Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays, November 2019, BEA 19-70 : Full Release

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EMBARGOED UNTIL RELEASE AT 10:00 A.M. EST, FRIDAY, DECEMBER 20, 2019
Technical:
Media:

Brian Smith (Personal Income)
Harvey Davis (PCE)
Jeannine Aversa

(301) 278-9625
(301) 278-9086
(301) 278-9003

BEA 19-70
piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays, November 2019
Personal income increased $101.7 billion (0.5 percent) in November according to estimates released
today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $87.7 billion (0.5
percent) and personal consumption expenditures (PCE) increased $64.9 billion (0.4 percent).
Real DPI increased 0.4 percent in November, and real PCE increased 0.3 percent. The PCE price index
increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.1 percent.
July
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
Aug.
Sept.
Oct.
Nov.
Percent change from preceding month

0.1

0.5

0.3

0.1

0.5

0.3
0.0

0.6
0.6

0.4
0.4

0.0
-0.2

0.5
0.4

0.5
0.3

0.3
0.2

0.2
0.2

0.3
0.1

0.4
0.3

0.2
0.2

0.0
0.1

0.0
0.1

0.2
0.1

0.2
0.1

Percent change from month one year ago
1.4
1.4
1.3
1.4
1.5
1.6
1.8
1.7
1.7
1.6

The increase in personal income in November primarily reflected increases in compensation of
employees, farm proprietors’ income, and personal interest income (table 3).
The $37.8 billion increase in real PCE in November reflected an increase of $22.6 billion in spending for
goods and a $17.1 billion increase in spending for services (table 7). Within goods, spending on new
motor vehicles was the leading contributor. Within services, spending on health care was the leading
contributor. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.
Personal outlays increased $68.6 billion in November (table 3). Personal saving was $1.31 trillion in
November and the personal saving rate, personal saving as a percentage of disposable personal income,
was 7.9 percent (table 1).
Updates to Personal Income and Outlays
Estimates have been updated for July through October. 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.

Personal income:
Current dollars
Disposable personal
income:
Current dollars
Chained (2012) dollars
Personal consumption
expenditures:
Current dollars
Chained (2012) dollars

Change from preceding month
September
October
Previous
Revised
Previous
Revised
Previous
Revised
Previous
Revised
(Billions of dollars)
(Percent)
(Billions of dollars)
(Percent)

51.8

54.7

0.3

0.3

3.3

23.1

0.0

0.1

56.4
52.4

60.4
55.4

0.3
0.3

0.4
0.4

-12.6
-39.4

5.9
-30.9

-0.1
-0.3

0.0
-0.2

32.0
30.0

25.4
23.6

0.2
0.2

0.2
0.2

39.7
11.3

51.3
14.5

0.3
0.1

0.3
0.1

Personal Income and Outlays release dates for 2020
December 2019….
January 2020….
February 2020….
March 2020.…

January 31
February 28
March 27
April 30

April 2020….
May 2020….
June 2020….
July 2020….

May 29
June 26
July 31
August 28

August 2020….
September 2020….
October 2020….
November 2020….

Next release: January 31, 2020 at 8:30 A.M. EST
Personal Income and Outlays: December 2019

October 1
October 30
November 25
December 23

Additional Information
Resources
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Historical time series for these estimates can be
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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

December 20, 2019

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

April
18,505.7
11,380.9
9,272.8
7,834.6
1,534.6
909.6
6,299.9
1,412.2
4,887.7
1,438.3
2,108.0
1,459.3
648.7

May
18,546.5
11,369.0
9,257.1
7,815.8
1,530.2
909.5
6,285.6
1,406.8
4,878.8
1,441.3
2,111.9
1,464.3
647.5

