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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, APRIL 29, 2022 Technical: Media: Karl Rohrer (Personal Income) Kyle Brown (PCE Goods) Jeff Barnett (PCE Services) Jeannine Aversa (301) 278-9083 (301) 278-9086 (301) 278-9663 (301) 278-9003 BEA 22-18 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays, March 2022 Personal income increased $107.2 billion (0.5 percent) in March, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $89.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $185.0 billion (1.1 percent). Real DPI decreased 0.4 percent in March and Real PCE increased 0.2 percent; goods decreased 0.5 percent and services increased 0.6 percent (tables 5 and 7). The PCE price index increased 0.9 percent. Excluding food and energy, the PCE price index increased 0.3 percent (table 9). 2021 2022 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 0.4 0.2 0.7 0.5 0.4 -0.1 0.3 -0.2 0.3 -0.3 0.7 0.1 0.5 -0.4 0.5 -0.1 -0.9 -1.4 2.0 1.5 0.6 0.1 1.1 0.2 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.3 0.9 0.3 Percent change from month one year ago 5.6 5.8 6.0 6.3 6.6 4.7 4.9 5.2 5.3 5.2 COVID-19 Impact on March 2022 Personal Income and Outlays In March, federal pandemic-related assistance programs continued to taper off. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see Effects of Selected Federal Pandemic Response Programs on Personal Income. The increase in personal income in March primarily reflected an increase in compensation, proprietors’ income, personal income receipts on assets, and government social benefits (table 3). Within compensation, the increase reflected increases in both private and government wages and salaries. The increase in proprietors' income was in farm income, reflecting increased crop and livestock prices. The increase in personal income receipts on assets was led by personal interest income. The increase in government social benefits was led by Medicare and Medicaid. The $185.0 billion increase in current-dollar PCE in March reflected an increase of $114.6 billion in spending for services and an increase of $70.4 billion in spending for goods (table 3). Within services, increases were widespread across all subcomponents and led by “other” services (which includes international travel) as well as food services and accommodations. Within goods, an increase in nondurable goods (led by gasoline and other energy goods) was partly offset by a decrease in spending on durable goods (led by motor vehicles and parts). Spending on food services as well as most categories of goods reflect updated Census retail sales data that were recently benchmarked to results from the most recent annual survey. Detailed information on monthly PCE spending can be found on Table 2.3.5U. Personal outlays increased $188.9 billion in March (table 3). Personal saving was $1.15 trillion in March and the personal saving rate—personal saving as a percentage of disposable personal income—was 6.2 percent (table 1). The PCE price index for March increased 6.6 percent