EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, MARCH 1, 2017
BEA 17-08
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: January 2017
Personal income increased $63.0 billion (0.4 percent) in January according to estimates released today
by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $40.1 billion (0.3 percent)
and personal consumption expenditures (PCE) increased $22.2 billion (0.2 percent).
Real DPI decreased 0.2 percent in January and Real PCE decreased 0.3 percent. The PCE price index increased
0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent.
2016 2017
Sept. Oct. Nov. Dec. Jan.
Percent change from preceding month
Personal income:
Current dollars 0.4 0.4 0.2 0.3 0.4
Disposable personal income:
Current dollars 0.4 0.4 0.2 0.3 0.3
Chained (2009) dollars 0.2 0.2 0.1 0.1 -0.2
Personal consumption expenditures (PCE):
Current dollars 0.7 0.4 0.2 0.5 0.2
Chained (2009) dollars 0.5 0.2 0.2 0.3 -0.3
Price indexes:
PCE 0.2 0.2 0.1 0.2 0.4
PCE, excluding food and energy 0.1 0.1 0.0 0.1 0.3
Price indexes: Percent change from month one year ago
PCE 1.2 1.4 1.3 1.6 1.9
PCE, excluding food and energy 1.7 1.7 1.6 1.7 1.7
The increase in personal income in January primarily reflected increases in wages and salaries and
personal current transfer receipts that were partially offset by an increase in contributions for
government social insurance, a subtraction in the calculation of personal income (table 3).
The decrease in real PCE in January primarily reflected decreases in spending for services, notably
utilities, and durable goods (table 7).
Personal outlays increased $24.0 billion in January (table 3). Personal saving was $795.7 billion
in January and the personal saving rate, personal saving as a percentage of disposable personal
income, was 5.5 percent (table 1).
2016 Personal Income and Outlays
Personal income (table 6) increased 3.6 percent in 2016 (that is, from the 2015 annual level
to the 2016 annual level), compared with an increase of 4.4 percent in 2015. DPI increased
3.9 percent in 2016, compared with an increase of 3.8 percent in 2015. In 2016, PCE increased
3.8 percent, compared with an increase of 3.5 percent in 2015.
Real DPI increased 2.8 percent in 2016, compared with an increase of 3.5 percent in 2015.
Real PCE (table 8) increased 2.7 percent, compared with an increase of 3.2 percent.
Annual estimates of personal income and disposable personal income were revised up 0.1 percentage
point from the estimates presented last month; annual estimates of personal consumption expenditures
were unrevised.
Updates
Estimates have been updated for July through December. 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
November December
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 9.2 27.9 0.1 0.2 50.2 47.5 0.3 0.3
Disposable personal income:
Current dollars 9.3 26.5 0.1 0.2 43.6 42.0 0.3 0.3
Chained (2009) dollars 1.7 16.6 0.0 0.1 19.0 16.2 0.1 0.1
Personal consumption expenditures:
Current dollars 28.8 32.1 0.2 0.2 63.1 65.0 0.5 0.5
Chained (2009) dollars 19.8 22.3 0.2 0.2 38.2 38.7 0.3 0.3
BOX.________________________
QCEW Data Included in the Third Quarter of 2016
This news release includes revised estimates of wages and salaries, personal taxes, and contributions
for government social insurance for July through September 2016 (third quarter). These estimates reflect
the incorporation of the most recently available third-quarter wage and salary tabulations from the
Quarterly Census of Employment and Wages (QCEW) program from the Bureau of Labor Statistics.
____________________________
Next release: March 31, 2017 at 8:30 A.M. EDT
Personal Income and Outlays: February 2017
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-------------------------
-----------------------------------2016----------------------------------- 2017
June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 15,988.4 16,062.7 16,101.5 16,169.1 16,232.4 16,260.2 16,307.8 16,370.8
Compensation of employees............... 10,101.9 10,160.8 10,174.1 10,225.3 10,257.6 10,273.8 10,310.1 10,353.9
Wages and salaries.................... 8,190.7 8,241.8 8,250.2 8,294.9 8,322.3 8,334.8 8,366.4 8,400.0
Private industries.................. 6,882.4 6,928.0 6,930.8 6,972.1 6,998.2 7,010.1 7,040.4 7,067.0
Goods-producing industries........ 1,343.2 1,358.4 1,355.9 1,363.8 1,374.4 1,369.0 1,376.7 1,380.7
Manufacturing................... 828.0 837.5 834.4 837.2 845.6 839.1 844.5 845.1
