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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, JUNE 29, 2016 Technical: James Rankin 301.278.9087 (Personal Income) Harvey Davis 301.278.9086 (Personal Consumption Expenditures) Media: Jeannine Aversa 301.278.9003 BEA 16-33 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov PERSONAL INCOME AND OUTLAYS: MAY 2016 Personal income increased $37.1 billion, or 0.2 percent, and disposable personal income (DPI) increased $33.9 billion, or 0.2 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $53.5 billion, or 0.4 percent. In April, personal income increased $75.4 billion, or 0.5 percent, DPI increased $68.6 billion, or 0.5 percent, and PCE increased $141.2 billion, or 1.1 percent, based on revised estimates. Real DPI increased 0.1 percent in May, compared with an increase of 0.2 percent in April. Real PCE increased 0.3 percent, compared with an increase of 0.8 percent. Jan. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.4 2016 Feb. Mar. Apr. (Percent change from preceding month) 0.1 0.3 0.5 May 0.2 0.6 0.4 0.1 0.2 0.3 0.3 0.5 0.2 0.2 0.1 0.1 0.0 0.2 0.3 0.0 -0.1 1.1 0.8 0.4 0.3 NOTE. Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2009) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. Compensation Wages and salaries increased $14.7 billion in May, compared with an increase of $40.4 billion in April. Private wages and salaries increased $11.8 billion, compared with an increase of $38.7 billion. Government wages and salaries increased $2.9 billion, compared with an increase of $1.6 billion. Supplements to wages and salaries increased $4.6 billion in May, compared with an increase of $6.0 billion in April. Other personal income Proprietors' income increased $1.2 billion in May, compared with an increase of $10.0 billion in April. Farm proprietors' income increased $1.0 billion, the same increase as in April. Nonfarm proprietors' income increased $0.1 billion in May, compared with an increase of $9.0 billion in April. Rental income of persons increased $3.7 billion in May, compared with an increase of $3.3 billion in April. Personal income receipts on assets (personal interest income plus personal dividend income) increased $9.7 billion, compared with an increase of $8.5 billion. Personal current transfer receipts increased $4.8 billion in May, compared with an increase of $12.2 billion in April. Contributions for government social insurance -- a subtraction in calculating personal income -increased $1.6 billion in May, compared with an increase of $4.8 billion in April. Personal current taxes and disposable personal income Personal current taxes increased $3.1 billion in May, compared with an increase of $6.8 billion in April. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $33.9 billion, or 0.2 percent, compared with an increase of $68.6 billion, or 0.5 percent. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $57.0 billion in May, compared with an increase of $144.6 billion in April. PCE increased $53.5 billion, compared with an increase of $141.2 billion. Personal saving -- DPI less personal outlays -- was $730.6 billion in May, compared with $753.7 billion in April. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.3 percent, compared with 5.4 percent. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's Financial Accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. News Release Page 2 of 4 Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in May, compared with an increase of 0.2 percent in April. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in May, compared with an increase of 0.8 percent in April. Purchases of durable goods increased 0.6 percent, compared with an increase of 2.6 percent. Purchases of nondurable goods increased 0.5 percent, compared with an increase of 1.0 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.5 percent. The price index for PCE increased 0.2 percent in May, compared with an increase of 0.3 percent in April. The PCE price index, excluding food and energy, increased 0.2 percent, the same increase as in April. The May PCE price index increased 0.9 percent from May a year ago. The May PCE price index, excluding food and energy, increased 1.6 percent from May a year ago. Revisions Estimates have been revised for January through April. Changes in personal income, in currentdollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for March and for April -- revised and as published in last month's release -- are shown below. Change from preceding month Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars News Release Page 3 of 4 March Previous Revised Previous Revised (Billions of dollars) (Percent) April Previous Revised Previous Revised (Billions of dollars) (Percent) 56.7 54.3 0.4 0.3 69.8 75.4 0.4 0.5 49.6 37.6 48.1 35.8 0.4 0.3 0.3 0.3 63.5 19.2 68.6 23.9 0.5 0.2 0.5 0.2 3.7 -3.5 -0.3 -7.5 0.0 0.0 0.0 -0.1 119.2 73.3 141.2 93.3 1.0 0.6 1.1 0.8 Upcoming Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released in conjunction with preliminary estimates for June 2016 on August 2, 2016. This regular revision of the estimates will cover the most recent 3 years and the first 5 months of 2016. For more information, see “Preview of the Upcoming Annual NIPA Revision” included in the May Survey of Current Business article on “GDP and the Economy”. BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API at www.bea.gov/API/signup/index.cfm. BEA's news release schedule is available at www.bea.gov/newsreleases/news_release_sort_national.htm * * * Next release – August 2, 2016 at 8:30 A.M. EDT Personal Income and Outlays for June News Release Page 4 of 4 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2015 Oct. 1 Personal income ................................................................................... 2 Compensation of employees ............................................................ Nov. Line 2016 Dec. Jan. r Feb. r March r April r May p 15,547.1 15,605.1 15,654.2 15,714.6 15,730.0 15,784.3 15,859.7 15,896.7 9,799.0 9,866.3 9,895.9 9,947.7 9,951.1 9,982.7 10,029.0 10,048.3 1 2 3 4 5 6 7 8 9 10 Wages and salaries ........................................................................ Private industries........................................................................... Goods-producing industries ....................................................... Manufacturing ......................................................................... Services-producing industries.................................................... Trade, transportation, and utilities........................................... Other services-producing industries ....................................... Government................................................................................... 7,947.7 6,670.6 1,324.2 813.4 5,346.4 1,256.2 4,090.2 1,277.0 8,007.2 6,727.9 1,346.3 830.4 5,381.6 1,263.2 4,118.5 1,279.2 8,031.5 6,749.8 1,337.9 821.7 5,411.9 1,268.4 4,143.5 1,281.7 8,077.1 6,789.7 1,347.5 829.1 5,442.2 1,270.8 4,171.5 1,287.4 8,077.2 6,786.5 1,344.5 827.3 5,441.9 1,271.6 4,170.4 1,290.7 8,103.7 6,810.0 1,348.0 827.8 5,462.0 1,275.1 4,186.9 1,293.7 8,144.1 6,848.7 1,356.9 835.4 5,491.8 1,281.2 4,210.6 1,295.3 8,158.7 6,860.5 1,361.6 838.3 5,498.9 1,278.6 4,220.3 1,298.2 3 4 5 6 7 8 9 10 11 12 Supplements to wages and salaries............................................. Employer contributions for employee pension and insurance funds 1 ......................................................................................... Employer contributions for government social insurance.............. Proprietors’ income with inventory valuation and capital consumption adjustments............................................................. 