EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, AUGUST 31, 2017
BEA 17-43
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: July 2017
Personal income increased $65.6 billion (0.4 percent) in July according to estimates released today by the
Bureau of Economic Analysis. Disposable personal income (DPI) increased $39.6 billion (0.3 percent) and
personal consumption expenditures (PCE) increased $44.7 billion (0.3 percent).
Real DPI increased 0.2 percent in July and Real PCE increased 0.2 percent. The PCE price index increased
0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.
2017
Mar. Apr. May June July
Percent change from preceding month
Personal income:
Current dollars 0.3 0.1 0.3 0.0 0.4
Disposable personal income:
Current dollars 0.3 0.2 0.4 0.0 0.3
Chained (2009) dollars 0.5 0.0 0.5 0.0 0.2
Personal consumption expenditures (PCE):
Current dollars 0.5 0.3 0.2 0.2 0.3
Chained (2009) dollars 0.7 0.1 0.3 0.2 0.2
Price indexes:
PCE -0.2 0.2 -0.1 0.0 0.1
PCE, excluding food and energy -0.2 0.2 0.1 0.1 0.1
Price indexes: Percent change from month one year ago
PCE 1.8 1.7 1.5 1.4 1.4
PCE, excluding food and energy 1.6 1.6 1.5 1.5 1.4
The increase in personal income in July primarily reflected increases in wages and salaries and personal
income receipts on assets (table 3).
The $29.3 billion increase in real PCE in July reflected an increase of $18.7 billion in spending for
goods and an $11.8 billion increase in spending for services (table 7). Within goods, furnishings and
durable household equipment was the leading contributor to the increase. Within services, the largest
contributor to the increase was spending for food services and accommodations. Detailed information on
monthly real PCE spending can be found on Table 2.3.6U.
Personal outlays increased $45.2 billion in July (table 3). Personal saving was $510.2 billion in July
and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.5 percent (table 1).
Updates
Estimates have been updated for January through June. The change from the preceding month for current-dollar
personal income and for current-dollar and chained (2009) dollar DPI and PCE -- revised and previously
published -- are shown below for May and June.
Change from preceding month
May June
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 53.2 51.8 0.3 0.3 -3.5 5.2 0.0 0.0
Disposable personal income:
Current dollars 61.4 60.6 0.4 0.4 -4.2 3.0 0.0 0.0
Chained (2009) dollars 58.7 60.6 0.5 0.5 -6.7 -2.7 -0.1 0.0
Personal consumption expenditures:
Current dollars 20.1 27.4 0.2 0.2 8.1 31.3 0.1 0.2
Chained (2009) dollars 21.5 30.5 0.2 0.3 4.5 23.0 0.0 0.2
BOX.____________________________
QCEW Data Included in the First Quarter of 2017
This news release includes revised estimates of wages and salaries, personal taxes, and contributions for government
social insurance for January through March 2017 (first quarter). These estimates reflect the incorporation of the most
recently available first-quarter wage and salary tabulations from the Bureau of Labor Statistics� Quarterly Census of
Employment and Wages (QCEW) program.
________________________________
Next release: September 29, 2017 at 8:30 A.M. EDT
Personal Income and Outlays: August 2017
Additional Information
Resources
Additional Resources available at www.bea.gov:
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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-----------------------------------
Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\r\ June\r\ July\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 16,027.3 16,173.5 16,257.3 16,304.9 16,327.7 16,379.5 16,384.7 16,450.3
Compensation of employees............... 10,008.7 10,117.6 10,185.7 10,195.7 10,248.4 10,262.3 10,308.5 10,355.9
Wages and salaries.................... 8,099.4 8,189.9 8,250.0 8,256.3 8,303.0 8,313.2 8,353.1 8,394.5
Private industries.................. 6,783.9 6,864.1 6,918.5 6,922.2 6,968.8 6,977.1 7,011.6 7,050.3
Goods-producing industries........ 1,327.6 1,351.0 1,356.4 1,344.1 1,348.3 1,348.3 1,354.6 1,364.7
Manufacturing................... 809.4 815.5 831.8 826.3 829.3 827.0 830.7 837.5
Services-producing industries..... 5,456.3 5,513.1 5,562.1 5,578.0 5,620.5 5,628.8 5,657.1 5,685.6
Trade, transportation, and
utilities...................... 1,262.0 1,279.7 1,291.0 1,294.8 1,304.7 1,305.9 1,313.1 1,318.5