Services-producing industries..... 5,539.2 5,569.6 5,574.8 5,608.3 5,623.9 5,641.1 5,663.7 5,686.2
Trade, transportation, and
utilities...................... 1,283.6 1,286.7 1,285.7 1,289.6 1,296.2 1,297.5 1,304.7 1,309.5
Other services-producing
industries..................... 4,255.6 4,282.9 4,289.1 4,318.7 4,327.7 4,343.6 4,358.9 4,376.7
Government.......................... 1,308.4 1,313.8 1,319.4 1,322.7 1,324.1 1,324.7 1,326.0 1,333.1
Supplements to wages and salaries..... 1,911.2 1,919.1 1,923.9 1,930.5 1,935.3 1,939.0 1,943.8 1,953.9
Employer contributions for employee
pension and insurance funds\1\..... 1,324.1 1,329.0 1,333.6 1,337.6 1,340.9 1,344.1 1,347.0 1,349.5
Employer contributions for
government social insurance........ 587.0 590.1 590.3 592.9 594.5 595.0 596.8 604.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,411.8 1,416.9 1,417.1 1,428.3 1,432.2 1,441.5 1,440.8 1,452.2
Farm.................................. 28.9 28.6 28.3 28.0 24.9 21.8 18.8 19.2
Nonfarm............................... 1,382.9 1,388.2 1,388.8 1,400.3 1,407.2 1,419.7 1,422.0 1,433.0
Rental income of persons with capital
consumption adjustment................. 702.4 703.1 705.7 708.9 714.6 721.0 728.3 735.8
Personal income receipts on assets...... 2,256.7 2,262.0 2,272.3 2,276.5 2,285.7 2,288.9 2,288.9 2,288.3
Personal interest income.............. 1,312.8 1,315.3 1,317.8 1,320.3 1,326.3 1,332.3 1,338.3 1,343.3
Personal dividend income.............. 943.8 946.7 954.5 956.3 959.5 956.6 950.6 945.1
Personal current transfer receipts...... 2,766.3 2,776.7 2,789.8 2,793.0 2,808.6 2,802.7 2,811.2 2,832.7
Government social benefits to
persons.............................. 2,713.2 2,723.4 2,736.3 2,739.3 2,754.7 2,748.6 2,756.9 2,778.0
Social security\2\.................. 892.8 898.0 899.9 901.3 910.8 901.9 904.8 913.8
Medicare\3\......................... 661.8 664.1 666.2 668.2 670.0 671.7 673.2 674.6
Medicaid............................ 560.5 566.2 570.9 575.1 578.8 582.3 585.0 586.4
Unemployment insurance.............. 30.3 30.1 30.3 29.2 28.5 28.5 29.1 28.9
Veterans' benefits.................. 96.2 94.9 95.7 96.3 96.3 96.5 98.1 98.1
Other............................... 471.4 470.0 473.3 469.2 470.2 467.7 466.7 476.3
Other current transfer receipts, from
business (net)....................... 53.2 53.3 53.5 53.7 53.9 54.1 54.3 54.7
Less: Contributions for government
social insurance, domestic............. 1,250.7 1,256.9 1,257.6 1,262.9 1,266.3 1,267.6 1,271.5 1,292.1
Less: Personal current taxes.............. 1,960.2 1,974.7 1,981.0 1,991.4 1,995.6 1,997.0 2,002.5 2,025.4
Equals: Disposable personal income........ 14,028.2 14,087.9 14,120.5 14,177.7 14,236.8 14,263.3 14,305.3 14,345.4
Less: Personal outlays.................... 13,216.7 13,265.7 13,273.3 13,363.2 13,421.0 13,456.9 13,525.8 13,549.7
Personal consumption expenditures....... 12,750.8 12,796.8 12,804.7 12,894.9 12,946.5 12,978.5 13,043.5 13,065.8
Goods................................. 4,099.0 4,106.5 4,088.9 4,140.2 4,179.1 4,170.6 4,203.2 4,225.7
Durable goods....................... 1,391.4 1,418.6 1,397.1 1,426.3 1,442.4 1,428.0 1,452.9 1,448.9
Nondurable goods.................... 2,707.5 2,687.9 2,691.8 2,713.9 2,736.6 2,742.6 2,750.3 2,776.7
Services.............................. 8,651.9 8,690.3 8,715.8 8,754.8 8,767.4 8,808.0 8,840.4 8,840.1
Personal interest payments\4\........... 276.9 276.4 275.8 275.3 278.6 282.0 285.4 285.3
Personal current transfer payments...... 188.9 192.5 192.7 193.0 195.9 196.4 196.8 198.7
To government......................... 108.4 108.5 108.8 109.0 109.4 109.8 110.2 112.1
To the rest of the world (net)........ 80.6 84.0 84.0 84.0 86.6 86.6 86.6 86.6
Equals: Personal saving................... 811.6 822.2 847.2 814.4 815.8 806.3 779.5 795.7
Personal saving as a percentage of
disposable personal income............. 5.8 5.8 6.0 5.7 5.7 5.7 5.4 5.5
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 11,948.1 11,999.3 12,003.3 12,036.2 12,056.0 12,079.5 12,094.2 12,079.0
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 12,676.5 12,723.6 12,732.7 12,757.5 12,786.1 12,802.7 12,818.9 12,799.3
Per capita:
Current dollars..................... 43,397 43,554 43,626 43,773 43,928 43,984 44,091 44,193
Chained (2009) dollars.............. 39,216 39,336 39,338 39,388 39,451 39,480 39,510 39,430
Population (midperiod, thousands)\6\.... 323,252 323,458 323,676 323,892 324,098 324,280 324,447 324,608
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
quarter of 2016.