from one year ago, reflecting increases in both goods and services (table 11). Energy prices increased 33.9 percent while food prices increased 9.2 percent. Excluding food and energy, the PCE price index for March increased 5.2 percent from one year ago. -2- Annual Update of the National Economic Accounts BEA will release results from the 2022 annual update of the National Economic Accounts, which includes the National Income and Product Accounts as well as the Industry Economic Accounts, on September 29, 2022. This update will present revised statistics for GDP, GDP by Industry, and gross domestic income that cover the first quarter of 2017 through the first quarter of 2022. Updated monthly personal income and outlays will be released on September 30, along with the August 2022 estimate. Refer to BEA's recent blog post, "National, Industry, and State Annual Updates Will Be United in 2022," for additional detail. More information on the 2022 annual update will be included on BEA’s website as well as in a forthcoming Survey of Current Business article, “GDP and the Economy.” 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 provided below. Change from preceding month January February 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 11.6 37.0 0.1 0.2 101.5 153.9 0.5 0.7 23.2 -64.0 46.7 -41.8 0.1 -0.4 0.3 -0.3 76.1 -24.9 121.8 22.6 0.4 -0.2 0.7 0.1 436.1 291.2 332.5 206.7 2.7 2.1 2.0 1.5 34.9 -51.4 102.9 14.3 0.2 -0.4 0.6 0.1 Next release: May 27, 2022, at 8:30 A.M. EDT Personal Income and Outlays, April 2022 -3- Additional Information Resources 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.” Additional Resources available at www.bea.gov: • • • • • • • Information on COVID-19 and recovery impacts is available on our website. 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 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 Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. For more definitions, refer to the Glossary: 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. Definitions 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?” 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. -4- List of Personal Income and Outlays News Release Tables Table Table Table Table Table Table Table Table Table Table 1. 2. 3. 4. 5. 6. 7. 8. 9. 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 29, 2022 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Aug. 20,916.3 12,743.4 10,475.1 8,920.4 1,664.2 980.8 7,256.1 1,622.8 5,633.3 1,554.8 2,268.2 1,531.8 736.5 Sept. 20,719.8 12,846.0 10,567.9 9,009.9 1,676.9 979.4 7,333.0 1,642.2 5,690.8 1,558.0 2,278.1 1,535.4 742.7 Seasonally adjusted at annual rates 2021 Oct. Nov. Dec. Jan. r 20,844.9 20,957.9 21,040.2 21,077.3 12,973.3 13,061.3 13,149.7 13,216.3 10,683.3 10,761.9 10,839.7 10,895.0 9,120.5 9,196.7 9,270.1 9,318.4 1,687.1 1,702.5 1,713.1 1,721.5 984.1 994.4 999.1 1,001.5 7,433.4 7,494.3 7,557.1 7,596.9 1,659.1 1,669.0 1,683.9 1,689.7 5,774.3 5,825.3 5,873.2 5,907.1 1,562.8 1,565.1 1,569.6 1,576.6 2,289.9 2,299.4 2,309.9 2,321.3 1,539.8 1,544.2 1,549.7 1,555.1 