Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays, March 2021, BEA 21-19 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, APRIL 30, 2021
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 21-19
piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays, March 2021
Personal income increased $4.21 trillion (21.1 percent) in March according to estimates released today
by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $4.18
trillion (23.6 percent) and personal consumption expenditures (PCE) increased $616.0 billion (4.2
percent).
Real DPI increased 23.0 percent in March and Real PCE increased 3.6 percent; goods increased 7.3
percent and services increased 1.7 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).

COVID-19 Impact on March 2021 Personal Income and Outlays
The estimate for March personal income and outlays was impacted by the continued
government response to COVID-19. Economic impact payments associated with the
American Rescue Plan Act of 2021 (which was enacted on March 11, 2021) were distributed
in March. 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.”

1

2020
2021
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

-1.2

0.5

10.3

-7.0

21.1

-1.4
-1.4

0.6
0.2

11.6
11.3

-7.9
-8.1

23.6
23.0

-0.6
-0.6

-0.6
-0.9

3.4
3.1

-1.0
-1.2

4.2
3.6

0.0
0.0

0.4
0.3

0.3
0.2

0.2
0.1

0.5
0.4

Percent change from month one year ago
1.1
1.2
1.4
1.5
2.3
1.3
1.4
1.4
1.4
1.8

The increase in personal income in March largely reflected an increase in government social benefits
(table 3). Within government social benefits, “other” social benefits increased. The American Rescue
Plan Act established an additional round of direct economic impact payments to households.
The $616.0 billion increase in current dollar PCE in March reflected an increase of $403.0 billion in
spending for goods and a $213.1 billion increase in spending for services (table 3). Within goods, both
nondurable (led by “other” nondurable goods, which includes recreational items like games, toys, and
hobbies) and durable goods (led by motor vehicles and parts) contributed to the increase. Within
services, the largest contributor to the increase was spending for food services and accommodations.
Detailed information on monthly PCE spending can be found on Table 2.3.5U.
Personal outlays increased $616.4 billion in March (table 3). Personal saving was $6.04 trillion in March
and the personal saving rate—personal saving as a percentage of disposable personal income—was
27.6 percent (table 1).

Annual Update of the National Economic Accounts
BEA will release results from the 2021 annual update of the National Economic Accounts,
which includes the National Income and Product Accounts (NIPAs) as well as the Industry
Economic Accounts, later this year. Updated monthly personal income and outlays will be
released on July 30, 2021, along with the June 2021 estimate. 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)

1,970.9

2,007.0

10.1

10.3

-1,516.6

-1,503.3

-7.1

-7.0

1,971.4
1,701.9

2,001.9
1,736.2

11.4
11.1

11.6
11.3

-1,532.3
-1,398.5

-1,519.9
-1,389.0

-8.0
-8.2

-7.9
-8.1

487.9
391.2

485.2
394.3

3.4
3.0

3.4
3.1

-149.0
-162.7

-150.8
-165.1

-1.0
-1.2

-1.0
-1.2

Next release: May 28, 2021 at 8:30 A.M. EDT
Personal Income and Outlays, April 2021

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 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.”

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, 2021

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

Aug.
19,624.3
11,479.5
9,354.8
7,902.0
1,508.3
887.2
6,393.8
1,445.1
4,948.6
1,452.8
2,124.7
1,459.2
665.6

Sept.
19,762.2
11,564.9
9,428.9
7,984.3
1,508.2
880.1
6,476.1
1,465.3
5,010.8
1,444.6
2,135.9
1,467.7
668.2

Seasonally adjusted at annual rates
2020
Oct.
Nov.
Dec.
Jan. r
19,628.7
19,386.3
19,491.3
21,498.3
11,646.2
11,704.6
11,761.7
11,855.1
9,500.0
9,546.9
9,591.2
9,666.6
8,062.3
8,110.9
8,154.7
8,220.5
1,520.2
1,529.7
1,541.0
1,551.9
883.7
889.6
893.9
901.3
6,542.1
6,581.2
6,613.8
6,668.6
1,463.8
1,473.7
1,472.3
1,491.2
5,078.3
5,107.5
5,141.4
5,177.4
1,437.7
1,436.0
1,436.5
1,446.1
2,146.2
2,157.7
2,170.5
2,188.6
1,477.4
1,487.8
1,498.1
1,510.2
668.8
669.9
672.4
678.3

