Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays, May 2024, BEA 24-28 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Friday, June 28, 2024
Technical:
Media:

Lisa Mataloni (Personal Income)
Harvey Davis (PCE)
Connie O'Connell

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

BEA 24–28
piniwd@bea.gov
pce@bea.gov
Connie.OConnell@bea.gov

Personal Income and Outlays, May 2024
Personal income increased $114.1 billion (0.5 percent at a monthly rate) in May, according to estimates
released today by the Bureau of Economic Analysis (tables 2 and 3). Disposable personal income (DPI),
personal income less personal current taxes, increased $94.0 billion (0.5 percent) and personal
consumption expenditures (PCE) increased $47.8 billion (0.2 percent).
The PCE price index decreased less than 0.1 percent. Excluding food and energy, the PCE price index
increased 0.1 percent (table 5). Real DPI increased 0.5 percent in May and real PCE increased 0.3
percent; goods increased 0.6 percent and services increased 0.1 percent (tables 3 and 4).
2024
Jan.
Feb.
Mar.
Apr.
May
Percent change from preceding month
Personal income:
Current dollars
Disposable personal income:
Current dollars
Chained (2017) dollars
Personal consumption expenditures (PCE):
Current dollars
Chained (2017) dollars
Price indexes:
PCE
PCE, excluding food and energy
Price indexes:
PCE
PCE, excluding food and energy

1.1

0.3

0.5

0.3

0.5

0.6
0.1

0.2
-0.1

0.5
0.2

0.3
0.0

0.5
0.5

0.1
-0.3

0.6
0.2

0.7
0.3

0.1
-0.1

0.2
0.3

0.4
0.5

0.3
0.3

0.3
0.3

0.3
0.3

0.0
0.1

Percent change from month one year ago
2.5
2.5
2.7
2.7
2.6
2.9
2.8
2.8
2.8
2.6

The increase in current-dollar personal income in May primarily reflected increases in compensation,
personal income receipts on assets, and government social benefits (table 2).
The $47.8 billion increase in current-dollar PCE in May reflected an increase of $34.2 billion in spending
for services and a $13.6 billion increase in spending for goods (table 2). Within services, the largest
contributors to the increase were health care (led by hospitals), housing and utilities (led by housing),
and transportation services (led by air transportation). Within goods, the increase primarily reflected an
increase in other nondurable goods (led by prescription drugs) that was partly offset by a decrease in
gasoline and other energy goods. Detailed information on monthly PCE spending can be found on Table
2.4.5U.
Personal outlays—the sum of PCE, personal interest payments, and personal current transfer
payments—increased $56.4 billion in May (table 2). Personal saving was $806.1 billion in May and the
personal saving rate—personal saving as a percentage of disposable personal income—was 3.9 percent
(table 1).
Prices
From the preceding month, the PCE price index for May decreased less than 0.1 percent (table 5). Prices
for goods decreased 0.4 percent and prices for services increased 0.2 percent. Food prices increased 0.1
percent and energy prices decreased 2.1 percent. Excluding food and energy, the PCE price index
increased 0.1 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U.
From the same month one year ago, the PCE price index for May increased 2.6 percent (table 7). Prices
for goods decreased 0.1 percent and prices for services increased 3.9 percent. Food prices increased 1.2
percent and energy prices increased 4.8 percent. Excluding food and energy, the PCE price index
increased 2.6 percent from one year ago.
Real PCE
The 0.3 percent increase in real PCE in May reflected an increase of 0.6 percent in spending on goods
and an increase of 0.1 percent in spending on services (table 4). Within goods, the largest contributor to
the increase was recreational goods and vehicles (led by computer software and accessories). Within
services, the largest contributors to the increase were transportation services (led by air transportation)
and health care (led by outpatient services). Detailed information on monthly real PCE spending can be
found on Table 2.4.6U.

