Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays: May 2020, BEA 20-30 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 26, 2020
Technical:

Media:

Marissa Crawford (Personal Income)
Kyle Brown (PCE Goods)
Jeff Barnett (PCE Services)
Jeannine Aversa

(301) 278-9729
(301) 278-9086
(301) 278-9663
(301) 278-9003

BEA 20-30
piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays: May 2020
Personal income decreased $874.2 billion (4.2 percent) in May according to estimates released today by
the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $911.1
billion (4.9 percent) and personal consumption expenditures (PCE) increased $994.5 billion (8.2
percent).
Real DPI decreased 5.0 percent in May and Real PCE increased 8.1 percent (tables 5 and 7). The PCE
price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.

Coronavirus (COVID-19) Impact on May 2020 Personal Income and Outlays

The May estimate for personal income and outlays was impacted by the response to the spread
of COVID-19. Federal economic recovery payments continued but were at a lower level than in
April, and government “stay-at-home” orders were partially lifted in May. The full economic
effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays
estimate for May because the impacts are generally embedded in source data and cannot be
separately identified. For more information, see the “highlights” file and the Effects of Selected
Federal Pandemic Response Programs on Personal Income table.

The decrease in personal income in May primarily reflected a decrease in government social benefits to
persons as payments made to individuals from federal economic recovery programs in response to the
COVID-19 pandemic continued, but at a lower level than in April (table 3). For more information, see
“How are the economic impact payments for individuals authorized by the CARES Act of 2020 recorded
in the NIPAs?”.

2020
Jan.
Feb.
Mar.
Apr.
May
Percent change from preceding month
Personal income:
Current dollars
Disposable personal income:
Current dollars
Chained (2012) dollars
Personal consumption expenditures (PCE):
Current dollars
Chained (2012) dollars
Price indexes:
PCE
PCE, excluding food and energy
Price indexes:
PCE
PCE, excluding food and energy

0.6

0.5

-2.2

10.8

-4.2

0.6
0.5

0.5
0.4

-2.1
-1.8

13.1
13.6

-4.9
-5.0

0.4
0.3

0.0
-0.1

-6.6
-6.4

-12.6
-12.2

8.2
8.1

0.1
0.2

0.1
0.2

-0.2
-0.1

-0.5
-0.4

0.1
0.1

Percent change from month one year ago
1.8
1.8
1.3
0.6
0.5
1.7
1.8
1.7
1.0
1.0

Partially offsetting the decrease in other government social benefits was an increase in unemployment
insurance benefits, based primarily on unemployment claims data from the Department of Labor’s
Employment and Training Administration. For more information, see “How will the expansion of
unemployment benefits in response to the COVID-19 pandemic be recorded in the NIPAs?”.
The $892.6 billion increase in real PCE in May reflected an increase of $590.4 billion in spending for
goods and a $363.8 billion increase in spending for services (table 7). Within goods, spending on motor
vehicles and parts as well as recreational goods and vehicles were the leading contributors to the
increase. Within services, the largest contributors to the increase were spending for health care as well
as food services and accommodations. Detailed information on monthly real PCE spending can be found
on Table 2.3.6U.
Personal outlays increased $989.9 billion in May (table 3). Personal saving was $4.12 trillion in May and
the personal saving rate—personal saving as a percentage of disposable personal income—was 23.2
percent (table 1).

-2-

Upcoming Annual Update of the National Income and Product Accounts

BEA will release results from the 2020 annual update of the National Income and Product
Accounts on July 30, 2020, in conjunction with the advance estimate of GDP for the second
quarter of 2020. For estimates of real GDP and its major components, the span of the update will
cover the most recent five years (2015-2019) and the first quarter of 2020. Estimates of income
and saving will be subject to revision from 1999 through the first quarter of 2020. More
information on the 2020 annual update is included in the May Survey of Current Business article,
“GDP and the Economy.”

Updates to Personal Income and Outlays
Estimates have been updated for January through April. Revised and previously published changes from
the preceding month for current-dollar personal income, and for current-dollar and chained (2012)
dollar DPI and PCE, are shown below.
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 (2012) dollars
Personal consumption
expenditures:
Current dollars
Chained (2012) dollars

-413.8

-422.9

-2.2

-2.2

1,965.9

2,018.8

10.5

10.8

-349.0
-280.9

-353.1
-281.9

-2.1
-1.8

-2.1
-1.8

2,127.8
2,005.4

2,167.9
2,039.9

12.9
13.4

13.1
13.6

-1,031.7
-902.7

-988.5
-861.3

-6.9
-6.7

-6.6
-6.4

-1,893.5
-1,662.1

-1,757.6
-1,539.8

-13.6
-13.2

-12.6
-12.2

Next release: July 31, 2020 at 8:30 A.M. EDT
Personal Income and Outlays: June 2020

-3-

Additional Information
Resources

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

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

•
•
•
•
•

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

Information on COVID-19 and recovery impacts
is available on our web site.
Stay informed about BEA developments 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

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?”

Definitions

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.

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.

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

Personal 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.”