1,807.9
71.7
1,736.2
803.7
2,847.9
1,619.1
1,228.8
4,128.2
4,082.3
1,081.8
842.6
684.7
636.0
145.4
691.8
45.9
1,442.8
2,193.9
17,430.4
14,878.5
14,397.2
4,860.0
1,759.8
3,100.1
9,537.2
287.2
194.2
113.0
81.2
2,551.9
14.6

1,900.6
69.3
1,831.3
811.6
2,838.6
1,611.8
1,226.8
4,097.5
4,051.6
1,082.1
848.1
680.1
358.9
146.4
936.0
46.0
1,451.0
2,215.5
17,546.8
15,080.1
14,582.7
4,929.3
1,774.6
3,154.6
9,653.5
296.6
200.7
113.1
87.6
2,466.7
14.1

1,918.4
150.7
1,767.7
807.4
2,858.3
1,622.0
1,236.4
3,855.4
3,809.3
1,091.2
854.0
680.5
304.3
147.3
732.0
46.1
1,457.0
2,233.0
17,395.7
15,115.4
14,627.1
4,922.8
1,788.7
3,134.1
9,704.3
283.5
204.7
113.3
91.4
2,280.3
13.1

1,719.6
79.6
1,640.0
804.3
2,894.7
1,624.2
1,270.5
3,725.0
3,678.8
1,087.6
860.4
682.0
280.8
148.3
619.7
46.2
1,461.9
2,241.6
17,144.6
15,008.2
14,532.8
4,862.1
1,747.6
3,114.5
9,670.7
270.5
205.0
113.6
91.4
2,136.4
12.5

1,641.0
71.3
1,569.8
801.3
2,959.9
1,626.6
1,333.2
3,795.8
3,749.4
1,090.0
867.3
684.8
304.3
149.2
653.9
46.4
1,468.3
2,252.2
17,239.0
14,913.7
14,451.1
4,772.3
1,707.9
3,064.4
9,678.8
257.4
205.2
113.8
91.4
2,325.3
13.5

1,669.1
57.8
1,611.3
808.5
2,880.9
1,636.7
1,244.2
5,775.3
5,728.6
1,104.7
873.9
686.7
556.3
150.2
2,356.8
46.7
1,490.6
2,257.3
19,240.9
15,400.1
14,936.3
5,152.8
1,907.1
3,245.7
9,783.5
257.6
206.2
114.0
92.2
3,840.9
20.0

1,718.6
62.0
1,656.7
815.8
2,899.9
1,646.7
1,253.2
4,189.9
4,143.1
1,107.2
880.2
687.3
535.4
150.9
782.1
46.9
1,491.2
2,273.9
17,721.0
15,249.7
14,785.5
4,997.3
1,814.6
3,182.8
9,788.2
257.7
206.4
114.3
92.2
2,471.3
13.9

1,825.9
67.4
1,758.5
823.7
2,909.7
1,656.7
1,253.0
8,175.7
8,128.6
1,110.7
886.2
687.8
541.3
151.7
4,750.8
47.0
1,504.5
2,305.3
21,902.4
15,866.1
15,401.6
5,400.3
2,010.9
3,389.4
10,001.3
257.9
206.7
114.5
92.2
6,036.3
27.6

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

13,900.7

14,029.2

14,121.8

14,021.3

14,000.7

13,984.7

14,024.6

14,153.1

45

15,635.9

15,714.8

15,574.4

15,349.3

15,377.5

17,113.7

15,724.7

19,335.6

46

52,761
47,329
330,368

53,086
47,544
330,535

52,604
47,096
330,692

51,823
46,397
330,829

52,094
46,468
330,924

58,135
51,708
330,968

53,537
47,506
331,004

66,158
58,405
331,061

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

2021

Line

Feb. r
19,994.9
11,861.9
9,668.9
8,224.1
1,550.3
904.5
6,673.9
1,485.4
5,188.5
1,444.8
2,192.9
1,515.3
677.6

March p
24,207.7
11,977.3
9,771.1
8,315.6
1,571.2
917.1
6,744.4
1,505.4
5,239.0
1,455.5
2,206.2
1,522.6
683.6

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, 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

19,691.0
11,448.5
9,331.1
7,885.5
1,502.7
886.9
6,382.8
1,431.0
4,951.8
1,445.6
2,117.5
1,457.0
660.5