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.
Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
2015 2016\r\ --------------Seasonally adjusted at annual rates--------------
--------2015-------- -------------------2016-------------------
III IV I II III\r\ IV\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 15,458.5 16,011.8 15,556.1 15,690.2 15,740.1 15,929.4 16,111.1 16,266.8
Compensation of employees............... 9,693.1 10,101.6 9,740.0 9,892.4 9,892.6 10,046.5 10,186.8 10,280.5
Wages and salaries.................... 7,854.8 8,189.4 7,893.9 8,024.6 8,011.3 8,142.9 8,262.3 8,341.1
Private industries.................. 6,580.3 6,878.4 6,613.8 6,735.8 6,715.2 6,838.5 6,943.6 7,016.2
Goods-producing industries........ 1,308.1 1,350.9 1,310.4 1,334.6 1,327.7 1,343.0 1,359.4 1,373.4
Manufacturing................... 806.7 829.3 806.2 823.9 811.9 825.9 836.4 843.0
Services-producing industries..... 5,272.2 5,527.5 5,303.4 5,401.1 5,387.5 5,495.5 5,584.3 5,642.9
Trade, transportation, and
utilities...................... 1,237.1 1,278.4 1,245.1 1,264.2 1,253.7 1,273.1 1,287.4 1,299.5
Other services-producing
industries..................... 4,035.1 4,249.1 4,058.3 4,137.0 4,133.8 4,222.4 4,296.9 4,343.4
Government.......................... 1,274.5 1,311.0 1,280.1 1,288.9 1,296.1 1,304.4 1,318.6 1,324.9
Supplements to wages and salaries..... 1,838.2 1,912.2 1,846.1 1,867.8 1,881.3 1,903.6 1,924.5 1,939.4
Employer contributions for employee
pension and insurance funds\1\..... 1,270.5 1,325.4 1,276.1 1,290.0 1,304.9 1,319.4 1,333.4 1,344.0
Employer contributions for
government social insurance........ 567.7 586.8 570.0 577.8 576.4 584.1 591.1 595.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,376.8 1,417.7 1,389.0 1,400.9 1,403.9 1,407.8 1,420.8 1,438.1
Farm.................................. 39.9 28.1 44.6 38.1 32.3 29.8 28.3 21.8
Nonfarm............................... 1,336.8 1,389.6 1,344.4 1,362.8 1,371.6 1,378.0 1,392.4 1,416.3
Rental income of persons with capital
consumption adjustment................. 659.6 705.1 668.1 677.3 692.8 700.6 705.9 721.3
Personal income receipts on assets...... 2,253.8 2,262.4 2,275.1 2,235.5 2,235.9 2,255.8 2,270.3 2,287.8
Personal interest income.............. 1,302.7 1,314.1 1,336.1 1,293.0 1,296.1 1,310.2 1,317.8 1,332.3
Personal dividend income.............. 951.1 948.3 939.0 942.5 939.8 945.5 952.5 955.6
Personal current transfer receipts...... 2,678.6 2,775.4 2,692.1 2,708.2 2,744.0 2,763.6 2,786.5 2,807.5
Government social benefits to
persons.............................. 2,627.2 2,722.1 2,640.0 2,655.8 2,691.4 2,710.6 2,733.0 2,753.4
Social security\2\.................. 871.8 896.5 874.5 881.5 886.3 894.1 899.7 905.9
Medicare\3\......................... 628.2 661.7 631.6 639.8 650.0 659.2 666.2 671.6
Medicaid............................ 539.6 566.8 545.3 547.3 555.6 558.8 570.7 582.0
Unemployment insurance.............. 32.2 30.1 32.0 31.4 31.5 30.3 29.9 28.7
Veterans' benefits.................. 89.8 95.2 90.0 92.2 93.1 95.2 95.7 97.0
Other............................... 465.6 471.7 466.5 463.5 474.9 473.0 470.8 468.2
Other current transfer receipts, from
business (net)....................... 51.4 53.3 52.1 52.4 52.6 53.0 53.5 54.1
Less: Contributions for government
social insurance, domestic............. 1,203.5 1,250.4 1,208.3 1,224.1 1,229.0 1,244.8 1,259.1 1,268.5
Less: Personal current taxes.............. 1,938.7 1,966.4 1,944.4 1,963.8 1,932.7 1,952.1 1,982.4 1,998.3
Equals: Disposable personal income........ 13,519.8 14,045.5 13,611.7 13,726.4 13,807.4 13,977.3 14,128.7 14,268.5
Less: Personal outlays.................... 12,736.2 13,221.3 12,813.2 12,899.6 12,961.9 13,154.5 13,300.7 13,467.9
Personal consumption expenditures....... 12,283.7 12,753.1 12,356.9 12,438.8 12,498.0 12,692.7 12,832.2 12,989.5
