EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, APRIL 30, 2018 BEA 18-20 Technical: James Rankin (Personal Income) (301)278-9087 piniwd@bea.gov Harvey Davis (PCE) (301)278-9086 pce@bea.gov Media: Jeannine Aversa (301)278-9003 Jeannine.Aversa@bea.gov Personal Income and Outlays: March 2018 Personal income increased $47.8 billion (0.3 percent) in March according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $39.8 billion (0.3 percent) and personal consumption expenditures (PCE) increased $61.7 billion (0.4 percent). Real DPI increased 0.2 percent in March and Real PCE increased 0.4 percent. The PCE price index increased less than 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent. 2017 2018 Nov. Dec. Jan. Feb. Mar. Percent change from preceding month Personal income: Current dollars 0.3 0.4 0.4 0.3 0.3 Disposable personal income: Current dollars 0.3 0.4 0.9 0.3 0.3 Chained (2009) dollars 0.1 0.2 0.5 0.1 0.2 Personal consumption expenditures (PCE): Current dollars 0.7 0.5 0.2 0.0 0.4 Chained (2009) dollars 0.5 0.3 -0.1 -0.2 0.4 Price indexes: PCE 0.2 0.1 0.4 0.2 0.0 PCE, excluding food and energy 0.1 0.2 0.3 0.2 0.2 Price indexes: Percent change from month one year ago PCE 1.7 1.7 1.7 1.7 2.0 PCE, excluding food and energy 1.5 1.5 1.5 1.6 1.9 The increase in personal income in March primarily reflected increases in wages and salaries, social security benefits, and dividend income (table 3). The $50.0 billion increase in real PCE in March reflected an increase of $24.2 billion in spending for goods and a $26.8 billion increase in spending for services (table 7). Within goods, purchases of recreational goods and vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for household electricity and gas. Detailed information on monthly real PCE spending can be found in Table 2.3.6U. Personal outlays increased $62.3 billion in March (table 3). Personal saving was $460.6 billion in March and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.1 percent (table 1). Updates to Personal Income and Outlays Estimates have been revised for January and February. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2009) dollar DPI and PCE -- revised and as published in last month's release -- are shown below. Change from preceding month January February Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars 74.7 64.2 0.4 0.4 67.3 57.1 0.4 0.3 Disposable personal income: Current dollars 142.7 129.3 1.0 0.9 53.9 42.6 0.4 0.3 Chained (2009) dollars 75.7 63.9 0.6 0.5 22.7 15.9 0.2 0.1 Personal consumption expenditures: Current dollars 21.3 32.7 0.2 0.2 27.7 1.6 0.2 0.0 Chained (2009) dollars -27.7 -17.9 -0.2 -0.1 1.4 -18.6 0.0 -0.2 BOX._______________________________ Upcoming Annual Update of the National Income and Product Accounts BEA will release the results of the 15th comprehensive (or benchmark) update of the national income and product accounts (NIPAs) in conjunction with the second quarter 2018 "advance" estimate on July 27, 2018. For more information, see the Technical Note. Details on the planned statistical, definitional, and presentational changes are available in the April Survey of Current Business article "Preview of the 2018 Comprehensive Update of the National Income and Product Accounts." An article in the September Survey will describe the estimates in detail. Revised NIPA table stubs and news release stubs will be available in June. ___________________________________ Next release: May 31, 2018 at 8:30 A.M. EDT Personal Income and Outlays: April 2018 Additional Information Resources Additional Resources available at www.bea.gov: • Stay informed about BEA developments by reading the BEA blog, 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 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 2009). Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) 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. List of Personal Income and Outlays News Release Tables Table 1. Personal Income and Its Disposition (Months) Table 2. Personal Income and Its Disposition (Years and Quarters) Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- ------------------------2017------------------------ -------------2018------------- Aug. Sept. Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 16,458.2 16,535.6 16,595.4 16,651.4 16,719.1 16,783.4 16,840.4 16,888.3 Compensation of employees............... 10,348.6 10,393.6 10,413.5 10,464.6 10,511.8 10,563.7 10,602.5 10,622.7 Wages and salaries.................... 