EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 30, 2017 BEA 17-33 Technical: James Rankin (Personal Income) (301) 278-9087 piniwd@bea.gov Harvey Davis (PCE) (301) 278-9086 pce@bea.gov Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov Personal Income and Outlays: May 2017 Personal income increased $67.1 billion (0.4 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $71.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $7.3 billion (0.1 percent). Real DPI increased 0.6 percent in May and Real PCE increased 0.1 percent. The PCE price index decreased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent. 2017 Jan. Feb. Mar. Apr. May Percent change from preceding month Personal income: Current dollars 0.6 0.5 0.2 0.3 0.4 Disposable personal income: Current dollars 0.6 0.4 0.2 0.3 0.5 Chained (2009) dollars 0.1 0.3 0.4 0.2 0.6 Personal consumption expenditures (PCE): Current dollars 0.2 0.1 0.4 0.4 0.1 Chained (2009) dollars -0.3 0.0 0.6 0.2 0.1 Price indexes: PCE 0.4 0.1 -0.2 0.2 -0.1 PCE, excluding food and energy 0.3 0.2 -0.1 0.1 0.1 Price indexes: Percent change from month one year ago PCE 1.9 2.1 1.8 1.7 1.4 PCE, excluding food and energy 1.8 1.8 1.6 1.5 1.4 The increase in personal income in May primarily reflected increases in personal dividend income, compensation of employees, and nonfarm proprietors’ income. The largest contributor to the increase in real PCE in May was spending for services (table 7), specifically electricity and gas. Personal outlays increased $9.5 billion in May (table 3). Personal saving was $791.0 billion in May and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.5 percent (table 1). Updates Estimates have been updated for January through April. 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 previously published -- are shown below for March and April. Change from preceding month March April Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars 36.5 32.9 0.2 0.2 58.4 45.0 0.4 0.3 Disposable personal income: Current dollars 32.1 28.2 0.2 0.2 56.5 47.4 0.4 0.3 Chained (2009) dollars 57.4 53.8 0.4 0.4 26.2 20.2 0.2 0.2 Personal consumption expenditures: Current dollars 40.5 49.2 0.3 0.4 53.2 49.2 0.4 0.4 Chained (2009) dollars 62.4 70.0 0.5 0.6 25.3 23.7 0.2 0.2 BOX.________________________ Upcoming Annual Update of the National Income and Product Accounts As part of the annual update of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released with initial estimates for June 2017 on August 1, 2017. This regular update of the accounts will cover the most recent 3 years and the first 5 months of 2017. For more information, see the GDP Technical Note. ____________________________ Next release: August 1, 2017 at 8:30 A.M. EDT Personal Income and Outlays: June 2017 Additional Information Resources Additional Resources available at www.bea.gov: • Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. • Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. • Access BEA data by registering for BEA’s Data Application Programming Interface (API). • For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. • BEA's news release schedule • NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Definitions Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. For more definitions, see the Glossary: National Income and Product Accounts. Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, see the FAQ “How is average annual growth calculated?” Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. List of Personal Income and Outlays News Release Tables Table 1. Personal Income and Its Disposition (Months) Table 2. Personal Income and Its Disposition (Years and Quarters) Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- -------------2016------------- ------------------------2017------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 16,167.7 16,152.7 16,178.0 16,267.6 16,342.9 16,375.8 16,420.8 16,487.9 Compensation of employees............... 10,184.7 10,152.0 10,160.7 10,223.0 10,288.2 10,289.4 10,338.8 10,348.7 Wages and salaries.................... 8,254.2 8,221.0 8,226.7 8,277.2 8,335.1 8,333.8 8,377.3 8,383.9 Private industries.................. 6,930.1 6,896.3 6,899.9 6,941.3 6,994.3 6,990.7 7,032.2 7,037.0 Goods-producing industries........ 