2019
Q4
18,760.8
11,564.8
9,422.5
7,953.0
1,541.3
917.5
6,411.6
1,427.2
4,984.5
1,469.5
2,142.4
1,486.1
656.3

Seasonally adjusted at annual rates
2020
Q1
Q2
Q3
Q4
18,951.0 20,457.3
19,853.5
19,502.1
11,674.4 10,949.5
11,466.2
11,704.1
9,526.1
8,908.8
9,343.3
9,546.0
8,044.5
7,487.2
7,900.9
8,109.3
1,543.1
1,431.0
1,506.3
1,530.3
913.8
857.8
887.0
889.1
6,501.4
6,056.2
6,394.6
6,579.0
1,444.2
1,362.1
1,447.8
1,469.9
5,057.2
4,694.1
4,946.8
5,109.1
1,481.6
1,421.6
1,442.4
1,436.8
2,148.3
2,040.7
2,122.9
2,158.1
1,482.3
1,400.1
1,457.9
1,487.8
666.0
640.5
665.0
670.3

Line
2021
Q1
21,900.3
1
11,898.1
2
9,702.2
3
8,253.4
4
1,557.8
5
907.6
6
6,695.6
7
1,494.0
8
5,201.6
9
1,448.8 10
2,195.9 11
1,516.0 12
679.8 13

1,657.7
49.7
1,608.0
787.1
2,967.9
1,677.4
1,290.4
3,125.2
3,078.0
1,030.7
783.7
614.0
27.7
130.9
490.9
47.2
1,418.8
2,202.9
16,348.6
15,117.4
14,544.6
4,512.2
1,534.4
2,977.9
10,032.4
362.3
210.5
115.2
95.3
1,231.2
7.5

1,695.1
64.7
1,630.5
801.8
2,912.8
1,640.2
1,272.6
4,268.7
4,221.6
1,078.5
833.0
664.8
549.9
143.6
951.8
47.2
1,436.0
2,195.7
17,495.3
14,648.2
14,145.3
4,658.8
1,619.0
3,039.8
9,486.5
299.2
203.7
112.8
90.9
2,847.1
16.3

1,697.7
58.7
1,639.0
795.5
2,980.4
1,693.4
1,287.0
3,155.2
3,108.7
1,043.0
797.9
619.4
27.9
134.5
486.0
46.5
1,432.9
2,221.2
16,539.6
15,335.8
14,759.2
4,562.4
1,554.1
3,008.2
10,196.8
364.6
212.0
116.0
96.0
1,203.8
7.3

1,706.0
56.4
1,649.6
802.3
2,984.3
1,679.7
1,304.6
3,235.5
3,189.6
1,068.5
804.7
624.1
43.4
138.6
510.4
45.9
1,451.5
2,252.4
16,698.6
15,103.3
14,545.5
4,552.9
1,496.4
3,056.5
9,992.5
352.9
204.9
112.2
92.7
1,595.3
9.6

1,511.9
38.9
1,473.0
796.1
2,910.2
1,637.0
1,273.2
5,678.0
5,627.4
1,075.4
824.1
668.8
1,084.6
142.1
1,832.5
50.6
1,388.4
2,096.5
18,360.8
13,590.0
13,097.3
4,361.5
1,478.3
2,883.2
8,735.8
286.0
206.6
112.5
94.1
4,770.8
26.0

1,803.0
62.8
1,740.2
804.4
2,852.3
1,619.8
1,232.6
4,369.3
4,323.4
1,080.7
842.7
683.7
775.2
145.3
795.8
45.9
1,441.6
2,191.6
17,661.9
14,887.1
14,401.5
4,868.4
1,753.0
3,115.4
9,533.2
287.2
198.4
113.0
85.5
2,774.8
15.7

1,759.7
100.5
1,659.1
804.3
2,904.3
1,624.3
1,280.0
3,792.1
3,745.8
1,089.6
860.6
682.4
296.4
148.2
668.5
46.2
1,462.4
2,242.3
17,259.8
15,012.4
14,537.0
4,852.4
1,748.1
3,104.3
9,684.6
270.5
205.0
113.6
91.4
2,247.3
13.0

1,737.9
62.4
1,675.5
816.0
2,896.8
1,646.7
1,250.1
6,047.0
6,000.1
1,107.5
880.1
687.3
544.4
150.9
2,629.9
46.9
1,495.5
2,278.8
19,621.5
15,505.3
15,041.1
5,183.5
1,910.9
3,272.6
9,857.7
257.7
206.4
114.3
92.2
4,116.2
21.0