8,385.5 8,424.9 8,441.3 8,486.5 8,527.7 8,573.5 8,607.4 8,623.7 Private industries.................. 7,040.2 7,076.1 7,091.6 7,134.4 7,171.8 7,212.1 7,243.3 7,256.7 Goods-producing industries........ 1,372.8 1,382.6 1,383.9 1,392.8 1,398.5 1,409.7 1,436.7 1,424.1 Manufacturing................... 832.9 837.0 839.6 841.8 843.5 851.6 869.9 857.6 Services-producing industries..... 5,667.4 5,693.5 5,707.7 5,741.6 5,773.3 5,802.4 5,806.6 5,832.5 Trade, transportation, and utilities...................... 1,305.4 1,312.2 1,313.1 1,325.7 1,329.4 1,334.7 1,333.4 1,338.3 Other services-producing industries..................... 4,362.0 4,381.3 4,394.6 4,415.9 4,443.9 4,467.8 4,473.2 4,494.2 Government.......................... 1,345.3 1,348.7 1,349.6 1,352.1 1,355.9 1,361.3 1,364.1 1,367.0 Supplements to wages and salaries..... 1,963.1 1,968.7 1,972.2 1,978.1 1,984.1 1,990.2 1,995.1 1,999.0 Employer contributions for employee pension and insurance funds\1\..... 1,350.5 1,353.4 1,355.6 1,358.2 1,361.2 1,363.4 1,365.9 1,368.7 Employer contributions for government social insurance........ 612.6 615.4 616.6 619.9 622.8 626.8 629.2 630.3 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,380.7 1,389.2 1,394.5 1,408.0 1,406.9 1,409.3 1,421.1 1,427.3 Farm.................................. 31.9 31.5 30.5 29.6 28.6 28.2 27.9 27.6 Nonfarm............................... 1,348.7 1,357.7 1,364.0 1,378.4 1,378.3 1,381.1 1,393.1 1,399.6 Rental income of persons with capital consumption adjustment................. 746.4 751.1 754.1 757.7 760.4 758.9 761.0 765.1 Personal income receipts on assets...... 2,432.7 2,442.7 2,464.7 2,479.2 2,499.3 2,495.4 2,504.3 2,512.3 Personal interest income.............. 1,460.6 1,465.0 1,485.5 1,506.1 1,526.6 1,525.4 1,524.2 1,523.0 Personal dividend income.............. 972.1 977.7 979.2 973.1 972.7 970.0 980.1 989.3 Personal current transfer receipts...... 2,857.4 2,872.2 2,884.8 2,864.9 2,870.0 2,906.0 2,906.8 2,918.9 Government social benefits to persons.............................. 2,797.5 2,812.1 2,824.4 2,804.3 2,809.1 2,844.7 2,845.1 2,857.0 Social security\2\.................. 929.2 932.3 939.0 931.5 935.7 959.4 957.0 966.5 Medicare\3\......................... 676.4 678.3 680.1 681.9 683.8 684.2 685.5 687.7 Medicaid............................ 583.0 587.3 588.9 590.6 593.0 597.2 600.1 601.4 Unemployment insurance.............. 28.5 28.2 27.6 27.9 27.9 28.1 27.4 27.0 Veterans' benefits.................. 98.6 100.7 98.9 101.1 100.5 102.6 103.2 104.2 Other............................... 481.8 485.3 489.8 471.3 468.3 473.1 472.0 470.2 Other current transfer receipts, from business (net)....................... 59.9 60.1 60.4 60.7 60.9 61.4 61.6 61.9 Less: Contributions for government social insurance, domestic............. 1,307.5 1,313.3 1,316.3 1,323.0 1,329.2 1,350.0 1,355.2 1,358.0 Less: Personal current taxes.............. 2,059.0 2,077.5 2,094.2 2,109.6 2,120.9 2,055.8 2,070.3 2,078.4 Equals: Disposable personal income........ 14,399.2 14,458.1 14,501.2 14,541.8 14,598.2 14,727.6 14,770.1 14,809.9 Less: Personal outlays.................... 13,890.9 14,020.9 14,075.1 14,178.3 14,248.4 14,284.9 14,287.1 14,349.3 Personal consumption expenditures....... 13,392.8 13,525.5 13,569.6 13,665.3 13,728.0 13,760.6 13,762.2 13,823.9 Goods................................. 4,273.0 4,363.4 4,367.5 4,417.5 4,420.3 4,422.4 4,403.7 4,408.3 Durable goods....................... 1,454.9 1,502.4 1,509.0 1,520.4 1,524.0 1,499.4 1,493.4 1,504.8 Nondurable goods.................... 2,818.0 2,861.0 2,858.5 2,897.0 2,896.4 2,923.0 2,910.3 2,903.5 Services.............................. 9,119.9 9,162.1 9,202.1 9,247.8 9,307.6 9,338.3 9,358.6 9,415.6 Personal interest payments\4\........... 301.3 298.2 305.5 312.7 319.9 320.3 320.8 321.2 Personal current transfer payments...... 196.7 197.1 200.0 200.3 200.5 203.9 204.1 204.2 To government......................... 115.5 115.9 116.2 116.5 116.8 116.7 116.9 117.1 To the rest of the world (net)........ 81.2 81.2 83.7 83.7 83.7 87.2 87.2 87.2 Equals: Personal saving................... 508.3 437.2 426.1 363.5 349.8 442.7 483.1 460.6 Personal saving as a percentage of disposable personal income............. 3.5 3.0 2.9 2.5 2.4 3.0 3.3 3.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 12,076.5 12,084.0 12,107.2 12,149.2 12,187.1 12,164.8 12,194.0 12,221.2 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 12,785.4 12,786.9 12,805.3 12,814.8 12,846.3 12,910.2 12,926.0 12,956.6 Per capita: Current dollars..................... 