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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 30, 2017 Technical: Media: James Rankin (Personal Income) Harvey Davis (PCE) Jeannine Aversa (301) 278-9087 (301) 278-9086 (301) 278-9003 BEA 17-33 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal income increased $67.1 billion (0.4 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $71.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $7.3 billion (0.1 percent). Real DPI increased 0.6 percent in May and Real PCE increased 0.1 percent. The PCE price index decreased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent. 2017 Jan. Feb. Mar. Apr. May Percent change from preceding month Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures (PCE): Current dollars Chained (2009) dollars Price indexes: PCE PCE, excluding food and energy Price indexes: PCE PCE, excluding food and energy 0.6 0.5 0.2 0.3 0.4 0.6 0.1 0.4 0.3 0.2 0.4 0.3 0.2 0.5 0.6 0.2 -0.3 0.1 0.0 0.4 0.6 0.4 0.2 0.1 0.1 0.4 0.3 0.1 0.2 -0.2 -0.1 0.2 0.1 -0.1 0.1 Percent change from month one year ago 1.9 2.1 1.8 1.7 1.4 1.8 1.8 1.6 1.5 1.4 The increase in personal income in May primarily reflected increases in personal dividend income, compensation of employees, and nonfarm proprietors’ income. The largest contributor to the increase in real PCE in May was spending for services (table 7), specifically electricity and gas. Personal outlays increased $9.5 billion in May (table 3). Personal saving was $791.0 billion in May and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.5 percent (table 1). Updates Estimates have been updated for January through April. The percent change from the preceding month for current-dollar personal income and for current-dollar and chained (2009) dollar DPI and PCE -revised and previously published -- are shown below for March and April. Change from preceding month March April 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 (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 36.5 32.9 0.2 0.2 58.4 45.0 0.4 0.3 32.1 57.4 28.2 53.8 0.2 0.4 0.2 0.4 56.5 26.2 47.4 20.2 0.4 0.2 0.3 0.2 40.5 62.4 49.2 70.0 0.3 0.5 0.4 0.6 53.2 25.3 49.2 23.7 0.4 0.2 0.4 0.2 Upcoming Annual Update of the National Income and Product Accounts As part of the annual update of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released with initial estimates for June 2017 on August 1, 2017. This regular update of the accounts will cover the most recent 3 years and the first 5 months of 2017. For more information, see the GDP Technical Note. Next release: August 1, 2017 at 8:30 A.M. EDT Personal Income and Outlays: June 2017 Additional Information Resources Additional Resources available at www.bea.gov/: Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts 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. 