EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, MARCH 1, 2018 BEA 18-09
Technical: Brian Smith (Personal Income) (301)278-9625 piniwd@bea.gov
Harvey Davis (PCE) (301)278-9086 pce@bea.gov
Mark Ludwick (Taxes and Government) (301)278-9090 Mark.Ludwick@bea.gov
Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov
Personal Income and Outlays: January 2018
Personal income increased $64.7 billion (0.4 percent) in January according to estimates released
today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $134.8 billion
(0.9 percent) and personal consumption expenditures (PCE) increased $31.2 billion (0.2 percent).
Real DPI increased 0.6 percent in January and Real PCE decreased 0.1 percent. The PCE price index
increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent.
2017 2018
Sept. Oct. Nov. Dec. Jan.
Percent change from preceding month
Personal income:
Current dollars 0.5 0.4 0.3 0.4 0.4
Disposable personal income:
Current dollars 0.4 0.3 0.3 0.4 0.9
Chained (2009) dollars 0.0 0.2 0.1 0.2 0.6
Personal consumption expenditures (PCE):
Current dollars 1.0 0.3 0.7 0.4 0.2
Chained (2009) dollars 0.6 0.2 0.5 0.2 -0.1
Price indexes:
PCE 0.4 0.2 0.2 0.1 0.4
PCE, excluding food and energy 0.2 0.2 0.1 0.2 0.3
Price indexes: Percent change from month one year ago
PCE 1.7 1.6 1.7 1.7 1.7
PCE, excluding food and energy 1.4 1.5 1.5 1.5 1.5
BOX.______________________________________________
Quarterly Census of Employment and Wage Data Included in the Third Quarter of 2017
This news release includes revised estimates of wages and salaries, personal taxes, and contributions
for government social insurance for July through September 2017 (third quarter). These estimates reflect
the incorporation of the most recently available third-quarter wage and salary tabulations from the
Bureau of Labor Statistics� Quarterly Census of Employment and Wages (QCEW) program.
__________________________________________________
BOX.______________________________________________
Impacts of the Tax Cuts and Jobs Act
Increases in the January estimates of disposable personal income and the personal saving rate mostly
result from a decrease in personal current taxes, which reflect the effects of the Tax Cuts and Jobs Act (TCJA).
BEA estimates that the TCJA reduced personal current taxes by $115.5 billion at an annual rate. BEA�s
preliminary estimates of the effects of the TCJA are based in part on projections prepared by the Treasury
Department�s Office of Tax Analysis. For more information on the TCJA�s effects on personal taxes, please
see �How will the 2017 Tax Cuts and Jobs Act impact personal taxes?�
January estimates of wages and salaries were adjusted up by $30.0 billion to account for bonuses paid by
businesses that are not included in the monthly source data in the Current Employment Statistics from the
Bureau of Labor Statistics. This adjustment reflects one-time bonuses reported publicly in response to the
TCJA and was derived based on news releases covering estimates of the number of employees receiving bonuses
and payment amounts. BEA will release QCEW-based estimates of wages and salaries, that will include both
regular and TCJA-related bonus activity, for the first quarter of 2018 on July 27, 2018.
__________________________________________________
The increase in personal income in January primarily reflected increases in wages and salaries and Social
Security benefits that were partially offset by an increase in contributions for government social insurance,
a subtraction in the calculation of personal income (table 3).
The $17.0 billion decrease in real PCE in January reflected a decrease of $24.6 billion in spending for
goods and a partially offsetting $4.8 billion increase in spending for services (table 7). Within goods,
new motor vehicle sales was the leading contributor to the decrease. Detailed information on monthly real
PCE spending can be found in Table 2.3.6U.
Personal outlays increased $33.7 billion in January (table 3). Personal saving was $464.4 billion in January
and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.2 percent
(table 1).
2017 Personal Income and Outlays
Personal income (table 6) increased 3.1 percent in 2017 (that is, from the 2016 annual level to the 2017 annual
level), compared with an increase of 2.4 percent in 2016. DPI increased 2.9 percent in 2017 compared with an
increase of 2.6 percent in 2016. In 2017, PCE increased 4.5 percent, compared with an increase of 4.0 percent
in 2016.
Real DPI increased 1.2 percent in 2017, compared with an increase of 1.4 percent in 2016. Real PCE (table 8)
increased 2.7 percent, the same increase as in 2016.
Updates to Personal Income and Outlays
Estimates have been updated for July through December. The percent change from the preceding month for current-dollar
personal income, and for current-dollar and chained (2009) dollar DPI and PCE -- revised and as published in last
month's release -- are shown below.
Change from preceding month
November December
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 50.4 56.1 0.3 0.3 58.7 63.2 0.4 0.4
Disposable personal income:
Current dollars 37.6 39.9 0.3 0.3 48.0 52.2 0.3 0.4
Chained (2009) dollars 2.6 8.8 0.0 0.1 28.1 27.4 0.2 0.2
Personal consumption expenditures:
Current dollars 101.9 92.0 0.8 0.7 54.2 53.1 0.4 0.4
Chained (2009) dollars 61.1 56.4 0.5 0.5 34.4 29.3 0.3 0.2
Next release: March 29, 2018 at 8:30 A.M. EDT
Personal Income and Outlays: February 2018
Additional Information
Resources
Additional Resources available at www.bea.gov:
� Stay informed about BEA developments by reading the BEA blog, signing up for BEA�s email
subscription service, or following BEA on Twitter @BEA_News.
� Historical time series for these estimates can be accessed in BEA�s Interactive Data Application.
� Access BEA data by registering for BEA�s Data Application Programming Interface (API).