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. 1,851.3 1,859.1 1,864.4 1,870.6 1,873.9 1,879.0 1,885.0 1,889.6 11 1,277.6 573.7 1,281.5 577.6 1,285.7 578.8 1,289.5 581.0 1,293.5 580.4 1,297.4 581.6 1,301.1 583.9 1,305.0 584.6 12 13 1,407.0 62.5 1,344.5 668.4 2,202.3 1,327.7 874.6 2,687.8 2,644.0 877.6 628.4 544.4 31.7 96.2 465.6 43.8 1,217.4 1,401.0 57.1 1,343.9 671.6 2,196.5 1,318.3 878.2 2,694.8 2,650.8 878.2 631.5 545.3 32.2 98.4 465.4 44.0 1,225.0 1,412.3 51.6 1,360.6 675.3 2,187.0 1,309.0 878.0 2,711.5 2,667.3 889.3 634.5 549.2 32.6 98.7 463.0 44.2 1,227.8 1,413.6 50.1 1,363.4 679.7 2,193.4 1,314.4 879.0 2,717.2 2,672.9 884.7 637.6 548.8 32.7 98.0 471.1 44.3 1,237.0 1,411.9 48.6 1,363.3 685.0 2,189.0 1,319.8 869.2 2,729.4 2,684.9 887.0 640.6 550.4 32.6 98.4 475.8 44.5 1,236.4 1,410.8 47.1 1,363.7 690.6 2,202.1 1,325.2 877.0 2,737.2 2,692.5 886.9 643.4 552.6 32.0 99.3 478.4 44.7 1,239.3 1,420.8 48.1 1,372.7 693.9 2,210.6 1,327.7 882.9 2,749.4 2,704.5 894.9 646.1 557.6 31.1 99.4 475.4 44.9 1,244.1 1,422.0 49.1 1,372.8 697.6 2,220.4 1,330.3 890.0 2,754.2 2,709.1 894.5 648.6 560.6 31.3 99.0 475.2 45.1 1,245.8 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1,980.5 1,996.5 2,004.1 1,988.6 1,989.5 1,995.8 2,002.5 2,005.7 13,566.5 13,608.6 13,650.1 13,726.0 13,740.4 13,788.5 13,857.1 13,891.1 12,854.1 12,907.5 12,929.8 12,944.1 12,961.9 12,958.8 13,103.4 13,160.4 12,405.5 12,455.0 12,473.4 12,484.5 12,505.0 12,504.7 12,645.9 12,699.4 4,005.3 4,027.5 4,001.7 3,982.9 3,961.0 3,969.3 4,050.1 4,070.9 1,339.0 1,353.9 1,347.8 1,336.2 1,340.5 1,338.2 1,373.3 1,378.1 2,666.3 2,673.6 2,653.9 2,646.6 2,620.5 2,631.2 2,676.9 2,692.9 8,400.2 8,427.5 8,471.7 8,501.6 8,543.9 8,535.4 8,595.8 8,628.5 270.6 274.1 277.6 274.8 271.9 269.1 272.4 275.6 178.0 178.3 178.7 184.9 185.0 185.0 185.1 185.4 98.3 98.6 99.0 103.7 103.8 103.8 104.0 104.2 79.7 79.7 79.7 81.2 81.2 81.2 81.2 81.2 712.5 701.2 720.3 781.9 778.5 829.7 753.7 730.6 5.3 5.2 5.3 5.7 5.7 6.0 5.4 5.3 31 32 33 34 35 36 37 38 39 40 41 42 43 44 11,714.7 11,746.6 11,785.8 11,822.6 11,836.3 11,871.0 11,892.1 11,901.5 45 12,359.0 12,381.9 12,430.0 12,485.4 12,509.9 12,545.7 12,569.6 12,579.3 46 42,069 38,324 322,484 47 48 49 13 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 45 46 47 48 49 Less: Personal current taxes ............................................................... Equals: Disposable personal income ................................................. Less: Personal outlays ......................................................................... Personal consumption expenditures.................................................... Goods ............................................................................................... Durable goods ............................................................................... Nondurable goods ......................................................................... Services............................................................................................ Personal interest payments 4 ................................................................ Personal current transfer payments..................................................... To government.................................................................................. To the rest of the world (net)............................................................. Equals: Personal saving....................................................................... Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................. Disposable personal income: Total, billions of chained (2009) dollars 5 ........................................... Per capita: Current dollars............................................................................... Chained (2009) dollars .................................................................. Population (midperiod, thousands) 6..................................................... 42,172 38,370 322,697 42,274 38,495 322,897 42,485 38,645 323,076 42,509 38,702 323,238 42,634 38,791 323,413 42,822 38,843 323,601 42,900 38,849 323,804 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. 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. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2014 IV 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 ............................................. Employer contributions for employee pension and insurance 12 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 ....................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ........................................... Per capita: 47 Current dollars ............................................................................... 48 Chained (2009) dollars .................................................................. 49 Population (midperiod, thousands) 6 ..................................................... 2016 2015 I II III IV I 14,694.2 15,350.7 14,955.7 15,079.8 15,277.0 15,443.7 15,602.1 15,742.9 9,248.9 9,666.6 9,424.9 9,487.9 9,615.2 9,709.5 9,853.7 9,960.5 7,477.8 7,834.9 7,632.6 7,682.4 7,791.8 7,870.0 7,995.4 8,086.0 6,240.5 6,566.1 6,384.4 6,425.9 6,526.7 6,595.8 6,716.1 6,795.4 1,260.9 1,309.7 1,292.9 1,288.0 1,303.2 1,311.5 1,336.2 1,346.7 780.9 804.9 796.5 792.1 801.7 804.1 821.8 828.1 4,979.7 5,256.4 5,091.5 5,138.0 5,223.5 5,284.2 5,380.0 5,448.7 1,175.5 1,236.5 1,203.3 1,210.9 1,229.1 1,243.5 1,262.6 1,272.5 3,804.2 4,019.9 3,888.2 3,927.0 3,994.4 4,040.8 4,117.4 4,176.2 1,237.2 1,268.8 1,248.2 1,256.5 1,265.0 1,274.2 1,279.3 1,290.6 1,771.2 1,831.7 1,792.3 1,805.5 1,823.4 1,839.5 1,858.3 1,874.5 1,224.0 547.2 1,264.3 567.4 12 13 1,346.7 1,388.3 1,377.9 1,369.4 1,377.0 1,400.1 1,406.7 1,412.1 78.1 59.9 74.8 60.5 56.9 65.2 57.1 48.6 1,268.6 1,328.4 1,303.0 1,308.9 1,320.1 1,334.9 1,349.7 1,363.5 610.8 656.6 628.4 637.0 654.1 663.6 671.7 685.1 2,117.5 2,180.5 2,130.6 2,145.5 2,178.3 2,202.8 2,195.3 2,194.9 1,302.0 1,312.3 1,289.8 1,282.6 1,313.4 1,335.0 1,318.3 1,319.8 815.5 868.2 840.8 863.0 864.9 867.8 876.9 875.1 2,529.2 2,662.7 2,571.0 2,625.8 2,651.3 2,675.7 2,698.0 2,727.9 2,487.2 2,619.5 2,528.9 2,583.4 2,608.4 2,632.2 2,654.0 2,683.4 834.6 871.8 843.8 861.6 869.4 874.5 881.7 886.2 597.8 619.8 605.3 609.8 615.3 622.5 631.4 640.5 487.4 534.9 507.1 523.9 529.0 540.4 546.3 550.6 35.8 33.3 32.9 35.0 33.1 32.9 32.2 32.4 83.7 94.4 86.7 90.7 94.1 95.1 97.8 98.6 447.9 465.3 453.3 462.2 467.5 466.9 464.7 475.1 42.0 43.2 42.1 42.4 42.9 43.4 44.0 44.5 1,159.0 1,204.0 1,177.2 1,185.8 1,198.9 1,207.9 1,223.4 1,237.6 1,780.2 1,947.4 1,838.8 1,900.1 1,938.7 1,957.3 1,993.7 1,991.3 12,913.9 13,403.2 13,116.8 13,179.8 13,338.3 13,486.4 13,608.4 13,751.7 12,293.7 12,717.5 12,502.5 12,492.2 12,674.5 12,806.2 12,897.1 12,954.9 11,865.9 12,271.9 12,061.4 12,055.5 12,228.4 12,359.0 12,444.7 12,498.1 3,948.4 3,978.8 3,980.1 3,901.5 3,978.1 4,024.1 4,011.5 3,971.1 1,280.2 1,328.7 1,303.5 