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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 28, 2019 Technical: Media: Brian Smith (Personal Income) Harvey Davis (PCE) Jeannine Aversa (301) 278-9625 (301) 278-9086 (301) 278-9003 BEA 19-30 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays, May 2019 Personal income increased $88.6 billion (0.5 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $72.6 billion (0.5 percent) and personal consumption expenditures (PCE) increased $59.7 billion (0.4 percent). Real DPI increased 0.3 percent in May, and real PCE increased 0.2 percent. The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Personal income: Current dollars Disposable personal income: Current dollars Chained (2012) dollars Personal consumption expenditures (PCE): Current dollars Chained (2012) dollars Price indexes: PCE PCE, excluding food and energy Price indexes: PCE PCE, excluding food and energy 2019 Jan. Feb. Mar. Apr. May Percent change from preceding month -0.1 0.2 0.1 0.5 0.5 -0.2 -0.2 0.1 0.1 0.0 -0.2 0.5 0.1 0.5 0.3 0.3 0.4 -0.2 -0.3 1.0 0.8 0.6 0.2 0.4 0.2 -0.1 0.1 0.1 0.0 0.2 0.1 0.3 0.2 0.2 0.2 Percent change from month one year ago 1.4 1.3 1.5 1.6 1.5 1.8 1.7 1.5 1.6 1.6 The increase in personal income in May primarily reflected increases in personal interest income, wages and salaries, and government social benefits to persons (table 3). The $32.9 billion increase in real PCE in May reflected an increase of $18.5 billion in spending for goods and a $15.8 billion increase in spending for services (table 7). Within goods, new motor vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for food services and accommodations. Detailed information on monthly real PCE spending can be found in Table 2.3.6U. Personal outlays increased $62.1 billion in May (table 3). Personal saving was $985.4 billion in May and the personal saving rate, personal saving as a percentage of disposable personal income, was 6.1 percent (table 1). Updates to Personal Income and Outlays 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 (2012) dollar DPI and PCE -revised and previously published in last month's release -- are shown below. Personal income: Current dollars Disposable personal income: Current dollars Chained (2012) dollars Personal consumption expenditures: Current dollars Chained (2012) dollars Change from preceding month March April Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) 21.0 16.4 0.1 0.1 92.8 94.7 0.5 0.5 8.3 -21.9 4.2 -27.0 0.1 -0.2 0.0 -0.2 69.3 17.9 73.3 21.1 0.4 0.1 0.5 0.1 157.3 117.8 147.5 107.5 1.1 0.9 1.0 0.8 40.8 -3.7 79.5 31.4 0.3 0.0 0.6 0.2 Next release: July 30, 2019 at 8:30 A.M. EDT Personal Income and Outlays: June 2019 Upcoming Annual Update of the National Income and Product Accounts The annual update of the national income and product accounts, covering the first quarter of 2014 through the first quarter of 2019, will be released along with the "advance" estimate of GDP for the second quarter of 2019 on July 26. For more information, see the Technical Note. Additional Information Resources Additional Resources available at www.bea.gov: • • • • • • Stay informed about BEA developments by reading The BEA Wire, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts 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 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (months for monthly data, quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. 