44,132 44,282 44,385 44,483 44,630 45,002 45,111 45,209 Chained (2009) dollars.............. 39,186 39,163 39,194 39,200 39,274 39,449 39,479 39,552 Population (midperiod, thousands)\6\.... 326,275 326,500 326,714 326,909 327,097 327,265 327,418 327,584 ----------------------------------------------------------------------------------------------------------------------------------- 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. 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 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- 2016 2017 --------------Seasonally adjusted at annual rates-------------- 2016 -------------------2017------------------- 2018 Q4 Q1 Q2 Q3 Q4 Q1 ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 15,928.7 16,427.3 16,025.7 16,245.2 16,339.6 16,468.9 16,655.3 16,837.4 Compensation of employees............... 9,978.6 10,307.2 10,014.9 10,166.3 10,243.0 10,356.1 10,463.3 10,596.3 Wages and salaries.................... 8,085.2 8,351.2 8,107.8 8,232.1 8,295.2 8,392.6 8,485.2 8,601.5 Private industries.................. 6,777.8 7,010.0 6,792.7 6,901.6 6,958.4 7,047.4 7,132.6 7,237.4 Goods-producing industries........ 1,331.2 1,369.6 1,329.8 1,350.5 1,359.8 1,376.4 1,391.8 1,423.5 Manufacturing................... 814.4 832.5 811.7 824.5 829.1 834.9 841.7 859.7 Services-producing industries..... 5,446.5 5,640.4 5,462.9 5,551.1 5,598.6 5,671.0 5,740.9 5,813.9 Trade, transportation, and utilities...................... 1,265.0 1,303.7 1,262.9 1,288.5 1,295.6 1,307.8 1,322.7 1,335.5 Other services-producing industries..................... 4,181.5 4,336.7 4,200.0 4,262.6 4,303.0 4,363.2 4,418.1 4,478.4 Government.......................... 1,307.5 1,341.2 1,315.2 1,330.5 1,336.8 1,345.1 1,352.5 1,364.2 Supplements to wages and salaries..... 1,893.4 1,955.9 1,907.1 1,934.2 1,947.9 1,963.5 1,978.1 1,994.8 Employer contributions for employee pension and insurance funds\1\..... 1,309.8 1,345.8 1,321.7 1,332.7 1,341.7 1,350.4 1,358.3 1,366.0 Employer contributions for government social insurance........ 583.6 610.2 585.4 601.6 606.1 613.1 619.8 628.8 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,341.9 1,386.0 1,354.6 1,380.2 1,378.6 1,381.9 1,403.1 1,419.2 Farm.................................. 43.2 35.1 37.8 41.9 37.0 31.9 29.6 27.9 Nonfarm............................... 1,298.7 1,350.9 1,316.7 1,338.4 1,341.6 1,350.0 1,373.6 1,391.3 Rental income of persons with capital consumption adjustment................. 707.3 743.9 718.9 730.8 740.3 747.2 757.4 761.7 Personal income receipts on assets...... 2,377.8 2,442.4 2,391.6 2,420.1 2,434.5 2,433.9 2,481.1 2,504.0 Personal interest income.............. 1,415.3 1,477.1 1,438.5 1,476.6 1,465.1 1,460.6 1,506.1 1,524.2 Personal dividend income.............. 962.5 965.3 953.0 943.5 969.4 973.2 975.0 979.8 Personal current transfer receipts...... 2,768.4 2,850.1 2,795.9 2,831.9 2,836.9 2,858.4 2,873.2 2,910.6 Government social benefits to persons.............................. 2,711.0 2,790.6 2,737.9 2,773.4 2,777.8 2,798.5 2,812.6 2,848.9 Social security\2\.................. 896.5 926.1 906.0 916.1 922.8 930.0 935.4 961.0 Medicare\3\......................... 655.9 674.3 662.9 667.4 671.5 676.4 681.9 685.8 Medicaid............................ 563.0 583.2 577.8 581.4 577.4 583.4 590.8 599.6 Unemployment insurance.............. 31.7 28.8 30.7 30.2 28.6 28.5 27.8 27.5 Veterans' benefits.................. 92.8 98.2 94.0 95.5 98.0 99.2 100.2 103.3 Other............................... 471.1 479.9 466.5 482.8 479.4 481.0 476.4 471.8 Other current transfer receipts, from business (net)....................... 57.4 59.5 58.0 58.4 59.2 59.9 60.7 61.6 Less: Contributions for government social insurance, domestic............. 1,245.3 1,302.3 1,250.2 1,284.1 1,293.8 1,308.5 1,322.8 1,354.4 Less: Personal current taxes.............. 1,960.1 2,048.3 1,977.2 2,018.8 2,007.9 2,058.1 2,108.2 2,068.1 Equals: Disposable personal income........ 13,968.6 14,379.0 14,048.5 14,226.4 14,331.6 14,410.8 14,547.1 14,769.2 Less: Personal outlays.................... 13,288.0 13,893.0 13,537.0 13,671.8 13,805.9 13,927.2 14,167.3 14,307.1 Personal consumption expenditures....... 12,820.7 13,395.5 13,056.9 13,191.6 13,307.0 13,429.1 13,654.3 13,782.3 Goods................................. 