1,301.8 1,326.4 1,339.6 1,346.9 1,338.3 2,668.2 2,650.1 2,676.6 2,599.7 2,651.8 2,684.4 2,664.6 2,632.8 7,917.5 8,293.1 8,081.3 8,153.9 8,250.2 8,334.9 8,433.1 8,527.0 254.2 268.5 263.1 261.3 269.3 269.4 274.1 271.9 173.6 177.1 178.0 175.5 176.8 177.8 178.3 185.0 95.3 97.7 95.9 97.0 97.2 97.8 98.7 103.8 78.3 79.4 82.2 78.5 79.6 80.0 79.7 81.2 620.2 685.7 614.3 687.6 663.9 680.2 711.3 796.7 4.8 5.1 4.7 5.2 5.0 5.0 5.2 5.8 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 44 11,149.8 11,593.5 11,329.0 11,447.6 11,542.2 11,635.1 11,749.0 11,843.3 45 11,836.3 12,247.1 11,998.7 12,114.7 12,193.6 12,289.8 12,390.3 12,513.7 46 40,453 37,077 319,233 47 48 49 40,962 37,470 320,222 1,246.8 558.7 41,088 37,767 320,771 1,258.3 565.0 41,509 37,947 321,337 1,270.3 569.2 41,881 38,165 322,015 1,281.6 576.7 1 2 3 4 5 6 7 8 9 10 11 1,293.5 581.0 41,663 38,069 321,704 1,236.3 556.0 Line r 42,171 38,397 322,693 42,543 38,713 323,242 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. 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. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2015 Oct. 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, billions of chained (2009) dollars 5 ..................................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 ............ Nov. Line 2016 Dec. Jan. r Feb. r March r April r May p 74.2 80.5 72.3 71.0 17.0 12.2 54.0 9.5 44.5 1.3 8.2 58.1 67.3 59.5 57.3 22.1 17.0 35.3 7.0 28.2 2.2 7.7 49.0 29.7 24.3 21.9 –8.3 –8.6 30.2 5.2 25.1 2.4 5.3 60.4 51.7 45.6 39.9 9.6 7.4 30.3 2.4 27.9 5.7 6.1 15.4 3.4 0.1 –3.2 –3.0 –1.8 –0.3 0.8 –1.1 3.4 3.3 54.3 31.6 26.5 23.5 3.4 0.5 20.1 3.5 16.6 3.0 5.1 75.4 46.3 40.4 38.7 9.0 7.6 29.7 6.0 23.7 1.6 6.0 37.1 19.3 14.7 11.8 4.7 2.9 7.2 –2.5 9.7 2.9 4.6 1 2 3 4 5 6 7 8 9 10 11 3.7 4.5 3.9 3.9 4.1 1.2 3.9 2.3 3.9 –0.6 3.9 1.2 3.7 2.2 3.9 0.7 12 13 2.8 –5.5 8.3 2.6 –6.8 –9.3 2.6 4.2 4.0 2.2 3.2 –0.2 –0.9 0.7 –1.1 0.2 9.2 21.7 52.5 22.2 18.8 –7.4 –6.3 –1.1 26.2 3.5 –0.1 0.3 –0.3 30.3 –6.0 –5.5 –0.6 3.2 –5.8 –9.3 3.5 7.1 6.9 0.6 3.1 0.8 0.5 2.2 –0.3 0.2 7.6 16.0 42.1 53.4 49.5 22.2 14.9 7.3 27.3 3.5 0.3 0.3 0.0 –11.3 11.3 –5.5 16.7 3.7 –9.5 –9.3 –0.2 16.7 16.5 11.1 3.0 3.9 0.5 0.4 –2.4 0.2 2.8 7.6 41.4 22.3 18.4 –25.8 –6.1 –19.7 44.2 3.5 0.4 0.4 0.0 19.2 1.3 –1.5 2.8 4.5 6.4 5.4 1.0 5.7 5.6 –4.6 3.1 –0.5 0.1 –0.8 8.2 0.1 9.2 –15.6 75.9 14.4 11.0 –18.9 –11.6 –7.3 29.9 –2.8 6.2 4.7 1.5 61.6 –1.7 –1.5 –0.2 5.3 –4.4 5.4 –9.8 12.2 12.0 2.3 3.0 1.6 –0.1 0.4 4.7 0.2 –0.6 1.0 14.5 17.8 20.5 –21.8 4.3 –26.1 42.3 –2.8 0.1 0.1 0.0 –3.3 –1.0 –1.5 0.5 5.6 13.1 5.4 7.8 7.9 7.7 –0.2 2.8 2.2 –0.7 0.9 2.6 0.2 2.9 6.2 48.1 –3.1 –0.3 8.3 –2.4 10.6 –8.6 –2.8 0.0 0.0 0.0 51.2 10.0 1.0 9.0 3.3 8.5 2.6 5.9 12.2 12.0 8.0 2.7 5.0 –0.8 0.1 –3.0 0.2 4.8 6.8 68.6 144.6 141.2 80.8 35.1 45.7 60.4 3.3 0.1 0.1 0.0 –76.0 1.2 1.0 0.1 3.7 9.7 2.6 7.2 4.8 4.6 –0.4 2.5 3.0 0.1 –0.4 –0.2 0.2 1.6 3.1 33.9 57.0 53.5 20.8 4.8 16.0 32.7 3.3 0.3 0.3 0.0 –23.1 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 55.0 38.6 31.8 22.9 39.2 48.1 36.8 55.4 13.7 24.5 34.7 35.8 21.1 23.9 9.4 9.8 44 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. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 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, billions of chained (2009) dollars 5...................................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 ............ 