EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, NOVEMBER 30, 2017
BEA 17-63
Technical: James Rankin (Personal Income) (301) 278-9087 piniwd@bea.gov
Kyle Brown (PCE) (301) 278-9086 pce@bea.gov
Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov
Personal Income and Outlays: October 2017
Personal income increased $65.1 billion (0.4 percent) in October according to estimates released today
by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $66.1 billion (0.5 percent)
and personal consumption expenditures (PCE) increased $34.4 billion (0.3 percent).
Real DPI increased 0.3 percent in October and Real PCE increased 0.1 percent. The PCE price index increased
0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.
2017
June July Aug. Sept. Oct.
Percent change from preceding month
Personal income:
Current dollars 0.0 0.3 0.2 0.4 0.4
Disposable personal income:
Current dollars 0.0 0.2 0.1 0.4 0.5
Chained (2009) dollars -0.1 0.1 -0.1 0.0 0.3
Personal consumption expenditures (PCE):
Current dollars 0.1 0.4 0.2 0.9 0.3
Chained (2009) dollars 0.1 0.3 0.0 0.5 0.1
Price indexes:
PCE 0.0 0.1 0.2 0.4 0.1
PCE, excluding food and energy 0.1 0.1 0.1 0.2 0.2
Price indexes: Percent change from month one year ago
PCE 1.4 1.4 1.4 1.7 1.6
PCE, excluding food and energy 1.5 1.4 1.3 1.4 1.4
The increase in personal income in October primarily reflected increases in wages and salaries
and personal interest income (table 3).
The $13.1 billion increase in real PCE in October reflected an increase of $11.4 billion in spending
for goods and a $2.7 billion increase in spending for services (table 7). Within goods, other nondurable
goods, which includes prescription drugs and recreational items, was the leading contributor to the
increase. Within services, the largest contributor to the increase was spending for other services,
which includes passenger fares for foreign travel and communication services. Detailed information on
monthly real PCE spending can be found in Table 2.3.6U.
Personal outlays increased $38.7 billion in October (table 3). Personal saving was $457.3 billion in
October and the personal saving rate, personal saving as a percentage of disposable personal income,
was 3.2 percent (table 1).
Updates to Personal Income and Outlays
Estimates have been revised for April through September. The percent change from the preceding month
for current-dollar personal income, and for current-dollar and chained (2009) dollar DPI and PCE --
revised and as published in last month's release -- are shown below.
Change from preceding month
August September
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 29.2 36.8 0.2 0.2 66.9 69.1 0.4 0.4
Disposable personal income:
Current dollars 14.6 21.1 0.1 0.1 53.0 54.8 0.4 0.4
Chained (2009) dollars -13.2 -8.2 -0.1 -0.1 -0.9 -1.9 0.0 0.0
Personal consumption expenditures:
Current dollars 17.6 25.5 0.1 0.2 136.0 119.2 1.0 0.9
Chained (2009) dollars -8.7 -2.5 -0.1 0.0 76.0 58.5 0.6 0.5
BOX.____________________________
QCEW Data Included in the Second Quarter of 2017
This news release includes revised estimates of wages and salaries, personal taxes, and contributions for
government social insurance for April through June 2017 (second quarter). These estimates reflect the
incorporation of the most recently available second-quarter wage and salary tabulations from the Bureau
of Labor Statistics� Quarterly Census of Employment and Wages (QCEW) program.
________________________________
BOX.____________________________
Hurricanes Harvey and Irma
The August and September estimates of personal income and outlays reflect the effects of Hurricanes Harvey and Irma.
BEA cannot separately quantify the total impact of the storms on personal income and outlays because most of the
source data used to estimate the components of personal income and outlays do not separately identify storm impacts.
BEA made adjustments to estimates where source data were not yet available or did not fully reflect the effects of
the storms.
For more information on the treatment of disasters within the national income and product accounts, see
�How are the measures of production and income in the national accounts affected by a natural or man-made disaster?�
________________________________
Personal Income and Outlays Release Dates for 2018
December 2017....January 29 April 2018....May 31 August 2018......September 28
January 2018.....March 1 May 2018......June 29 September 2018...October 29
February 2018....March 29 June 2018.....July 31 October 2018.....November 29
March 2018.......April 30 July 2018.....August 30 November 2018....December 21
Next release: December 22, 2017 at 8:30 A.M. EST
Personal Income and Outlays: November 2017
Additional Information
Resources
Additional Resources available at www.bea.gov:
� Stay informed about BEA developments by reading the BEA blog, signing up for BEA�s email
subscription service, or following BEA on Twitter @BEA_News.
� Historical time series for these estimates can be accessed in BEA�s Interactive Data Application.
� Access BEA data by registering for BEA�s Data Application Programming Interface (API).
� For more on BEA�s statistics, see our monthly online journal, the Survey of Current Business.
� BEA's news release schedule
� NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts
Definitions
Personal income is the income received by, or on behalf of, all persons from all sources: from
participation as laborers in production, from owning a home or business, from the ownership of
financial assets, and from government and business in the form of transfers. It includes income from
domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or
losses.
Disposable personal income is the income available to persons for spending or saving. It is equal to
personal income less personal current taxes.
Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the
behalf of, �persons� who reside in the United States.
Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments.
Personal saving is personal income less personal outlays and personal current taxes.
The personal saving rate is personal saving as a percentage of disposable personal income.
