Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays: March 2020, BEA 20-20 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, APRIL 30, 2020
Technical:
Media:

Marissa Crawford (Personal Income)
Kyle Brown (PCE Goods)
Jeff Barnett (PCE Services)
Jeannine Aversa

(301) 278-9729
(301) 278-9086
(301) 278-9663
(301) 278-9003

BEA 20-20
piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays: March 2020
Personal income decreased $382.1 billion (2.0 percent) in March according to estimates released today
by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased
$334.6 billion (2.0 percent) and personal consumption expenditures (PCE) decreased $1,127.3 billion
(7.5 percent).
Real DPI decreased 1.7 percent in March and Real PCE decreased 7.3 percent (tables 5 and 7). The PCE
price index decreased 0.3 percent. Excluding food and energy, the PCE price index decreased 0.1
percent (table 9).

Coronavirus (COVID-19) Impact on March 2020 Personal Income and Outlays
The decline in March personal income and outlays was, in part, due to the response to
the spread of COVID-19, as governments issued “stay-at-home” orders. This led to rapid
changes in demand, as businesses and schools switched to remote work or canceled
operations, and consumers canceled, restricted, or redirected their spending. The full
economic effects of the COVID-19 pandemic cannot be quantified in the Personal Income
and Outlays estimate for March 2020 because the impacts are generally embedded in
source data and cannot be separately identified. For more information, see the Advance
first-quarter 2020 GDP Technical Note. For additional information on the monthly
assumptions for personal consumption expenditures, see the Key Source Data Table.

2019
2020
Nov.
Dec.
Jan.
Feb.
Mar.
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

0.5

0.2

0.5

0.6

-2.0

0.4
0.4

0.2
-0.1

0.5
0.4

0.5
0.4

-2.0
-1.7

0.3
0.2

0.4
0.1

0.4
0.3

0.2
0.1

-7.5
-7.3

0.1
0.1

0.3
0.2

0.2
0.2

0.1
0.2

-0.3
-0.1

Percent change from month one year ago
1.3
1.6
1.8
1.8
1.3
1.5
1.6
1.7
1.8
1.7

The decrease in personal income in March primarily reflected a decrease in compensation (table 3). The
estimate of private wages and salaries was primarily based on data from the Bureau of Labor Statistics
monthly Current Employment Statistics report as well as unemployment insurance claims data from the
Department of Labor’s Employment and Training Administration. For more information, see “How did
BEA adjust March 2020 wages and salaries to account for the effects of COVID-19?”.
The decrease in real PCE in March reflected a decrease of $829.9 billion in spending for services and a
$104.9 billion in spending for goods (table 7). Within services, the leading contributor to the decrease
was spending on health care, including physician, dental, and paramedical services. Other contributors
to the decrease in services were spending on food services and accommodations as well as recreation
services. Within goods, the leading contributor to the decrease was spending on motor vehicles and
parts. Partially offsetting the decreases in many categories of spending on goods was an increase in
spending for food and beverages purchased for off-premises consumption. Detailed information on
monthly real PCE spending can be found on Table 2.3.6U.
Personal outlays decreased $1.16 trillion in March (table 3). Personal saving was $2.17 trillion in March
and the personal saving rate, personal saving as a percentage of disposable personal income, was 13.1
percent (table 1).

Upcoming Annual Update of the National Income and Product Accounts
BEA will release results from the 2020 annual update of the National Income and Product
Accounts on July 30, 2020, in conjunction with the advance estimate of GDP for the
second quarter of 2020. For more information, see the GDP Technical Note.

-2-

Updates to Personal Income and Outlays
Estimates have been updated for January and February. 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.

Personal income:
Current dollars
Disposable personal
income:
Current dollars
Chained (2012) dollars
Personal consumption
expenditures:
Current dollars
Chained (2012) dollars

Change from preceding month
January
February
Previous
Revised
Previous
Revised
Previous
Revised
Previous
Revised
(Billions of dollars)
(Percent)
(Billions of dollars)
(Percent)

115.8

101.3

0.6

0.5

106.8

104.6

0.6

0.6

98.8
68.1

88.6
56.5

0.6
0.5

0.5
0.4

88.7
66.6

87.9
66.5

0.5
0.4

0.5
0.4

34.0
11.9

66.5
39.2

0.2
0.1

0.4
0.3

27.7
13.0

26.8
12.8

0.2
0.1

0.2
0.1

*

*

*

Next release: May 29, 2020 at 8:30 A.M. EDT
Personal Income and Outlays: April 2020

-3-

Additional Information
Resources

Real values are inflation-adjusted estimates—that is,
estimates that exclude the effects of price changes.

Additional Resources available at www.bea.gov:
•
•

•
•
•
•
•

For more definitions, see the Glossary: National Income and
Product Accounts.

Information on COVID-19 and recovery impacts
is available on our web site.
Stay informed about BEA developments 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?”

Definitions

Quantities and prices. Quantities, or “real” volume
measures, and prices are expressed as index numbers with
a specified reference year equal to 100 (currently 2012).
Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from
two adjacent periods (months for monthly data, quarters
for quarterly data and annuals for annual data). For details
on the calculation of quantity and price indexes, see
Chapter 4: Estimating Methods in the NIPA Handbook.

