The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, DECEMBER 23, 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 20-68 piniwd@bea.gov pce@bea.gov Jeannine.Aversa@bea.gov Personal Income and Outlays, November 2020 Personal income decreased $221.8 billion (1.1 percent) in November according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $218.0 billion (1.2 percent) and personal consumption expenditures (PCE) decreased $63.3 billion (0.4 percent). Real DPI decreased 1.3 percent in November and Real PCE decreased 0.4 percent (tables 5 and 7). The PCE price index had no change. Excluding food and energy, the PCE price index had no change (table 9). 2020 July Aug. Sept. Oct. Nov. 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 0.9 -2.6 0.8 -0.6 -1.1 0.8 0.5 -3.1 -3.3 0.8 0.6 -0.7 -0.8 -1.2 -1.3 1.5 1.2 1.2 0.9 1.3 1.1 0.3 0.3 -0.4 -0.4 0.3 0.3 0.3 0.3 0.2 0.2 0.0 0.0 0.0 0.0 Percent change from month one year ago 1.0 1.2 1.4 1.2 1.1 1.3 1.4 1.5 1.4 1.4 COVID-19 Impact on November 2020 Personal Income and Outlays The November estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Federal economic recovery payments slowed as pandemic-related assistance programs continued to wind down. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see Effects of Selected Federal Pandemic Response Programs on Personal Income. The decrease in personal income in November primarily reflected decreases in proprietors’ income (both nonfarm and farm) and government social benefits that were partly offset by an increase in compensation (table 3). • Within nonfarm proprietors’ income, the decrease reflected a decline in Paycheck Protection Program loans to businesses. • The decrease in farm proprietors’ income reflected a decrease in payments under the Coronavirus Food Assistance Program related to supporting farmers and ranchers impacted by COVID-19 as well as a decline in Paycheck Protection Program loans to businesses. • Within government social benefits, “other” social benefits decreased, which primarily reflected a decrease in Lost Wages Supplemental Payments, a Federal Emergency Management Agency program that provides wage assistance to individuals impacted by the pandemic. • Within compensation, the main contributor was an increase in wages and salaries in serviceproducing industries. The $58.5 billion decrease in real PCE in November reflected decreases of $53.7 billion in spending for goods and $12.1 billion in spending for services (table 7). Within goods, the leading contributors to the decrease were spending for clothing and footwear as well as motor vehicles and parts (mainly new motor vehicles). A notable offset was an increase in spending for food and beverages purchased for offpremises consumption. Within services, the decrease primarily reflected decreases in spending for food services and accommodations as well as in household utilities (electricity and gas). Detailed information on monthly real PCE spending can be found on