Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays, March 2023, BEA 23-17 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Friday, April 28, 2023
Technical:

Media:

Lisa Mataloni (Personal Income)
Kyle Brown (PCE Goods)
Harvey Davis (PCE Services)
Connie O'Connell

(301) 278-9083
(301) 278-9086
(301) 278-9719
(301) 278-9003

BEA 23–17
piniwd@bea.gov
pce@bea.gov
Connie.OConnell@bea.gov

Personal Income and Outlays, March 2023
Personal income increased $67.9 billion (0.3 percent) in March, according to estimates released today
by the Bureau of Economic Analysis (table 3 and table 5). Disposable personal income (DPI) increased
$71.7 billion (0.4 percent) and personal consumption expenditures (PCE) increased $8.2 billion (less
than 0.1 percent).
The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.3
percent (table 9). Real DPI increased 0.3 percent in March and Real PCE decreased less than 0.1 percent;
goods decreased 0.4 percent and services increased 0.1 percent (tables 5 and 7).
2022
2023
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

0.4

0.3

0.6

0.3

0.3

0.6
0.4

0.4
0.2

2.1
1.5

0.5
0.2

0.4
0.3

-0.2
-0.4

0.0
-0.2

2.0
1.4

0.1
-0.2

0.0
0.0

0.2
0.2

0.2
0.4

0.6
0.6

0.3
0.3

0.1
0.3

Percent change from month one year ago
5.7
5.3
5.4
5.1
4.2
4.8
4.6
4.7
4.7
4.6

The increase in current-dollar personal income in March primarily reflected increases in compensation,
personal income receipts on assets, and rental income of persons that were partly offset by decreases in
proprietors’ income and personal current transfer receipts (table 3). The increase in compensation was
led by private wages and salaries. The increase in personal income receipts on assets reflected an
increase in personal dividend income that was partly offset by a decrease in personal interest income.
The decrease in proprietors’ income reflected a decrease in farm income that was partly offset by an
increase in nonfarm income. The decrease in personal current transfer receipts was led by a decrease in
“other” government social benefits that primarily reflected the end of pandemic-related emergency
benefits for the Supplemental Nutrition Assistance Program.
The $8.2 billion increase in current-dollar PCE in March reflected a $44.9 billion increase in spending for
services that was partly offset by a $36.7 billion decrease in spending for goods (table 3). Within goods,
the decrease was led by motor vehicles and parts and gasoline and other energy goods. Within services,
the largest contributors to the increase were spending for housing and utilities and health care services.
Detailed information on monthly PCE spending can be found on Table 2.4.5U.
Personal outlays increased $21.5 billion in March (table 3). Personal saving was $1.00 trillion in March
and the personal saving rate—personal saving as a percentage of disposable personal income—was 5.1
percent (table 1).
Prices
From the preceding month, the PCE price index for March increased 0.1 percent (table 9). Prices for
goods decreased 0.2 percent and prices for services increased 0.2 percent. Food prices decreased 0.2
percent and energy prices decreased 3.7 percent. Excluding food and energy, the PCE price index
increased 0.3 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U.
From the same month one year ago, the PCE price index for March increased 4.2 percent (table 11).
Prices for goods increased 1.6 percent and prices for services increased 5.5 percent. Food prices
increased 8.0 percent and energy prices decreased 9.8 percent. Excluding food and energy, the PCE
price index increased 4.6 percent from one year ago.
Real PCE
The decrease of less than 0.1 percent in real PCE in March reflected a decrease of 0.4 percent in
spending on goods that was partly offset by an increase of 0.1 percent in spending on services (table 7).
Within goods, a decrease in motor vehicles and parts was partly offset by an increase in gasoline and
other energy goods. Within services, the increase was led by housing and utilities. Detailed information
on monthly real PCE spending can be found on Table 2.4.6U.

-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 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

124.1

129.5

0.6

0.6

72.9

73.5

0.3

0.3

391.8
223.9

397.5
223.6

2.0
1.5

2.1
1.5

89.9
30.4

90.1
24.6

0.5
0.2

0.5
0.2

360.8
206.0

349.3
192.4

2.0
1.5

2.0
1.4

27.9
-15.7

10.2
-35.0

0.2
-0.1

0.1
-0.2

Next release: May 26, 2023, at 8:30 a.m. EDT
Personal Income and Outlays, April 2023

-3-

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

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

•
•
•
•
•

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

Stay informed about BEA developments by
reading The BEA Wire, signing up for BEA’s email
subscription service, or following BEA on Twitter
@BEA_News.
Historical time series for these estimates can be
accessed in BEA’s Interactive Data Application.
Access BEA data by registering for BEA’s Data
Application Programming Interface (API).
For more on BEA’s statistics, refer to our online
journal, the Survey of Current Business.
BEA's news release schedule
NIPA Handbook: Concepts and Methods of the
U.S. National Income and Product Accounts

Statistical conventions
Annual rates. Monthly and quarterly values are expressed
at seasonally-adjusted annual rates (SAAR). Dollar changes
are calculated as the difference between these SAAR
values. For detail, refer to the FAQ “Why does BEA publish
estimates at annual rates?”
Month-to-month percent changes are calculated from
unrounded data and are not annualized.
Quarter-to-quarter percent changes are calculated from
unrounded data and are displayed at annual rates. For
detail, refer to the FAQ “How is average annual growth
calculated?” and “Why does BEA publish percent changes
in quarterly series at annual rates?”