Personal income is the income received by, or on behalf of,
all persons from all sources: from participation as laborers
in production, from owning a home or business, from the
ownership of financial assets, and from government and
business in the form of transfers. It includes income from
domestic sources as well as the rest of world. It does not
include realized or unrealized capital gains or losses.
Disposable personal income is the income available to
persons for spending or saving. It is equal to personal
income less personal current taxes.

Chained-dollar values are calculated by multiplying the
quantity index by the current dollar value in the reference
year (2012) and then dividing by 100. Percent changes
calculated from real quantity indexes and chained-dollar
levels are conceptually the same; any differences are due
to rounding. Chained-dollar values are not additive
because the relative weights for a given period differ from
those of the reference year. In tables that display 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.”

-4-

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.

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-

April 30, 2020

Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]

Aug.
18,688.2
11,457.0
9,323.7
7,862.4
1,530.9
904.8
6,331.5
1,418.4
4,913.1
1,461.3
2,133.2
1,481.8
651.4

Sept.
18,729.1
11,456.4
9,318.8
7,854.5
1,528.3
901.5
6,326.2
1,418.3
4,907.9
1,464.4
2,137.5
1,486.6
650.9

Seasonally adjusted at annual rates
2019
Oct.
Nov.
Dec.
Jan. r
18,752.1
18,838.4
18,872.5
18,973.8
11,507.8
11,555.9
11,580.9
11,629.5
9,362.6
9,403.5
9,422.7
9,463.4
7,894.7
7,931.2
7,946.6
7,981.7
1,538.5
1,544.7
1,544.9
1,544.2
906.0
913.1
912.8
908.7
6,356.3
6,386.5
6,401.7
6,437.5
1,424.1
1,424.0
1,427.9
1,439.5
4,932.2
4,962.5
4,973.8
4,998.0
1,467.9
1,472.4
1,476.1
1,481.8
2,145.2
2,152.4
2,158.2
2,166.0
1,491.5
1,496.2
1,501.0
1,506.3
653.6
656.2
657.2
659.7

1,695.2
45.6
1,649.6
779.6
2,983.5
1,703.2
1,280.4
3,196.0
3,141.4
1,037.7
810.0
644.6
25.8
120.1
503.2
54.6
1,423.1
2,174.7
16,513.5
15,241.4
14,682.4
4,560.8
1,545.6
3,015.1
10,121.6
359.1
200.0
109.1
90.9
1,272.0
7.7

1,699.7
57.8
1,641.8
779.0
3,010.5
1,723.2
1,287.3
3,206.1
3,151.5
1,040.7
814.9
646.0
25.6
120.7
503.6
54.7
1,422.6
2,166.4
16,562.7
15,264.3
14,707.8
4,552.2
1,561.7
2,990.5
10,155.6
356.3
200.1
109.3
90.9
1,298.4
7.8

1,682.6
34.9
1,647.7
783.4
2,989.1
1,701.2
1,287.9
3,217.7
3,162.9
1,049.6
819.1
644.0
25.8
121.0
503.5
54.8
1,428.5
2,183.3
16,568.8
15,305.1
14,745.4
4,549.5
1,541.7
3,007.8
10,195.9
357.4
202.3
109.5
92.8
1,263.7
7.6

1,713.5
62.9
1,650.6
787.7
2,993.9
1,709.4
1,284.5
3,221.3
3,166.4
1,049.8
822.9
642.6
25.6
122.2
503.2
54.9
1,433.9
2,197.7
16,640.7
15,353.5
14,792.5
4,560.2
1,553.1
3,007.1
10,232.3
358.5
202.4
109.6
92.8
1,287.2
7.7

1,690.6
28.4
1,662.3
791.8
3,023.7
1,736.2
1,287.5
3,221.8
3,166.7
1,043.0
826.4
642.4
26.7
123.7
504.6
55.1
1,436.5
2,206.1
16,666.3
15,409.4
14,847.1
4,565.8
1,548.1
3,017.6
10,281.4
359.7
202.6
109.8
92.8
1,256.9
7.5

1,709.9
26.0
1,684.0
794.8
3,027.4
1,725.0
1,302.4
3,265.5
3,209.9
1,066.7
829.6
636.4
26.4
124.6
526.2
55.6
1,453.3
2,218.9
16,754.9
15,470.8
14,913.7
4,596.3
1,563.3
3,033.0
10,317.3
359.3
197.7
106.6
91.1
1,284.1
7.7

1,765.4
60.9
1,704.5
797.8
3,014.5
1,708.8
1,305.7
3,273.0
3,217.3
1,068.9
833.4
631.8
26.2
129.3
527.7
55.8
1,460.2
2,235.6
16,842.8
15,497.4
14,940.5
4,569.8
1,548.6
3,021.3
10,370.7
359.0
197.9
106.8
91.1
1,345.3
8.0

1,620.2
25.2
1,595.1
800.9
3,010.7
1,701.3
1,309.4
3,325.2
3,269.2
1,075.0
837.3
629.4
65.3
134.5
527.8
56.0
1,420.9
2,188.1
16,508.2
14,339.3
13,813.2
4,430.1
1,314.2
3,115.9
9,383.1
328.1
198.0
106.8
91.1
2,168.9
13.1