Table 2.3.6U. Personal outlays decreased $66.8 billion in November (table 3). Personal saving was $2.22 trillion in November and the personal saving rate—personal saving as a percentage of disposable personal income—was 12.9 percent (table 1). -2- Updates to Personal Income and Outlays Estimates have been updated for September and 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. Change from preceding month September October 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 147.1 150.8 0.7 0.8 -130.1 -127.4 -0.7 -0.6 130.8 91.5 131.6 92.6 0.7 0.6 0.8 0.6 -134.8 -120.7 -130.5 -121.1 -0.8 -0.8 -0.7 -0.8 175.5 136.2 185.6 145.4 1.2 1.1 1.3 1.1 70.9 63.5 47.4 38.9 0.5 0.5 0.3 0.3 Next release: January 29, 2021, at 8:30 A.M. EST Personal Income and Outlays, December 2020 -3- Personal Income and Outlays Release Dates for 2021 Estimate Release Date December 2020 January 29, 2021 January 2021 February 26, 2021 February 2021 March 26, 2021 March 2021 April 30, 2021 April 2021 May 28, 2021 May 2021 June 25, 2021 June 2021 July 30, 2021 July 2021 August 27, 2021 August 2021 October 1, 2021 September 2021 October 29, 2021 October 2021 November 24, 2021 November 2021 December 23, 2021 -4- 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?” and “Why does BEA publish percent changes in quarterly series at annual rates?” 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. 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. 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.” -5- 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 -6- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] April 21,093.1 10,660.5 8,661.9 7,225.7 1,361.8 813.6 5,863.9 1,321.9 4,542.0 1,436.2 1,998.7 1,375.7 622.9 May 20,246.1 10,962.1 8,925.4 7,514.0 1,443.7 863.8 6,070.3 1,362.8 4,707.5 1,411.5 2,036.6 1,393.3 643.4 Seasonally adjusted at annual rates 2020 June July r Aug. r Sept. r 20,032.7 20,213.3 19,691.7 19,842.5 11,225.8 11,399.0 11,556.4 11,656.4 9,139.1 9,288.2 9,426.7 9,514.6 7,722.0 7,858.5 7,973.9 8,070.0 1,487.6 1,522.3 1,540.8 1,547.8 896.0 926.2 941.1 945.4 6,234.4 6,336.2 6,433.1 6,522.2 1,401.7 1,446.8 1,469.4 1,494.3 4,832.7 4,889.4 4,963.7 5,027.9 1,417.0 1,429.7 1,452.8 1,444.6 2,086.8 2,110.8 2,129.7 2,141.8 1,431.4 1,446.7 1,459.2 1,467.7 655.4 664.1 670.5 674.0 1,444.4 33.7 1,410.7 799.9 2,945.1 1,654.0 1,291.1 6,597.8 6,552.0 1,075.1 810.6 653.2 493.0 140.8 3,379.3 45.8 1,354.6 2,057.3 19,035.9 12,622.2 12,112.1 3,890.8 1,199.6 2,691.2 8,221.2 303.6 206.5 112.3 94.1 6,413.7 33.7 1,492.9 22.9 1,470.0 796.6 2,908.9 1,637.0 1,271.8 5,478.0 5,432.2 1,076.5 828.7 669.2 1,355.8 142.2 1,359.8 45.8 1,392.3 2,099.1 18,147.1 13,658.0 13,165.4 4,447.8 1,548.7 2,899.1 8,717.5 286.0 206.6 112.5 94.1 4,489.1 24.7 1,598.4 60.2 1,538.2 791.7 2,876.6 1,619.9 1,256.7 4,958.3 4,898.0 1,074.6 832.9 684.1 1,404.9 143.1 758.3 60.3 1,418.1 2,133.2 17,899.5 14,489.8 14,014.6 4,745.9 1,686.6 3,059.3 9,268.7 268.4 206.8 112.6 94.1 3,409.7 19.0 1,700.6 47.4 