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 June 28, 2019 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Line 1 Personal income 2 Compensation of employees Wages and salaries 3 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government Supplements to wages and salaries 11 12 Employer contributions for employee pension and insurance 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 funds1 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 security2 3 Medicare Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services 4 Personal interest payments Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2012) dollars5 Disposable personal income: Total, billions of chained (2012) dollars5 Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) Seasonally adjusted at annual rates 2019 r r Dec. Jan.r Feb. March 17,956.4 17,943.9 17,983.7 18,000.2 10,990.9 11,031.4 11,064.6 11,101.4 8,946.7 8,980.7 9,008.9 9,040.5 7,550.0 7,579.0 7,604.3 7,634.5 1,484.2 1,485.6 1,488.0 1,492.8 890.6 889.6 890.5 891.9 6,065.8 6,093.3 6,116.3 6,141.6 1,374.7 1,382.1 1,388.3 1,393.0 4,691.1 4,711.2 4,728.0 4,748.6 1,396.7 1,401.7 1,404.6 1,406.1 2,044.2 2,050.7 2,055.6 2,060.8 Oct. 17,760.4 10,950.9 8,914.0 7,520.6 1,476.1 884.9 6,044.5 1,369.3 4,675.2 1,393.4 2,036.8 2018 Nov. 17,788.4 10,951.5 8,912.7 7,519.5 1,474.8 886.3 6,044.6 1,371.9 4,672.7 1,393.2 2,038.8 1,400.7 636.1 1,402.9 635.9 1,406.1 638.1 1,409.9 640.9 1,413.1 642.5 1,594.2 29.7 1,564.5 771.0 2,794.5 1,631.8 1,162.8 3,022.1 2,959.8 991.6 752.3 604.9 23.7 112.7 474.6 62.3 1,372.3 2,063.9 15,696.4 14,718.8 14,168.9 4,400.5 1,473.7 2,926.8 9,768.4 350.0 199.9 113.4 86.6 977.6 6.2 1,615.7 42.9 1,572.9 768.1 2,804.5 1,645.6 1,158.9 3,021.0 2,958.4 986.7 759.3 603.7 24.0 113.1 471.7 62.6 1,372.4 2,057.4 15,730.9 14,794.6 14,238.9 4,433.3 1,498.8 2,934.5 9,805.6 355.4 200.3 113.7 86.6 936.3 6.0 1,640.3 71.0 1,569.3 766.8 2,901.3 1,659.4 1,241.9 3,034.2 2,971.3 988.9 766.8 605.1 24.8 113.4 472.4 62.9 1,377.1 2,061.3 15,895.0 14,718.8 14,157.4 4,326.1 1,455.6 2,870.6 9,831.2 360.7 200.7 114.1 86.6 1,176.3 7.4 1,610.6 40.2 1,570.4 772.3 2,799.9 1,636.8 1,163.1 3,119.7 3,056.9 1,019.7 774.9 610.8 25.2 115.7 510.7 62.7 1,390.0 2,087.7 15,856.2 14,772.6 14,205.1 4,370.4 1,466.4 2,904.0 9,834.7 361.7 205.8 114.1 91.7 1,083.6 6.8 13,544.7 13,564.6 13,698.3 14,425.3 14,449.7 47,844 43,969 328,077 47,925 44,022 328,241 Line r p April 18,094.9 11,130.7 9,064.8 7,655.2 1,499.2 892.2 6,155.9 1,393.9 4,762.0 1,409.6 2,065.9 May 18,183.5 11,149.2 9,079.1 7,668.3 1,502.1 894.4 6,166.2 1,395.5 4,770.8 1,410.8 2,070.1 1 2 3 4 5 6 7 8 9 10 11 1,416.2 644.6 1,419.8 646.1 1,423.0 647.1 12 13 1,609.3 42.9 1,566.4 779.0 2,787.0 1,614.3 1,172.7 3,137.7 3,074.7 1,022.7 782.6 616.8 25.3 115.4 511.9 63.0 1,393.7 2,104.9 15,878.8 14,750.5 14,181.7 4,327.0 1,440.0 2,887.1 9,854.6 362.7 206.1 114.5 91.7 1,128.4 7.1 1,593.2 25.6 1,567.6 786.2 2,762.3 1,591.7 1,170.6 3,155.2 3,091.9 1,025.7 789.9 623.8 25.1 