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. 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.” Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. For more definitions, see the Glossary: National Income and Product Accounts. Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, see the FAQ “How is average annual growth calculated?” Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) 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. List of Personal Income and Outlays News Release Tables Table 1. Table 2. Table 3. Table 4. Table 5. Table 6. Table 7. Table 8. Table 9. Table 10. Table 11. Personal Income and Its Disposition (Months) Personal Income and Its Disposition (Years and Quarters) Personal Income and Its Disposition, Change From Preceding Period (Months) Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Real Personal Consumption Expenditures by Major Type of Product (Months) Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2016 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......................................................................... 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 ....................................................... Nov. 2017 Dec. Jan. r Feb. r March Line r April r May p 16,167.7 16,152.7 16,178.0 16,267.6 16,342.9 16,375.8 16,420.8 16,487.9 1 10,184.7 10,152.0 10,160.7 10,223.0 10,288.2 10,289.4 10,338.8 10,348.7 2 8,254.2 8,221.0 8,226.7 8,277.2 8,335.1 8,333.8 8,377.3 8,383.9 3 6,930.1 6,896.3 6,899.9 6,941.3 6,994.3 6,990.7 7,032.2 7,037.0 4 1,360.2 1,345.5 1,349.5 1,358.7 1,379.1 1,372.6 1,375.6 1,375.3 5 836.7 824.5 827.5 831.6 846.3 839.1 841.4 837.0 6 5,569.9 5,550.8 5,550.4 5,582.6 5,615.2 5,618.1 5,656.5 5,661.7 7 1,284.4 1,277.7 1,280.3 1,285.9 1,288.9 1,287.6 1,296.4 1,297.9 8 4,285.5 4,273.1 4,270.1 4,296.8 4,326.3 4,330.5 4,360.1 4,363.8 9 1,324.1 1,324.7 1,326.8 1,335.9 1,340.8 1,343.1 1,345.1 1,346.9 10 1,930.5 1,931.0 1,934.1 1,945.8 1,953.0 1,955.7 1,961.6 1,964.8 11 1,340.9 589.6 1,344.1 587.0 1,347.1 586.9 1,350.2 595.6 1,353.7 599.3 1,356.8 598.9 1,360.1 601.5 1,363.2 12 601.6 13 1,431.7 1,440.5 1,440.1 1,453.7 1,457.0 1,464.2 1,461.4 1,469.9 14 24.3 20.6 16.9 17.2 17.5 17.8 18.2 18.5 15 1,407.4 1,419.9 1,423.1 1,436.5 1,439.5 1,446.4 1,443.2 1,451.4 16 713.6 719.2 726.1 729.4 733.1 737.3 742.3 747.8 17 2,286.5 2,290.9 2,291.8 2,293.0 2,299.9 2,307.9 2,305.8 2,345.6 18 1,327.0 