EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, OCTOBER 30, 2017 BEA 17-57 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: September 2017 Personal income increased $66.9 billion (0.4 percent) in September according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $53.0 billion (0.4 percent) and personal consumption expenditures (PCE) increased $136.0 billion (1.0 percent). Real DPI decreased less than 0.1 percent in September and Real PCE increased 0.6 percent. The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.1 percent. 2017 May June July Aug. Sept. Percent change from preceding month Personal income: Current dollars 0.3 0.0 0.3 0.2 0.4 Disposable personal income: Current dollars 0.4 0.0 0.2 0.1 0.4 Chained (2009) dollars 0.5 0.0 0.1 -0.1 0.0 Personal consumption expenditures (PCE): Current dollars 0.2 0.1 0.4 0.1 1.0 Chained (2009) dollars 0.3 0.1 0.3 -0.1 0.6 Price indexes: PCE -0.1 0.0 0.1 0.2 0.4 PCE, excluding food and energy 0.1 0.1 0.1 0.1 0.1 Price indexes: Percent change from month one year ago PCE 1.5 1.4 1.4 1.4 1.6 PCE, excluding food and energy 1.5 1.5 1.4 1.3 1.3 The increase in personal income in September primarily reflected increases in wages and salaries and nonfarm proprietors’ income (table 3). The $76.0 billion increase in real PCE in September reflected an increase of $59.1 billion in spending for goods and a $21.6 billion increase in spending for services (table 7). Within goods, new motor vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for household utilities. Detailed information on monthly real PCE spending can be found on Table 2.3.6U. Personal outlays increased $132.5 billion in September (table 3). Personal saving was $441.9 billion in September and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.1 percent (table 1). Updates Estimates have been updated for July and August. The change from the preceding month for current-dollar personal income and for current-dollar and chained (2009) dollar DPI and PCE -- revised and previously published -- are shown below for July and August. Change from preceding month July August Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars 56.1 52.2 0.3 0.3 28.6 29.2 0.2 0.2 Disposable personal income: Current dollars 28.8 24.0 0.2 0.2 14.9 14.6 0.1 0.1 Chained (2009) dollars 13.2 8.2 0.1 0.1 -13.0 -13.2 -0.1 -0.1 Personal consumption expenditures: Current dollars 43.6 48.6 0.3 0.4 18.0 17.6 0.1 0.1 Chained (2009) dollars 27.2 31.0 0.2 0.3 -8.4 -8.7 -0.1 -0.1 BOX.____________________________ Hurricanes Harvey and Irma The August and September estimates of personal income and outlays reflect the effects of Hurricanes Harvey and Irma. BEA cannot separately quantify the total impact of the storms on personal income and outlays because most of the source data used to estimate the components of personal income and outlays do not separately identify storm impacts. BEA made adjustments to estimates where source data were not yet available or did not fully reflect the effects of the storms. For more information on the treatment of disasters within the national income and product accounts, see “How are the measures of production and income in the national accounts affected by a natural or man-made disaster?” ________________________________ Next release: November 30, 