-4-

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

-5-

June 26, 2020

Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]

Oct.
18,763.6
11,520.8
9,374.8
7,906.9
1,536.6
906.9
6,370.3
1,424.4
4,945.9
1,467.9
2,146.0
1,491.5
654.5

2019
Nov.
18,865.0
11,586.2
9,431.9
7,959.5
1,548.6
921.7
6,410.9
1,424.5
4,986.5
1,472.4
2,154.3
1,496.2
658.1

Seasonally adjusted at annual rates
2020
Dec.
Jan. r
Feb. r
March r
18,906.6
19,014.3
19,117.5
18,694.6
11,619.8
11,674.2
11,732.0
11,335.1
9,459.1
9,505.3
9,555.2
9,202.7
7,983.0
8,024.0
8,069.3
7,715.1
1,551.8
1,556.0
1,569.9
1,509.9
925.5
926.3
934.4
901.3
6,431.2
6,468.0
6,499.4
6,205.2
1,428.5
1,440.1
1,444.5
1,400.0
5,002.7
5,027.9
5,054.9
4,805.2
1,476.1
1,481.2
1,485.9
1,487.6
2,160.7
2,168.9
2,176.8
2,132.4
1,501.0
1,506.3
1,510.9
1,489.4
659.7
662.6
665.9
643.0

April r
20,713.5
10,495.5
8,499.8
7,060.4
1,344.6
796.5
5,715.8
1,297.1
4,418.7
1,439.4
1,995.7
1,391.6
604.1

May p
19,839.3
10,753.7
8,733.3
7,321.8
1,412.5
830.1
5,909.3
1,339.0
4,570.3
1,411.5
2,020.4
1,398.2
622.2

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

1,682.6
34.9
1,647.7
783.4
2,989.1
1,701.2
1,287.9
3,217.7
3,162.9
1,049.6
819.1
644.0
25.8
121.0
503.5
54.8
1,430.0
2,185.5
16,578.1
15,305.1
14,745.4
4,549.5
1,541.7
3,007.8
10,195.9
357.4
202.3
109.5
92.8
1,273.0
7.7

1,713.5
62.9
1,650.6
787.7
2,993.9
1,709.4
1,284.5
3,221.3
3,166.4
1,049.8
822.9
642.6
25.6
122.2
503.2
54.9
1,437.6
2,202.8
16,662.2
15,353.5
14,792.5
4,560.2
1,553.1
3,007.1
10,232.3
358.5
202.4
109.6
92.8
1,308.7
7.9

1,690.6
28.4
1,662.3
791.8
3,023.7
1,736.2
1,287.5
3,221.8
3,166.7
1,043.0
826.4
642.4
26.7
123.7
504.6
55.1
1,441.2
2,212.6
16,694.0
15,409.4
14,847.1
4,565.8
1,548.1
3,017.6
10,281.4
359.7
202.6
109.8
92.8
1,284.6
7.7

1,711.3
26.3
1,685.0
793.7
3,023.6
1,721.3
1,302.3
3,270.4
3,214.8
1,067.4
829.6
638.3
26.5
124.6
528.4
55.6
1,458.9
2,220.7
16,793.6
15,463.4
14,909.9
4,589.0
1,560.0
3,029.0
10,320.9
357.1
196.4
106.6
89.8
1,330.2
7.9

1,764.3
61.6
1,702.8
795.4
3,007.0
1,701.4
1,305.6
3,284.3
3,228.5
1,071.7
833.4
644.2
26.2
125.2
527.8
55.8
1,465.6
2,233.7
16,883.8
15,465.4
14,914.3
4,566.4
1,543.0
3,023.4
10,347.9
354.6
196.4
106.7
89.8
1,418.4
8.4

1,623.2
26.2
1,597.1
797.4
2,999.2
1,690.2
1,309.1
3,360.3
3,304.3
1,075.1
837.3
661.0
69.6
125.8
535.5
56.0
1,420.6
2,163.9
16,530.7
14,453.0
13,925.8
4,494.9
1,352.3
3,142.6
9,430.9
330.7
196.5
106.7
89.8
2,077.7
12.6

1,417.2
23.0
1,394.2
797.9
2,953.2
1,660.8
1,292.3
6,388.0
6,331.9
1,077.6
841.1
689.0
452.6
126.2
3,145.3
56.1
1,338.3
2,014.8
18,698.6
12,676.2
12,168.2
3,887.2
1,185.2
2,702.1
8,280.9
311.5
196.6
106.8
89.8
6,022.4
32.2

1,457.1
19.8
1,437.3
799.1
2,911.1
1,638.8
1,272.3
5,290.1
5,233.9
1,080.5
861.4
707.7
1,277.9
127.1
1,179.3
56.3
1,371.8
2,051.8
17,787.5
13,666.1
13,162.6
4,434.6
1,523.9
2,910.7
8,728.0
306.9
196.6
106.8
89.8
4,121.4
23.2

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

14,115.1

14,192.1

14,191.1

14,225.2

14,292.7

13,876.6

13,023.4

13,214.1

45

15,052.3

15,116.2

15,104.2

15,173.6

15,241.1

14,959.3

16,999.1

16,155.3

46

50,381
45,744
329,054

50,616
45,919
329,191

50,693
45,866
329,314

50,979
46,061
329,423

51,237
46,252
329,527

50,148
45,381
329,638

56,704
51,550
329,760

53,919
48,971
329,894

47
48
49

Line
1 Personal income
2
Compensation of employees
3
Wages and salaries
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
Trade, transportation, and utilities
8
Other services-producing industries
9
10
Government
11
Supplements to wages and salaries
12
Employer contributions for employee pension and insurance funds 1
Employer contributions for government social insurance
13
14
Proprietors' income with inventory valuation and capital
consumption adjustments
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

