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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Thursday, November 30, 2023
Technical:

Media:

Lisa Mataloni (Personal Income)
Kyle Brown (PCE Goods)
Harvey Davis (PCE Services)
Connie O'Connell

(301) 278-9083
(301) 278-9086
(301) 278-9719
(301) 278-9003

BEA 23–56
piniwd@bea.gov
pce@bea.gov
Connie.OConnell@bea.gov

Personal Income and Outlays, October 2023
Personal income increased $57.1 billion (0.2 percent at a monthly rate) in October, 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 $63.4 billion (0.3 percent) and
personal consumption expenditures (PCE) increased $41.2 billion (0.2 percent).
The PCE price index increased less than 0.1 percent. Excluding food and energy, the PCE price index
increased 0.2 percent (table 5). Real DPI increased 0.3 percent in October and real PCE increased 0.2
percent; goods increased 0.1 percent and services increased 0.2 percent (tables 3 and 4).
2023
June
July
Aug.
Sept.
Oct.
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

0.2

0.3

0.5

0.4

0.2

0.1
-0.1

0.1
-0.1

0.4
0.0

0.4
0.0

0.3
0.3

0.4
0.3

0.7
0.6

0.4
0.0

0.7
0.3

0.2
0.2

0.2
0.2

0.2
0.2

0.4
0.1

0.4
0.3

0.0
0.2

Percent change from month one year ago
3.2
3.4
3.4
3.4
3.0
4.3
4.3
3.8
3.7
3.5

The increase in current-dollar personal income in October primarily reflected increases in personal
income receipts on assets and compensation that were partly offset by a decrease in personal current
transfer receipts (table 2).
The $41.2 billion increase in current-dollar PCE in October reflected an increase of $53.1 billion in
spending for services that was partly offset by a $11.9 billion decrease in spending for goods (table 2).
Within services, the largest contributors to the increase were health care (led by hospital and nursing
home services), housing and utilities (led by housing), and other services (led by international travel).
Within goods, the largest contributors to the decrease were motor vehicles and parts (led by new motor
vehicles) and 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 $43.8 billion in October (table 2). Personal saving was $768.6 billion in October and the
personal saving rate—personal saving as a percentage of disposable personal income—was 3.8 percent
(table 1).
Prices
From the preceding month, the PCE price index for October increased less than 0.1 percent (table 5).
Prices for goods decreased 0.3 percent and prices for services increased 0.2 percent. Food prices
increased 0.2 percent and energy prices decreased 2.6 percent. Excluding food and energy, the PCE
price index increased 0.2 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 October increased 3.0 percent (table 7).
Prices for goods increased 0.2 percent and prices for services increased 4.4 percent. Food prices
increased 2.4 percent and energy prices decreased 4.8 percent. Excluding food and energy, the PCE
price index increased 3.5 percent from one year ago.
Real PCE
The 0.2 percent increase in real PCE in October reflected an increase of 0.2 percent in spending on
services and an increase of 0.1 percent in spending on goods (table 4). Within services, the largest
contributors to the increase were other services (led by international travel), health care (led by hospital
and nursing home services), and food services and accommodations (led by accommodations). Within
goods, the largest contributor to the increase was gasoline and other energy goods. Detailed
information on monthly real PCE spending can be found on Table 2.4.6U.
Updates to Personal Income and Outlays
Estimates have been updated for April through September. For April through June estimates for
compensation, personal taxes, and contributions for government social insurance reflect the
incorporation of updated second-quarter wage and salary data from the Bureau of Labor Statistics
Quarterly Census of Employment and Wages program. 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 August and September.

Page 2 of 9

Change from preceding month
August
September
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

94.0

105.1

0.4

0.5

77.8

96.8

0.3

0.4

51.8
-19.1

77.1
2.8

0.3
-0.1

0.4
0.0

56.1
-13.2

81.6
5.2

0.3
-0.1

0.4
0.0

79.8
8.9

68.6
0.7

0.4
0.1

0.4
0.0

138.7
59.4

133.5
52.9

0.7
0.4

0.7
0.3

*

*

*

Next release: December 22, 2023, at 8:30 a.m. EST
Personal Income and Outlays, November 2023

Personal Income and Outlays Release
Dates for 2024
Estimate

Release Date

December 2023

January 26, 2024

January 2024

February 29, 2024

February 2024

March 29, 2024

March 2024

April 26, 2024

April 2024

May 31, 2024

May 2024

June 28, 2024

June 2024

July 26, 2024

July 2024

August 30, 2024

August 2024

September 27, 2024

September 2024

October 31, 2024

October 2024

November 27, 2024

November 2024

December 20, 2024

Page 3 of 9

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.”