1,333.8 1,340.6 1,346.8 1,353.1 1,359.4 1,353.8 1,348.2 19 959.5 957.1 951.2 946.2 946.8 948.6 952.0 997.4 20 2,808.4 2,802.4 2,812.1 2,843.8 2,847.6 2,859.1 2,860.1 2,863.9 21 2,754.5 2,748.3 2,757.8 2,789.1 2,792.7 2,804.0 2,804.8 2,808.3 22 910.8 901.9 904.8 913.7 913.7 920.8 921.7 921.8 23 670.3 672.7 675.2 677.5 679.9 682.4 685.1 687.8 24 578.2 581.6 584.5 585.1 584.7 586.2 586.7 588.1 25 28.5 28.5 29.1 28.9 28.7 28.3 27.3 26.7 26 96.4 96.5 98.1 98.1 98.0 98.5 98.4 99.0 27 470.2 467.1 466.2 485.8 487.6 487.8 485.6 484.9 28 53.9 54.1 54.3 54.7 54.9 55.1 55.3 55.6 29 1,257.1 1,252.4 1,252.7 1,275.4 1,282.8 1,282.2 1,287.6 1,288.1 30 1,981.0 1,973.7 1,974.3 1,982.1 2,000.1 2,004.8 2,002.4 1,997.8 31 14,186.8 14,179.0 14,203.7 14,285.5 14,342.8 14,371.0 14,418.4 14,490.1 32 13,437.6 13,478.6 13,557.9 13,577.9 13,590.0 13,638.2 13,689.6 13,699.1 33 12,959.4 12,996.1 13,071.2 13,095.3 13,108.3 13,157.5 13,206.7 13,214.0 34 4,178.8 4,171.0 4,212.8 4,224.4 4,221.1 4,216.4 4,245.3 4,225.5 35 1,442.3 1,428.4 1,452.0 1,439.1 1,441.8 1,435.9 1,450.4 1,446.0 36 2,736.6 2,742.6 2,760.7 2,785.3 2,779.3 2,780.5 2,794.8 2,779.5 37 8,780.6 8,825.1 8,858.4 8,870.9 8,887.2 8,941.1 8,961.4 8,988.5 38 279.1 282.9 286.7 285.1 283.6 282.1 283.8 285.5 39 199.2 199.6 200.1 197.5 198.1 198.6 199.1 199.6 40 109.4 109.8 110.2 112.1 112.7 113.2 113.7 114.2 41 89.8 89.8 89.8 85.4 85.4 85.4 85.4 85.4 42 749.2 700.4 645.8 707.5 752.7 732.8 728.8 791.0 43 5.3 4.9 4.5 5.0 5.2 5.1 5.1 5.5 44 11,996.3 11,980.7 11,973.4 11,972.1 12,022.1 12,068.0 12,086.5 12,150.6 45 12,739.3 12,724.5 12,724.0 12,740.6 12,777.0 12,830.8 12,851.0 12,923.1 46 43,773 39,307 324,098 43,725 39,239 324,280 43,778 39,217 324,447 44,008 39,249 324,608 44,164 39,343 324,763 44,229 39,488 324,925 44,351 39,530 325,096 44,547 47 39,729 48 325,278 49 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 2015 2016 2015 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............................................... 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......................................................................... 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 I II 2017 III IV I Line r 15,458.5 15,986.7 15,690.2 15,740.1 15,929.4 16,111.1 16,166.2 16,328.7 1 9,693.1 10,072.9 9,892.4 9,892.6 10,046.5 10,186.8 10,165.8 10,266.9 2 7,854.8 8,162.6 8,024.6 8,011.3 8,142.9 8,262.3 8,233.9 8,315.4 3 6,580.3 6,851.5 6,735.8 6,715.2 6,838.5 6,943.6 6,908.8 6,975.4 4 1,308.1 1,345.5 1,334.6 1,327.7 1,343.0 1,359.4 1,351.8 1,370.1 5 806.7 826.0 823.9 811.9 825.9 836.4 829.6 839.0 6 5,272.2 5,506.1 5,401.1 5,387.5 5,495.5 5,584.3 