Current-dollar estimates are valued in the prices of the period when the transactions occurred�that is,
at �market value.� Also referred to as �nominal estimates� or as �current-price estimates.�
Real values are inflation-adjusted estimates�that is, estimates that exclude the effects of price changes.
For more definitions, see the Glossary: National Income and Product Accounts.
Statistical conventions
Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR).
Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ
�Why does BEA publish estimates at annual rates?�
Month-to-month percent changes are calculated from unrounded data and are not annualized.
Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual
rates. For detail, see the FAQ �How is average annual growth calculated?�
Quantities and prices. Quantities, or �real� volume measures, and prices are expressed as index
numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are
calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent
periods (quarters for quarterly data and annuals for annual data). �Real� dollar series are calculated by
multiplying the published quantity index by the current dollar value in the reference year (2009) and
then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels
are conceptually the same; any differences are due to rounding.
Chained-dollar values are not additive because the relative weights for a given period differ from those
of the reference year.
List of Personal Income and Outlays News Release Tables
Table 1. Personal Income and Its Disposition (Months)
Table 2. Personal Income and Its Disposition (Years and Quarters)
Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)
Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)
Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)
Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and
Quarters)
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From
Preceding Period (Months)
Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent
Change From Month One Year Ago
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One
Year Ago
Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------Seasonally adjusted at annual rates-------------------------
-----------------------------------------2017-----------------------------------------
March April\r\ May\r\ June\r\ July\r\ Aug.\r\ Sept.\r\ Oct.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 16,304.9 16,314.4 16,353.8 16,350.6 16,403.7 16,440.5 16,509.5 16,574.6
Compensation of employees............... 10,195.7 10,232.2 10,230.8 10,266.2 10,313.5 10,325.4 10,369.0 10,399.5
Wages and salaries.................... 8,256.3 8,287.9 8,283.8 8,313.9 8,355.5 8,363.8 8,401.7 8,427.7
Private industries.................. 6,922.2 6,953.6 6,947.7 6,974.0 7,014.1 7,018.5 7,052.3 7,075.2
Goods-producing industries........ 1,344.1 1,356.5 1,357.9 1,365.1 1,372.8 1,368.7 1,381.7 1,383.7
Manufacturing................... 826.3 831.5 826.8 829.1 834.3 832.1 836.1 840.6
Services-producing industries..... 5,578.0 5,597.1 5,589.8 5,608.9 5,641.3 5,649.9 5,670.6 5,691.5
Trade, transportation, and
utilities...................... 1,294.8 1,297.0 1,292.9 1,296.9 1,303.0 1,300.8 1,305.4 1,308.3
Other services-producing
industries..................... 4,283.2 4,300.2 4,296.9 4,311.9 4,338.3 4,349.1 4,365.2 4,383.2
Government.......................... 1,334.2 1,334.3 1,336.1 1,339.9 1,341.4 1,345.3 1,349.5 1,352.5
Supplements to wages and salaries..... 1,939.4 1,944.3 1,947.0 1,952.3 1,957.9 1,961.6 1,967.2 1,971.8
Employer contributions for employee
pension and insurance funds\1\..... 1,336.1 1,338.8 1,341.6 1,344.8 1,347.4 1,350.5 1,353.5 1,356.2
Employer contributions for
government social insurance........ 603.3 605.6 605.4 607.5 610.5 611.1 613.7 615.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,385.0 1,375.8 1,380.3 1,379.8 1,376.2 1,381.2 1,390.1 1,395.9
Farm.................................. 45.6 41.3 37.0 32.7 32.8 32.9 32.9 34.3
Nonfarm............................... 1,339.4 1,334.5 1,343.3 1,347.0 1,343.5 1,348.4 1,357.2 1,361.6
Rental income of persons with capital
consumption adjustment................. 736.1 737.1 739.7 744.1 743.8 746.2 750.9 758.9
Personal income receipts on assets...... 2,436.5 2,426.9 2,459.8 2,416.7 2,426.4 2,433.2 2,443.6 2,462.7
Personal interest income.............. 1,491.5 1,478.3 1,465.1 1,451.9 1,456.4 1,460.9 1,465.4 1,483.8
Personal dividend income.............. 944.9 948.6 994.7 964.9 970.1 972.3 978.1 978.9
Personal current transfer receipts...... 2,839.3 2,834.8 2,835.5 2,840.5 2,846.7 2,859.0 2,866.1 2,871.9
Government social benefits to