2014 2015 2014 2016 2015 IV I II III IV I Line r 625.8 409.3 363.4 333.8 70.8 34.0 263.0 57.0 206.0 29.6 45.9 26.2 19.7 656.5 417.6 357.1 325.6 48.9 24.1 276.8 61.0 215.7 31.5 60.5 40.3 20.2 180.9 135.0 118.7 113.7 26.3 15.0 87.4 24.1 63.3 5.0 16.3 9.1 7.1 124.2 63.0 49.8 41.5 –4.9 –4.4 46.4 7.6 38.8 8.3 13.2 10.5 2.7 197.2 127.2 109.3 100.8 15.2 9.6 85.5 18.2 67.3 8.6 17.9 11.6 6.3 166.7 94.3 78.2 69.1 8.3 2.4 60.8 14.3 46.4 9.2 16.1 11.9 4.2 158.5 144.2 125.5 120.3 24.6 17.7 95.7 19.1 76.6 5.1 18.8 11.3 7.5 140.8 106.8 90.6 79.3 10.5 6.2 68.8 9.9 58.8 11.3 16.2 11.9 4.3 1 2 3 4 5 6 7 8 9 10 11 12 13 61.6 –10.6 72.2 47.4 57.1 30.7 26.5 102.5 101.7 35.6 23.2 47.7 –26.5 4.7 17.1 0.8 52.2 107.5 518.3 488.0 473.7 111.7 42.4 69.3 362.0 10.1 4.3 2.7 1.6 30.3 41.6 –18.2 59.9 45.8 62.9 10.3 52.7 133.5 132.3 37.2 22.0 47.5 –2.5 10.7 17.4 1.2 45.0 167.2 489.3 423.7 405.9 30.4 48.5 –18.1 375.5 14.3 3.5 2.4 1.2 65.5 20.1 –2.3 22.4 10.0 15.6 1.7 13.9 14.5 14.5 6.6 4.5 1.2 –1.8 2.9 1.1 0.0 14.3 46.8 134.1 125.6 112.3 –7.2 8.4 –15.6 119.6 8.8 4.5 0.2 4.3 8.6 –8.4 –14.3 5.9 8.5 14.9 –7.3 22.2 54.8 54.5 17.9 4.5 16.9 2.2 4.1 9.0 0.3 8.6 61.2 62.9 –10.3 –5.9 –78.6 –1.7 –76.9 72.7 –1.8 –2.6 1.1 –3.7 73.2 7.5 –3.6 11.2 17.1 32.8 30.8 2.0 25.5 25.0 7.8 5.5 5.1 –1.9 3.3 5.2 0.5 13.1 38.6 158.6 182.3 172.9 76.6 24.5 52.1 96.3 8.0 1.3 0.2 1.1 –23.7 23.1 8.3 14.8 9.5 24.5 21.6 2.9 24.3 23.8 5.1 7.1 11.4 –0.2 1.0 –0.6 0.5 9.0 18.6 148.1 131.7 130.6 45.9 13.3 32.7 84.7 0.1 1.0 0.6 0.4 16.4 6.7 –8.1 14.8 8.2 –7.5 –16.6 9.1 22.4 21.8 7.2 9.0 5.9 –0.8 2.7 –2.2 0.6 15.5 36.4 122.0 90.9 85.7 –12.5 7.3 –19.9 98.2 4.7 0.5 0.9 –0.3 31.1 5.3 –8.4 13.8 13.4 –0.4 1.4 –1.9 29.9 29.4 4.5 9.1 4.3 0.3 0.8 10.5 0.5 14.2 –2.4 143.2 57.9 53.4 –40.4 –8.6 –31.8 93.8 –2.2 6.6 5.1 1.5 85.4 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 43 327.5 313.2 443.7 410.8 164.4 135.6 118.7 115.9 94.5 78.9 93.0 96.1 113.9 100.5 94.3 123.4 44 45 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. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2015 Oct. Nov. Line 2016 Dec. Jan. r Feb. March r r April r May p 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 ..................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts ............................................ 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures ........................................ 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services ................................................................................ 0.5 0.8 0.9 0.4 0.4 0.7 0.7 0.4 0.3 0.3 0.3 0.3 0.4 0.5 0.6 0.3 0.1 0.0 0.0 0.2 0.3 0.3 0.3 0.3 0.5 0.5 0.5 0.3 0.2 0.2 0.2 0.2 1 2 3 4 0.2 0.4 –0.3 –0.7 0.3 0.2 0.8 1.1 0.4 –0.4 0.5 –0.3 –0.7 0.4 0.3 0.6 0.8 0.3 0.8 0.5 –0.4 –0.7 0.0 0.6 0.2 0.4 0.3 0.1 0.7 0.3 0.4 0.1 0.2 0.7 –0.8 0.6 –0.1 0.8 –0.2 0.4 –1.1 0.4 0.0 0.0 0.1 –0.1 0.8 0.6 0.4 0.9 0.3 0.2 0.3 0.3 0.7 0.5 0.4 0.2 0.7 0.4 0.4 0.3 0.5 0.1 0.5 0.4 0.2 0.8 0.2 0.1 0.2 0.2 5 6 7 8 9 10 11 12 13 0.2 –0.2 –0.5 0.0 0.3 0.4 0.6 1.1 0.3 0.3 0.1 –0.6 –0.4 –0.7 0.5 0.1 –0.5 –0.9 –0.3 0.4 0.2 –0.5 0.3 –1.0 0.5 0.0 0.2 –0.2 0.4 –0.1 1.1 2.0 2.6 1.7 0.7 0.4 0.5 0.3 0.6 0.4 14 15 16 17 18 0.3 0.4 0.1 0.2 0.3 0.3 0.2 0.2 0.1 0.1 19 20 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts.................... Real disposable personal income............................................. 0.5 0.3 0.3 0.2 0.3 0.4 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2014 2015 2014 IV 2016 2015 I II III IV Line Ir 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 ..................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts ............................................ 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures ........................................ 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services ................................................................................ 