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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Friday, July 28, 2023 Technical: Media: Lisa Mataloni (Personal Income) Kyle Brown (PCE Goods) Jeff Barnett (PCE Services) Connie O'Connell (301) 278-9083 (301) 278-9086 (301) 278-9663 (301) 278-9003 BEA 23–34 piniwd@bea.gov pce@bea.gov Connie.OConnell@bea.gov Personal Income and Outlays, June 2023 Personal income increased $69.5 billion (0.3 percent at a monthly rate) in June, according to estimates released today by the Bureau of Economic Analysis (table 3 and table 5). Disposable personal income (DPI), personal income less personal current taxes, increased $67.5 billion (0.3 percent) and personal consumption expenditures (PCE) increased $100.4 billion (0.5 percent). The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index also increased 0.2 percent (table 9). Real DPI increased 0.2 percent in June and real PCE increased 0.4 percent; goods increased 0.9 percent and services increased 0.1 percent (tables 5 and 7). 2023 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 0.4 0.4 0.3 0.5 0.3 0.6 0.3 0.5 0.3 0.3 0.0 0.5 0.4 0.3 0.2 0.3 0.0 0.1 0.0 0.6 0.3 0.2 0.1 0.5 0.4 0.3 0.3 0.1 0.3 0.3 0.4 0.1 0.3 0.2 0.2 Percent change from month one year ago 5.0 4.2 4.3 3.8 3.0 4.7 4.6 4.6 4.6 4.1 The increase in current-dollar personal income in June primarily reflected an increase in compensation that was partly offset by a decrease in personal income receipts on assets (table 3). The $100.4 billion increase in current-dollar PCE in June reflected an increase of $51.2 billion in spending for services and an increase of $49.1 billion in spending for goods (table 3). Within services, the largest contributors to the increase were financial services and insurance (led by portfolio management and investment advice services), housing and utilities (led by housing), and recreation services. Within goods, the largest contributors to the increase were motor vehicles and parts (led by new light trucks) and gasoline and other energy goods (led by motor vehicle fuels, lubricants, and fluids). Detailed information on monthly PCE spending can be found on Table 2.4.5U. Personal outlays, the sum of PCE, personal interest payments, and personal current transfer payments, increased $109.4 billion in June (table 3). Personal saving was $862.4 billion in June and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.3 percent (table 1). Prices From the preceding month, the PCE price index for June increased 0.2 percent (table 9). Prices for goods decreased 0.1 percent and prices for services increased 0.3 percent. Food prices decreased 0.1 percent and energy prices increased 0.6 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U. From the same month one year ago, the PCE price index for June increased 3.0 percent (table 11). Prices for goods decreased 0.6 percent and prices for services increased 4.9 percent. Food prices increased 4.6 percent and energy prices decreased 18.9 percent. Excluding food and energy, the PCE price index increased 4.1 percent from one year ago. Real PCE The increase of 0.4 percent in real PCE in June reflected increases of 0.9 percent in spending on goods and 0.1 percent in spending on services (table 7). Within goods, the largest contributors to the increase were motor vehicles and parts (led by new light trucks) and recreational goods and vehicles (led by video, audio, photographic and information processing equipment and media). Within services, the leading contributor to the increase was financial services and insurance (led by portfolio management