1,360.2 1,345.5 1,349.5 1,358.7 1,379.1 1,372.6 1,375.6 1,375.3 Manufacturing................... 836.7 824.5 827.5 831.6 846.3 839.1 841.4 837.0 Services-producing industries..... 5,569.9 5,550.8 5,550.4 5,582.6 5,615.2 5,618.1 5,656.5 5,661.7 Trade, transportation, and utilities...................... 1,284.4 1,277.7 1,280.3 1,285.9 1,288.9 1,287.6 1,296.4 1,297.9 Other services-producing industries..................... 4,285.5 4,273.1 4,270.1 4,296.8 4,326.3 4,330.5 4,360.1 4,363.8 Government.......................... 1,324.1 1,324.7 1,326.8 1,335.9 1,340.8 1,343.1 1,345.1 1,346.9 Supplements to wages and salaries..... 1,930.5 1,931.0 1,934.1 1,945.8 1,953.0 1,955.7 1,961.6 1,964.8 Employer contributions for employee pension and insurance funds\1\..... 1,340.9 1,344.1 1,347.1 1,350.2 1,353.7 1,356.8 1,360.1 1,363.2 Employer contributions for government social insurance........ 589.6 587.0 586.9 595.6 599.3 598.9 601.5 601.6 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,431.7 1,440.5 1,440.1 1,453.7 1,457.0 1,464.2 1,461.4 1,469.9 Farm.................................. 24.3 20.6 16.9 17.2 17.5 17.8 18.2 18.5 Nonfarm............................... 1,407.4 1,419.9 1,423.1 1,436.5 1,439.5 1,446.4 1,443.2 1,451.4 Rental income of persons with capital consumption adjustment................. 713.6 719.2 726.1 729.4 733.1 737.3 742.3 747.8 Personal income receipts on assets...... 2,286.5 2,290.9 2,291.8 2,293.0 2,299.9 2,307.9 2,305.8 2,345.6 Personal interest income.............. 1,327.0 1,333.8 1,340.6 1,346.8 1,353.1 1,359.4 1,353.8 1,348.2 Personal dividend income.............. 959.5 957.1 951.2 946.2 946.8 948.6 952.0 997.4 Personal current transfer receipts...... 2,808.4 2,802.4 2,812.1 2,843.8 2,847.6 2,859.1 2,860.1 2,863.9 Government social benefits to persons.............................. 2,754.5 2,748.3 2,757.8 2,789.1 2,792.7 2,804.0 2,804.8 2,808.3 Social security\2\.................. 910.8 901.9 904.8 913.7 913.7 920.8 921.7 921.8 Medicare\3\......................... 670.3 672.7 675.2 677.5 679.9 682.4 685.1 687.8 Medicaid............................ 578.2 581.6 584.5 585.1 584.7 586.2 586.7 588.1 Unemployment insurance.............. 28.5 28.5 29.1 28.9 28.7 28.3 27.3 26.7 Veterans' benefits.................. 96.4 96.5 98.1 98.1 98.0 98.5 98.4 99.0 Other............................... 470.2 467.1 466.2 485.8 487.6 487.8 485.6 484.9 Other current transfer receipts, from business (net)....................... 53.9 54.1 54.3 54.7 54.9 55.1 55.3 55.6 Less: Contributions for government social insurance, domestic............. 1,257.1 1,252.4 1,252.7 1,275.4 1,282.8 1,282.2 1,287.6 1,288.1 Less: Personal current taxes.............. 1,981.0 1,973.7 1,974.3 1,982.1 2,000.1 2,004.8 2,002.4 1,997.8 Equals: Disposable personal income........ 14,186.8 14,179.0 14,203.7 14,285.5 14,342.8 14,371.0 14,418.4 14,490.1 Less: Personal outlays.................... 13,437.6 13,478.6 13,557.9 13,577.9 13,590.0 13,638.2 13,689.6 13,699.1 Personal consumption expenditures....... 12,959.4 12,996.1 13,071.2 13,095.3 13,108.3 13,157.5 13,206.7 13,214.0 Goods................................. 4,178.8 4,171.0 4,212.8 4,224.4 4,221.1 4,216.4 4,245.3 4,225.5 Durable goods....................... 1,442.3 1,428.4 1,452.0 1,439.1 1,441.8 1,435.9 1,450.4 1,446.0 Nondurable goods.................... 2,736.6 2,742.6 2,760.7 2,785.3 2,779.3 2,780.5 2,794.8 2,779.5 Services.............................. 8,780.6 8,825.1 8,858.4 8,870.9 8,887.2 8,941.1 8,961.4 8,988.5 Personal interest payments\4\........... 279.1 282.9 286.7 285.1 283.6 282.1 283.8 285.5 Personal current transfer payments...... 199.2 199.6 200.1 197.5 198.1 198.6 199.1 199.6 To government......................... 109.4 109.8 110.2 112.1 112.7 113.2 113.7 114.2 To the rest of the world (net)........ 89.8 89.8 89.8 85.4 85.4 85.4 85.4 85.4 Equals: Personal saving................... 749.2 700.4 645.8 707.5 752.7 732.8 728.8 791.0 Personal saving as a percentage of disposable personal income............. 5.3 4.9 4.5 5.0 5.2 5.1 5.1 5.