6 4,653.8 1,616.4 3,037.4 9,393.7 285.4 211.5 114.6 96.9 2,887.5 16.6 1,638.3 58.1 1,580.2 712.2 2,976.4 1,638.2 1,338.1 3,231.8 3,173.8 1,067.9 808.5 606.2 39.5 140.8 511.0 58.0 1,472.0 2,241.6 16,600.6 14,989.2 14,439.1 4,530.9 1,484.9 3,046.0 9,908.2 337.8 212.3 114.9 97.5 1,611.4 9.7 1,471.1 44.9 1,426.2 709.5 2,910.9 1,611.3 1,299.6 5,633.9 5,570.5 1,074.8 821.6 654.2 1,039.4 144.4 1,836.1 63.3 1,405.9 2,099.0 18,249.6 13,477.7 12,989.7 4,349.9 1,468.3 2,881.7 8,639.8 273.6 214.4 114.4 100.0 4,772.0 26.1 1,760.7 69.2 1,691.5 714.5 2,851.7 1,597.6 1,254.2 4,369.4 4,310.5 1,080.2 825.8 690.4 767.8 147.4 799.0 58.9 1,458.7 2,181.8 17,595.7 14,774.3 14,293.8 4,867.2 1,753.3 3,113.9 9,426.6 274.4 206.1 114.3 91.8 2,821.3 16.0 1,730.0 108.5 1,621.5 710.0 2,909.6 1,610.3 1,299.2 3,729.5 3,670.2 1,088.8 821.0 678.3 299.9 149.5 632.7 59.2 1,501.3 2,259.8 17,282.2 14,936.8 14,467.6 4,867.3 1,759.2 3,108.1 9,600.4 255.9 213.2 114.8 98.4 2,345.5 13.6 1,714.0 73.0 1,640.9 716.9 2,898.8 1,630.2 1,268.7 5,982.5 5,920.6 1,106.3 814.1 695.9 565.8 152.4 2,586.0 62.0 1,533.8 2,318.7 19,548.6 15,475.6 15,005.4 5,245.0 1,957.8 3,287.2 9,760.4 255.3 214.8 115.3 99.5 4,073.0 20.8 1,846.9 112.3 1,734.6 719.0 2,936.8 1,646.1 1,290.7 4,309.4 4,237.1 1,109.5 815.3 712.9 482.1 156.5 960.8 72.3 1,557.3 2,427.5 18,124.4 16,156.4 15,672.6 5,512.0 2,083.8 3,428.2 10,160.6 267.8 216.1 115.8 100.3 1,968.0 10.9 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 13,905.6 13,833.7 14,070.2 13,317.7 13,820.2 14,129.7 14,061.1 14,156.1 45 14,755.2 15,672.8 14,962.7 16,516.9 15,782.4 15,443.0 17,304.3 15,796.2 46 49,370 44,913 328,527 52,800 47,471 330,152 50,377 45,406 329,529 55,319 50,067 329,898 53,261 47,772 330,368 52,241 46,682 330,815 59,057 52,277 331,011 54,722 47,693 331,209 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 30, 2021 Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Line 2020 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 May -465.0 67.9 60.5 54.1 6.7 7.5 47.5 11.7 35.8 6.4 7.4 3.5 3.8 June 26.1 85.9 76.8 63.6 4.3 0.6 59.3 13.3 45.9 13.3 9.0 4.4 4.7 1 2 3 4 5 6 7 8 9 10 11 12 13 Line p Nov. -193.9 133.5 116.1 116.1 24.6 22.8 91.5 22.1 69.5 0.0 17.4 11.3 6.1 Dec. 127.3 92.6 76.3 75.8 17.9 11.9 58.0 2.3 55.7 0.4 16.4 11.5 4.9 -192.5 -71.4 -121.1 -5.7 38.5 4.9 33.6 -154.1 -154.2 -3.7 -2.1 -3.9 -10.8 0.7 -134.4 0.1 13.6 29.5 -223.3 -91.7 -78.7 -57.9 -30.3 -27.6 -20.8 -13.2 0.2 0.2 0.0 -131.6 -75.3 -9.0 -66.3 -7.1 65.0 2.5 62.5 62.0 61.9 1.9 -2.5 3.4 33.9 0.5 24.7 0.1 9.9 30.7 96.6 -90.3 -77.8 -93.9 -43.8 -50.1 16.1 -12.7 0.3 0.3 0.0 186.9 28.1 -11.8 39.9 5.9 -79.6 8.3 -87.8 1,992.4 1,990.4 15.0 -3.0 9.3 255.3 1.2 1,712.6 2.0 22.3 11.4 1,930.9 475.7 468.4 380.0 192.8 187.3 88.3 6.1 1.2 0.1 1.1 1,455.2 50.0 5.7 44.3 7.3 15.1 8.2 6.8 -1,588.8 -1,589.4 2.1 -1.9 7.7 -16.7 1.1 -1,581.8 0.6 -5.6 13.2 -1,562.7 -152.0 -158.3 -150.0 -75.8 -74.2 -8.3 6.1 0.1 0.1 0.0 -1,410.7 110.4 19.1 7.0 19.3 103.4 -0.2 8.2 -3.0 7.9 13.7 8.2 3.9 -0.4 9.8 3,989.8 -3,401.8 3,989.2 -3,402.4 3.1 -1.4 -0.7 0.4 6.8 6.1 8.0 -49.1 1.2 1.4 3,970.8 -3,359.8 0.6 0.6 8.6 11.2 25.5 53.1 4,161.9 -3,342.3 765.6 175.2 759.3 171.1 538.9 25.1 287.1 29.9 251.8 -4.8 220.4 146.0 6.1 3.2 0.1 0.9 0.1 0.2 0.0 0.8 3,396.3 -3,517.6 25.5 13.3 12.2 -3.2 13.1 3.9 9.3 -560.6 -561.2 0.6 1.5 4.2 -24.5 1.6 -544.6 0.6 7.8 37.0 -502.0 -10.5 -13.8 -115.8 -90.0 -25.8 101.9 3.2 0.2 0.2 0.0 -491.5 19.5 13.3 6.1 -2.0 15.9 3.8 12.0 -83.6 -109.6 4.4 2.6 2.9 -54.1 1.5 -66.9 26.1 9.5 28.7 -2.6 158.7 155.4 29.3 -30.2 59.5 126.1 3.2 0.2 0.2 0.0 -161.3 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 -37.4 -201.8 4.1 27.2 -87.9 1,668.4 -3.0 -1,430.8 95.3 3,579.3 12.3 -518.8 22.6 -82.4 44 45 5 Disposable personal income, billions of chained (2012) dollars Seasonally adjusted at annual rates 2021 Jan. Feb. March April 1,942.3 -1,549.5 4,187.4 -3,289.3 17.6 -38.6 79.7 94.0 6.8 -36.2 71.6 87.6 0.5 -32.7 65.6 81.1 -2.9 -5.0 16.0 2.1 -4.6 -0.9 8.2 -4.7 3.5 -27.7 49.6 79.1 11.2 -12.5 18.0 13.2 -7.7 -15.1 31.6 65.8 6.3 -3.5 6.0 6.4 10.8 -2.4 8.1 6.4 -0.9 1.0 4.1 0.8 11.7 -3.4 4.0 5.6 5 16.0 -3,040.1 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 30, 2021 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 Farm 16 Nonfarm 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets 19 Personal interest income 20 Personal dividend income 21 Personal current transfer receipts 22 Government social benefits to persons 2 23 Social security 3 24 Medicare 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other 29 Other current transfer receipts, from business (net) 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 4 39 Personal interest payments 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2012) dollars 45 718.4 488.2 423.0 374.2 62.8 27.0 311.4 54.4 257.0 48.8 65.2 40.3 24.9 1,203.2 124.4 120.6 76.3 -17.6 -6.1 93.9 27.6 66.3 44.3 3.9 -10.2 14.1 Q1 193.7 148.8 138.5 106.5 1.9 -0.6 104.7 20.2 84.5 31.9 10.3 2.0 8.3 Seasonally adjusted at annual rates 2020 2021 Line Q2 Q3 Q4 Q1 Q2 1,506.5 -571.2 -235.4 2,325.3 -1,315.5 1 -726.3 510.5 424.5 124.7 208.2 2 -625.1 431.4 372.7 96.2 189.2 3 -577.6 400.2 375.1 89.9 171.2 4 -110.8 74.4 57.7 19.2 16.9 5 -53.2 29.5 40.5 13.0 5.7 6 -466.8 325.8 317.4 70.7 154.3 7 -81.5 80.9 59.0 17.7 33.3 8 -385.3 244.9 258.4 53.0 121.0 9 -47.5 31.2 -2.4 6.3 18.0 10 -101.2 79.2 51.8 28.6 18.9 11 -73.2 54.4 33.4 12.6 7.7 12 -28.0 24.8 18.3 16.0 11.3 13 18.5 -0.5 19.0 10.2 99.7 37.0 62.7 162.8 157.0 58.3 50.8 24.2 -0.2 11.2 12.6 5.7 61.0 128.8 589.6 542.7 515.1 125.2 44.1 81.1 389.9 19.4 8.2 4.6 3.6 46.8 51.1 31.7 19.4 19.5 -55.9 -37.7 -18.2 1,102.0 1,098.1 47.2 33.5 43.2 509.1 14.6 450.5 3.9 38.0 -9.6 1,212.8 -437.0 -381.1 174.9 103.1 71.8 -556.0 -54.9 -0.9 -4.0 3.1 1,649.7 11.5 7.5 4.0 13.2 -5.7 -15.8 10.1 56.5 55.9 25.0 7.1 -14.3 12.7 4.3 21.2 0.5 30.6 18.4 175.3 -227.7 -214.9 -9.8 -54.3 44.4 -205.0 -7.2 -5.6 -4.0 -1.6 403.0 -167.2 -13.2 -154.0 -2.7 -65.5 -26.9 -38.6 2,402.1 2,396.8 6.9 13.1 48.1 999.9 3.6 1,325.2 5.3 -66.1 -142.6 1,649.1 -1,511.5 -1,449.4 -181.0 -16.7 -164.4 -1,268.3 -64.2 2.0 -0.5 2.5 3,160.6 289.7 24.4 265.3 5.0 -59.1 -13.7 -45.4 -1,264.5 -1,260.1 5.4 4.2 36.1 -271.6 3.0 -1,037.2 -4.4 52.8 82.7 -654.0 1,296.7 1,304.1 517.3 285.0 232.2 786.8 0.9 -8.3 0.0 -8.3 -1,950.6 -30.7 39.3 -70.0 -4.5 57.9 12.8 45.1 -639.9 -640.2 8.6 -4.8 -12.0 -467.9 2.2 -166.2 0.3 42.7 78.0 -313.5 162.4 173.8 0.1 5.9 -5.8 173.7 -18.5 7.1 0.5 6.7 -475.9 -16.1 -35.5 19.4 6.9 -10.7 19.8 -30.6 2,253.1 2,250.3 17.5 -6.8 17.6 265.9 2.9 1,953.3 2.8 32.5 59.0 2,266.4 538.8 537.8 377.8 198.7 179.1 160.1 -0.6 1.6 0.5 1.1 1,727.6 132.9 39.2 93.7 2.1 37.9 16.0 22.0 -1,673.2 -1,683.5 3.2 1.1 17.0 -83.7 4.1 -1,625.2 10.3 23.4 108.7 -1,424.2 680.8 667.1 267.0 126.0 141.0 400.1 12.5 1.3 0.5 0.8 -2,105.0 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 43 307.1 325.8 -71.9 917.6 80.6 112.2 -752.6 1,554.2 502.5 -734.6 309.5 -339.4 -68.6 1,861.3 95.0 -1,508.0 44 45 2019 Line 5 Disposable personal income, billions of chained (2012) dollars 5 2020 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 30, 2021 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2020 2021 Nov. Dec. Jan. Based on current-dollar measures Feb. 1 Personal income -1.0 0.7 9.9 2 Compensation of employees 1.1 0.8 0.1 3 Wages and salaries 1.2 0.8 0.1 4 Supplements to wages and salaries 0.8 0.8 0.5 5 Proprietors' income with inventory valuation and capital consumption adjustments -10.2 -4.5 1.7 -0.8 -1.0 0.8 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets 1.3 2.2 -2.7 8 Personal interest income 0.3 0.2 0.5 9 Personal dividend income 2.7 4.8 -6.5 10 Personal current transfer receipts -4.0 1.7 53.6 0.9 0.7 1.5 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 1.3 1.4 0.5 13 Equals: Disposable personal income -1.3 0.6 11.2 Addenda: 14 Personal consumption expenditures -0.5 -0.5 3.3 15 Goods -1.2 -1.9 7.9 16 Durable goods -1.7 -2.5 11.2 17 Nondurable goods -0.9 -1.6 6.1 18 Services -0.2 0.2 0.9 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income -0.3 -1.3 0.0 0.2 March Line April May June p -7.2 -0.3 -0.4 -0.1 21.0 0.7 0.7 0.4 -13.6 0.8 0.9 0.3 -2.2 0.6 0.6 0.3 0.1 0.7 0.8 0.4 1 2 3 4 3.0 1.0 0.5 0.5 0.5 -27.8 -0.4 0.6 -8.1 6.5 1.1 0.3 0.5 0.0 96.8 0.6 1.1 23.6 1.1 -0.4 0.5 0.2 0.8 -41.9 0.7 2.3 -15.3 1.4 -0.4 0.4 0.2 0.7 -11.9 0.5 1.5 -2.7 1.1 -0.3 0.5 0.2 0.9 -2.0 0.6 1.2 0.0 5 6 7 8 9 10 11 12 13 -1.1 -2.9 -4.0 -2.3 -0.1 5.2 10.7 15.6 7.9 2.3 1.1 0.5 1.4 -0.1 1.5 -0.1 -2.1 -4.2 -0.8 1.0 1.0 0.5 -1.5 1.8 1.2 14 15 16 17 18 0.0 -8.4 0.7 22.9 0.1 -15.8 0.1 -3.2 0.2 -0.5 19 20 -0.6 10.8 p Preliminary Source: U.S. Bureau of Economic Analysis July 30, 2021 Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2019 2020 2020 Q1 Q2 Line 2021 Q3 Q4 Q1 Q2 Based on current-dollar measures 1 Personal income 4.1 6.5 4.2 2 Compensation of employees 4.5 1.1 5.2 3 Wages and salaries 4.8 1.3 6.0 4 Supplements to wages and salaries 3.2 0.2 1.9 5 Proprietors' income with inventory valuation and capital consumption adjustments 1.2 3.2 2.9 6 Rental income of persons with capital consumption adjustment 1.5 2.8 7.8 7 Personal income receipts on assets 3.5 -1.9 -0.8 8 Personal interest income 2.3 -2.3 -3.8 9 Personal dividend income 5.0 -1.4 3.1 10 Personal current transfer receipts 5.5 35.1 7.3 4.5 2.7 8.8 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 6.2 -0.4 3.4 13 Equals: Disposable personal income 3.8 7.5 4.3 Addenda: 14 Personal consumption expenditures 3.7 -2.6 -5.7 15 Goods 2.9 3.9 -0.9 16 Durable goods 3.0 6.8 -13.4 17 Nondurable goods 2.8 2.4 6.1 18 Services 4.1 -5.6 -7.9 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 2.3 2.3 Source: U.S. Bureau of Economic Analysis - 11 - -0.5 6.2 2.3 3.1 36.0 -22.5 -23.6 -17.5 -10.8 19.8 20.6 16.4 -4.7 15.5 16.8 10.1 56.8 4.2 4.0 5.3 -22.0 7.1 7.9 3.5 1 2 3 4 -35.0 -1.5 -8.5 -6.4 -11.0 823.5 -16.8 -23.1 46.1 105.2 2.8 -7.9 -3.4 -13.3 -63.8 15.9 16.7 -13.6 -6.8 -2.5 8.4 3.2 15.2 -46.9 12.2 15.1 -6.9 -3.7 3.9 -1.5 5.0 -9.1 562.1 9.0 10.9 63.7 34.8 1.2 5.3 4.0 7.1 -73.1 6.2 20.1 -26.1 5 6 7 8 9 10 11 12 13 -34.5 -15.0 -4.4 -19.9 -42.2 46.6 56.7 103.3 36.3 41.7 5.0 0.0 1.3 -0.7 7.6 15.7 34.9 53.4 25.1 6.8 19.0 22.0 28.3 18.3 17.4 14 15 16 17 18 -19.7 48.5 16.0 -16.6 9.3 -8.3 -1.9 57.6 2.7 -30.6 19 20 July 30, 2021 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2020 2021 Nov. Dec. Jan. Feb. March April Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 12,943.5 12,824.6 13,201.3 13,025.4 13,621.3 13,691.5 Goods 5,173.4 5,056.1 5,421.0 5,242.9 5,766.0 5,741.7 Durable goods 2,044.4 1,990.2 2,210.1 2,116.8 2,433.6 2,422.3 Nondurable goods 3,161.7 3,096.9 3,253.9 3,164.7 3,389.3 3,375.0 Services 7,917.1 7,898.6 7,961.9 7,938.8 8,079.6 8,163.4 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) -72.1 -119.0 376.8 -175.9 595.8 70.3 Goods -62.1 -117.2 364.9 -178.1 523.1 -24.3 Durable goods -30.3 -54.1 219.9 -93.3 316.7 -11.2 Nondurable goods -32.9 -64.8 157.0 -89.1 224.6 -14.4 Services -18.1 -18.5 63.3 -23.1 140.8 83.8 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) -0.6 -0.9 2.9 -1.3 4.6 0.5 Goods -1.2 -2.3 7.2 -3.3 10.0 -0.4 Durable goods -1.5 -2.6 11.1 -4.2 15.0 -0.5 Nondurable goods -1.0 -2.0 5.1 -2.7 7.1 -0.4 Services -0.2 -0.2 0.8 -0.3 1.8 1.0 June p May Line 13,610.7 5,578.5 2,278.4 3,344.8 8,217.2 13,675.7 5,567.2 2,221.5 3,384.5 8,286.4 1 2 3 4 5 -80.8 -163.2 -144.0 -30.1 53.7 65.0 -11.3 -56.9 39.7 69.2 6 7 8 9 10 -0.6 -2.8 -5.9 -0.9 0.7 0.5 -0.2 -2.5 1.2 0.8 11 12 13 14 15 p Preliminary Source: U.S. Bureau of Economic Analysis July 30, 2021 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 2019 2020 2020 Q1 Q2 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 13,126.3 12,629.9 13,014.5 11,756.4 Goods 4,723.0 4,942.5 4,790.2 4,665.8 Durable goods 1,749.7 1,884.3 1,738.3 1,731.8 Nondurable goods 2,988.1 3,080.5 3,061.8 2,949.1 Services 8,443.7 7,808.5 8,284.4 7,217.3 