and investment advice services). Detailed information on monthly real PCE spending can be found on Table 2.4.6U. - 2- Comprehensive Update of the National Economic Accounts BEA will release initial results from the 2023 comprehensive update of the National Economic Accounts, which include the National Income and Product Accounts as well as the Industry Economic Accounts, on September 28, 2023. The update will present revised statistics for GDP, GDP by Industry, and gross domestic income. Updated monthly personal income and outlays will be released on September 29, along with the August 2023 estimate. For details, refer to Information on Updates to the National Economic Accounts. Updates to Personal Income and Outlays Estimates have been updated for April and May. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are provided below. 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 57.9 57.6 0.3 0.3 91.2 104.1 0.4 0.5 57.8 -10.8 60.3 -5.2 0.3 -0.1 0.3 0.0 86.7 48.2 104.3 62.7 0.4 0.3 0.5 0.4 108.8 33.9 111.2 39.1 0.6 0.2 0.6 0.3 18.9 -3.7 32.9 7.9 0.1 0.0 0.2 0.1 * * * Next release: August 31, 2023, at 8:30 a.m. EDT Personal Income and Outlays, July 2023 - 3- Additional Information Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Resources Additional Resources available at www.bea.gov: • • • • • • For more definitions, refer to the Glossary: National Income and Product Accounts. Stay informed about BEA developments by reading The BEA Wire, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, refer to our online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, refer to the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, refer to the FAQ “How is average annual growth calculated?” and “Why does BEA publish percent changes in quarterly series at annual rates?” Definitions Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (months for monthly data, quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, refer to Chapter 4: Estimating Methods in the NIPA Handbook. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Chained-dollar values are calculated by multiplying the quantity index by the current-dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chaineddollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” - 4- Personal Income and Outlays News Release Tables Table 1. Table 2. Table 3. Table 4. Table 5. Table 6. Table 7. Table 8. Table 9. Table 10. Table 11. Personal Income and Its Disposition (Months) Personal Income and Its Disposition (Years and Quarters) Personal Income and Its Disposition, Change from Preceding Period (Months) Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Real Personal Consumption Expenditures by Major Type of Product (Months) Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago - 5- July 28, 2023 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] 2022 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 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government Supplements to wages and salaries 11 1 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons 2 Social security 3 Medicare Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services 4 Personal interest payments Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: Seasonally adjusted at annual rates 2023 r Jan. Feb. March April 22,432.0 22,520.6 22,605.1 22,662.7 13,948.8 13,980.9 14,026.9 14,093.5 11,515.6 11,541.3 11,579.8 11,637.4 9,855.1 9,874.0 9,904.7 9,952.6 1,813.2 1,810.2 1,819.1 1,831.2 1,063.4 1,057.5 1,062.2 1,069.8 8,041.9 8,063.7 8,085.6 8,121.5 1,774.0 1,780.4 1,774.8 1,783.7 6,267.9 6,283.3 6,310.8 6,337.8 1,660.5 1,667.3 