Seasonally adjusted at annual rates
2019
r
r
r
June
July
Aug.
Sept.
18,615.4
18,637.2
18,731.7
18,786.4
11,410.9
11,438.9
11,506.6
11,521.7
9,290.8
9,311.7
9,370.2
9,380.0
7,842.4
7,856.8
7,908.9
7,915.6
1,536.0
1,537.1
1,541.8
1,542.6
914.4
914.6
916.2
916.4
6,306.4
6,319.7
6,367.1
6,373.0
1,411.0
1,410.8
1,421.3
1,422.0
4,895.4
4,908.9
4,945.8
4,951.1
1,448.4
1,454.9
1,461.3
1,464.4
2,120.1
2,127.2
2,136.4
2,141.7
1,470.4
1,476.3
1,481.8
1,486.6
649.7
650.9
654.6
655.0

1,623.1
16.7
1,606.4
773.3
3,000.5
1,735.3
1,265.2
3,144.0
3,089.6
1,028.2
787.7
624.8
25.7
117.6
505.6
54.4
1,416.1
2,189.0
16,316.7
15,012.7
14,452.5
4,483.1
1,507.8
2,975.3
9,969.5
361.4
198.7
108.4
90.3
1,304.0
8.0

1,634.6
19.1
1,615.5
777.0
3,021.7
1,755.4
1,266.4
3,158.3
3,103.9
1,030.4
793.7
631.8
25.9
118.2
503.9
54.4
1,414.2
2,199.9
16,346.6
15,078.0
14,516.0
4,512.7
1,529.0
2,983.7
10,003.4
363.0
198.9
108.6
90.3
1,268.6
7.8

1,641.0
21.8
1,619.1
781.4
3,027.3
1,760.9
1,266.4
3,173.4
3,119.0
1,032.9
799.4
637.7
26.1
119.4
503.6
54.5
1,418.7
2,211.5
16,403.9
15,128.6
14,565.0
4,525.2
1,537.1
2,988.2
10,039.7
364.6
199.1
108.8
90.3
1,275.3
7.8

1,655.2
22.1
1,633.2
780.4
2,999.0
1,724.0
1,275.0
3,185.2
3,130.7
1,034.8
804.8
641.9
26.0
119.5
503.7
54.5
1,421.5
2,189.3
16,447.9
15,206.0
14,644.4
4,557.1
1,541.8
3,015.3
10,087.3
361.8
199.8
108.9
90.9
1,241.9
7.6

1,695.2
45.6
1,649.6
779.6
2,983.5
1,703.2
1,280.4
3,196.0
3,141.4
1,037.7
810.0
644.6
25.8
120.1
503.2
54.6
1,429.2
2,183.0
16,548.7
15,241.4
14,682.4
4,560.8
1,545.6
3,015.1
10,121.6
359.1
200.0
109.1
90.9
1,307.3
7.9

1,699.7
57.8
1,641.8
779.0
3,010.5
1,723.2
1,287.3
3,206.1
3,151.5
1,040.7
814.9
646.0
25.6
120.7
503.6
54.7
1,430.6
2,177.3
16,609.1
15,264.3
14,707.8
4,552.2
1,561.7
2,990.5
10,155.6
356.3
200.1
109.3
90.9
1,344.8
8.1

1,680.5
33.2
1,647.3
783.0
2,989.2
1,705.7
1,283.4
3,220.2
3,165.4
1,050.6
819.5
645.3
25.8
121.0
503.1
54.8
1,436.5
2,194.5
16,615.0
15,319.4
14,759.2
4,560.5
1,547.7
3,012.8
10,198.7
359.9
200.3
109.5
90.9
1,295.6
7.8

1,712.0
59.4
1,652.6
786.9
3,012.2
1,729.6
1,282.6
3,224.1
3,169.2
1,049.6
823.9
644.7
25.7
122.2
503.1
54.9
1,441.4
2,208.5
16,702.7
15,388.0
14,824.1
4,582.1
1,562.5
3,019.6
10,241.9
363.4
200.5
109.6
90.9
1,314.7
7.9