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

14,092.3

14,120.7

14,104.7

14,168.0

14,160.2

14,190.2

14,265.8

13,911.3

45

15,021.2

15,066.5

15,043.9

15,096.6

15,079.2

15,135.7

15,202.2

14,940.4

46

50,234
45,695
328,730

50,358
45,809
328,897

50,353
45,719
329,054

50,550
45,860
329,191

50,609
45,790
329,314

50,861
45,946
329,423

51,112
46,133
329,527

50,080
45,324
329,638

47
48
49

Line
1 Personal income
2
Compensation of employees
3
Wages and salaries
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
Trade, transportation, and utilities
8
Other services-producing industries
9
10
Government
11
Supplements to wages and salaries
12
Employer contributions for employee 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

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

2020

Line

Feb. r
19,078.4
11,687.8
9,513.7
8,026.9
1,558.9
917.7
6,468.0
1,444.1
5,023.9
1,486.9
2,174.1
1,511.0
663.0

March p
18,696.3
11,360.2
9,217.7
7,727.2
1,493.6
877.1
6,233.6
1,405.5
4,828.1
1,490.5
2,142.5
1,500.2
642.3

1
2
3
4
5
6
7
8
9
10
11
12
13

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-

April 30, 2020

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
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

46
47
48
49

Farm
Nonfarm
Rental income of persons with capital consumption adjustment
Personal income receipts on assets
Personal interest income
Personal dividend income
Personal current transfer receipts
Government social benefits to persons
Social security 2
Medicare 3
Medicaid
Unemployment insurance
Veterans' benefits
Other
Other current transfer receipts, from business (net)
Less: Contributions for government social insurance, domestic
Less: Personal current taxes
Equals: Disposable personal income
Less: Personal outlays
Personal consumption expenditures
Goods
Durable goods
Nondurable goods
Services
Personal interest payments 4
Personal current transfer payments
To government
To the rest of the world (net)
Equals: Personal saving
Personal saving as a percentage of disposable personal income
Addenda:
Personal income excluding current transfer receipts,
billions of chained (2012) dollars 5
Disposable personal income:
Total, billions of chained (2012) dollars 5
Per capita:
Current dollars
Chained (2012) dollars
Population (midperiod, thousands) 6

18,602.3
11,420.9
9,297.8
7,846.0
1,532.9
908.4
6,313.1
1,413.6
4,899.5
1,451.8
2,123.1
1,473.2
649.9

2018
Q4
18,082.8
11,057.4
8,990.0
7,566.8
1,488.0
891.6
6,078.8
1,373.1
4,705.8
1,423.3
2,067.4
1,439.3
628.1

Seasonally adjusted at annual rates
2019
Q1
Q2
Q3
Q4
18,355.4 18,555.9
18,676.9
18,821.0
11,306.6 11,386.9
11,441.7
11,548.2
9,211.5
9,273.6
9,309.6
9,396.3
7,779.5
7,830.9
7,849.4
7,924.2
1,525.3
1,533.6
1,530.0
1,542.7
907.1
911.1
904.6
910.6
6,254.2
6,297.3
6,319.4
6,381.5
1,403.5
1,410.0
1,415.5
1,425.3
4,850.7
4,887.3
4,903.9
4,956.2
1,432.0
1,442.7
1,460.2
1,472.1
2,095.1
2,113.3
2,132.1
2,151.9
1,450.3
1,464.7
1,481.6
1,496.3
644.8
648.6
650.5
655.7

Line
2020
Q1
18,916.2
1
11,559.2
2
9,398.3
3
7,911.9
4
1,532.2
5
901.1
6
6,379.7
7
1,429.7
8
4,950.0
9
1,486.4 10
2,160.9 11
1,505.9 12
655.0 13

1,588.8
27.2
1,561.6
756.8
2,930.1
1,702.7
1,227.5
2,971.5
2,918.3
972.4
730.9
597.7
27.1
109.9
480.3
53.2
1,356.5
2,077.6
15,741.5
14,531.1
13,998.7
4,364.8
1,475.6
2,889.2
9,633.9
336.7
195.8
106.9
88.9
1,210.4
7.7

1,658.2
32.0
1,626.3
777.9
2,992.9
1,720.6
1,272.3
3,171.9
3,117.3
1,034.6
800.3
632.2
26.1
119.3
504.7
54.6
1,419.5
2,182.0
16,420.3
15,122.3
14,562.7
4,505.0
1,526.8
2,978.1
10,057.7
359.9
199.8
108.8
90.9
1,297.9
7.9

1,624.4
35.9
1,588.4
764.1
3,002.0
1,727.2
1,274.8
3,003.7
2,949.0
985.1
754.6
597.6
26.0
111.8
473.8
54.7
1,368.7
2,077.4
16,005.4
14,757.8
14,211.9
4,399.4
1,485.6
2,913.8
9,812.5
353.4
192.5
107.9
84.5
1,247.6
7.8