1,675.1 1,684.7 2,433.2 2,439.6 2,447.1 2,456.1 1,647.1 1,652.1 1,657.3 1,662.8 Nov. 22,240.1 13,822.8 11,408.7 9,763.9 1,793.7 1,055.5 7,970.1 1,749.7 6,220.4 1,644.8 2,414.1 1,637.1 Dec. 22,281.9 13,832.7 11,412.7 9,762.3 1,789.6 1,046.9 7,972.7 1,745.6 6,227.2 1,650.4 2,420.0 1,642.9 777.0 777.1 786.1 787.6 789.8 1,882.7 1,888.6 1,903.5 1,913.0 100.9 1,781.9 810.6 3,424.7 1,788.7 1,636.0 4,002.2 3,932.8 1,224.3 941.5 796.9 20.6 164.0 785.4 69.5 1,703.1 3,213.6 19,026.5 18,362.3 17,735.0 5,974.1 2,167.3 3,806.8 11,760.9 402.6 224.7 117.1 107.6 664.1 3.5 102.8 1,785.8 820.0 3,433.5 1,811.6 1,622.0 4,010.8 3,941.2 1,223.6 949.7 800.6 21.6 164.8 780.9 69.6 1,703.8 3,202.1 19,079.7 18,377.4 17,736.5 5,901.5 2,134.9 3,766.5 11,835.0 416.1 224.8 117.2 107.6 702.3 3.7 99.7 1,803.8 831.8 3,444.8 1,810.1 1,634.8 4,030.0 3,959.0 1,335.3 955.8 821.8 21.9 165.4 658.7 71.0 1,726.9 2,920.9 19,511.1 18,725.8 18,076.6 6,104.4 2,288.2 3,816.2 11,972.1 425.8 223.4 117.5 105.9 785.3 4.0 96.7 1,816.3 844.8 3,446.4 1,808.2 1,638.2 4,065.9 3,994.6 1,340.2 960.9 840.0 22.8 166.3 664.5 71.3 1,730.3 2,901.5 19,619.1 18,783.1 18,123.9 6,098.0 2,258.2 3,839.8 12,025.9 435.5 223.7 117.8 105.9 836.1 4.3 14,607.0 14,604.2 14,623.3 15,238.7 15,250.6 56,917 45,586 334,287 57,053 45,603 334,420 Line r p May 22,766.8 14,165.7 11,700.0 10,005.0 1,840.9 1,073.6 8,164.1 1,784.0 6,380.1 1,695.0 2,465.7 1,668.5 June 22,836.3 14,242.7 11,766.7 10,060.8 1,849.8 1,082.0 8,211.0 1,799.2 6,411.7 1,705.9 2,476.1 1,674.7 1 2 3 4 5 6 7 8 9 10 11 12 793.4 797.2 801.4 13 1,911.8 1,900.3 1,905.0 1,911.4 14 93.6 1,818.2 858.4 3,466.6 1,806.0 1,660.6 4,076.6 4,005.0 1,344.8 964.7 856.2 23.6 167.0 648.6 71.6 1,735.2 2,896.1 19,708.9 18,807.7 18,138.7 6,034.5 2,230.2 3,804.3 12,104.2 445.1 223.9 118.0 105.9 901.2 4.6 89.8 1,810.5 861.0 3,485.3 1,819.1 1,666.2 4,064.8 3,992.9 1,349.1 966.0 867.3 23.6 167.1 619.8 71.9 1,742.1 2,893.5 19,769.2 18,927.3 18,249.9 6,090.9 2,254.8 3,836.1 12,159.0 453.9 223.5 118.3 105.3 841.9 4.3 86.0 1,819.1 863.7 3,502.6 1,832.4 1,670.2 4,079.5 4,007.3 1,354.0 967.3 875.0 23.1 166.9 620.9 72.2 1,749.7 2,893.3 19,873.5 18,969.2 18,282.8 6,073.1 2,252.7 3,820.3 12,209.7 462.6 223.8 118.5 105.3 904.3 4.6 82.2 1,829.3 867.3 3,495.7 1,845.9 1,649.8 4,077.1 4,004.6 1,357.5 968.7 879.0 22.6 166.9 609.8 72.5 1,758.0 2,895.3 19,941.0 19,078.6 18,383.2 6,122.2 2,284.6 3,837.6 12,261.0 471.4 224.0 118.8 105.3 862.4 4.3 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 14,622.7 14,664.3 14,669.5 14,721.6 14,754.4 45 15,504.7 15,545.3 15,598.6 15,593.4 15,656.1 15,683.9 46 58,323 46,347 334,533 58,628 46,454 334,637 58,876 46,597 334,753 59,034 46,564 334,880 59,322 46,733 335,013 59,496 46,795 335,163 47 48 49 Personal income excluding current transfer receipts, billions of chained (2012) dollars 5 Disposable personal income: 46 47 48 49 Total, billions of chained (2012) dollars Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) 5 p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis - 6- July 28, 2023 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2021 2022 2022 2023 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 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government Supplements to wages and salaries 11 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 21,294.8 12,538.5 10,290.1 8,746.0 1,601.8 960.1 7,144.2 1,593.7 5,550.5 1,544.1 2,248.4 1,550.3 21,777.2 13,564.5 11,189.6 9,575.8 1,753.2 1,037.7 7,822.6 1,724.3 6,098.3 1,613.8 2,374.9 1,612.5 Q1 21,319.8 13,259.7 10,925.5 9,337.8 1,705.4 1,013.3 7,632.4 1,697.0 5,935.4 1,587.8 2,334.2 1,589.6 698.1 762.4 744.6 