1,653.2 797.9 2,870.5 1,628.4 1,242.0 4,882.0 4,836.2 1,078.1 837.5 686.3 1,330.5 144.3 759.5 45.8 1,436.6 2,168.2 18,045.1 14,702.9 14,224.7 4,815.8 1,724.5 3,091.3 9,408.9 277.8 200.4 112.8 87.6 3,342.2 18.5 1,807.9 71.7 1,736.2 803.7 2,847.9 1,619.1 1,228.8 4,128.2 4,082.3 1,081.8 842.6 684.7 636.0 145.4 691.8 45.9 1,452.3 2,197.2 17,494.5 14,878.5 14,397.2 4,860.0 1,759.8 3,100.1 9,537.2 287.2 194.2 113.0 81.2 2,616.0 15.0 1,900.6 69.3 1,831.3 811.6 2,838.6 1,611.8 1,226.8 4,097.5 4,051.6 1,082.1 848.1 680.1 358.9 146.4 936.0 46.0 1,462.3 2,216.4 17,626.1 15,080.1 14,582.7 4,929.3 1,774.6 3,154.6 9,653.5 296.6 200.7 113.1 87.6 2,546.0 14.4 1,929.9 150.0 1,779.8 814.6 2,854.2 1,617.9 1,236.4 3,849.8 3,803.7 1,093.1 854.0 672.1 304.5 147.3 732.5 46.1 1,467.9 2,219.5 17,495.6 15,124.0 14,630.1 4,925.1 1,788.0 3,137.1 9,705.0 292.9 200.9 113.3 87.6 2,371.6 13.6 1,766.5 82.7 1,683.8 818.7 2,872.0 1,621.9 1,250.0 3,723.0 3,676.8 1,091.4 860.4 666.9 277.4 148.3 632.4 46.2 1,471.8 2,215.7 17,277.6 15,057.2 14,566.8 4,876.5 1,757.5 3,119.0 9,690.3 289.2 201.1 113.6 87.6 2,220.4 12.9 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 13,163.7 13,389.9 13,600.8 13,794.6 13,961.2 14,101.1 14,205.1 14,118.0 45 17,287.1 16,453.5 16,149.8 16,236.5 15,693.3 15,785.9 15,664.8 15,467.4 46 57,726 52,423 329,760 55,009 49,875 329,894 54,234 48,933 330,038 54,649 49,172 330,199 52,954 47,502 330,368 53,326 47,758 330,535 52,906 47,370 330,692 52,225 46,754 330,829 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 Oct. r 19,715.1 11,734.6 9,582.9 8,146.4 1,560.0 949.4 6,586.3 1,487.7 5,098.6 1,436.5 2,151.6 1,477.2 674.4 Nov. p 19,493.3 11,784.9 9,622.0 8,185.8 1,569.2 955.2 6,616.6 1,495.2 5,121.4 1,436.3 2,162.9 1,487.9 675.0 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 -7- Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Line 2018 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 2020 Q3 Q4 Q1 Q2 18,597.6 18,760.8 18,951.0 20,457.3 11,438.0 11,564.8 11,674.4 10,949.5 9,311.3 9,422.5 9,526.1 8,908.8 7,852.3 7,953.0 8,044.5 7,487.2 1,524.9 1,541.3 1,543.1 1,431.0 903.9 917.5 913.8 857.8 6,327.3 6,411.6 6,501.4 6,056.2 1,416.5 1,427.2 1,444.2 1,362.1 4,910.9 4,984.5 5,057.2 4,694.1 1,459.0 1,469.5 1,481.6 1,421.6 2,126.6 2,142.4 2,148.3 2,040.7 1,477.6 1,486.1 1,482.3 1,400.1 649.0 656.3 666.0 640.5 Q3 r 19,915.8 11,537.3 9,409.9 7,967.5 1,537.0 937.5 6,430.5 1,470.1 4,960.4 1,442.4 2,127.4 1,457.9 669.5 1 2 3 4 5 6 7 8 9 10 11 12 13 Line 17,851.8 10,950.1 8,894.2 7,491.7 1,468.7 883.6 6,023.0 1,360.7 4,662.3 1,402.5 2,055.9 1,430.7 625.2 18,551.5 11,432.4 9,309.3 7,858.5 1,529.9 910.3 6,328.7 1,415.3 4,913.4 1,450.8 2,123.1 1,474.0 649.1 Q2 18,480.9 11,391.7 9,274.9 7,832.5 1,529.1 910.9 6,303.5 1,411.1 4,892.4 1,442.3 2,116.8 1,469.8 646.9 1,585.9 43.0 1,542.9 759.3 2,946.7 1,641.6 1,305.1 2,970.3 2,922.9 972.4 734.2 589.8 27.9 119.7 478.9 47.4 1,360.4 2,085.3 15,766.5 14,529.2 13,993.3 4,371.9 1,481.6 2,890.3 9,621.4 332.9 203.0 