Other services-producing
industries..................... 4,194.3 4,233.4 4,271.1 4,283.2 4,315.8 4,322.9 4,344.0 4,367.1
Government.......................... 1,315.5 1,325.8 1,331.5 1,334.2 1,334.3 1,336.1 1,341.5 1,344.2
Supplements to wages and salaries..... 1,909.3 1,927.7 1,935.7 1,939.4 1,945.4 1,949.1 1,955.4 1,961.3
Employer contributions for employee
pension and insurance funds\1\..... 1,324.7 1,329.1 1,332.8 1,336.1 1,338.7 1,341.6 1,345.2 1,348.1
Employer contributions for
government social insurance........ 584.7 598.6 602.8 603.3 606.7 607.5 610.2 613.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,354.8 1,377.5 1,378.2 1,385.0 1,373.8 1,376.5 1,374.2 1,376.4
Farm.................................. 34.3 38.1 41.9 45.6 39.3 33.0 26.7 29.1
Nonfarm............................... 1,320.5 1,339.4 1,336.4 1,339.4 1,334.5 1,343.5 1,347.5 1,347.3
Rental income of persons with capital
consumption adjustment................. 721.2 725.7 730.6 736.1 737.1 739.7 744.1 746.8
Personal income receipts on assets...... 2,394.1 2,404.1 2,419.7 2,436.5 2,427.5 2,460.9 2,418.3 2,431.8
Personal interest income.............. 1,446.8 1,461.7 1,476.6 1,491.5 1,479.0 1,466.5 1,454.0 1,462.7
Personal dividend income.............. 947.3 942.4 943.1 944.9 948.4 994.4 964.3 969.1
Personal current transfer receipts...... 2,797.9 2,826.8 2,829.5 2,839.3 2,835.3 2,836.3 2,841.5 2,847.7
Government social benefits to
persons.............................. 2,739.8 2,768.6 2,771.0 2,780.7 2,776.4 2,777.2 2,782.1 2,788.1
Social security\2\.................. 905.0 913.7 913.7 920.8 921.6 921.6 925.2 928.5
Medicare\3\......................... 664.4 665.9 667.4 668.8 670.1 671.5 673.0 674.6
Medicaid............................ 579.8 580.9 581.2 582.0 578.7 577.5 578.3 580.8
Unemployment insurance.............. 30.7 30.6 30.3 29.9 28.9 28.3 28.6 28.8
Veterans' benefits.................. 94.9 95.4 95.3 95.9 96.7 98.1 99.3 98.4
Other............................... 465.0 482.0 483.2 483.3 480.4 480.2 477.6 477.0
Other current transfer receipts, from
business (net)....................... 58.0 58.2 58.4 58.7 58.9 59.2 59.4 59.6
Less: Contributions for government
social insurance, domestic............. 1,249.3 1,278.1 1,286.5 1,287.7 1,294.5 1,296.3 1,302.0 1,308.2
Less: Personal current taxes.............. 1,982.5 2,004.8 2,023.3 2,028.3 2,020.5 2,011.6 2,013.8 2,039.8
Equals: Disposable personal income........ 14,044.8 14,168.7 14,234.0 14,276.6 14,307.3 14,367.9 14,370.8 14,410.4
Less: Personal outlays.................... 13,601.7 13,639.8 13,655.3 13,720.4 13,782.2 13,816.7 13,855.1 13,900.3
Personal consumption expenditures....... 13,117.7 13,160.0 13,175.0 13,239.7 13,279.9 13,307.3 13,338.6 13,383.3
Goods................................. 4,219.0 4,231.9 4,222.9 4,237.8 4,256.2 4,250.3 4,250.8 4,274.8
Durable goods....................... 1,451.6 1,438.2 1,442.4 1,449.0 1,456.3 1,459.0 1,468.0 1,477.1
Nondurable goods.................... 2,767.4 2,793.6 2,780.5 2,788.8 2,799.9 2,791.3 2,782.8 2,797.7
Services.............................. 8,898.7 8,928.1 8,952.1 9,001.9 9,023.7 9,057.0 9,087.8 9,108.5
Personal interest payments\4\........... 287.8 287.6 287.4 287.2 293.8 300.3 306.9 306.9
Personal current transfer payments...... 196.3 192.2 192.9 193.5 208.5 209.1 209.6 210.1
To government......................... 111.3 111.6 112.3 113.0 113.6 114.1 114.6 115.1
To the rest of the world (net)........ 85.0 80.6 80.6 80.6 95.0 95.0 95.0 95.0
Equals: Personal saving................... 443.1 528.9 578.6 556.2 525.1 551.2 515.7 510.2
Personal saving as a percentage of
disposable personal income............. 3.2 3.7 4.1 3.9 3.7 3.8 3.6 3.5
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 11,840.1 11,894.9 11,954.6 12,017.7 12,015.6 12,067.0 12,062.0 12,104.2
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 12,569.9 12,627.4 12,672.3 12,741.5 12,741.3 12,801.9 12,799.2 12,823.1
Per capita:
Current dollars..................... 43,288 43,649 43,829 43,938 44,009 44,171 44,154 44,248
Chained (2009) dollars.............. 38,742 38,901 39,020 39,214 39,192 39,357 39,325 39,374
Population (midperiod, thousands)\6\.... 324,447 324,608 324,763 324,925 325,096 325,278 325,469 325,674
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first
quarter of 2017.