Personal Income and Outlays News Release Tables

Page 4 of 9

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 9

November 30, 2023

Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]
Seasonally adjusted at annual rates
2023

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
45

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:

r

r

r

r

Line
r

r

p

March
22,757.9
14,041.7
11,633.1
9,937.7
1,818.5
1,071.2
8,119.2
1,796.0
6,323.1
1,695.5
2,408.6
1,603.5

April
22,806.1
14,092.7
11,680.1
9,976.9
1,828.4
1,077.3
8,148.5
1,797.8
6,350.7
1,703.2
2,412.6
1,604.7

May
22,876.6
14,151.1
11,730.8
10,019.8
1,836.7
1,079.5
8,183.1
1,793.1
6,390.0
1,711.0
2,420.3
1,609.4

June
22,921.4
14,218.6
11,788.9
10,070.4
1,847.2
1,088.6
8,223.2
1,804.5
6,418.7
1,718.6
2,429.6
1,615.0

July
22,984.0
14,280.7
11,840.9
10,102.5
1,857.3
1,092.1
8,245.2
1,808.4
6,436.8
1,738.4
2,439.8
1,622.0

Aug.
23,089.1
14,346.9
11,897.1
10,143.6
1,864.3
1,094.3
8,279.3
1,814.7
6,464.6
1,753.5
2,449.8
1,628.6

Sept.
23,185.9
14,419.1
11,958.9
10,190.8
1,872.0
1,098.2
8,318.8
1,826.0
6,492.8
1,768.1
2,460.2
1,634.9

Oct.
23,242.9
14,442.9
11,975.9
10,196.2
1,876.6
1,098.1
8,319.6
1,819.8
6,499.8
1,779.7
2,467.0
1,640.7

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

805.1

807.9

811.0

814.6

817.7

821.3

825.2

826.3

13

1,821.5

1,821.1

1,821.3

1,829.9

1,842.2

1,863.4

1,883.3

1,891.3

14

63.8
1,757.7
960.7
3,600.9
1,752.6
1,848.3
4,115.1
4,013.6
1,344.5
939.3
886.1
22.8
172.7
648.2
101.6
1,782.0
2,760.4
19,997.5
18,950.0
18,282.6
6,089.2
2,167.3
3,921.9
12,193.4
424.7
242.8
129.9
112.9
1,047.5
5.2

61.0
1,760.1
960.6
3,606.8
1,753.6
1,853.3
4,112.3
4,010.1
1,349.9
940.6
908.2
22.8
172.7
615.9
102.2
1,787.4
2,707.4
20,098.7
19,056.2
18,363.8
6,139.1
2,183.7
3,955.4
12,224.7
449.7
242.6
130.1
112.5
1,042.5
5.2

58.2
1,763.1
960.8
3,610.2
1,754.7
1,855.5
4,126.8
4,024.0
1,354.7
941.9
916.2
22.3
172.4
616.4
102.8
1,793.6
2,691.2
20,185.4
19,125.4
18,407.8
6,144.7
2,202.8
3,941.9
12,263.0
474.7
242.9
130.4
112.5
1,060.0
5.3

55.5
1,774.4
961.8
3,590.7
1,756.1
1,834.7
4,121.3
4,017.8
1,356.7
943.3
909.8
21.6
172.5
613.8
103.5
1,800.9
2,712.9
20,208.4
19,228.3
18,485.4
6,150.1
2,194.2
3,955.9
12,335.3
499.8
243.1
130.6
112.5
980.1
4.8

53.9
1,788.3
967.0
3,602.0
1,772.4
1,829.6
4,099.5
3,995.4
1,358.1
944.8
895.2
21.1
172.7
603.5
104.1
1,807.3
2,754.4
20,229.6
19,379.6
18,621.3
6,187.9
2,206.9
3,981.0
12,433.4
512.1
246.1
130.9
115.2
850.1
4.2

52.3
1,811.1
974.0
3,620.7
1,788.9
1,831.8
4,098.4
3,993.8
1,361.9
946.3
881.9
21.1
172.9
609.7
104.7
1,814.4
2,782.4
20,306.7
19,459.6
18,689.9
6,228.2
2,192.7
4,035.5
12,461.7
523.2
246.4
131.2
115.2
847.1
4.2

50.7
1,832.7
980.8
3,637.5
1,805.5
1,831.9
4,087.7
3,978.8
1,363.0
947.9
870.7
20.8
173.0
603.5
108.9
1,822.5
2,797.6
20,388.3
19,639.3
18,823.4
6,270.2
2,215.8
4,054.4
12,553.2
569.2
246.7
131.5
115.2
749.0
3.7