111.4 91.6 1,237.3 7.8 1,657.7 49.7 1,608.0 787.1 2,967.9 1,677.4 1,290.4 3,125.2 3,078.0 1,030.7 783.7 614.0 27.7 130.9 490.9 47.2 1,418.8 2,202.9 16,348.6 15,117.4 14,544.6 4,512.2 1,534.4 2,977.9 10,032.4 362.3 210.5 115.2 95.3 1,231.2 7.5 1,628.5 36.9 1,591.6 786.7 2,970.2 1,682.6 1,287.6 3,118.6 3,071.0 1,026.7 779.7 615.0 27.5 129.8 492.4 47.5 1,414.7 2,222.5 16,258.4 15,072.3 14,497.3 4,517.7 1,536.0 2,981.7 9,979.6 364.7 210.3 114.9 95.4 1,186.1 7.3 1,677.0 58.9 1,618.1 789.7 2,970.1 1,681.7 1,288.3 3,141.9 3,094.8 1,034.3 789.9 622.3 27.6 131.9 488.9 47.1 1,419.0 2,197.1 16,400.5 15,219.9 14,645.3 4,553.6 1,552.8 3,000.8 10,091.7 364.9 209.7 115.5 94.2 1,180.6 7.2 1,697.7 58.7 1,639.0 795.5 2,980.4 1,693.4 1,287.0 3,155.2 3,108.7 1,043.0 797.9 619.4 27.9 134.5 486.0 46.5 1,432.9 2,221.2 16,539.6 15,335.8 14,759.2 4,562.4 1,554.1 3,008.2 10,196.8 364.6 212.0 116.0 96.0 1,203.8 7.3 1,706.0 56.4 1,649.6 802.3 2,984.3 1,679.7 1,304.6 3,235.5 3,189.6 1,068.5 804.7 624.1 43.4 138.6 510.4 45.9 1,451.5 2,252.4 16,698.6 15,103.3 14,545.5 4,552.9 1,496.4 3,056.5 9,992.5 352.9 204.9 112.2 92.7 1,595.3 9.6 1,511.9 38.9 1,473.0 796.1 2,910.2 1,637.0 1,273.2 5,678.0 5,627.4 1,075.4 824.1 668.8 1,084.6 142.1 1,832.5 50.6 1,388.4 2,096.5 18,360.8 13,590.0 13,097.3 4,361.5 1,478.3 2,883.2 8,735.8 286.0 206.6 112.5 94.1 4,770.8 26.0 1,803.0 62.8 1,740.2 804.4 2,852.3 1,619.8 1,232.6 4,369.3 4,323.4 1,080.7 842.7 683.7 775.2 145.3 795.8 45.9 1,450.4 2,193.9 17,721.9 14,887.1 14,401.5 4,868.4 1,753.0 3,115.4 9,533.2 287.2 198.4 113.0 85.5 2,834.7 16.0 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 44 13,748.8 14,042.9 14,001.1 14,037.4 14,119.5 14,173.6 13,383.3 13,952.3 45 14,566.4 14,882.5 14,817.8 14,895.4 14,964.5 15,060.3 16,626.5 15,904.6 46 48,223 44,553 326,949 49,763 45,301 328,527 49,528 45,139 328,270 49,890 45,312 328,730 50,244 45,459 329,186 50,674 45,702 329,529 55,656 50,399 329,898 53,643 48,142 330,368 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 -8- 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 June July Aug. Sept. -213.5 180.6 -521.6 150.8 263.8 173.2 157.4 100.0 213.6 149.2 138.5 87.9 208.1 136.5 115.4 96.1 44.0 34.7 18.5 7.0 32.1 30.2 14.8 4.3 164.1 101.8 97.0 89.0 39.0 45.0 22.7 24.8 125.1 56.8 74.3 64.2 5.5 12.7 23.1 -8.2 50.1 24.0 18.9 12.1 38.1 15.3 12.5 8.6 12.0 8.7 6.4 3.5 April 2,329.7 -823.4 -696.2 -648.0 -151.8 -79.7 -496.2 -100.0 -396.2 -48.2 -127.2 -93.9 -33.3 May -847.0 301.5 263.6 288.3 81.9 50.2 206.4 40.8 165.6 -24.7 38.0 17.5 20.4 -192.2 -11.2 -180.9 -4.0 -33.6 -16.9 -16.7 3,306.4 3,306.4 1.8 3.2 17.5 418.7 1.1 2,864.1 0.0 -76.5 -156.1 2,485.8 -1,797.2 -1,766.4 -607.9 -169.3 -438.5 -1,158.6 -32.3 1.5 0.0 1.5 4,283.0 48.5 -10.7 59.2 -3.3 -36.3 -17.0 -19.2 -1,119.8 -1,119.8 1.4 18.2 16.0 862.7 1.4 -2,019.5 0.0 37.7 41.8 -888.8 1,035.8 1,053.3 557.0 349.1 207.9 496.3 -17.6 0.1 0.1 0.0 -1,924.6 105.5 37.2 68.2 -5.0 -32.2 -17.1 -15.1 -519.7 -534.2 -1.9 4.2 14.9 49.2 0.9 -601.5 14.5 25.8 34.1 -247.6 