Page 2 of 10

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 (2017)
dollar DPI and PCE, are provided 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 (2017) dollars
Personal consumption
expenditures:
Current dollars
Chained (2017) dollars

126.2

120.3

0.5

0.5

65.3

63.0

0.3

0.3

100.4
24.7

103.1
26.9

0.5
0.1

0.5
0.2

40.2
-10.7

52.0
-2.4

0.2
-0.1

0.3
0.0

143.1
63.7

127.7
51.2

0.7
0.4

0.7
0.3

39.1
-8.5

26.3
-20.1

0.2
-0.1

0.1
-0.1

Annual Update of the National Economic Accounts
BEA will release results from the 2024 annual update of the National Economic Accounts,
which include the National Income and Product Accounts as well as the Industry Economic
Accounts, on September 26, 2024. The update will present revised statistics for GDP, GDP by
Industry, and gross domestic income. Updated monthly personal income and outlays will be
released on September 27, along with the August 2024 estimate. For details, refer to
Information on 2024 Annual Updates to the National, Industry, and State and Local Economic
Accounts.

*

*

*

Next release: July 26, 2024, at 8:30 a.m. EDT
Personal Income and Outlays, June 2024

Page 3 of 10

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

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

•
•
•
•
•

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

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.

For more definitions, refer to 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, refer to the FAQ “Why does BEA publish
estimates at annual rates?”
Month-to-month percent changes are calculated from
unrounded data and are not annualized.
Quarter-to-quarter percent changes are calculated from
unrounded data and are displayed at annual rates. For
detail, refer to the FAQ “How is average annual growth
calculated?” and “Why does BEA publish percent changes
in quarterly series at annual rates?”
Quantities and prices. Quantities, or “real” volume
measures, and prices are expressed as index numbers with
a specified reference year equal to 100 (currently 2017).
Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from
two adjacent periods (months for monthly data, quarters
for quarterly data and annuals for annual data). For details
on the calculation of quantity and price indexes, refer to
Chapter 4: Estimating Methods in the NIPA Handbook.
Chained-dollar values are calculated by multiplying the
quantity index by the current-dollar value in the reference
year (2017) 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.

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.”

Page 4 of 10

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

Personal Income and Its Disposition (Months)
Personal Income and Its Disposition, Change from Preceding Period (Months)
Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Real Personal Consumption Expenditures by Major Type of Product (Months)
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

Page 5 of 10

June 28, 2024

Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]
Line
1 Personal income
Compensation of employees
2
Wages and salaries
3
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
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

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,
billions of chained (2017) dollars 5
46

47
48
49

Disposable personal income:
Total, billions of chained (2017) dollars 5
Per capita:
Current dollars
Chained (2017) dollars
Population (midperiod, thousands) 6

Seasonally adjusted at annual rates
2024
Dec.
Jan. r
Feb. r
March r
23,311.6 23,560.0 23,626.3 23,746.6
14,491.6 14,555.2 14,649.5 14,729.9
12,011.8 12,059.7 12,143.3 12,213.8
10,214.8 10,247.8 10,318.1 10,374.3
1,881.1
1,887.9
1,903.8
1,921.6
1,101.0
1,103.6
1,114.8
1,125.3
8,333.7
8,360.0
8,414.3
8,452.7
1,833.5
1,833.8
1,851.0
1,850.9
6,500.2
6,526.2
6,563.3
6,601.8
1,797.0
1,811.9
1,825.2
1,839.5
2,479.8
2,495.5
2,506.2
2,516.2
1,650.9
1,659.5
1,664.5
1,669.7

Oct.
23,189.4
14,416.2
11,950.9
10,171.7
1,875.9
1,103.3
8,295.7
1,825.7
6,470.1
1,779.3
2,465.3
1,640.6

2023
Nov.
23,241.5
14,436.6
11,965.4
10,179.4
1,879.8
1,103.3
8,299.6
1,822.5
6,477.1
1,786.0
2,471.2
1,645.5

824.7

825.7

828.9

836.0

841.7

1,880.2

1,886.2

1,881.5

1,885.1

42.6
1,837.6
985.3
3,645.6
1,801.0
1,844.6
4,083.8
3,977.9
1,378.6
949.6
863.5
22.1
173.3
590.8
105.8
1,821.7
2,785.6
20,403.8
19,622.8
18,826.8
6,250.7
2,191.1
4,059.7
12,576.1
547.3
248.8
131.8
117.0
781.0
3.8