Definitions
Personal income is the income received by, or on behalf of,
all persons from all sources: from participation as laborers
in production, from owning a home or business, from the
ownership of financial assets, and from government and
business in the form of transfers. It includes income from
domestic sources as well as the rest of world. It does not
include realized or unrealized capital gains or losses.

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

Disposable personal income is the income available to
persons for spending or saving. It is equal to personal
income less personal current taxes.
Personal consumption expenditures (PCE) is the value of
the goods and services purchased by, or on the behalf of,
“persons” who reside in the United States.

Chained-dollar values are calculated by multiplying the
quantity index by the current-dollar value in the reference
year (2012) and then dividing by 100. Percent changes
calculated from real quantity indexes and chained-dollar
levels are conceptually the same; any differences are due
to rounding. Chained-dollar values are not additive
because the relative weights for a given period differ from
those of the reference year. In tables that display chaineddollar values, a "residual" line shows the difference
between the sum of detailed chained-dollar series and its
corresponding aggregate.

Personal outlays is the sum of PCE, personal interest
payments, and personal current transfer payments.
Personal saving is personal income less personal outlays
and personal current taxes.
The personal saving rate is personal saving as a percentage
of disposable personal income.
Current-dollar estimates are valued in the prices of the
period when the transactions occurred—that is, at “market
value.” Also referred to as “nominal estimates” or as
“current-price estimates.”

-4-

Personal Income and Outlays News Release Tables
Table 1.
Table 2.
Table 3.
Table 4.
Table 5.
Table 6.
Table 7.
Table 8.
Table 9.
Table 10.
Table 11.

Personal Income and Its Disposition (Months)
Personal Income and Its Disposition (Years and Quarters)
Personal Income and Its Disposition, Change from Preceding Period (Months)
Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
Real Personal Consumption Expenditures by Major Type of Product (Months)
Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months)
Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One
Year Ago
Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago

-5-

April 28, 2023

Table 1. Personal Income and Its Disposition (Months)
[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
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
Supplements to wages and salaries
11
1
12
Employer contributions for employee pension and insurance funds
13
Employer contributions for government social insurance
14
Proprietors' income with inventory valuation and capital
consumption adjustments
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

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

Seasonally adjusted at annual rates
2022
r
Oct.
Nov.
Dec.
Jan.
22,283.0
22,375.9 22,446.1 22,575.6
13,921.0 13,977.3 14,019.4
14,138.9
11,506.8 11,553.5 11,587.7
11,693.8
9,872.2
9,908.7
9,937.3 10,033.6
1,807.9
1,814.1
1,814.0
1,838.0
1,070.6
1,070.8
1,065.2
1,081.9
8,064.3
8,094.6
8,123.3
8,195.6
1,775.0
1,778.6
1,780.5
1,809.7
6,289.2
6,316.0
6,342.8
6,386.0
1,634.6
1,644.8
1,650.4
1,660.2
2,414.3
2,423.8
2,431.7
2,445.1
1,630.6
1,637.1
1,642.9
1,647.0

Aug.
21,975.8
13,754.9
11,360.7
9,735.9
1,780.1
1,054.4
7,955.8
1,748.4
6,207.4
1,624.8
2,394.1
1,620.2

Sept.
22,080.4
13,856.1
11,450.6
9,819.5
1,797.4
1,064.8
8,022.1
1,762.3
6,259.8
1,631.1
2,405.5
1,625.6

774.0

779.9

783.7

786.7

788.8

1,869.7

1,874.4

1,877.2

1,882.7

95.9
1,773.7
794.9
3,358.1
1,738.0
1,620.1
3,893.9
3,824.5
1,215.9
920.1
785.3
18.9
161.6
722.7
69.4
1,695.6
3,236.7
18,739.1
18,132.7
17,550.9
5,981.9
2,197.8
3,784.1
11,568.9
357.1
224.7
116.4
108.3
606.4
3.2

97.1
1,777.4
797.0
3,367.7
1,745.2
1,622.6
3,892.9
3,823.5
1,216.9
926.7
782.8
18.0
162.5
716.6
69.4
1,707.7
3,248.6
18,831.7
18,257.4
17,656.8
5,995.6
2,200.2
3,795.4
11,661.2
375.6
225.0
116.7
108.3
574.4
3.0

99.0
1,778.3
804.7
3,413.8
1,766.6
1,647.2
3,981.6
3,912.2
1,229.1
933.8
791.2
18.9
163.2
776.0
69.4
1,715.4
3,244.8
19,038.2
18,391.8
17,778.2
6,064.4
2,238.9
3,825.6
11,713.7
389.1
224.5
116.9
107.6
646.4
3.4

100.9
1,781.9
810.6
3,424.7
1,788.7
1,636.0
4,002.2
3,932.8
1,224.3
941.5
796.9
20.6
164.0
785.4
69.5
1,721.7
3,231.8
19,144.1
18,362.3
17,735.0
5,974.1
2,167.3
3,806.8
11,760.9
402.6
224.7
117.1
107.6
781.8
4.1

14,618.2

14,653.2

14,683.1

15,149.6

15,172.2

56,139
45,385
333,799

56,387
45,429
333,976

2023
r

Line
p

Feb.
22,649.1
14,178.7
11,726.8
10,059.7
1,837.4
1,078.0
8,222.4
1,813.0
6,409.4
1,667.1
2,451.9
1,651.9