831.8 849.2 298.1 137.9 160.2 551.2 -17.6 0.2 0.2 0.0 -1,079.4 102.2 -12.8 115.0 6.2 -6.2 8.5 -14.7 -76.2 -61.8 3.5 4.6 2.2 -74.4 1.2 1.2 -14.5 18.5 35.0 145.6 213.1 210.1 69.9 38.0 32.0 140.2 9.4 -6.4 0.2 -6.5 -67.5 107.3 24.3 83.0 5.8 -22.6 -9.4 -13.2 -753.8 -753.9 3.7 5.1 -1.6 -694.5 1.1 -67.7 0.1 15.6 29.1 -550.6 175.6 172.5 44.1 35.3 8.8 128.3 9.4 -6.2 0.2 -6.4 -726.3 -811.9 2,337.7 226.2 -833.5 210.9 -303.7 193.8 86.7 166.5 -543.2 Line r p Oct. -127.4 78.2 68.3 76.4 12.2 4.0 64.2 -6.5 70.7 -8.1 9.9 9.5 0.4 Nov. -221.8 50.4 39.1 39.4 9.1 5.8 30.2 7.5 22.8 -0.3 11.3 10.7 0.6 1 2 3 4 5 6 7 8 9 10 11 12 13 92.7 -2.4 95.1 8.0 -9.3 -7.3 -2.0 -30.7 -30.7 0.3 5.5 -4.6 -277.1 1.0 244.2 0.1 10.0 19.1 131.6 201.6 185.6 69.3 14.8 54.5 116.3 9.4 6.6 0.2 6.4 -69.9 29.3 80.7 -51.4 2.9 15.6 6.1 9.5 -247.8 -247.9 11.0 6.0 -7.9 -54.4 0.9 -203.5 0.1 5.6 3.1 -130.5 43.9 47.4 -4.2 13.4 -17.6 51.6 -3.7 0.2 0.2 0.0 -174.4 -163.3 -67.3 -96.0 4.1 17.7 4.1 13.7 -126.7 -126.9 -1.7 6.4 -5.3 -27.1 1.0 -100.1 0.1 4.0 -3.8 -218.0 -66.8 -63.3 -48.6 -30.5 -18.0 -14.8 -3.7 0.2 0.2 0.0 -151.2 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 43 140.0 92.6 104.0 -121.1 -87.1 -197.3 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 -9- Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Line 2018 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 2020 Q3 Q4 Q1 Q2 116.7 163.1 190.2 1,506.3 46.3 126.9 109.6 -724.9 36.4 111.2 103.6 -617.3 19.7 100.7 91.5 -557.3 -4.1 16.4 1.8 -112.1 -7.0 13.5 -3.6 -56.0 23.9 84.3 89.8 -445.2 5.4 10.7 17.0 -82.0 18.5 73.6 72.8 -363.2 16.7 10.5 12.1 -60.0 9.9 15.7 6.0 -107.7 7.8 8.4 -3.8 -82.2 2.1 7.3 9.8 -25.5 Line r 903.2 527.6 422.7 368.0 76.3 37.6 291.6 48.3 243.3 54.8 104.8 84.7 20.1 699.7 482.3 415.1 366.8 61.1 26.7 305.7 54.6 251.1 48.3 67.2 43.3 23.9 Q2 114.2 56.4 46.2 36.1 4.9 2.2 31.2 4.7 26.6 10.1 10.1 7.3 2.8 77.0 1.5 75.5 37.4 208.2 63.9 144.2 115.2 116.7 46.3 41.9 16.1 -2.4 8.2 6.5 -1.5 62.0 38.6 864.7 698.3 652.9 199.6 70.9 128.7 453.3 35.6 9.8 4.3 5.5 166.3 71.7 6.6 65.1 27.8 21.2 35.8 -14.6 154.9 155.1 58.3 49.5 24.2 -0.1 11.2 12.1 -0.2 58.4 117.6 582.1 588.2 551.3 140.4 52.8 87.6 411.0 29.4 7.4 3.8 3.6 -6.1 1.0 -7.3 8.3 10.1 19.5 30.6 -11.1 33.3 33.5 7.8 12.4 15.6 -0.5 2.5 -4.1 -0.2 6.1 51.8 62.4 230.8 220.7 102.5 41.5 61.0 118.2 9.6 0.5 0.7 -0.3 -168.4 48.5 22.0 26.5 3.0 -0.1 -0.8 0.7 23.3 23.8 7.6 10.2 7.3 0.1 2.1 -3.5 -0.4 4.2 -25.3 142.1 147.6 148.0 35.9 16.9 19.1 112.1 0.2 -0.6 0.6 -1.2 -5.5 20.7 -0.2 20.9 5.9 10.4 11.7 -1.3 13.3 13.9 8.8 8.0 -2.9 0.3 2.6 -2.9 -0.6 13.9 24.1 139.1 115.9 113.9 8.8 1.3 7.5 105.1 -0.3 2.3 0.5 1.8 23.2 8.3 -2.3 10.6 6.8 3.9 -13.7 17.6 80.3 80.9 25.4 6.7 4.7 15.5 4.1 24.4 -0.6 18.7 31.2 159.0 -232.5 -213.7 -9.5 -57.7 48.2 -204.3 -11.7 -7.1 -3.8 -3.4 391.5 -194.1 -17.5 -176.6 -6.3 -74.1 -42.7 -31.4 2,442.5 2,437.8 6.9 19.4 44.7 1,041.1 3.5 1,322.1 4.7 -63.2 -155.9 1,662.2 -1,513.3 -1,448.1 -191.4 -18.1 -173.3 -1,256.7 -66.9 1.7 0.3 1.5 3,175.5 291.1 23.8 267.2 8.3 -57.9 -17.3 -40.6 -1,308.8 -1,304.0 5.2 18.7 14.9 -309.4 3.3 -1,036.7 -4.7 62.1 97.4 -638.9 1,297.2 1,304.2 506.8 274.7 232.1 797.3 1.2 -8.2 0.5 -8.7 -1,936.1 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 43 451.0 505.9 294.1 316.1 -13.6 -35.7 36.3 77.6 82.1 69.1 54.1 95.8 -790.3 1,566.3 569.0 -722.0 44 45 Q3 -541.5 587.8 501.1 480.3 106.0 79.7 374.3 108.0 266.3 20.8 86.7 57.7 29.0 1 2 3 4 5 6 7 8 9 10 11 12 13 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 - 10 - Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2020 April May June Based on current-dollar measures 1 Personal income 12.4 -4.0 -1.1 2 Compensation of employees -7.2 2.8 2.4 3 Wages and salaries -7.4 3.0 2.4 4 Supplements to wages and salaries -6.0 1.9 2.5 5 Proprietors' income with inventory valuation and capital consumption adjustments -11.7 3.4 7.1 -0.5 -0.4 -0.6 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets -1.1 -1.2 -1.1 8 Personal interest income -1.0 -1.0 -1.0 9 Personal dividend income -1.3 -1.5 -1.2 10 Personal current transfer receipts 100.5 -17.0 -9.5 -5.3 2.8 1.9 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes -7.1 2.0 1.6 13 Equals: Disposable personal income 15.0 -4.7 -1.4 Addenda: 14 Personal consumption expenditures -12.7 8.7 6.5 15 Goods -13.5 14.3 6.7 16 Durable goods -12.4 29.1 8.9 17 Nondurable goods -14.0 7.7 5.5 18 Services -12.4 6.0 6.3 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income -5.8 15.6 1.7 -4.8 July r Line Aug. r Sept. r Oct. r Nov. p 0.9 1.5 1.6 1.1 -2.6 1.4 1.5 0.9 0.8 0.9 0.9 0.6 -0.6 0.7 0.7 0.5 -1.1 0.4 0.4 0.5 1 2 3 4 6.4 0.8 -0.2 0.5 -1.2 -1.5 1.3 1.6 0.8 6.3 0.7 -0.8 -0.6 -1.1 -15.4 1.1 1.3 -3.1 5.1 1.0 -0.3 -0.4 -0.2 -0.7 0.7 0.9 0.8 1.5 0.4 0.5 0.4 0.8 -6.0 0.4 0.1 -0.7 -8.5 0.5 0.6 0.3 1.1 -3.3 0.3 -0.2 -1.2 5 6 7 8 9 10 11 12 13 1.5 1.5 2.3 1.0 1.5 1.2 0.9 2.0 0.3 1.4 1.3 1.4 0.8 1.8 1.2 0.3 -0.1 0.8 -0.6 0.5 -0.4 -1.0 -1.7 -0.6 -0.2 14 15 16 17 18 1.4 0.5 1.2 -3.3 1.0 0.6 0.7 -0.8 -0.6 -1.3 19 20 1.6 -1.8 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2018 2019 2019 Q2 Q3 2020 Q4 Q1 Q2 Line Q3 r Based on current-dollar measures 1 Personal income 5.3 3.9 2.5 2 Compensation of employees 5.1 4.4 2.0 3 Wages and salaries 5.0 4.7 2.0 4 Supplements to wages and salaries 5.4 3.3 1.9 5 Proprietors' income with inventory valuation and capital consumption adjustments 5.1 4.5 0.2 6 Rental income of persons with capital consumption adjustment 5.2 3.7 5.3 7 Personal income receipts on assets 7.6 0.7 2.7 8 Personal interest income 4.1 2.2 7.6 9 Personal dividend income 12.4 -1.1 -3.4 10 Personal current transfer receipts 4.0 5.2 4.4 4.8 4.3 1.7 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes 1.9 5.6 9.9 13 Equals: Disposable personal income 5.8 3.7 1.5 Addenda: 14 Personal consumption expenditures 4.9 3.9 6.3 15 Goods 4.8 3.2 9.6 16 Durable goods 5.0 3.6 11.6 17 Nondurable goods 4.7 3.0 8.6 18 Services 4.9 4.3 4.9 Based on chained (2012) dollar measures 19 20 Real personal income excluding transfer