� For more on BEA�s statistics, see our monthly online journal, the Survey of Current Business.
� BEA's news release schedule
� NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts
Definitions
Personal income is the income received by, or on behalf of, all persons from all sources: from
participation as laborers in production, from owning a home or business, from the ownership of
financial assets, and from government and business in the form of transfers. It includes income from
domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or
losses.
Disposable personal income is the income available to persons for spending or saving. It is equal to
personal income less personal current taxes.
Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the
behalf of, �persons� who reside in the United States.
Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments.
Personal saving is personal income less personal outlays and personal current taxes.
The personal saving rate is personal saving as a percentage of disposable personal income.
Current-dollar estimates are valued in the prices of the period when the transactions occurred�that is,
at �market value.� Also referred to as �nominal estimates� or as �current-price estimates.�
Real values are inflation-adjusted estimates�that is, estimates that exclude the effects of price changes.
For more definitions, see the Glossary: National Income and Product Accounts.
Statistical conventions
Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR).
Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ
�Why does BEA publish estimates at annual rates?�
Month-to-month percent changes are calculated from unrounded data and are not annualized.
Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual
rates. For detail, see the FAQ �How is average annual growth calculated?�
Quantities and prices. Quantities, or �real� volume measures, and prices are expressed as index
numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are
calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent
periods (quarters for quarterly data and annuals for annual data). �Real� dollar series are calculated by
multiplying the published quantity index by the current dollar value in the reference year (2009) and
then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels
are conceptually the same; any differences are due to rounding.
Chained-dollar values are not additive because the relative weights for a given period differ from those
of the reference year.
List of Personal Income and Outlays News Release Tables
Table 1. Personal Income and Its Disposition (Months)
Table 2. Personal Income and Its Disposition (Years and Quarters)
Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)
Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)
Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)
Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and
Quarters)
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From
Preceding Period (Months)
Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent
Change From Month One Year Ago
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One
Year Ago
Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------Seasonally adjusted at annual rates-------------------------
-----------------------------------2017----------------------------------- 2018
June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 16,350.6 16,412.9 16,458.2 16,535.6 16,599.6 16,655.7 16,718.9 16,783.6
Compensation of employees............... 10,266.2 10,326.1 10,348.6 10,393.6 10,413.5 10,464.6 10,507.4 10,559.3
Wages and salaries.................... 8,313.9 8,367.4 8,385.5 8,424.9 8,441.3 8,486.5 8,523.8 8,569.0
Private industries.................. 6,974.0 7,025.9 7,040.2 7,076.1 7,091.6 7,134.4 7,168.2 7,205.0
Goods-producing industries........ 1,365.1 1,374.0 1,372.8 1,382.6 1,383.9 1,392.8 1,395.2 1,406.6
Manufacturing................... 829.1 834.7 832.9 837.0 839.6 841.8 840.9 847.8
Services-producing industries..... 5,608.9 5,652.0 5,667.4 5,693.5 5,707.7 5,741.6 5,773.0 5,798.4
Trade, transportation, and
utilities...................... 1,296.9 1,305.7 1,305.4 1,312.2 1,313.1 1,325.7 1,330.0 1,333.7
Other services-producing
industries..................... 4,311.9 4,346.3 4,362.0 4,381.3 4,394.6 4,415.9 4,443.0 4,464.7
Government.......................... 1,339.9 1,341.4 1,345.3 1,348.7 1,349.6 1,352.1 1,355.6 1,364.0
Supplements to wages and salaries..... 1,952.3 1,958.8 1,963.1 1,968.7 1,972.2 1,978.1 1,983.7 1,990.4
Employer contributions for employee
pension and insurance funds\1\..... 1,344.8 1,347.4 1,350.5 1,353.4 1,355.6 1,358.2 1,361.1 1,364.0
Employer contributions for
