Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income and Outlays, September 2021, BEA 21-53 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 29, 2021
Technical:

Media:

Karl Rohrer (Personal Income)
Kyle Brown (PCE Goods)
Jeff Barnett (PCE Services)
Jeannine Aversa

(301) 278-9083
(301) 278-9086
(301) 278-9663
(301) 278-9003

BEA 21-53
piniwd@bea.gov
pce@bea.gov
Jeannine.Aversa@bea.gov

Personal Income and Outlays, September 2021
Personal income decreased $216.2 billion (1.0 percent) in September according to estimates released
today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased
$236.9 billion (1.3 percent) and personal consumption expenditures (PCE) increased $93.4 billion (0.6
percent).
Real DPI decreased 1.6 percent in September and Real PCE increased 0.3 percent; goods increased 0.1
percent and services increased 0.4 percent (tables 5 and 7). The PCE price index increased 0.3 percent.
Excluding food and energy, the PCE price index increased 0.2 percent (table 9).
2021
May
June
July
Aug.
Sept.
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

-2.2

0.2

1.1

0.2

-1.0

-2.6
-3.1

0.0
-0.5

1.1
0.6

0.1
-0.2

-1.3
-1.6

0.0
-0.5

1.1
0.6

0.1
-0.3

1.0
0.6

0.6
0.3

0.5
0.6

0.5
0.5

0.4
0.3

0.3
0.3

0.3
0.2

Percent change from month one year ago
4.0
4.0
4.2
4.2
4.4
3.5
3.6
3.6
3.6
3.6

COVID-19 Impact on September 2021 Personal Income and Outlays
The estimate for September personal income and outlays reflected the continued economic
impacts related to the COVID-19 pandemic. In September, several pandemic-related
assistance programs ended, including expanded unemployment benefits. 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 September primarily reflected a decrease in government social
benefits, both in unemployment benefits and “other” benefits (table 3). Unemployment insurance
decreased reflecting decreases in payments from the Pandemic Unemployment Compensation program,
the Pandemic Emergency Unemployment Compensation program, and the Pandemic Unemployment
Assistance program. “Other” social benefits decreased primarily reflecting decreases in the Provider
Relief Fund, economic impact payments, and Paycheck Protection Program loans to nonprofit
institutions.
The $93.4 billion increase in current dollar PCE in September reflected an increase of $63.6 billion in
spending for services and a $29.9 billion increase in spending for goods (table 3). Within services, the
largest contributors to the increase were spending for health care as well as food services and
accommodations. Within goods, an increase in spending for nondurable goods was partly offset by a
decrease in durable goods. The increase in nondurable goods primarily reflected increases in food and
beverages, “other” nondurable goods (led by pharmaceutical products), and gasoline and other energy
goods. The decrease in durable goods primarily reflected a decrease in motor vehicles and parts (led by
new motor vehicles). Detailed information on monthly PCE spending can be found on Table 2.3.5U.
Personal outlays increased $92.1 billion in September (table 3). Personal saving was $1.34 trillion in
September and the personal saving rate—personal saving as a percentage of disposable personal
income—was 7.5 percent (table 1).
The PCE price index for September increased 4.4 percent from one year ago, reflecting increases in both
goods and services (table 11). Energy prices increased 24.9 percent while food prices increased 4.1
percent. Excluding food and energy, the PCE price index for September increased 3.6 percent from one
year ago.

-2-

Updates to Personal Income and Outlays
Estimates have been updated for July and August. 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
July
August
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

232.2

218.5

1.1

1.1

35.5

41.3

0.2

0.2

202.0
112.7

189.3
99.9

1.1
0.7

1.1
0.6

18.9
-46.2

26.4
-30.1

0.1
-0.3

0.1
-0.2

-10.3
-63.4

9.7
-47.7

-0.1
-0.5

0.1
-0.3

130.5
57.7

155.1
87.3

0.8
0.4

1.0
0.6

Next release: November 24, 2021 at 10:00 A.M. EST
Personal Income and Outlays, October 2021

-3-

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 website.
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.”