persons.............................. 2,780.7 2,775.8 2,776.3 2,781.1 2,787.1 2,799.1 2,806.0 2,811.5
Social security\2\.................. 920.8 921.6 921.6 925.2 928.4 929.2 932.3 939.2
Medicare\3\......................... 668.8 670.1 671.5 673.0 674.6 676.4 678.3 680.1
Medicaid............................ 582.0 578.2 576.7 577.3 581.0 584.6 588.3 592.0
Unemployment insurance.............. 29.9 28.9 28.3 28.6 28.8 28.5 28.2 27.6
Veterans' benefits.................. 95.9 96.7 98.1 99.3 98.4 98.6 100.7 99.4
Other............................... 483.3 480.4 480.2 477.7 475.8 481.8 478.2 473.3
Other current transfer receipts, from
business (net)....................... 58.7 58.9 59.2 59.4 59.6 59.9 60.1 60.4
Less: Contributions for government
social insurance, domestic............. 1,287.7 1,292.4 1,292.3 1,296.8 1,303.0 1,304.6 1,310.1 1,314.3
Less: Personal current taxes.............. 2,028.3 2,016.2 2,003.8 2,003.8 2,032.3 2,048.0 2,062.3 2,061.3
Equals: Disposable personal income........ 14,276.6 14,298.2 14,349.9 14,346.8 14,371.3 14,392.4 14,447.2 14,513.3
Less: Personal outlays.................... 13,720.4 13,773.3 13,809.2 13,835.2 13,878.2 13,900.9 14,017.3 14,056.0
Personal consumption expenditures....... 13,239.7 13,281.7 13,310.3 13,329.1 13,378.3 13,403.8 13,523.0 13,557.4
Goods................................. 4,237.8 4,255.2 4,247.5 4,238.9 4,268.7 4,272.5 4,350.7 4,355.7
Durable goods....................... 1,449.0 1,455.1 1,456.2 1,458.5 1,475.6 1,454.9 1,496.4 1,495.2
Nondurable goods.................... 2,788.8 2,800.1 2,791.4 2,780.4 2,793.0 2,817.6 2,854.3 2,860.5
Services.............................. 9,001.9 9,026.5 9,062.8 9,090.2 9,109.6 9,131.3 9,172.3 9,201.7
Personal interest payments\4\........... 287.2 293.9 300.7 307.4 304.3 301.1 297.9 301.8
Personal current transfer payments...... 193.5 197.7 198.2 198.7 195.7 196.1 196.5 196.8
To government......................... 113.0 113.6 114.1 114.6 115.1 115.5 115.9 116.2
To the rest of the world (net)........ 80.6 84.1 84.1 84.1 80.6 80.6 80.6 80.6
Equals: Personal saving................... 556.2 524.8 540.7 511.5 493.1 491.5 429.9 457.3
Personal saving as a percentage of
disposable personal income............. 3.9 3.7 3.8 3.6 3.4 3.4 3.0 3.2
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 12,017.7 12,003.7 12,045.2 12,032.8 12,062.2 12,058.6 12,065.8 12,100.8
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 12,741.5 12,732.6 12,786.2 12,778.1 12,786.8 12,778.6 12,776.7 12,816.6
Per capita:
Current dollars..................... 43,938 43,981 44,116 44,080 44,128 44,163 44,302 44,476
Chained (2009) dollars.............. 39,214 39,166 39,308 39,261 39,263 39,211 39,179 39,277
Population (midperiod, thousands)\6\.... 324,925 325,096 325,278 325,469 325,674 325,892 326,109 326,314
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second
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-------------
Q2 Q3 Q4 Q1 Q2\r\ Q3\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 15,553.0 15,928.7 15,910.1 16,028.0 16,025.7 16,245.2 16,339.6 16,451.2
Compensation of employees............... 9,708.3 9,978.6 9,979.6 10,081.4 10,014.9 10,166.3 10,243.0 10,335.9
Wages and salaries.................... 7,858.9 8,085.2 8,090.2 8,178.1 8,107.8 8,232.1 8,295.2 8,373.7
Private industries.................. 6,583.3 6,777.8 6,785.2 6,863.4 6,792.7 6,901.6 6,958.4 7,028.3
Goods-producing industries........ 1,308.6 1,331.2 1,332.4 1,345.2 1,329.8 1,350.5 1,359.8 1,374.4
Manufacturing................... 806.8 814.4 817.5 824.8 811.7 824.5 829.1 834.2
Services-producing industries..... 5,274.6 5,446.5 5,452.8 5,518.3 5,462.9 5,551.1 5,598.6 5,653.9
Trade, transportation, and
utilities...................... 1,237.4 1,265.0 1,269.3 1,277.7 1,262.9 1,288.5 1,295.6 1,303.0
Other services-producing
industries..................... 4,037.2 4,181.5 4,183.5 4,240.6 4,200.0 4,262.6 4,303.0 4,350.9
Government.......................... 1,275.6 1,307.5 1,305.0 1,314.6 1,315.2 1,330.5 1,336.8 1,345.4
Supplements to wages and salaries..... 1,849.4 1,893.4 1,889.4 1,903.4 1,907.1 1,934.2 1,947.9 1,962.2
Employer contributions for employee
pension and insurance funds\1\..... 1,278.0 1,309.8 1,305.5 1,313.3 1,321.7 1,332.7 1,341.7 1,350.5
Employer contributions for
government social insurance........ 571.4 583.6 583.9 590.1 585.4 601.6 606.1 611.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,318.8 1,341.9 1,339.5 1,346.1 1,354.6 1,380.2 1,378.6 1,382.5
Farm.................................. 53.7 43.2 46.7 41.4 37.8 41.9 37.0 32.9
Nonfarm............................... 1,265.1 1,298.7 1,292.8 1,304.6 1,316.7 1,338.4 1,341.6 1,349.7