March
22,717.0
14,224.9
11,765.6
10,091.8
1,845.7
1,082.5
8,246.1
1,813.5
6,432.6
1,673.8
2,459.3
1,657.0

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

798.0

800.0

802.3

13

1,888.6

1,890.7

1,887.0

1,884.6

14

102.8
1,785.8
820.0
3,433.5
1,811.6
1,622.0
4,010.8
3,941.2
1,223.6
949.7
800.6
21.6
164.8
780.9
69.6
1,726.3
3,220.3
19,225.7
18,377.4
17,736.5
5,901.5
2,134.9
3,766.5
11,835.0
416.1
224.8
117.2
107.6
848.3
4.4

99.0
1,791.7
830.1
3,445.4
1,810.1
1,635.3
4,020.5
3,949.5
1,335.7
958.4
808.2
21.9
165.5
659.8
71.0
1,749.9
2,952.3
19,623.3
18,738.2
18,085.8
6,105.8
2,290.9
3,814.9
11,980.0
429.1
223.3
117.5
105.8
885.1
4.5

95.3
1,791.7
841.5
3,449.2
1,808.3
1,640.9
4,046.9
3,975.6
1,340.5
966.6
813.5
22.8
166.4
665.9
71.3
1,754.2
2,935.7
19,713.3
18,761.7
18,096.0
6,094.2
2,257.6
3,836.7
12,001.7
442.1
223.6
117.8
105.8
951.6
4.8

91.5
1,793.1
853.4
3,467.6
1,806.1
1,661.5
4,045.6
3,974.0
1,339.9
974.4
817.6
23.6
167.2
651.5
71.6
1,759.2
2,931.9
19,785.1
18,783.2
18,104.2
6,057.5
2,237.6
3,820.0
12,046.6
455.1
223.8
118.0
105.8
1,001.9
5.1

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

14,715.9

14,735.4

14,742.2

14,735.2

14,778.8

45

15,274.2

15,332.9

15,367.3

15,590.8

15,615.4

15,660.3

46

56,976
45,712
334,141

57,269
45,868
334,287

57,490
45,952
334,420

58,659
46,605
334,533

58,910
46,664
334,637

59,103
46,782
334,753

47
48
49

Personal income excluding current transfer receipts,
billions of chained (2012) dollars

5

Disposable personal income:
46
47
48
49

Total, billions of chained (2012) dollars
Per capita:
Current dollars
Chained (2012) dollars
6
Population (midperiod, thousands)

5

p Preliminary
r Revised
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month;
the annual and quarterly estimates are averages of the monthly estimates.
Source: U.S. Bureau of Economic Analysis

-6-

April 28, 2023

Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2021

2022

2021
Q1
21,319.8
13,259.7
10,925.5
9,337.8
1,705.4
1,013.3
7,632.4
1,697.0
5,935.4
1,587.8
2,334.2
1,589.6

Q2
21,578.3
13,415.2
11,058.0
9,457.7
1,732.8
1,027.9
7,724.9
1,701.0
6,023.9
1,600.4
2,357.1
1,603.6

2022
Q3
21,969.5
13,755.0
11,361.0
9,737.3
1,781.7
1,055.2
7,955.6
1,748.2
6,207.3
1,623.8
2,394.0
1,620.0

Q4
22,368.3
13,972.6
11,549.3
9,906.1
1,812.0
1,068.9
8,094.1
1,778.0
6,316.0
1,643.3
2,423.2
1,636.8

Q1
22,647.2
14,180.8
11,728.7
10,061.7
1,840.4
1,080.8
8,221.4
1,812.0
6,409.3
1,667.0
2,452.1
1,652.0

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

2023

Line

1 Personal income
Compensation of employees
2
Wages and salaries
3
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
Supplements to wages and salaries
11
1
12
Employer contributions for employee pension and insurance funds
13
Employer contributions for government social insurance
14
Proprietors' income with inventory valuation and capital
consumption adjustments

21,294.8
12,538.5
10,290.1
8,746.0
1,601.8
960.1
7,144.2
1,593.7
5,550.5
1,544.1
2,248.4
1,550.3

21,809.0
13,600.6
11,223.5
9,609.7
1,758.0
1,041.3
7,851.7
1,731.1
6,120.7
1,613.8
2,377.1
1,612.5

Q4
21,162.1
13,044.4
10,748.4
9,175.7
1,665.5
993.3
7,510.2
1,668.0
5,842.2
1,572.7
2,296.0
1,571.3

698.1

764.6

724.6

744.6

753.6

774.0

786.4

800.1

1,753.6

1,848.3

1,789.8

1,811.4

1,835.4

1,863.5

1,882.9

1,887.4

14

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

51.3
1,702.2
723.8
3,202.4
1,658.6
1,543.9
4,617.3
4,546.4
1,114.6
880.6
735.6
320.9
154.2
1,340.5
71.0
1,540.8
2,661.7
18,633.1
16,389.8
15,902.6
5,496.5
2,060.2
3,436.3
10,406.1
274.4
212.8
110.3
102.4
2,243.4
12.0