4,121.4 4,295.3 4,195.9 4,230.8 4,247.2 4,301.4 4,401.8 4,411.4 Durable goods....................... 1,411.0 1,473.8 1,440.2 1,443.2 1,456.6 1,477.6 1,517.8 1,499.2 Nondurable goods.................... 2,710.4 2,821.5 2,755.7 2,787.6 2,790.6 2,823.8 2,884.0 2,912.3 Services.............................. 8,699.3 9,100.2 8,861.0 8,960.7 9,059.8 9,127.7 9,252.5 9,370.8 Personal interest payments\4\........... 278.4 300.5 284.4 287.4 300.7 301.3 312.7 320.8 Personal current transfer payments...... 189.0 197.0 195.6 192.9 198.2 196.7 200.3 204.1 To government......................... 108.9 114.6 110.6 112.3 114.1 115.5 116.5 116.9 To the rest of the world (net)........ 80.1 82.4 85.0 80.6 84.1 81.2 83.7 87.2 Equals: Personal saving................... 680.6 485.9 511.5 554.6 525.7 483.7 379.8 462.1 Personal saving as a percentage of disposable personal income............. 4.9 3.4 3.6 3.9 3.7 3.4 2.6 3.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,878.7 12,052.0 11,857.1 11,955.7 12,027.2 12,077.6 12,147.8 12,193.4 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 12,608.2 12,763.7 12,590.8 12,680.4 12,765.6 12,787.7 12,822.1 12,930.9 Per capita: Current dollars..................... 43,157 44,110 43,280 43,759 44,011 44,168 44,499 45,107 Chained (2009) dollars.............. 38,954 39,155 38,790 39,004 39,202 39,193 39,223 39,493 Population (midperiod, thousands)\6\.... 323,668 325,983 324,593 325,108 325,640 326,276 326,907 327,423 ----------------------------------------------------------------------------------------------------------------------------------- 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. 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 Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- ------------------------2017------------------------ -------------2018------------- Aug. Sept. Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 45.3 77.4 59.7 56.0 67.8 64.2 57.1 47.8 Compensation of employees............... 22.5 45.0 19.9 51.1 47.2 51.9 38.8 20.1 Wages and salaries.................... 18.1 39.4 16.4 45.2 41.3 45.7 34.0 16.2 Private industries.................. 14.2 36.0 15.5 42.8 37.4 40.4 31.2 13.4 Goods-producing industries........ -1.2 9.9 1.3 8.9 5.7 11.2 27.0 -12.6 Manufacturing................... -1.8 4.1 2.7 2.2 1.7 8.1 18.3 -12.3 Services-producing industries..... 15.4 26.1 14.2 33.9 31.7 29.2 4.2 25.9 Trade, transportation, and utilities...................... -0.3 6.8 0.9 12.6 3.7 5.3 -1.3 5.0 Other services-producing industries..................... 15.7 19.3 13.3 21.3 28.0 23.9 5.4 21.0 Government.......................... 3.9 3.4 0.9 2.4 3.9 5.4 2.8 2.9 Supplements to wages and salaries..... 4.3 5.6 3.5 5.9 5.9 6.2 4.9 3.9 Employer contributions for employee pension and insurance funds\1\..... 3.1 2.9 2.2 2.6 3.0 2.2 2.5 2.7 Employer contributions for government social insurance........ 1.3 2.7 1.3 3.3 2.9 3.9 2.4 1.2 Proprietors' income with inventory valuation and capital consumption adjustments............................ 4.8 8.6 5.3 13.5 -1.1 2.5 11.7 6.2 Farm.................................. -0.4 -0.4 -1.0 -1.0 -1.0 -0.3 -0.3 -0.3 Nonfarm............................... 5.2 9.0 6.3 14.5 -0.1 2.8 12.0 6.5 Rental income of persons with capital consumption adjustment................. 2.5 4.7 3.0 3.6 2.7 -1.5 2.0 4.1 Personal income receipts on assets...... 6.5 10.0 22.0 14.5 20.1 -3.9 8.9 8.0 Personal interest income.............. 4.4 4.4 20.5 20.5 20.5 -1.2 -1.2 -1.2 Personal dividend income.............. 2.1 5.7 1.5 -6.0 -0.5 -2.7 10.1 9.2 Personal current transfer receipts...... 12.0 14.8 12.5 -19.8 5.1 36.1 0.7 12.1 Government social benefits to persons.............................. 11.7 14.6 12.3 -20.1 4.8 35.6 0.5 11.9 Social security\2\.................. 0.8 3.1 6.7 -7.5 4.2 23.8 -2.5 9.5 Medicare\3\......................... 1.7 1.9 1.8 1.8 1.8 0.4 1.3 2.2 Medicaid............................ 3.3 4.3 1.6 1.6 2.5 4.2 2.8 1.4 Unemployment insurance.............. -0.3 -0.3 -0.6 0.3 0.0 0.2 -0.6 -0.5 Veterans' benefits.................. 0.2 2.1 -1.8 2.2 -0.7 2.2 0.5 1.0 Other............................... 6.0 3.5 4.5 -18.5 -3.0 4.8 -1.1 -1.8 Other current transfer receipts, from business (net)....................... 0.2 0.3 0.3 0.3 0.3 0.5 0.3 0.3 Less: Contributions for government social insurance, domestic............. 2.9 5.8 3.0 6.8 6.1 20.9 5.2 2.7 Less: Personal current taxes.............. 21.2 18.5 16.7 15.4 11.3 -65.1 14.5 8.1 Equals: Disposable personal income........ 