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

14,042.0

14,052.3

14,083.2

14,059.4

14,131.9

14,172.8

14,147.0

14,213.3

45

14,915.0

14,927.4

14,960.5

14,965.6

15,053.3

15,108.7

15,077.8

15,133.6

46

49,600
45,339
328,969

49,666
45,354
329,131

49,814
45,430
329,304

49,919
45,420
329,493

50,195
45,659
329,689

50,348
45,800
329,884

50,338
45,681
330,068

50,579
45,827
330,232

47
48
49

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
8
Trade, transportation, and utilities
9
Other services-producing industries
10
Government
Supplements to wages and salaries
11
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
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
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
Personal saving as a percentage of disposable personal income
Addenda:
45
Personal income excluding current transfer receipts,
5

46
47
48
49

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

Line
r

p

Oct.
18,809.5
11,573.1
9,423.8
7,956.1
1,554.3
921.2
6,401.7
1,427.8
4,973.9
1,467.8
2,149.3
1,491.5
657.8

Nov.
18,911.2
11,617.3
9,461.0
7,988.9
1,561.1
927.9
6,427.8
1,429.3
4,998.6
1,472.0
2,156.3
1,496.3
660.0

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

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

December 20, 2019

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

2017

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

Seasonally adjusted at annual rates
2018
2019

2018

Line

Q3
17,928.5
10,994.3
8,942.2
7,529.6
1,477.3
884.6
6,052.2
1,366.3
4,686.0
1,412.6
2,052.0
1,426.6
625.4

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

Q1
18,355.4
11,306.6
9,211.5
7,779.5
1,525.3
907.1
6,254.2
1,403.5
4,850.7
1,432.0
2,095.1
1,450.3
644.8

Q2
18,555.9
11,386.9
9,273.6
7,830.9
1,533.6
911.1
6,297.3
1,410.0
4,887.3
1,442.7
2,113.3
1,464.7
648.6

Q3 r
18,718.4
11,489.0
9,354.0
7,893.8
1,540.5
915.7
6,353.3
1,418.0
4,935.3
1,460.2
2,135.1
1,481.6
653.5

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

16,878.8
10,411.6
8,462.1
7,114.1
1,391.7
845.6
5,722.4
1,312.5
4,410.0
1,348.0
1,949.5
1,343.9
605.7

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

Q2
17,725.0
10,876.1
8,845.0
7,450.9
1,459.4
875.0
5,991.5
1,356.8
4,634.7
1,394.1
2,031.1
1,410.9
620.2

1,518.2
38.1
1,480.1
718.8
2,681.6
1,551.6
1,130.0
2,848.1
2,800.1
926.1
689.3
577.4
29.8
104.0
473.5
48.1
1,299.6
2,045.8
14,833.0
13,802.1
13,312.1
4,165.0
1,412.6
2,752.5
9,147.0
299.3
190.7
103.6
87.1
1,030.9
7.0

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

1,573.3
27.5
1,545.8
754.0
2,909.3
1,694.6
1,214.7
2,963.1
2,910.1
968.0
721.9
600.4
27.2
109.0
483.5
53.0
1,350.9
2,071.7
15,653.3
14,465.9
13,939.8
4,363.2
1,476.7
2,886.5
9,576.6
329.6
196.4
106.5
89.9
1,187.4
7.6

1,590.0
17.4
1,572.6
765.2
2,957.7
1,719.3
1,238.4
2,983.8
2,929.4
976.0
736.7
602.9
26.6
109.9
477.4
54.4
1,362.4
2,086.5
15,842.0
14,655.6
14,114.6
4,398.0
1,485.2
2,912.8
9,716.6
341.5
199.6
107.3
92.3
1,186.4
7.5

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
1,427.1
2,183.2
16,535.3
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
1,298.0
7.8