-4-

List of Personal Income and Outlays News Release Tables
Table
Table
Table
Table
Table
Table
Table
Table
Table
Table

1.
2.
3.
4.
5.
6.
7.
8.
9.
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

-5-

October 29, 2021

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

Feb.
19,955.1
12,049.5
9,843.3
8,343.7
1,578.9
946.2
6,764.8
1,515.1
5,249.7
1,499.6
2,206.2
1,509.8
696.4

March
24,142.4
12,129.2
9,914.9
8,409.3
1,594.9
954.4
6,814.4
1,533.1
5,281.3
1,505.6
2,214.4
1,513.9
700.4

Seasonally adjusted at annual rates
2021
April
May
June
July r
20,862.5
20,413.8
20,449.0
20,667.5
12,222.9
12,302.3
12,399.6
12,518.3
10,002.2
10,073.7
10,161.4
10,267.9
8,490.7
8,556.6
8,632.7
8,720.9
1,597.1
1,605.3
1,610.0
1,626.8
949.7
958.3
958.5
972.3
6,893.7
6,951.4
7,022.7
7,094.1
1,546.3
1,559.3
1,571.4
1,582.2
5,347.3
5,392.1
5,451.3
5,511.8
1,511.5
1,517.1
1,528.8
1,547.0
2,220.7
2,228.6
2,238.2
2,250.4
1,514.7
1,518.0
1,522.1
1,527.8
706.0
710.6
716.1
722.7

1,693.8
72.6
1,621.2
716.6
2,901.2
1,630.2
1,271.1
4,123.0
4,061.0
1,106.0
813.8
696.2
557.5
152.4
735.2
62.0
1,529.1
2,408.5
17,546.6
15,169.7
14,699.6
5,015.4
1,836.9
3,178.5
9,684.2
255.3
214.8
115.3
99.5
2,376.9
13.5

1,804.2
79.6
1,724.6
724.8
2,909.1
1,638.4
1,270.7
8,112.8
8,050.2
1,109.1
813.0
703.0
565.5
153.6
4,706.0
62.6
1,537.7
2,443.6
21,698.9
15,935.3
15,458.9
5,554.3
2,124.0
3,430.3
9,904.6
261.5
215.0
115.5
99.5
5,763.5
26.6

1,829.7
108.7
1,720.9
720.4
2,920.7
1,638.9
1,281.8
4,717.8
4,655.7
1,107.8
813.4
717.7
516.4
155.0
1,345.4
62.1
1,548.9
2,483.0
18,379.5
16,098.8
15,618.7
5,576.0
2,150.3
3,425.7
10,042.7
264.4
215.7
115.7
99.9
2,280.7
12.4

1,850.8
119.4
1,731.4
715.9
2,931.5
1,639.4
1,292.1
4,171.4
4,108.7
1,107.9
814.9
730.8
492.0
156.5
806.5
62.8
1,558.1
2,515.3
17,898.5
16,107.8
15,624.4
5,475.3
2,065.7
3,409.6
10,149.1
267.4
215.9
116.0
99.9
1,790.8
10.0

1,864.0
130.1
1,733.8
712.5
2,944.2
1,639.8
1,304.4
4,097.8
4,009.0
1,113.3
817.5
742.9
433.0
158.0
744.3
88.9
1,569.2
2,546.0
17,903.0
16,288.6
15,802.0
5,538.1
2,060.5
3,477.6
10,263.9
270.4
216.2
116.3
99.9
1,614.4
9.0

1,864.0
122.7
1,741.3
720.0
2,948.8
1,640.2
1,308.6
4,198.7
4,125.1
1,113.8
821.3
740.7
367.8
160.4
921.2
73.6
1,582.4
2,575.2
18,092.2
16,300.0
15,811.7
5,425.9
1,980.4
3,445.5
10,385.9
268.8
219.5
116.5
103.0
1,792.2
9.9

1,850.7
114.0
1,736.7
729.2
2,946.6
1,641.0
1,305.6
4,208.7
4,143.9
1,119.4
826.2
739.8
352.3
162.2
944.0
64.8
1,586.9
2,590.1
18,118.7
16,453.7
15,966.8
5,513.4
1,988.0
3,525.4
10,453.4
267.1
219.8
116.8
103.0
1,665.0
9.2

1,837.0
93.5
1,743.5
738.7
2,953.5
1,642.6
1,310.9
3,912.8
3,847.3
1,119.4
832.2
739.4
97.7
164.4
894.4
65.4
1,597.7
2,610.8
17,881.7
16,545.8
16,060.2
5,543.2
1,984.8
3,558.5
10,517.0
265.5
220.0
117.0
103.0
1,336.0
7.5

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

14,028.9

14,124.2

14,144.9

14,154.8

14,172.6

14,216.2

14,195.0

14,218.2

45

15,548.2

19,119.5

16,102.8

15,598.1

15,517.7

15,617.6

15,587.5

15,334.7

46

53,010
46,973
331,004

65,543
57,752
331,061

55,506
48,630
331,126

54,041
47,095
331,204

54,039
46,839
331,297

54,594
47,127
331,395

54,656
47,020
331,507

53,923
46,242
331,618

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
Aug. r
20,708.8
12,560.4
10,304.5
8,752.3
1,634.6
976.8
7,117.7
1,587.4
5,530.3
1,552.2
2,256.0
1,531.3
724.7