24.1 58.9 43.1 40.7 56.4 129.3 42.6 39.8 Less: Personal outlays.................... 21.2 130.0 54.2 103.2 70.2 36.4 2.2 62.3 Personal consumption expenditures....... 23.9 132.7 44.1 95.7 62.7 32.7 1.6 61.7 Goods................................. 5.1 90.5 4.1 50.0 2.9 2.1 -18.7 4.6 Durable goods....................... -20.6 47.5 6.6 11.5 3.5 -24.6 -5.9 11.3 Nondurable goods.................... 25.7 43.0 -2.5 38.5 -0.7 26.7 -12.8 -6.8 Services.............................. 18.8 42.2 40.1 45.7 59.8 30.6 20.3 57.1 Personal interest payments\4\........... -3.1 -3.1 7.2 7.2 7.2 0.4 0.4 0.4 Personal current transfer payments...... 0.4 0.4 2.8 0.3 0.3 3.3 0.2 0.2 To government......................... 0.4 0.4 0.3 0.3 0.3 -0.1 0.2 0.2 To the rest of the world (net)........ 0.0 0.0 2.5 0.0 0.0 3.4 0.0 0.0 Equals: Personal saving................... 2.9 -71.1 -11.1 -62.5 -13.7 92.9 40.4 -22.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 4.0 7.5 23.2 42.0 38.0 -22.3 29.1 27.2 Disposable personal income, billions of chained (2009) dollars\5\.............. -5.7 1.5 18.5 9.5 31.5 63.9 15.9 30.5 ----------------------------------------------------------------------------------------------------------------------------------- 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. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- 2016 2017 --------------Seasonally adjusted at annual rates-------------- 2016 -------------------2017------------------- 2018 Q4 Q1 Q2 Q3 Q4 Q1 ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 375.8 498.5 -2.3 219.5 94.3 129.4 186.4 182.1 Compensation of employees............... 270.4 328.5 -66.5 151.4 76.7 113.1 107.2 133.0 Wages and salaries.................... 226.4 266.0 -70.2 124.3 63.1 97.4 92.6 116.4 Private industries.................. 194.5 232.3 -70.8 108.9 56.8 89.0 85.2 104.8 Goods-producing industries........ 22.6 38.4 -15.4 20.7 9.3 16.6 15.3 31.8 Manufacturing................... 7.6 18.1 -13.2 12.9 4.6 5.8 6.8 18.0 Services-producing industries..... 171.9 193.9 -55.4 88.2 47.5 72.4 69.9 73.0 Trade, transportation, and utilities...................... 27.7 38.6 -14.8 25.6 7.1 12.2 14.9 12.7 Other services-producing industries..................... 144.2 155.2 -40.6 62.6 40.5 60.2 54.9 60.3 Government.......................... 31.9 33.8 0.5 15.3 6.3 8.4 7.4 11.6 Supplements to wages and salaries..... 44.0 62.5 3.8 27.1 13.6 15.7 14.6 16.6 Employer contributions for employee pension and insurance funds\1\..... 31.8 36.0 8.4 10.9 9.1 8.7 7.9 7.7 Employer contributions for government social insurance........ 12.2 26.6 -4.7 16.2 4.5 7.0 6.7 9.0 Proprietors' income with inventory valuation and capital consumption adjustments............................ 23.1 44.0 8.5 25.7 -1.6 3.3 21.2 16.1 Farm.................................. -10.5 -8.1 -3.6 4.0 -4.8 -5.1 -2.4 -1.6 Nonfarm............................... 33.6 52.1 12.1 21.6 3.3 8.4 23.6 17.7 Rental income of persons with capital consumption adjustment................. 44.8 36.6 10.8 11.9 9.5 6.9 10.2 4.2 Personal income receipts on assets...... -9.3 64.6 18.4 28.5 14.4 -0.6 47.2 22.9 Personal interest income.............. 48.0 61.8 21.7 38.1 -11.5 -4.5 45.4 18.1 Personal dividend income.............. -57.4 2.8 -3.3 -9.6 25.9 3.9 1.8 4.8 Personal current transfer receipts...... 84.0 81.7 18.5 35.9 5.1 21.4 14.9 37.3 Government social benefits to persons.............................. 79.7 79.6 18.3 35.5 4.3 20.7 14.1 36.4 Social security\2\.................. 24.7 29.6 6.3 10.1 6.8 7.2 5.4 25.6 Medicare\3\......................... 22.2 18.5 4.6 4.5 4.1 4.9 5.5 3.9 Medicaid............................ 27.0 20.2 11.0 3.5 -4.0 6.0 7.5 8.7 Unemployment insurance.............. -0.5 -2.9 -1.0 -0.4 -1.7 -0.1 -0.7 -0.3 Veterans' benefits.................. 3.0 5.4 1.1 1.5 2.5 1.2 0.9 3.2 Other............................... 3.3 8.8 -3.9 16.3 -3.4 1.6 -4.5 -4.7 Other current transfer receipts, from business (net)....................... 4.3 2.1 0.2 0.5 0.7 0.7 0.8 1.0 Less: Contributions for government social insurance, domestic............. 37.3 57.0 -8.0 33.9 9.7 14.7 14.4 31.6 Less: Personal current taxes.............. 22.2 88.1 -6.6 41.6 -10.9 50.2 50.1 -40.1 Equals: Disposable personal income........ 353.5 410.4 4.2 177.9 105.2 79.2 136.3 222.1 Less: Personal outlays.................... 501.4 605.0 170.4 134.9 134.1 121.2 240.1 139.8 Personal consumption expenditures....... 