government social insurance........ 607.5 611.4 612.6 615.4 616.6 619.9 622.6 626.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,379.8 1,375.8 1,380.7 1,389.2 1,394.0 1,406.9 1,404.6 1,406.9
Farm.................................. 32.7 32.3 31.9 31.5 30.1 28.7 27.3 28.7
Nonfarm............................... 1,347.0 1,343.5 1,348.7 1,357.7 1,363.8 1,378.2 1,377.3 1,378.2
Rental income of persons with capital
consumption adjustment................. 744.1 744.0 746.4 751.1 756.4 760.4 763.8 768.0
Personal income receipts on assets...... 2,416.7 2,426.2 2,432.7 2,442.7 2,463.2 2,476.0 2,493.7 2,484.7
Personal interest income.............. 1,451.9 1,456.2 1,460.6 1,465.0 1,484.1 1,503.2 1,522.4 1,516.9
Personal dividend income.............. 964.9 970.0 972.1 977.7 979.1 972.7 971.3 967.8
Personal current transfer receipts...... 2,840.5 2,845.4 2,857.4 2,872.2 2,888.8 2,870.9 2,878.0 2,914.2
Government social benefits to
persons.............................. 2,781.1 2,785.8 2,797.5 2,812.1 2,828.4 2,810.2 2,817.1 2,852.8
Social security\2\.................. 925.2 928.4 929.2 932.3 939.0 931.5 935.7 959.4
Medicare\3\......................... 673.0 674.6 676.4 678.3 680.1 681.9 683.8 684.2
Medicaid............................ 577.3 579.7 583.0 587.3 591.8 595.5 599.1 602.1
Unemployment insurance.............. 28.6 28.8 28.5 28.2 27.6 27.9 27.9 28.2
Veterans' benefits.................. 99.3 98.4 98.6 100.7 98.9 101.1 100.5 103.4
Other............................... 477.7 475.8 481.8 485.3 491.0 472.3 470.3 475.3
Other current transfer receipts, from
business (net)....................... 59.4 59.6 59.9 60.1 60.4 60.7 60.9 61.4
Less: Contributions for government
social insurance, domestic............. 1,296.8 1,304.6 1,307.5 1,313.3 1,316.3 1,323.0 1,328.6 1,349.5
Less: Personal current taxes.............. 2,003.8 2,037.8 2,059.0 2,077.5 2,095.8 2,112.0 2,123.0 2,052.9
Equals: Disposable personal income........ 14,346.8 14,375.1 14,399.2 14,458.1 14,503.8 14,543.7 14,596.0 14,730.8
Less: Personal outlays.................... 13,835.2 13,869.7 13,890.9 14,020.9 14,072.6 14,172.1 14,232.7 14,266.4
Personal consumption expenditures....... 13,329.1 13,369.0 13,392.8 13,525.5 13,566.9 13,658.9 13,711.9 13,743.1
Goods................................. 4,238.9 4,267.9 4,273.0 4,363.4 4,366.7 4,416.5 4,414.1 4,419.0
Durable goods....................... 1,458.5 1,475.5 1,454.9 1,502.4 1,508.4 1,519.6 1,527.5 1,504.3
Nondurable goods.................... 2,780.4 2,792.4 2,818.0 2,861.0 2,858.3 2,897.0 2,886.6 2,914.7
Services.............................. 9,090.2 9,101.1 9,119.9 9,162.1 9,200.2 9,242.3 9,297.8 9,324.2
Personal interest payments\4\........... 307.4 304.4 301.3 298.2 305.5 312.7 319.9 322.5
Personal current transfer payments...... 198.7 196.3 196.7 197.1 200.3 200.6 200.8 200.8
To government......................... 114.6 115.1 115.5 115.9 116.2 116.5 116.8 116.8
To the rest of the world (net)........ 84.1 81.2 81.2 81.2 84.1 84.1 84.1 84.1
Equals: Personal saving................... 511.5 505.4 508.3 437.2 431.2 371.6 363.2 464.4
Personal saving as a percentage of
disposable personal income............. 3.6 3.5 3.5 3.0 3.0 2.6 2.5 3.2
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 12,032.8 12,072.5 12,076.5 12,084.0 12,107.6 12,147.9 12,179.7 12,160.0
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 12,778.1 12,791.1 12,785.4 12,786.9 12,807.9 12,816.7 12,844.1 12,915.1
Per capita:
Current dollars..................... 44,031 44,088 44,132 44,282 44,393 44,489 44,623 45,012
Chained (2009) dollars.............. 39,216 39,230 39,186 39,163 39,202 39,206 39,267 39,464
Population (midperiod, thousands)\6\.... 325,836 326,051 326,275 326,500 326,714 326,909 327,097 327,265
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
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]
-----------------------------------------------------------------------------------------------------------------------------------
2016 2017\r\ --------------Seasonally adjusted at annual rates--------------
--------2016-------- -------------------2017-------------------
Q3 Q4 Q1 Q2 Q3\r\ Q4\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 15,928.7 16,428.0 16,028.0 16,025.7 16,245.2 16,339.6 16,468.9 16,658.1
Compensation of employees............... 9,978.6 10,306.8 10,081.4 10,014.9 10,166.3 10,243.0 10,356.1 10,461.8
Wages and salaries.................... 8,085.2 8,350.9 8,178.1 8,107.8 8,232.1 8,295.2 8,392.6 8,483.8
Private industries.................. 6,777.8 7,009.7 6,863.4 6,792.7 6,901.6 6,958.4 7,047.4 7,131.4
Goods-producing industries........ 1,331.2 1,369.4 1,345.2 1,329.8 1,350.5 1,359.8 1,376.4 1,390.7
Manufacturing................... 814.4 832.3 824.8 811.7 824.5 829.1 834.9 840.8
Services-producing industries..... 5,446.5 5,640.3 5,518.3 5,462.9 5,551.1 5,598.6 5,671.0 5,740.7