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

13,245.3

13,729.6

13,670.5

13,785.6

13,863.6

13,999.8

14,059.1

14,121.4

45

14,002.8

14,556.2

14,495.9

14,613.3

14,715.2

14,878.1

14,934.3

15,042.5

46

45,583
43,031
325,410

48,075
44,455
327,436

47,849
44,311
327,138

48,343
44,594
327,697

48,762
44,831
328,237

49,284
45,267
328,678

49,693
45,374
329,135

50,154
45,626
329,689

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

December 20, 2019

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

Seasonally adjusted at annual rates
2019
June
July r
Aug. r
Sept. r
68.9
21.8
94.5
54.7
41.9
27.9
67.7
15.1
33.7
20.8
58.5
9.8
26.6
14.4
52.0
6.8
5.7
1.1
4.7
0.8
4.9
0.3
1.6
0.2
20.9
13.3
47.4
5.9
4.3
-0.2
10.5
0.6
16.6
13.5
36.9
5.3
7.1
6.4
6.5
3.1
8.2
7.1
9.2
5.3
6.1
5.9
5.5
4.8
2.1
1.2
3.7
0.4

April
60.2
-13.9
-17.4
-21.4
-2.4
-2.1
-18.9
-9.7
-9.3
3.9
3.6
4.9
-1.3

May
40.8
-11.8
-15.7
-18.8
-4.4
-0.1
-14.4
-5.4
-8.9
3.1
3.8
5.0
-1.2

9.3
2.0
7.3
3.1
42.6
34.6
8.0
16.9
16.9
2.2
6.2
8.2
-1.1
0.4
1.0
0.0
-2.1
16.9
43.2
100.4
97.9
35.5
-1.2
36.7
62.4
1.6
0.9
0.2
0.7
-57.1

11.4
2.4
9.0
3.8
21.2
20.1
1.2
14.3
14.3
2.2
6.0
7.0
0.2
0.6
-1.7
0.0
-1.9
11.0
29.9
65.3
63.5
29.6
21.2
8.4
33.9
1.6
0.2
0.2
0.0
-35.4

6.4
2.7
3.7
4.4
5.6
5.6
0.0
15.1
15.1
2.4
5.7
5.9
0.2
1.2
-0.4
0.0
4.5
11.6
57.3
50.7
48.9
12.6
8.0
4.5
36.4
1.6
0.2
0.2
0.0
6.6

14.3
0.2
14.0
-1.0
-28.3
-36.9
8.6
11.7
11.7
2.0
5.4
4.2
-0.1
0.1
0.1
0.1
2.8
-22.2
44.0
77.4
79.4
31.9
4.8
27.1
47.6
-2.7
0.7
0.2
0.5
-33.3

40.0
23.5
16.5
-0.8
-15.5
-20.9
5.4
10.8
10.7
2.8
5.2
2.8
-0.1
0.6
-0.4
0.1
7.7
-6.3
100.8
35.4
38.0
3.7
3.8
-0.1
34.3
-2.7
0.2
0.2
0.0
65.4

-4.0
-6.7

10.2
12.4

30.9
33.0

-23.7
5.1

72.4
87.7

Line
Oct. r
23.1
51.5
43.8
40.4
11.7
4.8
28.7
5.9
22.8
3.4
7.6
4.9
2.8

Nov. p
101.7
44.2
37.1
32.9
6.8
6.8
26.1
1.4
24.6
4.3
7.0
4.8
2.3

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

4.5
12.3
-7.8
-0.7
27.0
20.1
6.9
10.1
10.0
3.1
4.9
1.3
-0.3
0.6
0.4
0.1
1.4
-5.7
60.4
22.9
25.4
-8.6
16.1
-24.6
34.0
-2.7
0.2
0.2
0.0
37.5

-19.1
-24.6
5.5
4.0
-21.4
-17.5
-3.9
14.0
13.9
9.9
4.6
-0.6
0.2
0.3
-0.5
0.1
5.9
17.2
5.9
55.1
51.3
8.3
-14.0
22.3
43.1
3.6
0.2
0.2
0.0
-49.2