117.5 509.8 63.3 1,398.1 2,117.1 15,883.0 14,899.3 14,329.2 4,430.3 1,492.2 2,938.1 9,898.9 363.7 206.5 114.8 91.7 983.7 6.2 1,599.5 26.9 1,572.6 788.1 2,807.4 1,629.3 1,178.1 3,170.6 3,107.0 1,027.9 796.6 631.0 24.0 116.7 510.9 63.6 1,401.4 2,138.6 15,956.3 14,981.3 14,408.7 4,463.6 1,490.6 2,973.0 9,945.1 365.9 206.7 115.0 91.7 975.0 6.1 1,612.3 28.6 1,583.7 789.8 2,851.2 1,666.9 1,184.3 3,184.6 3,120.7 1,030.3 802.5 635.9 24.3 118.1 509.5 63.9 1,403.5 2,154.7 16,028.8 15,043.4 14,468.4 4,485.2 1,515.4 2,969.7 9,983.3 368.1 206.9 115.3 91.7 985.4 6.1 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 44 13,616.5 13,624.5 13,594.7 13,624.4 13,670.1 45 14,591.5 14,564.4 14,572.3 14,545.3 14,566.5 14,608.7 46 48,402 44,433 328,393 48,263 44,331 328,539 48,311 44,336 328,677 48,304 44,235 328,817 48,504 44,279 328,969 48,701 44,386 329,131 47 48 49 p Preliminary r Revised 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. 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. 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. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis June 28, 2019 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Line 2017 1 Personal income 2 Compensation of employees Wages and salaries 3 4 Private industries 5 Goods-producing industries 6 Manufacturing 7 Services-producing industries 8 Trade, transportation, and utilities 9 Other services-producing industries 10 Government Supplements to wages and salaries 11 12 Employer contributions for employee pension and insurance 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 funds1 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 security2 3 Medicare Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services Personal interest payments4 Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2012) dollars5 Disposable personal income: Total, billions of chained (2012) dollars5 Per capita: Current dollars Chained (2012) dollars 6 Population (midperiod, thousands) 2018 Seasonally adjusted at annual rates 2018 Q1 Q2 Q3 Q4 17,319.2 17,466.7 17,657.3 17,835.0 10,710.1 10,782.9 10,907.9 10,964.4 8,710.6 8,770.8 8,879.2 8,924.5 7,347.5 7,399.6 7,493.6 7,530.0 1,452.2 1,449.2 1,468.2 1,478.4 878.0 870.9 880.7 887.3 5,895.3 5,950.4 6,025.4 6,051.6 1,344.8 1,351.5 1,365.7 1,372.0 4,550.5 4,598.9 4,659.7 4,679.7 1,363.1 1,371.2 1,385.6 1,394.4 1,999.4 2,012.0 2,028.7 2,040.0 16,830.9 10,407.2 8,453.8 7,108.1 1,390.3 846.4 5,717.8 1,313.5 4,404.3 1,345.7 1,953.4 17,569.5 10,841.3 8,821.3 7,442.7 1,462.0 879.2 5,980.7 1,358.5 4,622.2 1,378.6 2,020.0 2017 Q4 17,103.1 10,568.6 8,588.1 7,230.4 1,410.3 855.9 5,820.1 1,325.9 4,494.2 1,357.7 1,980.5 1,348.1 605.3 1,389.8 630.3 1,366.4 614.0 1,376.3 623.2 1,385.0 627.1 1,394.6 634.1 1,500.9 38.9 1,462.0 730.2 2,631.6 1,523.0 1,108.6 2,859.7 2,804.0 926.1 695.3 577.4 29.1 98.5 477.6 55.7 1,298.6 2,034.6 14,796.3 13,809.5 13,321.4 4,156.1 1,406.5 2,749.6 9,165.3 293.9 194.2 107.3 86.9 986.8 6.7 1,578.8 37.0 1,541.8 759.9 2,768.2 1,616.5 1,151.7 2,980.7 2,920.0 974.2 734.4 601.3 25.5 109.4 475.2 60.7 1,359.3 2,047.8 15,521.8 14,484.8 13,948.5 4,338.8 1,459.4 2,879.4 9,609.7 334.2 202.0 111.9 90.1 1,037.0 6.7 1,526.1 35.4 1,490.6 745.3 2,692.9 1,577.2 