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]
-----------------------------------------------------------------------------------------------------------------------------------
2015 2016 --------------Seasonally adjusted at annual rates--------------
-------------------2016------------------- --------2017--------
Q1 Q2 Q3 Q4 Q1\r\ Q2\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 15,553.0 15,928.7 15,751.0 15,910.1 16,028.0 16,025.7 16,245.2 16,363.9
Compensation of employees............... 9,708.3 9,978.6 9,838.6 9,979.6 10,081.4 10,014.9 10,166.3 10,273.1
Wages and salaries.................... 7,858.9 8,085.2 7,964.9 8,090.2 8,178.1 8,107.8 8,232.1 8,323.1
Private industries.................. 6,583.3 6,777.8 6,669.7 6,785.2 6,863.4 6,792.7 6,901.6 6,985.8
Goods-producing industries........ 1,308.6 1,331.2 1,317.6 1,332.4 1,345.2 1,329.8 1,350.5 1,350.4
Manufacturing................... 806.8 814.4 803.7 817.5 824.8 811.7 824.5 829.0
Services-producing industries..... 5,274.6 5,446.5 5,352.1 5,452.8 5,518.3 5,462.9 5,551.1 5,635.5
Trade, transportation, and
utilities...................... 1,237.4 1,265.0 1,250.3 1,269.3 1,277.7 1,262.9 1,288.5 1,307.9
Other services-producing
industries..................... 4,037.2 4,181.5 4,101.9 4,183.5 4,240.6 4,200.0 4,262.6 4,327.6
Government.......................... 1,275.6 1,307.5 1,295.1 1,305.0 1,314.6 1,315.2 1,330.5 1,337.3
Supplements to wages and salaries..... 1,849.4 1,893.4 1,873.7 1,889.4 1,903.4 1,907.1 1,934.2 1,950.0
Employer contributions for employee
pension and insurance funds\1\..... 1,278.0 1,309.8 1,298.6 1,305.5 1,313.3 1,321.7 1,332.7 1,341.9
Employer contributions for
government social insurance........ 571.4 583.6 575.1 583.9 590.1 585.4 601.6 608.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,318.8 1,341.9 1,327.6 1,339.5 1,346.1 1,354.6 1,380.2 1,374.9
Farm.................................. 53.7 43.2 46.8 46.7 41.4 37.8 41.9 33.0
Nonfarm............................... 1,265.1 1,298.7 1,280.8 1,292.8 1,304.6 1,316.7 1,338.4 1,341.8
Rental income of persons with capital
consumption adjustment................. 662.5 707.3 697.6 704.8 708.1 718.9 730.8 740.3
Personal income receipts on assets...... 2,387.1 2,377.8 2,374.9 2,371.4 2,373.2 2,391.6 2,420.1 2,435.6
Personal interest income.............. 1,367.3 1,415.3 1,397.4 1,408.4 1,416.9 1,438.5 1,476.6 1,466.5
Personal dividend income.............. 1,019.8 962.5 977.5 962.9 956.4 953.0 943.5 969.1
Personal current transfer receipts...... 2,684.4 2,768.4 2,739.9 2,760.2 2,777.4 2,795.9 2,831.9 2,837.7
Government social benefits to
persons.............................. 2,631.2 2,711.0 2,683.4 2,703.0 2,719.7 2,737.9 2,773.4 2,778.6
Social security\2\.................. 871.8 896.5 886.2 894.0 899.7 906.0 916.1 922.8
Medicare\3\......................... 633.7 655.9 648.8 653.5 658.2 662.9 667.4 671.5
Medicaid............................ 536.0 563.0 549.4 558.0 566.8 577.8 581.4 578.2
Unemployment insurance.............. 32.2 31.7 32.5 31.9 31.6 30.7 30.2 28.6
Veterans' benefits.................. 89.8 92.8 91.6 92.7 92.9 94.0 95.5 98.0
Other............................... 467.8 471.1 474.8 472.8 470.4 466.5 482.8 479.4
Other current transfer receipts, from
business (net)....................... 53.1 57.4 56.5 57.3 57.8 58.0 58.4 59.2
Less: Contributions for government
social insurance, domestic............. 1,208.0 1,245.3 1,227.5 1,245.4 1,258.2 1,250.2 1,284.1 1,297.6
Less: Personal current taxes.............. 1,937.9 1,960.1 1,928.9 1,950.7 1,983.8 1,977.2 2,018.8 2,015.3
Equals: Disposable personal income........ 13,615.0 13,968.6 13,822.1 13,959.4 14,044.3 14,048.5 14,226.4 14,348.7
Less: Personal outlays.................... 12,786.7 13,288.0 13,034.3 13,214.2 13,366.6 13,537.0 13,671.8 13,818.0
Personal consumption expenditures....... 12,332.3 12,820.7 12,571.5 12,755.0 12,899.4 13,056.9 13,191.6 13,308.6
Goods................................. 4,033.2 4,121.4 4,046.9 4,108.5 4,134.4 4,195.9 4,230.8 4,252.4
Durable goods....................... 1,367.1 1,411.0 1,382.5 1,401.1 1,420.2 1,440.2 1,443.2 1,461.1
Nondurable goods.................... 2,666.0 2,710.4 2,664.3 2,707.4 2,714.2 2,755.7 2,787.6 2,791.3
Services.............................. 8,299.1 8,699.3 8,524.6 8,646.5 8,765.0 8,861.0 8,960.7 9,056.2
Personal interest payments\4\........... 268.7 278.4 273.4 276.3 279.3 284.4 287.4 300.3
Personal current transfer payments...... 185.7 189.0 189.4 183.0 187.9 195.6 192.9 209.1
To government......................... 105.4 108.9 107.7 108.1 109.0 110.6 112.3 114.1
To the rest of the world (net)........ 80.2 80.1 81.7 74.9 78.9 85.0 80.6 95.0
Equals: Personal saving................... 828.4 680.6 787.8 745.2 677.7 511.5 554.6 530.7
Personal saving as a percentage of
disposable personal income............. 6.1 4.9 5.7 5.3 4.8 3.6 3.9 3.7
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 11,754.2 11,878.7 11,830.4 11,894.9 11,934.4 11,857.1 11,955.7 12,048.2
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 12,436.0 12,608.2 12,567.7 12,627.2 12,649.2 12,590.8 12,680.4 12,780.8
Per capita:
Current dollars..................... 42,392 43,194 42,853 43,209 43,390 43,323 43,805 44,112
Chained (2009) dollars.............. 38,720 38,988 38,964 39,086 39,080 38,828 39,045 39,292
Population (midperiod, thousands)\6\.... 321,173 323,391 322,549 323,064 323,675 324,275 324,765 325,281
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first
quarter of 2017.