38.0
1,848.2
988.1
3,672.7
1,815.5
1,857.2
4,082.0
3,972.1
1,370.3
951.3
865.8
23.1
173.6
588.1
109.9
1,824.1
2,791.7
20,449.8
19,683.8
18,903.0
6,242.4
2,195.7
4,046.7
12,660.5
531.7
249.1
132.1
117.0
766.0
3.7

33.4
1,848.1
991.0
3,683.6
1,830.2
1,853.4
4,094.6
3,987.7
1,373.8
953.1
875.6
22.9
173.9
588.3
106.9
1,830.7
2,800.1
20,511.5
19,779.3
19,013.7
6,273.8
2,219.8
4,054.0
12,739.9
516.1
249.5
132.5
117.0
732.3
3.6

34.5
1,850.6
1,007.5
3,751.1
1,821.9
1,929.2
4,213.5
4,091.3
1,421.7
960.2
900.4
22.6
174.3
612.0
122.2
1,852.4
2,930.6
20,629.3
19,799.3
19,028.0
6,178.9
2,160.6
4,018.3
12,849.0
519.8
251.4
132.9
118.5
830.1
4.0

15,749.7

15,795.9

15,823.3

16,819.9

16,859.6

60,767
50,093
335,773

60,876
50,188
335,925

Line
April r
23,809.6
14,764.7
12,242.0
10,395.2
1,926.3
1,126.8
8,468.9
1,851.2
6,617.6
1,846.8
2,522.7
1,674.3

May p
23,923.7
14,859.1
12,325.5
10,468.9
1,941.2
1,138.6
8,527.7
1,866.0
6,661.7
1,856.7
2,533.6
1,679.4

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

846.4

848.4

854.2

13

1,891.8

1,894.4

1,894.7

1,894.4

14

35.6
1,856.3
1,024.2
3,673.7
1,813.9
1,859.8
4,251.0
4,141.6
1,425.2
965.1
918.6
22.8
174.7
635.3
109.4
1,863.9
2,949.7
20,676.6
19,911.3
19,136.0
6,202.9
2,181.0
4,022.0
12,933.1
523.5
251.8
133.3
118.5
765.3
3.7

36.7
1,857.7
1,040.2
3,673.7
1,806.8
1,866.9
4,282.0
4,172.1
1,432.4
970.5
931.7
22.8
175.1
639.6
109.9
1,873.5
2,966.9
20,779.7
20,043.0
19,263.7
6,253.3
2,182.4
4,070.9
13,010.4
527.2
252.1
133.6
118.5
736.7
3.5

32.2
1,862.5
1,040.4
3,689.0
1,812.4
1,876.6
4,298.6
4,188.3
1,436.0
976.5
939.7
22.4
175.3
638.4
110.4
1,877.7
2,977.9
20,831.7
20,063.1
19,289.9
6,223.7
2,161.9
4,061.9
13,066.2
528.2
245.0
133.9
111.2
768.5
3.7

27.7
1,866.7
1,041.5
3,704.4
1,817.8
1,886.6
4,313.6
4,202.7
1,438.8
983.0
945.2
22.7
175.7
637.3
110.8
1,889.2
2,998.1
20,925.6
20,119.5
19,337.8
6,237.4
2,168.6
4,068.8
13,100.4
529.2
252.6
134.1
118.5
806.1
3.9

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

15,862.4

15,834.0

15,853.2

15,849.1

15,931.0

45

16,889.2

16,914.2

16,897.4

16,924.3

16,921.9

16,999.6

46

61,033
50,255
336,070

61,361
50,311
336,194

61,482
50,244
336,306

61,766
50,307
336,423

61,898
50,280
336,550

62,152
50,491
336,687

47
48
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. 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

Page 6 of 10

June 28, 2024

Table 2. Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars]

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

Oct.
13.2
-20.9
-24.8
-35.5
-0.2
-5.3
-35.3
-11.6
-23.7
10.7
3.9
5.6

2023
Nov.
52.1
20.4
14.4
7.7
3.8
0.0
3.9
-3.2
7.1
6.7
6.0
5.0

-1.7

1.0

Seasonally adjusted at annual rates
2024
Dec.
Jan. r
Feb. r
March r
70.1
248.4
66.3
120.3
55.0
63.6
94.3
80.4
46.4
47.9
83.6
70.4
35.4
33.0
70.3
56.1
1.3
6.8
16.0
17.8
-2.3
2.6
11.1
10.6
34.1
26.2
54.4
38.4
11.0
0.3
17.2
-0.1
23.1
25.9
37.2
38.5
11.0
14.9
13.3
14.3
8.5
15.7
10.7
10.0
5.4
8.6
5.0
5.2
3.2