488.4 574.8 157.5 134.7 115.5 122.1 225.2 127.9 Goods................................. 88.3 173.9 61.5 34.9 16.4 54.2 100.3 9.7 Durable goods....................... 43.9 62.8 20.0 3.0 13.4 21.0 40.2 -18.6 Nondurable goods.................... 44.4 111.1 41.4 32.0 3.0 33.2 60.2 28.3 Services.............................. 400.2 400.9 96.0 99.7 99.1 67.9 124.9 118.3 Personal interest payments\4\........... 9.6 22.2 5.2 3.0 13.3 0.6 11.4 8.1 Personal current transfer payments...... 3.3 8.0 7.7 -2.8 5.3 -1.5 3.5 3.8 To government......................... 3.4 5.7 1.6 1.7 1.8 1.4 1.0 0.4 To the rest of the world (net)........ -0.1 2.3 6.2 -4.4 3.5 -2.9 2.5 3.4 Equals: Personal saving................... -147.8 -194.6 -166.1 43.0 -28.9 -42.1 -103.8 82.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 124.5 173.2 -77.3 98.7 71.5 50.4 70.2 45.5 Disposable personal income, billions of chained (2009) dollars\5\.............. 172.3 155.5 -58.4 89.6 85.2 22.1 34.4 108.8 ----------------------------------------------------------------------------------------------------------------------------------- 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. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at monthly rates------------------------- ------------------------2017------------------------ -------------2018------------- Aug. Sept. Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\p\ ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 0.3 0.5 0.4 0.3 0.4 0.4 0.3 0.3 Compensation of employees............... 0.2 0.4 0.2 0.5 0.5 0.5 0.4 0.2 Wages and salaries.................... 0.2 0.5 0.2 0.5 0.5 0.5 0.4 0.2 Supplements to wages and salaries..... 0.2 0.3 0.2 0.3 0.3 0.3 0.2 0.2 Proprietors' income with inventory valuation and capital consumption adjustments............................ 0.3 0.6 0.4 1.0 -0.1 0.2 0.8 0.4 Rental income of persons with capital consumption adjustment................. 0.3 0.6 0.4 0.5 0.4 -0.2 0.3 0.5 Personal income receipts on assets...... 0.3 0.4 0.9 0.6 0.8 -0.2 0.4 0.3 Personal interest income.............. 0.3 0.3 1.4 1.4 1.4 -0.1 -0.1 -0.1 Personal dividend income.............. 0.2 0.6 0.2 -0.6 0.0 -0.3 1.0 0.9 Personal current transfer receipts...... 0.4 0.5 0.4 -0.7 0.2 1.3 0.0 0.4 Less: Contributions for government social insurance, domestic............. 0.2 0.4 0.2 0.5 0.5 1.6 0.4 0.2 Less: Personal current taxes.............. 1.0 0.9 0.8 0.7 0.5 -3.1 0.7 0.4 Equals: Disposable personal income........ 0.2 0.4 0.3 0.3 0.4 0.9 0.3 0.3 Addenda: Personal consumption expenditures....... 0.2 1.0 0.3 0.7 0.5 0.2 0.0 0.4 Goods................................. 0.1 2.1 0.1 1.1 0.1 0.0 -0.4 0.1 Durable goods....................... -1.4 3.3 0.4 0.8 0.2 -1.6 -0.4 0.8 Nondurable goods.................... 0.9 1.5 -0.1 1.3 0.0 0.9 -0.4 -0.2 Services.............................. 0.2 0.5 0.4 0.5 0.6 0.3 0.2 0.6 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... 0.0 0.1 0.2 0.3 0.3 -0.2 0.2 0.2 Real disposable personal income......... 0.0 0.0 0.1 0.1 0.2 0.5 0.1 0.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) ----------------------------------------------------------------------------------------------------------------------------------- 2016 2017 --------------Seasonally adjusted at annual rates-------------- 2016 -------------------2017------------------- 2018 Q4 Q1 Q2 Q3 Q4 Q1 ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 2.4 3.1 -0.1 5.6 2.3 3.2 4.6 4.4 Compensation of employees............... 2.8 3.3 -2.6 6.2 3.1 4.5 4.2 5.2 Wages and salaries.................... 2.9 3.3 -3.4 6.3 3.1 4.8 4.5 5.6 Supplements to wages and salaries..... 2.4 3.3 0.8 5.8 2.8 3.3 3.0 3.4 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1.8 3.3 2.5 7.8 -0.5 1.0 6.3 4.7 Rental income of persons with capital consumption adjustment................. 6.8 5.2 6.2 6.8 5.3 3.8 5.6 2.3 Personal income receipts on assets...... -0.4 2.7 3.1 4.9 2.4 -0.1 8.0 3.8 Personal interest income.............. 3.5 4.4 6.3 11.0 -3.1 -1.2 13.0 4.9 Personal dividend income.............. -5.6 0.3 -1.4 -3.9 11.4 1.6 0.7 2.0 Personal current transfer receipts...... 3.1 3.0 2.7 5.2 0.7 3.1 2.1 5.3 Less: Contributions for government social insurance, domestic............. 3.1 4.6 -2.5 11.3 3.1 4.6 4.5 9.9 Less: Personal current taxes.............. 1.1 4.5 -1.3 8.7 -2.1 10.4 10.1 -7.4 Equals: Disposable personal income........ 2.6 2.9 0.1 5.2 3.0 2.2 3.8 6.2 Addenda: Personal consumption expenditures....... 