receipts Real disposable personal income 3.4 3.6 r Revised Source: U.S. Bureau of Economic Analysis - 11 - 2.1 2.2 -0.4 -1.0 2.6 1.6 1.6 1.9 3.6 4.5 4.9 3.0 4.1 3.8 4.5 1.1 35.8 -22.6 -23.5 -18.6 -10.2 23.3 24.5 18.1 1 2 3 4 12.4 1.5 0.0 -0.2 0.2 3.0 1.2 -4.5 3.5 5.0 3.0 1.4 2.8 -0.4 1.7 4.0 4.5 3.4 2.0 3.5 0.5 -3.2 5.6 10.6 5.3 5.7 3.9 -38.3 -3.1 -9.6 -9.8 -9.3 848.5 -16.3 -24.9 46.2 102.2 4.3 -7.7 -4.1 -12.2 -64.9 19.1 19.9 -13.2 5 6 7 8 9 10 11 12 13 4.1 3.2 4.5 2.6 4.6 3.1 0.8 0.3 1.0 4.2 -5.7 -0.8 -14.0 6.6 -7.8 -34.3 -15.8 -4.8 -20.8 -41.6 46.2 55.2 97.7 36.3 41.8 14 15 16 17 18 1.0 2.1 2.4 1.9 1.5 2.6 -20.5 48.6 18.1 -16.3 19 20 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 2020 April May June July r Aug. r Sept. r Billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) 10,999.3 11,936.7 12,644.7 12,799.0 12,914.9 13,060.2 Goods 4,187.1 4,788.2 5,057.0 5,108.6 5,133.0 5,215.6 Durable goods 1,427.1 1,831.3 1,975.4 2,006.0 2,030.4 2,048.2 Nondurable goods 2,755.3 2,978.6 3,109.9 3,132.2 3,133.9 3,197.4 Services 6,893.8 7,291.3 7,735.6 7,837.7 7,925.7 7,995.3 Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE) -1,536.8 937.4 707.9 154.4 115.9 145.4 Goods -598.1 601.1 268.8 51.6 24.4 82.7 Durable goods -179.7 404.2 144.0 30.7 24.4 17.8 Nondurable goods -413.9 223.3 131.3 22.3 1.7 63.4 Services -953.3 397.4 444.3 102.1 88.0 69.6 Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) -12.3 8.5 5.9 1.2 0.9 1.1 Goods -12.5 14.4 5.6 1.0 0.5 1.6 Durable goods -11.2 28.3 7.9 1.6 1.2 0.9 Nondurable goods -13.1 8.1 4.4 0.7 0.1 2.0 Services -12.1 5.8 6.1 1.3 1.1 0.9 Line Oct. r Nov. p 13,099.2 5,222.5 2,066.6 3,187.8 8,025.9 13,040.7 5,168.7 2,032.2 3,166.6 8,013.7 1 2 3 4 5 38.9 6.8 18.3 -9.5 30.6 -58.5 -53.7 -34.4 -21.3 -12.1 6 7 8 9 10 0.3 0.1 0.9 -0.3 0.4 -0.4 -1.0 -1.7 -0.7 -0.2 11 12 13 14 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis 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 2019 Q2 Q3 Billions of chained (2012) dollars Personal consumption expenditures (PCE) 12,928.1 13,240.2 13,212.8 13,301.3 Goods 4,590.2 4,760.5 4,756.3 4,805.2 Durable goods 1,692.7 1,774.6 1,770.5 1,797.8 Nondurable goods 2,910.3 3,001.5 3,001.0 3,023.9 Services 8,367.1 8,520.5 8,498.3 8,541.5 Change from preceding period in billions of chained (2012) dollars Personal consumption expenditures (PCE) 341.0 312.1 119.6 88.6 Goods 179.6 170.3 87.6 48.9 Durable goods 108.1 81.9 52.1 27.4 Nondurable goods 76.3 91.2 38.1 22.9 Services 171.7 153.4 40.8 43.2 Percent change from preceding period in chained (2012) dollars Personal consumption expenditures (PCE) 2.7 2.4 3.7 2.7 Goods 4.1 3.7 7.7 4.2 Durable goods 6.8 4.8 12.7 6.3 Nondurable goods 2.7 3.1 5.3 3.1 Services 2.1 1.8 1.9 2.0 r Revised Source: U.S. Bureau of Economic Analysis - 12 - 2020 Q4 Q1 Q2 Line Q3 r 13,353.7 4,811.8 1,811.7 3,018.2 8,584.9 13,118.4 4,812.9 1,752.0 3,070.6 8,365.3 11,860.3 4,677.4 1,744.6 2,947.9 7,306.9 12,924.7 5,152.4 2,028.2 3,154.5 7,919.6 1 2 3 4 5 52.3 