1,115.7 2,887.6 2,831.5 935.5 706.6 583.2 28.0 102.0 476.1 56.1 1,317.3 2,070.9 15,032.2 14,083.3 13,579.2 4,250.9 1,445.7 2,805.2 9,328.3 306.1 197.9 109.0 89.0 948.9 6.3 1,549.9 35.2 1,514.7 749.3 2,719.5 1,597.6 1,121.9 2,933.9 2,875.7 960.8 713.7 590.3 27.6 105.6 477.8 58.2 1,343.6 2,030.0 15,289.2 14,194.8 13,679.6 4,267.7 1,434.5 2,833.2 9,411.9 314.9 200.3 110.0 90.3 1,094.3 7.2 1,568.5 37.0 1,531.5 754.2 2,747.8 1,606.5 1,141.2 2,965.8 2,905.4 969.1 724.5 602.6 25.5 107.9 475.8 60.4 1,352.4 2,035.3 15,431.4 14,403.8 13,875.6 4,329.5 1,458.7 2,870.8 9,546.1 326.4 201.7 111.3 90.4 1,027.7 6.7 13,171.4 13,479.2 13,301.7 13,379.1 13,949.2 14,341.2 14,065.9 45,470 42,866 325,410 47,404 43,799 327,436 46,080 43,118 326,218 2019 Line r Q1 17,975.9 11,065.8 9,010.0 7,605.9 1,488.8 890.7 6,117.1 1,387.8 4,729.3 1,404.1 2,055.7 1 2 3 4 5 6 7 8 9 10 11 1,403.3 636.7 1,413.1 642.7 12 13 1,580.0 27.9 1,552.0 767.4 2,772.2 1,616.2 1,156.0 2,997.2 2,935.6 977.8 739.9 607.8 24.7 111.0 474.5 61.6 1,367.4 2,064.9 15,592.4 14,596.3 14,050.5 4,371.3 1,468.5 2,902.8 9,679.1 340.2 205.6 112.6 93.1 996.0 6.4 1,616.7 47.9 1,568.9 768.6 2,833.4 1,645.6 1,187.9 3,025.8 2,963.2 989.0 759.5 604.6 24.1 113.1 472.9 62.6 1,373.9 2,060.9 15,774.1 14,744.1 14,188.4 4,386.6 1,476.0 2,910.6 9,801.8 355.4 200.3 113.7 86.6 1,030.1 6.5 1,604.4 36.3 1,568.1 779.1 2,783.1 1,614.3 1,168.8 3,137.5 3,074.5 1,022.7 782.5 617.2 25.2 116.2 510.8 63.0 1,393.9 2,103.2 15,872.7 14,807.5 14,238.6 4,375.9 1,466.2 2,909.7 9,862.7 362.7 206.1 114.5 91.7 1,065.2 6.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 13,420.7 13,515.3 13,602.6 13,611.8 45 14,219.8 14,282.0 14,374.8 14,488.8 14,560.6 46 46,803 43,530 326,670 47,171 43,657 327,138 47,582 43,866 327,697 48,057 44,141 328,237 48,293 44,301 328,678 47 48 49 r Revised 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. 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. 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. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis June 28, 2019 Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] 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 funds1 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 security2 24 Medicare3 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 payments4 40 Personal current transfer payments 41 To government 42 To the rest of the world (net) 43 Equals: Personal saving Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2012) dollars5 45 Disposable personal income, billions of chained (2012) dollars5 Seasonally adjusted at annual rates 2019 Dec. Jan.r Feb.r Marchr 168.0 -12.5 39.9 16.4 39.4 40.5 33.1 36.8 34.0 34.0 28.2 31.6 30.6 28.9 25.3 30.2 9.4 1.4 2.4 4.8 4.3 -1.0 0.9 1.3 21.2 27.5 22.9 25.4 2.8 7.4 6.2 4.7 18.3 20.2 16.8 20.6 3.5 5.0 2.9 1.4 5.4 6.5 4.9 5.2 Oct. 52.1 3.3 0.9 -0.3 -0.2 0.7 -0.1 -0.9 0.8 1.2 2.4 2018 Nov. 28.0 0.6 -1.3 -1.2 -1.3 1.4 0.2 2.6 -2.5 -0.2 2.0 2.5 -0.1 2.2 -0.2 3.2 2.2 3.8 2.8 3.3 1.7 22.0 6.6 15.4 -3.3 19.6 13.8 5.7 10.8 10.5 12.0 6.5 -3.9 -0.3 -3.0 -0.8 0.3 0.4 -11.1 63.2 87.7 88.5 30.9 5.7 25.2 57.6 5.3 -6.1 0.4 -6.5 -24.5 21.5 13.2 8.4 -2.9 9.9 13.8 -3.9 -1.1 -1.4 -5.0 6.9 -1.2 0.4 0.4 -3.0 0.3 0.1 -6.5 34.5 75.8 70.0 32.8 25.1 