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-------------------------
2016 -----------------------------------2017-----------------------------------
Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\r\ June\r\ July\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 12.9 146.2 83.7 47.6 22.8 51.8 5.2 65.6
Compensation of employees............... 7.5 108.9 68.1 10.0 52.7 13.9 46.2 47.3
Wages and salaries.................... 4.3 90.5 60.1 6.3 46.7 10.2 39.9 41.4
Private industries.................. 3.4 80.3 54.4 3.6 46.6 8.3 34.5 38.7
Goods-producing industries........ 3.9 23.4 5.4 -12.3 4.1 0.0 6.3 10.1
Manufacturing................... 2.8 6.1 16.4 -5.5 2.9 -2.2 3.7 6.8
Services-producing industries..... -0.5 56.9 49.0 15.9 42.5 8.3 28.2 28.6
Trade, transportation, and
utilities...................... 2.2 17.7 11.3 3.8 9.9 1.2 7.2 5.4
Other services-producing
industries..................... -2.7 39.2 37.7 12.1 32.6 7.1 21.1 23.1
Government.......................... 0.9 10.3 5.7 2.7 0.1 1.9 5.4 2.7
Supplements to wages and salaries..... 3.2 18.4 8.0 3.7 6.0 3.7 6.3 5.9
Employer contributions for employee
pension and insurance funds\1\..... 3.0 4.4 3.7 3.3 2.7 2.9 3.6 2.9
Employer contributions for
government social insurance........ 0.1 14.0 4.2 0.5 3.3 0.8 2.8 3.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ -3.5 22.7 0.8 6.8 -11.2 2.7 -2.3 2.2
Farm.................................. -3.9 3.8 3.8 3.8 -6.3 -6.3 -6.3 2.3
Nonfarm............................... 0.4 18.9 -3.0 3.0 -4.9 9.0 4.0 -0.2
Rental income of persons with capital
consumption adjustment................. 1.8 4.6 4.9 5.5 1.1 2.6 4.4 2.6
Personal income receipts on assets...... 1.3 10.0 15.7 16.7 -9.0 33.5 -42.6 13.5
Personal interest income.............. 8.0 14.9 14.9 14.9 -12.5 -12.5 -12.5 8.7
Personal dividend income.............. -6.7 -4.9 0.7 1.8 3.5 46.0 -30.1 4.8
Personal current transfer receipts...... 6.5 28.9 2.7 9.9 -4.0 1.0 5.2 6.2
Government social benefits to
persons.............................. 6.5 28.7 2.5 9.6 -4.3 0.8 4.9 6.0
Social security\2\.................. 3.1 8.7 0.0 7.1 0.8 0.0 3.6 3.2
Medicare\3\......................... 1.5 1.5 1.5 1.4 1.3 1.4 1.5 1.6
Medicaid............................ 1.5 1.1 0.3 0.9 -3.3 -1.2 0.8 2.5
Unemployment insurance.............. 0.2 -0.2 -0.3 -0.5 -1.0 -0.6 0.3 0.2
Veterans' benefits.................. 1.2 0.5 -0.1 0.6 0.8 1.4 1.2 -0.9
Other............................... -1.0 17.0 1.2 0.1 -2.9 -0.2 -2.5 -0.7
Other current transfer receipts, from
business (net)....................... 0.0 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Less: Contributions for government
social insurance, domestic............. 0.7 28.9 8.3 1.2 6.7 1.9 5.7 6.2
Less: Personal current taxes.............. 9.2 22.4 18.5 5.0 -7.9 -8.8 2.2 26.0
Equals: Disposable personal income........ 3.7 123.9 65.3 42.6 30.7 60.6 3.0 39.6
Less: Personal outlays.................... 74.9 38.1 15.5 65.1 61.8 34.5 38.4 45.2
Personal consumption expenditures....... 70.8 42.3 15.0 64.6 40.2 27.4 31.3 44.7
Goods................................. 34.5 12.9 -9.0 14.9 18.4 -5.9 0.5 24.0
Durable goods....................... 22.4 -13.4 4.2 6.5 7.3 2.7 9.0 9.1
Nondurable goods.................... 12.1 26.3 -13.2 8.3 11.1 -8.7 -8.4 14.8
Services.............................. 36.3 29.4 24.0 49.8 21.8 33.3 30.8 20.7
Personal interest payments\4\........... 3.5 -0.2 -0.2 -0.2 6.6 6.6 6.6 0.0
Personal current transfer payments...... 0.7 -4.1 0.7 0.6 15.0 0.6 0.5 0.5
To government......................... 0.7 0.4 0.7 0.6 0.6 0.6 0.5 0.5
To the rest of the world (net)........ 0.0 -4.4 0.0 0.0 14.4 0.0 0.0 0.0
Equals: Personal saving................... -71.2 85.8 49.8 -22.5 -31.1 26.1 -35.5 -5.6
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... -15.8 54.8 59.7 63.1 -2.1 51.4 -5.0 42.2
Disposable personal income, billions of
chained (2009) dollars\5\.............. -19.6 57.5 44.9 69.2 -0.3 60.6 -2.7 23.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first
quarter of 2017.