Sept. p
20,492.6
12,648.3
10,384.6
8,835.3
1,645.0
978.9
7,190.3
1,600.5
5,589.8
1,549.3
2,263.7
1,533.7
730.1

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

-6-

October 29, 2021

Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
Line
1 Personal income
Compensation of employees
2
Wages and salaries
3
4
Private industries
5
Goods-producing industries
6
Manufacturing
7
Services-producing industries
Trade, transportation, and utilities
8
Other services-producing industries
9
10
Government
Supplements to wages and salaries
11
12
Employer contributions for employee pension and insurance funds 1
Employer contributions for government social insurance
13
14
Proprietors' income with inventory valuation and capital
consumption adjustments
15
Farm
16
Nonfarm
Rental income of persons with capital consumption adjustment
17
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
Personal saving as a percentage of disposable personal income
44
Addenda:
45
Personal income excluding current transfer receipts,
billions of chained (2012) dollars 5
Disposable personal income:
46
Total, billions of chained (2012) dollars 5
Per capita:
47
Current dollars
48
Chained (2012) dollars
49
Population (midperiod, thousands) 6

2019

2020

Seasonally adjusted at annual rates
2020
2021
Q3
Q4
Q1
Q2
19,777.4 19,542.0
21,867.3
20,575.1
11,539.7 11,964.2
12,088.9
12,308.3
9,410.3
9,783.0
9,879.2
10,079.1
7,911.5
8,286.6
8,376.5
8,560.0
1,509.0
1,566.8
1,585.9
1,604.1
895.8
936.3
949.3
955.5
6,402.5
6,719.8
6,790.6
6,955.9
1,448.6
1,507.6
1,525.3
1,559.0
4,953.9
5,212.3
5,265.3
5,396.9
1,498.8
1,496.4
1,502.7
1,519.1
2,129.4
2,181.1
2,209.7
2,229.2
1,464.9
1,498.3
1,510.9
1,518.3
664.5
682.8
698.9
710.9

Q3
20,622.9
12,575.7
10,319.0
8,769.5
1,635.5
976.0
7,134.0
1,590.1
5,544.0
1,549.5
2,256.7
1,530.9
725.8

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

Line

18,424.4
11,447.7
9,323.5
7,873.3
1,531.6
910.6
6,341.7
1,415.6
4,926.1
1,450.2
2,124.2
1,474.6
649.6

19,627.6
11,572.2
9,444.1
7,949.6
1,514.0
904.4
6,435.6
1,443.2
4,992.4
1,494.5
2,128.0
1,464.4
663.7

Q2
20,348.7
11,029.2
8,979.0
7,511.3
1,434.6
866.3
6,076.7
1,367.7
4,709.0
1,467.7
2,050.2
1,410.5
639.7

1,598.9
38.4
1,560.5
692.1
2,968.0
1,652.0
1,316.0
3,139.1
3,083.1
1,030.7
785.7
614.0
27.6
130.9
494.2
56.0
1,421.4
2,205.1
16,219.3
14,981.5
14,428.7
4,478.9
1,513.3
2,965.6
9,949.8
340.4
212.4
118.6
93.9
1,237.8
7.6

1,650.0
70.2
1,579.9
711.6
2,912.1
1,614.4
1,297.8
4,241.1
4,181.3
1,077.9
819.2
657.3
536.6
145.5
944.7
59.9
1,459.5
2,195.6
17,432.0
14,544.5
14,047.6
4,653.8
1,616.4
3,037.4
9,393.7
285.4
211.5
114.6
96.9
2,887.5
16.6

1,471.1
44.9
1,426.2
709.5
2,910.9
1,611.3
1,299.6
5,633.9
5,570.5
1,074.8
821.6
654.2
1,039.4
144.4
1,836.1
63.3
1,405.9
2,099.0
18,249.6
13,477.7
12,989.7
4,349.9
1,468.3
2,881.7
8,639.8
273.6
214.4
114.4
100.0
4,772.0
26.1

1,760.7
69.2
1,691.5
714.5
2,851.7
1,597.6
1,254.2
4,369.4
4,310.5
1,080.2
825.8
690.4
767.8
147.4
799.0
58.9
1,458.7
2,181.8
17,595.7
14,774.3
14,293.8
4,867.2
1,753.3
3,113.9
9,426.6
274.4
206.1
114.3
91.8
2,821.3
16.0

1,730.0
108.5
1,621.5
710.0
2,909.6
1,610.3
1,299.2
3,729.5
3,670.2
1,088.8
821.0
678.3
299.9
149.5
632.7
59.2
1,501.3
2,259.8
17,282.2
14,936.8
14,467.6
4,867.3
1,759.2
3,108.1
9,600.4
255.9
213.2
114.8
98.4
2,345.5
13.6