7.7 37.2 5.3 0.4 0.4 0.0 -41.3 24.5 28.1 -3.6 -1.3 96.8 13.8 83.0 13.2 12.9 2.2 7.5 1.5 0.8 0.3 0.7 0.3 4.7 3.9 164.1 -75.8 -81.6 -107.2 -43.2 -63.9 25.6 5.3 0.4 0.4 0.0 239.9 -29.7 -30.8 1.1 5.5 -101.3 -22.6 -78.8 85.4 85.6 30.8 8.1 5.7 0.4 2.3 38.2 -0.2 12.9 26.4 -38.8 53.8 47.8 44.3 10.9 33.4 3.4 1.0 5.1 0.0 5.1 -92.6 10.9 29.4 19.9 24.4 133.7 141.7 -81.8 -27.0 Line Line Aprilr 94.7 29.3 24.3 20.7 6.4 0.3 14.3 0.9 13.4 3.6 5.0 Mayp 88.6 18.5 14.3 13.1 2.8 2.3 10.3 1.6 8.7 1.1 4.2 1 2 3 4 5 6 7 8 9 10 11 3.1 2.1 3.5 1.5 3.3 1.0 12 13 -1.3 2.7 -4.0 6.7 -13.0 -22.6 9.6 18.1 17.8 3.0 7.7 6.0 0.1 -0.3 1.2 0.3 3.7 17.2 22.6 -22.1 -23.4 -43.4 -26.5 -16.9 20.0 1.0 0.4 0.4 0.0 44.7 -16.1 -17.3 1.2 7.2 -24.6 -22.6 -2.1 17.5 17.2 3.1 7.3 7.0 -0.2 2.1 -2.0 0.3 4.4 12.3 4.2 148.8 147.5 103.3 52.2 51.0 44.2 1.0 0.3 0.3 0.0 -144.6 6.3 1.3 5.0 1.9 45.1 37.6 7.5 15.4 15.1 2.2 6.7 7.1 -1.1 -0.8 1.0 0.3 3.3 21.5 73.3 82.0 79.5 33.3 -1.6 34.9 46.3 2.2 0.2 0.2 0.0 -8.7 12.8 1.7 11.1 1.7 43.8 37.6 6.2 14.0 13.7 2.4 5.9 4.9 0.3 1.4 -1.3 0.3 2.1 16.0 72.6 62.1 59.7 21.6 24.9 -3.3 38.1 2.2 0.2 0.2 0.0 10.4 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 8.0 7.9 -29.8 -27.0 29.7 21.1 45.7 42.3 44 45 p Preliminary r Revised 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. 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. 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. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis June 28, 2019 Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] 2017 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 Employer contributions for employee pension and insurance 12 funds1 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 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 security2 Medicare3 Medicaid Unemployment insurance Veterans' benefits Other Other current transfer receipts, from business (net) Less: Contributions for government social insurance, domestic Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Personal consumption expenditures Goods Durable goods Nondurable goods Services Personal interest payments4 Personal current transfer payments To government To the rest of the world (net) Equals: Personal saving Addenda: Personal income excluding current transfer receipts, billions of chained (2012) dollars5 Disposable personal income, billions of chained (2012) dollars5 2018 Seasonally adjusted at annual rates 2018 Q1 Q2 Q3 Q4 216.1 147.6 190.6 177.8 141.5 72.8 125.0 56.5 122.5 60.2 108.4 45.3 117.1 52.0 94.0 36.5 41.9 -3.1 19.0 10.2 22.1 -7.1 9.8 6.6 75.1 55.1 75.0 26.2 18.8 6.8 14.1 6.3 56.3 48.3 60.9 19.9 5.5 8.1 14.4 8.8 19.0 12.6 16.6 11.3 Line 2019 Q1r 140.9 1 101.4 2 85.6 3 75.9 4 10.4 5 3.4 6 65.4 7 15.8 8 49.6 9 9.7 10 15.8 11 705.8 451.0 373.2 335.1 62.0 32.5 273.1 51.5 221.6 38.1 77.8 738.6 434.1 367.4 334.6 71.6 32.8 262.9 45.0 217.9 32.9 66.7 2017 Q4 208.0 97.4 81.5 74.1 9.6 4.7 64.5 4.8 59.7 7.4 15.9 53.9 23.9 41.7 25.0 10.7 5.2 9.8 9.2 8.7 3.9 9.6 7.0 8.6 2.6 9.8 6.0 12 13 81.6 1.4 80.2 35.4 115.0 82.1 32.9 81.6 86.6 29.6 33.1 14.7 -2.6 5.7 6.0 -5.0 58.7 80.3 625.5 586.8 554.5 159.8 59.9 99.9 394.7 24.6 7.7 3.0 4.7 38.6 77.8 -1.9 79.7 29.7 136.6 93.5 43.2 121.0 116.0 48.1 39.1 23.9 -3.6 10.9 -2.4 5.0 