Rental income of persons with capital
consumption adjustment................. 662.5 707.3 704.8 708.1 718.9 730.8 740.3 747.0
Personal income receipts on assets...... 2,387.1 2,377.8 2,371.4 2,373.2 2,391.6 2,420.1 2,434.5 2,434.4
Personal interest income.............. 1,367.3 1,415.3 1,408.4 1,416.9 1,438.5 1,476.6 1,465.1 1,460.9
Personal dividend income.............. 1,019.8 962.5 962.9 956.4 953.0 943.5 969.4 973.5
Personal current transfer receipts...... 2,684.4 2,768.4 2,760.2 2,777.4 2,795.9 2,831.9 2,836.9 2,857.3
Government social benefits to
persons.............................. 2,631.2 2,711.0 2,703.0 2,719.7 2,737.9 2,773.4 2,777.8 2,797.4
Social security\2\.................. 871.8 896.5 894.0 899.7 906.0 916.1 922.8 930.0
Medicare\3\......................... 633.7 655.9 653.5 658.2 662.9 667.4 671.5 676.4
Medicaid............................ 536.0 563.0 558.0 566.8 577.8 581.4 577.4 584.6
Unemployment insurance.............. 32.2 31.7 31.9 31.6 30.7 30.2 28.6 28.5
Veterans' benefits.................. 89.8 92.8 92.7 92.9 94.0 95.5 98.0 99.2
Other............................... 467.8 471.1 472.8 470.4 466.5 482.8 479.4 478.6
Other current transfer receipts, from
business (net)....................... 53.1 57.4 57.3 57.8 58.0 58.4 59.2 59.9
Less: Contributions for government
social insurance, domestic............. 1,208.0 1,245.3 1,245.4 1,258.2 1,250.2 1,284.1 1,293.8 1,305.9
Less: Personal current taxes.............. 1,937.9 1,960.1 1,950.7 1,983.8 1,977.2 2,018.8 2,007.9 2,047.6
Equals: Disposable personal income........ 13,615.0 13,968.6 13,959.4 14,044.3 14,048.5 14,226.4 14,331.6 14,403.7
Less: Personal outlays.................... 12,786.7 13,288.0 13,214.2 13,366.6 13,537.0 13,671.8 13,805.9 13,932.2
Personal consumption expenditures....... 12,332.3 12,820.7 12,755.0 12,899.4 13,056.9 13,191.6 13,307.0 13,435.0
Goods................................. 4,033.2 4,121.4 4,108.5 4,134.4 4,195.9 4,230.8 4,247.2 4,297.3
Durable goods....................... 1,367.1 1,411.0 1,401.1 1,420.2 1,440.2 1,443.2 1,456.6 1,475.6
Nondurable goods.................... 2,666.0 2,710.4 2,707.4 2,714.2 2,755.7 2,787.6 2,790.6 2,821.6
Services.............................. 8,299.1 8,699.3 8,646.5 8,765.0 8,861.0 8,960.7 9,059.8 9,137.8
Personal interest payments\4\........... 268.7 278.4 276.3 279.3 284.4 287.4 300.7 301.1
Personal current transfer payments...... 185.7 189.0 183.0 187.9 195.6 192.9 198.2 196.1
To government......................... 105.4 108.9 108.1 109.0 110.6 112.3 114.1 115.5
To the rest of the world (net)........ 80.2 80.1 74.9 78.9 85.0 80.6 84.1 80.6
Equals: Personal saving................... 828.4 680.6 745.2 677.7 511.5 554.6 525.7 471.5
Personal saving as a percentage of
disposable personal income............. 6.1 4.9 5.3 4.8 3.6 3.9 3.7 3.3
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 11,754.2 11,878.7 11,894.9 11,934.4 11,857.1 11,955.7 12,027.2 12,062.2
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 12,436.0 12,608.2 12,627.2 12,649.2 12,590.8 12,680.4 12,765.6 12,780.6
Per capita:
Current dollars..................... 42,392 43,194 43,209 43,390 43,323 43,805 44,059 44,198
Chained (2009) dollars.............. 38,720 38,988 39,086 39,080 38,828 39,045 39,245 39,217
Population (midperiod, thousands)\6\.... 321,173 323,391 323,064 323,675 324,275 324,765 325,281 325,892
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second
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-------------------------
-----------------------------------------2017-----------------------------------------
March April\r\ May\r\ June\r\ July\r\ Aug.\r\ Sept.\r\ Oct.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 47.6 9.5 39.4 -3.2 53.1 36.8 69.1 65.1
Compensation of employees............... 10.0 36.5 -1.4 35.4 47.3 11.9 43.6 30.5
Wages and salaries.................... 6.3 31.5 -4.1 30.1 41.7 8.3 37.9 26.0
Private industries.................. 3.6 31.5 -5.9 26.3 40.1 4.4 33.7 23.0
Goods-producing industries........ -12.3 12.4 1.4 7.2 7.7 -4.2 13.0 2.0
Manufacturing................... -5.5 5.1 -4.7 2.3 5.2 -2.2 4.1 4.5
Services-producing industries..... 15.9 19.1 -7.4 19.1 32.5 8.6 20.7 20.9
Trade, transportation, and
utilities...................... 3.8 2.1 -4.1 4.1 6.1 -2.2 4.6 3.0
Other services-producing
industries..................... 12.1 17.0 -3.3 15.0 26.4 10.8 16.1 18.0
Government.......................... 2.7 0.1 1.9 3.8 1.5 3.9 4.2 3.0
Supplements to wages and salaries..... 3.7 4.9 2.7 5.3 5.6 3.6 5.7 4.5
Employer contributions for employee
pension and insurance funds\1\..... 3.3 2.7 2.9 3.2 2.6 3.1 3.1 2.6
Employer contributions for