1,714.0
73.0
1,640.9
716.9
2,898.8
1,630.2
1,268.7
5,982.5
5,920.6
1,106.3
814.1
695.9
565.8
152.4
2,586.0
62.0
1,533.8
2,412.1
19,455.3
15,475.6
15,005.4
5,245.0
1,957.8
3,287.2
9,760.4
255.3
214.8
115.3
99.5
3,979.7
20.5

1,848.2
119.4
1,728.7
716.3
2,932.1
1,639.4
1,292.8
4,329.0
4,257.8
1,109.7
815.3
730.5
480.4
156.5
965.4
71.2
1,558.7
2,514.8
18,060.3
16,165.0
15,681.7
5,529.8
2,092.2
3,437.6
10,151.9
267.4
215.9
116.0
99.9
1,895.3
10.5

1,850.6
110.1
1,740.5
729.3
2,949.6
1,641.3
1,308.4
4,106.7
4,038.8
1,117.6
826.5
740.0
272.6
162.3
919.8
67.9
1,589.0
2,592.1
18,030.9
16,433.2
15,946.2
5,494.2
1,984.4
3,509.8
10,452.1
267.1
219.8
116.8
103.0
1,597.7
8.9

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

13,905.6

13,833.7

13,317.7

13,820.2

14,129.7

14,061.1

14,157.4

14,209.7

45

14,755.2

15,672.8

16,516.9

15,782.4

15,443.0

17,221.6

15,738.4

15,512.8

46

49,370
44,913
328,527

52,800
47,471
330,152

55,319
50,067
329,898

53,261
47,772
330,368

52,241
46,682
330,815

58,775
52,027
331,011

54,528
47,518
331,209

54,391
46,795
331,507

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

-7-

October 29, 2021

Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months)
[Billions of dollars]

Feb.
-1,549.5
-38.6
-36.2
-32.7
-5.0
-0.9
-27.7
-12.5
-15.1
-3.5
-2.4
1.0
-3.4

March
4,187.4
79.7
71.6
65.6
16.0
8.2
49.6
18.0
31.6
6.0
8.1
4.1
4.0

Seasonally adjusted at annual rates
2021
r
April
May
June
July
-3,279.9
-448.7
35.1
218.5
93.7
79.4
97.3
118.7
87.3
71.5
87.7
106.4
81.4
65.9
76.0
88.2
2.2
8.2
4.8
16.8
-4.7
8.6
0.2
13.8
79.2
57.7
71.3
71.4
13.2
13.0
12.1
10.8
66.0
44.7
59.2
60.6
6.0
5.6
11.7
18.2
6.3
7.9
9.5
12.3
0.7
3.4
4.0
5.7
5.6
4.6
5.5
6.6

50.0
5.7
44.3
7.3
15.1
8.2
6.8
-1,588.8
-1,589.4
2.1
-1.9
7.7
-16.7
1.1
-1,581.8
0.6
-5.6
24.3
-1,573.7
-152.0
-158.3
-150.0
-75.8
-74.2
-8.3
6.1
0.1
0.1
0.0
-1,421.7

110.4
7.0
103.4
8.2
7.9
8.2
-0.4
3,989.8
3,989.2
3.1
-0.7
6.8
8.0
1.2
3,970.8
0.6
8.6
35.1
4,152.3
765.6
759.3
538.9
287.1
251.8
220.4
6.1
0.1
0.1
0.0
3,386.7

25.4
29.1
-3.7
-4.4
11.6
0.5
11.1
-3,395.0
-3,394.5
-1.3
0.4
14.7
-49.1
1.4
-3,360.6
-0.5
11.2
39.4
-3,319.4
163.5
159.8
21.7
26.3
-4.6
138.1
3.0
0.7
0.3
0.4
-3,482.8

21.2
10.7
10.5
-4.5
10.8
0.5
10.3
-546.3
-547.0
0.1
1.5
13.2
-24.5
1.6
-538.9
0.7
9.2
32.2
-480.9
9.0
5.7
-100.7
-84.6
-16.1
106.4
3.0
0.3
0.3
0.0
-489.9

13.1
10.7
2.4
-3.3
12.7
0.5
12.3
-73.6
-99.7
5.3
2.6
12.1
-59.0
1.5
-62.3
26.1
11.1
30.7
4.4
180.8
177.6
62.9
-5.2
68.0
114.7
3.0
0.3
0.3
0.0
-176.4