Farm
Nonfarm
Rental income of persons with capital consumption adjustment
Personal income receipts on assets
Personal interest income
Personal dividend income
Personal current transfer receipts
Government social benefits to persons
Social security 2
Medicare 3
Medicaid
Unemployment insurance
Veterans' benefits
Other
Other current transfer receipts, from business (net)
Less: Contributions for government social insurance, domestic
Less: Personal current taxes
Equals: Disposable personal income
Less: Personal outlays
Personal consumption expenditures
Goods
Durable goods
Nondurable goods
Services
Personal interest payments 4
Personal current transfer payments
To government
To the rest of the world (net)
Equals: Personal saving
Personal saving as a percentage of disposable personal income
Addenda:
45
Personal income excluding current transfer receipts,

46
47
48
49

billions of chained (2012) dollars 5
Disposable personal income:
Total, billions of chained (2012) dollars 5
Per capita:
Current dollars
Chained (2012) dollars
Population (midperiod, thousands) 6

Line

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

-6-

June 26, 2020

Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
2018

Line
1 Personal income
Compensation of employees
2
Wages and salaries
3
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
Trade, transportation, and utilities
8
Other services-producing industries
9
10
Government
Supplements to wages and salaries
11
12
Employer contributions for employee pension and insurance funds 1
Employer contributions for government social insurance
13
14
Proprietors' income with inventory valuation and capital
consumption adjustments
15
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

Farm
Nonfarm
Rental income of persons with capital consumption adjustment
Personal income receipts on assets
Personal interest income
Personal dividend income
Personal current transfer receipts
Government social benefits to persons
Social security 2
Medicare 3
Medicaid
Unemployment insurance
Veterans' benefits
Other
Other current transfer receipts, from business (net)
Less: Contributions for government social insurance, domestic
Less: Personal current taxes
Equals: Disposable personal income
Less: Personal outlays
Personal consumption expenditures
Goods
Durable goods
Nondurable goods
Services
Personal interest payments 4
Personal current transfer payments
To government
To the rest of the world (net)
Equals: Personal saving
Personal saving as a percentage of disposable personal income
Addenda:
Personal income excluding current transfer receipts,
billions of chained (2012) dollars 5
Disposable personal income:
Total, billions of chained (2012) dollars 5
Per capita:
Current dollars
Chained (2012) dollars
Population (midperiod, thousands) 6

2019

Seasonally adjusted at annual rates
2019
Q1
Q2
Q3
Q4
18,355.4 18,555.9
18,676.9
18,845.1
11,306.6 11,386.9
11,441.7
11,575.6
9,211.5
9,273.6
9,309.6
9,421.9
7,779.5
7,830.9
7,849.4
7,949.8
1,525.3
1,533.6
1,530.0
1,545.7
907.1
911.1
904.6
918.0
6,254.2
6,297.3
6,319.4
6,404.2
1,403.5
1,410.0
1,415.5
1,425.8
4,850.7
4,887.3
4,903.9
4,978.4
1,432.0
1,442.7
1,460.2
1,472.1
2,095.1
2,113.3
2,132.1
2,153.7
1,450.3
1,464.7
1,481.6
1,496.3
644.8
648.6
650.5
657.4

Q1 r
18,942.2
11,580.4
9,421.0
7,936.1
1,545.3
920.7
6,390.9
1,428.2
4,962.7
1,484.9
2,159.4
1,502.2
657.2

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

2020

Line

17,819.2
10,928.5
8,888.5
7,485.9
1,471.6
883.2
6,014.3
1,361.0
4,653.3
1,402.6
2,040.0
1,417.2
622.8

18,608.3
11,427.7
9,304.2
7,852.4
1,533.6
910.2
6,318.8
1,413.7
4,905.1
1,451.8
2,123.5
1,473.2
650.3

2018
Q4
18,082.8
11,057.4
8,990.0
7,566.8
1,488.0
891.6
6,078.8
1,373.1
4,705.8
1,423.3
2,067.4
1,439.3
628.1

1,588.8
27.2
1,561.6
756.8
2,930.1
1,702.7
1,227.5
2,971.5
2,918.3
972.4
730.9
597.7
27.1
109.9
480.3
53.2
1,356.5
2,077.6
15,741.5
14,531.1
13,998.7
4,364.8
1,475.6
2,889.2
9,633.9
336.7
195.8
106.9
88.9
1,210.4
7.7

1,658.2
32.0
1,626.3
777.9
2,992.9
1,720.6
1,272.3
3,171.9
3,117.3
1,034.6
800.3
632.2
26.1
119.3
504.7
54.6
1,420.4
2,183.2
16,425.2
15,122.3
14,562.7
4,505.0
1,526.8
2,978.1
10,057.7
359.9
199.8
108.8
90.9
1,302.8
7.9

1,624.4
35.9
1,588.4
764.1
3,002.0
1,727.2
1,274.8
3,003.7
2,949.0
985.1
754.6
597.6
26.0
111.8
473.8
54.7
1,368.7
2,077.4
16,005.4
14,757.8
14,211.9
4,399.4
1,485.6
2,913.8
9,812.5
353.4
192.5
107.9
84.5
1,247.6
7.8