4.0 4.5 5.0 4.2 3.5 3.7 6.9 3.8 Goods................................. 2.2 4.2 6.1 3.4 1.6 5.2 9.7 0.9 Durable goods....................... 3.2 4.5 5.8 0.8 3.8 5.9 11.3 -4.8 Nondurable goods.................... 1.7 4.1 6.2 4.7 0.4 4.8 8.8 4.0 Services.............................. 4.8 4.6 4.5 4.6 4.5 3.0 5.6 5.2 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... 1.1 1.5 -2.6 3.4 2.4 1.7 2.3 1.5 Real disposable personal income......... 1.4 1.2 -1.8 2.9 2.7 0.7 1.1 3.4 ----------------------------------------------------------------------------------------------------------------------------------- Source: U.S. Bureau of Economic Analysis Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) --------------------------------------------------------------------------------------------------------------------------------------- ------------------------2017------------------------ -------------2018------------- Aug. Sept. Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\p\ --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 11,891.8 11,962.1 11,982.7 12,042.4 12,080.5 12,062.6 12,044.0 12,093.9 Goods......................................... 4,224.0 4,283.3 4,297.4 4,337.9 4,343.2 4,315.4 4,302.0 4,326.2 Durable goods............................... 1,685.8 1,745.3 1,753.3 1,772.7 1,779.8 1,748.5 1,747.6 1,766.0 Nondurable goods............................ 2,582.5 2,590.6 2,597.4 2,619.5 2,618.9 2,617.5 2,605.9 2,614.0 Services...................................... 7,680.7 7,696.8 7,704.4 7,726.5 7,758.1 7,764.7 7,758.5 7,785.3 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... -4.0 70.3 20.6 59.7 38.1 -17.9 -18.6 50.0 Goods......................................... -6.6 59.2 14.1 40.5 5.3 -27.8 -13.4 24.2 Durable goods............................... -21.6 59.4 8.0 19.5 7.1 -31.3 -1.0 18.5 Nondurable goods............................ 11.1 8.1 6.8 22.2 -0.6 -1.4 -11.6 8.0 Services...................................... 1.7 16.1 7.6 22.1 31.6 6.6 -6.2 26.8 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.0 0.6 0.2 0.5 0.3 -0.1 -0.2 0.4 Goods......................................... -0.2 1.4 0.3 0.9 0.1 -0.6 -0.3 0.6 Durable goods............................... -1.3 3.5 0.5 1.1 0.4 -1.8 -0.1 1.1 Nondurable goods............................ 0.4 0.3 0.3 0.9 0.0 -0.1 -0.4 0.3 Services...................................... 0.0 0.2 0.1 0.3 0.4 0.1 -0.1 0.3 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) --------------------------------------------------------------------------------------------------------------------------------------- 2016 2017 --------------Seasonally adjusted at annual rates-------------- 2016 -------------------2017------------------- 2018 Q4 Q1 Q2 Q3 Q4 Q1 --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars Personal consumption expenditures (PCE)... 11,572.1 11,890.7 11,702.1 11,758.0 11,853.0 11,916.6 12,035.2 12,066.8 Goods......................................... 4,072.2 4,229.4 4,138.4 4,145.4 4,199.9 4,246.0 4,326.2 4,314.5 Durable goods............................... 1,595.1 1,701.6 1,647.9 1,647.3 1,677.8 1,712.9 1,768.6 1,754.0 Nondurable goods............................ 2,514.3 2,575.0 2,533.2 2,540.2 2,566.6 2,581.5 2,611.9 2,612.5 Services...................................... 7,507.3 7,675.2 7,573.8 7,621.0 7,664.4 7,685.5 7,729.7 7,769.5 Change from preceding period in billions of chained (2009) dollars Personal consumption expenditures (PCE)... 307.9 318.6 84.0 55.9 94.9 63.6 118.7 31.6 Goods......................................... 144.9 157.2 47.6 7.0 54.5 46.1 80.2 -11.7 Durable goods............................... 83.3 106.6 36.0 -0.6 30.5 35.1 55.7 -14.5 Nondurable goods............................ 67.5 60.7 15.3 7.0 26.4 14.9 30.5 0.5 Services...................................... 167.2 167.9 38.9 47.2 43.4 21.0 44.2 39.8 Percent change from preceding period in chained (2009) dollars Personal consumption expenditures (PCE)... 2.7 2.8 2.9 1.9 3.3 2.2 4.0 1.1 Goods......................................... 3.7 3.9 4.7 0.7 5.4 4.5 7.8 -1.1 Durable goods............................... 5.5 6.7 9.2 -0.1 7.6 8.6 13.7 -3.3 Nondurable goods............................ 2.8 2.4 2.5 1.1 4.2 2.3 4.8 0.1 Services...................................... 