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,996.3 11,980.7 11,973.4 11,972.1 12,022.1 12,068.0 12,086.5 12,150.6 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 12,739.3 12,724.5 12,724.0 12,740.6 12,777.0 12,830.8 12,851.0 12,923.1 Per capita: Current dollars..................... 43,773 43,725 43,778 44,008 44,164 44,229 44,351 44,547 Chained (2009) dollars.............. 39,307 39,239 39,217 39,249 39,343 39,488 39,530 39,729 Population (midperiod, thousands)\6\.... 324,098 324,280 324,447 324,608 324,763 324,925 325,096 325,278 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- 2015 2016 --------------Seasonally adjusted at annual rates-------------- 2015 -------------------2016------------------- 2017 IV I II III IV I\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 15,458.5 15,986.7 15,690.2 15,740.1 15,929.4 16,111.1 16,166.2 16,328.7 Compensation of employees............... 9,693.1 10,072.9 9,892.4 9,892.6 10,046.5 10,186.8 10,165.8 10,266.9 Wages and salaries.................... 7,854.8 8,162.6 8,024.6 8,011.3 8,142.9 8,262.3 8,233.9 8,315.4 Private industries.................. 6,580.3 6,851.5 6,735.8 6,715.2 6,838.5 6,943.6 6,908.8 6,975.4 Goods-producing industries........ 1,308.1 1,345.5 1,334.6 1,327.7 1,343.0 1,359.4 1,351.8 1,370.1 Manufacturing................... 806.7 826.0 823.9 811.9 825.9 836.4 829.6 839.0 Services-producing industries..... 5,272.2 5,506.1 5,401.1 5,387.5 5,495.5 5,584.3 5,557.0 5,605.3 Trade, transportation, and utilities...................... 1,237.1 1,273.7 1,264.2 1,253.7 1,273.1 1,287.4 1,280.8 1,287.4 Other services-producing industries..................... 4,035.1 4,232.3 4,137.0 4,133.8 4,222.4 4,296.9 4,276.2 4,317.9 Government.......................... 1,274.5 1,311.1 1,288.9 1,296.1 1,304.4 1,318.6 1,325.2 1,339.9 Supplements to wages and salaries..... 1,838.2 1,910.3 1,867.8 1,881.3 1,903.6 1,924.5 1,931.9 1,951.5 Employer contributions for employee pension and insurance funds\1\..... 1,270.5 1,325.4 1,290.0 1,304.9 1,319.4 1,333.4 1,344.0 1,353.6 Employer contributions for government social insurance........ 567.7 584.9 577.8 576.4 584.1 591.1 587.8 597.9 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,376.8 1,417.5 1,400.9 1,403.9 1,407.8 1,420.8 1,437.4 1,458.3 Farm.................................. 39.9 27.8 38.1 32.3 29.8 28.3 20.6 17.5 Nonfarm............................... 1,336.8 1,389.7 1,362.8 1,371.6 1,378.0 1,392.4 1,416.8 1,440.8 Rental income of persons with capital consumption adjustment................. 659.6 704.7 677.3 692.8 700.6 705.9 719.6 733.3 Personal income receipts on assets...... 2,253.8 2,262.9 2,235.5 2,235.9 2,255.8 2,270.3 2,289.7 2,300.3 Personal interest income.............. 1,302.7 1,314.5 1,293.0 1,296.1 1,310.2 1,317.8 1,333.8 1,353.1 Personal dividend income.............. 951.1 948.4 942.5 939.8 945.5 952.5 955.9 947.2 Personal current transfer receipts...... 2,678.6 2,775.4 2,708.2 2,744.0 2,763.6 2,786.5 2,807.6 2,850.2 Government social benefits to persons.............................. 2,627.2 2,722.1 2,655.8 2,691.4 2,710.6 2,733.0 2,753.6 2,795.3 Social security\2\.................. 871.8 896.5 881.5 886.3 894.1 899.7 905.9 916.1 Medicare\3\......................... 628.2 662.0 639.8 650.0 659.2 666.2 672.7 679.9 Medicaid............................ 539.6 566.6 547.3 555.6 558.8 570.7 581.4 585.3 Unemployment insurance.............. 32.2 30.1 31.4 31.5 30.3 29.9 28.7 28.6 Veterans' benefits.................. 89.8 95.2 92.2 93.1 95.2 95.7 97.0 98.2 Other............................... 465.6 471.6 463.5 474.9 473.0 470.8 467.8 487.1 Other current transfer receipts, from business (net)....................... 51.4 53.3 52.4 52.6 53.0 53.5 54.1 54.9 Less: Contributions for government social insurance, domestic............. 1,203.5 1,246.8 1,224.1 1,229.0 1,244.8 1,259.1 1,254.1 1,280.1 Less: Personal current taxes.............. 1,938.7 1,960.9 1,963.8 1,932.7 1,952.1 1,982.4 1,976.3 1,995.7 Equals: Disposable personal income........ 13,519.8 14,025.8 13,726.4 13,807.4 13,977.3 14,128.7 14,189.8 14,333.1 Less: Personal outlays.................... 12,736.2 13,227.1 12,899.6 12,961.9 13,154.5 13,300.7 13,491.4 13,602.0 Personal consumption expenditures....... 12,283.7 12,757.9 12,438.8 12,498.0 12,692.7 12,832.2 13,008.9 13,120.4 Goods................................. 