1,621.2
24.8
1,596.3
767.0
2,955.1
1,699.3
1,255.8
3,113.1
3,058.7
1,022.9
774.9
610.3
26.9
116.4
507.3
54.4
1,407.6
2,156.9
16,198.5
14,823.0
14,266.3
4,397.7
1,485.4
2,912.3
9,868.6
359.1
197.7
108.0
89.7
1,375.5
8.5

1,632.9
19.2
1,613.7
777.2
3,016.5
1,750.5
1,266.0
3,158.6
3,104.2
1,030.5
793.6
631.4
25.9
118.4
504.4
54.4
1,416.3
2,200.1
16,355.7
15,073.1
14,511.2
4,507.0
1,524.6
2,982.4
10,004.2
363.0
198.9
108.6
90.3
1,282.6
7.8

1,683.4
41.8
1,641.5
779.7
2,997.7
1,716.8
1,280.9
3,195.8
3,141.2
1,037.7
809.9
644.2
25.8
120.1
503.5
54.6
1,421.3
2,175.3
16,501.6
15,237.2
14,678.2
4,556.7
1,549.7
3,007.0
10,121.5
359.1
200.0
109.1
90.9
1,264.3
7.7

1,695.6
42.1
1,653.5
787.7
3,002.2
1,715.6
1,286.6
3,220.3
3,165.3
1,047.5
822.8
643.0
26.0
122.3
503.7
54.9
1,436.3
2,200.3
16,644.8
15,356.0
14,795.0
4,558.5
1,547.6
3,010.9
10,236.5
358.5
202.4
109.6
92.8
1,288.8
7.7

1,699.6
38.0
1,661.6
795.5
3,010.0
1,704.3
1,305.7
3,305.0
3,249.2
1,071.4
833.4
647.9
40.8
125.2
530.6
55.8
1,448.4
2,206.1
16,736.0
15,127.3
14,583.3
4,550.1
1,485.1
3,065.0
10,033.2
347.5
196.4
106.7
89.8
1,608.8
9.6

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

13,729.6

14,076.8

13,863.6

13,999.8

14,059.1

14,083.6

14,166.1

14,131.3

45

14,556.2

14,978.5

14,715.2

14,878.1

14,934.3

15,011.9

15,090.9

15,124.3

46

48,147
44,521
326,949

49,996
45,593
328,527

48,856
44,918
327,602

49,397
45,371
327,923

49,824
45,494
328,270

50,198
45,666
328,730

50,563
45,843
329,186

50,788
45,897
329,529

47
48
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. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month;
the annual and quarterly estimates are averages of the monthly estimates.
Source: U.S. Bureau of Economic Analysis

-7-

June 26, 2020

Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars]

Line
1 Personal income
2
Compensation of employees
3
Wages and salaries
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
11
Supplements to wages and salaries
1
12
Employer contributions for employee pension and insurance funds
13
Employer contributions for government social insurance
14
Proprietors' income with inventory valuation and capital
consumption adjustments
15
Farm
16
Nonfarm
17
Rental income of persons with capital consumption adjustment
18
Personal income receipts on assets
19
Personal interest income
20
Personal dividend income
21
Personal current transfer receipts
22
Government social benefits to persons
2
23
Social security
3
24
Medicare
25
Medicaid
26
Unemployment insurance
27
Veterans' benefits
28
Other
29
Other current transfer receipts, from business (net)
30
Less: Contributions for government social insurance, domestic
31 Less: Personal current taxes
32 Equals: Disposable personal income
33 Less: Personal outlays
34
Personal consumption expenditures
35
Goods
36
Durable goods
37
Nondurable goods
38
Services
4
39
Personal interest payments
40
Personal current transfer payments
41
To government
42
To the rest of the world (net)
43 Equals: Personal saving
Addenda:
44
Personal income excluding current transfer receipts,
billions of chained (2012) dollars
45

5

Disposable personal income, billions of chained (2012) dollars

5

Seasonally adjusted at annual rates
2020
r
r
r
Dec.
Jan.
Feb.
March
41.6
107.7
103.2
-422.9
33.6
54.4
57.8
-396.8
27.2
46.1
49.9
-352.5
23.5
41.0
45.3
-354.2
3.3
4.2
13.8
-60.0
3.8
0.8
8.1
-33.2
20.2
36.8
31.4
-294.2
4.0
11.7
4.4
-44.5
16.2
25.2
27.1
-249.7
3.8
5.1
4.7
1.8
6.4
8.2
7.8
-44.4
4.8
5.3
4.6
-21.5
1.6
3.0
3.2
-22.9

Oct.
34.5
64.4
56.0
52.5
8.3
5.4
44.2
6.1
38.1
3.5
8.5
4.9
3.6

2019
Nov.
101.4
65.4
57.1
52.6
12.0
14.8
40.6
0.1
40.5
4.5
8.3
4.7
3.6

-17.1
-22.9
5.8
4.5
-21.4
-22.1
0.6
11.6
11.4
8.8
4.2
-1.9
0.2
0.3
-0.2
0.1
7.5
19.0
15.4
40.8
37.6
-2.7
-20.1
17.4
40.3
1.1
2.1
0.2
2.0
-25.4