1,621.2
24.8
1,596.3
767.0
2,955.1
1,699.3
1,255.8
3,113.1
3,058.7
1,022.9
774.9
610.3
26.9
116.4
507.3
54.4
1,407.6
2,156.9
16,198.5
14,823.0
14,266.3
4,397.7
1,485.4
2,912.3
9,868.6
359.1
197.7
108.0
89.7
1,375.5
8.5

1,632.9
19.2
1,613.7
777.2
3,016.5
1,750.5
1,266.0
3,158.6
3,104.2
1,030.5
793.6
631.4
25.9
118.4
504.4
54.4
1,416.3
2,200.1
16,355.7
15,073.1
14,511.2
4,507.0
1,524.6
2,982.4
10,004.2
363.0
198.9
108.6
90.3
1,282.6
7.8

1,683.4
41.8
1,641.5
779.7
2,997.7
1,716.8
1,280.9
3,195.8
3,141.2
1,037.7
809.9
644.2
25.8
120.1
503.5
54.6
1,421.3
2,175.3
16,501.6
15,237.2
14,678.2
4,556.7
1,549.7
3,007.0
10,121.5
359.1
200.0
109.1
90.9
1,264.3
7.7

1,695.6
42.1
1,653.5
787.7
3,002.2
1,715.6
1,286.6
3,220.3
3,165.3
1,047.5
822.8
643.0
26.0
122.3
503.7
54.9
1,432.9
2,195.7
16,625.3
15,356.0
14,795.0
4,558.5
1,547.6
3,010.9
10,236.5
358.5
202.4
109.6
92.8
1,269.3
7.6

1,698.5
37.3
1,661.2
797.8
3,017.5
1,711.7
1,305.9
3,287.9
3,232.1
1,070.2
833.4
632.5
39.3
129.5
527.2
55.8
1,444.8
2,214.2
16,702.0
15,102.5
14,555.8
4,532.1
1,475.4
3,056.7
10,023.7
348.8
197.9
106.7
91.1
1,599.5
9.6

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

13,729.6

14,071.4

13,863.6

13,999.8

14,059.1

14,083.6

14,144.3

14,122.1

45

14,556.2

14,974.1

14,715.2

14,878.1

14,934.3

15,011.9

15,073.2

15,092.3

46

48,147
44,521
326,949

49,981
45,579
328,527

48,856
44,918
327,602

49,397
45,371
327,923

49,824
45,494
328,270

50,198
45,666
328,730

50,504
45,789
329,186

50,684
45,800
329,529

47
48
49

2018

2019

17,819.2
10,928.5
8,888.5
7,485.9
1,471.6
883.2
6,014.3
1,361.0
4,653.3
1,402.6
2,040.0
1,417.2
622.8

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-

April 30, 2020

Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)
[Billions of dollars]

Line
1 Personal income
2
Compensation of employees
3
Wages and salaries
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
11
Supplements to wages and salaries
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

2020

Line

r

p

Aug.
74.8
45.3
37.5
31.0
0.1
-2.7
31.0
8.8
22.2
6.5
7.8
5.5
2.3

Sept.
40.9
-0.6
-4.9
-7.9
-2.6
-3.3
-5.3
-0.1
-5.2
3.1
4.3
4.8
-0.6

40.0
23.5
16.5
-0.8
-15.5
-20.9
5.4
10.8
10.7
2.8
5.2
2.8
-0.1
0.6
-0.4
0.1
5.0
-10.0
84.9
35.4
38.0
3.7
3.8
-0.1
34.3
-2.7
0.2
0.2
0.0
49.5

4.5
12.3
-7.8
-0.7
27.0
20.1
6.9
10.1
10.0
3.1
4.9
1.3
-0.3
0.6
0.4
0.1
-0.5
-8.3
49.2
22.9
25.4
-8.6
16.1
-24.6
34.0
-2.7
0.2
0.2
0.0
26.4

-17.1
-22.9
5.8
4.5
-21.4
-22.1
0.6
11.6
11.4
8.8
4.2
-1.9
0.2
0.3
-0.2
0.1
5.9
16.9
6.2
40.8
37.6
-2.7
-20.1
17.4
40.3
1.1
2.1
0.2
2.0
-34.7

30.9
27.9
2.9
4.3
4.8
8.2
-3.5
3.6
3.5
0.2
3.8
-1.4
-0.2
1.3
-0.3
0.1
5.5
14.4
71.9
48.4
47.1
10.7
11.4
-0.7
36.4
1.1
0.2
0.2
0.0
23.5

-22.8
-34.5
11.6
4.1
29.8
26.7
3.1
0.5
0.3
-6.8
3.4
-0.2
1.0
1.5
1.4
0.2
2.5
8.4
25.6
55.9
54.6
5.6
-4.9
10.5
49.0
1.1
0.2
0.2
0.0
-30.3

19.3
-2.4
21.7
3.0
3.7
-11.2
14.8
43.7
43.2
23.6
3.2
-5.9
-0.3
0.9
21.6
0.5
16.9
12.8
88.6
61.3
66.5
30.6
15.2
15.4
36.0
-0.3
-4.9
-3.2
-1.7
27.2

55.5
34.9
20.6
2.9
-12.9
-16.2
3.4
7.5
7.3
2.2
3.8
-4.6
-0.2
4.7
1.5
0.2
6.8
16.7
87.9
26.7
26.8
-26.5
-14.7
-11.8
53.4
-0.3
0.2
0.2
0.0
61.2