91.7
1,756.6
781.9
3,343.9
1,726.6
1,617.3
3,910.7
3,839.6
1,211.5
920.4
783.7
20.3
160.8
742.9
71.1
1,676.5
3,200.7
18,608.3
17,922.5
17,357.2
5,941.3
2,185.5
3,755.9
11,415.8
341.6
223.7
115.7
108.0
685.8
3.7

43.9
1,745.9
739.6
3,258.5
1,657.5
1,601.0
3,925.7
3,852.5
1,126.5
900.0
745.0
33.8
156.4
890.9
73.2
1,595.8
2,806.1
18,356.1
17,019.0
16,518.0
5,673.7
2,101.6
3,572.1
10,844.3
282.8
218.2
112.4
105.8
1,337.1
7.3

74.4
1,737.0
744.9
3,269.9
1,670.8
1,599.1
3,868.7
3,797.7
1,198.7
908.0
763.1
23.6
157.7
746.6
71.1
1,634.7
3,145.5
18,174.4
17,389.5
16,874.8
5,843.2
2,183.9
3,659.3
11,031.6
293.5
221.3
114.1
107.2
784.9
4.3

95.7
1,739.7
775.9
3,323.0
1,708.6
1,614.4
3,883.2
3,809.1
1,206.9
911.8
789.5
18.6
159.7
722.7
74.1
1,654.4
3,188.5
18,389.8
17,798.7
17,261.3
5,953.6
2,181.8
3,771.9
11,307.7
313.1
224.2
115.4
108.8
591.1
3.2

95.9
1,767.6
794.9
3,358.8
1,738.1
1,620.7
3,892.8
3,823.0
1,214.6
920.3
786.1
18.5
161.7
721.7
69.8
1,695.6
3,236.5
18,733.0
18,124.5
17,542.7
5,988.6
2,195.8
3,792.7
11,554.1
357.1
224.7
116.4
108.3
608.5
3.2

100.9
1,782.0
811.8
3,424.0
1,789.0
1,635.0
3,998.2
3,928.7
1,225.6
941.6
796.2
20.4
164.0
780.8
69.5
1,721.1
3,232.3
19,136.0
18,377.2
17,749.9
5,980.0
2,180.4
3,799.6
11,769.9
402.6
224.7
117.0
107.6
758.8
4.0

95.3
1,792.2
841.7
3,454.1
1,808.2
1,645.9
4,037.7
3,966.4
1,338.7
966.5
813.1
22.8
166.3
659.0
71.3
1,754.4
2,940.0
19,707.2
18,761.0
18,095.3
6,085.8
2,262.0
3,823.8
12,009.5
442.1
223.6
117.8
105.8
946.2
4.8

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

14,424.3

14,570.8

14,589.6

14,507.5

14,453.7

14,610.2

14,711.6

14,752.1

45

16,115.7

15,148.9

15,537.3

15,108.8

15,021.2

15,140.6

15,324.9

15,622.2

46

56,065
48,490
332,351

55,781
45,411
333,595

55,159
46,689
332,786

54,581
45,375
332,978

55,171
45,065
333,321

56,121
45,359
333,799

57,245
45,844
334,282

58,891
46,684
334,641

47
48
49

45

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

5

Disposable personal income:
46
47
48
49

Total, billions of chained (2012) dollars
Per capita:
Current dollars
Chained (2012) dollars
6
Population (midperiod, thousands)

5

1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month;
the annual and quarterly estimates are averages of the monthly estimates.
Source: U.S. Bureau of Economic Analysis

-7-

April 28, 2023

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
12
Employer contributions for employee pension and insurance funds 1
13
Employer contributions for government social insurance
14
Proprietors' income with inventory valuation and capital
consumption adjustments
15
Farm
16
Nonfarm
17
Rental income of persons with capital consumption adjustment
18
Personal income receipts on assets
19
Personal interest income
20
Personal dividend income
21
Personal current transfer receipts
22
Government social benefits to persons
23
Social security 2
24
Medicare 3
25
Medicaid
26
Unemployment insurance
27
Veterans' benefits
28
Other
29
Other current transfer receipts, from business (net)
30
Less: Contributions for government social insurance, domestic
31 Less: Personal current taxes
32 Equals: Disposable personal income
33 Less: Personal outlays
34
Personal consumption expenditures
35
Goods
36
Durable goods
37
Nondurable goods
38
Services
39
Personal interest payments 4
40
Personal current transfer payments
41
To government
42
To the rest of the world (net)
43 Equals: Personal saving
Addenda:
44
Personal income excluding current transfer receipts,
45

Aug.
123.5
100.8
88.9
79.5
12.4
8.1
67.1
14.4
52.6
9.4
11.9
5.9

Sept.
104.6
101.2
89.9
83.6
17.3
10.4
66.3
13.9
52.4
6.3
11.3
5.4

5.9

5.9

Seasonally adjusted at annual rates
2022
Oct.
Nov.
Dec.
Jan. r
202.6
92.9
70.2
129.5
65.0
56.2
42.1
119.5
56.2
46.7
34.2
106.1
52.7
36.5
28.6
96.3
10.6
6.2
0.0
23.9
5.8
0.2
-5.6
16.7
42.1
30.3
28.7
72.3
12.7
3.6
1.8
29.2
29.4
26.7
26.9
43.1
3.5
10.2
5.6
9.8
8.8
9.5
7.9
13.4
5.0
6.5
5.8
4.2
3.8