753.6 774.0 777.4 787.8 797.3 1,753.6 1,848.3 1,811.4 1,835.4 1,863.5 1,882.9 1,909.5 1,905.6 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 51.3 1,702.2 723.8 3,202.4 1,658.6 1,543.9 4,617.3 4,546.4 1,114.6 880.6 735.6 320.9 154.2 1,340.5 71.0 1,540.8 2,661.7 18,633.1 16,389.8 15,902.6 5,496.5 2,060.2 3,436.3 10,406.1 274.4 212.8 110.3 102.4 2,243.4 12.0 91.7 1,756.6 781.9 3,343.9 1,726.6 1,617.3 3,910.7 3,839.6 1,211.5 920.4 783.7 20.3 160.8 742.9 71.1 1,672.1 3,196.6 18,580.6 17,922.5 17,357.2 5,941.3 2,185.5 3,755.9 11,415.8 341.6 223.7 115.7 108.0 658.1 3.5 74.4 1,737.0 744.9 3,269.9 1,670.8 1,599.1 3,868.7 3,797.7 1,198.7 908.0 763.1 23.6 157.7 746.6 71.1 1,634.7 3,145.5 18,174.4 17,389.5 16,874.8 5,843.2 2,183.9 3,659.3 11,031.6 293.5 221.3 114.1 107.2 784.9 4.3 95.7 1,739.7 775.9 3,323.0 1,708.6 1,614.4 3,883.2 3,809.1 1,206.9 911.8 789.5 18.6 159.7 722.7 74.1 1,654.4 3,188.5 18,389.8 17,798.7 17,261.3 5,953.6 2,181.8 3,771.9 11,307.7 313.1 224.2 115.4 108.8 591.1 3.2 95.9 1,767.6 794.9 3,358.8 1,738.1 1,620.7 3,892.8 3,823.0 1,214.6 920.3 786.1 18.5 161.7 721.7 69.8 1,695.6 3,236.5 18,733.0 18,124.5 17,542.7 5,988.6 2,195.8 3,792.7 11,554.1 357.1 224.7 116.4 108.3 608.5 3.2 100.9 1,782.0 811.8 3,424.0 1,789.0 1,635.0 3,998.2 3,928.7 1,225.6 941.6 796.2 20.4 164.0 780.8 69.5 1,703.7 3,216.2 19,025.1 18,377.2 17,749.9 5,980.0 2,180.4 3,799.6 11,769.9 402.6 224.7 117.0 107.6 647.9 3.4 96.7 1,812.8 845.0 3,452.6 1,808.1 1,644.5 4,057.5 3,986.2 1,340.1 960.5 839.4 22.8 166.2 657.3 71.3 1,730.8 2,906.2 19,613.1 18,772.2 18,113.1 6,079.0 2,258.9 3,820.1 12,034.1 435.5 223.7 117.8 105.9 840.9 4.3 86.0 1,819.6 864.0 3,494.5 1,832.5 1,662.1 4,073.8 4,001.6 1,353.5 967.3 873.8 23.1 167.0 616.8 72.2 1,749.9 2,894.0 19,861.3 18,991.7 18,305.3 6,095.4 2,264.0 3,831.3 12,209.9 462.6 223.8 118.5 105.3 869.5 4.4 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 14,424.3 14,544.9 14,507.5 14,453.7 14,610.2 14,609.8 14,636.8 14,715.2 45 16,115.7 15,126.3 15,108.8 15,021.2 15,140.6 15,236.1 15,549.6 15,644.4 46 56,065 48,490 332,351 55,698 45,343 333,595 54,581 45,375 332,978 55,171 45,065 333,321 56,121 45,359 333,799 56,913 45,579 334,282 58,609 46,466 334,641 59,284 46,697 335,019 47 48 49 45 Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons 2 Social security 3 Medicare Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services 4 Personal interest payments Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: Q2 21,578.3 13,415.2 11,058.0 9,457.7 1,732.8 1,027.9 7,724.9 1,701.0 6,023.9 1,600.4 2,357.1 1,603.6 Q3 21,969.5 13,755.0 11,361.0 9,737.3 1,781.7 1,055.2 7,955.6 1,748.2 6,207.3 1,623.8 2,394.0 1,620.0 Q4 22,241.3 13,828.1 11,413.9 9,770.7 1,793.0 1,054.6 7,977.6 1,751.0 6,226.6 1,643.3 2,414.2 1,636.8 Q1 22,519.2 13,985.5 11,545.6 9,877.9 1,814.2 1,061.0 8,063.7 1,776.4 6,287.3 1,667.6 2,440.0 1,652.1 Q2 22,755.3 14,167.3 11,701.3 10,006.1 1,840.6 1,075.1 8,165.5 1,789.0 6,376.5 1,695.2 2,466.0 1,668.7 1 2 3 4 5 6 7 8 9 10 11 12 13 Personal income excluding current transfer receipts, billions of chained (2012) dollars 5 Disposable personal income: 46 47 48 49 Total, billions of chained (2012) dollars Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) 5 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 28, 2023 Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Line 2022 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government 11 Supplements to wages and salaries 12 Employer contributions for employee pension and insurance funds 1 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 15 Farm 16 Nonfarm 