-145.2
-35.8
-109.5
3.1
-3.9
-7.5
3.7
52.2
52.0
6.1
3.9
-2.4
39.1
5.1
0.1
0.2
-39.3
-47.5
-334.6
-1,158.2
-1,127.3
-139.7
-234.4
94.6
-987.6
-30.9
0.0
0.0
0.0
823.6

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

54.5
73.3

28.4
45.2

-16.0
-22.6

63.3
52.8

-7.8
-17.5

30.0
56.5

75.6
66.5

-354.6
-261.8

44
45

5

Disposable personal income, billions of chained (2012) dollars

Seasonally adjusted at annual rates
2019
r
Oct.
Nov.
Dec.
Jan.
23.0
86.3
34.0
101.3
51.4
48.2
25.0
48.5
43.8
40.9
19.2
40.7
40.3
36.5
15.4
35.1
10.2
6.3
0.2
-0.7
4.5
7.2
-0.3
-4.2
30.1
30.2
15.2
35.8
5.7
-0.1
4.0
11.6
24.3
30.3
11.3
24.2
3.5
4.5
3.8
5.7
7.6
7.2
5.8
7.8
4.9
4.7
4.8
5.3
2.8
2.5
1.0
2.5

5

Feb.
March
104.6
-382.1
58.3
-327.6
50.3
-296.1
45.2
-299.7
14.7
-65.2
9.1
-40.7
30.5
-234.4
4.5
-38.5
25.9
-195.9
5.1
3.6
8.0
-31.5
4.7
-10.8
3.3
-20.7

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-

1
2
3
4
5
6
7
8
9
10
11
12
13

April 30, 2020

Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)
[Billions of dollars]
2018

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
1
Employer contributions for employee pension and insurance funds
12
13
Employer contributions for government social insurance
14
Proprietors' income with inventory valuation and capital
consumption adjustments
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

Farm
Nonfarm
Rental income of persons with capital consumption adjustment
Personal income receipts on assets
Personal interest income
Personal dividend income
Personal current transfer receipts
Government social benefits to persons
2
Social security
3
Medicare
Medicaid
Unemployment insurance
Veterans' benefits
Other
Other current transfer receipts, from business (net)
Less: Contributions for government social insurance, domestic
Less: Personal current taxes
Equals: Disposable personal income
Less: Personal outlays
Personal consumption expenditures
Goods
Durable goods
Nondurable goods
Services
4
Personal interest payments
Personal current transfer payments
To government
To the rest of the world (net)
Equals: Personal saving
Addenda:
44
Personal income excluding current transfer receipts,
billions of chained (2012) dollars
45

5

Disposable personal income, billions of chained (2012) dollars

5

2019

Seasonally adjusted at annual rates
2019
Q1
Q2
Q3
Q4
272.6
200.4
121.0
144.1
249.2
80.4
54.7
106.5
221.5
62.1
36.0
86.7
212.7
51.5
18.5
74.7
37.3
8.3
-3.6
12.6
15.6
4.0
-6.5
6.0
175.4
43.1
22.1
62.1
30.4
6.6
5.5
9.8
145.0
36.6
16.6
52.3
8.8
10.7
17.5
11.9
27.7
18.3
18.7
19.9
11.0
14.4
16.9
14.7
16.7
3.9
1.8
5.2

2020 Line
Q1
95.2
1
11.0
2
2.0
3
-12.2
4
-10.5
5
-9.5
6
-1.8
7
4.4
8
-6.2
9
14.3 10
8.9 11
9.6 12
-0.7 13

940.4
516.8
426.4
371.8
79.9
37.7
291.8
48.5
243.3
54.6
90.4
73.3
17.2

783.1
492.4
409.3
360.1
61.3
25.2
298.8
52.6
246.3
49.1
83.1
56.1
27.1

2018
Q4
154.3
63.1
47.8
37.2
10.6
6.9
26.6
6.8
19.8
10.6
15.3
12.7
2.7

70.5
-10.9
81.4
38.0
248.5
151.1
97.4
123.4
118.2
46.3
41.6
20.2
-2.6
5.8
6.9
5.1
56.9
31.9
908.5
729.0
686.6
199.8
63.0
136.7
486.8
37.4
5.0
3.3
1.8
179.5

69.5
4.8
64.7
21.1
62.8
17.9
44.9
200.5
199.0
62.2
69.4
34.6
-1.0
9.4
24.4
1.4
63.1
104.4
678.8
591.2
564.0
140.2
51.2
88.9
423.8
23.2
4.0
2.0
2.0
87.6

34.4
18.6
15.8
-1.1
44.3
8.0
36.4
19.9
19.5
9.1
17.9
-5.3
-0.5
1.9
-3.6
0.4
6.3
-9.1
163.4
102.2
97.4
1.4
0.4
1.0
96.0
11.9
-7.1
0.7
-7.8
61.2

-3.2
-11.1
7.9
2.9
-46.8
-27.9
-19.0
109.4
109.7
37.8
20.3
12.8
0.9
4.6
33.5
-0.3
38.9
79.5
193.1
65.2
54.3
-1.7
-0.3
-1.4
56.1
5.7
5.2
0.1
5.1
127.9