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

14,042.9

13,874.4

14,119.5

14,173.6

13,383.3

13,896.4

14,048.0

14,053.9

45

14,882.5

15,739.3

14,964.5

15,060.3

16,626.5

15,850.8

15,433.8

17,394.3

46

49,763
45,301
328,527

52,992
47,673
330,152

50,244
45,459
329,186

50,674
45,702
329,529

55,656
50,399
329,898

53,461
47,979
330,368

52,174
46,654
330,815

59,277
52,549
331,011

47
48
49

2019

2020

18,551.5
11,432.4
9,309.3
7,858.5
1,529.9
910.3
6,328.7
1,415.3
4,913.4
1,450.8
2,123.1
1,474.0
649.1

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, 2021

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

5

Disposable personal income, billions of chained (2012) dollars

5

Seasonally adjusted at annual rates
2020
r
Oct.
Nov.
Dec.
Jan.
-133.6
-242.4
105.0 2,007.0
81.3
58.4
57.1
93.5
71.1
46.9
44.3
75.4
78.0
48.6
43.8
65.8
12.0
9.5
11.3
10.9
3.6
6.0
4.3
7.4
66.0
39.1
32.5
54.9
-1.5
9.8
-1.4
18.9
67.5
29.3
33.9
35.9
-6.9
-1.7
0.5
9.6
10.3
11.5
12.8
18.1
9.7
10.4
10.3
12.1
0.6
1.1
2.5
6.0

2021

Line

r

p

Aug.
-549.6
125.4
108.6
85.5
5.8
-6.5
79.7
12.1
67.6
23.1
16.8
12.5
4.4

Sept.
137.9
85.3
74.1
82.3
0.0
-7.2
82.3
20.2
62.1
-8.2
11.2
8.6
2.6

107.3
24.3
83.0
5.8
-22.6
-9.4
-13.2
-753.8
-753.9
3.7
5.1
-1.6
-694.5
1.1
-67.7
0.1
11.7
28.6
-578.1
175.6
172.5
44.1
35.3
8.8
128.3
9.4
-6.2
0.2
-6.4
-753.8

92.7
-2.4
95.1
8.0
-9.3
-7.3
-2.0
-30.7
-30.7
0.3
5.5
-4.6
-277.1
1.0
244.2
0.1
8.2
21.5
116.4
201.6
185.6
69.3
14.8
54.5
116.3
9.4
6.6
0.2
6.4
-85.2

17.8
81.4
-63.6
-4.3
19.7
10.2
9.5
-242.2
-242.3
9.1
6.0
0.4
-54.7
0.9
-204.0
0.1
6.0
17.5
-151.1
35.3
44.3
-6.5
14.0
-20.5
50.8
-13.1
4.0
0.2
3.8
-186.4

-198.8
-71.1
-127.7
-3.1
36.4
2.3
34.1
-130.3
-130.5
-3.6
6.4
1.5
-23.5
1.0
-112.2
0.1
5.0
8.7
-251.0
-107.1
-94.3
-60.7
-41.1
-19.6
-33.6
-13.1
0.2
0.2
0.0
-143.9

-78.5
-8.3
-70.2
-3.1
65.1
2.4
62.8
70.7
70.6
2.4
6.8
2.8
23.5
0.9
34.2
0.2
6.4
10.6
94.4
-94.5
-81.7
-89.8
-39.7
-50.1
8.1
-13.1
0.2
0.2
0.0
188.9

28.1
49.5
-13.4
4.1
41.5
45.4
7.3
7.3
-79.0
19.0
10.1
10.0
-89.1
9.0
1,979.5 -1,585.3
1,979.2 -1,585.5
14.7
2.5
6.6
6.3
1.9
0.7
252.1
-21.0
1.0
0.7
1,702.9 -1,574.7
0.3
0.2
22.3
0.5
5.1
16.6
2,001.9 -1,519.9
486.3
-150.4
485.2
-150.8
380.4
-155.4
199.1
-92.5
181.3
-62.9
104.7
4.7
0.1
0.1
1.0
0.2
0.3
0.2
0.7
0.0
1,515.6 -1,369.6

107.2
5.4
101.8
7.9
9.8
10.0
-0.2
3,985.7
3,985.5
3.6
6.0
0.5
6.0
0.7
3,968.7
0.2
13.3
31.3
4,181.4
616.4
616.0
403.0
196.4
206.6
213.1
0.1
0.2
0.2
0.0
3,565.0