Goods................................. 4,012.1 4,097.5 4,043.0 4,038.1 4,008.7 4,085.4 4,111.9 4,184.3
Durable goods....................... 1,355.2 1,402.9 1,364.7 1,371.8 1,366.6 1,390.0 1,414.0 1,441.1
Nondurable goods.................... 2,656.9 2,694.6 2,678.4 2,666.3 2,642.0 2,695.4 2,697.9 2,743.2
Services.............................. 8,271.6 8,655.5 8,313.9 8,400.6 8,489.3 8,607.3 8,720.3 8,805.3
Personal interest payments\4\........... 263.8 274.7 266.2 270.6 268.0 273.0 275.8 282.0
Personal current transfer payments...... 188.8 193.5 190.1 190.2 196.0 188.8 192.7 196.4
To government......................... 103.3 108.8 103.9 104.0 108.2 108.2 108.8 109.8
To the rest of the world (net)........ 85.4 84.7 86.2 86.2 87.8 80.6 84.0 86.6
Equals: Personal saving................... 783.6 824.2 798.5 826.8 845.5 822.8 828.0 800.6
Personal saving as a percentage of
disposable personal income............. 5.8 5.9 5.9 6.0 6.1 5.9 5.9 5.6
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 11,667.7 11,955.1 11,717.8 11,813.7 11,818.2 11,912.9 12,012.9 12,076.5
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 12,343.3 12,685.8 12,398.9 12,491.0 12,556.0 12,647.2 12,737.9 12,802.6
Per capita:
Current dollars..................... 42,095 43,432 42,343 42,621 42,807 43,265 43,651 44,001
Chained (2009) dollars.............. 38,432 39,227 38,571 38,785 38,927 39,148 39,354 39,481
Population (midperiod, thousands)\6\.... 321,173 323,391 321,458 322,058 322,549 323,064 323,675 324,275
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
quarter of 2016.
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.
Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------Seasonally adjusted at annual rates-------------------------
-----------------------------------2016----------------------------------- 2017
June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 57.0 74.2 38.8 67.6 63.3 27.9 47.5 63.0
Compensation of employees............... 54.4 58.9 13.3 51.2 32.3 16.2 36.4 43.8
Wages and salaries.................... 46.9 51.0 8.4 44.6 27.4 12.5 31.6 33.7
Private industries.................. 42.9 45.7 2.8 41.4 26.1 11.9 30.3 26.6
Goods-producing industries........ -5.1 15.2 -2.5 7.9 10.5 -5.4 7.7 4.0
Manufacturing................... -2.0 9.5 -3.1 2.8 8.4 -6.5 5.4 0.6
Services-producing industries..... 47.9 30.4 5.2 33.5 15.5 17.2 22.6 22.6
Trade, transportation, and
utilities...................... 14.2 3.1 -1.0 3.9 6.6 1.3 7.2 4.8
Other services-producing
industries..................... 33.7 27.3 6.2 29.6 9.0 15.9 15.3 17.8
Government.......................... 4.0 5.4 5.7 3.3 1.4 0.6 1.3 7.1
Supplements to wages and salaries..... 7.5 7.9 4.8 6.6 4.9 3.7 4.7 10.1
Employer contributions for employee
pension and insurance funds\1\..... 4.7 4.8 4.7 4.0 3.3 3.2 2.9 2.5
Employer contributions for
government social insurance........ 2.8 3.1 0.2 2.6 1.6 0.5 1.8 7.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 6.8 5.0 0.2 11.2 3.8 9.3 -0.7 11.4
Farm.................................. -0.9 -0.3 -0.3 -0.3 -3.1 -3.1 -3.1 0.4
Nonfarm............................... 7.7 5.3 0.5 11.5 6.9 12.4 2.4 11.0
Rental income of persons with capital
consumption adjustment................. 2.3 0.7 2.6 3.2 5.7 6.4 7.3 7.5
Personal income receipts on assets...... -3.0 5.4 10.2 4.2 9.2 3.2 0.0 -0.5
Personal interest income.............. 2.6 2.5 2.5 2.5 6.0 6.0 6.0 5.0
Personal dividend income.............. -5.7 2.9 7.8 1.8 3.2 -2.8 -6.0 -5.5
Personal current transfer receipts...... 2.2 10.4 13.1 3.2 15.6 -5.9 8.5 21.5
Government social benefits to
persons.............................. 2.0 10.3 12.9 3.0 15.4 -6.1 8.3 21.2
Social security\2\.................. -1.5 5.2 1.9 1.4 9.6 -8.9 2.9 9.0
Medicare\3\......................... 2.6 2.3 2.1 2.0 1.8 1.7 1.5 1.4
Medicaid............................ 2.4 5.7 4.7 4.2 3.6 3.5 2.7 1.4
Unemployment insurance.............. -0.1 -0.2 0.2 -1.1 -0.6 0.0 0.6 -0.2