11.7
-5.6
17.4
10.2
61.4
51.2
10.2
45.4
45.4
7.6
18.7
21.1
-1.0
2.0
-2.9
0.0
8.7
43.2
157.2
250.1
244.9
109.3
39.3
70.0
135.6
3.9
1.2
0.5
0.7
-92.9

50.5
22.6
27.9
2.4
-18.8
-33.7
14.9
37.2
37.0
7.3
16.3
12.7
-0.1
1.7
-0.9
0.2
5.0
-24.8
145.9
164.2
167.0
49.7
25.1
24.6
117.3
-3.9
1.1
0.5
0.5
-18.3

12.2
0.2
12.0
8.0
4.6
-1.2
5.8
24.5
24.2
9.7
12.9
-1.2
0.3
2.2
0.2
0.3
11.7
20.4
123.7
118.8
116.8
1.8
-2.1
3.9
115.0
-0.5
2.5
0.5
2.0
4.9

3.0
-4.7
7.7
10.2
15.3
-3.9
19.2
67.6
66.8
22.7
10.6
-10.5
13.2
7.2
23.5
0.8
11.8
18.5
76.7
-253.5
-239.2
-26.4
-72.3
45.9
-212.8
-9.7
-4.6
-2.9
-1.7
330.2

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

484.3
553.4

341.7
417.9

78.0
101.9

136.2
162.9

59.3
56.2

24.4
77.6

60.7
61.3

-22.2
19.1

44
45

1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Source: U.S. Bureau of Economic Analysis

-9-

April 30, 2020

Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)
Seasonally adjusted at monthly rates
Line

2019
Aug.
Sept.
Oct.
Based on current-dollar measures

2020
Nov.

1 Personal income
0.4
0.2
0.1
2
Compensation of employees
0.4
0.0
0.4
3
Wages and salaries
0.4
-0.1
0.5
4
Supplements to wages and salaries
0.4
0.2
0.4
5
Proprietors' income with inventory valuation and capital consumption
adjustments
2.4
0.3
-1.0
-0.1
-0.1
0.6
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
-0.5
0.9
-0.7
8
Personal interest income
-1.2
1.2
-1.3
9
Personal dividend income
0.4
0.5
0.1
10
Personal current transfer receipts
0.3
0.3
0.4
0.3
0.0
0.4
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
-0.5
-0.4
0.8
13 Equals: Disposable personal income
0.5
0.3
0.0
Addenda:
14
Personal consumption expenditures
0.3
0.2
0.3
15
Goods
0.1
-0.2
-0.1
16
Durable goods
0.2
1.0
-1.3
17
Nondurable goods
0.0
-0.8
0.6
18
Services
0.3
0.3
0.4
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

0.4
0.5

0.2
0.3

-0.1
-0.1

Dec.

Jan.

r

Feb.

r

Line
March

p

0.5
0.4
0.4
0.3

0.2
0.2
0.2
0.3

0.5
0.4
0.4
0.4

0.6
0.5
0.5
0.4

-2.0
-2.8
-3.1
-1.5

1
2
3
4

1.8
0.5
0.2
0.5
-0.3
0.1
0.4
0.7
0.4

-1.3
0.5
1.0
1.6
0.2
0.0
0.2
0.4
0.2

1.1
0.4
0.1
-0.6
1.2
1.4
1.2
0.6
0.5

3.2
0.4
-0.4
-0.9
0.3
0.2
0.5
0.8
0.5

-8.2
0.4
-0.1
-0.4
0.3
1.6
-2.7
-2.1
-2.0

5
6
7
8
9
10
11
12
13

0.3
0.2
0.7
0.0
0.4

0.4
0.1
-0.3
0.4
0.5

0.4
0.7
1.0
0.5
0.3

0.2
-0.6
-0.9
-0.4
0.5

-7.5
-3.1
-15.1
3.1
-9.5

14
15
16
17
18

0.4
0.4

-0.1
-0.1

0.2
0.4

0.5
0.4

-2.5
-1.7

19
20

p Preliminary
r Revised
Source: U.S. Bureau of Economic Analysis

April 30, 2020

Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters)
Seasonally adjusted at annual rates
Line

2018

2019

2019

2018
Q4

Q1

Q2

2020
Q3

Q4

Line

Q1

Based on current-dollar measures

1 Personal income
5.6
4.4
3.5
2
Compensation of employees
5.0
4.5
2.3
3
Wages and salaries
5.0
4.6
2.2
4
Supplements to wages and salaries
4.6
4.1
3.0
5
Proprietors' income with inventory valuation and capital consumption
adjustments
4.6
4.4
8.9
6
Rental income of persons with capital consumption adjustment
5.3
2.8
-0.6
7
Personal income receipts on assets
9.3
2.1
6.1
8
Personal interest income
9.7
1.1
1.9
9
Personal dividend income
8.6
3.7
12.3
10
Personal current transfer receipts
4.3
6.7
2.7
4.4
4.6
1.9
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
1.6
5.0
-1.7
13 Equals: Disposable personal income
6.1
4.3
4.2
Addenda:
14
Personal consumption expenditures
5.2
4.0
2.8
15
Goods
4.8
3.2
0.1
16
Durable goods
4.5
3.5
0.1
17
Nondurable goods
5.0
3.1
0.1
18
Services
5.3
4.4
4.0
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