5,557.0 5,605.3 7 1,237.1 1,273.7 1,264.2 1,253.7 1,273.1 1,287.4 1,280.8 1,287.4 8 4,035.1 4,232.3 4,137.0 4,133.8 4,222.4 4,296.9 4,276.2 4,317.9 9 1,274.5 1,311.1 1,288.9 1,296.1 1,304.4 1,318.6 1,325.2 1,339.9 10 1,838.2 1,910.3 1,867.8 1,881.3 1,903.6 1,924.5 1,931.9 1,951.5 11 1,270.5 567.7 1,325.4 584.9 1,290.0 577.8 1,304.9 576.4 1,319.4 584.1 1,333.4 591.1 1,344.0 587.8 1,353.6 12 597.9 13 1,376.8 1,417.5 1,400.9 1,403.9 1,407.8 1,420.8 1,437.4 1,458.3 14 39.9 27.8 38.1 32.3 29.8 28.3 20.6 17.5 15 1,336.8 1,389.7 1,362.8 1,371.6 1,378.0 1,392.4 1,416.8 1,440.8 16 659.6 704.7 677.3 692.8 700.6 705.9 719.6 733.3 17 2,253.8 2,262.9 2,235.5 2,235.9 2,255.8 2,270.3 2,289.7 2,300.3 18 1,302.7 1,314.5 1,293.0 1,296.1 1,310.2 1,317.8 1,333.8 1,353.1 19 951.1 948.4 942.5 939.8 945.5 952.5 955.9 947.2 20 2,678.6 2,775.4 2,708.2 2,744.0 2,763.6 2,786.5 2,807.6 2,850.2 21 2,627.2 2,722.1 2,655.8 2,691.4 2,710.6 2,733.0 2,753.6 2,795.3 22 871.8 896.5 881.5 886.3 894.1 899.7 905.9 916.1 23 628.2 662.0 639.8 650.0 659.2 666.2 672.7 679.9 24 539.6 566.6 547.3 555.6 558.8 570.7 581.4 585.3 25 32.2 30.1 31.4 31.5 30.3 29.9 28.7 28.6 26 89.8 95.2 92.2 93.1 95.2 95.7 97.0 98.2 27 465.6 471.6 463.5 474.9 473.0 470.8 467.8 487.1 28 51.4 53.3 52.4 52.6 53.0 53.5 54.1 54.9 29 1,203.5 1,246.8 1,224.1 1,229.0 1,244.8 1,259.1 1,254.1 1,280.1 30 1,938.7 1,960.9 1,963.8 1,932.7 1,952.1 1,982.4 1,976.3 1,995.7 31 13,519.8 14,025.8 13,726.4 13,807.4 13,977.3 14,128.7 14,189.8 14,333.1 32 12,736.2 13,227.1 12,899.6 12,961.9 13,154.5 13,300.7 13,491.4 13,602.0 33 12,283.7 12,757.9 12,438.8 12,498.0 12,692.7 12,832.2 13,008.9 13,120.4 34 4,012.1 4,098.4 4,038.1 4,008.7 4,085.4 4,111.9 4,187.5 4,220.6 35 1,355.2 1,402.9 1,371.8 1,366.6 1,390.0 1,414.0 1,440.9 1,438.9 36 2,656.9 2,695.5 2,666.3 2,642.0 2,695.4 2,697.9 2,746.6 2,781.7 37 8,271.6 8,659.6 8,400.6 8,489.3 8,607.3 8,720.3 8,821.4 8,899.8 38 263.8 274.9 270.6 268.0 273.0 275.8 282.9 283.6 39 188.8 194.3 190.2 196.0 188.8 192.7 199.6 198.1 40 103.3 108.8 104.0 108.2 108.2 108.8 109.8 112.7 41 85.4 85.5 86.2 87.8 80.6 84.0 89.8 85.4 42 783.6 798.7 826.8 845.5 822.8 828.0 698.5 731.0 43 5.8 5.7 6.0 6.1 5.9 5.9 4.9 5.1 44 11,667.7 11,931.6 11,813.7 11,818.2 11,912.9 12,012.9 11,983.5 12,020.7 45 12,343.3 12,667.3 12,491.0 12,556.0 12,647.2 12,737.9 12,729.2 12,782.8 46 42,095 38,432 321,173 43,371 39,170 323,391 42,621 38,785 322,058 42,807 38,927 322,549 43,265 39,148 323,064 43,651 39,354 323,675 43,759 39,254 324,275 44,134 47 39,360 48 324,765 49 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 2016 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. 