7.1

5.7

4.7

Line
April r
63.0
34.7
28.2
20.9
4.7
1.5
16.2
0.3
15.8
7.3
6.5
4.5

May p
114.1
94.5
83.5
73.7
14.9
11.8
58.8
14.7
44.1
9.9
10.9
5.1

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

1.9

5.8

13

2.4

6.0

-4.7

3.5

6.8

2.5

0.3

-0.3

14

-4.6
7.0
3.8

-4.6
10.6
2.8

-4.6
-0.1
2.9

1.1
2.4
16.5

1.1
5.7
16.7

1.1
1.4
16.0

-4.5
4.8
0.2

-4.5
4.2
1.1

15
16
17

27.7
14.3
13.4
-2.8
0.2
15.2
1.7
-5.3
1.3
0.3
-12.9
-3.0
-3.0
1.9
11.3
21.9
35.4
-27.7
-22.3
-5.4
63.0
-15.6
2.1
0.3
1.8
-10.6

27.0
14.5
12.5
-1.8
-5.8
-8.3
1.7
2.3
0.9
0.3
-2.8
4.0
2.4
6.2
46.0
60.9
76.2
-8.3
4.6
-12.9
84.5
-15.6
0.3
0.3
0.0
-15.0

10.9
14.7
-3.8
12.7
15.6
3.5
1.8
9.8
-0.2
0.4
0.2
-2.9
6.6
8.4
61.7
95.5
110.7
31.4
24.1
7.3
79.3
-15.6
0.4
0.4
0.0
-33.8

67.5
-8.3
75.8
118.9
103.6
47.9
7.1
24.7
-0.2
0.4
23.7
15.3
21.7
130.5
117.8
20.0
14.3
-94.8
-59.1
-35.7
109.2
3.7
2.0
0.4
1.5
97.8

-77.4
-8.0
-69.4
37.5
50.3
3.5
4.8
18.2
0.1
0.4
23.3
-12.8
11.5
19.1
47.2
112.1
108.0
24.0
20.3
3.6
84.0
3.7
0.4
0.4
0.0
-64.8

0.0
-7.1
7.1
31.0
30.5
7.3
5.4
13.1
0.1
0.4
4.3
0.5
9.6
17.2
103.1
131.7
127.7
50.3
1.4
48.9
77.3
3.7
0.3
0.3
0.0
-28.6

15.3
5.5
9.8
16.7
16.2
3.5
6.0
8.0
-0.4
0.3
-1.2
0.5
4.2
11.0
52.0
20.1
26.3
-29.5
-20.5
-9.0
55.8
1.0
-7.1
0.3
-7.4
31.9

15.4
5.4
10.0
14.9
14.4
2.8
6.6
5.5
0.3
0.4
-1.1
0.5
11.5
20.1
94.0
56.4
47.8
13.6
6.7
6.9
34.2
1.0
7.6
0.2
7.4
37.6

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

billions of chained (2017) dollars 5

7.8

46.1

27.4

39.1

-28.4

19.3

-4.1

81.9

44

Disposable personal income, billions of chained (2017) dollars 5

3.6

39.7

29.6

25.0

-16.8

26.9

-2.4

77.7

45

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

Page 7 of 10

June 28, 2024

Table 3. Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Seasonally adjusted at monthly rates
Line

2023
Oct.
Nov.
Dec.
Based on current-dollar measures
0.1
0.2
0.3
-0.1
0.1
0.4
-0.2
0.1
0.4
0.2
0.2
0.3

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
0.1
0.3
-0.2
consumption adjustments
0.4
0.3
0.3
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
0.8
0.7
0.3
8
Personal interest income
0.8
0.8
0.8
9
Personal dividend income
0.7
0.7
-0.2
10
Personal current transfer receipts
-0.1
0.0
0.3
-0.2
0.1
0.4
11
Less: Contributions for government social insurance, domestic
0.1
0.2
0.3
12 Less: Personal current taxes
0.1
0.2
0.3
13 Equals: Disposable personal income
Addenda:
14
Personal consumption expenditures
0.2
0.4
0.6
15
Goods
-0.4
-0.1
0.5
16
Durable goods
-1.0
0.2
1.1
17
Nondurable goods
-0.1
-0.3
0.2
18
Services
0.5
0.7
0.6
Based on chained (2017) dollar measures
19
Real personal income excluding transfer receipts
0.0
0.3
0.2
20
Real disposable personal income
0.0
0.2
0.2