government social insurance........ 0.5 2.3 -0.2 2.1 3.0 0.6 2.6 1.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 6.8 -9.2 4.5 -0.6 -3.5 5.0 8.9 5.8
Farm.................................. 3.8 -4.3 -4.3 -4.3 0.1 0.1 0.1 1.4
Nonfarm............................... 3.0 -4.8 8.8 3.7 -3.6 4.9 8.8 4.4
Rental income of persons with capital
consumption adjustment................. 5.5 1.0 2.6 4.5 -0.3 2.4 4.7 8.0
Personal income receipts on assets...... 16.7 -9.6 33.0 -43.1 9.7 6.8 10.3 19.2
Personal interest income.............. 14.9 -13.2 -13.2 -13.2 4.5 4.5 4.5 18.4
Personal dividend income.............. 1.8 3.6 46.2 -29.9 5.2 2.2 5.8 0.8
Personal current transfer receipts...... 9.9 -4.6 0.7 5.1 6.2 12.3 7.1 5.8
Government social benefits to
persons.............................. 9.6 -4.8 0.5 4.8 5.9 12.0 6.9 5.5
Social security\2\.................. 7.1 0.8 0.0 3.6 3.2 0.8 3.1 6.8
Medicare\3\......................... 1.4 1.3 1.4 1.5 1.6 1.7 1.9 1.8
Medicaid............................ 0.9 -3.8 -1.5 0.6 3.7 3.6 3.7 3.7
Unemployment insurance.............. -0.5 -1.0 -0.6 0.3 0.2 -0.3 -0.3 -0.6
Veterans' benefits.................. 0.6 0.8 1.4 1.2 -0.8 0.2 2.1 -1.3
Other............................... 0.1 -3.0 -0.2 -2.4 -1.9 6.0 -3.5 -5.0
Other current transfer receipts, from
business (net)....................... 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3
Less: Contributions for government
social insurance, domestic............. 1.2 4.7 -0.1 4.5 6.2 1.6 5.5 4.2
Less: Personal current taxes.............. 5.0 -12.1 -12.4 0.0 28.5 15.7 14.3 -1.0
Equals: Disposable personal income........ 42.6 21.6 51.7 -3.2 24.6 21.1 54.8 66.1
Less: Personal outlays.................... 65.1 52.9 35.8 26.0 43.0 22.7 116.4 38.7
Personal consumption expenditures....... 64.6 42.1 28.5 18.8 49.3 25.5 119.2 34.4
Goods................................. 14.9 17.5 -7.7 -8.6 29.8 3.8 78.2 5.0
Durable goods....................... 6.5 6.1 1.1 2.4 17.1 -20.8 41.5 -1.2
Nondurable goods.................... 8.3 11.3 -8.8 -11.0 12.6 24.6 36.7 6.2
Services.............................. 49.8 24.6 36.2 27.4 19.5 21.7 41.0 29.4
Personal interest payments\4\........... -0.2 6.7 6.7 6.7 -3.2 -3.2 -3.2 3.9
Personal current transfer payments...... 0.6 4.1 0.6 0.5 -3.1 0.4 0.4 0.3
To government......................... 0.6 0.6 0.6 0.5 0.5 0.4 0.4 0.3
To the rest of the world (net)........ 0.0 3.5 0.0 0.0 -3.6 0.0 0.0 0.0
Equals: Personal saving................... -22.5 -31.3 15.9 -29.2 -18.4 -1.6 -61.6 27.4
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 63.1 -14.1 41.5 -12.3 29.4 -3.7 7.2 34.9
Disposable personal income, billions of
chained (2009) dollars\5\.............. 69.2 -9.0 53.6 -8.1 8.8 -8.2 -1.9 39.9
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second
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-------------
Q2 Q3 Q4 Q1 Q2\r\ Q3\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 734.7 375.8 159.1 117.9 -2.3 219.5 94.3 111.6
Compensation of employees............... 451.8 270.4 141.0 101.8 -66.5 151.4 76.7 92.9
Wages and salaries.................... 382.1 226.4 125.3 87.9 -70.2 124.3 63.1 78.5
Private industries.................. 343.4 194.5 115.5 78.2 -70.8 108.9 56.8 69.9
Goods-producing industries........ 49.5 22.6 14.8 12.7 -15.4 20.7 9.3 14.5
Manufacturing................... 26.3 7.6 13.8 7.4 -13.2 12.9 4.6 5.1
Services-producing industries..... 293.9 171.9 100.7 65.5 -55.4 88.2 47.5 55.3
Trade, transportation, and
utilities...................... 62.7 27.7 19.0 8.3 -14.8 25.6 7.1 7.5
Other services-producing
industries..................... 231.2 144.2 81.6 57.2 -40.6 62.6 40.5 47.9
Government.......................... 38.7 31.9 9.8 9.6 0.5 15.3 6.3 8.6
Supplements to wages and salaries..... 69.7 44.0 15.7 14.0 3.8 27.1 13.6 14.4
Employer contributions for employee
pension and insurance funds\1\..... 46.3 31.8 6.9 7.7 8.4 10.9 9.1 8.7
Employer contributions for
government social insurance........ 23.4 12.2 8.8 6.2 -4.7 16.2 4.5 5.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 3.0 23.1 11.9 6.6 8.5 25.7 -1.6 3.9
Farm.................................. -14.5 -10.5 -0.1 -5.3 -3.6 4.0 -4.8 -4.2
Nonfarm............................... 17.5 33.6 12.0 11.8 12.1 21.6 3.3 8.1
Rental income of persons with capital
consumption adjustment................. 50.8 44.8 7.2 3.3 10.8 11.9 9.5 6.6
Personal income receipts on assets...... 141.9 -9.3 -3.6 1.9 18.4 28.5 14.4 -0.1
Personal interest income.............. 64.0 48.0 11.0 8.4 21.7 38.1 -11.5 -4.2
Personal dividend income.............. 77.9 -57.4 -14.6 -6.6 -3.3 -9.6 25.9 4.1