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]
-----------------------------------------------------------------------------------------------------------------------------------
2015 2016 --------------Seasonally adjusted at annual rates--------------
-------------------2016------------------- --------2017--------
Q1 Q2 Q3 Q4 Q1\r\ Q2\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 734.7 375.8 -18.1 159.1 117.9 -2.3 219.5 118.7
Compensation of employees............... 451.8 270.4 -66.9 141.0 101.8 -66.5 151.4 106.8
Wages and salaries.................... 382.1 226.4 -65.1 125.3 87.9 -70.2 124.3 91.0
Private industries.................. 343.4 194.5 -66.4 115.5 78.2 -70.8 108.9 84.2
Goods-producing industries........ 49.5 22.6 -17.5 14.8 12.7 -15.4 20.7 -0.2
Manufacturing................... 26.3 7.6 -20.2 13.8 7.4 -13.2 12.9 4.5
Services-producing industries..... 293.9 171.9 -48.9 100.7 65.5 -55.4 88.2 84.4
Trade, transportation, and
utilities...................... 62.7 27.7 -14.2 19.0 8.3 -14.8 25.6 19.4
Other services-producing
industries..................... 231.2 144.2 -34.7 81.6 57.2 -40.6 62.6 65.0
Government.......................... 38.7 31.9 1.3 9.8 9.6 0.5 15.3 6.8
Supplements to wages and salaries..... 69.7 44.0 -1.8 15.7 14.0 3.8 27.1 15.7
Employer contributions for employee
pension and insurance funds\1\..... 46.3 31.8 6.4 6.9 7.7 8.4 10.9 9.2
Employer contributions for
government social insurance........ 23.4 12.2 -8.3 8.8 6.2 -4.7 16.2 6.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 3.0 23.1 2.2 11.9 6.6 8.5 25.7 -5.4
Farm.................................. -14.5 -10.5 -4.2 -0.1 -5.3 -3.6 4.0 -8.8
Nonfarm............................... 17.5 33.6 6.5 12.0 11.8 12.1 21.6 3.5
Rental income of persons with capital
consumption adjustment................. 50.8 44.8 16.2 7.2 3.3 10.8 11.9 9.5
Personal income receipts on assets...... 141.9 -9.3 -2.6 -3.6 1.9 18.4 28.5 15.5
Personal interest income.............. 64.0 48.0 20.0 11.0 8.4 21.7 38.1 -10.1
Personal dividend income.............. 77.9 -57.4 -22.5 -14.6 -6.6 -3.3 -9.6 25.6
Personal current transfer receipts...... 140.0 84.0 28.5 20.4 17.2 18.5 35.9 5.8
Government social benefits to
persons.............................. 132.5 79.7 27.4 19.6 16.7 18.3 35.5 5.1
Social security\2\.................. 37.2 24.7 4.6 7.8 5.7 6.3 10.1 6.8
Medicare\3\......................... 32.7 22.2 5.0 4.7 4.7 4.6 4.5 4.1
Medicaid............................ 45.0 27.0 8.0 8.6 8.8 11.0 3.5 -3.2
Unemployment insurance.............. -3.3 -0.5 0.6 -0.6 -0.3 -1.0 -0.4 -1.7
Veterans' benefits.................. 6.1 3.0 0.2 1.1 0.2 1.1 1.5 2.5
Other............................... 14.8 3.3 9.0 -2.0 -2.4 -3.9 16.3 -3.4
Other current transfer receipts, from
business (net)....................... 7.5 4.3 1.1 0.8 0.5 0.2 0.5 0.7
Less: Contributions for government
social insurance, domestic............. 52.8 37.3 -4.4 17.9 12.9 -8.0 33.9 13.5
Less: Personal current taxes.............. 152.3 22.2 -47.6 21.8 33.1 -6.6 41.6 -3.5
Equals: Disposable personal income........ 582.4 353.5 29.4 137.3 84.9 4.2 177.9 122.2
Less: Personal outlays.................... 492.8 501.4 79.1 180.0 152.4 170.4 134.9 146.1
Personal consumption expenditures....... 468.6 488.4 76.6 183.5 144.4 157.5 134.7 117.0
Goods................................. 62.7 88.3 -13.9 61.6 25.9 61.5 34.9 21.6
Durable goods....................... 70.8 43.9 -0.9 18.5 19.1 20.0 3.0 17.9
Nondurable goods.................... -8.0 44.4 -13.0 43.1 6.8 41.4 32.0 3.7
Services.............................. 405.9 400.2 90.4 121.9 118.5 96.0 99.7 95.4
Personal interest payments\4\........... 15.0 9.6 -0.5 2.9 3.0 5.2 3.0 12.9
Personal current transfer payments...... 9.2 3.3 3.0 -6.4 5.0 7.7 -2.8 16.2
To government......................... 6.8 3.4 2.0 0.4 1.0 1.6 1.7 1.8
To the rest of the world (net)........ 2.4 -0.1 0.9 -6.8 4.0 6.2 -4.4 14.4
Equals: Personal saving................... 89.6 -147.8 -49.6 -42.7 -67.5 -166.1 43.0 -23.9
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 510.0 124.5 -61.5 64.6 39.5 -77.3 98.7 92.5
Disposable personal income, billions of
chained (2009) dollars\5\.............. 496.7 172.3 6.5 59.5 22.0 -58.4 89.6 100.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first
quarter of 2017.