2017 at 8:30 A.M. EST Personal Income and Outlays: October 2017 Personal Income and Outlays Release Dates for 2018 December 2017....January 29 April 2018....May 31 August 2018......September 28 January 2018.....March 1 May 2018......June 29 September 2018...October 29 February 2018....March 29 June 2018.....July 31 October 2018.....November 29 March 2018.......April 30 July 2018.....August 30 November 2018....December 21 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----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 16,257.3 16,304.9 16,328.1 16,380.8 16,384.2 16,436.3 16,465.5 16,532.5 Compensation of employees............... 10,185.7 10,195.7 10,247.9 10,261.8 10,304.6 10,353.3 10,361.5 10,404.9 Wages and salaries.................... 8,250.0 8,256.3 8,302.6 8,312.7 8,349.8 8,392.7 8,397.8 8,435.3 Private industries.................. 6,918.5 6,922.2 6,968.3 6,976.6 7,009.9 7,051.3 7,053.5 7,087.0 Goods-producing industries........ 1,356.4 1,344.1 1,348.3 1,348.3 1,354.7 1,363.2 1,359.1 1,368.8 Manufacturing................... 831.8 826.3 829.3 827.0 830.7 836.4 833.2 834.7 Services-producing industries..... 5,562.1 5,578.0 5,620.0 5,628.3 5,655.2 5,688.0 5,694.4 5,718.1 Trade, transportation, and utilities...................... 1,291.0 1,294.8 1,304.7 1,305.9 1,312.6 1,318.7 1,317.7 1,322.2 Other services-producing industries..................... 4,271.1 4,283.2 4,315.3 4,322.4 4,342.6 4,369.3 4,376.7 4,396.0 Government.......................... 1,331.5 1,334.2 1,334.3 1,336.1 1,339.9 1,341.4 1,344.2 1,348.4 Supplements to wages and salaries..... 1,935.7 1,939.4 1,945.4 1,949.1 1,954.8 1,960.6 1,963.8 1,969.6 Employer contributions for employee pension and insurance funds\1\..... 1,332.8 1,336.1 1,338.8 1,341.6 1,344.8 1,347.4 1,350.3 1,353.4 Employer contributions for government social insurance........ 602.8 603.3 606.6 607.4 610.0 613.2 613.5 616.2 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,378.2 1,385.0 1,375.8 1,380.3 1,379.8 1,376.5 1,380.4 1,388.4 Farm.................................. 41.9 45.6 41.3 37.0 32.7 32.5 32.3 32.1 Nonfarm............................... 1,336.4 1,339.4 1,334.5 1,343.3 1,347.0 1,344.0 1,348.1 1,356.3 Rental income of persons with capital consumption adjustment................. 730.6 736.1 737.1 739.7 744.1 743.3 745.2 749.3 Personal income receipts on assets...... 2,419.7 2,436.5 2,426.9 2,459.8 2,416.7 2,426.8 2,434.1 2,446.6 Personal interest income.............. 1,476.6 1,491.5 1,478.3 1,465.1 1,451.9 1,456.5 1,461.1 1,465.7 Personal dividend income.............. 943.1 944.9 948.6 994.7 964.9 970.4 973.0 981.0 Personal current transfer receipts...... 2,829.5 2,839.3 2,834.8 2,835.5 2,840.5 2,844.5 2,853.5 2,858.0 Government social benefits to persons.............................. 2,771.0 2,780.7 2,775.8 2,776.3 2,781.1 2,784.8 2,793.6 2,797.9 Social security\2\.................. 913.7 920.8 921.6 921.6 925.2 928.4 929.2 932.5 Medicare\3\......................... 667.4 668.8 670.1 671.5 673.0 674.6 676.4 678.3 Medicaid............................ 581.2 582.0 578.2 576.7 577.3 578.2 578.8 579.3 Unemployment insurance.............. 30.3 29.9 28.9 28.3 28.6 28.8 28.5 28.2 Veterans' benefits.................. 95.3 95.9 96.7 98.1 99.3 98.4 98.6 100.7 Other............................... 