2024
Jan.

r

Feb.

r

March

Line
r

April

r

May

p

1.1
0.4
0.4
0.6

0.3
0.6
0.7
0.4

0.5
0.5
0.6
0.4

0.3
0.2
0.2
0.3

0.5
0.6
0.7
0.4

1
2
3
4

0.2
1.7

0.4
1.7

0.1
1.6

0.0
0.0

0.0
0.1

5
6

1.8
-0.5
4.1
2.9
1.2

-2.1
-0.4
-3.6
0.9
0.6

0.0
-0.4
0.4
0.7
0.5

0.4
0.3
0.5
0.4
0.2

0.4
0.3
0.5
0.3
0.6

7
8
9
10
11

4.7
0.6

0.7
0.2

0.6
0.5

0.4
0.3

0.7
0.5

12
13

0.1
-1.5
-2.7
-0.9
0.9

0.6
0.4
0.9
0.1
0.7

0.7
0.8
0.1
1.2
0.6

0.1
-0.5
-0.9
-0.2
0.4

0.2
0.2
0.3
0.2
0.3

14
15
16
17
18

0.2
0.1

-0.2
-0.1

0.1
0.2

0.0
0.0

0.5
0.5

19
20

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

Table 4. 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

2023

2024

Oct.
Nov.
Dec.
Jan. r
Feb. r
March r
Billions of chained (2017) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
15,519.9 15,584.3 15,655.8 15,601.2 15,638.3 15,689.6
Goods
5,422.5
5,445.4
5,485.5
5,411.7
5,406.1
5,442.2
Durable goods
2,050.0
2,064.0
2,096.3
2,036.4
2,051.8
2,051.9
Nondurable goods
3,381.6
3,391.0
3,400.9
3,383.3
3,364.2
3,398.8
Services
10,125.3 10,167.0 10,199.8 10,214.2 10,255.4 10,272.3
Change from preceding period in billions of chained (2017) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
23.9
64.4
71.5
-54.6
37.1
51.2
Goods
-8.9
22.8
40.1
-73.8
-5.5
36.1
Durable goods
-15.8
14.0
32.2
-59.9
15.4
0.1
Nondurable goods
5.5
9.4
9.9
-17.6
-19.1
34.6
Services
31.6
41.7
32.7
14.4
41.2
16.9
Percent change from preceding period in chained (2017) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.2
0.4
0.5
-0.3
0.2
0.3
Goods
-0.2
0.4
0.7
-1.3
-0.1
0.7
Durable goods
-0.8
0.7
1.6
-2.9
0.8
0.0
Nondurable goods
0.2
0.3
0.3
-0.5
-0.6
1.0
Services
0.3
0.4
0.3
0.1
0.4
0.2

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

Page 8 of 10

Line

April r

May p

15,669.5
5,404.7
2,037.4
3,375.7
10,286.9

15,709.7
5,436.8
2,059.9
3,386.5
10,296.8

1
2
3
4
5

-20.1
-37.5
-14.5
-23.1
14.6

40.2
32.0
22.5
10.8
9.9

6
7
8
9
10

-0.1
-0.7
-0.7
-0.7
0.1

0.3
0.6
1.1
0.3
0.1

11
12
13
14
15

June 28, 2024

Table 5. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months)
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