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets 19 Personal interest income 20 Personal dividend income 21 Personal current transfer receipts 22 Government social benefits to persons 23 Social security 2 24 Medicare 3 25 Medicaid 26 Unemployment insurance 27 Veterans' benefits 28 Other 29 Other current transfer receipts, from business (net) 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes 32 Equals: Disposable personal income 33 Less: Personal outlays 34 Personal consumption expenditures 35 Goods 36 Durable goods 37 Nondurable goods 38 Services 39 Personal interest payments 4 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, 45 Seasonally adjusted at annual rates 2023 Jan. Feb. March April r 150.1 88.6 84.5 57.6 116.1 32.1 46.0 66.6 102.9 25.7 38.5 57.6 92.8 18.9 30.8 47.9 23.7 -3.0 8.9 12.0 16.5 -5.9 4.6 7.6 69.1 21.9 21.8 35.9 28.4 6.4 -5.6 8.9 40.7 15.4 27.4 27.0 10.1 6.8 7.7 9.7 13.2 6.4 7.5 9.0 4.3 4.9 5.2 5.5 Nov. 38.1 -6.1 -11.7 -21.9 -2.1 -5.9 -19.8 -8.0 -11.8 10.2 5.6 6.5 Dec. 41.8 9.9 4.0 -1.6 -4.1 -8.6 2.6 -4.2 6.7 5.6 5.9 5.8 -0.9 0.1 8.9 1.5 2.3 3.5 Line May r 104.1 72.2 62.6 52.4 9.8 3.8 42.6 0.3 42.3 10.2 9.6 5.8 June p 69.5 77.0 66.7 55.8 8.9 8.4 46.9 15.2 31.7 10.9 10.3 6.1 1 2 3 4 5 6 7 8 9 10 11 12 3.8 4.2 13 5.5 5.8 15.0 9.4 -1.1 -11.5 4.7 6.4 14 1.9 3.6 5.9 1.9 3.9 9.4 -3.1 18.0 11.8 -3.1 12.5 13.0 -3.1 1.9 13.6 -3.8 -7.7 2.6 -3.8 8.6 2.7 -3.8 10.2 3.6 15 16 17 10.9 22.1 -11.2 20.6 20.5 -4.8 7.7 5.7 1.8 0.8 9.4 0.1 -1.3 -19.1 57.3 -29.5 -43.1 -90.3 -71.6 -18.7 47.1 13.5 0.2 0.2 0.0 86.7 8.8 22.9 -14.0 8.6 8.5 -0.7 8.2 3.7 0.9 0.8 -4.5 0.1 0.7 -11.5 53.3 15.1 1.5 -72.7 -32.4 -40.3 74.1 13.5 0.1 0.1 0.0 38.1 11.3 -1.5 12.8 19.2 17.8 111.7 6.2 21.2 0.3 0.6 -122.2 1.3 23.2 -281.3 431.4 348.3 340.1 203.0 153.3 49.7 137.1 9.7 -1.4 0.3 -1.7 83.1 1.5 -1.9 3.4 35.9 35.6 4.9 5.0 18.2 0.9 0.9 5.8 0.3 3.4 -19.4 108.0 57.3 47.3 -6.5 -30.0 23.5 53.8 9.7 0.3 0.3 0.0 50.7 20.2 -2.2 22.5 10.7 10.4 4.6 3.8 16.2 0.8 0.8 -15.9 0.3 4.9 -5.4 89.8 24.7 14.8 -63.5 -28.1 -35.4 78.3 9.7 0.3 0.3 0.0 65.1 18.7 13.1 5.5 -11.8 -12.1 4.3 1.3 11.1 0.0 0.1 -28.8 0.3 6.9 -2.7 60.3 119.6 111.2 56.4 24.6 31.8 54.8 8.8 -0.4 0.3 -0.6 -59.3 17.3 13.3 4.0 14.7 14.4 4.9 1.3 7.8 -0.5 -0.2 1.1 0.3 7.6 -0.2 104.3 41.9 32.9 -17.8 -2.0 -15.8 50.7 8.8 0.2 0.2 0.0 62.4 -6.8 13.5 -20.3 -2.4 -2.7 3.5 1.4 4.0 -0.5 0.1 -11.1 0.3 8.3 2.0 67.5 109.4 100.4 49.1 31.9 17.2 51.2 8.8 0.3 0.3 0.0 -41.9 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 billions of chained (2012) dollars 5 -11.0 -2.9 19.2 -0.7 41.7 5.2 52.1 32.8 44 Disposable personal income, billions of chained (2012) dollars 5 19.8 11.9 254.1 40.6 53.3 -5.2 62.7 27.8 45 p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis - 8- July 28, 2023 Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] 2021 Line 2022 Seasonally adjusted at annual rates 2022 2023 Q2 Q3 Q4 Q1 258.4 391.2 271.8 278.0 155.5 339.8 73.1 157.4 132.5 303.0 52.9 131.7 119.9 279.6 33.4 107.3 27.4 48.9 11.4 21.2 14.7 27.2 -0.6 6.4 92.5 230.7 22.0 86.1 3.9 47.3 2.8 25.4 88.6 183.4 19.3 60.7 12.6 23.4 19.5 24.4 22.9 36.8 20.2 25.8 13.9 16.4 16.9 15.3 Line 1 Personal income Compensation of employees 2 Wages and salaries 3 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government Supplements to wages and salaries 11 1 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital consumption adjustments 1,462.5 945.7 832.7 783.1 86.2 55.8 696.9 151.3 545.6 49.7 113.0 74.0 482.4 1,026.0 899.5 829.9 151.4 77.6 678.4 130.6 547.8 69.7 126.5 62.3 Q1 157.7 215.4 177.1 162.1 39.9 19.9 122.2 29.0 93.2 15.0 38.3 18.3 39.0 64.2 19.9 9.0 20.4 3.4 10.5 110.5 94.7 21.7 23.9 28.2 19.3 