30.9
27.9
2.9
4.3
4.8
8.2
-3.5
3.6
3.5
0.2
3.8
-1.4
-0.2
1.3
-0.3
0.1
7.6
17.3
84.1
48.4
47.1
10.7
11.4
-0.7
36.4
1.1
0.2
0.2
0.0
35.7

-22.8
-34.5
11.6
4.1
29.8
26.7
3.1
0.5
0.3
-6.8
3.4
-0.2
1.0
1.5
1.4
0.2
3.6
9.9
31.7
55.9
54.6
5.6
-4.9
10.5
49.0
1.1
0.2
0.2
0.0
-24.2

20.6
-2.1
22.7
1.8
-0.1
-14.9
14.8
48.6
48.1
24.4
3.2
-4.0
-0.2
0.9
23.8
0.5
17.7
8.1
99.6
54.0
62.8
23.3
11.9
11.4
39.5
-2.5
-6.2
-3.2
-3.1
45.6

53.0
35.3
17.8
1.8
-16.6
-19.9
3.3
13.9
13.7
4.3
3.8
5.9
-0.3
0.6
-0.6
0.2
6.7
13.0
90.2
1.9
4.4
-22.6
-17.0
-5.7
27.0
-2.5
0.1
0.1
0.0
88.3

-141.1
-35.4
-105.7
2.0
-7.8
-11.2
3.4
75.9
75.8
3.3
3.9
16.8
43.5
0.5
7.7
0.2
-44.9
-69.8
-353.1
-1,012.4
-988.5
-71.5
-190.7
119.2
-917.0
-23.9
0.1
0.1
0.0
659.2

-5.6
-14.2

77.1
63.9

-1.1
-12.0

34.1
69.5

67.5
67.5

-416.1
-281.9

Line
r

April
2,018.8
-839.7
-702.9
-654.7
-165.3
-104.7
-489.5
-102.9
-386.6
-48.2
-136.7
-97.9
-38.9

p

May
-874.2
258.3
233.5
261.4
67.9
33.6
193.5
41.9
151.6
-27.9
24.7
6.7
18.0

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

-206.0
39.8
-3.2
-3.2
-202.8
43.1
0.5
1.2
-46.1
-42.1
-29.3
-22.0
-16.7
-20.1
3,027.7 -1,097.8
3,027.6 -1,098.0
2.5
2.9
3.8
20.3
28.0
18.7
383.0
825.3
0.5
0.9
2,609.8 -1,965.9
0.2
0.2
-82.4
33.5
-149.1
36.9
2,167.9
-911.1
-1,776.8
989.9
-1,757.6
994.5
-607.6
547.4
-167.1
338.8
-440.5
208.6
-1,150.0
447.1
-19.2
-4.6
0.1
0.0
0.1
0.0
0.0
0.0
3,944.7 -1,901.0

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

-853.2
2,039.9

44
45

190.6
-843.8

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

-8-

June 26, 2020

Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars]
2018

Line
1 Personal income
2
Compensation of employees
3
Wages and salaries
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
11
Supplements to wages and salaries
1
12
Employer contributions for employee pension and insurance funds
13
Employer contributions for government social insurance
14
Proprietors' income with inventory valuation and capital
consumption adjustments
15
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

Farm
Nonfarm
Rental income of persons with capital consumption adjustment
Personal income receipts on assets
Personal interest income
Personal dividend income
Personal current transfer receipts
Government social benefits to persons
2
Social security
3
Medicare
Medicaid
Unemployment insurance
Veterans' benefits
Other
Other current transfer receipts, from business (net)
Less: Contributions for government social insurance, domestic
Less: Personal current taxes
Equals: Disposable personal income
Less: Personal outlays
Personal consumption expenditures
Goods
Durable goods
Nondurable goods
Services
4
Personal interest payments
Personal current transfer payments
To government
To the rest of the world (net)
Equals: Personal saving
Addenda:
44
Personal income excluding current transfer receipts,
billions of chained (2012) dollars
45

5

Disposable personal income, billions of chained (2012) dollars

5

2019

Seasonally adjusted at annual rates
2019
Q1
Q2
Q3
Q4
272.6
200.4
121.0
168.2
249.2
80.4
54.7
133.9
221.5
62.1
36.0
112.3
212.7
51.5
18.5
100.4
37.3
8.3
-3.6
15.6
15.6
4.0
-6.5
13.4
175.4
43.1
22.1
84.8
30.4
6.6
5.5
10.3
145.0
36.6
16.6
74.5
8.8
10.7
17.5
11.9
27.7
18.3
18.7
21.6
11.0
14.4
16.9
14.7
16.7
3.9
1.8
6.9

2020 Line
r
Q1
97.1
1
4.8
2
-0.9
3
-13.7
4
-0.4
5
2.6
6
-13.3
7
2.4
8
-15.7
9
12.8 10
5.7 11
6.0 12
-0.2 13

940.4
516.8
426.4
371.8
79.9
37.7
291.8
48.5
243.3
54.6
90.4
73.3
17.2

789.2
499.2
415.7
366.5
62.0
27.0
304.5
52.7
251.8
49.1
83.6
56.1
27.5

2018
Q4
154.3
63.1
47.8
37.2
10.6
6.9
26.6
6.8
19.8
10.6
15.3
12.7
2.7

70.5
-10.9
81.4
38.0
248.5
151.1
97.4
123.4
118.2
46.3
41.6
20.2
-2.6
5.8
6.9
5.1
56.9
31.9
908.5
729.0
686.6
199.8
63.0
136.7
486.8
37.4
5.0
3.3
1.8
179.5