4,012.1 4,098.4 4,038.1 4,008.7 4,085.4 4,111.9 4,187.5 4,220.6 Durable goods....................... 1,355.2 1,402.9 1,371.8 1,366.6 1,390.0 1,414.0 1,440.9 1,438.9 Nondurable goods.................... 2,656.9 2,695.5 2,666.3 2,642.0 2,695.4 2,697.9 2,746.6 2,781.7 Services.............................. 8,271.6 8,659.6 8,400.6 8,489.3 8,607.3 8,720.3 8,821.4 8,899.8 Personal interest payments\4\........... 263.8 274.9 270.6 268.0 273.0 275.8 282.9 283.6 Personal current transfer payments...... 188.8 194.3 190.2 196.0 188.8 192.7 199.6 198.1 To government......................... 103.3 108.8 104.0 108.2 108.2 108.8 109.8 112.7 To the rest of the world (net)........ 85.4 85.5 86.2 87.8 80.6 84.0 89.8 85.4 Equals: Personal saving................... 783.6 798.7 826.8 845.5 822.8 828.0 698.5 731.0 Personal saving as a percentage of disposable personal income............. 5.8 5.7 6.0 6.1 5.9 5.9 4.9 5.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,667.7 11,931.6 11,813.7 11,818.2 11,912.9 12,012.9 11,983.5 12,020.7 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 12,343.3 12,667.3 12,491.0 12,556.0 12,647.2 12,737.9 12,729.2 12,782.8 Per capita: Current dollars..................... 42,095 43,371 42,621 42,807 43,265 43,651 43,759 44,134 Chained (2009) dollars.............. 38,432 39,170 38,785 38,927 39,148 39,354 39,254 39,360 Population (midperiod, thousands)\6\.... 321,173 323,391 322,058 322,549 323,064 323,675 324,275 324,765 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- -------------2016------------- ------------------------2017------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... -1.3 -15.1 25.4 89.5 75.3 32.9 45.0 67.1 Compensation of employees............... -40.6 -32.7 8.7 62.3 65.1 1.3 49.4 9.9 Wages and salaries.................... -40.7 -33.2 5.7 50.6 57.9 -1.4 43.5 6.7 Private industries.................. -42.0 -33.8 3.6 41.4 53.0 -3.6 41.5 4.8 Goods-producing industries........ -3.6 -14.7 4.0 9.1 20.4 -6.5 3.0 -0.3 Manufacturing................... -0.5 -12.3 3.1 4.0 14.7 -7.1 2.2 -4.4 Services-producing industries..... -38.4 -19.2 -0.4 32.3 32.6 2.9 38.5 5.2 Trade, transportation, and utilities...................... -5.2 -6.7 2.6 5.6 3.0 -1.4 8.9 1.5 Other services-producing industries..................... -33.2 -12.5 -3.0 26.7 29.5 4.2 29.6 3.7 Government.......................... 1.4 0.6 2.1 9.2 4.9 2.2 2.0 1.8 Supplements to wages and salaries..... 0.0 0.5 3.0 11.8 7.2 2.7 5.9 3.3 Employer contributions for employee pension and insurance funds\1\..... 3.3 3.2 3.1 3.1 3.5 3.1 3.2 3.1 Employer contributions for government social insurance........ -3.2 -2.7 0.0 8.7 3.7 -0.5 2.7 0.1 Proprietors' income with inventory valuation and capital consumption adjustments............................ 3.4 8.8 -0.4 13.6 3.3 7.2 -2.8 8.5 Farm.................................. -3.7 -3.7 -3.7 0.3 0.3 0.3 0.4 0.4 Nonfarm............................... 7.1 12.5 3.3 13.3 3.0 6.9 -3.2 8.1 Rental income of persons with capital consumption adjustment................. 4.7 5.6 6.8 3.3 3.7 4.2 5.0 5.5 Personal income receipts on assets...... 10.0 4.4 0.9 1.3 6.9 8.0 -2.2 39.8 Personal interest income.............. 6.8 6.8 6.8 6.3 6.3 6.3 -5.6 -5.6 Personal dividend income.............. 3.2 -2.4 -5.9 -5.0 0.6 1.7 3.4 45.4 Personal current transfer receipts...... 15.4 -5.9 9.7 31.7 3.7 11.6 1.0 3.8 Government social benefits to persons.............................. 15.2 -6.1 9.5 31.3 3.5 11.4 0.8 3.6 Social security\2\.................. 9.6 -8.9 2.9 8.9 0.0 7.1 0.9 0.1 Medicare\3\......................... 2.2 2.3 2.5 2.3 2.4 2.5 2.7 2.7 Medicaid............................ 3.1 3.4 2.9 0.6 -0.4 1.5 0.5 1.5 Unemployment insurance.............. -0.6 0.0 0.6 -0.1 -0.2 -0.4 -0.9 -0.6 Veterans' benefits.................. 0.0 0.2 1.6 0.0 0.0 0.5 -0.1 0.6 Other............................... 1.0 -3.1 -0.9 19.7 1.8 0.2 -2.2 -0.7 Other current transfer receipts, from business (net)....................... 0.2 0.2 0.2 0.4 0.2 0.2 0.2 0.2 Less: Contributions for government social insurance, domestic............. -5.8 -4.8 0.4 22.7 7.4 -0.6 5.4 0.5 Less: Personal current taxes.............. -10.5 -7.3 0.6 7.8 18.0 4.7 -2.4 -4.6 Equals: Disposable personal income........ 