31.5
26.2
5.3
3.9
23.1
23.9
-0.8
4.0
3.8
-1.1
4.4
-0.6
-0.1
1.3
-0.1
0.1
4.9
14.0
87.7
68.6
64.9
21.6
14.8
6.9
43.3
3.6
0.2
0.2
0.0
19.1

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

40.9
55.4

-25.8
-30.9

66.3
55.8

44
45

p Preliminary
r Revised
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households. 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

December 20, 2019

Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)
[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
Employer contributions for employee pension and insurance funds 1
12
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
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
Addenda:
44
Personal income excluding current transfer receipts,
billions of chained (2012) dollars 5
45
Disposable personal income, billions of chained (2012) dollars 5

2017

2018

Seasonally adjusted at annual rates
2018
2019
Q3
Q4
Q1
Q2
203.5
154.3
272.6
200.4
118.1
63.1
249.2
80.4
97.2
47.8
221.5
62.1
78.7
37.2
212.7
51.5
17.9
10.6
37.3
8.3
9.6
6.9
15.6
4.0
60.8
26.6
175.4
43.1
9.5
6.8
30.4
6.6
51.2
19.8
145.0
36.6
18.5
10.6
8.8
10.7
20.9
15.3
27.7
18.3
15.7
12.7
11.0
14.4
5.2
2.7
16.7
3.9

Line
Q3 r
162.6
102.1
80.3
62.9
6.9
4.6
56.0
8.0
48.0
17.5
21.7
16.9
4.8

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

757.6
451.3
378.6
338.6
63.5
31.8
275.1
51.1
224.0
40.0
72.7
48.3
24.4

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

Q2
184.6
90.1
68.4
54.6
-2.4
-6.7
57.0
8.8
48.1
13.8
21.7
19.1
2.6

94.5
2.5
92.0
37.4
160.2
94.2
66.0
73.9
85.5
29.6
29.1
14.7
-1.9
8.1
5.9
-11.6
59.7
89.7
667.9
595.8
563.6
169.1
59.9
109.2
394.5
25.6
6.7
1.6
5.0
72.1

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

5.8
-0.6
6.4
10.3
57.7
24.9
32.7
27.7
25.3
7.5
11.7
10.6
-1.6
0.2
-3.1
2.4
6.9
-3.2
187.9
220.6
211.5
64.6
21.9
42.8
146.8
7.3
1.9
0.8
1.0
-32.8

16.7
-10.2
26.8
11.2
48.4
24.7
23.7
20.7
19.4
8.0
14.8
2.5
-0.7
0.9
-6.2
1.4
11.5
14.8
188.8
189.8
174.7
34.8
8.6
26.3
139.9
11.9
3.2
0.7
2.4
-1.0

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
10.8
-16.9
179.5
164.2
167.0
49.7
25.1
24.6
117.3
-3.9
1.1
0.5
0.5
15.4

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

422.9
394.4

484.3
553.4

71.4
95.6

115.1
117.3

78.0
101.9

136.2
162.9

59.3
56.2

62.2
108.2

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

December 20, 2019

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

2019
April
May
June
Based on current-dollar measures

1 Personal income
0.3
0.2
0.4
2
Compensation of employees
-0.1
-0.1
0.4
3
Wages and salaries
-0.2
-0.2
0.4
4
Supplements to wages and salaries
0.2
0.2
0.4
Proprietors' income with inventory valuation and capital consumption
5
adjustments
0.6
0.7
0.4
0.4
0.5
0.6
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
1.4
0.7
0.2
8
Personal interest income
2.0
1.2
0.3
9
Personal dividend income
0.6
0.1
0.0
10
Personal current transfer receipts
0.5
0.5
0.5
-0.1
-0.1
0.3
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
0.8
0.5
0.5
13 Equals: Disposable personal income
0.3
0.2
0.4
Addenda:
14
Personal consumption expenditures
0.7
0.4
0.3
15
Goods
0.8
0.7
0.3
16
Durable goods
-0.1
1.4
0.5
17
Nondurable goods
1.2
0.3
0.2
18
Services
0.6
0.3
0.4
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