60.7 13.2 725.5 675.3 627.1 182.7 52.9 129.7 444.4 40.4 7.8 4.6 3.1 50.2 18.6 -0.9 19.5 13.3 77.7 77.1 0.6 12.3 11.0 5.7 7.1 -0.4 -0.8 2.2 -2.8 1.3 11.3 22.4 185.6 230.0 220.1 84.9 34.5 50.4 135.2 6.1 3.9 1.2 2.6 -44.5 23.8 -0.2 24.0 4.0 26.6 20.4 6.2 46.4 44.3 25.3 7.1 7.1 -0.5 3.6 1.7 2.1 26.2 -40.9 257.0 111.5 100.4 16.8 -11.2 28.0 83.6 8.8 2.4 1.0 1.3 145.5 18.6 1.8 16.8 5.0 28.3 8.9 19.3 31.9 29.7 8.2 10.8 12.3 -2.0 2.4 -2.0 2.2 8.9 5.3 142.3 208.9 196.0 61.8 24.2 37.6 134.2 11.5 1.4 1.3 0.1 -66.7 11.5 -9.1 20.6 13.2 24.4 9.7 14.7 31.4 30.2 8.7 15.4 5.2 -0.8 3.0 -1.3 1.2 14.9 29.6 160.9 192.6 174.9 41.8 9.8 32.0 133.0 13.8 3.9 1.2 2.7 -31.6 36.7 19.9 16.8 1.2 61.3 29.4 31.9 28.6 27.6 11.3 19.6 -3.2 -0.6 2.1 -1.6 1.0 6.6 -4.0 181.7 147.7 137.9 15.3 7.5 7.8 122.6 15.2 -5.3 1.2 -6.5 34.0 -12.4 -11.6 -0.8 10.5 -50.4 -31.3 -19.1 111.7 111.3 33.7 23.0 12.6 1.0 3.1 37.9 0.4 20.0 42.3 98.6 63.4 50.3 -10.7 -9.8 -0.9 61.0 7.3 5.8 0.7 5.1 35.2 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 43 366.5 354.0 307.9 392.0 94.4 79.7 77.4 153.9 41.6 62.1 94.6 92.8 87.3 114.0 9.2 71.8 44 45 r Revised 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. 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. 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. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis June 28, 2019 Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2018 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Supplements to wages and salaries Proprietors' income with inventory valuation and capital 5 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 19 20 2019 Oct. Nov. Dec. Based on current-dollar measures 0.3 0.2 0.9 0.0 0.0 0.4 0.0 0.0 0.4 0.1 0.1 0.3 r r Line r Feb. Jan. March r p April May -0.1 0.4 0.4 0.3 0.2 0.3 0.3 0.2 0.1 0.3 0.4 0.3 0.5 0.3 0.3 0.2 0.5 0.2 0.2 0.2 1 2 3 4 1.5 -0.2 3.5 0.8 7.2 0.4 0.3 0.2 1.0 -1.8 0.7 -3.5 -1.4 -6.3 2.8 0.9 1.3 -0.2 -0.1 0.9 -0.5 -1.4 0.8 0.6 0.3 0.8 0.1 -1.0 0.9 -0.9 -1.4 -0.2 0.6 0.3 0.6 0.0 0.4 0.2 1.6 2.4 0.6 0.5 0.2 1.0 0.5 0.8 0.2 1.6 2.3 0.5 0.4 0.2 0.8 0.5 5 6 7 8 9 10 11 12 13 0.6 0.5 -0.6 0.7 0.7 -2.4 0.4 1.7 -2.9 0.9 0.3 -2.2 0.6 0.4 0.3 Based on chained (2012) dollar measures 0.3 1.0 0.7 1.2 0.0 -0.2 -1.0 -1.8 -0.6 0.2 1.0 2.4 3.6 1.8 0.4 0.6 0.8 -0.1 1.2 0.5 0.4 0.5 1.7 -0.1 0.4 14 15 16 17 18 -0.6 -0.2 0.1 0.1 -0.2 -0.2 0.2 0.1 0.3 0.3 19 20 1.4 -0.4 0.7 0.9 0.5 0.4 0.0 -0.5 0.4 Real personal income excluding transfer receipts Real disposable personal income 1.3 -0.4 0.4 0.8 -0.3 0.0 0.0 -0.3 0.2 0.1 0.2 0.1 0.2 1.0 1.0 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis June 28, 2019 Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2017 Line 1 Personal income 2 Compensation of employees 3 Wages and salaries 4 Supplements to wages and salaries Proprietors' income with inventory valuation and capital 5 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 19 20 Real personal income excluding transfer receipts Real disposable personal income r Revised Source: U.S. Bureau of Economic Analysis 2018 2018 2017 Q4 Based on current-dollar measures 4.4 4.4 4.5 4.2 4.6 4.3 4.1 3.4 Q1 Q2 Line 2019 Q3 r Q4 Q1 5.0 3.8 3.9 3.3 5.2 5.5 5.8 3.9 3.5 2.7 2.8 2.5 4.4 4.7 5.0 3.3 4.1 2.1 2.1 2.2 3.2 3.7 