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News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, Thursday, November 30, 2017
BEA 17-63

Personal Income and Outlays, October 2017

Personal income increased $65.1 billion (0.4 percent) in October according to estimates released today
by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $66.1 billion (0.5 percent)
and personal consumption expenditures (PCE) increased $34.4 billion (0.3 percent).

Real DPI increased 0.3 percent in October and Real PCE increased 0.1 percent. The PCE price index increased
0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

                                                June     July     Aug.     Sept.     Oct.
                                                   Percent change from preceding month
Personal income:
 Current dollars                                 0.0      0.3     0.2       0.4      0.4
Disposable personal income:
 Current dollars                                 0.0      0.2     0.1       0.4      0.5
 Chained (2009) dollars                         -0.1      0.1    -0.1       0.0      0.3
Personal consumption expenditures (PCE):
 Current dollars                                 0.1      0.4     0.2       0.9      0.3
 Chained (2009) dollars                          0.1      0.3     0.0       0.5      0.1
Price indexes:
 PCE                                             0.0      0.1     0.2       0.4      0.1
 PCE, excluding food and energy                  0.1      0.1     0.1       0.2      0.2

Price indexes:                                     Percent change from month one year ago
 PCE                                             1.4      1.4     1.4       1.7      1.6
 PCE, excluding food and energy                  1.5      1.4     1.3       1.4      1.4

The increase in personal income in October primarily reflected increases in wages and salaries
and personal interest income (table 3).

The $13.1 billion increase in real PCE in October reflected an increase of $11.4 billion in spending
for goods and a $2.7 billion increase in spending for services (table 7). Within goods, other nondurable
goods, which includes prescription drugs and recreational items, was the leading contributor to the
increase. Within services, the largest contributor to the increase was spending for other services,
which includes passenger fares for foreign travel and communication services. Detailed information on
monthly real PCE spending can be found in Table 2.3.6U.

Personal outlays increased $38.7 billion in October (table 3). Personal saving was $457.3 billion in
October and the personal saving rate, personal saving as a percentage of disposable personal income,
was 3.2 percent (table 1).

                                Updates to Personal Income and Outlays

Estimates have been revised for April through September. 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
                                                August                                   September
                                Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                               (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal income:
 Current dollars                    29.2      36.8        0.2       0.2       66.9      69.1        0.4       0.4
Disposable personal income:
 Current dollars                    14.6      21.1        0.1       0.1       53.0      54.8        0.4       0.4
 Chained (2009) dollars            -13.2      -8.2       -0.1      -0.1       -0.9      -1.9        0.0       0.0
Personal consumption expenditures:
 Current dollars                    17.6      25.5        0.1       0.2      136.0     119.2        1.0       0.9
 Chained (2009) dollars             -8.7      -2.5       -0.1       0.0       76.0      58.5        0.6       0.5

                                QCEW Data Included in the Second Quarter of 2017

This news release includes revised estimates of wages and salaries, personal taxes, and contributions for
government social insurance for April through June 2017 (second quarter). These estimates reflect the
incorporation of the most recently available second-quarter wage and salary tabulations from the Bureau
of Labor Statistics’ Quarterly Census of Employment and Wages (QCEW) program.

                                Hurricanes Harvey and Irma

The August and September estimates of personal income and outlays reflect the effects of Hurricanes Harvey and Irma.
BEA cannot separately quantify the total impact of the storms on personal income and outlays because most of the
source data used to estimate the components of personal income and outlays do not separately identify storm impacts.
BEA made adjustments to estimates where source data were not yet available or did not fully reflect the effects of
the storms.

For more information on the treatment of disasters within the national income and product accounts, see
“How are the measures of production and income in the national accounts affected by a natural or man-made disaster?”

Personal Income and Outlays Release Dates for 2018

December 2017....January 29             April 2018....May 31            August 2018......September 28
January 2018.....March 1                May 2018......June 29           September 2018...October 29
February 2018....March 29               June 2018.....July 31           October 2018.....November 29
March 2018.......April 30               July 2018.....August 30         November 2018....December 21

                                Next release:  December 22, 2017 at 8:30 A.M. EST
                                   Personal Income and Outlays:  November 2017