Trade, transportation, and
utilities...................... 1,265.0 1,303.7 1,277.7 1,262.9 1,288.5 1,295.6 1,307.8 1,322.9
Other services-producing
industries..................... 4,181.5 4,336.6 4,240.6 4,200.0 4,262.6 4,303.0 4,363.2 4,417.8
Government.......................... 1,307.5 1,341.2 1,314.6 1,315.2 1,330.5 1,336.8 1,345.1 1,352.4
Supplements to wages and salaries..... 1,893.4 1,955.9 1,903.4 1,907.1 1,934.2 1,947.9 1,963.5 1,978.0
Employer contributions for employee
pension and insurance funds\1\..... 1,309.8 1,345.8 1,313.3 1,321.7 1,332.7 1,341.7 1,350.4 1,358.3
Employer contributions for
government social insurance........ 583.6 610.1 590.1 585.4 601.6 606.1 613.1 619.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,341.9 1,385.6 1,346.1 1,354.6 1,380.2 1,378.6 1,381.9 1,401.8
Farm.................................. 43.2 34.9 41.4 37.8 41.9 37.0 31.9 28.7
Nonfarm............................... 1,298.7 1,350.8 1,304.6 1,316.7 1,338.4 1,341.6 1,350.0 1,373.1
Rental income of persons with capital
consumption adjustment................. 707.3 744.6 708.1 718.9 730.8 740.3 747.2 760.2
Personal income receipts on assets...... 2,377.8 2,441.5 2,373.2 2,391.6 2,420.1 2,434.5 2,433.9 2,477.6
Personal interest income.............. 1,415.3 1,476.4 1,416.9 1,438.5 1,476.6 1,465.1 1,460.6 1,503.2
Personal dividend income.............. 962.5 965.1 956.4 953.0 943.5 969.4 973.2 974.4
Personal current transfer receipts...... 2,768.4 2,851.6 2,777.4 2,795.9 2,831.9 2,836.9 2,858.4 2,879.2
Government social benefits to
persons.............................. 2,711.0 2,792.1 2,719.7 2,737.9 2,773.4 2,777.8 2,798.5 2,818.6
Social security\2\.................. 896.5 926.1 899.7 906.0 916.1 922.8 930.0 935.4
Medicare\3\......................... 655.9 674.3 658.2 662.9 667.4 671.5 676.4 681.9
Medicaid............................ 563.0 584.4 566.8 577.8 581.4 577.4 583.4 595.4
Unemployment insurance.............. 31.7 28.8 31.6 30.7 30.2 28.6 28.5 27.8
Veterans' benefits.................. 92.8 98.2 92.9 94.0 95.5 98.0 99.2 100.2
Other............................... 471.1 480.3 470.4 466.5 482.8 479.4 481.0 477.9
Other current transfer receipts, from
business (net)....................... 57.4 59.5 57.8 58.0 58.4 59.2 59.9 60.7
Less: Contributions for government
social insurance, domestic............. 1,245.3 1,302.3 1,258.2 1,250.2 1,284.1 1,293.8 1,308.5 1,322.6
Less: Personal current taxes.............. 1,960.1 2,048.8 1,983.8 1,977.2 2,018.8 2,007.9 2,058.1 2,110.3
Equals: Disposable personal income........ 13,968.6 14,379.2 14,044.3 14,048.5 14,226.4 14,331.6 14,410.8 14,547.8
Less: Personal outlays.................... 13,288.0 13,891.0 13,366.6 13,537.0 13,671.8 13,805.9 13,927.2 14,159.2
Personal consumption expenditures....... 12,820.7 13,393.4 12,899.4 13,056.9 13,191.6 13,307.0 13,429.1 13,645.9
Goods................................. 4,121.4 4,294.6 4,134.4 4,195.9 4,230.8 4,247.2 4,301.4 4,399.1
Durable goods....................... 1,411.0 1,474.0 1,420.2 1,440.2 1,443.2 1,456.6 1,477.6 1,518.5
Nondurable goods.................... 2,710.4 2,820.7 2,714.2 2,755.7 2,787.6 2,790.6 2,823.8 2,880.6
Services.............................. 8,699.3 9,098.8 8,765.0 8,861.0 8,960.7 9,059.8 9,127.7 9,246.8
Personal interest payments\4\........... 278.4 300.5 279.3 284.4 287.4 300.7 301.3 312.7
Personal current transfer payments...... 189.0 197.1 187.9 195.6 192.9 198.2 196.7 200.6
To government......................... 108.9 114.6 109.0 110.6 112.3 114.1 115.5 116.5
To the rest of the world (net)........ 80.1 82.5 78.9 85.0 80.6 84.1 81.2 84.1
Equals: Personal saving................... 680.6 488.2 677.7 511.5 554.6 525.7 483.7 388.7
Personal saving as a percentage of
disposable personal income............. 4.9 3.4 4.8 3.6 3.9 3.7 3.4 2.7
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 11,878.7 12,051.3 11,934.4 11,857.1 11,955.7 12,027.2 12,077.6 12,145.1
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 12,608.2 12,763.9 12,649.2 12,590.8 12,680.4 12,765.6 12,787.7 12,822.9
Per capita:
Current dollars..................... 43,157 44,110 43,352 43,280 43,759 44,011 44,168 44,501
Chained (2009) dollars.............. 38,954 39,155 39,045 38,790 39,004 39,202 39,193 39,225
Population (midperiod, thousands)\6\.... 323,668 325,983 323,962 324,593 325,108 325,640 326,276 326,907
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
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----------------------------------- 2018
June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... -3.2 62.4 45.3 77.4 64.0 56.1 63.2 64.7
Compensation of employees............... 35.4 60.0 22.5 45.0 19.9 51.1 42.8 51.9
Wages and salaries.................... 30.1 53.5 18.1 39.4 16.4 45.2 37.3 45.2