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

141.5
-567.8

128.5
79.0

92.6
-140.5

-100.6
-225.0

-20.6
28.2

-15.9
1,736.2

128.6
3,610.8

44
45

Feb.
March
-1,503.3 4,212.7
6.7
115.4
2.4
102.2
3.7
91.5
-1.6
21.0
3.2
12.7
5.3
70.5
-5.9
20.1
11.2
50.5
-1.3
10.7
4.3
13.3
5.1
7.3
-0.7
6.0

39.8
-1,389.0

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, 2021

Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars]
2019

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

5

Disposable personal income, billions of chained (2012) dollars

5

2020

Seasonally adjusted at annual rates
2020
Q1
Q2
Q3
Q4
190.2 1,506.3
-603.8
-351.4
109.6
-724.9
516.7
238.0
103.6
-617.3
434.5
202.7
91.5
-557.3
413.7
208.3
1.8
-112.1
75.3
23.9
-3.6
-56.0
29.2
2.1
89.8
-445.2
338.4
184.4
17.0
-82.0
85.7
22.1
72.8
-363.2
252.7
162.3
12.1
-60.0
20.8
-5.6
6.0
-107.7
82.2
35.2
-3.8
-82.2
57.7
29.9
9.8
-25.5
24.5
5.3

2021 Line
Q1
2,398.2
1
193.9
2
156.2
3
144.1
4
27.5
5
18.5
6
116.6
7
24.1
8
92.5
9
12.0 10
37.8 11
28.3 12
9.5 13

699.7
482.3
415.1
366.8
61.1
26.7
305.7
54.6
251.1
48.3
67.2
43.3
23.9

1,139.5
16.1
21.7
26.9
-27.2
-23.3
54.1
15.7
38.4
-5.2
-5.6
-17.0
11.4

2019
Q4
163.1
126.9
111.2
100.7
16.4
13.5
84.3
10.7
73.6
10.5
15.7
8.4
7.3

71.7
6.6
65.1
27.8
21.2
35.8
-14.6
154.9
155.1
58.3
49.5
24.2
-0.1
11.2
12.1
-0.2
58.4
117.6
582.1
588.2
551.3
140.4
52.8
87.6
411.0
29.4
7.4
3.8
3.6
-6.1

37.5
15.0
22.5
14.6
-55.1
-37.2
-17.8
1,143.5
1,143.5
47.8
49.3
50.8
522.2
12.7
460.9
-0.1
17.2
-7.2
1,146.6
-469.2
-399.3
146.6
84.6
62.0
-545.9
-63.2
-6.7
-2.4
-4.4
1,615.8

20.7
-0.2
20.9
5.9
10.4
11.7
-1.3
13.3
13.9
8.8
8.0
-2.9
0.3
2.6
-2.9
-0.6
13.9
24.1
139.1
115.9
113.9
8.8
1.3
7.5
105.1
-0.3
2.3
0.5
1.8
23.2

8.3
-2.3
10.6
6.8
3.9
-13.7
17.6
80.3
80.9
25.4
6.7
4.7
15.5
4.1
24.4
-0.6
18.7
31.2
159.0
-232.5
-213.7
-9.5
-57.7
48.2
-204.3
-11.7
-7.1
-3.8
-3.4
391.5

-194.1
-17.5
-176.6
-6.3
-74.1
-42.7
-31.4
2,442.5
2,437.8
6.9
19.4
44.7
1,041.1
3.5
1,322.1
4.7
-63.2
-155.9
1,662.2
-1,513.3
-1,448.1
-191.4
-18.1
-173.3
-1,256.7
-66.9
1.7
0.3
1.5
3,175.5

291.1
23.8
267.2
8.3
-57.9
-17.3
-40.6
-1,308.8
-1,304.0
5.2
18.7
14.9
-309.4
3.3
-1,036.7
-4.7
53.3
95.1
-698.9
1,297.2
1,304.2
506.8
274.7
232.1
797.3
1.2
-8.2
0.5
-8.7
-1,996.0

-43.3
37.8
-81.1
-0.1
52.0
4.5
47.5
-577.2
-577.6
8.9
17.9
-1.3
-478.7
2.9
-127.3
0.3
20.8
50.7
-402.1
125.3
135.5
-15.9
-4.9
-11.0
151.4
-16.7
6.5
0.6
5.9
-527.4

-21.8
-38.2
16.4
11.7
-7.5
22.4
-29.9
2,254.9
2,254.3
18.0
19.5
4.8
247.9
2.7
1,961.4
0.6
33.0
36.6
2,361.7
492.8
504.1
331.0
162.8
168.3
173.1
-12.8
1.5
0.7
0.7
1,868.8