3.0

2.1

2023

Line

Feb. r
March p
73.5
67.9
39.8
46.2
32.9
38.8
26.1
32.1
-0.6
8.4
-3.9
4.5
26.7
23.7
3.3
0.6
23.4
23.2
6.8
6.7
6.9
7.4
4.9
5.0

9.2

1.9

2.3

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

23.2

4.7

2.8

5.5

5.8

2.1

-3.7

-2.4

14

1.1
22.0
2.0

1.1
3.6
2.1

1.9
0.9
7.7

1.9
3.6
5.9

1.9
3.9
9.4

-3.8
5.9
10.1

-3.8
0.1
11.4

-3.8
1.4
12.0

15
16
17

7.4
6.8
0.6
2.1
3.4
4.8
6.0
-5.0
0.2
0.5
-3.2
-1.3
12.0
12.5
111.0
149.3
130.6
-6.3
8.3
-14.5
136.8
18.5
0.3
0.3
0.0
-38.3

9.7
7.2
2.5
-1.0
-1.0
1.0
6.6
-2.5
-0.8
0.9
-6.1
-0.1
12.1
12.0
92.6
124.6
105.9
13.6
2.4
11.3
92.3
18.5
0.3
0.3
0.0
-32.0

46.1
21.5
24.6
88.8
88.7
12.2
7.1
8.3
0.9
0.7
59.5
0.0
7.7
-3.8
206.4
134.4
121.4
68.9
38.7
30.2
52.5
13.5
-0.5
0.2
-0.7
72.0

10.9
22.1
-11.2
20.6
20.5
-4.8
7.7
5.7
1.8
0.8
9.4
0.1
6.3
-13.1
106.0
-29.5
-43.1
-90.3
-71.6
-18.7
47.1
13.5
0.2
0.2
0.0
135.4

8.8
22.9
-14.0
8.6
8.5
-0.7
8.2
3.7
0.9
0.8
-4.5
0.1
4.6
-11.5
81.6
15.1
1.5
-72.7
-32.4
-40.3
74.1
13.5
0.1
0.1
0.0
66.5

11.9
-1.5
13.3
9.7
8.3
112.1
8.7
7.6
0.3
0.7
-121.2
1.3
23.7
-268.0
397.5
360.8
349.3
204.3
156.0
48.3
145.0
13.0
-1.5
0.3
-1.8
36.7

3.8
-1.8
5.6
26.4
26.1
4.8
8.2
5.3
0.9
0.8
6.1
0.3
4.2
-16.6
90.1
23.5
10.2
-11.5
-33.4
21.8
21.7
13.0
0.3
0.3
0.0
66.6

18.5
-2.2
20.6
-1.3
-1.6
-0.6
7.7
4.1
0.8
0.8
-14.4
0.3
5.0
-3.8
71.7
21.5
8.2
-36.7
-20.0
-16.7
44.9
13.0
0.3
0.3
0.0
50.3

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

billions of chained (2012) dollars 5

59.2

34.9

29.9

32.7

19.6

6.7

-7.0

43.6

44

Disposable personal income, billions of chained (2012) dollars 5

49.3

22.6

102.0

58.7

34.4

223.6

24.6

44.9

45

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

-8-

April 28, 2023

Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars]
2021

2022

1 Personal income
Compensation of employees
2
Wages and salaries
3
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
Supplements to wages and salaries
11
1
12
Employer contributions for employee pension and insurance funds
13
Employer contributions for government social insurance
14
Proprietors' income with inventory valuation and capital
consumption adjustments

1,462.5
945.7
832.7
783.1
86.2
55.8
696.9
151.3
545.6
49.7
113.0
74.0

514.2
1,062.1
933.4
863.7
156.2
81.2
707.5
137.4
570.2
69.7
128.8
62.3

2021
Q4
156.9
363.1
326.1
317.5
56.7
34.4
260.8
54.8
206.1
8.6
37.0
16.7

39.0

66.5

20.3

110.5

94.7

-2.9

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

6.2
40.4
104.3
54.3
4.0
58.1
107.0
141.5
11.2
68.1
95.8
73.4
386.2
-706.6
359.3
-706.7
36.7
96.9
64.9
39.8
78.0
48.1
-216.5
-300.6
8.7
6.6
387.5
-597.5
26.9
0.2
90.8
135.7
425.3
539.0
1,037.2
-24.8
1,786.2 1,532.7
1,786.4 1,454.6
826.4
444.8
413.5
125.2
412.9
319.6
960.0 1,009.8
-9.8
67.2
9.6
11.0
2.3
5.4
7.3
5.6
-749.0 -1,557.5

-19.9
17.0
16.9
35.5
1.8
33.7
-213.9
-211.8
9.7
10.4
-3.2
-211.4
1.3
-18.8
-2.0
41.8
112.8
44.0
376.0
370.7
156.6
66.6
90.0
214.1
1.6
3.7
1.5
2.2
-332.0

Line

44

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

19.9

2023 Line
Q1
278.9
1
208.2
2
179.4
3
155.6
4
28.3
5
12.0
6
127.3
7
34.0
8
93.3
9
23.7 10
28.8 11
15.1 12

9.0

20.4

12.4

13.7

13

21.7

23.9

28.2

19.3

4.6

14

30.5
-8.9
5.3
11.4
13.3
-1.9
-57.0
-54.9
72.2
8.0
18.1
-10.2
1.3
-144.3
-2.1
38.9
339.4
-181.7
370.5
356.8
169.5
82.3
87.2
187.3
10.7
3.0
1.7
1.4
-552.2