483.2 483.3 480.4 480.2 477.7 476.4 482.1 479.0 Other current transfer receipts, from business (net)....................... 58.4 58.7 58.9 59.2 59.4 59.6 59.9 60.1 Less: Contributions for government social insurance, domestic............. 1,286.5 1,287.7 1,294.4 1,296.3 1,301.6 1,308.0 1,309.2 1,314.8 Less: Personal current taxes.............. 2,023.3 2,028.3 2,018.9 2,009.2 2,010.5 2,038.6 2,053.2 2,067.2 Equals: Disposable personal income........ 14,234.0 14,276.6 14,309.2 14,371.6 14,373.7 14,397.7 14,412.3 14,465.3 Less: Personal outlays.................... 13,655.3 13,720.4 13,773.3 13,809.2 13,835.2 13,876.8 13,890.9 14,023.3 Personal consumption expenditures....... 13,175.0 13,239.7 13,281.7 13,310.3 13,329.1 13,377.7 13,395.2 13,531.2 Goods................................. 4,222.9 4,237.8 4,255.2 4,247.5 4,238.9 4,269.0 4,268.3 4,357.7 Durable goods....................... 1,442.4 1,449.0 1,455.1 1,456.2 1,458.5 1,475.5 1,453.4 1,499.9 Nondurable goods.................... 2,780.5 2,788.8 2,800.1 2,791.4 2,780.4 2,793.5 2,814.9 2,857.8 Services.............................. 8,952.1 9,001.9 9,026.5 9,062.8 9,090.2 9,108.7 9,127.0 9,173.5 Personal interest payments\4\........... 287.4 287.2 293.9 300.7 307.4 303.5 299.5 295.6 Personal current transfer payments...... 192.9 193.5 197.7 198.2 198.7 195.7 196.1 196.5 To government......................... 112.3 113.0 113.6 114.1 114.6 115.1 115.5 115.9 To the rest of the world (net)........ 80.6 80.6 84.1 84.1 84.1 80.6 80.6 80.6 Equals: Personal saving................... 578.6 556.2 535.9 562.4 538.5 520.9 521.4 441.9 Personal saving as a percentage of disposable personal income............. 4.1 3.9 3.7 3.9 3.7 3.6 3.6 3.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,954.6 12,017.7 12,015.9 12,069.3 12,062.7 12,093.2 12,086.4 12,096.5 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 12,672.3 12,741.5 12,742.4 12,805.5 12,802.0 12,810.2 12,797.0 12,796.1 Per capita: Current dollars..................... 43,829 43,938 44,015 44,183 44,163 44,209 44,224 44,357 Chained (2009) dollars.............. 39,020 39,214 39,196 39,368 39,334 39,334 39,267 39,239 Population (midperiod, thousands)\6\.... 324,763 324,925 325,096 325,278 325,469 325,674 325,892 326,109 ----------------------------------------------------------------------------------------------------------------------------------- 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. Source: U.S. Bureau of Economic Analysis Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- 2015 2016 --------------Seasonally adjusted at annual rates-------------- -------------2016------------- -------------2017------------- Q2 Q3 Q4 Q1 Q2 Q3 ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 15,553.0 15,928.7 15,910.1 16,028.0 16,025.7 16,245.2 16,364.4 16,478.1 Compensation of employees............... 9,708.3 9,978.6 9,979.6 10,081.4 10,014.9 10,166.3 10,271.4 10,373.2 Wages and salaries.................... 7,858.9 8,085.2 8,090.2 8,178.1 8,107.8 8,232.1 8,321.7 8,408.6 Private industries.................. 6,583.3 6,777.8 6,785.2 6,863.4 6,792.7 6,901.6 6,984.9 7,063.9 Goods-producing industries........ 1,308.6 1,331.2 1,332.4 1,345.2 1,329.8 1,350.5 1,350.4 1,363.7 Manufacturing................... 806.8 814.4 817.5 824.8 811.7 824.5 829.0 834.8 Services-producing industries..... 