4.4 4.6 5.1 2.7 4.5 4.5 4.8 3.4 5.0 5.9 6.5 3.7 3.4 2.7 2.6 3.0 5.3 5.5 5.8 4.0 4.4 4.0 4.1 3.6 4.2 6.1 6.5 4.1 3.7 4.4 4.6 3.5 1 2 3 4 4.8 8.4 2.8 2.4 3.4 4.2 4.7 6.4 4.2 3.1 7.5 3.0 0.8 6.5 5.3 3.9 9.4 3.8 6.1 6.6 3.0 0.5 6.9 2.3 5.0 10.9 4.2 –2.4 5.5 2.8 –2.2 11.0 8.8 3.0 14.0 1.9 2.2 11.2 6.3 10.0 0.9 3.9 4.5 8.4 4.9 6.9 5.9 4.6 6.7 1.3 3.7 3.0 3.9 4.5 1.9 5.0 –1.4 –4.9 4.3 3.4 5.2 7.7 3.7 1.5 8.2 –0.1 0.4 –0.8 4.5 4.7 –0.5 4.3 5 6 7 8 9 10 11 12 13 4.2 2.9 3.4 2.7 4.8 3.4 0.8 3.8 –0.7 4.7 3.8 –0.7 2.6 –2.3 6.1 –0.2 –7.7 –0.5 –11.0 3.6 5.9 8.1 7.8 8.3 4.8 4.3 4.7 4.1 5.0 4.2 2.8 –1.2 2.2 –2.9 4.8 1.7 –4.0 –2.5 –4.7 4.5 14 15 16 17 18 4.3 3.9 3.3 2.6 3.3 3.2 4.0 3.3 3.2 4.0 19 20 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts.................... Real disposable personal income............................................. r Revised 3.0 2.7 4.0 3.5 6.0 4.7 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2015 Line Oct. Nov. 2016 Dec. Feb. r Jan. r March r April r May p Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures (PCE) ..................... 2 Goods ......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 11,301.3 3,902.6 1,483.2 2,447.2 11,332.3 3,927.6 1,503.8 2,453.7 11,358.5 3,923.6 1,499.4 2,453.5 11,356.1 3,912.9 1,483.1 2,457.1 11,385.1 3,915.8 1,492.2 2,452.3 11,377.6 3,928.9 1,493.2 2,463.7 11,470.9 3,989.0 1,531.3 2,488.6 11,500.2 4,011.1 1,540.8 2,501.6 7,400.4 7,407.9 7,436.8 7,443.9 7,469.2 7,450.5 7,486.9 7,495.6 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures (PCE) ..................... 7 Goods ......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 8.6 –6.5 –3.8 –3.0 31.0 25.0 20.5 6.5 26.2 –4.0 –4.3 –0.2 –2.4 –10.7 –16.3 3.5 29.0 2.9 9.0 –4.8 –7.5 13.0 1.1 11.4 93.3 60.1 38.1 24.9 29.3 22.1 9.5 12.9 14.3 7.4 28.9 7.2 25.2 –18.7 36.5 8.6 0.8 1.5 2.6 1.0 0.5 0.3 0.6 0.6 0.5 0.1 6 7 8 9 10 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE) ..................... 12 Goods ......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... 0.1 –0.2 –0.3 –0.1 0.2 0.3 0.6 1.4 0.3 0.1 0.2 –0.1 –0.3 0.0 0.4 0.0 –0.3 –1.1 0.1 0.1 0.3 0.1 0.6 –0.2 0.3 –0.1 0.3 0.1 0.5 –0.3 11 12 13 14 15 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2014 2015 2014 IV 2016 2015 I II III IV I Line r Billions of chained (2009) dollars 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 10,875.7 3,731.2 1,384.1 2,367.8 11,213.3 3,869.6 1,466.5 2,430.0 11,033.3 3,793.2 1,423.5 2,393.7 11,081.2 3,803.7 1,430.4 2,397.8 11,178.9 3,855.0 1,458.3 2,423.0 11,262.4 3,902.0 1,481.7 2,447.9 11,330.7 3,917.9 1,495.5 2,451.5 11,372.9 3,919.2 1,489.5 2,457.7 7,144.6 7,345.3 7,240.4 7,277.4 7,325.3 7,363.4 7,415.0 7,454.5 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures (PCE)...................... 7 Goods.......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 285.3 118.4 76.5 48.0 337.6 138.5 82.4 62.2 114.7 38.0 21.0 18.5 48.0 10.5 7.0 4.1 97.7 51.3 27.8 25.2 83.5 47.0 23.4 24.9 68.3 16.0 13.8 3.6 42.2 1.3 –6.0 6.2 167.6 200.7 76.5 37.0 47.9 38.1 51.6 39.5 3.6 5.5 8.0 4.3 2.7 3.0 5.0 6.6 4.2 2.1 2.4 1.6 3.8 0.6 2.8 1.5 0.1 –1.6 1.0 2.1 6 7 8 9 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... r Revised 2.7 3.3 5.9 2.1 2.4 3.1 3.7 6.0 2.6 2.8 4.3 4.1 6.1 3.1 4.3 1.8 1.1 2.0 0.7 2.1 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2015 Line Oct. 2016 Nov. Dec. Jan. Feb. r r March r April r May p Line Chain-type price indexes (2009=100), seasonally adjusted 1 Personal consumption expenditures (PCE)...................... 2 Goods .......................................................................................... 3 Durable goods........................................................................... 4 Nondurable goods..................................................................... 