Private industries.................. 26.3 51.9 14.2 36.0 15.5 42.8 33.8 36.8
Goods-producing industries........ 7.2 8.8 -1.2 9.9 1.3 8.9 2.4 11.4
Manufacturing................... 2.3 5.6 -1.8 4.1 2.7 2.2 -1.0 7.0
Services-producing industries..... 19.1 43.1 15.4 26.1 14.2 33.9 31.4 25.4
Trade, transportation, and
utilities...................... 4.1 8.8 -0.3 6.8 0.9 12.6 4.3 3.7
Other services-producing
industries..................... 15.0 34.3 15.7 19.3 13.3 21.3 27.1 21.7
Government.......................... 3.8 1.5 3.9 3.4 0.9 2.4 3.5 8.4
Supplements to wages and salaries..... 5.3 6.5 4.3 5.6 3.5 5.9 5.5 6.7
Employer contributions for employee
pension and insurance funds\1\..... 3.2 2.6 3.1 2.9 2.2 2.6 2.9 2.9
Employer contributions for
government social insurance........ 2.1 3.9 1.3 2.7 1.3 3.3 2.6 3.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ -0.6 -3.9 4.8 8.6 4.7 12.9 -2.3 2.3
Farm.................................. -4.3 -0.4 -0.4 -0.4 -1.4 -1.4 -1.4 1.4
Nonfarm............................... 3.7 -3.5 5.2 9.0 6.1 14.3 -0.8 0.9
Rental income of persons with capital
consumption adjustment................. 4.5 -0.2 2.5 4.7 5.3 4.0 3.4 4.2
Personal income receipts on assets...... -43.1 9.5 6.5 10.0 20.5 12.8 17.7 -9.0
Personal interest income.............. -13.2 4.4 4.4 4.4 19.1 19.1 19.1 -5.4
Personal dividend income.............. -29.9 5.1 2.1 5.7 1.3 -6.3 -1.4 -3.5
Personal current transfer receipts...... 5.1 4.9 12.0 14.8 16.6 -17.9 7.2 36.1
Government social benefits to
persons.............................. 4.8 4.6 11.7 14.6 16.3 -18.2 6.9 35.6
Social security\2\.................. 3.6 3.2 0.8 3.1 6.7 -7.5 4.2 23.8
Medicare\3\......................... 1.5 1.6 1.7 1.9 1.8 1.8 1.8 0.4
Medicaid............................ 0.6 2.4 3.3 4.3 4.5 3.7 3.6 3.1
Unemployment insurance.............. 0.3 0.2 -0.3 -0.3 -0.6 0.3 0.0 0.3
Veterans' benefits.................. 1.2 -0.9 0.2 2.1 -1.8 2.2 -0.7 3.0
Other............................... -2.4 -1.9 6.0 3.5 5.7 -18.7 -2.1 5.1
Other current transfer receipts, from
business (net)....................... 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.5
Less: Contributions for government
social insurance, domestic............. 4.5 7.8 2.9 5.8 3.0 6.8 5.6 20.8
Less: Personal current taxes.............. 0.0 34.0 21.2 18.5 18.3 16.2 11.0 -70.1
Equals: Disposable personal income........ -3.2 28.3 24.1 58.9 45.7 39.9 52.2 134.8
Less: Personal outlays.................... 26.0 34.5 21.2 130.0 51.7 99.5 60.6 33.7
Personal consumption expenditures....... 18.8 39.9 23.9 132.7 41.4 92.0 53.1 31.2
Goods................................. -8.6 29.0 5.1 90.5 3.2 49.9 -2.4 4.8
Durable goods....................... 2.4 17.0 -20.6 47.5 6.0 11.2 7.9 -23.2
Nondurable goods.................... -11.0 12.0 25.7 43.0 -2.7 38.7 -10.3 28.0
Services.............................. 27.4 10.9 18.8 42.2 38.1 42.1 55.5 26.3
Personal interest payments\4\........... 6.7 -3.1 -3.1 -3.1 7.2 7.2 7.2 2.5
Personal current transfer payments...... 0.5 -2.4 0.4 0.4 3.2 0.3 0.3 0.0
To government......................... 0.5 0.5 0.4 0.4 0.3 0.3 0.3 0.0
To the rest of the world (net)........ 0.0 -2.9 0.0 0.0 2.8 0.0 0.0 0.0
Equals: Personal saving................... -29.2 -6.1 2.9 -71.1 -6.0 -59.6 -8.3 101.1
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... -12.3 39.7 4.0 7.5 23.6 40.3 31.8 -19.7
Disposable personal income, billions of
chained (2009) dollars\5\.............. -8.1 13.0 -5.7 1.5 21.0 8.8 27.4 71.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
quarter of 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]
-----------------------------------------------------------------------------------------------------------------------------------
2016 2017\r\ --------------Seasonally adjusted at annual rates--------------
--------2016-------- -------------------2017-------------------
Q3 Q4 Q1 Q2 Q3\r\ Q4\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 375.8 499.2 117.9 -2.3 219.5 94.3 129.4 189.2
Compensation of employees............... 270.4 328.2 101.8 -66.5 151.4 76.7 113.1 105.7
Wages and salaries.................... 226.4 265.7 87.9 -70.2 124.3 63.1 97.4 91.3
Private industries.................. 194.5 232.0 78.2 -70.8 108.9 56.8 89.0 84.0
Goods-producing industries........ 22.6 38.1 12.7 -15.4 20.7 9.3 16.6 14.2
Manufacturing................... 7.6 17.9 7.4 -13.2 12.9 4.6 5.8 5.9
Services-producing industries..... 171.9 193.8 65.5 -55.4 88.2 47.5 72.4 69.8
Trade, transportation, and
utilities...................... 27.7 38.7 8.3 -14.8 25.6 7.1 12.2 15.1
Other services-producing
industries..................... 144.2 155.2 57.2 -40.6 62.6 40.5 60.2 54.6
Government.......................... 31.9 33.7 9.6 0.5 15.3 6.3 8.4 7.3