750.1 755.2 760.3 766.2 1,868.8 114.5 1,754.3 728.9 2,942.4 1,636.0 1,306.3 4,242.4 4,177.7 1,119.3 826.2 777.4 352.3 162.2 940.3 64.8 1,609.6 2,638.7 18,277.6 16,482.4 15,991.1 5,521.6 1,997.1 3,524.5 10,469.4 271.7 219.6 116.8 102.8 1,795.2 9.8 1,859.9 94.4 1,765.5 738.1 2,946.4 1,635.1 1,311.3 3,951.2 3,885.7 1,118.7 832.2 784.4 96.9 164.4 889.2 65.4 1,621.8 2,675.1 18,044.7 16,581.0 16,088.9 5,553.4 2,008.5 3,544.8 10,535.5 272.3 219.8 117.0 102.8 1,463.7 8.1 1,862.7 90.8 1,771.9 740.3 2,974.8 1,647.8 1,327.0 3,930.6 3,864.5 1,129.7 839.3 780.6 45.3 166.7 903.0 66.1 1,636.8 2,711.4 18,133.5 16,803.8 16,309.5 5,700.5 2,098.8 3,601.7 10,609.0 272.0 222.4 117.2 105.2 1,329.6 7.3 1,867.8 88.9 1,778.8 743.6 2,986.9 1,656.9 1,330.1 3,945.5 3,878.7 1,126.0 847.5 781.2 37.4 169.2 917.3 66.7 1,647.2 2,744.5 18,213.4 16,885.1 16,390.9 5,727.1 2,096.3 3,630.8 10,663.8 271.6 222.6 117.5 105.2 1,328.3 7.3 1,845.0 84.2 1,760.8 746.7 3,005.7 1,665.6 1,340.1 3,950.7 3,883.3 1,124.9 856.9 786.8 30.3 171.8 912.6 67.4 1,657.5 2,778.7 18,261.5 16,736.3 16,242.3 5,524.9 1,984.1 3,540.9 10,717.3 271.2 222.9 117.7 105.2 1,525.2 8.4 1,857.6 97.0 1,760.6 751.3 3,004.5 1,675.5 1,329.0 3,921.2 3,854.1 1,196.3 866.3 803.0 27.2 174.6 786.6 67.1 1,673.6 2,769.0 18,308.3 17,072.6 16,574.8 5,774.6 2,138.0 3,636.6 10,800.2 274.9 222.9 118.0 105.0 1,235.6 6.7 1,885.1 109.9 1,775.2 755.9 3,014.3 1,685.0 1,329.3 3,920.8 3,853.1 1,198.3 875.2 812.1 25.0 177.5 764.9 67.7 1,689.0 2,801.1 18,430.1 17,179.5 16,677.7 5,789.9 2,112.7 3,677.2 10,887.8 278.6 223.2 118.2 105.0 1,250.6 6.8 1,900.1 124.2 1,775.9 761.3 3,026.1 1,694.2 1,332.0 3,931.3 3,862.9 1,199.0 883.6 816.0 23.2 180.4 760.7 68.4 1,697.6 2,818.6 18,519.8 17,368.5 16,862.7 5,860.3 2,090.8 3,769.5 11,002.4 282.4 223.4 118.4 105.0 1,151.4 6.2 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 44 14,340.7 14,372.5 14,406.1 14,406.3 14,398.0 14,378.0 14,432.6 14,388.7 45 15,720.0 15,466.3 15,444.5 15,423.2 15,385.4 15,343.6 15,366.2 15,308.5 46 55,004 47,307 332,295 54,286 46,529 332,403 54,535 46,448 332,513 54,761 46,372 332,598 54,899 46,252 332,640 55,032 46,121 332,684 55,387 46,179 332,750 55,646 45,997 332,812 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 2022 Line Feb. r 21,231.2 13,344.0 11,009.7 9,427.6 1,742.9 1,013.1 7,684.7 1,717.5 5,967.1 1,582.1 2,334.3 1,560.2 774.1 March p 21,338.4 13,417.2 11,073.6 9,487.2 1,753.7 1,018.7 7,733.5 1,722.2 6,011.2 1,586.4 2,343.6 1,565.3 778.4 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 29, 2022 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 21,077.2 12,580.9 10,327.1 8,791.6 1,643.4 973.0 7,148.3 1,601.2 5,547.1 1,535.5 2,253.7 1,526.4 727.3 2020 Q4 19,542.0 11,964.2 9,783.0 8,286.6 1,566.8 936.3 6,719.8 1,507.6 5,212.3 1,496.4 2,181.1 1,498.3 682.8 Seasonally adjusted at annual rates 2021 Q1 Q2 Q3 Q4 21,867.3 20,669.9 20,823.8 20,947.7 12,088.9 12,416.6 12,756.5 13,061.4 9,879.2 10,180.4 10,487.2 10,761.6 8,376.5 8,661.3 8,933.0 9,195.8 1,585.9 1,622.0 1,664.8 1,700.9 949.3 969.8 980.6 992.5 6,790.6 7,039.3 7,268.2 7,494.9 1,525.3 