Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays: September 2019, BEA 19-56 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, OCTOBER 31, 2019
Technical:
Media:

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

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

BEA 19-56

piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays: September 2019
Personal income increased $50.2 billion (0.3 percent) in September according to estimates released
today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $55.7 billion (0.3
percent) and personal consumption expenditures (PCE) increased $24.3 billion (0.2 percent).
Real DPI increased 0.3 percent in September and Real PCE increased 0.2 percent. The PCE price index
decreased less than 0.1 percent. Excluding food and energy, the PCE price index increased less than 0.1
percent.

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
May
Jun.
Jul.
Aug.
Sept.
Percent change from preceding month
0.4

0.4

0.1

0.5

0.3

0.3
0.2

0.4
0.3

0.2
0.0

0.6
0.5

0.3
0.3

0.4
0.3

0.3
0.2

0.5
0.3

0.2
0.2

0.2
0.2

0.1
0.1

0.1
0.3

0.2
0.2

0.0
0.1

0.0
0.0

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

The increase in personal income in September primarily reflected increases in personal interest income,
farm proprietors’ income, and government social benefits to persons (table 3).
BEA adjusted September wages and salaries downward by $1.9 billion (at an annual rate) to account for
the United Automobile Workers work stoppage that began on September 16th. This adjustment was

necessary because the source data BEA primarily uses to estimate monthly wages and salaries – the
Bureau of Labor Statistics’ Current Employment Statistics survey – did not capture the strike’s effects.
Farm proprietors’ income increased $23.3 billion in August and $12.1 billion in September; payments
associated with the Department of Agriculture’s Market Facilitation Program were substantial
contributors to both increases.
The $22.8 billion increase in real PCE in September reflected an increase of $18.4 billion in spending for
goods and a $6.5 billion increase in spending for services (table 7). Within goods, new motor vehicles
was the leading contributor to the increase. Within services, the largest contributor to the increase was
spending for health care. Detailed information on monthly real PCE spending can be found on Table
2.3.6U.
Personal outlays increased $23.0 billion in September (table 3). Personal saving was $1.38 trillion in
September and the personal saving rate, personal saving as a percentage of disposable personal
income, was 8.3 percent (table 1).
Updates to Personal Income and Outlays
Estimates have been updated for July and August. The percent change from the preceding month for
current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE -- revised
and as published in last month's release -- are shown below.
Change from preceding month

July
Previous
Revised
(Billions of dollars)
Personal income:
Current dollars
Disposable personal
income:
Current dollars
Chained (2012) dollars
Personal consumption
expenditures:
Current dollars
Chained (2012) dollars

Previous
Revised
(Percent)

August
Previous
Revised
Previous
Revised
(Billions of dollars)
(Percent)

23.6

21.2

0.1

0.1

73.5

87.5

0.4

0.5

42.0
2.6

39.7
-0.9

0.3
0.0

0.2
0.0

77.7
65.8

92.2
80.3

0.5
0.4

0.6
0.5

72.7
34.5

74.8
35.3

0.5
0.3

0.5
0.3

20.1
13.9

32.1
26.0

0.1
0.1

0.2
0.2

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: November 27, 2019 at 10:00 A.M. EST
Personal Income and Outlays: October 2019

October 1
October 30
November 25
December 23

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

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reading The BEA Wire, signing up for BEA’s email
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@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

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 chaineddollar 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

-

October 31, 2019

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

Feb.
18,363.5
11,308.8
9,213.7
7,781.3
1,526.4
907.8
6,255.0
1,399.1
4,855.9
1,432.3
2,095.1
1,450.2
644.9

March
18,445.5
11,394.7
9,290.3
7,855.9
1,537.1
911.7
6,318.9
1,421.9
4,897.0
1,434.3
2,104.5
1,454.4
650.1

Seasonally adjusted at annual rates
2019
April
May
June
July r
18,527.9 18,594.6 18,676.2 18,697.4
11,406.3 11,423.9 11,480.4 11,506.8
9,296.6
9,308.5
9,355.8
9,375.5
7,858.3
7,867.2
7,907.4
7,922.0
1,544.5
1,546.8
1,556.0
1,557.1
912.4
914.2
920.0
920.2
6,313.9
6,320.3
6,351.4
6,364.8
1,405.6
1,406.9
1,414.7
1,414.3
4,908.3
4,913.4
4,936.7
4,950.6
1,438.3
1,441.3
1,448.4
1,453.5
2,109.7
2,115.4
2,124.6
2,131.3
1,459.3
1,464.3
1,470.4
1,476.0
650.4
651.0
654.1
655.3