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-------------------------
2016 -----------------------------------2017-----------------------------------
Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\r\ June\r\ July\p\
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 0.1 0.9 0.5 0.3 0.1 0.3 0.0 0.4
Compensation of employees............... 0.1 1.1 0.7 0.1 0.5 0.1 0.5 0.5
Wages and salaries.................... 0.1 1.1 0.7 0.1 0.6 0.1 0.5 0.5
Supplements to wages and salaries..... 0.2 1.0 0.4 0.2 0.3 0.2 0.3 0.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ -0.3 1.7 0.1 0.5 -0.8 0.2 -0.2 0.2
Rental income of persons with capital
consumption adjustment................. 0.3 0.6 0.7 0.8 0.1 0.3 0.6 0.4
Personal income receipts on assets...... 0.1 0.4 0.7 0.7 -0.4 1.4 -1.7 0.6
Personal interest income.............. 0.6 1.0 1.0 1.0 -0.8 -0.8 -0.9 0.6
Personal dividend income.............. -0.7 -0.5 0.1 0.2 0.4 4.8 -3.0 0.5
Personal current transfer receipts...... 0.2 1.0 0.1 0.3 -0.1 0.0 0.2 0.2
Less: Contributions for government
social insurance, domestic............. 0.1 2.3 0.7 0.1 0.5 0.1 0.4 0.5
Less: Personal current taxes.............. 0.5 1.1 0.9 0.2 -0.4 -0.4 0.1 1.3
Equals: Disposable personal income........ 0.0 0.9 0.5 0.3 0.2 0.4 0.0 0.3
Addenda:
Personal consumption expenditures....... 0.5 0.3 0.1 0.5 0.3 0.2 0.2 0.3
Goods................................. 0.8 0.3 -0.2 0.4 0.4 -0.1 0.0 0.6
Durable goods....................... 1.6 -0.9 0.3 0.5 0.5 0.2 0.6 0.6
Nondurable goods.................... 0.4 0.9 -0.5 0.3 0.4 -0.3 -0.3 0.5
Services.............................. 0.4 0.3 0.3 0.6 0.2 0.4 0.3 0.2
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... -0.1 0.5 0.5 0.5 0.0 0.4 0.0 0.3
Real disposable personal income......... -0.2 0.5 0.4 0.5 0.0 0.5 0.0 0.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first
quarter of 2017.
Source: U.S. Bureau of Economic Analysis
Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters)
-----------------------------------------------------------------------------------------------------------------------------------
2015 2016 --------------Seasonally adjusted at annual rates--------------
-------------------2016------------------- --------2017--------
Q1 Q2 Q3 Q4 Q1\r\ Q2\r\
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 5.0 2.4 -0.5 4.1 3.0 -0.1 5.6 3.0
Compensation of employees............... 4.9 2.8 -2.7 5.9 4.1 -2.6 6.2 4.3
Wages and salaries.................... 5.1 2.9 -3.2 6.4 4.4 -3.4 6.3 4.5
Supplements to wages and salaries..... 3.9 2.4 -0.4 3.4 3.0 0.8 5.8 3.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 0.2 1.8 0.7 3.6 2.0 2.5 7.8 -1.5
Rental income of persons with capital
consumption adjustment................. 8.3 6.8 9.8 4.2 1.9 6.2 6.8 5.3
Personal income receipts on assets...... 6.3 -0.4 -0.4 -0.6 0.3 3.1 4.9 2.6
Personal interest income.............. 4.9 3.5 5.9 3.2 2.4 6.3 11.0 -2.7
Personal dividend income.............. 8.3 -5.6 -8.7 -5.8 -2.7 -1.4 -3.9 11.3
Personal current transfer receipts...... 5.5 3.1 4.3 3.0 2.5 2.7 5.2 0.8
Less: Contributions for government
social insurance, domestic............. 4.6 3.1 -1.4 5.9 4.2 -2.5 11.3 4.3
Less: Personal current taxes.............. 8.5 1.1 -9.3 4.6 7.0 -1.3 8.7 -0.7
Equals: Disposable personal income........ 4.5 2.6 0.9 4.0 2.5 0.1 5.2 3.5
Addenda:
Personal consumption expenditures....... 3.9 4.0 2.5 6.0 4.6 5.0 4.2 3.6
Goods................................. 1.6 2.2 -1.4 6.2 2.5 6.1 3.4 2.1
Durable goods....................... 5.5 3.2 -0.3 5.5 5.6 5.8 0.8 5.0
Nondurable goods.................... -0.3 1.7 -1.9 6.6 1.0 6.2 4.7 0.5
Services.............................. 5.1 4.8 4.4 5.8 5.6 4.5 4.6 4.3
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... 4.5 1.1 -2.1 2.2 1.3 -2.6 3.4 3.1
Real disposable personal income......... 4.2 1.4 0.2 1.9 0.7 -1.8 2.9 3.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first
quarter of 2017.