1,582.0 1,626.9 1,670.7 5,265.3 5,457.4 5,641.3 5,824.2 1,502.7 1,519.1 1,554.2 1,565.8 2,209.7 2,236.2 2,269.3 2,299.8 1,510.9 1,518.3 1,531.9 1,544.6 698.9 717.9 737.4 755.2 Line 2022 Q1 21,215.6 1 13,325.8 2 10,992.8 3 9,411.0 4 1,739.4 5 1,011.1 6 7,671.7 7 1,709.8 8 5,961.8 9 1,581.7 10 2,333.1 11 1,560.2 12 772.9 13 1,650.0 70.2 1,579.9 711.6 2,912.1 1,614.4 1,297.8 4,241.1 4,181.3 1,077.9 819.2 657.3 536.6 145.5 944.7 59.9 1,459.5 2,195.6 17,432.0 14,544.5 14,047.6 4,653.8 1,616.4 3,037.4 9,393.7 285.4 211.5 114.6 96.9 2,887.5 16.6 1,821.9 97.8 1,724.1 726.4 2,941.3 1,640.7 1,300.7 4,597.8 4,530.9 1,115.0 826.0 746.1 339.1 160.1 1,344.6 67.0 1,591.1 2,582.6 18,494.5 16,226.3 15,741.6 5,481.4 2,026.2 3,455.2 10,260.1 266.5 218.3 116.4 101.9 2,268.2 12.3 1,730.0 108.5 1,621.5 710.0 2,909.6 1,610.3 1,299.2 3,729.5 3,670.2 1,088.8 821.0 678.3 299.9 149.5 632.7 59.2 1,501.3 2,259.8 17,282.2 14,936.8 14,467.6 4,867.3 1,759.2 3,108.1 9,600.4 255.9 213.2 114.8 98.4 2,345.5 13.6 1,714.0 73.0 1,640.9 716.9 2,898.8 1,630.2 1,268.7 5,982.5 5,920.6 1,106.3 814.1 695.9 565.8 152.4 2,586.0 62.0 1,533.8 2,412.1 19,455.3 15,475.6 15,005.4 5,245.0 1,957.8 3,287.2 9,760.4 255.3 214.8 115.3 99.5 3,979.7 20.5 1,848.2 119.4 1,728.7 716.3 2,932.1 1,639.4 1,292.8 4,329.0 4,257.8 1,109.7 815.3 730.5 480.4 156.5 965.4 71.2 1,572.2 2,532.5 18,137.4 16,165.0 15,681.7 5,529.8 2,092.2 3,437.6 10,151.9 267.4 215.9 116.0 99.9 1,972.4 10.9 1,867.0 110.6 1,756.3 729.0 2,945.2 1,636.3 1,308.8 4,137.5 4,069.6 1,117.2 826.5 775.0 272.3 162.3 916.2 67.9 1,611.3 2,641.1 18,182.7 16,456.2 15,964.9 5,500.1 1,995.2 3,505.0 10,464.8 271.7 219.6 116.8 102.8 1,726.4 9.5 1,858.5 88.0 1,770.5 743.6 2,989.2 1,656.8 1,332.4 3,942.2 3,875.5 1,126.9 847.9 782.9 37.7 169.2 911.0 66.7 1,647.2 2,744.9 18,202.8 16,808.4 16,314.2 5,650.8 2,059.7 3,591.1 10,663.4 271.6 222.6 117.5 105.2 1,394.4 7.7 1,880.9 110.4 1,770.6 756.2 3,015.0 1,684.9 1,330.1 3,924.4 3,856.7 1,197.9 875.0 810.4 25.1 177.5 770.8 67.7 1,686.7 2,796.2 18,419.4 17,206.9 16,705.1 5,808.3 2,113.8 3,694.5 10,896.8 278.6 223.2 118.2 105.0 1,212.5 6.6 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 13,833.7 14,263.3 14,129.7 14,061.1 14,240.1 14,352.9 14,403.8 14,399.7 45 15,672.8 16,007.5 15,443.0 17,221.6 15,805.6 15,640.0 15,418.0 15,339.2 46 52,544 47,241 331,761 55,671 48,185 332,213 52,058 46,518 331,978 58,609 51,880 331,949 54,627 47,604 332,021 54,718 47,066 332,297 54,731 46,358 332,584 55,355 46,098 332,749 47 48 49 2020 2021 19,627.6 11,572.2 9,444.1 7,949.6 1,514.0 904.4 6,435.6 1,443.2 4,992.4 1,494.5 2,128.0 1,464.4 663.7 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 29, 2022 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 2022 Line r p Aug. 81.0 63.3 56.5 51.5 10.9 -0.7 40.6 7.2 33.5 4.9 6.8 3.4 3.4 Sept. -196.5 102.6 92.7 89.5 12.7 -1.5 76.9 19.4 57.5 3.2 9.9 3.7 6.2 -3.5 -8.5 5.0 9.1 -4.3 -1.7 -2.6 23.5 32.3 5.7 4.9 14.1 -15.5 1.9 21.3 -8.8 7.1 29.1 51.8 177.1 176.2 96.3 17.3 79.0 79.9 0.7 0.2 0.2 0.0 -125.2 -8.9 -20.2 11.2 9.2 4.1 -0.9 5.0 -291.2 -291.9 -0.5 6.0 7.0 -255.3 