Supplements to wages and salaries..... 44.0 62.5 14.0 3.8 27.1 13.6 15.7 14.5
Employer contributions for employee
pension and insurance funds\1\..... 31.8 36.0 7.7 8.4 10.9 9.1 8.7 7.9
Employer contributions for
government social insurance........ 12.2 26.5 6.2 -4.7 16.2 4.5 7.0 6.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 23.1 43.7 6.6 8.5 25.7 -1.6 3.3 19.9
Farm.................................. -10.5 -8.3 -5.3 -3.6 4.0 -4.8 -5.1 -3.2
Nonfarm............................... 33.6 52.0 11.8 12.1 21.6 3.3 8.4 23.1
Rental income of persons with capital
consumption adjustment................. 44.8 37.3 3.3 10.8 11.9 9.5 6.9 13.0
Personal income receipts on assets...... -9.3 63.7 1.9 18.4 28.5 14.4 -0.6 43.7
Personal interest income.............. 48.0 61.1 8.4 21.7 38.1 -11.5 -4.5 42.6
Personal dividend income.............. -57.4 2.7 -6.6 -3.3 -9.6 25.9 3.9 1.1
Personal current transfer receipts...... 84.0 83.2 17.2 18.5 35.9 5.1 21.4 20.9
Government social benefits to
persons.............................. 79.7 81.1 16.7 18.3 35.5 4.3 20.7 20.1
Social security\2\.................. 24.7 29.6 5.7 6.3 10.1 6.8 7.2 5.4
Medicare\3\......................... 22.2 18.5 4.7 4.6 4.5 4.1 4.9 5.5
Medicaid............................ 27.0 21.4 8.8 11.0 3.5 -4.0 6.0 12.1
Unemployment insurance.............. -0.5 -2.9 -0.3 -1.0 -0.4 -1.7 -0.1 -0.7
Veterans' benefits.................. 3.0 5.4 0.2 1.1 1.5 2.5 1.2 0.9
Other............................... 3.3 9.1 -2.4 -3.9 16.3 -3.4 1.6 -3.1
Other current transfer receipts, from
business (net)....................... 4.3 2.1 0.5 0.2 0.5 0.7 0.7 0.8
Less: Contributions for government
social insurance, domestic............. 37.3 56.9 12.9 -8.0 33.9 9.7 14.7 14.2
Less: Personal current taxes.............. 22.2 88.6 33.1 -6.6 41.6 -10.9 50.2 52.1
Equals: Disposable personal income........ 353.5 410.6 84.9 4.2 177.9 105.2 79.2 137.0
Less: Personal outlays.................... 501.4 603.0 152.4 170.4 134.9 134.1 121.2 232.0
Personal consumption expenditures....... 488.4 572.7 144.4 157.5 134.7 115.5 122.1 216.8
Goods................................. 88.3 173.2 25.9 61.5 34.9 16.4 54.2 97.7
Durable goods....................... 43.9 63.0 19.1 20.0 3.0 13.4 21.0 40.9
Nondurable goods.................... 44.4 110.3 6.8 41.4 32.0 3.0 33.2 56.8
Services.............................. 400.2 399.5 118.5 96.0 99.7 99.1 67.9 119.1
Personal interest payments\4\........... 9.6 22.2 3.0 5.2 3.0 13.3 0.6 11.4
Personal current transfer payments...... 3.3 8.1 5.0 7.7 -2.8 5.3 -1.5 3.8
To government......................... 3.4 5.7 1.0 1.6 1.7 1.8 1.4 1.0
To the rest of the world (net)........ -0.1 2.4 4.0 6.2 -4.4 3.5 -2.9 2.8
Equals: Personal saving................... -147.8 -192.4 -67.5 -166.1 43.0 -28.9 -42.1 -95.0
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 124.5 172.6 39.5 -77.3 98.7 71.5 50.4 67.5
Disposable personal income, billions of
chained (2009) dollars\5\.............. 172.3 155.7 22.0 -58.4 89.6 85.2 22.1 35.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
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----------------------------------- 2018
June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 0.0 0.4 0.3 0.5 0.4 0.3 0.4 0.4
Compensation of employees............... 0.3 0.6 0.2 0.4 0.2 0.5 0.4 0.5
Wages and salaries.................... 0.4 0.6 0.2 0.5 0.2 0.5 0.4 0.5
Supplements to wages and salaries..... 0.3 0.3 0.2 0.3 0.2 0.3 0.3 0.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 0.0 -0.3 0.3 0.6 0.3 0.9 -0.2 0.2
Rental income of persons with capital
consumption adjustment................. 0.6 0.0 0.3 0.6 0.7 0.5 0.4 0.5
Personal income receipts on assets...... -1.8 0.4 0.3 0.4 0.8 0.5 0.7 -0.4
Personal interest income.............. -0.9 0.3 0.3 0.3 1.3 1.3 1.3 -0.4
Personal dividend income.............. -3.0 0.5 0.2 0.6 0.1 -0.6 -0.1 -0.4
Personal current transfer receipts...... 0.2 0.2 0.4 0.5 0.6 -0.6 0.2 1.3
Less: Contributions for government
social insurance, domestic............. 0.3 0.6 0.2 0.4 0.2 0.5 0.4 1.6
Less: Personal current taxes.............. 0.0 1.7 1.0 0.9 0.9 0.8 0.5 -3.3
Equals: Disposable personal income........ 0.0 0.2 0.2 0.4 0.3 0.3 0.4 0.9
Addenda:
Personal consumption expenditures....... 0.1 0.3 0.2 1.0 0.3 0.7 0.4 0.2
Goods................................. -0.2 0.7 0.1 2.1 0.1 1.1 -0.1 0.1
Durable goods....................... 0.2 1.2 -1.4 3.3 0.4 0.7 0.5 -1.5
Nondurable goods.................... -0.4 0.4 0.9 1.5 -0.1 1.4 -0.4 1.0
Services.............................. 0.3 0.1 0.2 0.5 0.4 0.5 0.6 0.3
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... -0.1 0.3 0.0 0.1 0.2 0.3 0.3 -0.2
Real disposable personal income......... -0.1 0.1 0.0 0.0 0.2 0.1 0.2 0.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
quarter of 2017.