Source: U.S. Bureau of Economic Analysis
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
---------------------------------------------------------------------------------------------------------------------------------------
2016 -----------------------------------2017-----------------------------------
Dec. Jan. Feb. March April\r\ May\r\ June\r\ July\p\
---------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars,
seasonally adjusted at annual rates
Personal consumption expenditures (PCE)... 11,740.1 11,728.4 11,729.6 11,816.1 11,826.4 11,856.9 11,879.9 11,909.1
Goods......................................... 4,159.8 4,135.0 4,131.1 4,170.1 4,188.7 4,208.1 4,218.1 4,236.8
Durable goods............................... 1,664.6 1,638.2 1,643.4 1,660.4 1,673.1 1,680.8 1,695.0 1,708.7
Nondurable goods............................ 2,539.8 2,537.8 2,530.0 2,552.7 2,559.9 2,571.8 2,569.7 2,576.2
Services...................................... 7,591.4 7,601.8 7,606.3 7,655.0 7,648.7 7,661.1 7,674.4 7,686.2
Change from preceding period in billions of
chained (2009) dollars, seasonally adjusted
at annual rates
Personal consumption expenditures (PCE)... 42.1 -11.6 1.1 86.6 10.2 30.5 23.0 29.3
Goods......................................... 27.9 -24.8 -3.9 39.1 18.6 19.4 10.0 18.7
Durable goods............................... 26.9 -26.4 5.2 17.1 12.7 7.7 14.3 13.6
Nondurable goods............................ 4.4 -2.0 -7.8 22.7 7.2 11.9 -2.1 6.5
Services...................................... 16.0 10.4 4.5 48.7 -6.3 12.4 13.3 11.8
Percent change from preceding period in
chained (2009) dollars, seasonally adjusted
at monthly rates
Personal consumption expenditures (PCE)... 0.4 -0.1 0.0 0.7 0.1 0.3 0.2 0.2
Goods......................................... 0.7 -0.6 -0.1 0.9 0.4 0.5 0.2 0.4
Durable goods............................... 1.6 -1.6 0.3 1.0 0.8 0.5 0.8 0.8
Nondurable goods............................ 0.2 -0.1 -0.3 0.9 0.3 0.5 -0.1 0.3
Services...................................... 0.2 0.1 0.1 0.6 -0.1 0.2 0.2 0.2
---------------------------------------------------------------------------------------------------------------------------------------
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)
---------------------------------------------------------------------------------------------------------------------------------------
2015 2016 --------------Seasonally adjusted at annual rates--------------
-------------------2016------------------- --------2017--------
Q1 Q2 Q3 Q4 Q1 Q2\r\
---------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars
Personal consumption expenditures (PCE)... 11,264.3 11,572.1 11,430.5 11,537.7 11,618.1 11,702.1 11,758.0 11,854.4
Goods......................................... 3,927.3 4,072.2 4,000.4 4,059.1 4,090.8 4,138.4 4,145.4 4,205.0
Durable goods............................... 1,511.8 1,595.1 1,544.4 1,576.2 1,611.9 1,647.9 1,647.3 1,683.0
Nondurable goods............................ 2,446.8 2,514.3 2,488.6 2,517.5 2,517.9 2,533.2 2,540.2 2,567.1
Services...................................... 7,340.1 7,507.3 7,434.7 7,485.7 7,534.9 7,573.8 7,621.0 7,661.4
Change from preceding period in billions of
chained (2009) dollars
Personal consumption expenditures (PCE)... 395.9 307.9 51.3 107.2 80.4 84.0 55.9 96.3
Goods......................................... 173.8 144.9 20.5 58.7 31.7 47.6 7.0 59.6
Durable goods............................... 108.7 83.3 3.8 31.8 35.7 36.0 -0.6 35.7
Nondurable goods............................ 73.8 67.5 16.1 28.9 0.4 15.3 7.0 27.0
Services...................................... 224.6 167.2 31.0 51.0 49.2 38.9 47.2 40.3
Percent change from preceding period in
chained (2009) dollars
Personal consumption expenditures (PCE)... 3.6 2.7 1.8 3.8 2.8 2.9 1.9 3.3
Goods......................................... 4.6 3.7 2.1 6.0 3.2 4.7 0.7 5.9
Durable goods............................... 7.7 5.5 1.0 8.5 9.4 9.2 -0.1 8.9
Nondurable goods............................ 3.1 2.8 2.6 4.7 0.1 2.5 1.1 4.3
Services...................................... 3.2 2.3 1.7 2.8 2.7 2.1 2.5 2.1
---------------------------------------------------------------------------------------------------------------------------------------
r Revised
Source: U.S. Bureau of Economic Analysis
Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
---------------------------------------------------------------------------------------------------------------------------------------