2.2 -51.2 0.7 12.3 36.4 -232.9 98.7 97.8 31.7 11.4 20.3 66.0 0.7 0.2 0.2 0.0 -331.6 2.9 -3.6 6.5 2.2 28.4 12.7 15.7 -20.6 -21.2 11.0 7.1 -3.8 -51.6 2.3 13.8 0.7 15.0 36.4 88.8 222.8 220.6 147.1 90.2 56.9 73.5 -0.4 2.6 0.2 2.3 -134.0 5.1 -1.8 6.9 3.3 12.1 9.1 3.1 14.9 14.2 -3.7 8.2 0.7 -7.9 2.6 14.4 0.7 10.4 33.1 79.9 81.3 81.4 26.6 -2.5 29.0 54.8 -0.4 0.2 0.2 0.0 -1.3 -22.8 -4.8 -18.1 3.1 18.8 8.7 10.1 5.2 4.5 -1.2 9.4 5.6 -7.1 2.6 -4.8 0.7 10.3 34.2 48.2 -148.8 -148.6 -202.2 -112.3 -89.9 53.5 -0.4 0.2 0.2 0.0 196.9 12.6 12.8 -0.1 4.5 -1.2 9.9 -11.1 -29.5 -29.2 71.4 9.5 16.2 -3.1 2.8 -126.0 -0.3 16.1 -9.7 46.7 336.3 332.5 249.7 153.9 95.8 82.9 3.7 0.0 0.3 -0.2 -289.6 27.5 13.0 14.6 4.6 9.8 9.5 0.3 -0.3 -1.0 2.0 8.9 9.1 -2.2 2.9 -21.7 0.7 15.4 32.1 121.8 106.9 102.9 15.3 -25.3 40.6 87.6 3.7 0.2 0.2 0.0 14.9 15.0 14.3 0.7 5.4 11.8 9.1 2.6 10.5 9.8 0.6 8.4 3.9 -1.8 2.9 -4.2 0.7 8.6 17.5 89.7 188.9 185.0 70.4 -21.9 92.3 114.6 3.7 0.2 0.2 0.0 -99.2 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 -5.1 -15.2 31.8 -253.7 33.6 -21.8 0.1 -21.3 -8.3 -37.9 -20.0 -41.8 54.6 22.6 -43.9 -57.7 44 45 5 Disposable personal income, billions of chained (2012) dollars Seasonally adjusted at annual rates 2021 r Oct. Nov. Dec. Jan. 125.1 113.0 82.4 37.0 127.3 88.0 88.4 66.7 115.4 78.5 77.9 55.3 110.7 76.2 73.4 48.3 10.2 15.3 10.6 8.4 4.7 10.3 4.7 2.4 100.4 60.8 62.8 39.8 17.0 9.9 14.9 5.9 83.5 51.0 47.9 34.0 4.8 2.4 4.4 7.0 11.8 9.5 10.5 11.4 4.4 4.4 5.4 5.4 7.4 5.1 5.1 5.9 5 Feb. March 153.9 107.2 127.7 73.1 114.7 63.8 109.2 59.6 21.4 10.8 11.5 5.7 87.8 48.8 27.8 4.7 60.0 44.1 5.5 4.2 13.0 9.3 5.1 5.0 7.9 4.2 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 29, 2022 Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [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 2021 1,203.2 124.4 120.6 76.3 -17.6 -6.1 93.9 27.6 66.3 44.3 3.9 -10.2 14.1 1,449.6 1,008.7 883.0 842.1 129.4 68.6 712.6 158.0 554.7 40.9 125.7 62.0 63.7 2020 Q4 -235.4 424.5 372.7 375.1 57.7 40.5 317.4 59.0 258.4 -2.4 51.8 33.4 18.3 51.1 31.7 19.4 19.5 -55.9 -37.7 -18.2 1,102.0 1,098.1 47.2 33.5 43.2 509.1 14.6 450.5 3.9 38.0 -9.6 1,212.8 -437.0 -381.1 174.9 103.1 71.8 -556.0 -54.9 -0.9 -4.0 3.1 1,649.7 171.9 27.6 144.3 14.8 29.2 26.3 2.9 356.7 349.6 37.1 6.8 88.8 -197.6 14.6 400.0 7.1 131.7 387.1 1,062.5 1,681.8 1,694.0 827.6 409.8 417.8 866.4 -18.9 6.7 1.8 4.9 -619.3 -30.7 39.3 -70.0 -4.5 57.9 12.8 45.1 -639.9 -640.2 8.6 -4.8 -12.0 -467.9 2.2 -166.2 0.3 42.7 78.0 -313.5 162.4 173.8 0.1 5.9 -5.8 173.7 -18.5 7.1 0.5 6.7 -475.9 -16.1 -35.5 19.4 6.9 -10.7 19.8 -30.6 2,253.1 2,250.3 17.5 -6.8 17.6 265.9 2.9 1,953.3 2.8 32.5 152.3 2,173.0 538.8 537.8 377.8 198.7 179.1 160.1 -0.6 1.6 0.5 1.1 1,634.2 134.2 46.4 87.8 -0.7 33.3 9.2 24.1 -1,653.5 -1,662.8 3.3 1.1 34.6 -85.3 4.1 -1,620.6 9.3 38.4 120.4 -1,317.9 689.4 676.3 284.8 134.3 150.5 391.5 12.1 1.1 0.7 0.4 -2,007.3 18.8 -8.8 27.6 12.7 13.1 -3.0 16.1 -191.5 -188.2 7.5 11.2 44.6 -208.1 5.8 -49.2 -3.3 39.1 108.6 45.3 291.2 283.2 -29.7 -97.0 67.3 312.9 4.3 3.7 0.8 2.9 -245.9 -8.5 -22.7 14.2 14.6 44.0 20.4 23.5 -195.2 -194.1 9.7 