Veterans' benefits.................. 1.0 -1.3 0.8 0.6 0.0 0.2 1.6 0.0
Other............................... -2.4 -1.4 3.3 -4.1 1.0 -2.6 -0.9 9.5
Other current transfer receipts, from
business (net)....................... 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.4
Less: Contributions for government
social insurance, domestic............. 5.7 6.2 0.6 5.4 3.4 1.3 3.9 20.7
Less: Personal current taxes.............. 8.5 14.5 6.2 10.5 4.1 1.4 5.5 22.9
Equals: Disposable personal income........ 48.5 59.7 32.6 57.1 59.2 26.5 42.0 40.1
Less: Personal outlays.................... 70.4 49.0 7.6 90.0 57.8 35.9 68.8 24.0
Personal consumption expenditures....... 66.3 46.0 7.9 90.2 51.5 32.1 65.0 22.2
Goods................................. 18.0 7.6 -17.6 51.3 38.9 -8.5 32.6 22.5
Durable goods....................... 4.6 27.2 -21.5 29.1 16.2 -14.5 24.9 -3.9
Nondurable goods.................... 13.4 -19.6 3.9 22.2 22.7 6.0 7.7 26.4
Services.............................. 48.3 38.4 25.5 38.9 12.6 40.6 32.4 -0.3
Personal interest payments\4\........... 3.9 -0.5 -0.5 -0.5 3.4 3.4 3.4 -0.1
Personal current transfer payments...... 0.1 3.5 0.2 0.3 3.0 0.4 0.5 1.8
To government......................... 0.1 0.2 0.2 0.3 0.3 0.4 0.5 1.8
To the rest of the world (net)........ 0.0 3.4 0.0 0.0 2.6 0.0 0.0 0.0
Equals: Personal saving................... -21.9 10.7 25.0 -32.8 1.3 -9.4 -26.8 16.2
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 36.1 51.2 4.1 32.9 19.7 23.6 14.7 -15.2
Disposable personal income, billions of
chained (2009) dollars\5\.............. 29.5 47.1 9.1 24.8 28.6 16.6 16.2 -19.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
quarter of 2016.
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.
Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
2015 2016\r\ --------------Seasonally adjusted at annual rates--------------
--------2015-------- -------------------2016-------------------
III IV I II III\r\ IV\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 648.8 553.3 154.2 134.1 49.9 189.2 181.7 155.7
Compensation of employees............... 439.6 408.5 102.5 152.4 0.1 153.9 140.3 93.8
Wages and salaries.................... 378.5 334.6 85.1 130.7 -13.4 131.6 119.4 78.8
Private industries.................. 340.7 298.1 75.9 122.0 -20.6 123.3 105.1 72.6
Goods-producing industries........ 50.7 42.7 9.0 24.3 -6.9 15.3 16.4 14.0
Manufacturing................... 26.7 22.6 3.2 17.7 -12.0 14.0 10.5 6.7
Services-producing industries..... 290.0 255.4 67.0 97.7 -13.7 108.0 88.7 58.6
Trade, transportation, and
utilities...................... 61.6 41.3 16.1 19.1 -10.5 19.5 14.2 12.1
Other services-producing
industries..................... 228.3 214.0 50.8 78.6 -3.1 88.6 74.5 46.5
Government.......................... 37.8 36.5 9.2 8.7 7.2 8.3 14.2 6.3
Supplements to wages and salaries..... 61.1 73.9 17.3 21.7 13.5 22.3 20.9 14.9
Employer contributions for employee
pension and insurance funds\1\..... 40.7 54.9 12.6 13.9 14.9 14.5 14.0 10.6
Employer contributions for
government social insurance........ 20.4 19.0 4.8 7.8 -1.4 7.7 7.0 4.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 39.0 40.9 22.9 11.9 3.0 3.9 12.9 17.4
Farm.................................. -28.6 -11.9 5.9 -6.5 -5.8 -2.5 -1.5 -6.5
Nonfarm............................... 67.6 52.7 17.0 18.4 8.8 6.4 14.4 23.9
Rental income of persons with capital
consumption adjustment................. 53.5 45.5 11.5 9.2 15.5 7.8 5.3 15.4
Personal income receipts on assets...... 26.9 8.6 10.8 -39.7 0.4 19.9 14.5 17.5
Personal interest income.............. 1.9 11.3 20.3 -43.1 3.1 14.1 7.6 14.5
Personal dividend income.............. 25.0 -2.8 -9.5 3.5 -2.7 5.7 7.0 3.1
Personal current transfer receipts...... 138.3 96.7 16.7 16.0 35.8 19.6 22.9 21.0
Government social benefits to
persons.............................. 132.3 94.9 15.9 15.7 35.6 19.2 22.4 20.4