Source: U.S. Bureau of Economic Analysis
Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters)
-----------------------------------------------------------------------------------------------------------------------------------
2016 2017\r\ --------------Seasonally adjusted at annual rates--------------
--------2016-------- -------------------2017-------------------
Q3 Q4 Q1 Q2 Q3\r\ Q4\r\
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 2.4 3.1 3.0 -0.1 5.6 2.3 3.2 4.7
Compensation of employees............... 2.8 3.3 4.1 -2.6 6.2 3.1 4.5 4.1
Wages and salaries.................... 2.9 3.3 4.4 -3.4 6.3 3.1 4.8 4.4
Supplements to wages and salaries..... 2.4 3.3 3.0 0.8 5.8 2.8 3.3 3.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1.8 3.3 2.0 2.5 7.8 -0.5 1.0 5.9
Rental income of persons with capital
consumption adjustment................. 6.8 5.3 1.9 6.2 6.8 5.3 3.8 7.2
Personal income receipts on assets...... -0.4 2.7 0.3 3.1 4.9 2.4 -0.1 7.4
Personal interest income.............. 3.5 4.3 2.4 6.3 11.0 -3.1 -1.2 12.2
Personal dividend income.............. -5.6 0.3 -2.7 -1.4 -3.9 11.4 1.6 0.5
Personal current transfer receipts...... 3.1 3.0 2.5 2.7 5.2 0.7 3.1 3.0
Less: Contributions for government
social insurance, domestic............. 3.1 4.6 4.2 -2.5 11.3 3.1 4.6 4.4
Less: Personal current taxes.............. 1.1 4.5 7.0 -1.3 8.7 -2.1 10.4 10.5
Equals: Disposable personal income........ 2.6 2.9 2.5 0.1 5.2 3.0 2.2 3.9
Addenda:
Personal consumption expenditures....... 4.0 4.5 4.6 5.0 4.2 3.5 3.7 6.6
Goods................................. 2.2 4.2 2.5 6.1 3.4 1.6 5.2 9.4
Durable goods....................... 3.2 4.5 5.6 5.8 0.8 3.8 5.9 11.5
Nondurable goods.................... 1.7 4.1 1.0 6.2 4.7 0.4 4.8 8.3
Services.............................. 4.8 4.6 5.6 4.5 4.6 4.5 3.0 5.3
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... 1.1 1.5 1.3 -2.6 3.4 2.4 1.7 2.3
Real disposable personal income......... 1.4 1.2 0.7 -1.8 2.9 2.7 0.7 1.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
quarter of 2017.
Source: U.S. Bureau of Economic Analysis
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
---------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------2017----------------------------------- 2018
June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
---------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars,
seasonally adjusted at annual rates
Personal consumption expenditures (PCE)... 11,871.6 11,895.8 11,891.8 11,962.1 11,980.5 12,036.9 12,066.2 12,049.2
Goods......................................... 4,206.8 4,230.6 4,224.0 4,283.3 4,296.8 4,337.1 4,336.6 4,312.0
Durable goods............................... 1,684.5 1,707.5 1,685.8 1,745.3 1,752.6 1,771.6 1,783.0 1,753.7
Nondurable goods............................ 2,567.6 2,571.4 2,582.5 2,590.6 2,597.3 2,619.7 2,610.3 2,610.4
Services...................................... 7,676.3 7,678.9 7,680.7 7,696.8 7,702.8 7,722.0 7,750.2 7,755.0
Change from preceding period in billions of
chained (2009) dollars, seasonally adjusted
at annual rates
Personal consumption expenditures (PCE)... 11.8 24.2 -4.0 70.3 18.4 56.4 29.3 -17.0
Goods......................................... 1.3 23.8 -6.6 59.2 13.5 40.3 -0.5 -24.6
Durable goods............................... 7.0 23.0 -21.6 59.4 7.3 19.0 11.4 -29.3
Nondurable goods............................ -4.4 3.8 11.1 8.1 6.7 22.4 -9.3 0.0
Services...................................... 10.1 2.6 1.7 16.1 6.0 19.2 28.2 4.8
Percent change from preceding period in
chained (2009) dollars, seasonally adjusted
at monthly rates
Personal consumption expenditures (PCE)... 0.1 0.2 0.0 0.6 0.2 0.5 0.2 -0.1
Goods......................................... 0.0 0.6 -0.2 1.4 0.3 0.9 0.0 -0.6
Durable goods............................... 0.4 1.4 -1.3 3.5 0.4 1.1 0.6 -1.6
Nondurable goods............................ -0.2 0.1 0.4 0.3 0.3 0.9 -0.4 0.0
Services...................................... 0.1 0.0 0.0 0.2 0.1 0.2 0.4 0.1
---------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Source: U.S. Bureau of Economic Analysis
Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
---------------------------------------------------------------------------------------------------------------------------------------
2016 2017\r\ --------------Seasonally adjusted at annual rates--------------
--------2016-------- -------------------2017-------------------
Q3 Q4 Q1 Q2 Q3 Q4\r\
---------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars
Personal consumption expenditures (PCE)... 11,572.1 11,888.9 11,618.1 11,702.1 11,758.0 11,853.0 11,916.6 12,027.9
Goods......................................... 4,072.2 4,228.7 4,090.8 4,138.4 4,145.4 4,199.9 4,246.0 4,323.5
Durable goods............................... 1,595.1 1,701.8 1,611.9 1,647.9 1,647.3 1,677.8 1,712.9 1,769.1
Nondurable goods............................ 2,514.3 2,574.3 2,517.9 2,533.2 2,540.2 2,566.6 2,581.5 2,609.1
Services...................................... 7,507.3 7,674.0 7,534.9 7,573.8 7,621.0 7,664.4 7,685.5 7,725.0
Change from preceding period in billions of
chained (2009) dollars
Personal consumption expenditures (PCE)... 307.9 316.7 80.4 84.0 55.9 94.9 63.6 111.3
Goods......................................... 144.9 156.5 31.7 47.6 7.0 54.5 46.1 77.5