9.1 -7.8 24.8 81.7 57.3 28.2 47.4 71.7 Less: Personal outlays.................... 74.4 40.9 79.3 20.0 12.1 48.2 51.4 9.5 Personal consumption expenditures....... 64.4 36.7 75.1 24.2 13.0 49.2 49.2 7.3 Goods................................. 38.6 -7.8 41.8 11.6 -3.3 -4.7 28.9 -19.8 Durable goods....................... 16.0 -13.8 23.6 -12.9 2.6 -5.9 14.6 -4.5 Nondurable goods.................... 22.6 6.0 18.2 24.5 -5.9 1.2 14.3 -15.3 Services.............................. 25.8 44.6 33.3 12.5 16.3 53.9 20.3 27.1 Personal interest payments\4\........... 3.8 3.8 3.8 -1.5 -1.5 -1.5 1.7 1.7 Personal current transfer payments...... 6.2 0.4 0.5 -2.6 0.6 0.5 0.5 0.4 To government......................... 0.3 0.4 0.5 1.8 0.6 0.5 0.5 0.4 To the rest of the world (net)........ 5.9 0.0 0.0 -4.4 0.0 0.0 0.0 0.0 Equals: Personal saving................... -65.3 -48.7 -54.6 61.7 45.2 -19.9 -4.0 62.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... -39.9 -15.6 -7.3 -1.4 50.1 45.9 18.5 64.1 Disposable personal income, billions of chained (2009) dollars\5\.............. -18.2 -14.8 -0.5 16.6 36.5 53.8 20.2 72.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- 2015 2016 --------------Seasonally adjusted at annual rates-------------- 2015 -------------------2016------------------- 2017 IV I II III IV I\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 648.8 528.2 134.1 49.9 189.2 181.7 55.1 162.6 Compensation of employees............... 439.6 379.8 152.4 0.1 153.9 140.3 -21.0 101.1 Wages and salaries.................... 378.5 307.8 130.7 -13.4 131.6 119.4 -28.3 81.4 Private industries.................. 340.7 271.2 122.0 -20.6 123.3 105.1 -34.9 66.7 Goods-producing industries........ 50.7 37.3 24.3 -6.9 15.3 16.4 -7.6 18.4 Manufacturing................... 26.7 19.2 17.7 -12.0 14.0 10.5 -6.8 9.4 Services-producing industries..... 290.0 233.9 97.7 -13.7 108.0 88.7 -27.2 48.3 Trade, transportation, and utilities...................... 61.6 36.7 19.1 -10.5 19.5 14.2 -6.6 6.6 Other services-producing industries..................... 228.3 197.2 78.6 -3.1 88.6 74.5 -20.7 41.6 Government.......................... 37.8 36.5 8.7 7.2 8.3 14.2 6.5 14.8 Supplements to wages and salaries..... 61.1 72.1 21.7 13.5 22.3 20.9 7.4 19.6 Employer contributions for employee pension and insurance funds\1\..... 40.7 54.9 13.9 14.9 14.5 14.0 10.6 9.5 Employer contributions for government social insurance........ 20.4 17.1 7.8 -1.4 7.7 7.0 -3.2 10.1 Proprietors' income with inventory valuation and capital consumption adjustments............................ 39.0 40.7 11.9 3.0 3.9 12.9 16.7 20.9 Farm.................................. -28.6 -12.2 -6.5 -5.8 -2.5 -1.5 -7.7 -3.1 Nonfarm............................... 67.6 52.9 18.4 8.8 6.4 14.4 24.4 24.0 Rental income of persons with capital consumption adjustment................. 53.5 45.1 9.2 15.5 7.8 5.3 13.7 13.7 Personal income receipts on assets...... 26.9 9.1 -39.7 0.4 19.9 14.5 19.5 10.6 Personal interest income.............. 1.9 11.7 -43.1 3.1 14.1 7.6 16.0 19.3 Personal dividend income.............. 25.0 -2.7 3.5 -2.7 5.7 7.0 3.4 -8.7 Personal current transfer receipts...... 138.3 96.8 16.0 35.8 19.6 22.9 21.1 42.5 Government social benefits to persons.............................. 132.3 94.9 15.7 35.6 19.2 22.4 20.6 41.7 Social security\2\.................. 37.2 24.7 6.9 4.8 7.8 5.6 6.2 10.2 Medicare\3\......................... 27.1 33.8 8.2 10.1 9.2 7.0 6.6 7.2 Medicaid............................ 52.2 27.0 1.9 8.4 3.1 12.0 10.7 3.9 Unemployment insurance.............. -3.3 -2.1 -0.6 0.1 -1.2 -0.5 -1.2 -0.1 Veterans' benefits.................. 6.1 5.4 2.2 0.9 2.1 0.4 1.3 1.2 Other............................... 13.0 6.0 -3.0 11.4 -1.9 -2.2 -3.0 19.2 Other current transfer receipts, from business (net)....................... 6.0 1.9 0.3 0.2 0.4 0.5 0.6 0.8 Less: Contributions for government social insurance, domestic............. 48.6 43.3 15.8 4.9 15.8 14.3 -5.1 26.1 Less: Personal current taxes.............. 151.7 22.2 19.4 -31.1 19.4 30.3 -6.1 19.4 Equals: Disposable personal income........ 497.1 506.0 114.7 81.1 169.9 151.4 61.1 143.2 Less: Personal outlays.................... 439.5 490.9 86.4 62.3 192.6 146.2 190.7 110.7 Personal consumption expenditures....... 