2017 Dec. Jan. r Feb. r March Line r April r May p –1.3 –40.6 –40.7 –42.0 –3.6 –0.5 –38.4 –5.2 –33.2 1.4 0.0 –15.1 –32.7 –33.2 –33.8 –14.7 –12.3 –19.2 –6.7 –12.5 0.6 0.5 25.4 8.7 5.7 3.6 4.0 3.1 –0.4 2.6 –3.0 2.1 3.0 89.5 62.3 50.6 41.4 9.1 4.0 32.3 5.6 26.7 9.2 11.8 75.3 65.1 57.9 53.0 20.4 14.7 32.6 3.0 29.5 4.9 7.2 32.9 1.3 –1.4 –3.6 –6.5 –7.1 2.9 –1.4 4.2 2.2 2.7 45.0 49.4 43.5 41.5 3.0 2.2 38.5 8.9 29.6 2.0 5.9 67.1 1 9.9 2 6.7 3 4.8 4 –0.3 5 –4.4 6 5.2 7 1.5 8 3.7 9 1.8 10 3.3 11 3.3 –3.2 3.2 –2.7 3.1 0.0 3.1 8.7 3.5 3.7 3.1 –0.5 3.2 2.7 3.1 12 0.1 13 3.4 –3.7 7.1 4.7 10.0 6.8 3.2 15.4 15.2 9.6 2.2 3.1 –0.6 0.0 1.0 0.2 –5.8 –10.5 9.1 74.4 64.4 38.6 16.0 22.6 25.8 3.8 6.2 0.3 5.9 –65.3 8.8 –3.7 12.5 5.6 4.4 6.8 –2.4 –5.9 –6.1 –8.9 2.3 3.4 0.0 0.2 –3.1 0.2 –4.8 –7.3 –7.8 40.9 36.7 –7.8 –13.8 6.0 44.6 3.8 0.4 0.4 0.0 –48.7 –0.4 –3.7 3.3 6.8 0.9 6.8 –5.9 9.7 9.5 2.9 2.5 2.9 0.6 1.6 –0.9 0.2 0.4 0.6 24.8 79.3 75.1 41.8 23.6 18.2 33.3 3.8 0.5 0.5 0.0 –54.6 13.6 0.3 13.3 3.3 1.3 6.3 –5.0 31.7 31.3 8.9 2.3 0.6 –0.1 0.0 19.7 0.4 22.7 7.8 81.7 20.0 24.2 11.6 –12.9 24.5 12.5 –1.5 –2.6 1.8 –4.4 61.7 3.3 0.3 3.0 3.7 6.9 6.3 0.6 3.7 3.5 0.0 2.4 –0.4 –0.2 0.0 1.8 0.2 7.4 18.0 57.3 12.1 13.0 –3.3 2.6 –5.9 16.3 –1.5 0.6 0.6 0.0 45.2 7.2 0.3 6.9 4.2 8.0 6.3 1.7 11.6 11.4 7.1 2.5 1.5 –0.4 0.5 0.2 0.2 –0.6 4.7 28.2 48.2 49.2 –4.7 –5.9 1.2 53.9 –1.5 0.5 0.5 0.0 –19.9 –2.8 0.4 –3.2 5.0 –2.2 –5.6 3.4 1.0 0.8 0.9 2.7 0.5 –0.9 –0.1 –2.2 0.2 5.4 –2.4 47.4 51.4 49.2 28.9 14.6 14.3 20.3 1.7 0.5 0.5 0.0 –4.0 –39.9 –18.2 –15.6 –14.8 –7.3 –0.5 –1.4 16.6 50.1 36.5 45.9 53.8 18.5 20.2 8.5 0.4 8.1 5.5 39.8 –5.6 45.4 3.8 3.6 0.1 2.7 1.5 –0.6 0.6 –0.7 0.2 0.5 –4.6 71.7 9.5 7.3 –19.8 –4.5 –15.3 27.1 1.7 0.4 0.4 0.0 62.2 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 64.1 44 72.1 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 ........... 2015 2016 2015 2016 2017 IV I II III IV I Line r 648.8 439.6 378.5 340.7 50.7 26.7 290.0 61.6 228.3 37.8 61.1 528.2 379.8 307.8 271.2 37.3 19.2 233.9 36.7 197.2 36.5 72.1 134.1 152.4 130.7 122.0 24.3 17.7 97.7 19.1 78.6 8.7 21.7 49.9 0.1 –13.4 –20.6 –6.9 –12.0 –13.7 –10.5 –3.1 7.2 13.5 189.2 153.9 131.6 123.3 15.3 14.0 108.0 19.5 88.6 8.3 22.3 181.7 140.3 119.4 105.1 16.4 10.5 88.7 14.2 74.5 14.2 20.9 55.1 –21.0 –28.3 –34.9 –7.6 –6.8 –27.2 –6.6 –20.7 6.5 7.4 162.6 1 101.1 2 81.4 3 66.7 4 18.4 5 9.4 6 48.3 7 6.6 8 41.6 9 14.8 10 19.6 11 40.7 20.4 54.9 17.1 13.9 7.8 14.9 –1.4 14.5 7.7 14.0 7.0 10.6 –3.2 9.5 12 10.1 13 39.0 –28.6 67.6 53.5 26.9 1.9 25.0 138.3 132.3 37.2 27.1 52.2 –3.3 6.1 13.0 6.0 48.6 151.7 497.1 439.5 420.3 41.6 60.4 –18.8 378.7 12.2 7.0 5.0 1.9 57.6 40.7 –12.2 52.9 45.1 9.1 11.7 –2.7 96.8 94.9 24.7 33.8 27.0 –2.1 5.4 6.0 1.9 43.3 22.2 506.0 490.9 474.2 86.2 47.7 38.6 388.0 11.2 5.5 5.4 0.1 15.1 11.9 –6.5 18.4 9.2 –39.7 –43.1 3.5 16.0 15.7 6.9 8.2 1.9 –0.6 2.2 –3.0 0.3 15.8 19.4 114.7 86.4 81.9 –4.9 7.1 –12.0 86.8 4.4 0.1 0.1 0.0 28.3 3.0 –5.8 8.8 15.5 0.4 3.1 –2.7 35.8 35.6 4.8 10.1 8.4 0.1 0.9 11.4 0.2 4.9 –31.1 81.1 62.3 59.2 –29.5 –5.1 –24.3 88.6 –2.6 5.7 4.2 1.5 18.7 3.9 –2.5 6.4 7.8 19.9 14.1 5.7 19.6 19.2 7.8 9.2 3.1 –1.2 2.1 –1.9 0.4 15.8 19.4 169.9 192.6 194.7 76.7 23.4 53.3 118.0 5.0 –7.1 0.0 –7.2 –22.7 12.9 –1.5 14.4 5.3 14.5 7.6 7.0 22.9 22.4 5.6 7.0 12.0 –0.5 0.4 –2.2 0.5 14.3 30.3 151.4 146.2 139.5 26.5 24.0 2.5 113.0 2.8 3.9 0.5 3.4 5.2 16.7 –7.7 24.4 13.7 19.5 16.0 3.4 21.1 20.6 6.2 6.6 10.7 –1.2 1.3 –3.0 0.6 –5.1 –6.1 61.1 190.7 176.7 75.7 26.9 48.7 101.1 7.0 6.9 1.0 5.9 –129.5 426.9 412.2 263.9 324.0 95.9 92.1 4.6 65.0 94.7 91.2 100.0 90.7 –29.5 –8.7 20.9 –3.1 24.0 13.7 10.6 19.3 –8.7 42.5 41.7 10.2 7.2 3.9 –0.1 1.2 19.2 0.8 26.1 19.4 143.2 110.7 111.5 33.1 –2.0 35.1 78.4 0.7 –1.6 2.9 –4.4 32.6 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 37.3 44 53.6 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 2016 Oct. Nov. 2017 Dec. Jan. r Feb. r March r Line 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................................................................................. 0.0 –0.4 –0.5 0.0 –0.1 –0.3 –0.4 0.0 0.2 0.1 0.1 0.2 0.6 0.6 0.6 0.6 0.5 0.6 0.7 0.4 0.2 0.0 0.0 0.1 0.3 0.5 0.5 0.3 0.2 0.7 0.4 0.5 0.3 0.6 –0.5 –0.5 0.1 0.6 0.8 0.2 0.5 –0.2 –0.2 –0.4 –0.4 –0.1 0.0 0.9 0.0 0.5 –0.6 0.3 0.0 0.0 0.2 0.9 0.5 0.1 0.5 –0.5 1.1 1.8 0.4 0.6 0.2 0.5 0.3 0.5 0.1 0.1 0.6 0.9 0.4 0.5 0.6 0.3 0.5 0.2 0.4 0.0 0.2 0.2 –0.2 0.7 –0.1 –0.4 0.4 0.0 0.4 –0.1 0.3 0.5 0.9 1.1 0.8 0.3 0.3 –0.2 –1.0 0.2 0.5 0.6 1.0 1.7 0.7 0.4 0.2 0.3 –0.9 0.9 0.1 0.1 –0.1 0.2 –0.2 0.2 0.4 –0.1 –0.4 0.0 0.6 0.4 0.7 1.0 0.5 0.2 0.0 0.1 0.4 0.3 0.4 0.4 0.2 0.2 0.4 0.1 0.1 0.2 1 2 3 4 0.6 5 0.7 6 1.7 7 –0.4 8 4.8 9 0.1 10 0.0 11 –0.2 12 0.5 13 0.1 –0.5 –0.3 –0.5 0.3 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. –0.3 –0.1 –0.1 –0.1 –0.1 0.0 0.5 19 0.6 20 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 2015 2016 2015 IV 2016 I II 2017 III IV I Line r 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 4.8 5.1 3.4 3.4 3.9 3.9 3.9 3.5 6.4 6.8 4.8 1.3 0.0 –0.7 2.9 4.9 6.4 6.7 4.8 4.6 5.7 6.0 4.5 1.4 –0.8 –1.4 1.5 2.9 8.8 1.2 0.1 2.7 5.4 4.2 8.5 3.8 3.0 6.8 0.4 0.9 –0.3 3.6 3.6 1.1 3.7 3.5 5.6 –6.8 –12.3 1.5 2.4 5.3 4.1 3.4 0.8 9.5 0.1 1.0 –1.1 5.4 1.6 –6.2 2.4 1.1 4.6 3.6 4.4 2.5 2.9 5.3 4.1 5.0 3.7 3.1 2.6 2.3 3.0 3.4 4.7 