26.6 -3.9 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 6.2 40.4 104.3 54.3 4.0 58.1 107.0 141.5 11.2 68.1 95.8 73.4 386.2 -706.6 359.3 -706.7 36.7 96.9 64.9 39.8 78.0 48.1 -216.5 -300.6 8.7 6.6 387.5 -597.5 26.9 0.2 90.8 131.3 425.3 534.9 1,037.2 -52.5 1,786.2 1,532.7 1,786.4 1,454.6 826.4 444.8 413.5 125.2 412.9 319.6 960.0 1,009.8 -9.8 67.2 9.6 11.0 2.3 5.4 7.3 5.6 -749.0 -1,585.2 30.5 -8.9 5.3 11.4 13.3 -1.9 -57.0 -54.9 72.2 8.0 18.1 -10.2 1.3 -144.3 -2.1 38.9 339.4 -181.7 370.5 356.8 169.5 82.3 87.2 187.3 10.7 3.0 1.7 1.4 -552.2 21.3 2.7 31.0 53.2 37.8 15.4 14.5 11.5 8.2 3.8 26.4 -5.0 2.1 -23.9 3.0 19.7 43.0 215.4 409.2 386.6 110.5 -2.1 112.6 276.1 19.6 3.0 1.3 1.7 -193.8 0.3 27.9 19.0 35.8 29.5 6.3 9.6 13.9 7.7 8.5 -3.3 -0.1 2.0 -1.0 -4.2 41.2 48.0 343.2 325.9 281.3 34.9 14.1 20.9 246.4 44.1 0.5 1.0 -0.5 17.3 4.9 14.4 16.8 65.2 50.9 14.3 105.4 105.7 11.0 21.4 10.1 1.8 2.3 59.1 -0.3 8.1 -20.3 292.1 252.7 207.2 -8.6 -15.5 6.9 215.8 45.5 -0.1 0.7 -0.7 39.5 -4.2 30.8 33.2 28.6 19.1 9.5 59.2 57.5 114.5 18.8 43.1 2.4 2.2 -123.5 1.8 27.1 -310.0 587.9 395.0 363.2 99.0 78.5 20.5 264.2 32.8 -1.0 0.7 -1.7 192.9 -10.7 6.8 19.0 41.9 24.4 17.5 16.3 15.4 13.4 6.9 34.4 0.3 0.7 -40.4 0.9 19.1 -12.1 248.2 219.5 192.2 16.4 5.2 11.2 175.8 27.2 0.1 0.8 -0.6 28.7 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets Personal interest income Personal dividend income Personal current transfer receipts Government social benefits to persons 2 Social security 3 Medicare Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services 4 Personal interest payments Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Addenda: 1 2 3 4 5 6 7 8 9 10 11 12 9.5 13 Personal income excluding current transfer receipts, billions of chained (2012) dollars 45 Q2 236.1 181.8 155.8 128.2 26.4 14.1 101.8 12.6 89.2 27.5 26.0 16.5 5 Disposable personal income, billions of chained (2012) dollars 5 387.5 120.6 -82.1 -53.8 156.4 -0.4 27.0 78.4 44 284.2 -989.4 -428.6 -87.6 119.4 95.5 313.5 94.9 45 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis - 9- July 28, 2023 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2022 2023 Nov. Dec. Jan. Based on current-dollar measures 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Supplements to wages and salaries 5 Proprietors' income with inventory valuation and capital consumption adjustments Line April r May r June p 0.4 0.2 0.2 0.3 0.4 0.3 0.3 0.3 0.3 0.5 0.5 0.4 0.5 0.5 0.5 0.4 0.3 0.5 0.6 0.4 1 2 3 4 0.3 0.3 0.8 0.7 1.2 1.4 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets 0.3 0.3 0.3 8 Personal interest income 1.2 1.3 -0.1 9 Personal dividend income -0.7 -0.9 0.8 10 Personal current transfer receipts 0.5 0.2 0.5 -0.1 0.0 1.4 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes -0.6 -0.4 -8.8 13 Equals: Disposable personal income 0.3 0.3 2.3 Addenda: 14 Personal consumption expenditures -0.2 0.0 1.9 15 Goods -1.5 -1.2 3.4 16 Durable goods -3.2 -1.5 7.2 17 Nondurable goods -0.5 -1.1 1.3 18 Services 0.4 0.6 1.2 Based on chained (2012) dollar measures 0.5 1.6 -0.1 1.6 -0.6 0.3 0.2 0.3 0.3 0.4 5 6 0.0 -0.1 0.2 0.9 0.2 0.6 -0.1 1.4 0.3 0.3 0.5 0.7 0.3 -0.3 0.4 0.5 0.7 0.2 0.4 0.4 -0.2 0.7 -1.2 -0.1 0.5 7 8 9 10 11 -0.7 0.6 -0.2 0.5 -0.1 0.3 0.0 0.5 0.1 0.3 12 13 0.3 -0.1 -1.3 0.6 0.4 0.1 -1.0 -1.2 -0.9 0.7 0.6 0.9 1.1 0.8 0.5 0.2 -0.3 -0.1 -0.4 0.4 0.5 0.8 1.4 0.5 0.4 14 15 16 17 18 0.0 0.3 0.3 0.3 0.0 0.0 0.4 0.4 0.2 0.2 19 20 Real personal income excluding transfer receipts Real disposable personal income 0.2 0.1 0.0 0.2 March 0.7 0.8 0.9 0.5 19 20 0.2 0.0 -0.1 0.2 Feb. -0.1 0.1 0.0 0.1 0.1 1.7 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis July 28, 2023 Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2021 2022 2022 Q1 Based on current-dollar measures 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Supplements to wages and salaries 5 Proprietors' income with inventory valuation and capital consumption adjustments Q2 7.4 8.2 8.8 5.3 2.3 8.2 8.7 5.6 3.0 6.8 6.8 6.8 6.7 5.4 4.9 4.8 4.9 4.0 Line 2023 Q3 Q4 7.5 10.5 11.4 6.4 Q1 5.0 2.1 1.9 3.4 Q2 5.1 4.6 4.7 4.3 4.3 5.3 5.5 4.3 1 2 3 4 4.9 5.4 6.3 4.2 5.8 -0.8 6 Rental income of persons with capital consumption adjustment 0.6 8.0 2.9 7 Personal income receipts on assets 3.5 4.4 1.4 8 Personal interest income 0.7 4.1 3.3 9 Personal dividend income 6.6 4.8 -0.5 10 Personal current transfer receipts 9.1 -15.3 -5.7 6.3 8.5 10.1 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 19.0 20.1 57.9 13 Equals: Disposable personal income 5.9 -0.3 -3.9 Addenda: 14 Personal consumption expenditures 12.7 9.1 8.9 15 Goods 17.7 8.1 12.5 16 Durable goods 25.1 6.1 16.6 17 Nondurable goods 13.7 9.3 10.1 18 Services 10.2 9.7 7.1 Based on chained (2012) dollar measures 17.7 6.7 9.4 3.9 1.5 4.9 10.2 4.4 7.1 1.6 1.0 10.3 8.7 8.0 12.2 3.6 11.3 1.9 17.4 3.4 4.3 2.3 6.1 6.5 9.3 4.9 5.5 4.3 1.6 4.5 5.6 4.8 6.2 7.7 -2.5 6.4 -33.3 12.9 -1.7 5.2 5 6 7 8 9 10 11 12 13 9.5 7.8 -0.4 12.9 10.4 6.7 2.4 2.6 2.2 9.0 4.8 -0.6 -2.8 0.7 7.7 8.4 6.8 15.2 2.2 9.3 4.3 1.1 0.9 1.2 6.0 14 15 16 17 18 19 20 -1.5 -2.3 4.4 3.2 0.0 2.5 0.7 8.5 2.2 2.5 19 20 Real personal income excluding transfer receipts Real disposable personal income 2.8 1.8 Source: U.S. Bureau of Economic Analysis - 10- 0.8 -6.1 -2.2 -10.6 July 28, 2023 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2022 2023 r Nov. Dec. Jan. Feb. March April Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 14,204.3 14,176.9 14,364.7 14,360.5 14,355.8 14,395.0 Goods 5,513.4 5,474.1 5,629.9 5,615.6 5,569.4 5,604.6 Durable goods 2,236.5 2,208.0 2,360.5 2,333.8 2,306.8 2,327.5 Nondurable goods 3,317.5 3,304.4 3,322.6 3,331.7 3,310.9 3,326.6 Services 8,821.7 8,827.9 8,877.7 8,885.1 8,917.6 8,926.0 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) -59.0 -27.4 187.8 -4.2 -4.7 39.1 Goods -69.8 -39.4 155.8 -14.3 -46.2 35.2 Durable goods -60.7 -28.4 152.5 -26.7 -27.1 20.7 Nondurable goods -14.5 -13.1 18.3 9.0 -20.7 15.7 Services 1.7 6.2 49.8 7.4 32.5 8.3 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) -0.4 -0.2 1.3 0.0 0.0 0.3 Goods -1.3 -0.7 2.8 -0.3 -0.8 0.6 Durable goods -2.6 -1.3 6.9 -1.1 -1.2 0.9 Nondurable goods -0.4 -0.4 0.6 0.3 -0.6 0.5 Services 0.0 0.1 0.6 0.1 0.4 0.1 May r June p Line 14,402.9 5,595.5 2,319.8 3,324.5 8,940.6 14,458.6 5,644.5 2,360.0 3,336.9 8,953.4 1 2 3 4 5 7.9 -9.1 -7.7 -2.1 14.6 55.7 49.0 40.1 12.4 12.9 6 7 8 9 10 0.1 -0.2 -0.3 -0.1 0.2 0.4 0.9 1.7 0.4 0.1 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis July 28, 2023 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2021 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2022 2022 Q1 Q2 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 13,754.1 14,130.3 14,028.4 14,099.5 Goods 5,561.9 5,535.9 5,565.7 5,529.6 Durable goods 2,268.8 2,259.0 2,275.1 2,259.2 Nondurable goods 3,336.2 3,319.6 3,334.1 3,313.5 Services 8,361.1 8,733.5 8,613.0 8,709.6 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 1,053.4 376.2 46.9 71.1 Goods 606.2 -26.1 -1.0 -36.1 Durable goods 354.6 -9.8 41.5 -15.9 Nondurable goods 269.4 -16.6 -37.6 -20.7 Services 498.1 372.4 44.7 96.7 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 8.3 2.7 1.3 2.0 Goods 12.2 -0.5 -0.1 -2.6 Durable goods 18.5 -0.4 7.6 -2.8 Nondurable goods 8.8 -0.5 -4.4 -2.5 