Personal current transfer receipts...... 140.0 84.0 20.4 17.2 18.5 35.9 5.1 20.3
Government social benefits to
persons.............................. 132.5 79.7 19.6 16.7 18.3 35.5 4.3 19.6
Social security\2\.................. 37.2 24.7 7.8 5.7 6.3 10.1 6.8 7.2
Medicare\3\......................... 32.7 22.2 4.7 4.7 4.6 4.5 4.1 4.9
Medicaid............................ 45.0 27.0 8.6 8.8 11.0 3.5 -4.0 7.2
Unemployment insurance.............. -3.3 -0.5 -0.6 -0.3 -1.0 -0.4 -1.7 -0.1
Veterans' benefits.................. 6.1 3.0 1.1 0.2 1.1 1.5 2.5 1.2
Other............................... 14.8 3.3 -2.0 -2.4 -3.9 16.3 -3.4 -0.8
Other current transfer receipts, from
business (net)....................... 7.5 4.3 0.8 0.5 0.2 0.5 0.7 0.7
Less: Contributions for government
social insurance, domestic............. 52.8 37.3 17.9 12.9 -8.0 33.9 9.7 12.1
Less: Personal current taxes.............. 152.3 22.2 21.8 33.1 -6.6 41.6 -10.9 39.6
Equals: Disposable personal income........ 582.4 353.5 137.3 84.9 4.2 177.9 105.2 72.0
Less: Personal outlays.................... 492.8 501.4 180.0 152.4 170.4 134.9 134.1 126.2
Personal consumption expenditures....... 468.6 488.4 183.5 144.4 157.5 134.7 115.5 128.0
Goods................................. 62.7 88.3 61.6 25.9 61.5 34.9 16.4 50.1
Durable goods....................... 70.8 43.9 18.5 19.1 20.0 3.0 13.4 19.0
Nondurable goods.................... -8.0 44.4 43.1 6.8 41.4 32.0 3.0 31.0
Services.............................. 405.9 400.2 121.9 118.5 96.0 99.7 99.1 77.9
Personal interest payments\4\........... 15.0 9.6 2.9 3.0 5.2 3.0 13.3 0.4
Personal current transfer payments...... 9.2 3.3 -6.4 5.0 7.7 -2.8 5.3 -2.1
To government......................... 6.8 3.4 0.4 1.0 1.6 1.7 1.8 1.4
To the rest of the world (net)........ 2.4 -0.1 -6.8 4.0 6.2 -4.4 3.5 -3.6
Equals: Personal saving................... 89.6 -147.8 -42.7 -67.5 -166.1 43.0 -28.9 -54.2
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 510.0 124.5 64.6 39.5 -77.3 98.7 71.5 34.9
Disposable personal income, billions of
chained (2009) dollars\5\.............. 496.7 172.3 59.5 22.0 -58.4 89.6 85.2 15.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second
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-------------------------
-----------------------------------------2017-----------------------------------------
March April\r\ May\r\ June\r\ July\r\ Aug.\r\ Sept.\r\ Oct.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 0.3 0.1 0.2 0.0 0.3 0.2 0.4 0.4
Compensation of employees............... 0.1 0.4 0.0 0.3 0.5 0.1 0.4 0.3
Wages and salaries.................... 0.1 0.4 0.0 0.4 0.5 0.1 0.5 0.3
Supplements to wages and salaries..... 0.2 0.3 0.1 0.3 0.3 0.2 0.3 0.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 0.5 -0.7 0.3 0.0 -0.3 0.4 0.6 0.4
Rental income of persons with capital
consumption adjustment................. 0.8 0.1 0.3 0.6 0.0 0.3 0.6 1.1
Personal income receipts on assets...... 0.7 -0.4 1.4 -1.8 0.4 0.3 0.4 0.8
Personal interest income.............. 1.0 -0.9 -0.9 -0.9 0.3 0.3 0.3 1.3
Personal dividend income.............. 0.2 0.4 4.9 -3.0 0.5 0.2 0.6 0.1
Personal current transfer receipts...... 0.3 -0.2 0.0 0.2 0.2 0.4 0.2 0.2
Less: Contributions for government
social insurance, domestic............. 0.1 0.4 0.0 0.3 0.5 0.1 0.4 0.3
Less: Personal current taxes.............. 0.2 -0.6 -0.6 0.0 1.4 0.8 0.7 0.0
Equals: Disposable personal income........ 0.3 0.2 0.4 0.0 0.2 0.1 0.4 0.5
Addenda:
Personal consumption expenditures....... 0.5 0.3 0.2 0.1 0.4 0.2 0.9 0.3
Goods................................. 0.4 0.4 -0.2 -0.2 0.7 0.1 1.8 0.1
Durable goods....................... 0.5 0.4 0.1 0.2 1.2 -1.4 2.9 -0.1
Nondurable goods.................... 0.3 0.4 -0.3 -0.4 0.5 0.9 1.3 0.2
Services.............................. 0.6 0.3 0.4 0.3 0.2 0.2 0.4 0.3
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... 0.5 -0.1 0.3 -0.1 0.2 0.0 0.1 0.3
Real disposable personal income......... 0.5 -0.1 0.4 -0.1 0.1 -0.1 0.0 0.3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second
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-------------
Q2 Q3 Q4 Q1 Q2\r\ Q3\r\
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 5.0 2.4 4.1 3.0 -0.1 5.6 2.3 2.8
Compensation of employees............... 4.9 2.8 5.9 4.1 -2.6 6.2 3.1 3.7
Wages and salaries.................... 5.1 2.9 6.4 4.4 -3.4 6.3 3.1 3.8
Supplements to wages and salaries..... 3.9 2.4 3.4 3.0 0.8 5.8 2.8 3.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 0.2 1.8 3.6 2.0 2.5 7.8 -0.5 1.1
Rental income of persons with capital
consumption adjustment................. 8.3 6.8 4.2 1.9 6.2 6.8 5.3 3.6
Personal income receipts on assets...... 6.3 -0.4 -0.6 0.3 3.1 4.9 2.4 0.0