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

294.1
316.1

-168.5
856.8

82.1
69.1

54.1
95.8

-790.3
1,566.3

513.1
-775.8

151.6
-416.9

5.8
1,960.4

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, 2021

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

2020
Aug.
Sept.
Oct.
Based on current-dollar measures

1 Personal income
-2.7
0.7
-0.7
2
Compensation of employees
1.1
0.7
0.7
3
Wages and salaries
1.2
0.8
0.8
4
Supplements to wages and salaries
0.8
0.5
0.5
5
Proprietors' income with inventory valuation and capital consumption
adjustments
6.3
5.1
0.9
0.7
1.0
-0.5
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
-0.8
-0.3
0.7
8
Personal interest income
-0.6
-0.4
0.6
9
Personal dividend income
-1.1
-0.2
0.8
10
Personal current transfer receipts
-15.4
-0.7
-5.9
0.8
0.6
0.4
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
1.3
1.0
0.8
13 Equals: Disposable personal income
-3.2
0.7
-0.9
Addenda:
14
Personal consumption expenditures
1.2
1.3
0.3
15
Goods
0.9
1.4
-0.1
16
Durable goods
2.0
0.8
0.8
17
Nondurable goods
0.3
1.8
-0.7
18
Services
1.4
1.2
0.5
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

1.0
-3.5

0.9
0.5

2021
Nov.

0.7
-0.9

Dec.

Jan.

r

Feb.

r

Line
March

p

-1.2
0.5
0.5
0.5

0.5
0.5
0.5
0.6

10.3
0.8
0.8
0.8

-7.0
0.1
0.0
0.2

21.1
1.0
1.1
0.6

1
2
3
4

-10.4
-0.4
1.3
0.1
2.8
-3.4
0.3
0.4
-1.4

-4.6
-0.4
2.3
0.1
4.9
1.9
0.4
0.5
0.6

1.7
0.9
-2.7
0.6
-6.7
52.2
1.5
0.2
11.6

3.0
0.9
0.7
0.6
0.7
-27.5
0.0
0.7
-7.9

6.2
1.0
0.3
0.6
0.0
95.1
0.9
1.4
23.6

5
6
7
8
9
10
11
12
13

-0.6
-1.2
-2.3
-0.6
-0.3

-0.6
-1.8
-2.3
-1.6
0.1

3.4
8.0
11.7
5.9
1.1

-1.0
-3.0
-4.9
-1.9
0.0

4.2
8.1
10.8
6.5
2.2

14
15
16
17
18

-0.7
-1.4

-0.1
0.2

-0.1
11.3

0.3
-8.1

0.9
23.0

19
20

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

April 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

2019
Q4

Q1

Q2

2021
Q3

Q4

Line

Q1

Based on current-dollar measures

1 Personal income
3.9
6.1
3.6
2
Compensation of employees
4.4
0.1
4.5
3
Wages and salaries
4.7
0.2
4.9
4
Supplements to wages and salaries
3.3
-0.3
3.0
5
Proprietors' income with inventory valuation and capital consumption
adjustments
4.5
2.3
5.0
6
Rental income of persons with capital consumption adjustment
3.7
1.9
3.0
7
Personal income receipts on assets
0.7
-1.9
1.4
8
Personal interest income
2.2
-2.2
2.8
9
Personal dividend income
-1.1
-1.4
-0.4
10
Personal current transfer receipts
5.2
36.6
1.7
4.3
1.2
4.0
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
5.6
-0.3
4.5
13 Equals: Disposable personal income
3.7
7.0
3.4
Addenda:
14
Personal consumption expenditures
3.9
-2.7
3.1
15
Goods
3.2
3.2
0.8
16
Durable goods
3.6
5.5
0.3
17
Nondurable goods
3.0
2.1
1.0
18
Services
4.3
-5.4
4.2
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