Durable goods............................... 83.3 106.7 35.7 36.0 -0.6 30.5 35.1 56.2
Nondurable goods............................ 67.5 60.0 0.4 15.3 7.0 26.4 14.9 27.6
Services...................................... 167.2 166.7 49.2 38.9 47.2 43.4 21.0 39.5
Percent change from preceding period in
chained (2009) dollars
Personal consumption expenditures (PCE)... 2.7 2.7 2.8 2.9 1.9 3.3 2.2 3.8
Goods......................................... 3.7 3.8 3.2 4.7 0.7 5.4 4.5 7.5
Durable goods............................... 5.5 6.7 9.4 9.2 -0.1 7.6 8.6 13.8
Nondurable goods............................ 2.8 2.4 0.1 2.5 1.1 4.2 2.3 4.3
Services...................................... 2.3 2.2 2.7 2.1 2.5 2.3 1.1 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)
---------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------2017----------------------------------- 2018
June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
---------------------------------------------------------------------------------------------------------------------------------------
Chain-type price indexes (2009=100),
seasonally adjusted
Personal consumption expenditures (PCE)... 112.282 112.390 112.629 113.077 113.247 113.481 113.646 114.064
Goods......................................... 100.764 100.884 101.162 101.876 101.629 101.832 101.788 102.481
Durable goods............................... 86.562 86.392 86.278 86.061 86.041 85.750 85.646 85.755
Nondurable goods............................ 108.292 108.600 109.129 110.447 110.055 110.591 110.590 111.663
Services...................................... 118.426 118.527 118.745 119.045 119.447 119.696 119.976 120.242
Addenda:
PCE excluding food and energy............... 112.974 113.083 113.206 113.378 113.644 113.731 113.921 114.230
Food\1\..................................... 109.792 109.979 109.953 109.961 110.032 109.966 110.061 110.120
Energy goods and services\2\................ 99.758 99.647 102.767 109.810 108.138 111.981 111.720 115.079
Market-based PCE\3\......................... 110.254 110.315 110.565 111.001 111.135 111.348 111.438 111.920
Market-based PCE excluding food and
energy\3\.................................. 110.711 110.767 110.885 111.007 111.244 111.289 111.396 111.763
Percent change from preceding period in price
indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)... 0.0 0.1 0.2 0.4 0.2 0.2 0.1 0.4
Goods......................................... -0.2 0.1 0.3 0.7 -0.2 0.2 0.0 0.7
Durable goods............................... -0.3 -0.2 -0.1 -0.3 0.0 -0.3 -0.1 0.1
Nondurable goods............................ -0.2 0.3 0.5 1.2 -0.4 0.5 0.0 1.0
Services...................................... 0.2 0.1 0.2 0.3 0.3 0.2 0.2 0.2
Addenda:
PCE excluding food and energy............... 0.1 0.1 0.1 0.2 0.2 0.1 0.2 0.3
Food\1\..................................... -0.1 0.2 0.0 0.0 0.1 -0.1 0.1 0.1
Energy goods and services\2\................ -1.7 -0.1 3.1 6.9 -1.5 3.6 -0.2 3.0
Market-based PCE\3\......................... 0.0 0.1 0.2 0.4 0.1 0.2 0.1 0.4
Market-based PCE excluding food and
energy\3\.................................. 0.1 0.1 0.1 0.1 0.2 0.0 0.1 0.3
---------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and
beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity and gas services.
3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures.
It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption
expenditures of nonprofit institutions serving households.
Source: U.S. Bureau of Economic Analysis
Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------2017----------------------------------- 2018
June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................ 1.1 1.0 1.1 1.2 1.5 1.8 2.2 2.3
Personal consumption expenditures......... 2.6 2.6 2.5 2.6 2.7 2.9 2.8 2.7
Goods................................... 3.1 3.5 3.6 4.3 4.2 5.0 4.2 4.3
Durable goods......................... 6.1 5.8 5.6 7.4 6.8 8.2 7.1 7.1
Nondurable goods...................... 1.7 2.3 2.6 2.7 2.9 3.3 2.8 2.9
Services................................ 2.3 2.2 2.0 1.8 2.0 1.9 2.1 2.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third
quarter of 2017.
Source: U.S. Bureau of Economic Analysis
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------2017----------------------------------- 2018
June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\r\ Jan.\p\
---------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)... 1.4 1.4 1.4 1.7 1.6 1.7 1.7 1.7
Goods......................................... -0.4 0.0 0.1 0.6 0.1 0.6 0.4 0.1
Durable goods............................... -2.1 -2.1 -2.2 -2.0 -1.9 -1.7 -1.8 -2.3
Nondurable goods............................ 0.5 1.0 1.4 2.0 1.2 1.8 1.5 1.4
Services...................................... 2.3 2.1 2.1 2.2 2.3 2.3 2.3 2.4
Addenda:
PCE excluding food and energy............... 1.5 1.4 1.3 1.4 1.5 1.5 1.5 1.5
Food\1\..................................... -0.1 0.2 0.3 0.4 0.5 0.7 0.9 0.9
Energy goods and services\2\................ 2.1 3.3 6.7 11.1 6.4 9.1 7.3 5.9
Market-based PCE\3\......................... 1.1 1.1 1.2 1.5 1.4 1.5 1.4 1.3
Market-based PCE excluding food and
energy\3\.................................. 1.2 1.1 1.0 1.1 1.2 1.2 1.1 1.1
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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