-3.0
-1,440.4

95.3
3,571.3

20.6
-3,016.7

9.9
-504.7

17.8
-80.4

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

Line
r

p

Aug.
41.3
42.1
36.6
31.4
7.8
4.5
23.6
5.2
18.4
5.2
5.5
3.5
2.0

Sept.
-216.2
87.9
80.1
83.1
10.4
2.0
72.7
13.1
59.5
-2.9
7.7
2.3
5.4

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

0.1
-7.4
7.5
7.5
4.6
0.4
4.3
100.8
116.1
0.6
3.7
-2.2
-65.2
2.4
176.9
-15.3
13.2
29.2
189.3
11.5
9.7
-112.3
-80.1
-32.1
122.0
-1.6
3.3
0.3
3.1
177.8

-13.3
-8.8
-4.6
9.2
-2.2
0.8
-3.0
10.0
18.8
5.6
4.9
-0.9
-15.5
1.9
22.9
-8.8
4.5
14.8
26.4
153.7
155.1
87.5
7.6
79.9
67.5
-1.6
0.2
0.2
0.0
-127.3

-13.7
-20.4
6.7
9.5
6.9
1.6
5.2
-295.9
-296.6
-0.1
6.0
-0.4
-254.6
2.2
-49.7
0.7
10.8
20.8
-236.9
92.1
93.4
29.9
-3.2
33.1
63.6
-1.6
0.2
0.2
0.0
-329.0

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

43.6
99.9

-21.2
-30.1

23.2
-252.8

44
45

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

-8-

October 29, 2021

Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars]
2019

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

2020

Seasonally adjusted at annual rates
2020
2021
Q3
Q4
Q1
Q2
-571.2
-235.4 2,325.3 -1,292.2
510.5
424.5
124.7
219.4
431.4
372.7
96.2
199.9
400.2
375.1
89.9
183.5
74.4
57.7
19.2
18.2
29.5
40.5
13.0
6.2
325.8
317.4
70.7
165.3
80.9
59.0
17.7
33.7
244.9
258.4
53.0
131.6
31.2
-2.4
6.3
16.4
79.2
51.8
28.6
19.4
54.4
33.4
12.6
7.4
24.8
18.3
16.0
12.0

Line

718.4
488.2
423.0
374.2
62.8
27.0
311.4
54.4
257.0
48.8
65.2
40.3
24.9

1,203.2
124.4
120.6
76.3
-17.6
-6.1
93.9
27.6
66.3
44.3
3.9
-10.2
14.1

Q2
1,506.5
-726.3
-625.1
-577.6
-110.8
-53.2
-466.8
-81.5
-385.3
-47.5
-101.2
-73.2
-28.0

18.5
-0.5
19.0
10.2
99.7
37.0
62.7
162.8
157.0
58.3
50.8
24.2
-0.2
11.2
12.6
5.7
61.0
128.8
589.6
542.7
515.1
125.2
44.1
81.1
389.9
19.4
8.2
4.6
3.6
46.8

51.1
31.7
19.4
19.5
-55.9
-37.7
-18.2
1,102.0
1,098.1
47.2
33.5
43.2
509.1
14.6
450.5
3.9
38.0
-9.6
1,212.8
-437.0
-381.1
174.9
103.1
71.8
-556.0
-54.9
-0.9
-4.0
3.1
1,649.7

-167.2
-13.2
-154.0
-2.7
-65.5
-26.9
-38.6
2,402.1
2,396.8
6.9
13.1
48.1
999.9
3.6
1,325.2
5.3
-66.1
-142.6
1,649.1
-1,511.5
-1,449.4
-181.0
-16.7
-164.4
-1,268.3
-64.2
2.0
-0.5
2.5
3,160.6

289.7
24.4
265.3
5.0
-59.1
-13.7
-45.4
-1,264.5
-1,260.1
5.4
4.2
36.1
-271.6
3.0
-1,037.2
-4.4
52.8
82.7
-654.0
1,296.7
1,304.1
517.3
285.0
232.2
786.8
0.9
-8.3
0.0
-8.3
-1,950.6

-30.7
39.3
-70.0
-4.5
57.9
12.8
45.1
-639.9
-640.2
8.6
-4.8
-12.0
-467.9
2.2
-166.2
0.3
42.7
78.0
-313.5
162.4
173.8
0.1
5.9
-5.8
173.7
-18.5
7.1
0.5
6.7
-475.9

-16.1
134.2
-35.5
46.4
19.4
87.8
6.9
-0.7
-10.7
33.3
19.8
9.2
-30.6
24.1
2,253.1 -1,653.5
2,250.3 -1,662.8
17.5
3.3
-6.8
1.1
17.6
34.6
265.9
-85.3
2.9
4.1
1,953.3 -1,620.6
2.8
9.3
32.5
24.9
152.3
102.7
2,173.0 -1,394.9
538.8
689.4
537.8
676.3
377.8
284.8
198.7
134.3
179.1
150.5
160.1
391.5
-0.6
12.1
1.6
1.1
0.5
0.7
1.1
0.4
1,634.2 -2,084.4