3.7
4.0

Source: U.S. Bureau of Economic Analysis

- 10 -

2.5
2.9

2.3
2.8

6.2
9.3
10.2
5.5

4.4
2.9
2.7
3.5

2.6
1.9
1.6
3.6

3.1
3.8
3.8
3.8

2.0
0.4
0.1
1.7

1
2
3
4

-0.8
1.5
-6.1
-6.3
-5.8
15.4
11.9
16.2
4.9

2.9
5.4
8.6
12.6
3.3
6.0
2.5
8.3
3.9

12.9
1.3
-2.5
-7.5
4.8
4.8
1.4
-4.4
3.6

2.9
4.2
0.6
-0.3
1.8
3.1
3.3
3.8
3.0

0.7
5.3
2.1
-0.9
6.1
8.7
3.3
3.4
1.9

5
6
7
8
9
10
11
12
13

1.5
-0.2
-0.1
-0.2
2.3

7.0
10.3
11.0
10.0
5.6

4.7
4.5
6.8
3.3
4.8

3.2
0.2
-0.5
0.5
4.6

-6.3
-2.3
-17.4
6.2
-8.1

14
15
16
17
18

4.0
4.5

1.7
1.5

0.7
2.1

1.7
1.6

-0.6
0.5

19
20

April 30, 2020

Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
Line

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

2019

2020

Aug.
Sept.
Oct.
Nov.
Dec.
Jan. r
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
13,355.6
13,379.2
13,388.3
13,419.9
13,433.2
13,472.4
Goods
4,811.2
4,818.4
4,807.3
4,819.4
4,817.4
4,848.1
Durable goods
1,789.0
1,811.3
1,791.4
1,812.0
1,814.9
1,831.6
Nondurable goods
3,037.2
3,024.7
3,031.4
3,025.1
3,020.7
3,035.6
Services
8,587.7
8,603.9
8,621.3
8,641.1
8,655.0
8,666.7
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
31.1
23.6
9.1
31.7
13.3
39.2
Goods
16.7
7.3
-11.2
12.1
-2.0
30.7
Durable goods
7.7
22.4
-19.9
20.5
2.9
16.7
Nondurable goods
9.2
-12.5
6.7
-6.2
-4.4
14.9
Services
15.5
16.1
17.4
19.8
13.9
11.6
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.2
0.2
0.1
0.2
0.1
0.3
Goods
0.3
0.2
-0.2
0.3
0.0
0.6
Durable goods
0.4
1.2
-1.1
1.1
0.2
0.9
Nondurable goods
0.3
-0.4
0.2
-0.2
-0.1
0.5
Services
0.2
0.2
0.2
0.2
0.2
0.1

Line

Feb. r

March p

13,485.2
4,826.1
1,811.0
3,032.3
8,695.9

12,501.4
4,721.3
1,543.8
3,162.7
7,866.0

1
2
3
4
5

12.8
-22.0
-20.6
-3.3
29.2

-983.9
-104.9
-267.2
130.4
-829.9

6
7
8
9
10

0.1
-0.5
-1.1
-0.1
0.3

-7.3
-2.2
-14.8
4.3
-9.5

11
12
13
14
15

p Preliminary
r Revised
Source: U.S. Bureau of Economic Analysis

April 30, 2020

Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Seasonally adjusted at annual rates
Line

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

2018

2019

Q4
Q1
Billions of chained (2012) dollars
Personal consumption expenditures (PCE)
12,944.6
13,280.1
13,066.3
13,103.3
Goods
4,583.3
4,754.6
4,631.8
4,649.2
Durable goods
1,685.7
1,766.4
1,705.2
1,706.3
Nondurable goods
2,909.6
3,002.9
2,938.9
2,954.6
Services
8,388.1
8,562.9
8,462.6
8,483.1
Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)
377.6
335.5
46.5
37.0
Goods
179.9
171.3
17.8
17.4
Durable goods
99.3
80.7
5.4
1.1
Nondurable goods
84.4
93.3
12.3
15.7
Services
206.0
174.8
29.0
20.5
Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)
3.0
2.6
1.4
1.1
Goods
4.1
3.7
1.6
1.5
Durable goods
6.3
4.8
1.3
0.3
Nondurable goods
3.0
3.2
1.7
2.2
Services
2.5
2.1
1.4
1.0