3.9 3.1 1 2 3 4 5.0 7.4 12.4 22.2 0.2 1.7 3.5 4.4 5.1 6.4 2.2 4.0 5.3 2.2 6.6 8.2 -7.7 7.0 4.9 2.7 4.2 2.3 7.1 4.4 2.7 1.0 3.8 3.0 7.2 3.6 2.4 5.3 4.3 4.5 5.9 4.2 9.6 0.6 9.1 7.5 11.5 3.9 1.9 -0.8 4.7 -3.0 5.6 -6.9 -7.4 -6.3 15.6 6.0 8.5 2.5 5 6 7 8 9 10 11 12 13 4.3 4.7 6.8 4.0 4.4 8.4 4.4 3.8 10.1 3.8 4.7 7.5 4.5 4.8 6.0 Based on chained (2012) dollar measures 3.0 1.6 -3.1 4.1 3.6 5.9 5.9 6.9 5.4 5.8 5.1 3.9 2.7 4.5 5.7 4.0 1.4 2.1 1.1 5.2 1.4 -1.0 -2.6 -0.1 2.5 14 15 16 17 18 2.3 4.4 1.2 1.8 2.8 2.6 2.6 3.2 0.3 2.0 19 20 5.8 5.1 4.6 5.7 3.1 2.9 4.7 4.1 4.4 2.9 2.6 5.2 4.1 5.2 6.1 3.9 4.2 4.7 0.6 4.9 2.3 2.8 2.9 2.3 June 28, 2019 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2018 2019 r r Oct. Nov. Dec. Feb. Marchr Jan. Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 13,021.4 13,079.2 12,996.3 13,047.8 13,014.8 13,122.3 Goods 4,610.7 4,662.6 4,571.2 4,620.5 4,575.7 4,672.1 Durable goods 1,689.9 1,718.0 1,668.7 1,676.6 1,651.4 1,717.8 Nondurable goods 2,932.4 2,957.4 2,913.2 2,953.6 2,932.9 2,966.7 Services 8,438.2 8,449.8 8,446.8 8,454.9 8,460.3 8,482.6 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 55.5 57.8 -82.9 51.6 -33.1 107.5 Goods 23.5 51.9 -91.4 49.3 -44.8 96.3 Durable goods 6.8 28.1 -49.3 7.9 -25.2 66.4 Nondurable goods 16.5 25.0 -44.2 40.4 -20.7 33.8 Services 32.8 11.7 -3.1 8.1 5.4 22.4 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.4 0.4 -0.6 0.4 -0.3 0.8 Goods 0.5 1.1 -2.0 1.1 -1.0 2.1 Durable goods 0.4 1.7 -2.9 0.5 -1.5 4.0 Nondurable goods 0.6 0.9 -1.5 1.4 -0.7 1.2 Services 0.4 0.1 0.0 0.1 0.1 0.3 Line Aprilr Mayp 13,153.7 4,698.8 1,722.4 2,988.2 8,490.3 13,186.5 4,717.3 1,749.3 2,982.4 8,506.0 1 2 3 4 5 31.4 26.8 4.7 21.5 7.6 32.9 18.5 26.9 -5.8 15.8 6 7 8 9 10 0.2 0.6 0.3 0.7 0.1 0.2 0.4 1.6 -0.2 0.2 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis June 28, 2019 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2017 2018 Q4 Q1 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 12,558.7 12,887.6 12,706.4 12,722.8 Goods 4,391.9 4,553.7 4,483.9 4,477.0 Durable goods 1,577.9 1,665.0 1,636.6 1,628.2 Nondurable goods 2,822.0 2,899.7 2,857.7 2,858.6 Services 8,184.5 8,359.4 8,246.6 8,267.9 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 310.5 328.9 121.5 16.5 Goods 155.8 161.9 73.6 -6.9 Durable goods 101.1 87.1 48.0 -8.4 Nondurable goods 58.0 77.7 27.8 0.9 Services 162.0 174.9 52.9 21.3 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 2.5 2.6 3.9 0.5 Goods 3.7 3.7 6.8 -0.6 Durable goods 6.8 5.5 12.7 -2.0 Nondurable goods 2.1 2.8 4.0 0.1 Services 2.0 2.1 2.6 1.0 r Revised Source: U.S. Bureau of Economic Analysis 2018 2017 Q2 2019 Q3 Line Q1r Q4 12,842.0 4,537.6 1,662.3 2,886.7 8,329.8 12,953.3 4,585.5 1,677.4 2,919.2 8,394.9 13,032.3 4,614.8 1,692.2 2,934.3 8,444.9 13,061.6 4,622.8 1,681.9 2,951.0 8,465.9 1 2 3 4 5 119.2 60.6 34.0 28.1 61.9 111.3 47.9 15.1 32.6 65.1 79.0 29.4 14.8 15.1 50.1 29.3 7.9 -10.3 16.7 21.0 6 7 8 9 10 3.8 5.5 8.6 4.0 3.0 3.5 4.3 3.7 4.6 3.2 2.5 2.6 3.6 2.1 2.4 0.9 0.7 -2.4 2.3 1.0 11 12 13 14 15 June 28, 2019 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2018 Oct. Nov. Dec. Jan.r Chain-type price indexes (2012=100), seasonally adjusted 108.816 108.871 108.938 108.874 95.440 95.082 