420.3 474.2 81.9 59.2 194.7 139.5 176.7 111.5 Goods................................. 41.6 86.2 -4.9 -29.5 76.7 26.5 75.7 33.1 Durable goods....................... 60.4 47.7 7.1 -5.1 23.4 24.0 26.9 -2.0 Nondurable goods.................... -18.8 38.6 -12.0 -24.3 53.3 2.5 48.7 35.1 Services.............................. 378.7 388.0 86.8 88.6 118.0 113.0 101.1 78.4 Personal interest payments\4\........... 12.2 11.2 4.4 -2.6 5.0 2.8 7.0 0.7 Personal current transfer payments...... 7.0 5.5 0.1 5.7 -7.1 3.9 6.9 -1.6 To government......................... 5.0 5.4 0.1 4.2 0.0 0.5 1.0 2.9 To the rest of the world (net)........ 1.9 0.1 0.0 1.5 -7.2 3.4 5.9 -4.4 Equals: Personal saving................... 57.6 15.1 28.3 18.7 -22.7 5.2 -129.5 32.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 426.9 263.9 95.9 4.6 94.7 100.0 -29.5 37.3 Disposable personal income, billions of chained (2009) dollars\5\.............. 412.2 324.0 92.1 65.0 91.2 90.7 -8.7 53.6 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at monthly rates------------------------- -------------2016------------- ------------------------2017------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 0.0 -0.1 0.2 0.6 0.5 0.2 0.3 0.4 Compensation of employees............... -0.4 -0.3 0.1 0.6 0.6 0.0 0.5 0.1 Wages and salaries.................... -0.5 -0.4 0.1 0.6 0.7 0.0 0.5 0.1 Supplements to wages and salaries..... 0.0 0.0 0.2 0.6 0.4 0.1 0.3 0.2 Proprietors' income with inventory valuation and capital consumption adjustments............................ 0.2 0.6 0.0 0.9 0.2 0.5 -0.2 0.6 Rental income of persons with capital consumption adjustment................. 0.7 0.8 0.9 0.5 0.5 0.6 0.7 0.7 Personal income receipts on assets...... 0.4 0.2 0.0 0.1 0.3 0.3 -0.1 1.7 Personal interest income.............. 0.5 0.5 0.5 0.5 0.5 0.5 -0.4 -0.4 Personal dividend income.............. 0.3 -0.2 -0.6 -0.5 0.1 0.2 0.4 4.8 Personal current transfer receipts...... 0.6 -0.2 0.3 1.1 0.1 0.4 0.0 0.1 Less: Contributions for government social insurance, domestic............. -0.5 -0.4 0.0 1.8 0.6 0.0 0.4 0.0 Less: Personal current taxes.............. -0.5 -0.4 0.0 0.4 0.9 0.2 -0.1 -0.2 Equals: Disposable personal income........ 0.1 -0.1 0.2 0.6 0.4 0.2 0.3 0.5 Addenda: Personal consumption expenditures....... 0.5 0.3 0.6 0.2 0.1 0.4 0.4 0.1 Goods................................. 0.9 -0.2 1.0 0.3 -0.1 -0.1 0.7 -0.5 Durable goods....................... 1.1 -1.0 1.7 -0.9 0.2 -0.4 1.0 -0.3 Nondurable goods.................... 0.8 0.2 0.7 0.9 -0.2 0.0 0.5 -0.5 Services.............................. 0.3 0.5 0.4 0.1 0.2 0.6 0.2 0.3 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... -0.3 -0.1 -0.1 0.0 0.4 0.4 0.2 0.5 Real disposable personal income......... -0.1 -0.1 0.0 0.1 0.3 0.4 0.2 0.6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) ----------------------------------------------------------------------------------------------------------------------------------- 2015 2016 --------------Seasonally adjusted at annual rates-------------- 2015 -------------------2016------------------- 2017 IV I II III IV I\r\ ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 4.4 3.4 3.5 1.3 4.9 4.6 1.4 4.1 Compensation of employees............... 4.8 3.9 6.4 0.0 6.4 5.7 -0.8 4.0 Wages and salaries.................... 5.1 3.9 6.8 -0.7 6.7 6.0 -1.4 4.0 Supplements to wages and salaries..... 3.4 3.9 4.8 2.9 4.8 4.5 1.5 4.1 Proprietors' income with inventory valuation and capital consumption adjustments............................ 2.9 3.0 3.5 0.8 1.1 3.7 4.8 5.9 Rental income of persons with capital consumption adjustment................. 8.8 6.8 5.6 9.5 4.6 3.1 8.0 7.8 Personal income receipts on assets...... 1.2 0.4 -6.8 0.1 3.6 2.6 3.5 1.9 Personal interest income.............. 0.1 0.9 -12.3 1.0 4.4 2.3 5.0 5.9 Personal dividend income.............. 2.7 -0.3 1.5 -1.1 2.5 3.0 1.5 -3.6 Personal current transfer receipts...... 5.4 3.6 2.4 5.4 2.9 3.4 3.1 6.2 Less: Contributions for government social insurance, domestic............. 4.2 3.6 5.3 1.6 5.3 4.7 -1.6 8.6 Less: Personal current taxes.............. 8.5 1.1 4.1 -6.2 4.1 6.4 -1.2 4.0 Equals: Disposable personal income........ 