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 281.3 -496.4 -234.5 -1,258.1 Goods 153.7 219.5 3.3 -124.4 Durable goods 71.5 134.6 -56.3 -6.6 Nondurable goods 84.5 92.4 51.7 -112.7 Services 138.1 -635.2 -221.5 -1,067.1 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 2.2 -3.8 -6.9 -33.4 Goods 3.4 4.6 0.3 -10.0 Durable goods 4.3 7.7 -12.0 -1.5 Nondurable goods 2.9 3.1 7.1 -13.9 Services 1.7 -7.5 -10.0 -42.4 Source: U.S. Bureau of Economic Analysis - 12 - 2021 Q3 Q4 Q1 Line Q2 12,820.8 5,158.9 2,030.6 3,159.9 7,815.2 12,927.9 5,155.0 2,036.4 3,151.1 7,917.0 13,282.7 5,476.6 2,253.5 3,269.3 7,993.4 13,659.3 5,629.1 2,307.4 3,368.1 8,222.3 1 2 3 4 5 1,064.4 493.1 298.8 210.8 597.8 107.1 -3.9 5.8 -8.8 101.8 354.8 321.6 217.1 118.3 76.5 376.6 152.4 53.9 98.8 228.9 6 7 8 9 10 41.4 49.5 89.0 31.8 37.5 3.4 -0.3 1.2 -1.1 5.3 11.4 27.4 50.0 15.9 3.9 11.8 11.6 9.9 12.6 12.0 11 12 13 14 15 July 30, 2021 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) 2020 Nov. Dec. Jan. Feb. Chain-type price indexes (2012=100), seasonally adjusted 111.790 112.220 112.570 112.878 94.331 94.662 95.311 95.694 86.339 86.486 86.617 86.857 98.547 98.992 99.980 100.456 121.109 121.597 121.742 121.992 Line 2021 March Personal consumption expenditures (PCE) 113.518 1 96.365 2 Goods Durable goods 3 87.363 Nondurable goods 4 101.233 122.594 5 Services Addenda: PCE excluding food and energy 6 114.134 114.494 114.746 114.899 115.383 7 108.606 108.769 108.692 108.913 109.102 Food 1 8 78.967 81.151 84.033 87.311 91.594 Energy goods and services 2 9 109.069 109.374 109.751 110.144 110.734 Market-based PCE 3 10 111.300 111.501 111.770 112.000 112.404 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) 0.0 0.4 0.3 0.3 0.6 11 0.0 0.4 0.7 0.4 0.7 12 Goods Durable goods 13 -0.2 0.2 0.2 0.3 0.6 Nondurable goods 14 0.2 0.5 1.0 0.5 0.8 0.0 0.4 0.1 0.2 0.5 15 Services Addenda: PCE excluding food and energy 16 0.0 0.3 0.2 0.1 0.4 17 -0.1 0.2 -0.1 0.2 0.2 Food 1 0.8 2.8 3.6 3.9 4.9 18 Energy goods and services 2 19 0.0 0.3 0.3 0.4 0.5 Market-based PCE 3 20 0.0 0.2 0.2 0.2 0.4 Market-based PCE excluding food and energy 3 Line April May June p 114.180 97.195 88.968 101.514 123.123 114.753 97.952 90.610 101.653 123.558 115.342 98.671 91.559 102.218 124.048 1 2 3 4 5 116.123 109.484 91.359 111.284 113.023 116.750 109.843 91.335 111.762 113.546 117.275 110.671 92.696 112.325 114.032 6 7 8 9 10 0.6 0.9 1.8 0.3 0.4 0.5 0.8 1.8 0.1 0.4 0.5 0.7 1.0 0.6 0.4 11 12 13 14 15 0.6 0.4 -0.3 0.5 0.6 0.5 0.3 0.0 0.4 0.5 0.4 0.8 1.5 0.5 0.4 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, 2021 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago 2020 Line Nov. 1 Disposable personal income 2 Personal consumption expenditures Goods 3 Durable goods 4 Nondurable goods 5 Services 6 Dec. 3.2 -2.4 7.9 13.4 5.1 -7.1 3.7 -3.3 5.5 10.2 3.0 -7.2 Jan. 13.9 -0.8 12.8 21.7 8.1 -6.8 Feb. 3.7 -2.2 9.1 16.9 5.1 -7.2 2021 March April 29.4 -5.8 9.6 25.5 21.1 37.3 53.2 70.6 7.2 22.4 4.1 19.8 May -4.2 15.0 16.9 25.8 12.2 14.0 June p -3.0 9.2 10.3 13.0 8.9 8.6 Line 1 2 3 4 5 6 p Preliminary Source: U.S. Bureau of Economic Analysis July 30, 2021 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 2020 Nov. 2021 Dec. Jan. Feb. 1.1 -0.6 0.6 -1.2 1.9 1.3 -0.2 1.4 -0.9 2.0 1.4 0.3 1.4 -0.1 1.9 1.6 0.9 1.4 0.7 2.0 March 2.5 2.5 2.4 2.6 2.4 1.4 3.7 -10.0 1.0 1.3 1.5 3.9 -7.7 1.1 1.3 1.5 3.5 -4.5 1.3 1.4 1.5 3.3 1.9 1.6 1.4 2.0 3.0 13.3 2.4 1.8 3.6 4.5 5.5 4.0 3.1 4.0 5.4 6.9 4.5 3.2 June p 4.0 5.2 7.2 4.1 3.3 3.1 1.1 24.3 3.2 2.5 3.4 0.7 27.3 3.5 2.9 3.5 0.9 24.2 3.7 3.1 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 30, 2021 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 1 and insurance funds 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 16 17 Farm Nonfarm Rental income of persons with capital consumption adjustment 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 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 2 Personal interest