94.640 94.588 87.192 87.226 87.211 87.449 99.811 99.229 98.542 98.326 115.768 116.049 116.394 116.323 Line Feb.r Personal consumption expenditures (PCE) 108.970 1 94.565 2 Goods 3 Durable goods 87.180 4 Nondurable goods 98.443 116.485 5 Services Addenda: 6 PCE excluding food and energy 110.525 110.720 110.932 111.003 111.046 103.399 103.595 103.732 103.902 104.424 7 Food1 90.262 87.735 85.248 82.533 82.924 8 Energy goods and services2 106.769 106.828 106.817 106.894 106.987 9 Market-based PCE3 108.383 108.604 108.748 109.003 109.033 10 Market-based PCE excluding food and energy3 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) 0.2 0.1 0.1 -0.1 0.1 11 0.2 -0.4 -0.5 -0.1 0.0 12 Goods 13 Durable goods 0.0 0.0 0.0 0.3 -0.3 14 Nondurable goods 0.3 -0.6 -0.7 -0.2 0.1 0.2 0.2 0.3 -0.1 0.1 15 Services Addenda: 16 PCE excluding food and energy 0.1 0.2 0.2 0.1 0.0 -0.1 0.2 0.1 0.2 0.5 17 Food1 2.0 -2.8 -2.8 -3.2 0.5 18 Energy goods and services2 0.2 0.1 0.0 0.1 0.1 19 Market-based PCE3 0.1 0.2 0.1 0.2 0.0 20 Market-based PCE excluding food and energy3 2019 Marchr Line Aprilr Mayp 109.201 94.825 86.848 99.041 116.699 109.546 94.993 86.519 99.495 117.140 109.726 95.079 86.612 99.577 117.371 1 2 3 4 5 111.114 104.675 85.917 107.205 109.062 111.391 104.319 88.438 107.484 109.253 111.603 104.617 87.917 107.613 109.410 6 7 8 9 10 0.2 0.3 -0.4 0.6 0.2 0.3 0.2 -0.4 0.5 0.4 0.2 0.1 0.1 0.1 0.2 11 12 13 14 15 0.1 0.2 3.6 0.2 0.0 0.2 -0.3 2.9 0.3 0.2 0.2 0.3 -0.6 0.1 0.1 16 17 18 19 20 p Preliminary r Revised Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. Consists of gasoline and other energy goods and of electricity and gas services. 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. 6RXUFH 86%XUHDXRI(FRQRPLF$QDO\VLV June 28, 2019 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago Line Oct. 1 Disposable personal income 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Nondurable goods 6 Services 2.7 2.8 3.5 4.1 3.2 2.5 2018 Nov. 2.8 2.8 3.7 4.3 3.3 2.4 Jan.r Dec. 3.6 2.0 1.6 1.8 1.5 2.2 2.7 2.6 3.2 3.1 3.3 2.3 Feb.r 2.5 2.6 2.8 2.5 2.9 2.5 2019 Marchr 2.0 2.8 3.8 4.4 3.5 2.4 Aprilr 2.2 2.8 4.1 4.0 4.2 2.2 Mayp 2.3 2.7 3.7 5.2 3.0 2.2 Line 1 2 3 4 5 6 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis June 28, 2019 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Line Personal consumption expenditures (PCE) 1 2 Goods 3 Durable goods 4 Nondurable goods 5 Services Addenda: 6 PCE excluding food and energy 7 Food1 8 Energy goods and services2 9 Market-based PCE3 10 Market-based PCE excluding food and energy3 2018 2019 2.0 0.8 -1.6 2.0 2.6 1.8 0.2 -1.2 0.9 2.6 1.8 -0.2 -1.0 0.2 2.7 1.4 -1.0 -1.0 -1.0 2.4 Feb.r 1.3 -0.9 -0.9 -0.9 2.3 1.8 0.3 8.9 1.8 1.6 1.9 0.6 2.3 1.7 1.8 2.0 0.6 -0.4 1.6 1.8 1.8 0.7 -6.4 1.3 1.8 1.7 1.4 -5.9 1.3 1.6 Oct. Nov. Dec. Jan.r Marchr 1.5 -0.2 -1.2 0.3 2.2 Aprilr 1.6 -0.4 -1.6 0.2 2.5 Mayp 1.5 -0.4 -1.3 0.1 2.4 1.5 1.4 0.3 1.4 1.5 1.6 0.8 1.7 1.4 1.4 1.6 1.3 0.1 1.3 1.4 Line p Preliminary r Revised Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. Consists of gasoline and other energy goods and of electricity and gas services. 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. 6RXUFH 86%XUHDXRI(FRQRPLF$QDO\VLV 1 2 3 4 5 6 7 8 9 10