69.5
4.8
64.7
21.1
62.8
17.9
44.9
200.5
199.0
62.2
69.4
34.6
-1.0
9.4
24.4
1.4
63.9
105.5
683.6
591.2
564.0
140.2
51.2
88.9
423.8
23.2
4.0
2.0
2.0
92.4

34.4
18.6
15.8
-1.1
44.3
8.0
36.4
19.9
19.5
9.1
17.9
-5.3
-0.5
1.9
-3.6
0.4
6.3
-9.1
163.4
102.2
97.4
1.4
0.4
1.0
96.0
11.9
-7.1
0.7
-7.8
61.2

-3.2
-11.1
7.9
2.9
-46.8
-27.9
-19.0
109.4
109.7
37.8
20.3
12.8
0.9
4.6
33.5
-0.3
38.9
79.5
193.1
65.2
54.3
-1.7
-0.3
-1.4
56.1
5.7
5.2
0.1
5.1
127.9

11.7
-5.6
17.4
10.2
61.4
51.2
10.2
45.4
45.4
7.6
18.7
21.1
-1.0
2.0
-2.9
0.0
8.7
43.2
157.2
250.1
244.9
109.3
39.3
70.0
135.6
3.9
1.2
0.5
0.7
-92.9

50.5
22.6
27.9
2.4
-18.8
-33.7
14.9
37.2
37.0
7.3
16.3
12.7
-0.1
1.7
-0.9
0.2
5.0
-24.8
145.9
164.2
167.0
49.7
25.1
24.6
117.3
-3.9
1.1
0.5
0.5
-18.3

12.2
0.2
12.0
8.0
4.6
-1.2
5.8
24.5
24.2
9.7
12.9
-1.2
0.3
2.2
0.2
0.3
15.0
25.0
143.2
118.8
116.8
1.8
-2.1
3.9
115.0
-0.5
2.5
0.5
2.0
24.4

4.1
-4.1
8.1
7.8
7.7
-11.3
19.0
84.7
83.9
23.9
10.6
4.9
14.7
2.9
26.8
0.8
12.1
5.8
91.3
-228.7
-211.7
-8.4
-62.5
54.1
-203.3
-11.1
-6.0
-2.9
-3.1
320.0

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

484.3
553.4

347.2
422.4

78.0
101.9

136.2
162.9

59.3
56.2

24.4
77.6

82.5
79.0

-34.8
33.5

44
45

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

-9-

June 26, 2020

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

2019

2020

Oct.
Nov.
Dec.
Based on current-dollar measures
1 Personal income
0.2
0.5
0.2
2
Compensation of employees
0.6
0.6
0.3
3
Wages and salaries
0.6
0.6
0.3
4
Supplements to wages and salaries
0.4
0.4
0.3
5
Proprietors' income with inventory valuation and capital consumption
adjustments
-1.0
1.8
-1.3
0.6
0.5
0.5
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
-0.7
0.2
1.0
8
Personal interest income
-1.3
0.5
1.6
9
Personal dividend income
0.1
-0.3
0.2
10
Personal current transfer receipts
0.4
0.1
0.0
0.5
0.5
0.3
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
0.9
0.8
0.4
13 Equals: Disposable personal income
0.1
0.5
0.2
Addenda:
14
Personal consumption expenditures
0.3
0.3
0.4
15
Goods
-0.1
0.2
0.1
16
Durable goods
-1.3
0.7
-0.3
17
Nondurable goods
0.6
0.0
0.4
18
Services
0.4
0.4
0.5
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

0.0
-0.1

0.5
0.4

Jan.

r

Feb.