21.3
2.7
31.0
53.2
37.8
15.4
14.5
11.5
8.2
3.8
26.4
-5.0
2.1
-23.9
3.0
19.7
43.0
215.4
409.2
386.6
110.5
-2.1
112.6
276.1
19.6
3.0
1.3
1.7
-193.8

0.3
27.9
19.0
35.8
29.5
6.3
9.6
13.9
7.7
8.5
-3.3
-0.1
2.0
-1.0
-4.2
41.2
48.0
343.2
325.9
281.3
34.9
14.1
20.9
246.4
44.1
0.5
1.0
-0.5
17.3

4.9
14.4
16.8
65.2
50.9
14.3
105.4
105.7
11.0
21.4
10.1
1.8
2.3
59.1
-0.3
25.5
-4.2
403.0
252.7
207.2
-8.6
-15.5
6.9
215.8
45.5
-0.1
0.7
-0.7
150.4

-5.6
10.2
29.9
30.0
19.2
10.8
39.4
37.7
113.0
24.8
16.9
2.4
2.3
-121.8
1.8
33.3
-292.3
571.2
383.9
345.4
105.8
81.6
24.2
239.6
39.5
-1.1
0.7
-1.8
187.4

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

Personal income excluding current transfer receipts,
billions of chained (2012) dollars

45

Seasonally adjusted at annual rates
2022
Q1
Q2
Q3
Q4
157.7
258.4
391.2
398.8
215.4
155.5
339.8
217.6
177.1
132.5
303.0
188.3
162.1
119.9
279.6
168.8
39.9
27.4
48.9
30.3
19.9
14.7
27.2
13.7
122.2
92.5
230.7
138.5
29.0
3.9
47.3
29.8
93.2
88.6
183.4
108.7
15.0
12.6
23.4
19.5
38.3
22.9
36.8
29.3
18.3
13.9
16.4
16.9

5

Disposable personal income, billions of chained (2012) dollars

5

387.5

146.5

98.0

-82.1

-53.8

156.4

101.4

40.5

44

284.2

-966.9

-197.1

-428.6

-87.6

119.4

184.3

297.3

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 28, 2023

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

2022
Aug.
Sept.
Oct.
Based on current-dollar measures

1 Personal income
2
Compensation of employees
3
Wages and salaries
4
Supplements to wages and salaries
5
Proprietors' income with inventory valuation and capital consumption
adjustments

Jan.

r

Feb.

r

Line
March

p

0.4
0.4
0.4
0.4

0.3
0.3
0.3
0.3

0.6
0.9
0.9
0.5

0.3
0.3
0.3
0.3

0.3
0.3
0.3
0.3

1
2
3
4

1.3
0.3
0.2
0.3
0.3
1.0
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
0.2
0.3
1.4
8
Personal interest income
0.4
0.4
1.2
9
Personal dividend income
0.0
0.2
1.5
10
Personal current transfer receipts
0.1
0.0
2.3
0.7
0.7
0.5
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
0.4
0.4
-0.1
13 Equals: Disposable personal income
0.6
0.5
1.1
Addenda:
14
Personal consumption expenditures
0.7
0.6
0.7
15
Goods
-0.1
0.2
1.1
16
Durable goods
0.4
0.1
1.8
17
Nondurable goods
-0.4
0.3
0.8
18
Services
1.2
0.8
0.5
Based on chained (2012) dollar measures

0.3
0.7

0.3
1.2

0.1
1.2

-0.2
1.4

-0.1
1.4

5
6

0.3
1.2
-0.7
0.5
0.4

0.3
1.3
-0.9
0.2
0.3

0.3
-0.1
0.8
0.2
1.4

0.1
-0.1
0.3
0.7
0.2

0.5
-0.1
1.3
0.0
0.3

7
8
9
10
11

-0.4
0.6

-0.4
0.4

-8.3
2.1

-0.6
0.5

-0.1
0.4

12
13

-0.2
-1.5
-3.2
-0.5
0.4

0.0
-1.2
-1.5
-1.1
0.6

2.0
3.5
7.3
1.3
1.2

0.1
-0.2
-1.5
0.6
0.2

0.0
-0.6
-0.9
-0.4
0.4

14
15
16
17
18

0.2
0.4

0.1
0.2

0.0
1.5

0.0
0.2

0.3
0.3

19
20

Real personal income excluding transfer receipts
Real disposable personal income

0.5
0.7
0.8
0.5

Dec.