2.3 2.2 2.1 2.5 2.3 1.1 2.3 2.1 --------------------------------------------------------------------------------------------------------------------------------------- Source: U.S. Bureau of Economic Analysis Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) --------------------------------------------------------------------------------------------------------------------------------------- ------------------------2017------------------------ -------------2018------------- Aug. Sept. Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\p\ --------------------------------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted Personal consumption expenditures (PCE)... 112.629 113.077 113.250 113.483 113.644 114.083 114.273 114.310 Goods......................................... 101.162 101.876 101.633 101.836 101.776 102.479 102.364 101.898 Durable goods............................... 86.278 86.061 86.044 85.745 85.603 85.727 85.434 85.182 Nondurable goods............................ 109.129 110.447 110.060 110.599 110.598 111.677 111.683 111.081 Services...................................... 118.745 119.045 119.448 119.697 119.980 120.273 120.631 120.948 Addenda: PCE excluding food and energy............... 113.206 113.378 113.645 113.732 113.918 114.248 114.479 114.654 Food\1\..................................... 109.953 109.961 110.032 109.966 110.061 110.118 109.965 110.152 Energy goods and services\2\................ 102.767 109.810 108.151 112.010 111.747 115.167 115.092 111.883 Market-based PCE\3\......................... 110.565 111.001 111.138 111.353 111.442 111.897 112.065 112.140 Market-based PCE excluding food and energy\3\.................................. 110.885 111.007 111.245 111.291 111.399 111.732 111.944 112.181 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.2 0.4 0.2 0.2 0.1 0.4 0.2 0.0 Goods......................................... 0.3 0.7 -0.2 0.2 -0.1 0.7 -0.1 -0.5 Durable goods............................... -0.1 -0.3 0.0 -0.3 -0.2 0.1 -0.3 -0.3 Nondurable goods............................ 0.5 1.2 -0.4 0.5 0.0 1.0 0.0 -0.5 Services...................................... 0.2 0.3 0.3 0.2 0.2 0.2 0.3 0.3 Addenda: PCE excluding food and energy............... 0.1 0.2 0.2 0.1 0.2 0.3 0.2 0.2 Food\1\..................................... 0.0 0.0 0.1 -0.1 0.1 0.1 -0.1 0.2 Energy goods and services\2\................ 3.1 6.9 -1.5 3.6 -0.2 3.1 -0.1 -2.8 Market-based PCE\3\......................... 0.2 0.4 0.1 0.2 0.1 0.4 0.2 0.1 Market-based PCE excluding food and energy\3\.................................. 0.1 0.1 0.2 0.0 0.1 0.3 0.2 0.2 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- ------------------------2017------------------------ -------------2018------------- Aug. Sept. Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................ 1.1 1.2 1.5 1.8 2.2 2.2 2.0 1.7 Personal consumption expenditures......... 2.5 2.6 2.7 2.9 2.9 2.8 2.7 2.4 Goods................................... 3.6 4.3 4.2 5.0 4.4 4.4 4.1 3.7 Durable goods......................... 5.6 7.4 6.8 8.2 6.9 6.7 6.3 6.4 Nondurable goods...................... 2.6 2.7 2.9 3.3 3.1 3.1 3.0 2.4 Services................................ 2.0 1.8 2.0 2.0 2.2 2.1 2.0 1.7 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago --------------------------------------------------------------------------------------------------------------------------------------- ------------------------2017------------------------ -------------2018------------- Aug. Sept. Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\p\ --------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE)... 1.4 1.7 1.6 1.7 1.7 1.7 1.7 2.0 Goods......................................... 0.1 0.6 0.2 0.6 0.3 0.1 0.1 0.3 Durable goods............................... -2.2 -2.0 -1.9 -1.7 -1.8 -2.3 -2.6 -2.4 Nondurable goods............................ 1.4 2.0 1.2 1.8 1.5 1.4 1.6 1.7 Services...................................... 2.1 2.2 2.3 2.3 2.3 2.4 2.5 2.8 Addenda: PCE excluding food and energy............... 1.3 1.4 1.5 1.5 1.5 1.5 1.6 1.9 Food\1\..................................... 0.3 0.4 0.5 0.7 0.9 0.9 0.6 0.4 Energy goods and services\2\................ 6.7 11.1 6.5 9.2 7.3 6.0 7.2 7.9 Market-based PCE\3\......................... 1.2 1.5 1.4 1.5 1.4 1.3 1.4 1.7 Market-based PCE excluding food and energy\3\.................................. 1.0 1.1 1.2 1.2 1.1 1.1 1.2 1.6 --------------------------------------------------------------------------------------------------------------------------------------- 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