3.8 3.7 3.4 2.4 5.0 4.4 1.7 4.1 Addenda: Personal consumption expenditures....... 3.5 3.9 2.7 1.9 6.4 4.5 5.6 3.5 Goods................................. 1.0 2.1 -0.5 -2.9 7.9 2.6 7.6 3.2 Durable goods....................... 4.7 3.5 2.1 -1.5 7.0 7.1 7.8 -0.5 Nondurable goods.................... -0.7 1.5 -1.8 -3.6 8.3 0.4 7.4 5.2 Services.............................. 4.8 4.7 4.2 4.3 5.7 5.4 4.7 3.6 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... 3.8 2.3 3.3 0.2 3.2 3.4 -1.0 1.3 Real disposable personal income......... 3.5 2.6 3.0 2.1 2.9 2.9 -0.3 1.7 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) --------------------------------------------------------------------------------------------------------------------------------------- -------------2016------------- ------------------------2017------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 11,637.1 11,662.9 11,709.4 11,679.2 11,677.4 11,747.4 11,771.0 11,785.0 Goods......................................... 4,115.9 4,115.8 4,150.7 4,125.1 4,126.8 4,145.7 4,174.8 4,179.2 Durable goods............................... 1,644.2 1,636.1 1,664.4 1,638.6 1,642.2 1,644.3 1,665.3 1,663.7 Nondurable goods............................ 2,515.3 2,521.6 2,531.5 2,528.3 2,527.0 2,542.8 2,553.2 2,558.6 Services...................................... 7,531.6 7,556.5 7,570.5 7,563.8 7,560.7 7,611.0 7,608.4 7,617.9 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 33.8 25.8 46.5 -30.3 -1.8 70.0 23.7 14.0 Goods......................................... 29.3 -0.2 35.0 -25.6 1.7 18.9 29.2 4.4 Durable goods............................... 21.0 -8.1 28.3 -25.8 3.6 2.1 21.0 -1.6 Nondurable goods............................ 10.4 6.3 9.9 -3.2 -1.3 15.9 10.4 5.4 Services...................................... 6.8 24.8 14.0 -6.6 -3.2 50.4 -2.6 9.5 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.3 0.2 0.4 -0.3 0.0 0.6 0.2 0.1 Goods......................................... 0.7 0.0 0.8 -0.6 0.0 0.5 0.7 0.1 Durable goods............................... 1.3 -0.5 1.7 -1.5 0.2 0.1 1.3 -0.1 Nondurable goods............................ 0.4 0.3 0.4 -0.1 -0.1 0.6 0.4 0.2 Services...................................... 0.1 0.3 0.2 -0.1 0.0 0.7 0.0 0.1 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) --------------------------------------------------------------------------------------------------------------------------------------- 2015 2016 --------------Seasonally adjusted at annual rates-------------- 2015 -------------------2016------------------- 2017 IV I II III IV I\r\ --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars Personal consumption expenditures (PCE)... 11,214.7 11,522.2 11,319.3 11,365.2 11,484.9 11,569.0 11,669.8 11,701.3 Goods......................................... 3,907.4 4,048.2 3,953.4 3,964.7 4,032.9 4,067.8 4,127.5 4,132.5 Durable goods............................... 1,498.1 1,584.6 1,527.3 1,524.9 1,560.9 1,604.4 1,648.2 1,641.7 Nondurable goods............................ 2,439.3 2,500.4 2,458.4 2,471.1 2,505.4 2,502.5 2,522.8 2,532.7 Services...................................... 7,310.3 7,481.0 7,369.8 7,403.9 7,458.5 7,508.5 7,552.9 7,578.5 Change from preceding period in billions of chained (2009) dollars Personal consumption expenditures (PCE)... 345.9 307.5 63.4 45.9 119.6 84.2 100.8 31.5 Goods......................................... 152.0 140.8 20.7 11.3 68.2 34.9 59.7 5.0 Durable goods............................... 97.0 86.5 15.0 -2.4 36.1 43.5 43.8 -6.5 Nondurable goods............................ 62.9 61.1 7.1 12.7 34.3 -3.0 20.3 9.9 Services...................................... 196.2 170.6 42.6 34.1 54.7 50.0 44.3 25.7 Percent change from preceding period in chained (2009) dollars Personal consumption expenditures (PCE)... 3.2 2.7 2.3 1.6 4.3 3.0 3.5 1.1 Goods......................................... 4.0 3.6 2.1 1.2 7.1 3.5 6.0 0.5 Durable goods............................... 6.9 5.8 4.0 -0.6 9.8 11.6 11.4 -1.6 Nondurable goods............................ 2.6 2.5 1.2 2.1 5.7 -0.5 3.3 1.6 Services...................................... 