0.0
0.0

0.1
0.1

0.2
0.2

July r

Line
Aug. r

Sept. r

Oct. r

Nov. p

0.1
0.2
0.2
0.3

0.5
0.6
0.6
0.4

0.3
0.1
0.1
0.2

0.1
0.4
0.5
0.4

0.5
0.4
0.4
0.3

1
2
3
4

0.9
-0.1
-0.9
-2.1
0.7
0.4
0.2
-1.0
0.3

2.4
-0.1
-0.5
-1.2
0.4
0.3
0.5
-0.3
0.6

0.3
-0.1
0.9
1.2
0.5
0.3
0.1
-0.3
0.4

-1.1
0.5
-0.7
-1.0
-0.3
0.4
0.4
0.8
0.0

1.9
0.5
0.8
1.4
-0.1
0.1
0.3
0.6
0.5

5
6
7
8
9
10
11
12
13

0.5
0.7
0.3
0.9
0.5

0.3
0.1
0.2
0.0
0.3

0.2
-0.2
1.0
-0.8
0.3

0.3
0.2
-0.9
0.7
0.4

0.4
0.5
1.0
0.2
0.4

14
15
16
17
18

-0.2
0.0

0.5
0.6

0.3
0.4

-0.2
-0.2

0.5
0.4

19
20

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

December 20, 2019

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

2017

2018

2018
Q2

Q3

2019
Q4

Q1

Line
Q3 r

Q2

Based on current-dollar measures
1 Personal income
4.7
5.6
4.3
2
Compensation of employees
4.5
5.0
3.4
3
Wages and salaries
4.7
5.0
3.2
4
Supplements to wages and salaries
3.9
4.6
4.4
Proprietors' income with inventory valuation and capital consumption
5
adjustments
6.6
4.6
1.5
6
Rental income of persons with capital consumption adjustment
5.5
5.3
5.6
7
Personal income receipts on assets
6.4
9.3
8.3
8
Personal interest income
6.5
9.7
6.1
9
Personal dividend income
6.2
8.6
11.6
10
Personal current transfer receipts
2.7
4.3
3.8
4.8
4.4
2.1
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
4.6
1.6
-0.6
13 Equals: Disposable personal income
4.7
6.1
4.9
Addenda:
14
Personal consumption expenditures
4.4
5.2
6.3
15
Goods
4.2
4.8
6.2
16
Durable goods
4.4
4.5
6.1
17
Nondurable goods
4.1
5.0
6.2
18
Services
4.5
5.3
6.4
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