6.4 4.4 4.8 8.0 3.5 5.0 1.5 3.1 –1.6 –1.2 1.7 3.5 1.0 4.7 –0.7 4.8 3.9 2.1 3.5 1.5 4.7 2.7 –0.5 2.1 –1.8 4.2 1.9 –2.9 –1.5 –3.6 4.3 6.4 7.9 7.0 8.3 5.7 4.5 2.6 7.1 0.4 5.4 5.6 7.6 7.8 7.4 4.7 0.2 2.1 3.2 2.9 3.4 2.9 –1.0 –0.3 4.1 4.0 4.0 4.1 1 2 3 4 5.9 5 7.8 6 1.9 7 5.9 8 –3.6 9 6.2 10 8.6 11 4.0 12 4.1 13 3.5 3.2 –0.5 5.2 3.6 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. r Revised 3.8 3.5 2.3 2.6 3.3 3.0 1.3 19 1.7 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2016 Line Oct. Nov. 2017 Dec. Jan. r Feb. r March r April r May p 11,747.4 4,145.7 1,644.3 2,542.8 7,611.0 11,771.0 4,174.8 1,665.3 2,553.2 7,608.4 11,785.0 4,179.2 1,663.7 2,558.6 7,617.9 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 ...................................................................................... 11,637.1 4,115.9 1,644.2 2,515.3 7,531.6 11,662.9 4,115.8 1,636.1 2,521.6 7,556.5 11,709.4 4,150.7 1,664.4 2,531.5 7,570.5 11,679.2 4,125.1 1,638.6 2,528.3 7,563.8 11,677.4 4,126.8 1,642.2 2,527.0 7,560.7 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 ...................................................................................... 33.8 29.3 21.0 10.4 6.8 25.8 –0.2 –8.1 6.3 24.8 46.5 35.0 28.3 9.9 14.0 –30.3 –25.6 –25.8 –3.2 –6.6 –1.8 1.7 3.6 –1.3 –3.2 70.0 18.9 2.1 15.9 50.4 23.7 29.2 21.0 10.4 –2.6 14.0 6 4.4 7 –1.6 8 5.4 9 9.5 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 ...................................................................................... 0.3 0.7 1.3 0.4 0.1 0.2 0.0 –0.5 0.3 0.3 0.4 0.8 1.7 0.4 0.2 –0.3 –0.6 –1.5 –0.1 –0.1 0.0 0.0 0.2 –0.1 0.0 0.6 0.5 0.1 0.6 0.7 0.2 0.7 1.3 0.4 0.0 0.1 0.1 –0.1 0.2 0.1 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 2015 2016 2015 IV 2016 I II 2017 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 ...................................................................................... 11,214.7 3,907.4 1,498.1 2,439.3 7,310.3 11,522.2 4,048.2 1,584.6 2,500.4 7,481.0 11,319.3 3,953.4 1,527.3 2,458.4 7,369.8 11,365.2 3,964.7 1,524.9 2,471.1 7,403.9 11,484.9 4,032.9 1,560.9 2,505.4 7,458.5 11,569.0 4,067.8 1,604.4 2,502.5 7,508.5 11,669.8 4,127.5 1,648.2 2,522.8 7,552.9 119.6 68.2 36.1 34.3 54.7 84.2 34.9 43.5 –3.0 50.0 100.8 59.7 43.8 20.3 44.3 4.3 7.1 9.8 5.7 3.0 3.0 3.5 11.6 –0.5 2.7 3.5 6.0 11.4 3.3 2.4 11,701.3 4,132.5 1,641.7 2,532.7 7,578.5 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 ...................................................................................... 