21.3 7.8 -234.7 6.9 -5.2 -1.2 35.9 103.8 20.1 352.2 349.3 150.7 64.6 86.1 198.5 -0.1 3.0 0.7 2.3 -332.1 22.5 22.4 0.1 12.6 25.8 28.1 -2.3 -17.8 -18.8 71.0 27.2 27.5 -12.5 8.3 -140.2 1.0 39.5 51.4 216.6 398.5 390.9 157.4 54.1 103.4 233.4 7.1 0.5 0.7 -0.2 -181.9 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 -71.9 917.6 429.7 334.7 309.5 -339.4 -68.6 1,778.6 179.0 -1,416.0 112.8 -165.6 50.9 -222.0 -4.2 -78.8 44 45 5 Disposable personal income, billions of chained (2012) dollars Seasonally adjusted at annual rates 2021 Q1 Q2 Q3 Q4 2,325.3 -1,197.4 153.9 123.9 124.7 327.7 339.9 304.9 96.2 301.2 306.8 274.4 89.9 284.8 271.7 262.8 19.2 36.0 42.9 36.1 13.0 20.6 10.8 11.9 70.7 248.8 228.9 226.7 17.7 56.7 44.9 43.8 53.0 192.1 184.0 182.9 6.3 16.4 35.1 11.6 28.6 26.5 33.1 30.5 12.6 7.4 13.6 12.7 16.0 19.1 19.5 17.8 2020 5 2022 Line Q1 268.0 1 264.4 2 231.1 3 215.2 4 38.5 5 18.6 6 176.8 7 39.2 8 137.6 9 15.9 10 33.3 11 15.6 12 17.7 13 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 29, 2022 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2021 Aug. Sept. Oct. Based on current-dollar measures 2022 Nov. 1 Personal income 0.4 -0.9 0.6 2 Compensation of employees 0.5 0.8 1.0 3 Wages and salaries 0.5 0.9 1.1 4 Supplements to wages and salaries 0.3 0.4 0.5 5 Proprietors' income with inventory valuation and capital consumption adjustments -0.2 -0.5 0.2 1.3 1.3 0.3 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets -0.1 0.1 1.0 8 Personal interest income -0.1 -0.1 0.8 9 Personal dividend income -0.2 0.4 1.2 10 Personal current transfer receipts 0.6 -6.9 -0.5 0.4 0.8 0.9 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 1.1 1.4 1.4 13 Equals: Disposable personal income 0.3 -1.3 0.5 Addenda: 14 Personal consumption expenditures 1.1 0.6 1.4 15 Goods 1.8 0.6 2.6 16 Durable goods 0.9 0.6 4.5 17 Nondurable goods 2.3 0.6 1.6 18 Services 0.8 0.6 0.7 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 0.0 -0.1 0.2 -1.6 0.2 -0.1 Dec. Jan. r Feb. r Line March p 0.5 0.7 0.7 0.4 0.4 0.7 0.7 0.5 0.2 0.5 0.5 0.5 0.7 1.0 1.1 0.6 0.5 0.5 0.6 0.4 1 2 3 4 0.3 0.4 0.4 0.5 0.2 0.4 0.6 1.2 0.4 -1.2 0.4 0.6 0.5 0.8 0.1 0.6 1.2 0.3 0.7 0.6 0.0 0.6 -0.8 -0.7 1.0 -0.3 0.3 1.5 0.6 0.3 0.6 0.0 0.0 0.9 1.2 0.7 0.8 0.7 0.4 0.5 0.2 0.3 0.5 0.6 0.5 5 6 7 8 9 10 11 12 13 0.5 0.5 -0.1 0.8 0.5 -0.9 -3.5 -5.4 -2.5 0.5 2.0 4.5 7.8 2.7 0.8 0.6 0.3 -1.2 1.1 0.8 1.1 1.2 -1.0 2.5 1.1 14 15 16 17 18 0.0 -0.1 -0.1 -0.2 -0.1 -0.3 0.4 0.1 -0.3 -0.4 19 20 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis April 29, 2022 Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2020 2021 2021 2020 Q4 Q1 Q2 2022 Q3 Q4 Line Q1 Based on current-dollar measures 1 Personal income 6.5 7.4 -4.7 2 Compensation of employees 1.1 8.7 15.5 3 Wages and salaries 1.3 9.3 16.8 4 Supplements to wages and salaries 0.2 5.9 10.1 5 Proprietors' income with inventory valuation and capital consumption adjustments 3.2 10.4 -6.8 6 Rental income of persons with capital consumption adjustment 2.8 2.1 -2.5 7 Personal income receipts on assets -1.9 1.0 8.4 8 Personal interest income -2.3 1.6 