Personal interest income.............. 4.9 3.5 3.2 2.4 6.3 11.0 -3.1 -1.1
Personal dividend income.............. 8.3 -5.6 -5.8 -2.7 -1.4 -3.9 11.4 1.7
Personal current transfer receipts...... 5.5 3.1 3.0 2.5 2.7 5.2 0.7 2.9
Less: Contributions for government
social insurance, domestic............. 4.6 3.1 5.9 4.2 -2.5 11.3 3.1 3.8
Less: Personal current taxes.............. 8.5 1.1 4.6 7.0 -1.3 8.7 -2.1 8.1
Equals: Disposable personal income........ 4.5 2.6 4.0 2.5 0.1 5.2 3.0 2.0
Addenda:
Personal consumption expenditures....... 3.9 4.0 6.0 4.6 5.0 4.2 3.5 3.9
Goods................................. 1.6 2.2 6.2 2.5 6.1 3.4 1.6 4.8
Durable goods....................... 5.5 3.2 5.5 5.6 5.8 0.8 3.8 5.3
Nondurable goods.................... -0.3 1.7 6.6 1.0 6.2 4.7 0.4 4.5
Services.............................. 5.1 4.8 5.8 5.6 4.5 4.6 4.5 3.5
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... 4.5 1.1 2.2 1.3 -2.6 3.4 2.4 1.2
Real disposable personal income......... 4.2 1.4 1.9 0.7 -1.8 2.9 2.7 0.5
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second
quarter of 2017.
Source: U.S. Bureau of Economic Analysis
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
---------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------2017-----------------------------------------
March April May June July\r\ Aug.\r\ Sept.\r\ Oct.\p\
---------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars,
seasonally adjusted at annual rates
Personal consumption expenditures (PCE)... 11,816.1 11,827.4 11,859.8 11,871.6 11,903.3 11,900.8 11,959.3 11,972.4
Goods......................................... 4,170.1 4,187.5 4,205.5 4,206.8 4,231.4 4,223.7 4,271.4 4,282.8
Durable goods............................... 1,660.4 1,671.4 1,677.5 1,684.5 1,707.6 1,685.9 1,738.8 1,736.8
Nondurable goods............................ 2,552.7 2,560.1 2,572.0 2,567.6 2,572.0 2,582.1 2,584.6 2,596.8
Services...................................... 7,655.0 7,650.8 7,666.2 7,676.3 7,685.3 7,689.5 7,704.3 7,707.0
Change from preceding period in billions of
chained (2009) dollars, seasonally adjusted
at annual rates
Personal consumption expenditures (PCE)... 86.6 11.3 32.4 11.8 31.7 -2.5 58.5 13.1
Goods......................................... 39.1 17.4 18.0 1.3 24.6 -7.7 47.7 11.4
Durable goods............................... 17.1 11.0 6.1 7.0 23.1 -21.7 53.0 -2.1
Nondurable goods............................ 22.7 7.4 11.8 -4.4 4.4 10.1 2.6 12.2
Services...................................... 48.7 -4.2 15.4 10.1 9.1 4.2 14.8 2.7
Percent change from preceding period in
chained (2009) dollars, seasonally adjusted
at monthly rates
Personal consumption expenditures (PCE)... 0.7 0.1 0.3 0.1 0.3 0.0 0.5 0.1
Goods......................................... 0.9 0.4 0.4 0.0 0.6 -0.2 1.1 0.3
Durable goods............................... 1.0 0.7 0.4 0.4 1.4 -1.3 3.1 -0.1
Nondurable goods............................ 0.9 0.3 0.5 -0.2 0.2 0.4 0.1 0.5
Services...................................... 0.6 -0.1 0.2 0.1 0.1 0.1 0.2 0.0
---------------------------------------------------------------------------------------------------------------------------------------
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-------------
Q2 Q3 Q4 Q1 Q2 Q3\r\
---------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars
Personal consumption expenditures (PCE)... 11,264.3 11,572.1 11,537.7 11,618.1 11,702.1 11,758.0 11,853.0 11,921.1
Goods......................................... 3,927.3 4,072.2 4,059.1 4,090.8 4,138.4 4,145.4 4,199.9 4,242.2
Durable goods............................... 1,511.8 1,595.1 1,576.2 1,611.9 1,647.9 1,647.3 1,677.8 1,710.8
Nondurable goods............................ 2,446.8 2,514.3 2,517.5 2,517.9 2,533.2 2,540.2 2,566.6 2,579.6
Services...................................... 7,340.1 7,507.3 7,485.7 7,534.9 7,573.8 7,621.0 7,664.4 7,693.1
Change from preceding period in billions of
chained (2009) dollars
Personal consumption expenditures (PCE)... 395.9 307.9 107.2 80.4 84.0 55.9 94.9 68.2
Goods......................................... 173.8 144.9 58.7 31.7 47.6 7.0 54.5 42.2
Durable goods............................... 108.7 83.3 31.8 35.7 36.0 -0.6 30.5 33.0
Nondurable goods............................ 73.8 67.5 28.9 0.4 15.3 7.0 26.4 13.0
Services...................................... 224.6 167.2 51.0 49.2 38.9 47.2 43.4 28.6
Percent change from preceding period in
chained (2009) dollars
Personal consumption expenditures (PCE)... 3.6 2.7 3.8 2.8 2.9 1.9 3.3 2.3
Goods......................................... 4.6 3.7 6.0 3.2 4.7 0.7 5.4 4.1