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

3.3
2.9

3.7
4.0

2.1
2.7

4.7
4.4
4.5
4.2

3.5
2.3
2.2
3.0

6.2
9.3
10.2
5.5

4.4
2.9
2.7
3.5

3.6
3.6
3.5
4.2

1
2
3
4

4.3
6.1
6.8
6.0
8.0
2.8
3.5
2.9
4.9

8.9
-0.6
6.1
1.9
12.3
2.7
1.9
-1.7
4.2

-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
3.1
-3.0
4.5

5
6
7
8
9
10
11
12
13

5.1
3.2
2.3
3.7
6.0

2.8
0.1
0.1
0.1
4.0

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

14
15
16
17
18

3.4
3.3

2.3
2.8

4.0
4.5

1.7
1.5

1.8
2.9

19
20

December 20, 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

2019
r

April
May
June
July
Aug. r
Sept. r
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
13,210.9
13,255.8
13,283.4
13,324.6
13,355.6
13,379.2
Goods
4,721.5
4,749.5
4,768.2
4,794.5
4,811.2
4,818.4
Durable goods
1,743.3
1,766.9
1,767.7
1,781.3
1,789.0
1,811.3
Nondurable goods
2,991.4
2,997.6
3,014.8
3,028.0
3,037.2
3,024.7
Services
8,525.0
8,544.3
8,554.9
8,572.2
8,587.7
8,603.9
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
48.8
44.9
27.5
41.2
31.1
23.6
Goods
28.0
28.0
18.7
26.2
16.7
7.3
Durable goods
3.8
23.7
0.8
13.6
7.7
22.4
Nondurable goods
23.5
6.2
17.2
13.2
9.2
-12.5
Services
22.9
19.3
10.6
17.3
15.5
16.1
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.4
0.3
0.2
0.3
0.2
0.2
Goods
0.6
0.6
0.4
0.6
0.3
0.2
Durable goods
0.2
1.4
0.0
0.8
0.4
1.2
Nondurable goods
0.8
0.2
0.6
0.4
0.3
-0.4
Services
0.3
0.2
0.1
0.2
0.2
0.2

Line

Oct. r

Nov. p

13,393.7
4,811.1
1,794.0
3,032.8
8,623.2

13,431.4
4,833.7
1,814.7
3,036.4
8,640.3

1
2
3
4
5

14.5
-7.3
-17.3
8.1
19.4

37.8
22.6
20.7
3.6
17.1

6
7
8
9
10

0.1
-0.2
-1.0
0.3
0.2

0.3
0.5
1.2
0.1
0.2

11
12
13
14
15

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

December 20, 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

2018

Q2
Q3
Billions of chained (2012) dollars
Personal consumption expenditures (PCE)
12,566.9
12,944.6
12,909.2
13,019.8
Goods
4,403.4
4,583.3
4,573.5
4,614.0
Durable goods
1,586.4
1,685.7
1,685.1
1,699.8
Nondurable goods
2,825.2
2,909.6
2,900.8
2,926.6
Services
8,182.2
8,388.1
8,362.9
8,433.6
Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)
319.5
377.6
126.3
110.6
Goods
166.8
179.9
59.6
40.4
Durable goods
102.2
99.3
32.2
14.8
Nondurable goods
67.7
84.4
28.8
25.8
Services
161.1
206.0
69.4
70.7
Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)
2.6
3.0
4.0
3.5
Goods
3.9
4.1
5.4
3.6
Durable goods
6.9
6.3
8.0
3.6
Nondurable goods
2.5
3.0
4.1
3.6
Services
2.0
2.5
3.4
3.4

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

2019
Q4

Q1

Q2

Line
Q3 r

13,066.3
4,631.8
1,705.2
2,938.9
8,462.6

13,103.3
4,649.2
1,706.3
2,954.6
8,483.1

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

1
2
3
4
5

46.5
17.8
5.4
12.3
29.0

37.0
17.4
1.1
15.7
20.5

146.7
97.3
53.0
46.6
58.3

103.1
61.6
34.6
28.7
46.5

6
7
8
9
10

1.4
1.6
1.3
1.7
1.4

1.1
1.5
0.3
2.2
1.0

4.6
8.6
13.0
6.5
2.8

3.1
5.3
8.1
3.9
2.2

11
12
13
14
15

December 20, 2019

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
2019
April
May
June
July r
Chain-type price indexes (2012=100), seasonally adjusted
109.403
109.511
109.653
109.909
94.949
95.013
94.903
95.048
86.490
86.536
86.953
86.556
99.460
99.534
99.115
99.578
116.951
117.084
117.364
117.682