payments Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer 39 3 receipts, billions of chained (2012) dollars 2016 -63.8 2.3 2.1 2.3 0.0 0.0 2.3 -0.2 2.5 -0.2 0.1 Billions of dollars 2017 2018 2019 -98.4 -145.8 -127.1 3.6 9.4 15.3 3.2 6.3 14.2 3.0 7.4 14.8 -0.1 0.1 1.7 -0.1 0.1 0.3 3.1 7.3 13.0 -0.1 0.5 0.3 3.1 6.8 12.7 0.2 -1.1 -0.6 0.4 3.1 1.1 2020 -100.3 81.5 73.6 24.6 3.0 8.3 21.6 3.3 18.3 49.0 7.9 Percent of previously published Line 2016 2017 2018 2019 2020 -0.4 -0.6 -0.8 -0.7 -0.5 1 0.0 0.0 0.1 0.1 0.7 2 0.0 0.0 0.1 0.2 0.8 3 0.0 0.0 0.1 0.2 0.3 4 0.0 0.0 0.0 0.1 0.2 5 0.0 0.0 0.0 0.0 0.9 6 0.0 0.1 0.1 0.2 0.3 7 0.0 0.0 0.0 0.0 0.2 8 0.1 0.1 0.1 0.3 0.4 9 0.0 0.0 -0.1 0.0 3.4 10 0.0 0.0 0.2 0.1 0.4 11 0.4 0.5 3.6 0.6 7.3 0.0 0.0 0.3 0.0 0.5 12 -0.3 -0.1 -0.5 0.5 0.5 0.0 0.0 -0.1 0.1 0.1 13 -1.5 -3.2 -5.5 -58.8 -45.1 -0.1 -0.2 -0.3 -3.5 -2.7 14 -2.0 0.5 -2.1 -1.1 -4.1 -1.4 -11.2 -47.6 5.5 -50.6 -5.4 0.0 -5.0 -0.1 -9.5 -0.1 -22.6 -3.0 8.5 -3.1 15 16 -56.0 -69.2 -77.4 -95.0 -90.2 -8.2 -9.6 -10.2 -12.1 -11.2 17 -9.1 -9.1 0.0 0.2 0.2 0.1 -30.6 -24.2 -6.3 1.3 1.4 -0.1 -78.4 -26.6 -51.8 6.0 3.2 2.8 0.1 -25.4 25.5 13.9 5.1 8.8 -0.7 -25.8 25.2 -27.6 -40.3 12.7 -0.4 -0.6 0.0 0.0 0.0 0.1 -1.1 -1.5 -0.5 0.0 0.0 -0.2 -2.7 -1.6 -4.0 0.2 0.1 6.0 0.0 -1.5 2.0 0.4 0.2 18.6 0.0 -1.6 2.0 -0.6 -1.0 27.0 18 19 20 21 22 23 -0.3 0.4 0.0 2.6 18.3 0.0 0.0 0.0 0.2 1.3 24 0.3 -64.2 -77.0 -76.7 -6.5 -5.0 -1.5 -70.2 -0.2 0.0 0.0 0.0 12.8 2.3 -100.7 -106.1 -101.2 -13.7 -14.0 0.3 -87.5 -5.7 0.9 0.3 0.5 5.4 -9.0 -136.8 -90.5 -79.8 -18.1 -12.4 -5.8 -61.6 -11.9 1.2 2.5 -1.3 -46.4 2.2 -129.4 -135.9 -115.9 -33.3 -21.1 -12.2 -82.6 -22.0 2.0 3.4 -1.4 6.6 -7.1 0.0 0.1 -0.4 0.1 -0.3 -93.2 -0.5 -0.7 -0.9 -0.8 -0.5 -103.7 -0.6 -0.8 -0.6 -0.9 -0.7 -97.8 -0.6 -0.8 -0.6 -0.8 -0.7 -5.0 -0.2 -0.3 -0.4 -0.7 -0.1 -2.5 -0.4 -1.0 -0.8 -1.4 -0.2 -2.4 -0.1 0.0 -0.2 -0.4 -0.1 -92.8 -0.8 -1.0 -0.6 -0.8 -1.0 -13.7 -0.1 -1.9 -3.6 -6.1 -4.6 7.8 0.0 0.4 0.6 0.9 3.8 1.8 0.0 0.3 2.3 2.9 1.6 6.0 0.0 0.6 -1.4 -1.5 6.6 10.5 ............. ............. ............. ............. ............. 25 26 27 28 29 30 31 32 33 34 35 36 37 0.1 0.1 -0.2 0.1 0.2 ............. ............. ............. ............. ............. 38 -64.9 -102.4 -150.3 -137.3 -74.0 -0.5 -0.8 -1.1 -1.0 -0.5 39 -65.2 -103.9 -137.0 -127.2 -93.5 -0.5 -0.7 -0.9 -0.9 -0.6 40 -198 -202 0 -310 -320 0 -418 -420 0 -393 -388 0 -282 -284 0 -0.5 -0.5 0 -0.7 -0.7 0 -0.9 -0.9 0 -0.8 -0.9 0 -0.5 -0.6 0 41 42 43 Disposable personal income: 40 41 42 43 Total, billions of chained (2012) dollars Per capita: Current dollars Chained (2012) dollars Population (midperiod, thousands) 4 3 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 30, 2021 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continues Line Jan. 2016 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 20.5 26.4 58.3 64.3 19.2 23.6 0.2 1.3 6.2 7.0 74.3 73.3 37.0 38.2 33.5 34.1 -19.5 -9.7 30.8 38.9 20.1 27.2 79.1 79.8 19.8 22.4 13.6 16.1 38.5 46.7 44.2 45.3 33.3 35.0 77.3 80.9 66.9 65.0 53.4 52.9 18.9 17.2 37.5 37.4 33.4 34.4 29.2 41.8 64.7 69.0 55.4 60.4 57.0 57.2 57.2 66.7 51.8 61.3 21.4 29.5 42.8 40.9 36.9 35.4 25.5 35.1 66.8 65.1 55.0 54.3 109.3 100.2 7.7 7.2 7.6 7.2 6.9 6.6 6.8 6.8 6.8 1 2 3 4 5 6 6.9 7.0 6.5 7 Previously published 7.6 7.2 7.5 7.1 6.9 6.5 6.7 6.6 6.6 6.8 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 6.7 6.4 8 9 Personal income 0.1 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 0.2 0.2 0.1 0.3 0.4 0.2 0.4 0.4 11 Disposable personal income 0.4 0.0 0.2 0.1 0.1 0.2 0.4 0.2 0.4 0.4 12 Previously published 0.5 0.0 0.2 0.2 0.1 0.2 0.4 0.2 0.4 0.4 13 Personal consumption expenditures 0.2 0.6 -0.2 0.6 0.3 0.6 0.1 0.2 0.4 0.2 14 Previously published 0.2 0.6 -0.1 0.6 0.4 0.6 0.1 0.3 0.4 0.2 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 0.3 0.3 0.3 0.2 0.2 0.3 0.4 0.4 0.4 0.4 0.9 0.8 9 10 11 12 13 14 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published 0.2 0.2 0.2 0.2 0.2 0.2 0.7 