2.1
2.2

Source: U.S. Bureau of Economic Analysis

10

-1.2
5.8

2.4
1.9

4.1
3.8
4.5
1.1

35.8
-22.6
-23.5
-18.6

-11.3
20.3
21.0
17.1

-6.9
8.6
9.0
6.8

59.0
6.8
6.7
7.2

1
2
3
4

2.0
3.5
0.5
-3.2
5.6
10.6
5.3
5.7
3.9

-38.3
-3.1
-9.6
-9.8
-9.3
848.5
-16.3
-24.9
46.2

102.2
4.3
-7.7
-4.1
-12.2
-64.9
16.3
19.4
-14.4

-9.3
0.0
7.5
1.1
16.3
-43.3
5.9
9.6
-8.8

-4.9
5.9
-1.0
5.6
-9.0
546.6
9.3
6.7
67.0

5
6
7
8
9
10
11
12
13

-5.7
-0.8
-14.0
6.6
-7.8

-34.3
-15.8
-4.8
-20.8
-41.6

46.2
55.2
97.7
36.3
41.8

3.8
-1.3
-1.1
-1.4
6.5

14.6
30.2
42.8
23.5
7.3

14
15
16
17
18

1.5
2.6

-20.5
48.6

16.2
-17.4

4.4
-10.1

0.2
61.3

19
20

April 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

Aug.
Sept.
Oct.
Nov.
Dec.
Jan. r
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
12,914.9
13,060.2
13,095.6
13,011.0
12,890.7
13,285.0
Goods
5,133.0
5,215.6
5,214.7
5,150.4
5,037.9
5,405.3
Durable goods
2,030.4
2,048.2
2,067.2
2,025.0
1,975.7
2,205.3
Nondurable goods
3,133.9
3,197.4
3,180.0
3,155.5
3,091.0
3,242.1
Services
7,925.7
7,995.3
8,028.8
8,000.9
7,977.7
8,054.7
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
115.9
145.4
35.4
-84.7
-120.3
394.3
Goods
24.4
82.7
-0.9
-64.3
-112.6
367.5
Durable goods
24.4
17.8
18.9
-42.2
-49.3
229.6
Nondurable goods
1.7
63.4
-17.4
-24.5
-64.5
151.2
Services
88.0
69.6
33.6
-28.0
-23.2
77.0
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.9
1.1
0.3
-0.6
-0.9
3.1
Goods
0.5
1.6
0.0
-1.2
-2.2
7.3
Durable goods
1.2
0.9
0.9
-2.0
-2.4
11.6
Nondurable goods
0.1
2.0
-0.5
-0.8
-2.0
4.9
Services
1.1
0.9
0.4
-0.3
-0.3
1.0

Line

Feb. r

March p

13,119.9
5,225.7
2,097.6
3,164.0
8,042.9

13,596.6
5,609.2
2,314.0
3,342.4
8,182.8

1
2
3
4
5

-165.1
-179.6
-107.7
-78.1
-11.8

476.7
383.4
216.4
178.4
139.9

6
7
8
9
10

-1.2
-3.3
-4.9
-2.4
-0.1

3.6
7.3
10.3
5.6
1.7

11
12
13
14
15

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

April 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

Q4
Q1
Billions of chained (2012) dollars
Personal consumption expenditures (PCE)
13,240.2
12,725.6
13,353.7
13,118.4
Goods
4,760.5
4,944.3
4,811.8
4,812.9
Durable goods
1,774.6
1,886.9
1,811.7
1,752.0
Nondurable goods
3,001.5
3,078.8
3,018.2
3,070.6
Services
8,520.5
7,898.6
8,584.9
8,365.3
Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)
312.1
-514.6
52.3
-235.3
Goods
170.3
183.8
6.6
1.1
Durable goods
81.9
112.3
13.8
-59.7
Nondurable goods
91.2
77.3
-5.7
52.4
Services
153.4
-622.0
43.4
-219.5
Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)
2.4
-3.9
1.6
-6.9
Goods
3.7
3.9
0.6
0.1
Durable goods
4.8
6.3
3.1
-12.5
Nondurable goods
3.1
2.6
-0.7
7.1
Services
1.8
-7.3
2.0
-9.8

Source: U.S. Bureau of Economic Analysis

11

2020

2019
Q2

2021
Q3

Q4

Line

Q1

11,860.3
4,677.4
1,744.6
2,947.9
7,306.9

12,924.7
5,152.4
2,028.2
3,154.5
7,919.6

12,999.1
5,134.3
2,022.6
3,142.1
8,002.5

13,333.8
5,413.4
2,205.6
3,249.5
8,093.5

1
2
3
4
5

-1,258.2
-135.5
-7.4
-122.7
-1,058.4

1,064.5
475.0
283.6
206.6
612.6

74.4
-18.1
-5.6
-12.4
82.9

334.8
279.1
183.0
107.4
91.0

6
7
8
9
10

-33.2
-10.8
-1.7
-15.0
-41.8

41.0
47.2
82.7
31.1
38.0

2.3
-1.4
-1.1
-1.6
4.3

10.7
23.6
41.4
14.4
4.6

11
12
13
14
15

April 30, 2021

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months)
2020
Aug.
Sept.
Oct.
Nov.
Chain-type price indexes (2012=100), seasonally adjusted
111.482
111.658
111.697
111.700
94.681
94.502
94.399
94.402
86.660
86.611
86.510
86.292
98.922
98.659
98.558
98.703
120.338
120.743
120.871
120.874

Line

Dec.