1,625.4
31.5
1,593.9
766.9
2,956.3
1,696.5
1,259.8
3,113.9
3,059.5
1,022.6
775.0
610.0
27.0
116.5
508.4
54.4
1,407.8
2,159.7
16,203.7
14,773.3
14,216.6
4,353.6
1,463.8
2,889.9
9,862.9
359.1
197.7
108.0
89.7
1,430.4
8.8

1,613.9
14.7
1,599.2
770.1
2,957.9
1,700.7
1,257.2
3,127.1
3,072.7
1,026.0
781.5
616.6
26.8
117.2
504.6
54.4
1,418.2
2,172.0
16,273.5
14,912.3
14,354.6
4,447.6
1,508.9
2,938.6
9,907.0
359.8
197.9
108.2
89.7
1,361.2
8.4

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
1,419.2
2,193.2
16,334.8
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
1,322.1
8.1

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
1,420.9
2,209.1
16,385.6
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
1,307.6
8.0

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
1,427.3
2,223.1
16,453.2
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
1,324.6
8.1

1,653.1
21.8
1,631.3
781.1
3,002.0
1,726.2
1,275.9
3,184.3
3,129.7
1,034.8
804.8
641.0
26.0
119.5
503.7
54.5
1,430.0
2,204.6
16,492.8
15,202.9
14,639.8
4,556.4
1,541.7
3,014.7
10,083.4
363.1
199.9
108.9
91.0
1,290.0
7.8

1,691.3
45.2
1,646.2
781.0
2,987.8
1,706.8
1,281.0
3,194.7
3,140.1
1,037.4
810.0
643.4
25.8
120.1
503.4
54.6
1,436.9
2,199.9
16,585.0
15,233.7
14,671.9
4,558.8
1,548.0
3,010.9
10,113.0
361.7
200.1
109.1
91.0
1,351.3
8.1

1,697.3
57.2
1,640.1
781.0
3,013.7
1,726.4
1,287.3
3,205.6
3,150.9
1,040.3
814.9
645.0
25.5
120.7
504.4
54.7
1,437.5
2,194.3
16,640.7
15,256.8
14,696.2
4,561.0
1,553.6
3,007.4
10,135.1
360.3
200.3
109.3
91.0
1,384.0
8.3

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

14,012.2

14,046.0

14,062.4

14,096.2

14,138.7

14,113.3

14,179.9

14,216.5

45

14,889.0

14,921.7

14,931.5

14,963.0

15,005.4

15,004.6

15,084.8

15,136.3

46

49,300
45,300
328,677

49,491
45,380
328,817

49,654
45,389
328,969

49,784
45,462
329,131

49,963
45,567
329,304

50,055
45,538
329,493

50,305
45,755
329,689

50,444
45,884
329,884

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
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

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,
45
billions of chained (2012) dollars 5

46
47
48
49

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

Line
Aug. r
18,784.9
11,567.0
9,427.4
7,970.4
1,560.8
922.2
6,409.6
1,424.2
4,985.4
1,457.0
2,139.5
1,480.9
658.6

Sept. p
18,835.1
11,575.0
9,430.6
7,971.1
1,558.9
920.7
6,412.2
1,422.9
4,989.3
1,459.5
2,144.3
1,485.7
658.6

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

October 31, 2019

Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
2017

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
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:
Personal income excluding current transfer receipts,
45
billions of chained (2012) dollars 5
46
47
48
49

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

2018

Seasonally adjusted at annual rates
2018
2019
Q3
Q4
Q1
Q2
17,928.5 18,082.8 18,355.4 18,599.6
10,994.3 11,057.4 11,306.6 11,436.8
8,942.2
8,990.0
9,211.5
9,320.3
7,529.6
7,566.8
7,779.5
7,877.6
1,477.3
1,488.0
1,525.3
1,549.1
884.6
891.6
907.1
915.5
6,052.2
6,078.8
6,254.2
6,328.5
1,366.3
1,373.1
1,403.5
1,409.1
4,686.0
4,705.8
4,850.7
4,919.5
1,412.6
1,423.3
1,432.0
1,442.7
2,052.0
2,067.4
2,095.1
2,116.5
1,426.6
1,439.3
1,450.3
1,464.7
625.4
628.1
644.8
651.8