6.6 13.8 -5.7 43.4 -235.3 1.1 -59.7 52.4 -219.5 -1,258.2 -135.5 -7.4 -122.7 -1,058.4 1,064.5 475.0 283.6 206.6 612.6 6 7 8 9 10 1.6 0.6 3.1 -0.7 2.0 -6.9 0.1 -12.5 7.1 -9.8 -33.2 -10.8 -1.7 -15.0 -41.8 41.0 47.2 82.7 31.1 38.0 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) 2020 April May June July r Aug. r Chain-type price indexes (2012=100), seasonally adjusted 110.131 110.314 110.859 111.152 111.482 92.939 92.920 93.885 94.283 94.681 84.096 84.628 85.455 85.989 86.660 97.677 97.349 98.400 98.706 98.922 119.265 119.577 119.838 120.057 120.338 Line Personal consumption expenditures (PCE) 1 2 Goods Durable goods 3 Nondurable goods 4 5 Services Addenda: PCE excluding food and energy 6 112.526 112.755 113.145 113.466 113.818 7 108.471 109.335 109.901 108.908 108.795 Food 1 8 73.041 71.529 74.846 76.706 77.357 Energy goods and services 2 9 107.934 108.043 108.453 108.700 108.982 Market-based PCE 3 10 110.320 110.466 110.671 110.944 111.242 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) -0.5 0.2 0.5 0.3 0.3 11 -1.1 0.0 1.0 0.4 0.4 12 Goods Durable goods 13 -1.3 0.6 1.0 0.6 0.8 Nondurable goods 14 -1.1 -0.3 1.1 0.3 0.2 -0.2 0.3 0.2 0.2 0.2 15 Services Addenda: PCE excluding food and energy 16 -0.4 0.2 0.3 0.3 0.3 17 2.4 0.8 0.5 -0.9 -0.1 Food 1 -9.7 -2.1 4.6 2.5 0.8 18 Energy goods and services 2 19 -0.3 0.1 0.4 0.2 0.3 Market-based PCE 3 20 -0.2 0.1 0.2 0.2 0.3 Market-based PCE excluding food and energy 3 Line Sept. r Oct. r Nov. p 111.658 94.502 86.611 98.659 120.743 111.688 94.298 86.490 98.404 120.925 111.704 94.339 86.451 98.496 120.924 1 2 3 4 5 114.019 108.477 77.894 109.102 111.381 114.038 108.607 77.960 109.093 111.353 114.052 108.448 78.303 109.102 111.359 6 7 8 9 10 0.2 -0.2 -0.1 -0.3 0.3 0.0 -0.2 -0.1 -0.3 0.2 0.0 0.0 0.0 0.1 0.0 11 12 13 14 15 0.2 -0.3 0.7 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 -0.1 0.4 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 Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago 2020 Line 1 Disposable personal income 2 Personal consumption expenditures Goods 3 Durable goods 4 Nondurable goods 5 Services 6 April 16.7 -16.5 -11.5 -18.7 -7.9 -18.7 May 11.1 -9.6 0.6 3.1 -0.6 -14.2 June 8.9 -4.6 5.8 11.0 3.2 -9.2 July r 9.4 -3.6 6.5 12.2 3.6 -8.1 Aug. r 5.2 -2.9 6.7 13.0 3.4 -7.2 Sept. r 5.7 -1.9 8.5 13.3 6.0 -6.6 Oct. r 4.9 -1.8 8.5 14.7 5.2 -6.4 Nov. p 3.1 -2.4 7.4 12.1 4.9 -6.7 Line 1 2 3 4 5 6 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis 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 2020 0.5 -2.2 -2.9 -1.8 1.7 0.5 -2.2 -2.3 -2.1 1.8 0.9 -1.1 -1.8 -0.7 1.9 1.0 -0.7 -0.6 -0.7 1.8 Aug. r 1.2 -0.1 0.4 -0.3 1.8 0.9 4.0 -17.0 0.6 1.1 1.0 4.6 -18.1 0.6 1.2 1.1 5.2 -12.8 0.9 1.2 1.3 4.3 -11.4 1.0 1.3 1.4 4.3 -9.4 1.2 1.5 April May June July r Sept. r 1.4 -0.1 0.3 -0.4 2.0 1.5 3.9 -8.1 1.3 1.5 Oct. r 1.2 -0.5 0.4 -1.0 2.0 Nov. p 1.1 -0.4 0.8 -1.1 1.9 1.4 3.8 -9.6 1.1 1.3 1.4 3.7 -9.9 1.0 1.3 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 - 13 -
@FedFRASER