345.9 152.0 97.0 62.9 196.2 307.5 140.8 86.5 61.1 170.6 63.4 20.7 15.0 7.1 42.6 45.9 11.3 –2.4 12.7 34.1 31.5 6 5.0 7 –6.5 8 9.9 9 25.7 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 3.2 4.0 6.9 2.6 2.8 2.7 3.6 5.8 2.5 2.3 2.3 2.1 4.0 1.2 2.3 1.6 1.2 –0.6 2.1 1.9 1.1 0.5 –1.6 1.6 1.4 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2016 Line Oct. Nov. 2017 Dec. Jan. r Feb. 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....................... 111.365 101.527 87.714 108.799 116.586 111.434 101.342 87.304 108.764 116.793 111.632 101.493 87.237 109.056 117.016 112.128 102.406 87.825 110.164 117.284 112.256 102.284 87.792 109.986 117.549 112.006 101.704 87.319 109.347 117.478 112.198 101.685 87.093 109.462 117.786 112.127 101.105 86.910 108.634 117.995 1 2 3 4 5 111.906 109.493 101.049 109.684 110.016 111.954 109.259 102.037 109.776 110.088 112.114 109.124 103.547 109.972 110.241 112.459 109.143 108.002 110.492 110.594 112.655 109.304 106.674 110.580 110.751 112.509 109.718 103.129 110.303 110.589 112.655 109.963 104.163 110.443 110.670 112.731 6 109.969 7 100.997 8 110.310 9 110.693 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....................... 0.2 0.2 –0.2 0.4 0.2 0.1 –0.2 –0.5 0.0 0.2 0.2 0.1 –0.1 0.3 0.2 0.4 0.9 0.7 1.0 0.2 0.1 –0.1 0.0 –0.2 0.2 –0.2 –0.6 –0.5 –0.6 –0.1 0.2 0.0 –0.3 0.1 0.3 –0.1 –0.6 –0.2 –0.8 0.2 11 12 13 14 15 0.1 0.0 2.8 0.2 0.1 0.0 –0.2 1.0 0.1 0.1 0.1 –0.1 1.5 0.2 0.1 0.3 0.0 4.3 0.5 0.3 0.2 0.1 –1.2 0.1 0.1 –0.1 0.4 –3.3 –0.3 –0.1 0.1 0.2 1.0 0.1 0.1 0.1 0.0 –3.0 –0.1 0.0 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2016 Line Oct. 1 Disposable personal income .................................................... 2 Personal consumption expenditures....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services .................................................................................... Nov. 2.2 3.1 4.6 8.6 2.6 2.3 2017 Dec. 2.0 3.1 4.0 6.8 2.6 2.6 Jan. r 1.5 3.2 4.6 8.4 2.7 2.5 Feb. r 1.6 2.9 4.2 7.9 2.4 2.3 1.8 2.6 4.1 7.4 2.5 1.9 March r 2.0 3.3 4.3 7.7 2.6 2.8 April r 1.8 2.7 3.8 7.0 2.1 2.2 May p 2.2 2.7 3.7 7.0 2.1 2.2 Line 1 2 3 4 5 6 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Line 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3....................... 2016 Oct. Nov. 2017 Dec. Jan. r Feb. r March r April r May p Line 1.4 –0.8 –2.6 0.1 2.5 1.3 –0.9 –2.8 0.0 2.4 1.6 –0.3 –2.7 1.0 2.5 1.9 0.8 –2.3 2.5 2.5 2.1 1.3 –2.0 3.1 2.5 1.8 0.9 –2.3 2.6 2.3 1.7 0.3 –2.6 1.9 2.3 1.4 –0.2 –2.5 1.1 2.2 1 2 3 4 5 1.8 –1.8 –1.1 1.1 1.5 1.7 –1.7 –0.4 1.2 1.5 1.7 –1.6 4.2 1.5 1.6 1.8 –1.4 12.0 1.9 1.7 1.8 –1.5 18.4 2.1 1.6 1.6 –0.7 13.2 1.8 1.4 1.5 –0.6 10.2 1.6 1.4 1.4 6 –0.1 7 5.3 8 1.3 9 1.2 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.