Q3
18,772.4
11,549.6
9,411.2
7,954.5
1,559.0
921.0
6,395.5
1,420.4
4,975.1
1,456.7
2,138.4
1,480.9
657.5

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

Line

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
1,422.5
2,208.4
16,391.2
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
1,318.1
8.0

1,680.6
41.4
1,639.2
781.0
3,001.2
1,719.8
1,281.4
3,194.9
3,140.3
1,037.5
809.9
643.2
25.8
120.1
503.8
54.6
1,434.8
2,199.6
16,572.9
15,231.1
14,669.3
4,558.8
1,547.8
3,011.0
10,110.5
361.7
200.1
109.1
91.0
1,341.7
8.1

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
44

13,245.3

13,729.6

13,670.5

13,785.6

13,863.6

13,999.8

14,099.1

14,169.9

45

14,002.8

14,556.2

14,495.9

14,613.3

14,715.2

14,878.1

14,966.6

15,075.2

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

49,801
45,473
329,135

50,268
45,726
329,689

47
48
49

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

October 31, 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:
Personal income excluding current transfer receipts,
44
billions of chained (2012) dollars 5
45

Disposable personal income, billions of chained (2012) dollars 5

Seasonally adjusted at annual rates
2019
April
May
June
July r
82.4
66.7
81.6
21.2
11.5
17.6
56.5
26.4
6.3
11.9
47.3
19.7
2.4
8.8
40.2
14.6
7.4
2.4
9.2
1.1
0.7
1.8
5.8
0.2
-5.0
6.5
31.0
13.5
-16.3
1.4
7.7
-0.4
11.3
5.1
23.3
13.9
3.9
3.1
7.1
5.1
5.2
5.7
9.2
6.8
4.9
5.0
6.1
5.6
0.3
0.7
3.1
1.2

Feb.
106.1
92.5
83.1
80.2
14.0
6.0
66.2
9.7
56.5
2.9
9.4
3.9
5.5

March
82.0
86.0
76.6
74.6
10.7
3.9
63.9
22.8
41.1
2.0
9.4
4.1
5.2

1.3
3.2
-1.9
2.7
5.1
-4.3
9.4
15.5
15.6
2.6
6.8
5.5
0.2
0.8
-0.3
-0.1
11.0
20.8
85.4
-10.1
-11.1
-38.2
-19.6
-18.6
27.2
0.8
0.2
0.2
0.0
95.5

-11.6
-16.8
5.2
3.3
1.6
4.1
-2.6
13.1
13.2
3.4
6.5
6.6
-0.2
0.7
-3.8
0.0
10.4
12.3
69.8
139.0
138.0
93.9
45.2
48.8
44.1
0.8
0.2
0.2
0.0
-69.2

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
1.0
21.2
61.3
100.4
97.9
35.5
-1.2
36.7
62.4
1.6
0.9
0.2
0.7
-39.1

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
1.7
15.9
50.8
65.3
63.5
29.6
21.2
8.4
33.9
1.6
0.2
0.2
0.0
-14.5

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
6.3
14.0
67.6
50.7
48.9
12.6
8.0
4.5
36.4
1.6
0.2
0.2
0.0
17.0

70.9
65.3

33.8
32.7

16.4
9.8

33.8
31.5

42.5
42.4

Line
Aug. r
87.5
60.2
51.9
48.4
3.7
2.0
44.8
9.9
34.9
3.5
8.2
4.9
3.3

Sept. p
50.2
8.0
3.2
0.7
-1.9
-1.4
2.6
-1.3
3.9
2.5
4.8
4.8
0.0

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

12.2
0.0
12.2
-0.3
-25.3
-34.8
9.5
10.8
10.8
1.9
5.4
3.3
-0.1
0.1
0.2
0.1
2.7
-18.5
39.7
74.2
74.8
31.2
4.7
26.5
43.6
-1.4
0.9
0.2
0.7
-34.6