5,274.6 5,446.5 5,452.8 5,518.3 5,462.9 5,551.1 5,634.5 5,700.2 Trade, transportation, and utilities...................... 1,237.4 1,265.0 1,269.3 1,277.7 1,262.9 1,288.5 1,307.7 1,319.5 Other services-producing industries..................... 4,037.2 4,181.5 4,183.5 4,240.6 4,200.0 4,262.6 4,326.8 4,380.7 Government.......................... 1,275.6 1,307.5 1,305.0 1,314.6 1,315.2 1,330.5 1,336.8 1,344.7 Supplements to wages and salaries..... 1,849.4 1,893.4 1,889.4 1,903.4 1,907.1 1,934.2 1,949.7 1,964.6 Employer contributions for employee pension and insurance funds\1\..... 1,278.0 1,309.8 1,305.5 1,313.3 1,321.7 1,332.7 1,341.7 1,350.4 Employer contributions for government social insurance........ 571.4 583.6 583.9 590.1 585.4 601.6 608.0 614.3 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,318.8 1,341.9 1,339.5 1,346.1 1,354.6 1,380.2 1,378.6 1,381.8 Farm.................................. 53.7 43.2 46.7 41.4 37.8 41.9 37.0 32.3 Nonfarm............................... 1,265.1 1,298.7 1,292.8 1,304.6 1,316.7 1,338.4 1,341.6 1,349.5 Rental income of persons with capital consumption adjustment................. 662.5 707.3 704.8 708.1 718.9 730.8 740.3 745.9 Personal income receipts on assets...... 2,387.1 2,377.8 2,371.4 2,373.2 2,391.6 2,420.1 2,434.5 2,435.8 Personal interest income.............. 1,367.3 1,415.3 1,408.4 1,416.9 1,438.5 1,476.6 1,465.1 1,461.1 Personal dividend income.............. 1,019.8 962.5 962.9 956.4 953.0 943.5 969.4 974.8 Personal current transfer receipts...... 2,684.4 2,768.4 2,760.2 2,777.4 2,795.9 2,831.9 2,836.9 2,852.0 Government social benefits to persons.............................. 2,631.2 2,711.0 2,703.0 2,719.7 2,737.9 2,773.4 2,777.8 2,792.1 Social security\2\.................. 871.8 896.5 894.0 899.7 906.0 916.1 922.8 930.0 Medicare\3\......................... 633.7 655.9 653.5 658.2 662.9 667.4 671.5 676.4 Medicaid............................ 536.0 563.0 558.0 566.8 577.8 581.4 577.4 578.8 Unemployment insurance.............. 32.2 31.7 31.9 31.6 30.7 30.2 28.6 28.5 Veterans' benefits.................. 89.8 92.8 92.7 92.9 94.0 95.5 98.0 99.2 Other............................... 467.8 471.1 472.8 470.4 466.5 482.8 479.4 479.2 Other current transfer receipts, from business (net)....................... 53.1 57.4 57.3 57.8 58.0 58.4 59.2 59.9 Less: Contributions for government social insurance, domestic............. 1,208.0 1,245.3 1,245.4 1,258.2 1,250.2 1,284.1 1,297.4 1,310.7 Less: Personal current taxes.............. 1,937.9 1,960.1 1,950.7 1,983.8 1,977.2 2,018.8 2,012.9 2,053.0 Equals: Disposable personal income........ 13,615.0 13,968.6 13,959.4 14,044.3 14,048.5 14,226.4 14,351.5 14,425.1 Less: Personal outlays.................... 12,786.7 13,288.0 13,214.2 13,366.6 13,537.0 13,671.8 13,805.9 13,930.3 Personal consumption expenditures....... 12,332.3 12,820.7 12,755.0 12,899.4 13,056.9 13,191.6 13,307.0 13,434.7 Goods................................. 4,033.2 4,121.4 4,108.5 4,134.4 4,195.9 4,230.8 4,247.2 4,298.3 Durable goods....................... 1,367.1 1,411.0 1,401.1 1,420.2 1,440.2 1,443.2 1,456.6 1,476.3 Nondurable goods.................... 2,666.0 2,710.4 2,707.4 2,714.2 2,755.7 2,787.6 2,790.6 2,822.1 Services.............................. 