0.6 15 16 17 18 8 Line 0.4 0.4 0.1 0.1 Jan. 0.1 0.1 0.7 0.7 0.0 0.1 -0.4 -0.2 -0.2 -0.1 0.3 0.3 -0.1 0.0 0.2 0.2 0.0 0.0 0.4 0.4 0.3 0.3 0.1 0.1 2017 Feb. March April May June July Seasonally adjusted at annual rates 0.1 0.1 0.1 0.2 Aug. 0.2 0.3 0.3 0.3 Sept. 0.1 0.2 -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 111.7 119.2 113.6 121.8 52.1 64.2 73.3 75.2 65.7 67.8 19.6 18.7 52.1 51.3 54.7 53.1 54.9 55.6 55.4 58.7 58.6 60.3 38.1 25.7 95.3 98.1 94.3 96.5 1.0 3.5 28.8 34.0 17.1 22.8 48.1 50.2 60.9 65.1 42.1 48.0 21.5 25.4 68.4 75.8 49.0 57.0 42.8 43.2 105.7 111.7 78.6 84.2 124.1 122.3 85.2 92.1 58.1 63.5 29.7 36.6 66.6 69.1 43.2 43.3 100.9 90.2 64.5 63.5 51.7 47.9 106.1 97.2 6.9 7.2 7.2 7.2 7.8 7.5 7.6 7.6 7.3 1 2 3 4 5 6 7.4 7.0 6.6 7 Previously published 6.7 7.0 7.0 7.1 7.6 7.4 7.5 7.6 7.3 7.4 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 7.0 6.6 8 9 Personal income 0.7 0.4 0.3 0.3 0.6 0.2 0.4 0.4 0.6 0.5 10 Previously published 0.7 0.5 0.3 0.4 0.6 0.2 0.4 0.4 0.7 0.5 11 Disposable personal income 0.8 0.5 0.4 0.4 0.6 0.1 0.3 0.3 0.5 0.4 12 Previously published 0.8 0.5 0.4 0.4 0.7 0.2 0.3 0.4 0.6 0.4 13 Personal consumption expenditures 0.4 0.2 0.4 0.3 0.0 0.4 0.2 0.3 0.9 0.2 14 Previously published 0.5 0.1 0.4 0.2 0.0 0.4 0.2 0.3 0.9 0.3 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 0.4 0.4 0.3 0.3 0.8 0.7 0.4 0.4 0.3 0.3 0.8 0.7 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 0.6 0.5 0.2 0.2 0.7 0.6 15 16 17 18 8 0.4 0.5 0.0 0.1 0.4 0.4 0.1 0.0 0.4 0.5 0.5 0.5 0.1 0.2 0.0 0.0 Source: U.S. Bureau of Economic Analysis - 15 - 0.7 0.7 0.0 0.0 0.0 0.0 0.3 0.3 0.3 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.5 0.5 0.2 0.3 0.1 0.1 July 30, 2021 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continues Line Jan. 2018 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 98.0 117.1 157.9 173.5 18.3 25.5 66.8 70.8 73.0 73.6 37.0 22.0 64.6 69.8 76.1 78.6 67.9 73.3 54.4 54.3 71.5 69.3 84.3 64.1 70.2 74.1 75.2 78.5 62.8 77.9 77.6 83.3 66.6 73.2 40.8 36.4 93.0 95.7 67.4 72.7 49.7 58.2 71.0 68.7 55.5 55.7 51.9 53.8 21.5 13.8 21.6 16.3 16.2 6.1 52.9 44.1 64.3 58.0 88.9 85.5 7.4 7.6 7.6 7.4 7.5 7.6 7.6 7.6 7.6 33.9 191.2 27.9 182.1 35.8 179.4 31.1 171.2 68.2 -137.1 55.9 -118.9 1 2 3 4 5 6 7.4 7.2 9.0 7 Previously published 7.5 7.8 7.8 7.7 7.7 7.9 7.9 7.8 7.9 7.6 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 7.4 9.1 8 9 Personal income 0.6 0.4 0.4 0.3 0.4 0.4 0.5 0.4 0.1 0.3 10 Previously published 0.7 0.4 0.4 0.3 0.4 0.5 0.5 0.4 0.1 0.2 11 Disposable personal income 1.0 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.1 0.4 12 Previously published 1.1 0.5 0.5 0.4 0.5 0.5 0.5 0.4 0.1 0.4 13 Personal consumption expenditures 0.1 0.3 0.5 0.6 0.5 0.3 0.4 0.4 0.1 0.6 14 Previously published 0.2 0.2 0.5 0.5 0.6 0.3 0.4 0.4 0.0 0.6 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 0.2 0.2 0.2 0.2 0.5 0.4 1.1 1.0 1.1 1.1 -1.0 -0.8 9 10 11 12 13 14 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published 0.2 0.1 0.4 0.3 1.2 1.0 -0.9 -0.9 15 16 17 18 8 Line 0.7 0.8 -0.2 -0.1 Jan. 0.3 0.3 0.1 -0.1 0.3 0.4 0.3 0.4 0.2 0.2 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.1 0.4 0.4 0.3 0.3 2019 Feb. March April May June July Seasonally adjusted at annual rates 0.3 0.3 0.3 0.3 Aug. -0.1 -0.1 -0.1 -0.1 Sept. 0.2 0.2 0.4 0.5 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 36.2 40.8 -14.4 -8.8 53.8 92.9 67.5 66.5 46.0 44.5 13.4 12.5 62.0 56.7 33.3 28.0 126.5 133.9 24.7 32.3 3.0 10.8 84.9 73.2 13.2 15.1 5.0 8.1 42.9 49.8 27.6 35.3 27.7 38.0 53.5 62.8 24.1 21.7 41.6 43.6 61.7 56.1 87.5 85.5 90.2 90.2 49.0 38.9 42.2 28.6 45.1 31.0 28.3 22.3 65.3 48.4 53.9 34.4 43.2 55.3 8.7 8.8 8.2 7.7 7.4 7.2 7.0 7.2 7.3 95.6 94.7 84.3 79.8 59.8 24.3 -8.0 12.2 -13.6 2.4 18.7 43.5 1 2 3 4 5 6 7.4 7.5 7.3 7 Previously published 8.5 8.6 8.0 7.5 7.3 7.1 7.0 7.3 7.3 7.2 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 7.5 7.2 8 9 Personal income 0.2 0.4 0.3 0.1 0.1 