38.2
23.3
14.9
-0.2
-14.2
-19.3
5.1
10.5
10.4
2.7
5.2
2.5
-0.1
0.6
-0.3
0.1
6.9
-4.7
92.2
30.9
32.1
2.4
6.3
-3.8
29.7
-1.4
0.2
0.2
0.0
61.3

6.0
12.1
-6.1
0.0
25.9
19.6
6.4
10.9
10.8
2.9
4.9
1.6
-0.3
0.6
1.1
0.1
0.6
-5.5
55.7
23.0
24.3
2.2
5.6
-3.4
22.1
-1.4
0.2
0.2
0.0
32.7

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

-25.4
-0.9

66.7
80.3

36.5
51.5

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

October 31, 2019

Table 4. Personal Income and Its Disposition, Change From Preceding Period (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

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:
Personal income excluding current transfer receipts,
44
billions of chained (2012) dollars 5

45

Disposable personal income, billions of chained (2012) dollars 5

2018

Seasonally adjusted at annual rates
2018
2019
Q3
Q4
Q1
Q2
203.5
154.3
272.6
244.2
118.1
63.1
249.2
130.3
97.2
47.8
221.5
108.8
78.7
37.2
212.7
98.2
17.9
10.6
37.3
23.8
9.6
6.9
15.6
8.4
60.8
26.6
175.4
74.3
9.5
6.8
30.4
5.6
51.2
19.8
145.0
68.7
18.5
10.6
8.8
10.7
20.9
15.3
27.7
21.5
15.7
12.7
11.0
14.4
5.2
2.7
16.7
7.1

Line

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
14.9
51.5
192.6
250.1
244.9
109.3
39.3
70.0
135.6
3.9
1.2
0.5
0.7
-57.4

47.7
22.2
25.5
3.8
-15.3
-30.7
15.4
36.3
36.1
7.0
16.3
11.7
-0.1
1.7
-0.5
0.2
12.3
-8.9
181.7
158.0
158.1
51.8
23.1
28.6
106.3
-1.3
1.2
0.5
0.7
23.7

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

99.3
88.5

70.8
108.6

44
45

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

Q3
172.8
112.7
90.9
76.9
9.8
5.5
67.0
11.4
55.7
14.0
21.9
16.2
5.7

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

October 31, 2019

Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)
Line
Feb.
March
Based on current-dollar measures
1 Personal income
2
Compensation of employees
3
Wages and salaries
4
Supplements to wages and salaries
Proprietors' income with inventory valuation and capital consumption
5
adjustments

0.6
0.8
0.9
0.5

0.4
0.8
0.8
0.4

0.1
-0.7
0.4
0.4
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
0.2
0.1
8
Personal interest income
-0.3
0.2
9
Personal dividend income
0.7
-0.2
10
Personal current transfer receipts
0.5
0.4
0.8
0.7
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
1.0
0.6
13 Equals: Disposable personal income
0.5
0.4
Addenda:
14
Personal consumption expenditures
-0.1
1.0
15
Goods
-0.9
2.2
16
Durable goods
-1.3
3.1
17
Nondurable goods
-0.6
1.7
18
Services
0.3
0.4
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

0.5
0.4

Seasonally adjusted at monthly rates
2019
April
May
June
July r

Line
Aug.

r

Sept.