8,299.1 8,699.3 8,646.5 8,765.0 8,861.0 8,960.7 9,059.8 9,136.4 Personal interest payments\4\........... 268.7 278.4 276.3 279.3 284.4 287.4 300.7 299.5 Personal current transfer payments...... 185.7 189.0 183.0 187.9 195.6 192.9 198.2 196.1 To government......................... 105.4 108.9 108.1 109.0 110.6 112.3 114.1 115.5 To the rest of the world (net)........ 80.2 80.1 74.9 78.9 85.0 80.6 84.1 80.6 Equals: Personal saving................... 828.4 680.6 745.2 677.7 511.5 554.6 545.6 494.8 Personal saving as a percentage of disposable personal income............. 6.1 4.9 5.3 4.8 3.6 3.9 3.8 3.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,754.2 11,878.7 11,894.9 11,934.4 11,857.1 11,955.7 12,049.3 12,092.0 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 12,436.0 12,608.2 12,627.2 12,649.2 12,590.8 12,680.4 12,783.3 12,801.0 Per capita: Current dollars..................... 42,392 43,194 43,209 43,390 43,323 43,805 44,120 44,263 Chained (2009) dollars.............. 38,720 38,988 39,086 39,080 38,828 39,045 39,299 39,280 Population (midperiod, thousands)\6\.... 321,173 323,391 323,064 323,675 324,275 324,765 325,281 325,892 ----------------------------------------------------------------------------------------------------------------------------------- 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----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 83.7 47.6 23.2 52.7 3.3 52.2 29.2 66.9 Compensation of employees............... 68.1 10.0 52.2 13.9 42.8 48.6 8.3 43.4 Wages and salaries.................... 60.1 6.3 46.2 10.2 37.1 42.9 5.1 37.6 Private industries.................. 54.4 3.6 46.2 8.3 33.3 41.4 2.3 33.4 Goods-producing industries........ 5.4 -12.3 4.1 0.0 6.5 8.5 -4.1 9.7 Manufacturing................... 16.4 -5.5 2.9 -2.2 3.7 5.7 -3.2 1.5 Services-producing industries..... 49.0 15.9 42.0 8.3 26.8 32.9 6.4 23.7 Trade, transportation, and utilities...................... 11.3 3.8 9.9 1.2 6.7 6.2 -1.0 4.4 Other services-producing industries..................... 37.7 12.1 32.1 7.1 20.2 26.7 7.4 19.3 Government.......................... 5.7 2.7 0.1 1.9 3.8 1.5 2.8 4.1 Supplements to wages and salaries..... 8.0 3.7 6.0 3.7 5.8 5.7 3.2 5.8 Employer contributions for employee pension and insurance funds\1\..... 3.7 3.3 2.7 2.9 3.2 2.6 2.9 3.1 Employer contributions for government social insurance........ 4.2 0.5 3.3 0.8 2.6 3.1 0.3 2.7 Proprietors' income with inventory valuation and capital consumption adjustments............................ 0.8 6.8 -9.2 4.5 -0.6 -3.2 3.9 8.0 Farm.................................. 3.8 3.8 -4.3 -4.3 -4.3 -0.2 -0.2 -0.2 Nonfarm............................... -3.0 3.0 -4.8 8.8 3.7 -3.0 4.1 8.2 Rental income of persons with capital consumption adjustment................. 4.9 5.5 1.0 2.6 4.5 -0.8 1.9 4.1 Personal income receipts on assets...... 15.7 16.7 -9.6 33.0 -43.1 10.1 7.3 12.5 Personal interest income.............. 14.9 14.9 -13.2 -13.2 -13.2 4.6 4.6 4.6 Personal dividend income.............. 0.7 1.8 3.6 46.2 -29.9 5.5 2.7 7.9 Personal current transfer receipts...... 2.7 9.9 -4.6 0.7 5.1 3.9 9.0 4.5 Government social benefits to persons.............................. 2.5 9.6 -4.8 0.5 4.8 3.7 8.8 4.3 Social security\2\.................. 0.0 7.1 0.8 0.0 3.6 3.2 0.8 3.2 Medicare\3\......................... 