49.3
1,842.0
986.1
3,665.2
1,818.3
1,846.9
4,082.5
3,973.1
1,378.5
949.6
861.3
22.0
173.3
588.5
109.3
1,824.9
2,791.2
20,451.7
19,683.1
18,864.7
6,258.3
2,204.0
4,054.4
12,606.4
571.4
247.0
131.8
115.2
768.6
3.8

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

15,596.8

15,592.2

15,622.4

15,638.0

15,680.0

15,710.9

15,741.5

15,785.0

45

16,730.2

16,763.9

16,818.5

16,809.5

16,796.9

16,799.7

16,804.8

16,848.7

46

59,738
49,978
334,753

60,018
50,060
334,880

60,253
50,203
335,013

60,294
50,153
335,163

60,328
50,091
335,329

60,526
50,073
335,501

60,738
50,063
335,675

60,898
50,169
335,836

47
48
49

Personal income excluding current transfer receipts,
billions of chained (2017) dollars

5

Disposable personal income:
46
47
48
49

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

5

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2023.
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 9

November 30, 2023

Table 2. Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars]
Seasonally adjusted at annual rates
2023

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

Line

March
109.5
73.1
64.6
54.8
11.8
6.9
43.0
0.3
42.8
9.8
8.5
4.5

April r
48.2
50.9
46.9
39.2
9.9
6.1
29.3
1.7
27.6
7.7
4.0
1.2

May r
70.5
58.4
50.7
42.9
8.3
2.2
34.6
-4.6
39.2
7.8
7.7
4.6

June r
44.7
67.5
58.2
50.6
10.5
9.1
40.1
11.3
28.7
7.6
9.3
5.6

July r
62.6
62.1
51.9
32.2
10.1
3.5
22.1
4.0
18.1
19.8
10.1
7.0

Aug. r
105.1
66.3
56.2
41.1
7.0
2.1
34.1
6.2
27.8
15.1
10.0
6.5

Sept. r
96.8
72.1
61.8
47.1
7.7
4.0
39.5
11.3
28.2
14.6
10.3
6.4

Oct. p
57.1
23.8
17.0
5.4
4.6
-0.1
0.9
-6.1
7.0
11.5
6.8
5.7

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

4.0

2.8

3.1

3.7

3.1

3.5

4.0

1.1

13

-7.1

-0.4

0.2

8.6

12.3

21.3

19.9

7.9

14

-7.5
0.3
14.9

-2.8
2.4
0.0

-2.8
3.0
0.1

-2.8
11.3
1.0

-1.6
13.9
5.2

-1.6
22.8
7.0

-1.6
21.5
6.8

-1.4
9.3
5.3

15
16
17

30.0
8.3
21.7
6.4
5.7
4.5
1.2
14.6
0.8
-0.3
-15.1
0.7
7.7
-3.0
112.5
-9.0
-14.0
-75.0
-36.3
-38.7
61.0
4.8
0.2
0.2
0.0
121.5

6.0
1.0
5.0
-2.9
-3.5
5.4
1.3
22.0
0.0
0.0
-32.2
0.6
5.5
-53.0
101.2
106.1
81.3
50.0
16.5
33.5
31.3
25.0
-0.2
0.3
-0.4
-5.0

3.4
1.2
2.2
14.5
13.9
4.8
1.3
8.0
-0.5
-0.3
0.5
0.6
6.2
-16.2
86.7
69.2
43.9
5.6
19.1
-13.5
38.4
25.0
0.2
0.2
0.0
17.5

-19.5
1.3
-20.8
-5.5
-6.1
2.1
1.4
-6.4
-0.7
0.1
-2.6
0.6
7.3
21.7
23.0
102.9
77.6
5.4
-8.6
14.0
72.3
25.0
0.3
0.3
0.0
-79.9

11.3
16.3
-5.1
-21.8
-22.4
1.4
1.5
-14.6
-0.5
0.1
-10.3
0.6
6.3
41.5
21.2
151.2
135.9
37.8
12.7
25.2
98.1
12.3
3.0
0.3
2.7
-130.0

18.7
16.5
2.2
-1.1
-1.7
3.8
1.5
-13.3
-0.1
0.2
6.2
0.6
7.1
28.0
77.1
80.0
68.6
40.3
-14.2
54.5
28.3
11.1
0.3
0.3
0.0
-3.0

16.8
16.7
0.1
-10.8
-14.9
1.1
1.6
-11.2
-0.3
0.2
-6.2
4.2
8.1
15.2
81.6
179.7
133.5
42.0
23.1
18.9
91.5
45.9
0.3
0.3
0.0
-98.1