Social security\2\.................. 37.2 24.7 5.0 6.9 4.8 7.8 5.6 6.2
Medicare\3\......................... 27.1 33.5 7.5 8.2 10.1 9.2 7.0 5.5
Medicaid............................ 52.2 27.2 4.5 1.9 8.4 3.1 12.0 11.3
Unemployment insurance.............. -3.3 -2.1 0.0 -0.6 0.1 -1.2 -0.5 -1.2
Veterans' benefits.................. 6.1 5.4 0.6 2.2 0.9 2.1 0.4 1.3
Other............................... 13.0 6.1 -1.6 -3.0 11.4 -1.9 -2.2 -2.6
Other current transfer receipts, from
business (net)....................... 6.0 1.9 0.8 0.3 0.2 0.4 0.5 0.6
Less: Contributions for government
social insurance, domestic............. 48.6 46.9 10.1 15.8 4.9 15.8 14.3 9.3
Less: Personal current taxes.............. 151.7 27.7 7.3 19.4 -31.1 19.4 30.3 15.9
Equals: Disposable personal income........ 497.1 525.7 147.0 114.7 81.1 169.9 151.4 139.8
Less: Personal outlays.................... 439.5 485.1 122.0 86.4 62.3 192.6 146.2 167.2
Personal consumption expenditures....... 420.3 469.4 116.7 81.9 59.2 194.7 139.5 157.3
Goods................................. 41.6 85.4 32.4 -4.9 -29.5 76.7 26.5 72.4
Durable goods....................... 60.4 47.7 11.4 7.1 -5.1 23.4 24.0 27.1
Nondurable goods.................... -18.8 37.7 21.0 -12.0 -24.3 53.3 2.5 45.3
Services.............................. 378.7 384.0 84.3 86.8 88.6 118.0 113.0 85.0
Personal interest payments\4\........... 12.2 11.0 3.8 4.4 -2.6 5.0 2.8 6.2
Personal current transfer payments...... 7.0 4.7 1.5 0.1 5.7 -7.1 3.9 3.6
To government......................... 5.0 5.4 0.6 0.1 4.2 0.0 0.5 1.0
To the rest of the world (net)........ 1.9 -0.7 0.9 0.0 1.5 -7.2 3.4 2.6
Equals: Personal saving................... 57.6 40.6 25.0 28.3 18.7 -22.7 5.2 -27.4
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 426.9 287.4 92.2 95.9 4.6 94.7 100.0 63.6
Disposable personal income, billions of
chained (2009) dollars\5\.............. 412.2 342.5 98.9 92.1 65.0 91.2 90.7 64.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
quarter of 2016.
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.
Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------Seasonally adjusted at monthly rates-------------------------
-----------------------------------2016----------------------------------- 2017
June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 0.4 0.5 0.2 0.4 0.4 0.2 0.3 0.4
Compensation of employees............... 0.5 0.6 0.1 0.5 0.3 0.2 0.4 0.4
Wages and salaries.................... 0.6 0.6 0.1 0.5 0.3 0.1 0.4 0.4
Supplements to wages and salaries..... 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 0.5 0.4 0.0 0.8 0.3 0.7 -0.1 0.8
Rental income of persons with capital
consumption adjustment................. 0.3 0.1 0.4 0.4 0.8 0.9 1.0 1.0
Personal income receipts on assets...... -0.1 0.2 0.5 0.2 0.4 0.1 0.0 0.0
Personal interest income.............. 0.2 0.2 0.2 0.2 0.5 0.5 0.5 0.4
Personal dividend income.............. -0.6 0.3 0.8 0.2 0.3 -0.3 -0.6 -0.6
Personal current transfer receipts...... 0.1 0.4 0.5 0.1 0.6 -0.2 0.3 0.8
Less: Contributions for government
social insurance, domestic............. 0.5 0.5 0.0 0.4 0.3 0.1 0.3 1.6
Less: Personal current taxes.............. 0.4 0.7 0.3 0.5 0.2 0.1 0.3 1.1
Equals: Disposable personal income........ 0.3 0.4 0.2 0.4 0.4 0.2 0.3 0.3
Addenda:
Personal consumption expenditures....... 0.5 0.4 0.1 0.7 0.4 0.2 0.5 0.2
Goods................................. 0.4 0.2 -0.4 1.3 0.9 -0.2 0.8 0.5
Durable goods....................... 0.3 2.0 -1.5 2.1 1.1 -1.0 1.7 -0.3
Nondurable goods.................... 0.5 -0.7 0.1 0.8 0.8 0.2 0.3 1.0
Services.............................. 0.6 0.4 0.3 0.4 0.1 0.5 0.4 0.0
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... 0.3 0.4 0.0 0.3 0.2 0.2 0.1 -0.1
Real disposable personal income......... 0.2 0.4 0.1 0.2 0.2 0.1 0.1 -0.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
quarter of 2016.
Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters)
-----------------------------------------------------------------------------------------------------------------------------------
2015 2016\r\ --------------Seasonally adjusted at annual rates--------------
--------2015-------- -------------------2016-------------------
III IV I II III\r\ IV\r\
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 4.4 3.6 4.1 3.5 1.3 4.9 4.6 3.9
Compensation of employees............... 4.8 4.2 4.3 6.4 0.0 6.4 5.7 3.7
Wages and salaries.................... 5.1 4.3 4.4 6.8 -0.7 6.7 6.0 3.9
Supplements to wages and salaries..... 3.4 4.0 3.8 4.8 2.9 4.8 4.5 3.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 2.9 3.0 6.9 3.5 0.8 1.1 3.7 5.0
Rental income of persons with capital
consumption adjustment................. 8.8 6.9 7.2 5.6 9.5 4.6 3.1 9.0
Personal income receipts on assets...... 1.2 0.4 1.9 -6.8 0.1 3.6 2.6 3.1
Personal interest income.............. 0.1 0.9 6.3 -12.3 1.0 4.4 2.3 4.5
Personal dividend income.............. 2.7 -0.3 -3.9 1.5 -1.1 2.5 3.0 1.3
Personal current transfer receipts...... 5.4 3.6 2.5 2.4 5.4 2.9 3.4 3.0
Less: Contributions for government
social insurance, domestic............. 4.2 3.9 3.4 5.3 1.6 5.3 4.7 3.0
Less: Personal current taxes.............. 8.5 1.4 1.5 4.1 -6.2 4.1 6.4 3.3
Equals: Disposable personal income........ 3.8 3.9 4.4 3.4 2.4 5.0 4.4 4.0
Addenda:
Personal consumption expenditures....... 3.5 3.8 3.9 2.7 1.9 6.4 4.5 5.0
Goods................................. 1.0 2.1 3.3 -0.5 -2.9 7.9 2.6 7.2
Durable goods....................... 4.7 3.5 3.4 2.1 -1.5 7.0 7.1 7.9
Nondurable goods.................... -0.7 1.4 3.2 -1.8 -3.6 8.3 0.4 6.9
Services.............................. 4.8 4.6 4.2 4.2 4.3 5.7 5.4 4.0
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... 3.8 2.5 3.2 3.3 0.2 3.2 3.4 2.1
Real disposable personal income......... 3.5 2.8 3.3 3.0 2.1 2.9 2.9 2.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
quarter of 2016.
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
---------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------2016----------------------------------- 2017
June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
---------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars,
seasonally adjusted at annual rates
Personal consumption expenditures (PCE)... 11,522.2 11,557.5 11,546.2 11,603.3 11,627.3 11,649.5 11,688.2 11,657.5
Goods......................................... 4,047.0 4,068.8 4,047.8 4,086.7 4,116.3 4,115.5 4,142.0 4,129.0
Durable goods............................... 1,571.4 1,606.7 1,583.3 1,623.2 1,644.4 1,635.6 1,665.7 1,652.0
Nondurable goods............................ 2,510.0 2,501.5 2,501.0 2,504.8 2,515.4 2,521.8 2,522.2 2,521.1
Services...................................... 7,481.9 7,496.6 7,504.1 7,524.8 7,521.9 7,543.9 7,557.8 7,539.8
Change from preceding period in billions of
chained (2009) dollars, seasonally adjusted
at annual rates
Personal consumption expenditures (PCE)... 46.9 35.4 -11.3 57.0 24.0 22.3 38.7 -30.7
Goods......................................... 17.9 21.9 -21.0 38.8 29.7 -0.8 26.4 -13.0
Durable goods............................... 15.9 35.3 -23.5 39.9 21.2 -8.9 30.2 -13.7
Nondurable goods............................ 3.7 -8.5 -0.5 3.8 10.6 6.4 0.4 -1.1
Services...................................... 29.2 14.7 7.5 20.7 -2.9 22.0 14.0 -18.0
Percent change from preceding period in
chained (2009) dollars, seasonally adjusted
at monthly rates
Personal consumption expenditures (PCE)... 0.4 0.3 -0.1 0.5 0.2 0.2 0.3 -0.3
Goods......................................... 0.4 0.5 -0.5 1.0 0.7 0.0 0.6 -0.3
Durable goods............................... 1.0 2.2 -1.5 2.5 1.3 -0.5 1.8 -0.8
Nondurable goods............................ 0.1 -0.3 0.0 0.2 0.4 0.3 0.0 0.0
Services...................................... 0.4 0.2 0.1 0.3 0.0 0.3 0.2 -0.2
---------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
---------------------------------------------------------------------------------------------------------------------------------------
2015 2016\r\ --------------Seasonally adjusted at annual rates--------------
--------2015-------- -------------------2016-------------------
III IV I II III IV\r\
---------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars
Personal consumption expenditures (PCE)... 11,214.7 11,518.5 11,255.9 11,319.3 11,365.2 11,484.9 11,569.0 11,655.0
Goods......................................... 3,907.4 4,047.5 3,932.6 3,953.4 3,964.7 4,032.9 4,067.8 4,124.6
Durable goods............................... 1,498.1 1,584.7 1,512.4 1,527.3 1,524.9 1,560.9 1,604.4 1,648.6
Nondurable goods............................ 2,439.3 2,499.7 2,451.3 2,458.4 2,471.1 2,505.4 2,502.5 2,519.8
Services...................................... 7,310.3 7,478.0 7,327.2 7,369.8 7,403.9 7,458.5 7,508.5 7,541.2
Change from preceding period in billions of
chained (2009) dollars
Personal consumption expenditures (PCE)... 345.9 303.8 74.5 63.4 45.9 119.6 84.2 86.0
Goods......................................... 152.0 140.1 40.5 20.7 11.3 68.2 34.9 56.8
Durable goods............................... 97.0 86.6 22.5 15.0 -2.4 36.1 43.5 44.2