p

0.4
0.1
0.1
0.2

0.4
0.2
0.1
0.3

0.4
0.5
0.5
0.4

0.1
0.2
0.2
0.3

0.5
0.5
0.6
0.4

0.3
0.1
0.0
0.2

1
2
3
4

0.6
0.4
1.4
2.0
0.6
0.5
0.1
1.0
0.4

0.7
0.5
0.7
1.2
0.1
0.5
0.1
0.7
0.3

0.4
0.6
0.2
0.3
0.0
0.5
0.4
0.6
0.4

0.7
0.0
-0.8
-2.0
0.7
0.3
0.2
-0.8
0.2

2.3
0.0
-0.5
-1.1
0.4
0.3
0.5
-0.2
0.6

0.4
0.0
0.9
1.1
0.5
0.3
0.0
-0.3
0.3

5
6
7
8
9
10
11
12
13

0.7
0.8
-0.1
1.2
0.6

0.4
0.7
1.4
0.3
0.3

0.3
0.3
0.5
0.2
0.4

0.5
0.7
0.3
0.9
0.4

0.2
0.1
0.4
-0.1
0.3

0.2
0.0
0.4
-0.1
0.2

14
15
16
17
18

0.1
0.1

0.2
0.2

0.3
0.3

-0.2
0.0

0.5
0.5

0.3
0.3

19
20

0.2
0.2

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

October 31, 2019

Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters)
2017

Line

Seasonally adjusted at annual rates
2018
2019
Q3
Q4
Q1
Q2

2018
Q2

Line
Q3

Based on current-dollar measures
1 Personal income
2
Compensation of employees
3
Wages and salaries
4
Supplements to wages and salaries
Proprietors' income with inventory valuation and capital consumption
5
adjustments

4.7
4.5
4.7
3.9

5.6
5.0
5.0
4.6

6.6
4.6
6
Rental income of persons with capital consumption adjustment
5.5
5.3
7
Personal income receipts on assets
6.4
9.3
8
Personal interest income
6.5
9.7
9
Personal dividend income
6.2
8.6
10
Personal current transfer receipts
2.7
4.3
4.8
4.4
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
4.6
1.6
13 Equals: Disposable personal income
4.7
6.1
Addenda:
14
Personal consumption expenditures
4.4
5.2
15
Goods
4.2
4.8
16
Durable goods
4.4
4.5
17
Nondurable goods
4.1
5.0
18
Services
4.5
5.3
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

Source: U.S. Bureau of Economic Analysis

3.3
2.9

3.7
4.0

4.3
3.4
3.2
4.4

4.7
4.4
4.5
4.2

3.5
2.3
2.2
3.0

6.2
9.3
10.2
5.5

5.4
4.7
4.8
4.2

3.8
4.0
4.0
4.2

1
2
3
4

1.5
5.6
8.3
6.1
11.6
3.8
2.1
-0.6
4.9

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
4.3
9.9
4.8

12.2
2.0
-2.0
-6.8
5.0
4.7
3.5
-1.6
4.5

5
6
7
8
9
10
11
12
13

6.3
6.2
6.1
6.2
6.4

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

4.4
4.7
6.2
3.9
4.3

14
15
16
17
18

2.1
2.7

3.4
3.3

2.3
2.8

4.0
4.5

2.9
2.4

2.0
2.9

19
20

October 31, 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
Feb.
March
April
May
June
July r
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
13,063.0 13,162.2 13,210.9 13,255.8 13,283.4 13,318.7
Goods
4,607.0
4,693.5
4,721.5
4,749.5
4,768.2
4,793.9
Durable goods
1,680.9
1,739.5
1,743.3
1,766.9
1,767.7
1,781.3
Nondurable goods
2,936.6
2,967.9
2,991.4
2,997.6
3,014.8
3,027.5
Services
8,479.7
8,502.1
8,525.0
8,544.3
8,554.9
8,567.1
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
-21.7
99.2
48.8
44.9
27.5
35.3
Goods
-40.0
86.5
28.0
28.0
18.7
25.7
Durable goods
-17.7
58.6
3.8
23.7
0.8
13.6
Nondurable goods
-22.8
31.3
23.5
6.2
17.2
12.6
Services
12.1
22.5
22.9
19.3
10.6
12.3
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
-0.2
0.8
0.4
0.3
0.2
0.3
Goods
-0.9
1.9
0.6
0.6
0.4
0.5
Durable goods
-1.0
3.5
0.2
1.4
0.0
0.8
Nondurable goods
-0.8
1.1
0.8
0.2
0.6
0.4
Services
0.1
0.3
0.3
0.2
0.1
0.1