Personal consumption expenditures (PCE)
112.109
1
94.731
2 Goods
Durable goods
3
86.443
Nondurable goods
4
99.143
121.328
5 Services
Addenda:
PCE excluding food and energy
6
113.818
114.019
114.023
114.006
114.341
7
108.795
108.477
108.646
108.519
108.684
Food 1
8
77.357
77.894
78.335
78.926
81.080
Energy goods and services 2
9
108.982
109.102
109.146
109.185
109.475
Market-based PCE 3
10
111.242
111.381
111.387
111.409
111.591
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)
0.3
0.2
0.0
0.0
0.4
11
0.4
-0.2
-0.1
0.0
0.3
12 Goods
Durable goods
13
0.8
-0.1
-0.1
-0.3
0.2
Nondurable goods
14
0.2
-0.3
-0.1
0.1
0.4
0.2
0.3
0.1
0.0
0.4
15 Services
Addenda:
PCE excluding food and energy
16
0.3
0.2
0.0
0.0
0.3
17
-0.1
-0.3
0.2
-0.1
0.2
Food 1
0.8
0.7
0.6
0.8
2.7
18
Energy goods and services 2
19
0.3
0.1
0.0
0.0
0.3
Market-based PCE 3
20
0.3
0.1
0.0
0.0
0.2
Market-based PCE excluding food and energy 3

Jan. r

2021
Feb. r

112.437
95.334
86.474
100.118
121.469

112.704
95.639
86.502
100.606
121.706

113.285
96.288
86.898
101.418
122.230

1
2
3
4
5

114.568
108.602
83.914
109.854
111.863

114.673
108.827
87.162
110.254
112.101

115.084
109.018
91.470
110.833
112.484

6
7
8
9
10

0.3
0.6
0.0
1.0
0.1

0.2
0.3
0.0
0.5
0.2

0.5
0.7
0.5
0.8
0.4

11
12
13
14
15

0.2
-0.1
3.5
0.3
0.2

0.1
0.2
3.9
0.4
0.2

0.4
0.2
4.9
0.5
0.3

16
17
18
19
20

March p

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

April 30, 2021

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
Goods
3
Durable goods
4
Nondurable goods
5
Services
6

4.9
-2.9
6.7
13.0
3.4
-7.2

Sept.
5.2
-1.9
8.5
13.3
6.0
-6.6

2020
Oct.
4.3
-1.9
8.3
14.8
5.0
-6.4

Nov.
2.3
-2.6
7.0
11.7
4.6
-6.8

Dec.
2.8
-3.5
4.7
8.5
2.7
-7.2

Jan. r
13.6
-1.0
11.8
20.2
7.3
-6.6

2021
Feb. r
3.7
-2.1
8.5
15.6
4.7
-6.8

March p
29.3
8.5
17.2
44.0
5.5
4.3

Line
1
2
3
4
5
6

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

April 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

2021

1.2
-0.1
0.4
-0.3
1.8

1.4
-0.1
0.3
-0.4
2.0

1.2
-0.4
0.4
-0.8
1.9

1.1
-0.4
0.6
-0.9
1.8

1.2
-0.2
1.3
-0.9
1.9

Jan. r
1.4
0.4
1.2
0.0
1.8

1.4
4.3
-9.4
1.2
1.5

1.5
3.9
-8.1
1.3
1.5

1.4
3.9
-9.1
1.1
1.4

1.3
3.7
-9.1
1.1
1.3

1.4
3.9
-8.2
1.1
1.3

1.4
3.6
-4.5
1.3
1.4

Aug.

Sept.

Oct.

Nov.

Dec.

Feb. r
1.5
0.8
1.1
0.8
1.8

March p
2.3
2.4
2.0
2.7
2.3

1.4
3.3
1.3
1.6
1.4

1.8
2.9
13.1
2.4
1.8

Line
1
2
3
4
5
6
7
8
9
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
12
payment) and the final consumption expenditures of nonprofit institutions serving households.
Source: U.S. Bureau of Economic Analysis