Source: U.S. Bureau of Economic Analysis

- 11 -

2019

2018
Q2

2020
Q3

Q4

Line

Q1

13,250.0
4,746.4
1,759.3
3,001.3
8,541.4

13,353.1
4,808.0
1,793.9
3,030.0
8,587.9

13,413.8
4,814.7
1,806.1
3,025.7
8,639.1

13,153.0
4,798.5
1,728.8
3,076.9
8,409.5

1
2
3
4
5

146.7
97.3
53.0
46.6
58.3

103.1
61.6
34.6
28.7
46.5

60.7
6.7
12.2
-4.2
51.2

-260.8
-16.2
-77.3
51.1
-229.6

6
7
8
9
10

4.6
8.6
13.0
6.5
2.8

3.1
5.3
8.1
3.9
2.2

1.8
0.6
2.8
-0.6
2.4

-7.6
-1.3
-16.1
6.9
-10.2

11
12
13
14
15

April 30, 2020

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
2019
Aug.
Sept.
Oct.
Nov.
Chain-type price indexes (2012=100), seasonally adjusted
109.938
109.935
110.141
110.232
94.795
94.474
94.637
94.621
86.395
86.215
86.055
85.708
99.272
98.869
99.224
99.403
117.869
118.043
118.272
118.422

Line

2020
Dec.

1
Personal consumption expenditures (PCE)
110.530
2 Goods
94.777
3
Durable goods
85.299
4
Nondurable goods
99.897
5 Services
118.798
Addenda:
6
PCE excluding food and energy
112.027
112.085
112.227
112.288
112.550
7
104.299
104.344
104.481
104.526
104.471
Food 1
85.291
84.156
85.579
86.249
87.698
8
Energy goods and services 2
9
107.681
107.671
107.877
107.986
108.193
Market-based PCE 3
10
109.695
109.755
109.887
109.964
110.115
Market-based PCE excluding food and energy 3
Percent change from preceding period in price indexes, seasonally adjusted at monthly rates
11
Personal consumption expenditures (PCE)
0.0
0.0
0.2
0.1
0.3
12 Goods
-0.3
-0.3
0.2
0.0
0.2
13
Durable goods
-0.2
-0.2
-0.2
-0.4
-0.5
14
Nondurable goods
-0.3
-0.4
0.4
0.2
0.5
15 Services
0.2
0.1
0.2
0.1
0.3
Addenda:
16
PCE excluding food and energy
0.1
0.1
0.1
0.1
0.2
17
-0.2
0.0
0.1
0.0
-0.1
Food 1
-2.0
-1.3
1.7
0.8
1.7
18
Energy goods and services 2
19
0.0
0.0
0.2
0.1
0.2
Market-based PCE 3
20
0.1
0.1
0.1
0.1
0.1
Market-based PCE excluding food and energy 3

March p

Line

Jan. r

Feb. r

110.705
94.810
85.357
99.908
119.051

110.800
94.694
85.517
99.624
119.264

110.503
93.839
85.140
98.506
119.290

1
2
3
4
5

112.758
104.768
87.121
108.388
110.351

112.932
105.249
85.278
108.463
110.512

112.841
105.846
80.076
108.211
110.507

6
7
8
9
10

0.2
0.0
0.1
0.0
0.2

0.1
-0.1
0.2
-0.3
0.2

-0.3
-0.9
-0.4
-1.1
0.0

11
12
13
14
15

0.2
0.3
-0.7
0.2
0.2

0.2
0.5
-2.1
0.1
0.1

-0.1
0.6
-6.1
-0.2
0.0

16
17
18
19
20

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

April 30, 2020

Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures:
Percent Change From Month One Year Ago
Line

Aug.

1 Disposable personal income
2 Personal consumption expenditures
3
Goods
4
Durable goods
5
Nondurable goods
6
Services

2019
Oct.

Sept.
2.6
2.5
4.1
5.0
3.6
1.7

3.0
2.7
4.4
6.2
3.4
1.9

2020
Nov.
2.6
2.3
3.6
4.8
3.0
1.8

Jan. r

Dec.
2.9
2.3
2.9
4.6
2.0
2.1

1.8
3.3
5.4
8.4
3.9
2.4

2.1
3.0
4.3
7.8
2.6
2.4

Feb. r
2.1
3.2
4.8
7.7
3.3
2.5

March p
0.1
-5.0
0.6
-11.2
6.6
-7.5

Line
1
2
3
4
5
6

p Preliminary
r Revised
Source: U.S. Bureau of Economic Analysis

April 30, 2020

Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
Line
1
Personal consumption expenditures (PCE)
2 Goods
3
Durable goods
4
Nondurable goods
5 Services
Addenda:
6
PCE excluding food and energy
7
Food 1
8
Energy goods and services 2
9
Market-based PCE 3
10
Market-based PCE excluding food and energy 3

2019

2020

1.4
-0.5
-1.1
-0.2
2.3

1.3
-0.7
-1.0
-0.6
2.3

1.3
-0.8
-1.2
-0.5
2.3

1.3
-0.4
-1.7
0.2
2.1

1.6
0.2
-2.1
1.4
2.2

1.8
0.3
-2.3
1.7
2.5

Feb. r
1.8
0.2
-1.8
1.2
2.5

1.8
0.8
-4.5
1.3
1.7

1.7
0.8
-4.8
1.2
1.6

1.6
1.0
-5.1
1.2
1.6

1.5
0.9
-1.6
1.3
1.4

1.6
0.7
3.0
1.5
1.5

1.7
0.8
5.6
1.6
1.5

1.8
0.8
2.9
1.6
1.6

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

r

March p
1.3
-1.0
-1.8
-0.5
2.4
1.7
1.1
-6.7
1.1
1.5

Line

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 -

1
2
3
4
5
6
7
8
9
10