Line

Aug. r

Sept. p

13,344.7
4,809.6
1,792.3
3,032.9
8,578.8

13,367.5
4,828.1
1,802.4
3,041.7
8,585.3

1
2
3
4
5

26.0
15.7
11.0
5.4
11.7

22.8
18.4
10.1
8.8
6.5

6
7
8
9
10

0.2
0.3
0.6
0.2
0.1

0.2
0.4
0.6
0.3
0.1

11
12
13
14
15

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

October 31, 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

Source: U.S. Bureau of Economic Analysis

2019
Q4

Q1

Q2

Line
Q3

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

13,343.7
4,810.5
1,792.0
3,034.0
8,577.1

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

93.6
64.1
32.7
32.7
35.7

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

2.9
5.5
7.6
4.4
1.7

11
12
13
14
15

October 31, 2019

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
2019
Feb.
March
April
May
Chain-type price indexes (2012=100), seasonally adjusted
108.835
109.064
109.403
109.511
94.500
94.760
94.949
95.013
87.078
86.742
86.490
86.536
98.408
99.013
99.460
99.534
116.320
116.532
116.951
117.084

Line

June

1
Personal consumption expenditures (PCE)
109.653
2 Goods
94.903
3
Durable goods
86.953
4
Nondurable goods
99.115
5 Services
117.364
Addenda:
6
PCE excluding food and energy
110.894
110.960
111.232
111.362
111.648
104.428
104.687
104.326
104.615
104.545
7
Food 1
82.866
85.845
88.365
87.851
85.811
8
Energy goods and services 2
106.788
107.009
107.303
107.381
107.467
9
Market-based PCE 3
108.804
108.836
109.046
109.144
109.386
10
Market-based PCE excluding food and energy 3
Percent change from preceding period in price indexes, seasonally adjusted at monthly rates
11
Personal consumption expenditures (PCE)
0.1
0.2
0.3
0.1
0.1
12 Goods
0.0
0.3
0.2
0.1
-0.1
13
Durable goods
-0.3
-0.4
-0.3
0.1
0.5
14
Nondurable goods
0.1
0.6
0.5
0.1
-0.4
15 Services
0.1
0.2
0.4
0.1
0.2
Addenda:
16
PCE excluding food and energy
0.0
0.1
0.2
0.1
0.3
0.5
0.2
-0.3
0.3
-0.1
17
Food 1
0.5
3.6
2.9
-0.6
-2.3
18
Energy goods and services 2
0.1
0.2
0.3
0.1
0.1
19
Market-based PCE 3
0.0
0.0
0.2
0.1
0.2
20
Market-based PCE excluding food and energy 3

Line

July r

Aug. r

Sept. p

109.923
95.044
86.546
99.577
117.706

109.949
94.784
86.365
99.273
117.892

109.943
94.468
86.196
98.872
118.060

1
2
3
4
5

111.893
104.482
87.011
107.716
109.602

112.039
104.298
85.293
107.697
109.713

112.094
104.344
84.152
107.711
109.800

6
7
8
9
10

0.2
0.1
-0.5
0.5
0.3

0.0
-0.3
-0.2
-0.3
0.2

0.0
-0.3
-0.2
-0.4
0.1

11
12
13
14
15

0.2
-0.1
1.4
0.2
0.2

0.1
-0.2
-2.0
0.0
0.1

0.0
0.0
-1.3
0.0
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

October 31, 2019

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

Line

Feb.

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

3.4
2.3
2.1
1.7
2.4
2.4

March
3.3
2.8
3.9
5.0
3.3
2.3

April

May
3.2
2.7
3.8
4.1
3.7
2.2

July r

June
3.3
2.6
3.4
4.6
2.8
2.3

3.2
2.6
4.1
4.6
3.9
1.9

2.9
2.5
4.1
5.4
3.5
1.8

Aug. r
3.1
2.4
4.1
5.2
3.5
1.6

Sept. p
3.5
2.6
4.6
5.7
4.0
1.7

Line
1
2
3
4
5
6

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

October 31, 2019

Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
Line
1
Personal consumption expenditures (PCE)
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
Feb.
1.3
-0.8
-1.0
-0.8
2.3

March
1.4
-0.3
-1.3
0.1
2.2

1.6
1.3
-5.1
1.3
1.6

1.5
1.4
-0.3
1.4
1.5

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
-1.3
-0.1
2.3

Aug. r
1.4
-0.5
-1.2
-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

1.7
0.9
-2.1
1.3
1.6

1.8
0.8
-4.5
1.3
1.7

April

May

June

July r

Sept. p
1.3
-0.7
-1.0
-0.6
2.3
1.7
0.8
-4.8
1.3
1.7

Line

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

1
2
3
4
5
6
7
8
9
10