27.7
12.8
14.9
-5.2
-5.7
15.5
1.7
-9.4
1.2
0.2
-14.9
0.5
2.5
-6.4
63.4
43.8
41.2
-11.9
-11.9
0.0
53.1
2.3
0.3
0.3
0.0
19.6

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

67.7

-4.7

30.2

15.6

42.0

30.9

30.6

43.5

44

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

74.2

33.7

54.6

-9.0

-12.7

2.8

5.2

43.9

45

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2023.
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 9

November 30, 2023

Table 3. Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Seasonally adjusted at monthly rates
2023

Line
r

r

March
April
May
Based on current-dollar measures
0.5
0.2
0.3
1 Personal income
2
Compensation of employees
0.5
0.4
0.4
3
Wages and salaries
0.6
0.4
0.4
4
Supplements to wages and salaries
0.4
0.2
0.3
Proprietors' income with inventory valuation and capital
5
-0.4
0.0
0.0
consumption adjustments
1.6
0.0
0.0
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
0.8
0.2
0.1
8
Personal interest income
0.5
0.1
0.1
9
Personal dividend income
1.2
0.3
0.1
10
Personal current transfer receipts
0.2
-0.1
0.4
0.4
0.3
0.3
11
Less: Contributions for government social insurance, domestic
-0.1
-1.9
-0.6
12 Less: Personal current taxes
0.6
0.5
0.4
13 Equals: Disposable personal income
Addenda:
14
Personal consumption expenditures
-0.1
0.4
0.2
15
Goods
-1.2
0.8
0.1
16
Durable goods
-1.6
0.8
0.9
17
Nondurable goods
-1.0
0.9
-0.3
18
Services
0.5
0.3
0.3
Based on chained (2017) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

0.4
0.4

0.0
0.2

0.2
0.3

June

r

Line
July

r

Aug.

r

Sept.

r

Oct.

p

0.2
0.5
0.5
0.4

0.3
0.4
0.4
0.4

0.5
0.5
0.5
0.4

0.4
0.5
0.5
0.4

0.2
0.2
0.1
0.3

1
2
3
4

0.5
0.1

0.7
0.5

1.2
0.7

1.1
0.7

0.4
0.5

5
6

-0.5
0.1
-1.1
-0.1
0.4

0.3
0.9
-0.3
-0.5
0.4

0.5
0.9
0.1
0.0
0.4

0.5
0.9
0.0
-0.3
0.4

0.8
0.7
0.8
-0.1
0.1

7
8
9
10
11

0.8
0.1

1.5
0.1

1.0
0.4

0.5
0.4

-0.2
0.3

12
13

0.4
0.1
-0.4
0.4
0.6

0.7
0.6
0.6
0.6
0.8

0.4
0.7
-0.6
1.4
0.2

0.7
0.7
1.1
0.5
0.7

0.2
-0.2
-0.5
0.0
0.4

14
15
16
17
18

0.1
-0.1

0.3
-0.1

0.2
0.0

0.2
0.0

0.3
0.3

19
20

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2023.
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
March
April
May
June
July r
Aug. r
Billions of chained (2017) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
15,295.4 15,316.9 15,337.4 15,376.3 15,461.5 15,462.1
Goods
5,307.2
5,336.3
5,348.4
5,357.2
5,404.6
5,397.5
Durable goods
1,999.5
2,012.6
2,025.4
2,024.6
2,050.9
2,044.5
Nondurable goods
3,316.0
3,332.3
3,332.4
3,341.6
3,363.5
3,362.5
Services
10,013.8 10,007.3 10,016.0 10,045.9 10,085.1 10,092.2
Change from preceding period in billions of chained (2017) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
-30.1
21.5
20.5
38.9
85.1
0.7
Goods
-53.0
29.2
12.1
8.8
47.4
-7.0
Durable goods
-31.5
13.1
12.7
-0.8
26.3
-6.4
Nondurable goods
-22.6
16.3
0.0
9.2
21.9
-1.0
Services
20.5
-6.4
8.7
29.9
39.1
7.2
Percent change from preceding period in chained (2017) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
-0.2
0.1
0.1
0.3
0.6
0.0
Goods
-1.0
0.5
0.2
0.2
0.9
-0.1
Durable goods
-1.6
0.7
0.6
0.0
1.3
-0.3
Nondurable goods
-0.7
0.5
0.0
0.3
0.7
0.0
Services
0.2
-0.1
0.1
0.3
0.4
0.1