0.9
0.5
0.5
0.4

19
20

0.6
0.7
0.8
0.5

2023
Nov.

0.4
0.3

0.2
0.1

0.2
0.7

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

April 28, 2023

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

2021

2022

Q4
Based on current-dollar measures
1 Personal income
2
Compensation of employees
3
Wages and salaries
4
Supplements to wages and salaries
5
Proprietors' income with inventory valuation and capital consumption
adjustments

2022

2021
Q1

Q2

5.1
6.1
6.4
4.8

1
2
3
4

4.2

1.0

8.7
8.0
12.2
3.6
11.3
6.2

15.6
3.6
4.4
2.7
4.0
8.0
-31.6
12.5

5
6
7
8
9
10
11
12
13

4.8
-0.6
-2.8
0.7
7.7

8.0
7.3
15.8
2.6
8.4

14
15
16
17
18

2.8
5.0

1.1
8.0

19
20

3.0
12.0
13.1
6.7

6.7

5.4

-0.6

4.9

5.4

6.3

6
Rental income of persons with capital consumption adjustment
0.6
8.0
9.7
7
Personal income receipts on assets
3.5
4.4
4.5
8
Personal interest income
0.7
4.1
0.4
9
Personal dividend income
6.6
4.8
8.9
10
Personal current transfer receipts
9.1
-15.3
-19.1
6.3
8.8
11.2
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
19.0
20.2
17.8
13 Equals: Disposable personal income
5.9
-0.1
1.0
Addenda:
14
Personal consumption expenditures
12.7
9.1
9.5
15
Goods
17.7
8.1
11.8
16
Durable goods
25.1
6.1
13.7
17
Nondurable goods
13.7
9.3
10.7
18
Services
10.2
9.7
8.3
Based on chained (2012) dollar measures

2.9
1.4
3.3
-0.5
-5.7
10.1

17.7
6.7
9.4
3.9
1.5
4.9

10.2
4.4
7.1
1.6
1.0
10.3

57.9
-3.9

5.6
4.8

6.2
7.7

-0.5
8.9

8.9
12.5
16.6
10.1
7.1

9.5
7.8
-0.4
12.9
10.4

6.7
2.4
2.6
2.2
9.0

-2.2
-10.6

-1.5
-2.3

4.4
3.2

2.8
1.8

Source: U.S. Bureau of Economic Analysis

- 10 -

1.0
-6.0

2.7
-4.9

7.5
10.5
11.4
6.4

Line

Q1

2.4
8.5
9.1
5.7

Real personal income excluding transfer receipts
Real disposable personal income

4.9
4.8
4.9
4.0

Q4

7.4
8.2
8.8
5.3

19
20

3.0
6.8
6.8
6.8

2023
Q3

7.5
6.5
6.8
5.0

April 28, 2023

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

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

2022

2023
r

Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
14,188.9
14,225.6
14,263.3
14,204.3
14,176.9
14,369.3
Goods
5,522.7
5,540.9
5,583.3
5,513.4
5,474.1
5,631.0
Durable goods
2,256.2
2,248.6
2,297.2
2,236.5
2,208.0
2,363.2
Nondurable goods
3,309.5
3,333.2
3,332.0
3,317.5
3,304.4
3,321.4
Services
8,799.6
8,819.1
8,820.0
8,821.7
8,827.9
8,881.0
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
67.8
36.6
37.8
-59.0
-27.4
192.4
Goods
12.8
18.1
42.4
-69.8
-39.4
156.9
Durable goods
-2.3
-7.6
48.6
-60.7
-28.4
155.2
Nondurable goods
14.0
23.7
-1.2
-14.5
-13.1
17.1
Services
53.2
19.5
0.9
1.7
6.2
53.1
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.5
0.3
0.3
-0.4
-0.2
1.4
Goods
0.2
0.3
0.8
-1.3
-0.7
2.9
Durable goods
-0.1
-0.3
2.2
-2.6
-1.3
7.0
Nondurable goods
0.4
0.7
0.0
-0.4
-0.4
0.5
Services
0.6
0.2
0.0
0.0
0.1
0.6

Feb.

r

March

p

Line

14,334.2
5,612.0
2,332.9
3,329.0
8,863.5

14,329.8
5,590.4
2,314.1
3,324.6
8,876.5

1
2
3
4
5

-35.0
-19.1
-30.3
7.5
-17.5

-4.4
-21.5
-18.8
-4.4
13.0

6
7
8
9
10

-0.2
-0.3
-1.3
0.2
-0.2

0.0
-0.4
-0.8
-0.1
0.1

11
12
13
14
15

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

April 28, 2023

Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Seasonally adjusted at annual rates
2021

Line

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

2022

Q4
Q1
Billions of chained (2012) dollars
Personal consumption expenditures (PCE)
13,754.1
14,130.3
13,981.5
14,028.4
Goods
5,561.9
5,535.9
5,566.7
5,565.7
Durable goods
2,268.8
2,259.0
2,233.5
2,275.1
Nondurable goods
3,336.2
3,319.6
3,371.7
3,334.1
Services
8,361.1
8,733.5
8,568.2
8,613.0
Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)
1,053.4
376.2
107.1
46.9
Goods
606.2
-26.1
32.1
-1.0
Durable goods
354.6
-9.8
27.6
41.5
Nondurable goods
269.4
-16.6
6.3
-37.6
Services
498.1
372.4
73.9
44.7
Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)
8.3
2.7
3.1
1.3
Goods
12.2
-0.5
2.3
-0.1
Durable goods
18.5
-0.4
5.1
7.6
Nondurable goods
8.8
-0.5
0.7
-4.4
Services
6.3
4.5
3.5
2.1