0.2 0.1 0.5 0.2 0.4 10 Previously published 0.2 0.4 0.3 0.2 0.1 0.2 0.1 0.5 0.2 0.3 11 Disposable personal income -0.1 0.3 0.2 0.0 0.0 0.2 0.3 0.6 0.3 0.3 12 Previously published -0.1 0.3 0.2 0.1 0.1 0.2 0.3 0.6 0.2 0.2 13 Personal consumption expenditures 0.4 0.1 0.9 0.6 0.3 0.4 0.4 0.3 0.2 0.3 14 Previously published 0.7 0.1 0.9 0.5 0.3 0.4 0.4 0.3 0.2 0.4 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 0.5 0.5 0.5 0.5 0.4 0.2 0.0 0.1 -0.1 0.0 0.1 0.3 9 10 11 12 13 14 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published 0.4 0.4 0.3 0.1 -0.3 -0.2 -0.1 0.0 15 16 17 18 8 0.0 0.0 0.4 0.7 0.2 0.2 0.0 0.0 -0.1 -0.1 0.6 0.7 -0.4 -0.3 0.2 0.2 Source: U.S. Bureau of Economic Analysis - 16 - 0.0 -0.1 0.2 0.2 0.1 0.1 0.3 0.3 0.1 0.1 0.3 0.2 0.5 0.5 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.2 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Table Ends 2020 Line Jan. Feb. March April May June Seasonally adjusted at annual rates July 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 198.8 172.8 178.3 146.6 83.6 84.2 7.8 132.5 -360.1 2,325.5 143.0 -352.7 2,329.7 112.3 -290.6 2,475.1 116.9 -281.2 2,485.8 15.2 -1,023.0 -1,740.4 -3.1 -998.9 -1,766.4 8.3 13.1 33.8 -846.0 -847.0 -895.4 -888.8 1,036.3 1,053.3 -177.3 -213.5 -218.4 -247.6 831.3 849.2 24.8 19.3 174.6 -589.3 141.3 -549.6 155.0 -610.9 109.1 -578.1 239.9 141.3 210.1 172.5 18.7 15.0 141.5 137.9 127.2 116.4 211.2 185.6 14.3 -46.5 -193.9 -34.0 -183.8 -77.9 -223.3 -70.3 -203.5 64.3 -78.7 44.3 -94.3 127.3 132.6 96.6 116.8 -77.8 -81.7 1 2 3 4 5 6 13.6 13.0 14.0 7 7.6 8.3 12.9 33.7 24.7 19.0 18.4 14.6 14.1 13.5 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 13.1 14.2 8 9 Personal income 1.1 0.7 -1.9 12.5 -4.0 -0.9 0.9 -2.9 0.7 10 Previously published 0.9 0.8 -1.8 12.4 -4.0 -1.1 0.7 -2.7 0.7 11 Disposable personal income 1.1 0.7 -1.7 15.1 -4.7 -1.2 0.9 -3.4 0.7 12 Previously published 0.9 0.7 -1.7 15.0 -4.7 -1.4 0.6 -3.2 0.7 13 Personal consumption expenditures 0.6 0.1 -6.9 -12.6 8.6 6.4 1.7 1.0 1.5 14 Previously published 0.6 0.0 -6.7 -12.7 8.7 6.5 1.5 1.2 1.3 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates -0.2 -0.2 -0.4 -0.4 0.4 0.3 -1.0 -0.9 -1.3 -1.2 -0.5 -0.6 0.7 0.7 0.6 0.7 -0.5 -0.6 9 10 11 12 13 14 15 Real disposable personal income 16 Previously published 17 Real personal consumption expenditures 18 Previously published -0.5 -0.4 0.4 0.3 -1.3 -1.2 -0.6 -0.6 0.2 0.3 -0.9 -0.9 15 16 17 18 Line 1 2 3 4 5 6 7 8 0.9 0.7 0.4 0.4 0.6 0.6 0.0 -0.1 -1.5 -1.4 -6.7 -6.5 15.7 15.6 -12.2 -12.3 -4.9 -4.8 8.5 8.5 2021 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 April May -1.7 -1.8 5.9 5.9 Line 1,942.3 2,011.8 1,930.9 2,007.1 468.4 469.9 -1,549.5 -1,493.2 -1,562.7 -1,510.8 -158.3 -147.1 4,187.4 4,224.8 4,161.9 4,193.5 759.3 741.4 -3,289.3 -3,201.9 -3,342.3 -3,224.3 171.1 141.1 -465.0 -414.3 -502.0 -436.3 -13.8 2.9 1 2 3 4 5 6 20.2 14.0 26.9 12.7 10.3 7 20.7 14.8 27.6 14.5 12.4 8 -2.2 -2.0 -2.7 -2.3 -0.1 0.0 9 10 11 12 13 14 -3.2 -2.8 -0.6 -0.4 15 16 17 18 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income 10 Previously published 11 Disposable personal income 12 Previously published 13 Personal consumption expenditures 14 Previously published 9.9 10.2 11.2 11.5 3.3 3.3 -7.2 -6.9 -8.1 -7.8 -1.1 -1.0 21.0 20.9 23.6 23.4 5.2 5.0 -13.6 -13.1 -15.3 -14.6 1.1 0.9 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 10.8 11.2 2.9 3.0 -8.4 -8.1 -1.3 -1.3 22.9 22.8 4.6 4.4 -15.8 -15.1 0.5 0.3 Source: U.S. Bureau of Economic Analysis - 17 - 0.6 0.3 1.4 1.2 -3.7 -3.5 0.7 0.9 0.6 0.5 1.3 1.1 July 30, 2021 Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters)--Continues Line 2016 2017 2018 2019 Seasonally adjusted at annual rates 2020 Line 2016 Q1 Q2 Q3 Change from preceding period in billions of dollars: 1 Personal income 411.7 753.3 855.8 718.4 1,203.2 72.2 83.5 149.6 2 Previously published Disposable personal income 436.5 787.9 903.2 699.7 1,176.4 78.2 94.8 150.6 2 393.4 662.5 828.5 589.6 1,212.8 