2.8 2.3 2.3 1.9 3.0 2.7 2.4 1.4 --------------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) --------------------------------------------------------------------------------------------------------------------------------------- -------------2016------------- ------------------------2017------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ --------------------------------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted Personal consumption expenditures (PCE)... 111.365 111.434 111.632 112.128 112.256 112.006 112.198 112.127 Goods......................................... 101.527 101.342 101.493 102.406 102.284 101.704 101.685 101.105 Durable goods............................... 87.714 87.304 87.237 87.825 87.792 87.319 87.093 86.910 Nondurable goods............................ 108.799 108.764 109.056 110.164 109.986 109.347 109.462 108.634 Services...................................... 116.586 116.793 117.016 117.284 117.549 117.478 117.786 117.995 Addenda: PCE excluding food and energy............... 111.906 111.954 112.114 112.459 112.655 112.509 112.655 112.731 Food\1\..................................... 109.493 109.259 109.124 109.143 109.304 109.718 109.963 109.969 Energy goods and services\2\................ 101.049 102.037 103.547 108.002 106.674 103.129 104.163 100.997 Market-based PCE\3\......................... 109.684 109.776 109.972 110.492 110.580 110.303 110.443 110.310 Market-based PCE excluding food and energy\3\.................................. 110.016 110.088 110.241 110.594 110.751 110.589 110.670 110.693 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.2 0.1 0.2 0.4 0.1 -0.2 0.2 -0.1 Goods......................................... 0.2 -0.2 0.1 0.9 -0.1 -0.6 0.0 -0.6 Durable goods............................... -0.2 -0.5 -0.1 0.7 0.0 -0.5 -0.3 -0.2 Nondurable goods............................ 0.4 0.0 0.3 1.0 -0.2 -0.6 0.1 -0.8 Services...................................... 0.2 0.2 0.2 0.2 0.2 -0.1 0.3 0.2 Addenda: PCE excluding food and energy............... 0.1 0.0 0.1 0.3 0.2 -0.1 0.1 0.1 Food\1\..................................... 0.0 -0.2 -0.1 0.0 0.1 0.4 0.2 0.0 Energy goods and services\2\................ 2.8 1.0 1.5 4.3 -1.2 -3.3 1.0 -3.0 Market-based PCE\3\......................... 0.2 0.1 0.2 0.5 0.1 -0.3 0.1 -0.1 Market-based PCE excluding food and energy\3\.................................. 0.1 0.1 0.1 0.3 0.1 -0.1 0.1 0.0 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- -------------2016------------- ------------------------2017------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................ 2.2 2.0 1.5 1.6 1.8 2.0 1.8 2.2 Personal consumption expenditures......... 3.1 3.1 3.2 2.9 2.6 3.3 2.7 2.7 Goods................................... 4.6 4.0 4.6 4.2 4.1 4.3 3.8 3.7 Durable goods......................... 8.6 6.8 8.4 7.9 7.4 7.7 7.0 7.0 Nondurable goods...................... 2.6 2.6 2.7 2.4 2.5 2.6 2.1 2.1 Services................................ 2.3 2.6 2.5 2.3 1.9 2.8 2.2 2.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago --------------------------------------------------------------------------------------------------------------------------------------- -------------2016------------- ------------------------2017------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ --------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE)... 1.4 1.3 1.6 1.9 2.1 1.8 1.7 1.4 Goods......................................... -0.8 -0.9 -0.3 0.8 1.3 0.9 0.3 -0.2 Durable goods............................... -2.6 -2.8 -2.7 -2.3 -2.0 -2.3 -2.6 -2.5 Nondurable goods............................ 0.1 0.0 1.0 2.5 3.1 2.6 1.9 1.1 Services...................................... 2.5 2.4 2.5 2.5 2.5 2.3 2.3 2.2 Addenda: PCE excluding food and energy............... 1.8 1.7 1.7 1.8 1.8 1.6 1.5 1.4 Food\1\..................................... -1.8 -1.7 -1.6 -1.4 -1.5 -0.7 -0.6 -0.1 Energy goods and services\2\................ -1.1 -0.4 4.2 12.0 18.4 13.2 10.2 5.3 Market-based PCE\3\......................... 1.1 1.2 1.5 1.9 2.1 1.8 1.6 1.3 Market-based PCE excluding food and energy\3\.................................. 1.5 1.5 1.6 1.7 1.6 1.4 1.4 1.2 --------------------------------------------------------------------------------------------------------------------------------------- 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.