Source: U.S. Bureau of Economic Analysis

- 11 -

2022

2021
Q2

2023
Q3

Q4

Line

Q1

14,099.5
5,529.6
2,259.2
3,313.5
8,709.6

14,178.6
5,524.5
2,254.4
3,312.7
8,788.4

14,214.9
5,523.6
2,247.3
3,317.9
8,823.2

14,344.5
5,611.1
2,336.7
3,325.0
8,873.6

1
2
3
4
5

71.1
-36.1
-15.9
-20.7
96.7

79.1
-5.1
-4.8
-0.8
78.7

36.3
-0.9
-7.2
5.2
34.8

129.6
87.5
89.5
7.1
50.4

6
7
8
9
10

2.0
-2.6
-2.8
-2.5
4.6

2.3
-0.4
-0.8
-0.1
3.7

1.0
-0.1
-1.3
0.6
1.6

3.7
6.5
16.9
0.9
2.3

11
12
13
14
15

April 28, 2023

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months)
Line
1
Personal consumption expenditures (PCE)
2 Goods
3
Durable goods
4
Nondurable goods
5 Services
Addenda:
6
PCE excluding food and energy
1
7
Food
8

Energy goods and services

9

Market-based PCE

10
11
12
13
14
15
16
17
18

2

3

2022
Aug.
Sept.
Oct.
Nov.
Chain-type price indexes (2012=100), seasonally adjusted
123.728
124.154
124.676
124.889
108.316
108.207
108.621
108.361
97.347
97.782
97.399
96.848
114.367
113.890
114.841
114.780
131.519
132.275
132.856
133.364

2023

2

Market-based PCE

20

Market-based PCE excluding food and energy

p

Line

125.141
107.814
96.632
114.017
134.109

125.898
108.435
96.880
114.884
134.941

126.277
108.596
96.705
115.278
135.454

126.373
108.356
96.627
114.929
135.761

1
2
3
4
5

Feb.

March

124.031
125.588

124.607
126.366

124.998
127.043

125.277
127.662

125.746
128.175

126.449
128.682

126.888
128.956

127.244
128.708

6
7

120.475

117.581

120.314

118.647

114.420

116.610

115.984

111.682

8

120.728

121.085

121.656

121.744

121.983

122.662

123.083

123.260

9

122.761

123.257

123.742

10

0.6
0.6
0.3
0.8
0.6

0.3
0.1
-0.2
0.3
0.4

0.1
-0.2
-0.1
-0.3
0.2

11
12
13
14
15

0.6
0.4

0.3
0.2

0.3
-0.2

16
17

-5.6

-2.4

2.3

-1.4

-3.6

1.9

-0.5

-3.7

18

0.2

0.3

0.5

0.1

0.2

0.6

0.3

0.1

19

0.5

0.4

0.4

0.1

0.4

0.5

0.4

0.4

20

3

19

r

Jan.

3
120.580
121.097
121.527
121.671
122.156
Market-based PCE excluding food and energy
Percent change from preceding period in price indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.3
0.3
0.4
0.2
0.2
Goods
-0.3
-0.1
0.4
-0.2
-0.5
Durable goods
0.5
0.4
-0.4
-0.6
-0.2
Nondurable goods
-0.8
-0.4
0.8
-0.1
-0.7
Services
0.6
0.6
0.4
0.4
0.6
Addenda:
PCE excluding food and energy
0.6
0.5
0.3
0.2
0.4
1
0.8
0.6
0.5
0.5
0.4
Food

Energy goods and services

r

Dec.

3

p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity and gas services.
3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without
payment) and the final consumption expenditures of nonprofit institutions serving households.
Source: U.S. Bureau of Economic Analysis

April 28, 2023

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

Aug.
-4.1
2.3
0.0
2.9
-1.7
3.5

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

Sept.
-2.6
2.1
-0.2
1.9
-1.5
3.4

2022
Oct.
-2.0
1.7
-0.6
1.1
-1.6
2.9

2023
Nov.
-1.4
1.4
-1.5
-0.6
-2.1
2.9

Dec.
-0.8
1.9
-0.2
1.4
-1.1
3.1

Jan.

r

Feb.

r

3.0
2.6
0.3
2.7
-1.1
3.9

March

3.2
2.2
1.2
2.9
0.2
2.8

p

4.0
1.9
1.0
2.5
0.1
2.4

Line
1
2
3
4
5
6

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

April 28, 2023

Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago
2022

Line

Aug.

1
Personal consumption expenditures (PCE)
2 Goods
3
Durable goods
4
Nondurable goods
5 Services
Addenda:
6
PCE excluding food and energy
1
7
Food
8

Energy goods and services

2

3

9

Market-based PCE

10

Market-based PCE excluding food and energy

3

Sept.

2023

Oct.

Nov.

Dec.

Jan.

r

Feb.

r

March

p

Line

6.3
8.6
5.3
10.6
5.1

6.3
8.0
5.7
9.5
5.4

6.1
7.3
4.2
9.2
5.5

5.7
6.3
3.2
8.2
5.3

5.3
5.1
2.0
6.9
5.4

5.4
4.7
1.1
7.0
5.7

5.1
3.6
0.7
5.4
5.8

4.2
1.6
0.8
2.1
5.5

1
2
3
4
5

4.9
12.3

5.2
11.9

5.1
11.7

4.8
11.5

4.6
11.6

4.7
11.1

4.7
9.7

4.6
8.0

6
7

24.5

20.1

18.3

13.6

8.6

9.5

4.9

-9.8

8

6.6

6.6

6.4

6.0

5.6

5.6

5.2

4.2

9

5.1

5.4

5.3

5.0

4.9

4.8

4.7

4.7

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 -