r

March

Line
r

April

r

May

p

0.6
0.5
0.5
0.4

0.5
0.5
0.5
0.4

-2.2
-3.4
-3.7
-2.0

10.8
-7.4
-7.6
-6.4

-4.2
2.5
2.7
1.2

1
2
3
4

1.2
0.2
0.0
-0.9
1.1
1.5
1.2
0.4
0.6

3.1
0.2
-0.5
-1.2
0.3
0.4
0.5
0.6
0.5

-8.0
0.2
-0.3
-0.7
0.3
2.3
-3.1
-3.1
-2.1

-12.7
0.1
-1.5
-1.7
-1.3
90.1
-5.8
-6.9
13.1

2.8
0.1
-1.4
-1.3
-1.6
-17.2
2.5
1.8
-4.9

5
6
7
8
9
10
11
12
13

0.4
0.5
0.8
0.4
0.4

0.0
-0.5
-1.1
-0.2
0.3

-6.6
-1.6
-12.4
3.9
-8.9

-12.6
-13.5
-12.4
-14.0
-12.2

8.2
14.1
28.6
7.7
5.4

14
15
16
17
18

0.2
0.5

0.5
0.4

-2.9
-1.8

-6.1
13.6

1.5
-5.0

19
20

0.0
-0.1

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

June 26, 2020

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

2018

2019

2019

2018
Q4

Q1

Q2

2020
Q3

Q4

Q1

Line

r

Based on current-dollar measures

1 Personal income
5.6
4.4
3.5
2
Compensation of employees
5.0
4.6
2.3
3
Wages and salaries
5.0
4.7
2.2
4
Supplements to wages and salaries
4.6
4.1
3.0
5
Proprietors' income with inventory valuation and capital consumption
adjustments
4.6
4.4
8.9
6
Rental income of persons with capital consumption adjustment
5.3
2.8
-0.6
7
Personal income receipts on assets
9.3
2.1
6.1
8
Personal interest income
9.7
1.1
1.9
9
Personal dividend income
8.6
3.7
12.3
10
Personal current transfer receipts
4.3
6.7
2.7
4.4
4.7
1.9
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
1.6
5.1
-1.7
13 Equals: Disposable personal income
6.1
4.3
4.2
Addenda:
14
Personal consumption expenditures
5.2
4.0
2.8
15
Goods
4.8
3.2
0.1
16
Durable goods
4.5
3.5
0.1
17
Nondurable goods
5.0
3.1
0.1
18
Services
5.3
4.4
4.0
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

3.7
4.0

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

-10-

2.5
2.9

2.3
2.8

6.2
9.3
10.2
5.5

4.4
2.9
2.7
3.5

2.6
1.9
1.6
3.6

3.7
4.8
4.9
4.1

2.1
0.2
0.0
1.1

1
2
3
4

-0.8
1.5
-6.1
-6.3
-5.8
15.4
11.9
16.2
4.9

2.9
5.4
8.6
12.6
3.3
6.0
2.5
8.3
3.9

12.9
1.3
-2.5
-7.5
4.8
4.8
1.4
-4.4
3.6

2.9
4.2
0.6
-0.3
1.8
3.1
4.3
4.7
3.5

1.0
4.0
1.0
-2.6
6.0
10.9
3.4
1.1
2.2

5
6
7
8
9
10
11
12
13

1.5
-0.2
-0.1
-0.2
2.3

7.0
10.3
11.0
10.0
5.6

4.7
4.5
6.8
3.3
4.8

3.2
0.2
-0.5
0.5
4.6

-5.6
-0.7
-15.2
7.4
-7.7

14
15
16
17
18

4.0
4.5

1.7
1.5

0.7
2.1

2.4
2.1

-1.0
0.9

19
20

June 26, 2020

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

2019

2020

Oct.
Nov.
Dec.
Jan. r
Feb. r
March r
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
13,388.3
13,419.9
13,433.2
13,471.6
13,463.2
12,602.0
Goods
4,807.3
4,819.4
4,817.4
4,840.4
4,821.8
4,788.5
Durable goods
1,791.4
1,812.0
1,814.9
1,828.1
1,804.4
1,589.1
Nondurable goods
3,031.4
3,025.1
3,020.7
3,031.3
3,033.9
3,187.6
Services
8,621.3
8,641.1
8,655.0
8,672.1
8,678.9
7,906.1
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
9.1
31.7
13.3
38.4
-8.4
-861.3
Goods
-11.2
12.1
-2.0
23.0
-18.7
-33.3
Durable goods
-19.9
20.5
2.9
13.2
-23.8
-215.3
Nondurable goods
6.7
-6.2
-4.4
10.5
2.6
153.7
Services
17.4
19.8
13.9
17.0
6.8
-772.7
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.1
0.2
0.1
0.3
-0.1
-6.4
Goods
-0.2
0.3
0.0
0.5
-0.4
-0.7
Durable goods
-1.1
1.1
0.2
0.7
-1.3
-11.9
Nondurable goods
0.2
-0.2
-0.1
0.3
0.1
5.1
Services
0.2
0.2
0.2
0.2
0.1
-8.9

Line

April r

May p

11,062.2
4,179.2
1,409.2
2,762.7
6,959.1

11,954.8
4,769.6
1,809.3
2,980.0
7,322.9

1
2
3
4
5

-1,539.8
-609.3
-179.9
-424.8
-947.0

892.6
590.4
400.1
217.3
363.8

6
7
8
9
10

-12.2
-12.7
-11.3
-13.3
-12.0

8.1
14.1
28.4
7.9
5.2

11
12
13
14
15

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

June 26, 2020

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

2018

2019

Q4
Q1
Billions of chained (2012) dollars
Personal consumption expenditures (PCE)
12,944.6
13,280.1
13,066.3
13,103.3
Goods
4,583.3
4,754.6
4,631.8
4,649.2
Durable goods
1,685.7
1,766.4
1,705.2
1,706.3
Nondurable goods
2,909.6
3,002.9
2,938.9
2,954.6
Services
8,388.1
8,562.9
8,462.6
8,483.1
Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)
377.6
335.5
46.5
37.0
Goods
179.9
171.3
17.8
17.4
Durable goods
99.3
80.7
5.4
1.1
Nondurable goods
84.4
93.3
12.3
15.7
Services
206.0
174.8
29.0
20.5
Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)
3.0
2.6
1.4
1.1
Goods
4.1
3.7
1.6
1.5
Durable goods
6.3
4.8
1.3
0.3
Nondurable goods
3.0
3.2
1.7
2.2
Services
2.5
2.1
1.4
1.0