Line

Aug. r

Personal consumption expenditures (PCE)
109.938
1
94.795
2 Goods
3
Durable goods
86.395
4
Nondurable goods
99.272
117.869
5 Services
Addenda:
6
PCE excluding food and energy
111.232
111.362
111.648
111.878
112.027
7
104.326
104.615
104.545
104.482
104.299
Food 1
8
88.365
87.851
85.811
87.008
85.291
Energy goods and services 2
9
107.303
107.381
107.467
107.697
107.681
Market-based PCE 3
10
109.046
109.144
109.386
109.581
109.695
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)
0.3
0.1
0.1
0.2
0.0
11
0.2
0.1
-0.1
0.2
-0.3
12 Goods
13
Durable goods
-0.3
0.1
0.5
-0.5
-0.2
14
Nondurable goods
0.5
0.1
-0.4
0.5
-0.3
0.4
0.1
0.2
0.3
0.2
15 Services
Addenda:
16
PCE excluding food and energy
0.2
0.1
0.3
0.2
0.1
17
-0.3
0.3
-0.1
-0.1
-0.2
Food 1
18
2.9
-0.6
-2.3
1.4
-2.0
Energy goods and services 2
19
0.3
0.1
0.1
0.2
0.0
Market-based PCE 3
20
0.2
0.1
0.2
0.2
0.1
Market-based PCE excluding food and energy 3

Line

Sept. r

Oct. r

Nov. p

109.935
94.474
86.215
98.869
118.043

110.200
94.790
86.269
99.340
118.278

110.373
94.794
86.099
99.447
118.545

1
2
3
4
5

112.085
104.344
84.156
107.671
109.755

112.244
104.507
86.362
107.907
109.865

112.399
104.547
87.052
108.043
109.973

6
7
8
9
10

0.0
-0.3
-0.2
-0.4
0.1

0.2
0.3
0.1
0.5
0.2

0.2
0.0
-0.2
0.1
0.2

11
12
13
14
15

0.1
0.0
-1.3
0.0
0.1

0.1
0.2
2.6
0.2
0.1

0.1
0.0
0.8
0.1
0.1

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

December 20, 2019

Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures:
Percent Change From Month One Year Ago
2019

Line
1
2
3
4
5
6

April
Disposable personal income
Personal consumption expenditures
Goods
Durable goods
Nondurable goods
Services

May
3.1
2.7
3.8
4.1
3.7
2.2

July r

June
3.0
2.6
3.4
4.6
2.8
2.3

2.9
2.6
4.1
4.6
3.9
1.9

2.7
2.6
4.2
5.4
3.5
1.8

Aug. r
2.9
2.5
4.1
5.0
3.6
1.7

Sept. r
3.3
2.7
4.4
6.2
3.4
1.9

Oct. r
2.9
2.4
3.7
4.9
3.0
1.8

Nov. p
3.1
2.4
3.2
4.8
2.4
2.0

Line
1
2
3
4
5
6

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

December 20, 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
Food 1
8
Energy goods and services 2
9
Market-based PCE 3
10
Market-based PCE excluding food and energy 3

2019
1.5
-0.4
-1.5
0.3
2.4

1.4
-0.4
-1.2
0.0
2.2

1.4
-0.6
-0.5
-0.6
2.3

1.4
-0.5
-1.2
-0.1
2.3

Aug. r
1.4
-0.5
-1.1
-0.2
2.3

1.6
0.8
1.7
1.4
1.5

1.5
1.3
-0.4
1.3
1.4

1.6
1.1
-3.4
1.3
1.5

1.6
0.9
-2.1
1.3
1.5

1.8
0.8
-4.5
1.3
1.7

April

May

June

July r

Sept. r
1.3
-0.7
-1.0
-0.6
2.3
1.7
0.8
-4.8
1.2
1.6

Oct. r
1.4
-0.6
-1.0
-0.4
2.3

Nov. p
1.5
-0.2
-1.2
0.3
2.2

1.7
1.1
-4.2
1.3
1.6

1.6
0.9
-0.7
1.3
1.5

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

Line
1
2
3
4
5
6
7
8
9
10