112.6 64.7 120.9 3 Previously published Personal consumption expenditures 418.5 699.0 864.7 582.1 1,176.6 118.1 74.6 124.7 4 429.8 545.8 674.4 515.1 -381.1 97.5 142.3 121.7 5 472.5 570.4 652.9 551.3 -399.3 105.6 155.9 133.6 6 7.0 7.3 7.6 7.6 16.6 7.5 6.9 6.8 7 6.9 7.2 7.8 7.5 16.4 7.4 6.8 6.6 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 2.6 4.7 5.1 4.1 6.5 1.8 2.1 3.8 9 2.8 4.9 5.3 3.9 6.3 2.0 2.4 3.8 10 11 Disposable personal income 2.9 4.7 5.6 3.8 7.5 3.3 1.9 3.5 11 12 3.0 4.9 5.8 3.7 7.2 3.4 2.1 3.6 12 3.5 4.3 5.1 3.7 -2.6 3.2 4.6 3.9 13 3.8 4.5 4.9 3.9 -2.7 3.4 5.1 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 1.8 16 2.8 3.4 2.3 6.2 3.1 -0.7 1.9 Previously published 17 Real personal consumption expenditures 2.0 3.1 3.6 2.2 5.9 3.1 -0.3 1.9 16 2.5 2.4 2.9 2.2 -3.8 3.0 2.0 2.4 17 18 2.8 2.6 2.7 2.4 -3.9 3.1 2.6 2.6 18 Previously published Seasonally adjusted at annual rates Line 2017 2016 Q4 Q1 Q2 Line 2018 Q3 Q4 Q1 Q2 Q3 Change from preceding period in billions of dollars: 1 Personal income 163.6 236.7 187.6 192.7 244.3 229.3 192.4 222.6 2 Previously published Disposable personal income 174.1 243.4 194.7 208.2 259.0 253.0 201.7 226.3 2 142.8 224.6 185.5 143.8 172.9 280.7 218.8 181.1 3 Previously published Personal consumption expenditures 154.8 232.7 190.2 161.4 183.5 295.2 222.9 190.2 4 122.5 164.9 98.0 123.7 229.3 170.0 197.3 137.8 5 138.4 173.7 88.1 129.7 225.1 159.5 184.4 146.4 6 3 4 5 6 7 8 Previously published Personal saving as a percentage of disposable personal income Previously published 1 6.8 7.1 7.5 7.5 7.0 7.5 7.5 7.6 7 6.6 6.9 7.4 7.5 7.0 7.7 7.8 7.9 8 Percent change from preceding period for current-dollar measures 9 4.1 5.9 4.6 4.7 5.9 5.4 4.5 5.2 9 4.4 6.1 4.8 5.0 6.2 6.0 4.7 5.2 10 11 Disposable personal income 4.1 6.4 5.2 4.0 4.7 7.7 5.8 4.7 11 12 4.4 6.6 5.3 4.4 5.0 8.0 5.9 4.9 12 3.9 5.2 3.0 3.8 7.1 5.1 5.9 4.0 13 4.4 5.5 2.7 4.0 6.9 4.8 5.5 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 2.1 16 4.1 4.0 2.4 2.0 4.9 3.4 3.3 Previously published 17 Real personal consumption expenditures 2.5 4.3 4.4 2.7 2.3 5.2 3.6 3.3 16 2.0 2.9 1.9 2.3 4.3 2.4 3.5 2.7 17 18 2.5 3.2 1.8 2.3 4.2 2.0 3.2 2.7 18 Previously published Source: U.S. Bureau of Economic Analysis - 18 - July 30, 2021 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 2019 2018 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 177.2 240.6 106.5 119.3 183.8 193.7 155.4 234.8 114.2 116.7 163.1 190.2 180.9 159.0 53.0 136.9 165.7 2021 Line Q3 Q4 Q1 1,506.5 -571.2 -235.4 2,325.3 1,506.3 -603.8 -203.6 2,451.7 2 175.3 1,649.1 -654.0 -313.5 2,266.4 3 Change from preceding period in billions of dollars: 1 2 3 4 Personal income Previously published Disposable personal income 1 165.2 154.8 62.4 142.1 139.1 159.0 1,662.2 -698.9 -282.2 2,407.8 4 5 Personal consumption expenditures 116.7 36.2 220.2 153.8 124.5 -214.9 -1,449.4 1,304.1 173.8 537.8 5 6 7 Previously published Personal saving as a percentage of disposable personal income 105.1 85.2 220.7 148.0 113.9 -213.7 -1,448.1 1,304.2 135.5 533.1 6 7.9 8.6 7.4 7.2 7.4 9.7 26.1 16.0 13.6 20.8 7 8.1 8.4 7.3 7.2 7.3 9.6 26.0 15.7 13.6 21.5 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 4.0 5.5 2.4 2.6 4.0 4.2 36.0 -10.8 -4.7 56.8 9 3.5 5.3 2.5 2.6 3.6 4.1 35.8 -11.3 -4.0 60.1 10 4.7 4.1 1.3 3.4 4.1 4.3 46.1 -13.6 -6.9 63.7 11 4.2 3.9 1.5 3.5 3.4 3.9 46.2 -14.4 -6.2 68.0 12 3.4 1.0 6.4 4.3 3.5 -5.7 -34.5 46.6 5.0 15.7 13 3.0 2.4 6.3 4.1 3.1 -5.7 -34.3 46.2 3.8 15.5 14 15 Percent change from preceding period for chained-dollar measures 15 Real disposable personal income 3.0 3.6 -1.4 2.3 2.4 3.1 48.5 -16.6 -8.3 57.6 16 2.8 3.3 -1.0 2.1 1.9 2.6 48.6 -17.4 -7.6 62.0 16 17 Real personal consumption expenditures 1.7 0.6 3.6 3.2 1.7 -6.9 -33.4 41.4 3.4 11.4 17 18 1.6 1.8 3.7 2.7 1.6 -6.9 -33.2 41.0 2.3 11.4 18 Previously published Previously published Source: U.S. Bureau of Economic Analysis - 19 -
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