Nondurable goods............................ 62.9 60.4 19.5 7.1 12.7 34.3 -3.0 17.3
Services...................................... 196.2 167.7 35.4 42.6 34.1 54.7 50.0 32.7
Percent change from preceding period in
chained (2009) dollars
Personal consumption expenditures (PCE)... 3.2 2.7 2.7 2.3 1.6 4.3 3.0 3.0
Goods......................................... 4.0 3.6 4.2 2.1 1.2 7.1 3.5 5.7
Durable goods............................... 6.9 5.8 6.2 4.0 -0.6 9.8 11.6 11.5
Nondurable goods............................ 2.6 2.5 3.2 1.2 2.1 5.7 -0.5 2.8
Services...................................... 2.8 2.3 2.0 2.3 1.9 3.0 2.7 1.8
---------------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
---------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------2016----------------------------------- 2017
June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
---------------------------------------------------------------------------------------------------------------------------------------
Chain-type price indexes (2009=100),
seasonally adjusted
Personal consumption expenditures (PCE)... 110.666 110.725 110.902 111.135 111.348 111.411 111.598 112.082
Goods......................................... 101.284 100.926 101.014 101.310 101.523 101.337 101.477 102.340
Durable goods............................... 88.538 88.286 88.237 87.861 87.712 87.304 87.217 87.703
Nondurable goods............................ 107.870 107.452 107.627 108.349 108.794 108.756 109.043 110.139
Services...................................... 115.641 115.926 116.151 116.349 116.562 116.760 116.973 117.249
Addenda:
PCE excluding food and energy............... 111.273 111.441 111.659 111.778 111.888 111.930 112.079 112.414
Food\1\..................................... 109.866 109.760 109.582 109.523 109.493 109.259 109.124 109.143
Energy goods and services\2\................ 97.298 95.500 95.439 98.337 101.031 102.006 103.493 107.830
Market-based PCE\3\......................... 109.054 109.081 109.221 109.445 109.678 109.765 109.958 110.466
Market-based PCE excluding food and
energy\3\.................................. 109.472 109.617 109.799 109.893 110.009 110.078 110.228 110.571
Percent change from preceding period in price
indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)... 0.1 0.1 0.2 0.2 0.2 0.1 0.2 0.4
Goods......................................... 0.0 -0.4 0.1 0.3 0.2 -0.2 0.1 0.9
Durable goods............................... -0.7 -0.3 -0.1 -0.4 -0.2 -0.5 -0.1 0.6
Nondurable goods............................ 0.3 -0.4 0.2 0.7 0.4 0.0 0.3 1.0
Services...................................... 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Addenda:
PCE excluding food and energy............... 0.1 0.2 0.2 0.1 0.1 0.0 0.1 0.3
Food\1\..................................... -0.2 -0.1 -0.2 -0.1 0.0 -0.2 -0.1 0.0
Energy goods and services\2\................ 1.5 -1.8 -0.1 3.0 2.7 1.0 1.5 4.2
Market-based PCE\3\......................... 0.1 0.0 0.1 0.2 0.2 0.1 0.2 0.5
Market-based PCE excluding food and
energy\3\.................................. 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.3
---------------------------------------------------------------------------------------------------------------------------------------
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.
Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------2016----------------------------------- 2017
June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................ 2.8 2.9 2.7 2.7 2.6 2.6 2.3 2.0
Personal consumption expenditures......... 2.9 2.9 2.6 2.8 3.0 3.0 3.0 2.8
Goods................................... 3.7 3.7 2.9 3.6 4.6 4.0 4.4 4.3
Durable goods......................... 5.4 6.6 4.8 6.8 8.6 6.7 8.5 8.8
Nondurable goods...................... 2.9 2.3 2.0 2.0 2.6 2.6 2.3 2.1
Services................................ 2.5 2.5 2.4 2.4 2.2 2.5 2.3 2.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
quarter of 2016.
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------2016----------------------------------- 2017
June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
---------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)... 0.9 0.9 1.0 1.2 1.4 1.3 1.6 1.9
Goods......................................... -1.8 -2.2 -1.8 -1.1 -0.8 -0.9 -0.3 0.8
Durable goods............................... -2.3 -2.3 -2.1 -2.6 -2.6 -2.8 -2.7 -2.4
Nondurable goods............................ -1.6 -2.1 -1.6 -0.3 0.1 0.0 1.0 2.5
Services...................................... 2.3 2.3 2.4 2.4 2.4 2.4 2.5 2.4
Addenda:
PCE excluding food and energy............... 1.6 1.6 1.7 1.7 1.7 1.6 1.7 1.7
Food\1\..................................... -0.9 -1.2 -1.5 -1.7 -1.8 -1.7 -1.6 -1.4
Energy goods and services\2\................ -10.0 -11.7 -10.0 -3.5 -1.1 -0.5 4.1 11.8
Market-based PCE\3\......................... 0.7 0.6 0.8 1.0 1.1 1.2 1.4 1.9
Market-based PCE excluding food and
energy\3\.................................. 1.4 1.5 1.6 1.5 1.5 1.5 1.6 1.7
---------------------------------------------------------------------------------------------------------------------------------------
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.