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

Page 8 of 9

Line

Sept. r

Oct. p

15,515.0
5,424.8
2,068.1
3,367.7
10,118.5

15,541.3
5,430.3
2,062.8
3,377.7
10,139.1

1
2
3
4
5

52.9
27.3
23.6
5.2
26.3

26.3
5.5
-5.3
10.0
20.6

6
7
8
9
10

0.3
0.5
1.2
0.2
0.3

0.2
0.1
-0.3
0.3
0.2

11
12
13
14
15

November 30, 2023

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
March
April
May
June
July r
Aug. r
Chain-type price indexes (2017=100), seasonally adjusted
Personal consumption expenditures (PCE)
119.530 119.893 120.020 120.221 120.438 120.877
Goods
114.730 115.038 114.882 114.794 114.488 115.384
Durable goods
108.400 108.514 108.772 108.390 107.616 107.261
Nondurable goods
118.259 118.685 118.279 118.369 118.348 120.002
Services
121.774 122.165 122.441 122.797 123.293 123.486
Addenda:
PCE excluding food and energy
118.279 118.642 118.984 119.189 119.406 119.535
124.742 124.723 124.919 124.790 125.082 125.395
Food 1
2
137.598 138.727 133.395 134.192 134.291 142.498
Energy goods and services
3
118.258 118.584 118.698 118.814 118.991 119.442
Market-based PCE
3
116.611 116.932 117.292 117.400 117.572 117.667
Market-based PCE excluding food and energy
Percent change from preceding period in price indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.1
0.3
0.1
0.2
0.2
0.4
Goods
-0.2
0.3
-0.1
-0.1
-0.3
0.8
Durable goods
-0.1
0.1
0.2
-0.4
-0.7
-0.3
Nondurable goods
-0.3
0.4
-0.3
0.1
0.0
1.4
Services
0.3
0.3
0.2
0.3
0.4
0.2
Addenda:
PCE excluding food and energy
0.3
0.3
0.3
0.2
0.2
0.1
-0.2
0.0
0.2
-0.1
0.2
0.3
Food 1
-3.7
0.8
-3.8
0.6
0.1
6.1
Energy goods and services 2
0.1
0.3
0.1
0.1
0.1
0.4
Market-based PCE 3
0.4
0.3
0.3
0.1
0.1
0.1
Market-based PCE excluding food and energy 3

Line

Sept. r

Oct. p

121.325
115.578
107.154
120.379
124.070

121.385
115.242
106.855
120.022
124.342

1
2
3
4
5

119.911
125.770
144.878
119.951
118.101

120.107
126.082
141.077
120.074
118.389

6
7
8
9
10

0.4
0.2
-0.1
0.3
0.5

0.0
-0.3
-0.3
-0.3
0.2

11
12
13
14
15

0.3
0.3
1.7
0.4
0.4

0.2
0.2
-2.6
0.1
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
2023

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

March
4.4
1.7
0.4
2.0
-0.5
2.5

April r
4.5
1.6
0.4
1.4
-0.1
2.2

May r
5.0
1.8
1.3
4.0
-0.1
2.1

June r
5.3
2.1
1.8
4.3
0.4
2.2

July r
4.3
2.6
2.9
4.8
1.9
2.5

Aug. r
3.9
2.2
2.3
4.1
1.3
2.1

Sept. r
3.8
2.2
2.4
5.2
0.8
2.2

Oct. p
3.9
2.2
2.1
3.7
1.3
2.3

Line
1
2
3
4
5
6

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2023.
Source: U.S. Bureau of Economic Analysis

Table 7. 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
7
8
9
10

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

March
4.4
2.0
0.4
2.8
5.7
4.8
7.9
-7.6
4.3
4.7

April

May
4.4
2.2
0.5
3.1
5.6

4.0
1.2
0.4
1.6
5.4

4.8
6.9
-5.7
4.3
4.7

4.7
5.9
-12.3
3.8
4.6

2023
June
July r
3.2
3.4
-0.4
-0.2
-0.5
-1.0
-0.3
0.2
5.1
5.2
4.3
4.7
-17.5
2.9
4.1

4.3
3.7
-13.0
3.0
4.0

Aug. r
3.4
0.7
-1.9
2.1
4.8

Sept. r
3.4
0.9
-2.3
2.7
4.7

Oct. p
3.0
0.2
-2.2
1.6
4.4

3.8
3.1
-3.5
3.1
3.6

3.7
2.7
0.0
3.3
3.5

3.5
2.4
-4.8
2.9
3.4

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 9 of 9

Line
1
2
3
4
5
6
7
8
9
10