2023
2024
r
r
Oct.
Nov.
Dec.
Jan.
Feb.
March r
Chain-type price indexes (2017=100), seasonally adjusted
Personal consumption expenditures (PCE)
121.309 121.296 121.448 121.966 122.367 122.782
Goods
115.267 114.630 114.362 114.171 114.733 114.898
Durable goods
106.890 106.385 105.898 106.112 106.308 106.374
Nondurable goods
120.040 119.324 119.192 118.756 119.538 119.762
Services
124.212 124.533 124.912 125.804 126.118 126.663
Addenda:
PCE excluding food and energy
120.015 120.122 120.305 120.913 121.224 121.629
126.020 125.855 125.912 126.501 126.663 126.612
Food 1
141.367 138.748 138.350 136.411 139.552 141.164
Energy goods and services 2
120.011 120.001 120.100 120.485 120.876 121.249
Market-based PCE 3
118.311 118.439 118.564 119.036 119.321 119.678
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)
0.0
0.0
0.1
0.4
0.3
0.3
Goods
-0.3
-0.6
-0.2
-0.2
0.5
0.1
Durable goods
-0.2
-0.5
-0.5
0.2
0.2
0.1
Nondurable goods
-0.3
-0.6
-0.1
-0.4
0.7
0.2
Services
0.2
0.3
0.3
0.7
0.2
0.4
Addenda:
PCE excluding food and energy
0.1
0.1
0.2
0.5
0.3
0.3
1
0.2
-0.1
0.0
0.5
0.1
0.0
Food
2
-2.5
-1.9
-0.3
-1.4
2.3
1.2
Energy goods and services
3
0.1
0.0
0.1
0.3
0.3
0.3
Market-based PCE
3
0.2
0.1
0.1
0.4
0.2
0.3
Market-based PCE excluding food and energy

Line

April r

May p

123.106
115.149
106.125
120.315
127.026

123.096
114.721
105.290
120.134
127.236

1
2
3
4
5

121.944
126.396
142.883
121.480
119.884

122.045
126.477
139.854
121.528
120.069

6
7
8
9
10

0.3
0.2
-0.2
0.5
0.3

0.0
-0.4
-0.8
-0.2
0.2

11
12
13
14
15

0.3
-0.2
1.2
0.2
0.2

0.1
0.1
-2.1
0.0
0.2

16
17
18
19
20

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

Table 6. Real Disposable Personal Income and Real Personal Consumption Expenditures:
Percent Change from Month One Year Ago
Line
1 Disposable personal income
2 Personal consumption expenditures
3
Goods
4
Durable goods
5
Nondurable goods
6
Services

Oct.
3.7
2.1
2.0
3.1
1.4
2.1

2023
Nov.
3.9
2.9
3.6
6.2
2.1
2.5

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

Page 9 of 10

2024
Dec.
3.8
3.3
4.5
8.0
2.6
2.7

Jan. r
1.9
1.9
1.0
0.0
1.6
2.2

Feb. r
1.4
2.0
0.9
1.0
0.8
2.6

March r
1.2
2.6
2.5
2.6
2.5
2.6

April r
0.9
2.3
1.3
1.2
1.3
2.8

May p
1.1
2.4
1.7
1.7
1.6
2.8

Line
1
2
3
4
5
6

June 28, 2024

Table 7. Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago
Personal consumption expenditures (PCE)
1
2 Goods
3
Durable goods
4
Nondurable goods
5 Services
Addenda:

2.9
0.2
-2.2
1.6
4.3

2023
Nov.
2.7
-0.1
-2.1
1.0
4.1

6
7
8
9
10

3.4
2.4
-4.6
2.8
3.3

3.2
1.7
-5.0
2.7
3.2

Line

Oct.

PCE excluding food and energy
Food 1
Energy goods and services 2
Market-based PCE 3
Market-based PCE excluding food and energy 3

2024
Dec.
2.6
0.2
-2.3
1.6
3.9

Jan. r
2.5
-0.5
-2.4
0.5
4.0

Feb. r
2.5
-0.2
-2.0
0.8
3.9

March r
2.7
0.1
-1.9
1.3
4.0

April r
2.7
0.1
-2.2
1.4
4.0

May p
2.6
-0.1
-3.2
1.6
3.9

2.9
1.4
-1.7
2.6
3.0

2.9
1.4
-4.9
2.4
2.9

2.8
1.3
-2.3
2.3
2.7

2.8
1.5
2.6
2.5
2.6

2.8
1.3
3.0
2.4
2.5

2.6
1.2
4.8
2.4
2.4

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

Page 10 of 10

Line
1
2
3
4
5
6
7
8
9
10