3.2 9 Personal dividend income -1.4 0.2 15.2 10 Personal current transfer receipts 35.1 8.4 -46.9 2.7 9.0 12.2 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes -0.4 17.6 15.1 13 Equals: Disposable personal income 7.5 6.1 -6.9 Addenda: 14 Personal consumption expenditures -2.6 12.1 5.0 15 Goods 3.9 17.8 0.0 16 Durable goods 6.8 25.4 1.3 17 Nondurable goods 2.4 13.8 -0.7 18 Services -5.6 9.2 7.6 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income -0.5 6.2 Source: U.S. Bureau of Economic Analysis - 10 - 3.1 2.1 9.3 -8.3 56.8 4.2 4.0 5.3 -20.2 11.3 12.8 4.9 3.0 11.4 12.6 6.0 2.4 9.9 10.9 5.5 5.2 8.3 8.9 5.9 1 2 3 4 -3.7 3.9 -1.5 5.0 -9.1 562.1 9.0 29.8 60.6 35.2 -0.4 4.7 2.3 7.8 -72.6 10.4 21.5 -24.5 4.1 7.3 1.8 -0.7 5.1 -16.6 10.3 18.3 1.0 -1.8 8.3 6.1 5.1 7.4 -17.6 9.2 16.7 0.4 4.9 7.0 3.5 7.0 -0.7 -1.8 10.0 7.7 4.8 5 6 7 8 9 10 11 12 13 15.7 34.9 53.4 25.1 6.8 19.3 23.6 30.4 19.6 17.0 7.4 -2.1 -17.3 8.1 12.9 9.0 11.4 13.6 10.2 7.8 9.9 11.6 10.9 12.0 9.0 14 15 16 17 18 -1.9 54.7 5.2 -29.1 3.2 -4.1 1.4 -5.6 -0.1 -2.0 19 20 April 29, 2022 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 2021 2022 Aug. Sept. Oct. Nov. Dec. Jan. r Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 13,753.5 13,789.9 13,891.0 13,879.9 13,684.1 13,890.8 Goods 5,538.9 5,543.2 5,621.4 5,606.5 5,373.7 5,570.0 Durable goods 2,157.5 2,161.8 2,227.5 2,213.3 2,074.9 2,214.5 Nondurable goods 3,414.9 3,415.3 3,431.8 3,430.1 3,329.5 3,393.9 Services 8,381.7 8,412.3 8,443.5 8,444.9 8,450.2 8,484.4 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 99.7 36.5 101.1 -11.0 -195.8 206.7 Goods 66.1 4.3 78.2 -14.9 -232.8 196.2 Durable goods 1.2 4.2 65.7 -14.2 -138.5 139.6 Nondurable goods 62.9 0.4 16.6 -1.7 -100.7 64.5 Services 40.2 30.6 31.1 1.5 5.2 34.2 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.7 0.3 0.7 -0.1 -1.4 1.5 Goods 1.2 0.1 1.4 -0.3 -4.2 3.7 Durable goods 0.1 0.2 3.0 -0.6 -6.3 6.7 Nondurable goods 1.9 0.0 0.5 0.0 -2.9 1.9 Services 0.5 0.4 0.4 0.0 0.1 0.4 Line Feb. r March p 13,905.1 5,527.5 2,193.9 3,371.5 8,532.7 13,938.7 5,499.3 2,173.7 3,362.3 8,587.7 1 2 3 4 5 14.3 -42.5 -20.5 -22.4 48.3 33.6 -28.1 -20.3 -9.1 55.0 6 7 8 9 10 0.1 -0.8 -0.9 -0.7 0.6 0.2 -0.5 -0.9 -0.3 0.6 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis April 29, 2022 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 2020 2021 Q4 Q1 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 12,629.9 13,624.8 12,927.9 13,282.7 Goods 4,942.5 5,543.9 5,155.0 5,476.6 Durable goods 1,884.3 2,225.1 2,036.4 2,253.5 Nondurable goods 3,080.5 3,359.4 3,151.1 3,269.3 Services 7,808.5 8,258.1 7,917.0 7,993.4 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) -496.4 994.9 107.1 354.8 Goods 219.5 601.4 -3.9 321.6 Durable goods 134.6 340.8 5.8 217.1 Nondurable goods 92.4 279.0 -8.8 118.3 Services -635.2 449.6 101.8 76.5 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) -3.8 7.9 3.4 11.4 Goods 4.6 12.2 -0.3 27.4 Durable goods 7.7 18.1 1.2 50.0 Nondurable goods 3.1 9.1 -1.1 15.9 Services -7.5 5.8 5.3 3.9 Source: U.S. Bureau of Economic Analysis - 11 - 2021 2020 