Durable goods............................... 7.7 5.5 8.5 9.4 9.2 -0.1 7.6 8.1
Nondurable goods............................ 3.1 2.8 4.7 0.1 2.5 1.1 4.2 2.0
Services...................................... 3.2 2.3 2.8 2.7 2.1 2.5 2.3 1.5
---------------------------------------------------------------------------------------------------------------------------------------
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)
---------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------2017-----------------------------------------
March April May June July\r\ Aug.\r\ Sept.\r\ Oct.\p\
---------------------------------------------------------------------------------------------------------------------------------------
Chain-type price indexes (2009=100),
seasonally adjusted
Personal consumption expenditures (PCE)... 112.053 112.302 112.236 112.282 112.398 112.636 113.082 113.245
Goods......................................... 101.622 101.617 101.000 100.764 100.883 101.158 101.860 101.706
Durable goods............................... 87.241 87.035 86.782 86.562 86.392 86.274 86.032 86.067
Nondurable goods............................ 109.252 109.378 108.534 108.292 108.598 109.127 110.440 110.161
Services...................................... 117.602 117.989 118.225 118.426 118.540 118.757 119.061 119.401
Addenda:
PCE excluding food and energy............... 112.536 112.742 112.824 112.974 113.092 113.214 113.385 113.620
Food\1\..................................... 109.672 109.960 109.945 109.792 109.979 109.953 109.961 110.013
Energy goods and services\2\................ 103.695 104.752 101.511 99.758 99.640 102.752 109.785 108.603
Market-based PCE\3\......................... 110.215 110.371 110.239 110.254 110.318 110.567 111.007 111.095
Market-based PCE excluding food and
energy\3\.................................. 110.462 110.556 110.583 110.711 110.770 110.889 111.016 111.174
Percent change from preceding period in price
indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)... -0.2 0.2 -0.1 0.0 0.1 0.2 0.4 0.1
Goods......................................... -0.6 0.0 -0.6 -0.2 0.1 0.3 0.7 -0.2
Durable goods............................... -0.6 -0.2 -0.3 -0.3 -0.2 -0.1 -0.3 0.0
Nondurable goods............................ -0.6 0.1 -0.8 -0.2 0.3 0.5 1.2 -0.3
Services...................................... -0.1 0.3 0.2 0.2 0.1 0.2 0.3 0.3
Addenda:
PCE excluding food and energy............... -0.2 0.2 0.1 0.1 0.1 0.1 0.2 0.2
Food\1\..................................... 0.4 0.3 0.0 -0.1 0.2 0.0 0.0 0.0
Energy goods and services\2\................ -3.4 1.0 -3.1 -1.7 -0.1 3.1 6.8 -1.1
Market-based PCE\3\......................... -0.3 0.1 -0.1 0.0 0.1 0.2 0.4 0.1
Market-based PCE excluding food and
energy\3\.................................. -0.2 0.1 0.0 0.1 0.1 0.1 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
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------2017-----------------------------------------
March April\r\ May\r\ June\r\ July\r\ Aug.\r\ Sept.\r\ Oct.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................ 1.3 1.0 1.3 1.1 1.0 1.0 1.1 1.6
Personal consumption expenditures......... 3.2 2.8 2.8 2.6 2.7 2.6 2.6 2.6
Goods................................... 4.0 3.6 3.7 3.1 3.5 3.6 4.0 3.9
Durable goods......................... 6.9 6.7 6.6 6.1 5.8 5.6 7.0 5.8
Nondurable goods...................... 2.5 2.0 2.1 1.7 2.3 2.5 2.5 2.9
Services................................ 2.9 2.4 2.4 2.3 2.3 2.1 1.9 2.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second
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
---------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------2017-----------------------------------------
March April May June July\r\ Aug.\r\ Sept.\r\ Oct.\p\
---------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)... 1.8 1.7 1.5 1.4 1.4 1.4 1.7 1.6
Goods......................................... 0.7 0.3 -0.2 -0.4 0.0 0.1 0.6 0.2
Durable goods............................... -2.3 -2.5 -2.4 -2.1 -2.1 -2.2 -2.1 -1.9
Nondurable goods............................ 2.3 1.8 1.0 0.5 1.0 1.4 2.0 1.3
Services...................................... 2.4 2.4 2.3 2.3 2.1 2.1 2.2 2.2
Addenda:
PCE excluding food and energy............... 1.6 1.6 1.5 1.5 1.4 1.3 1.4 1.4
Food\1\..................................... -0.7 -0.6 -0.1 -0.1 0.2 0.3 0.4 0.5
Energy goods and services\2\................ 12.0 9.8 5.4 2.1 3.3 6.6 11.1 6.9
Market-based PCE\3\......................... 1.6 1.5 1.3 1.1 1.1 1.2 1.5 1.3
Market-based PCE excluding food and
energy\3\.................................. 1.4 1.3 1.2 1.2 1.1 1.0 1.1 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