2016 -----------------------------------2017-----------------------------------
Dec. Jan. Feb. March April\r\ May\r\ June\r\ July\p\
---------------------------------------------------------------------------------------------------------------------------------------
Chain-type price indexes (2009=100),
seasonally adjusted
Personal consumption expenditures (PCE)... 111.740 112.212 112.329 112.053 112.296 112.238 112.285 112.384
Goods......................................... 101.423 102.343 102.222 101.622 101.610 101.002 100.775 100.896
Durable goods............................... 87.179 87.771 87.748 87.241 87.016 86.780 86.581 86.425
Nondurable goods............................ 108.967 110.085 109.902 109.252 109.379 108.538 108.298 108.599
Services...................................... 117.228 117.454 117.701 117.602 117.984 118.228 118.425 118.512
Addenda:
PCE excluding food and energy............... 112.208 112.525 112.708 112.536 112.735 112.826 112.975 113.076
Food\1\..................................... 109.086 109.099 109.260 109.672 109.960 109.945 109.792 109.979
Energy goods and services\2\................ 104.158 108.685 107.322 103.695 104.763 101.531 99.786 99.700
Market-based PCE\3\......................... 109.917 110.434 110.522 110.215 110.359 110.228 110.245 110.313
Market-based PCE excluding food and
energy\3\.................................. 110.149 110.497 110.657 110.462 110.542 110.569 110.698 110.764
Percent change from preceding period in price
indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)... 0.2 0.4 0.1 -0.2 0.2 -0.1 0.0 0.1
Goods......................................... 0.1 0.9 -0.1 -0.6 0.0 -0.6 -0.2 0.1
Durable goods............................... -0.1 0.7 0.0 -0.6 -0.3 -0.3 -0.2 -0.2
Nondurable goods............................ 0.3 1.0 -0.2 -0.6 0.1 -0.8 -0.2 0.3
Services...................................... 0.2 0.2 0.2 -0.1 0.3 0.2 0.2 0.1
Addenda:
PCE excluding food and energy............... 0.1 0.3 0.2 -0.2 0.2 0.1 0.1 0.1
Food\1\..................................... -0.1 0.0 0.1 0.4 0.3 0.0 -0.1 0.2
Energy goods and services\2\................ 1.5 4.3 -1.3 -3.4 1.0 -3.1 -1.7 -0.1
Market-based PCE\3\......................... 0.2 0.5 0.1 -0.3 0.1 -0.1 0.0 0.1
Market-based PCE excluding food and
energy\3\.................................. 0.1 0.3 0.1 -0.2 0.1 0.0 0.1 0.1
---------------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------------------------
2016 -----------------------------------2017-----------------------------------
Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\r\ June\r\ July\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................ 0.0 0.5 0.9 1.3 1.0 1.4 1.2 1.3
Personal consumption expenditures......... 2.9 2.9 2.5 3.2 2.8 2.8 2.6 2.7
Goods................................... 3.9 3.8 3.1 4.0 3.6 3.7 3.4 3.6
Durable goods......................... 7.3 6.9 6.3 6.9 6.8 6.8 6.7 5.9
Nondurable goods...................... 2.2 2.3 1.5 2.5 2.0 2.1 1.7 2.5
Services................................ 2.4 2.4 2.2 2.9 2.4 2.4 2.3 2.3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first
quarter of 2017.
Source: U.S. Bureau of Economic Analysis
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------
2016 -----------------------------------2017-----------------------------------
Dec. Jan. Feb. March April\r\ May\r\ June\r\ July\p\
---------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)... 1.8 2.0 2.2 1.8 1.7 1.5 1.4 1.4
Goods......................................... -0.2 0.8 1.2 0.7 0.3 -0.2 -0.4 0.0
Durable goods............................... -2.7 -2.2 -2.0 -2.3 -2.5 -2.4 -2.1 -2.0
Nondurable goods............................ 1.1 2.3 2.9 2.3 1.8 1.0 0.5 1.0
Services...................................... 2.7 2.6 2.6 2.4 2.4 2.3 2.3 2.1
Addenda:
PCE excluding food and energy............... 1.9 1.9 1.9 1.6 1.6 1.5 1.5 1.4
Food\1\..................................... -1.6 -1.5 -1.5 -0.7 -0.6 -0.1 -0.1 0.2
Energy goods and services\2\................ 5.9 12.3 17.3 12.0 9.8 5.4 2.1 3.3
Market-based PCE\3\......................... 1.5 1.8 2.0 1.6 1.5 1.3 1.1 1.1
Market-based PCE excluding food and
energy\3\.................................. 1.5 1.6 1.6 1.4 1.3 1.2 1.2 1.1
---------------------------------------------------------------------------------------------------------------------------------------
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