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

-11-

2019

2018
Q2

2020
Q3

Q4

Q1

Line

r

13,250.0
4,746.4
1,759.3
3,001.3
8,541.4

13,353.1
4,808.0
1,793.9
3,030.0
8,587.9

13,413.8
4,814.7
1,806.1
3,025.7
8,639.1

13,179.0
4,816.9
1,740.5
3,084.2
8,419.0

1
2
3
4
5

146.7
97.3
53.0
46.6
58.3

103.1
61.6
34.6
28.7
46.5

60.7
6.7
12.2
-4.2
51.2

-234.9
2.2
-65.6
58.5
-220.1

6
7
8
9
10

4.6
8.6
13.0
6.5
2.8

3.1
5.3
8.1
3.9
2.2

1.8
0.6
2.8
-0.6
2.4

-6.8
0.2
-13.7
8.0
-9.8

11
12
13
14
15

June 26, 2020

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months)
2019
Oct.
Nov.
Dec.
Jan. r
Chain-type price indexes (2012=100), seasonally adjusted
110.141
110.232
110.530
110.683
94.637
94.621
94.777
94.807
86.055
85.708
85.299
85.337
99.224
99.403
99.897
99.917
118.272
118.422
118.798
119.018

Line

Feb. r

Personal consumption expenditures (PCE)
110.786
1
94.705
2 Goods
Durable goods
3
85.523
Nondurable goods
4
99.640
119.235
5 Services
Addenda:
PCE excluding food and energy
6
112.227
112.288
112.550
112.730
112.911
7
104.481
104.526
104.471
104.771
105.255
Food 1
8
85.579
86.249
87.698
87.187
85.378
Energy goods and services 2
9
107.877
107.986
108.193
108.377
108.496
Market-based PCE 3
10
109.887
109.964
110.115
110.336
110.546
Market-based PCE excluding food and energy 3
Percent change from preceding period in price indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.2
0.1
0.3
0.1
0.1
11
0.2
0.0
0.2
0.0
-0.1
12 Goods
Durable goods
13
-0.2
-0.4
-0.5
0.0
0.2
Nondurable goods
14
0.4
0.2
0.5
0.0
-0.3
0.2
0.1
0.3
0.2
0.2
15 Services
Addenda:
PCE excluding food and energy
16
0.1
0.1
0.2
0.2
0.2
17
0.1
0.0
-0.1
0.3
0.5
Food 1
1.7
0.8
1.7
-0.6
-2.1
18
Energy goods and services 2
19
0.2
0.1
0.2
0.2
0.1
Market-based PCE 3
20
0.1
0.1
0.1
0.2
0.2
Market-based PCE excluding food and energy 3

2020
March r

Line

April r

May p

110.513
93.870
85.109
98.571
119.289

110.006
93.016
84.111
97.787
118.997

110.112
92.979
84.239
97.656
119.191

1
2
3
4
5

112.833
105.853
80.229
108.255
110.537

112.392
108.416
72.840
107.978
110.385

112.499
109.314
71.569
108.018
110.413

6
7
8
9
10

-0.2
-0.9
-0.5
-1.1
0.0

-0.5
-0.9
-1.2
-0.8
-0.2

0.1
0.0
0.2
-0.1
0.2

11
12
13
14
15

-0.1
0.6
-6.0
-0.2
0.0

-0.4
2.4
-9.2
-0.3
-0.1

0.1
0.8
-1.7
0.0
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.
Source: U.S. Bureau of Economic Analysis

June 26, 2020

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

2019
Nov.

Oct.

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

2.7
2.3
3.6
4.8
3.0
1.8

Dec.
3.0
2.3
2.9
4.6
2.0
2.1

2.0
3.3
5.4
8.4
3.9
2.4

Jan. r
2.4
3.0
4.2
7.6
2.4
2.4

Feb. r
2.4
3.1
4.7
7.3
3.3
2.3

2020
March r
0.3
-4.3
2.0
-8.6
7.4
-7.0

April r
14.0
-16.3
-11.5
-19.2
-7.6
-18.4

May p
8.2
-9.8
0.4
2.4
-0.6
-14.3

Line
1
2
3
4
5
6

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

June 26, 2020

Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago
Line
Personal consumption expenditures (PCE)
1
2 Goods
Durable goods
3
Nondurable goods
4
5 Services
Addenda:
PCE excluding food and energy
6
7
Food 1
8
Energy goods and services 2
9
Market-based PCE 3
10
Market-based PCE excluding food and energy 3

2019

2020

1.3
-0.8
-1.2
-0.5
2.3

1.3
-0.4
-1.7
0.2
2.1

1.6
0.2
-2.1
1.4
2.2

Jan. r
1.8
0.3
-2.3
1.7
2.5

1.6
1.0
-5.1
1.2
1.6

1.5
0.9
-1.6
1.3
1.4

1.6
0.7
3.0
1.5
1.5

1.7
0.8
5.7
1.6
1.4

Oct.

Nov.

Dec.

Feb. r
1.8
0.2
-1.8
1.3
2.5

March r
1.3
-0.9
-1.9
-0.4
2.4

April r
0.6
-2.0
-2.8
-1.7
1.7

May p
0.5
-2.1
-2.7
-1.9
1.8

1.8
0.8
3.0
1.6
1.6

1.7
1.1
-6.5
1.2
1.6

1.0
3.9
-17.6
0.6
1.2

1.0
4.5
-18.5
0.6
1.2

Line
1
2
3
4
5
6
7
8
9
10

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

-12-