2.4
-9.3
11.8
13.0
17.5
1.9
15.6
-222.3
-219.0
7.9
11.2
9.5
-207.9
5.8
-45.6
-3.3
30.3
77.3
-29.4
268.1
264.5
-35.6
-107.8
72.1
300.2
-0.3
3.8
0.8
3.1
-297.6

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

307.1
325.8

-71.9
917.6

-752.6
1,554.2

502.5
-734.6

309.5
-339.4

-68.6
1,778.6

52.2
-225.7

44
45

96.3
-1,483.2

Q3
47.8
267.4
239.9
209.5
31.4
20.5
178.1
31.1
147.1
30.4
27.6
12.6
14.9

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

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-

October 29, 2021

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

2021
Feb.
March
April
Based on current-dollar measures

1 Personal income
-7.2
21.0
-13.6
2
Compensation of employees
-0.3
0.7
0.8
3
Wages and salaries
-0.4
0.7
0.9
4
Supplements to wages and salaries
-0.1
0.4
0.3
5
Proprietors' income with inventory valuation and capital consumption
adjustments
3.0
6.5
1.4
1.0
1.1
-0.6
6
Rental income of persons with capital consumption adjustment
7
Personal income receipts on assets
0.5
0.3
0.4
8
Personal interest income
0.5
0.5
0.0
9
Personal dividend income
0.5
0.0
0.9
10
Personal current transfer receipts
-27.8
96.8
-41.8
-0.4
0.6
0.7
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
1.0
1.5
1.6
13 Equals: Disposable personal income
-8.2
23.7
-15.3
Addenda:
14
Personal consumption expenditures
-1.1
5.2
1.0
15
Goods
-2.9
10.7
0.4
16
Durable goods
-4.0
15.6
1.2
17
Nondurable goods
-2.3
7.9
-0.1
18
Services
-0.1
2.3
1.4
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

0.0
-8.5

0.7
23.0

0.1
-15.8

May

Line
June

July

r

Aug.

r

Sept.

p

-2.2
0.6
0.7
0.4

0.2
0.8
0.9
0.4

1.1
1.0
1.0
0.5

0.2
0.3
0.4
0.2

-1.0
0.7
0.8
0.3

1
2
3
4

1.2
-0.6
0.4
0.0
0.8
-11.6
0.6
1.3
-2.6

0.7
-0.5
0.4
0.0
0.9
-1.8
0.7
1.2
0.0

0.0
1.0
0.2
0.0
0.3
2.5
0.8
1.1
1.1

-0.7
1.3
-0.1
0.0
-0.2
0.2
0.3
0.6
0.1

-0.7
1.3
0.2
0.1
0.4
-7.0
0.7
0.8
-1.3

5
6
7
8
9
10
11
12
13

0.0
-1.8
-3.9
-0.5
1.1

1.1
1.1
-0.3
2.0
1.1

0.1
-2.0
-3.9
-0.9
1.2

1.0
1.6
0.4
2.3
0.7

0.6
0.5
-0.2
0.9
0.6

14
15
16
17
18

0.1
-3.1

0.1
-0.5

0.3
0.6

-0.1
-0.2

0.2
-1.6

19
20

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

October 29, 2021

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

2019

2020

2020
Q2

Q3

2021
Q4

Q1

Q2

Line
Q3

Based on current-dollar measures

1 Personal income
4.1
6.5
36.0
2
Compensation of employees
4.5
1.1
-22.5
3
Wages and salaries
4.8
1.3
-23.6
4
Supplements to wages and salaries
3.2
0.2
-17.5
5
Proprietors' income with inventory valuation and capital consumption
adjustments
1.2
3.2
-35.0
6
Rental income of persons with capital consumption adjustment
1.5
2.8
-1.5
7
Personal income receipts on assets
3.5
-1.9
-8.5
8
Personal interest income
2.3
-2.3
-6.4
9
Personal dividend income
5.0
-1.4
-11.0
10
Personal current transfer receipts
5.5
35.1
823.5
4.5
2.7
-16.8
11
Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes
6.2
-0.4
-23.1
13 Equals: Disposable personal income
3.8
7.5
46.1
Addenda:
14
Personal consumption expenditures
3.7
-2.6
-34.5
15
Goods
2.9
3.9
-15.0
16
Durable goods
3.0
6.8
-4.4
17
Nondurable goods
2.8
2.4
-19.9
18
Services
4.1
-5.6
-42.2
Based on chained (2012) dollar measures
19
20