Services 6.3 4.5 2.1 4.6 Source: U.S. Bureau of Economic Analysis - 11- 2023 Q3 Q4 Q1 Line Q2 14,178.6 5,524.5 2,254.4 3,312.7 8,788.4 14,214.9 5,523.6 2,247.3 3,317.9 8,823.2 14,360.4 5,605.0 2,333.7 3,321.7 8,893.5 14,418.8 5,614.9 2,335.8 3,329.4 8,940.0 1 2 3 4 5 79.1 -5.1 -4.8 -0.8 78.7 36.3 -0.9 -7.2 5.2 34.8 145.5 81.4 86.5 3.8 70.3 58.5 9.9 2.1 7.6 46.5 6 7 8 9 10 2.3 -0.4 -0.8 -0.1 3.7 1.0 -0.1 -1.3 0.6 1.6 4.2 6.0 16.3 0.5 3.2 1.6 0.7 0.4 0.9 2.1 11 12 13 14 15 July 28, 2023 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) Line 1 Personal consumption expenditures (PCE) 2 Goods 3 Durable goods 4 Nondurable goods 5 Services Addenda: 6 PCE excluding food and energy 1 7 Food 8 Energy goods and services 9 Market-based PCE 10 11 12 13 14 15 16 17 18 2 3 2022 Nov. Dec. Jan. Feb. Chain-type price indexes (2012=100), seasonally adjusted 124.889 125.141 125.874 126.240 108.361 107.814 108.433 108.593 96.848 96.632 96.875 96.696 114.780 114.017 114.885 115.279 133.364 134.109 134.903 135.397 2023 2 Market-based PCE 20 Market-based PCE excluding food and energy p Line 126.385 108.352 96.614 114.930 135.782 126.814 108.678 96.809 115.342 136.269 126.973 108.536 97.041 114.941 136.613 127.178 108.465 96.742 115.032 136.989 1 2 3 4 5 May June 125.277 127.662 125.746 128.175 126.422 128.682 126.847 128.956 127.257 128.707 127.704 128.675 128.099 128.863 128.311 128.702 6 7 118.647 114.420 116.611 115.979 111.685 112.493 108.189 108.830 8 121.744 121.983 122.636 123.045 123.200 123.523 123.655 123.784 9 123.998 124.395 124.519 10 0.3 0.3 0.2 0.4 0.4 0.1 -0.1 0.2 -0.3 0.3 0.2 -0.1 -0.3 0.1 0.3 11 12 13 14 15 0.4 0.0 0.3 0.1 0.2 -0.1 16 17 -1.4 -3.6 1.9 -0.5 -3.7 0.7 -3.8 0.6 18 0.1 0.2 0.5 0.3 0.1 0.3 0.1 0.1 19 0.1 0.4 0.5 0.4 0.4 0.3 0.3 0.1 20 3 19 r April 3 121.671 122.156 122.732 123.213 123.671 Market-based PCE excluding food and energy Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.2 0.2 0.6 0.3 0.1 Goods -0.2 -0.5 0.6 0.1 -0.2 Durable goods -0.6 -0.2 0.3 -0.2 -0.1 Nondurable goods -0.1 -0.7 0.8 0.3 -0.3 Services 0.4 0.6 0.6 0.4 0.3 Addenda: PCE excluding food and energy 0.2 0.4 0.5 0.3 0.3 1 0.5 0.4 0.4 0.2 -0.2 Food Energy goods and services r March 3 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis July 28, 2023 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago 2022 Nov. Dec. -2.0 -1.5 1.4 1.9 -1.5 -0.2 -0.6 1.4 -2.1 -1.1 2.9 3.1 Line 1 Disposable personal income 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Nondurable goods 6 Services Jan. Feb. 2.4 2.6 0.3 2.6 -1.1 3.8 2.8 2.4 1.3 3.0 0.3 3.1 2023 r March April 3.5 3.6 2.1 2.2 0.6 1.1 2.2 2.0 -0.3 0.5 2.9 2.8 May r June 4.1 2.2 1.5 3.4 0.3 2.6 p 4.7 2.4 2.1 4.7 0.6 2.5 Line 1 2 3 4 5 6 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis July 28, 2023 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago 2022 Line Nov. 1 Personal consumption expenditures (PCE) 2 Goods 3 Durable goods 4 Nondurable goods 5 Services Addenda: 6 PCE excluding food and energy 1 7 Food 8 Energy goods and services 2 3 9 Market-based PCE 10 Market-based PCE excluding food and energy 3 2023 Dec. Jan. Feb. March April r May r June p Line 5.7 6.3 3.2 8.2 5.3 5.3 5.1 2.0 6.9 5.4 5.4 4.7 1.0 7.0 5.7 5.0 3.6 0.7 5.4 5.8 4.2 1.6 0.8 2.1 5.5 4.3 2.1 0.8 2.9 5.5 3.8 1.0 0.7 1.3 5.3 3.0 -0.6 -0.4 -0.8 4.9 1 2 3 4 5 4.8 11.5 4.6 11.6 4.7 11.1 4.7 9.7 4.6 8.0 4.6 6.9 4.6 5.8 4.1 4.6 6 7 13.6 8.6 9.5 4.9 -9.8 -6.2 -13.3 -18.9 8 6.0 5.6 5.6 5.1 4.1 4.2 3.7 2.7 9 5.0 4.9 4.8 4.7 4.6 4.6 4.5 4.0 10 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis - 12-
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