5 Services....................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3 ....................... 109.774 102.626 90.262 108.949 113.516 109.911 102.540 90.019 108.959 113.771 109.819 101.988 89.872 108.166 113.923 109.940 101.783 90.078 107.714 114.215 109.840 101.150 89.822 106.859 114.396 109.910 101.025 89.600 106.795 114.568 110.247 101.528 89.663 107.561 114.816 110.431 101.487 89.422 107.644 115.121 1 2 3 4 5 109.860 111.461 102.840 108.565 110.020 111.197 103.133 108.658 110.095 110.867 100.033 108.542 110.392 110.705 97.045 108.568 110.584 110.911 90.699 108.474 110.653 110.412 91.717 108.525 110.842 110.614 95.208 108.855 111.022 110.108 96.556 109.055 108.461 108.574 108.644 108.858 109.098 109.144 109.304 109.503 6 7 8 9 10 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods .......................................................................................... 13 Durable goods........................................................................... 14 Nondurable goods..................................................................... 15 Services....................................................................................... Addenda: 16 PCE excluding food and energy ............................................... 17 Food 1 ........................................................................................ 18 Energy goods and services 2 ..................................................... 19 Market-based PCE 3 .................................................................. 20 Market-based PCE excluding food and energy 3 ....................... 0.1 0.0 –0.2 0.1 0.1 0.1 –0.1 –0.3 0.0 0.2 –0.1 –0.5 –0.2 –0.7 0.1 0.1 –0.2 0.2 –0.4 0.3 –0.1 –0.6 –0.3 –0.8 0.2 0.1 –0.1 –0.2 –0.1 0.2 0.3 0.5 0.1 0.7 0.2 0.2 0.0 –0.3 0.1 0.3 11 12 13 14 15 0.1 0.1 0.3 0.1 0.1 0.1 –0.2 0.3 0.1 0.1 0.1 –0.3 –3.0 –0.1 0.1 0.3 –0.1 –3.0 0.0 0.2 0.2 0.2 –6.5 –0.1 0.2 0.1 –0.4 1.1 0.0 0.0 0.2 0.2 3.8 0.3 0.1 0.2 –0.5 1.4 0.2 0.2 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2015 Line Oct. Nov. 2016 Dec. Jan. r Feb. r March r April r May p Line 1 Disposable personal income..................................................... 3.6 3.2 3.0 3.1 3.1 3.7 3.3 3.2 1 2 Personal consumption expenditures ....................................... 3 Goods........................................................................................ 4 Durable goods........................................................................ 5 Nondurable goods.................................................................. 6 Services .................................................................................... 2.8 3.4 5.2 2.6 2.5 2.6 3.2 5.0 2.4 2.3 2.7 3.2 5.0 2.3 2.4 2.6 3.0 3.9 2.6 2.4 2.8 3.5 5.2 2.7 2.5 2.5 2.6 3.3 2.2 2.4 3.0 4.2 5.7 3.5 2.5 2.7 3.6 4.8 3.0 2.3 2 3 4 5 6 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2015 Line 1 Oct. Nov. 2016 Dec. Jan. r Feb. r March r April r May p Line Personal consumption expenditures (PCE)...................... 0.2 0.5 0.7 1.2 1.0 0.8 1.1 0.9 1 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... –3.1 –2.0 –3.6 –2.3 –1.7 –2.6 –1.9 –1.3 –2.2 –0.5 –0.9 –0.3 –1.4 –1.4 –1.4 –1.8 –1.5 –1.9 –1.1 –1.6 –0.9 –1.8 –1.7 –1.8 2 3 4 5 Services ...................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3 ....................... 1.9 1.9 1.9 2.1 2.1 2.1 2.1 2.2 5 1.3 0.7 –18.3 0.0 1.2 1.4 0.2 –14.3 0.3 1.2 1.4 –0.3 –12.4 0.4 1.3 1.7 –0.2 –5.3 1.0 1.5 1.7 –0.1 –12.5 0.8 1.6 1.6 –0.2 –12.7 0.6 1.5 1.6 0.1 –8.1 0.8 1.4 1.6 –0.3 –10.9 0.7 1.5 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.
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