Real personal income excluding transfer receipts
Real disposable personal income

2.3
2.3

Source: U.S. Bureau of Economic Analysis

- 10 -

-0.5
6.2

-19.7
48.5

-10.8
19.8
20.6
16.4

-4.7
15.5
16.8
10.1

56.8
4.2
4.0
5.3

-21.6
7.5
8.3
3.6

0.9
9.0
9.9
5.0

1
2
3
4

105.2
2.8
-7.9
-3.4
-13.3
-63.8
15.9
16.7
-13.6

-6.8
-2.5
8.4
3.2
15.2
-46.9
12.2
15.1
-6.9

-3.7
3.9
-1.5
5.0
-9.1
562.1
9.0
29.8
60.6

35.2
-0.4
4.7
2.3
7.8
-72.6
6.6
18.1
-25.7

0.5
7.5
2.4
0.5
4.9
-19.0
8.0
12.9
-0.7

5
6
7
8
9
10
11
12
13

46.6
56.7
103.3
36.3
41.7

5.0
0.0
1.3
-0.7
7.6

15.7
34.9
53.4
25.1
6.8

19.3
23.6
30.4
19.6
17.0

6.9
-2.6
-19.1
8.7
12.4

14
15
16
17
18

16.0
-16.6

9.3
-8.3

-1.9
54.7

2.8
-30.2

1.5
-5.6

19
20

October 29, 2021

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

2021
Feb.
March
April
May
June
July r
Billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
13,025.4
13,621.3
13,684.0
13,616.2
13,696.6
13,649.0
Goods
5,242.9
5,766.0
5,740.6
5,589.1
5,610.5
5,474.1
Durable goods
2,116.8
2,433.6
2,421.1
2,279.2
2,248.4
2,157.8
Nondurable goods
3,164.7
3,389.3
3,375.1
3,354.4
3,402.2
3,351.9
Services
7,938.8
8,079.6
8,157.3
8,214.0
8,271.5
8,336.0
Change from preceding period in billions of chained (2012) dollars, seasonally adjusted at annual rates
Personal consumption expenditures (PCE)
-175.9
595.8
62.7
-67.8
80.4
-47.7
Goods
-178.1
523.1
-25.3
-151.6
21.5
-136.4
Durable goods
-93.3
316.7
-12.4
-142.0
-30.7
-90.7
Nondurable goods
-89.1
224.6
-14.2
-20.7
47.9
-50.3
Services
-23.1
140.8
77.6
56.7
57.5
64.5
Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
-1.3
4.6
0.5
-0.5
0.6
-0.3
Goods
-3.3
10.0
-0.4
-2.6
0.4
-2.4
Durable goods
-4.2
15.0
-0.5
-5.9
-1.3
-4.0
Nondurable goods
-2.7
7.1
-0.4
-0.6
1.4
-1.5
Services
-0.3
1.8
1.0
0.7
0.7
0.8

Line

Aug. r

Sept. p

13,736.2
5,529.7
2,146.6
3,415.7
8,373.1

13,772.6
5,533.6
2,136.7
3,428.4
8,403.9

1
2
3
4
5

87.3
55.6
-11.2
63.8
37.1

36.4
3.9
-9.9
12.7
30.9

6
7
8
9
10

0.6
1.0
-0.5
1.9
0.4

0.3
0.1
-0.5
0.4
0.4

11
12
13
14
15

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

October 29, 2021

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

2019

2020

2020

Q2
Q3
Billions of chained (2012) dollars
Personal consumption expenditures (PCE)
13,126.3
12,629.9
11,756.4
12,820.8
Goods
4,723.0
4,942.5
4,665.8
5,158.9
Durable goods
1,749.7
1,884.3
1,731.8
2,030.6
Nondurable goods
2,988.1
3,080.5
2,949.1
3,159.9
Services
8,443.7
7,808.5
7,217.3
7,815.2
Change from preceding period in billions of chained (2012) dollars
Personal consumption expenditures (PCE)
281.3
-496.4
-1,258.1
1,064.4
Goods
153.7
219.5
-124.4
493.1
Durable goods
71.5
134.6
-6.6
298.8
Nondurable goods
84.5
92.4
-112.7
210.8
Services
138.1
-635.2
-1,067.1
597.8
Percent change from preceding period in chained (2012) dollars
Personal consumption expenditures (PCE)
2.2
-3.8
-33.4
41.4
Goods
3.4
4.6
-10.0
49.5
Durable goods
4.3
7.7
-1.5
89.0
Nondurable goods
2.9
3.1
-13.9
31.8
Services
1.7
-7.5
-42.4
37.5