Q2 2022 Q3 Q4 Line Q1 13,665.6 5,646.7 2,316.2 3,377.2 8,214.3 13,732.4 5,518.3 2,158.5 3,394.0 8,378.5 13,818.4 5,533.9 2,171.9 3,397.1 8,446.2 13,911.5 5,532.3 2,194.0 3,375.9 8,534.9 1 2 3 4 5 382.9 170.1 62.7 107.9 220.8 66.8 -128.4 -157.7 16.8 164.3 85.9 15.6 13.4 3.1 67.7 93.2 -1.6 22.1 -21.2 88.7 6 7 8 9 10 12.0 13.0 11.6 13.9 11.5 2.0 -8.8 -24.6 2.0 8.2 2.5 1.1 2.5 0.4 3.3 2.7 -0.1 4.1 -2.5 4.3 11 12 13 14 15 April 29, 2022 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) 2021 Aug. Sept. Oct. Nov. Chain-type price indexes (2012=100), seasonally adjusted 116.290 116.693 117.429 118.106 99.711 100.210 101.423 102.159 92.639 92.999 94.288 94.766 103.225 103.808 104.958 105.852 124.913 125.243 125.652 126.278 Line Dec. Personal consumption expenditures (PCE) 118.709 1 102.819 2 Goods Durable goods 3 95.669 Nondurable goods 4 106.351 126.834 5 Services Addenda: PCE excluding food and energy 6 118.073 118.357 118.915 119.483 120.092 7 111.822 113.000 113.829 114.558 114.921 Food 1 8 96.066 97.309 101.139 103.761 104.656 Energy goods and services 2 9 113.250 113.563 114.310 114.897 115.475 Market-based PCE 3 10 114.781 114.943 115.489 115.935 116.516 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) 0.4 0.3 0.6 0.6 0.5 11 0.6 0.5 1.2 0.7 0.6 12 Goods Durable goods 13 0.8 0.4 1.4 0.5 1.0 Nondurable goods 14 0.4 0.6 1.1 0.9 0.5 0.3 0.3 0.3 0.5 0.4 15 Services Addenda: PCE excluding food and energy 16 0.3 0.2 0.5 0.5 0.5 17 0.4 1.1 0.7 0.6 0.3 Food 1 1.9 1.3 3.9 2.6 0.9 18 Energy goods and services 2 19 0.3 0.3 0.7 0.5 0.5 Market-based PCE 3 20 0.3 0.1 0.5 0.4 0.5 Market-based PCE excluding food and energy 3 Jan. r 2022 Feb. r 119.341 103.685 96.610 107.154 127.299 119.961 104.764 96.374 109.073 127.606 121.000 106.581 96.269 112.115 128.125 1 2 3 4 5 120.660 115.922 105.837 116.159 117.136 121.005 117.585 109.766 117.007 117.708 121.359 119.191 122.666 118.214 118.158 6 7 8 9 10 0.5 0.8 1.0 0.8 0.4 0.5 1.0 -0.2 1.8 0.2 0.9 1.7 -0.1 2.8 0.4 11 12 13 14 15 0.5 0.9 1.1 0.6 0.5 0.3 1.4 3.7 0.7 0.5 0.3 1.4 11.8 1.0 0.4 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 29, 2022 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 1.1 7.5 8.1 6.5 9.1 7.2 Sept. -1.1 6.4 6.1 5.4 6.6 6.5 2021 Oct. -0.8 6.7 7.4 7.4 7.4 6.4 Nov. 0.4 7.2 8.4 8.3 8.5 6.7 Dec. -0.1 6.7 6.3 4.3 7.5 7.0 Jan. r -9.7 5.2 2.7 0.2 4.3 6.6 2022 Feb. r -1.2 6.8 5.4 3.6 6.5 7.5 March p -19.9 2.3 -4.6 -10.7 -0.8 6.3 Line 1 2 3 4 5 6 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis April 29, 2022 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 2021 2022 4.2 5.5 6.9 4.6 3.6 4.4 6.1 7.4 5.4 3.5 5.1 7.5 9.0 6.7 3.8 5.6 8.3 9.8 7.4 4.3 5.8 8.6 10.6 7.4 4.3 Jan. r 6.0 8.8 11.5 7.2 4.6 3.6 2.8 24.8 4.0 3.3 3.7 4.1 24.9 4.2 3.3 4.2 4.7 29.0 4.9 3.8 4.7 5.5 31.4 5.3 4.2 4.9 5.7 29.0 5.6 4.5 5.2 6.7 25.9 5.8 4.8 Aug. Sept. Oct. Nov. Dec. Feb. r 6.3 9.5 11.0 8.6 4.6 March p 6.6 10.6 10.2 10.7 4.5 5.3 8.0 25.7 6.2 5.1 5.2 9.2 33.9 6.8 5.1 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 payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis - 12 -