Source: U.S. Bureau of Economic Analysis

- 11 -

2021
Q4

Q1

Q2

Line
Q3

12,927.9
5,155.0
2,036.4
3,151.1
7,917.0

13,282.7
5,476.6
2,253.5
3,269.3
7,993.4

13,665.6
5,646.7
2,316.2
3,377.2
8,214.3

13,719.3
5,512.4
2,147.0
3,398.7
8,371.0

1
2
3
4
5

107.1
-3.9
5.8
-8.8
101.8

354.8
321.6
217.1
118.3
76.5

382.9
170.1
62.7
107.9
220.8

53.7
-134.3
-169.2
21.5
156.7

6
7
8
9
10

3.4
-0.3
1.2
-1.1
5.3

11.4
27.4
50.0
15.9
3.9

12.0
13.0
11.6
13.9
11.5

1.6
-9.2
-26.2
2.6
7.9

11
12
13
14
15

October 29, 2021

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months)
2021
Feb.
March
April
May
Chain-type price indexes (2012=100), seasonally adjusted
112.878
113.518
114.161
114.767
95.694
96.365
97.153
97.975
86.857
87.363
88.864
90.661
100.456
101.233
101.516
101.657
121.992
122.594
123.120
123.565

Line

June

Personal consumption expenditures (PCE)
115.388
1
98.716
2 Goods
Durable goods
3
91.657
Nondurable goods
4
102.223
124.093
5 Services
Addenda:
PCE excluding food and energy
6
114.899
115.383
116.100
116.766
117.327
7
108.913
109.102
109.485
109.845
110.673
Food 1
8
87.311
91.594
91.364
91.346
92.727
Energy goods and services 2
9
110.144
110.734
111.272
111.745
112.328
Market-based PCE 3
10
112.000
112.404
113.009
113.526
114.034
Market-based PCE excluding food and energy 3
Percent change from preceding period in price indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)
0.3
0.6
0.6
0.5
0.5
11
0.4
0.7
0.8
0.8
0.8
12 Goods
Durable goods
13
0.3
0.6
1.7
2.0
1.1
Nondurable goods
14
0.5
0.8
0.3
0.1
0.6
0.2
0.5
0.4
0.4
0.4
15 Services
Addenda:
PCE excluding food and energy
16
0.1
0.4
0.6
0.6
0.5
17
0.2
0.2
0.4
0.3
0.8
Food 1
3.9
4.9
-0.3
0.0
1.5
18
Energy goods and services 2
19
0.4
0.5
0.5
0.4
0.5
Market-based PCE 3
20
0.2
0.4
0.5
0.5
0.4
Market-based PCE excluding food and energy 3

Line

July r

Aug. r

Sept. p

115.865
99.135
91.829
102.802
124.596

116.259
99.728
92.686
103.225
124.850

116.631
100.200
92.975
103.808
125.148

1
2
3
4
5

117.725
111.384
94.256
112.860
114.486

118.037
111.823
96.072
113.230
114.758

118.286
113.001
97.307
113.568
114.948

6
7
8
9
10

0.4
0.4
0.2
0.6
0.4

0.3
0.6
0.9
0.4
0.2

0.3
0.5
0.3
0.6
0.2

11
12
13
14
15

0.3
0.6
1.6
0.5
0.4

0.3
0.4
1.9
0.3
0.2

0.2
1.1
1.3
0.3
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

October 29, 2021

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

Feb.

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

3.2
-2.2
9.1
16.9
5.1
-7.2

March
28.8
9.6
21.1
53.2
7.2
4.1

April
-6.2
25.4
37.3
70.5
22.4
19.7

2021
May
June
-4.5
-3.4
15.1
9.3
17.1
11.2
25.9
14.4
12.5
9.5
14.0
8.4

July r
-3.3
7.4
6.7
7.0
6.6
7.8

Aug. r
0.2
7.4
7.9
6.0
9.1
7.1

Sept. p
-2.0
6.2
5.9
4.2
7.0
6.4

Line
1
2
3
4
5
6

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

October 29, 2021

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

2021
Feb.
1.6
0.9
1.4
0.7
2.0

March
2.5
2.5
2.4
2.6
2.4

1.5
3.3
1.9
1.6
1.4

2.0
3.0
13.3
2.4
1.8

3.6
4.5
5.4
4.0
3.1

4.0
5.4
7.0
4.5
3.2

4.0
5.3
7.3
4.1
3.4

4.2
5.3
6.9
4.4
3.6

Aug. r
4.2
5.5
7.0
4.6
3.5

3.1
1.1
24.3
3.2
2.5

3.5
0.7
27.3
3.5
2.9

3.6
0.9
24.2
3.7
3.1

3.6
2.4
23.6
4.0
3.3

3.6
2.8
24.8
4.0
3.2

April

May

July r

June

Sept. p
4.4
6.1
7.3
5.4
3.5
3.6
4.1
24.9
4.2
3.3

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

- 12 -