1.5 1.4 1.3 1.4 1.5 1.6 1.7 1.9 Medicaid............................ 0.3 0.9 -3.8 -1.5 0.6 0.9 0.6 0.5 Unemployment insurance.............. -0.3 -0.5 -1.0 -0.6 0.3 0.2 -0.3 -0.3 Veterans' benefits.................. -0.1 0.6 0.8 1.4 1.2 -0.8 0.2 2.1 Other............................... 1.2 0.1 -3.0 -0.2 -2.4 -1.4 5.7 -3.1 Other current transfer receipts, from business (net)....................... 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 Less: Contributions for government social insurance, domestic............. 8.3 1.2 6.7 1.9 5.4 6.4 1.1 5.6 Less: Personal current taxes.............. 18.5 5.0 -9.4 -9.7 1.3 28.1 14.6 14.0 Equals: Disposable personal income........ 65.3 42.6 32.6 62.4 2.1 24.0 14.6 53.0 Less: Personal outlays.................... 15.5 65.1 52.9 35.8 26.0 41.6 14.0 132.5 Personal consumption expenditures....... 15.0 64.6 42.1 28.5 18.8 48.6 17.6 136.0 Goods................................. -9.0 14.9 17.5 -7.7 -8.6 30.1 -0.7 89.4 Durable goods....................... 4.2 6.5 6.1 1.1 2.4 17.0 -22.1 46.5 Nondurable goods.................... -13.2 8.3 11.3 -8.8 -11.0 13.1 21.4 42.9 Services.............................. 24.0 49.8 24.6 36.2 27.4 18.5 18.3 46.6 Personal interest payments\4\........... -0.2 -0.2 6.7 6.7 6.7 -3.9 -3.9 -3.9 Personal current transfer payments...... 0.7 0.6 4.1 0.6 0.5 -3.1 0.4 0.4 To government......................... 0.7 0.6 0.6 0.6 0.5 0.5 0.4 0.4 To the rest of the world (net)........ 0.0 0.0 3.5 0.0 0.0 -3.5 0.0 0.0 Equals: Personal saving................... 49.8 -22.5 -20.3 26.6 -24.0 -17.6 0.5 -79.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 59.7 63.1 -1.8 53.4 -6.5 30.5 -6.8 10.1 Disposable personal income, billions of chained (2009) dollars\5\.............. 44.9 69.2 0.9 63.1 -3.4 8.2 -13.2 -0.9 ----------------------------------------------------------------------------------------------------------------------------------- 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. Source: U.S. Bureau of Economic Analysis Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- 2015 2016 --------------Seasonally adjusted at annual rates-------------- -------------2016------------- -------------2017------------- Q2 Q3 Q4 Q1 Q2 Q3 ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 734.7 375.8 159.1 117.9 -2.3 219.5 119.1 113.7 Compensation of employees............... 451.8 270.4 141.0 101.8 -66.5 151.4 105.1 101.8 Wages and salaries.................... 382.1 226.4 125.3 87.9 -70.2 124.3 89.6 86.9 Private industries.................. 343.4 194.5 115.5 78.2 -70.8 108.9 83.3 79.0 Goods-producing industries........ 49.5 22.6 14.8 12.7 -15.4 20.7 -0.1 13.3 Manufacturing................... 26.3 7.6 13.8 7.4 -13.2 12.9 4.5 5.8 Services-producing industries..... 293.9 171.9 100.7 65.5 -55.4 88.2 83.4 65.7 Trade, transportation, and utilities...................... 62.7 27.7 19.0 8.3 -14.8 25.6 19.2 11.8 Other services-producing industries..................... 231.2 144.2 81.6 57.2 -40.6 62.6 64.2 53.9 Government.......................... 38.7 31.9 9.8 9.6 0.5 15.3 6.3 7.9 Supplements to wages and salaries..... 69.7 44.0 15.7 14.0 3.8 27.1 15.5 14.9 Employer contributions for employee pension and insurance funds\1\..... 46.3 31.8 6.9 7.7 8.4 10.9 9.1 8.6 Employer contributions for government social insurance........ 23.4 12.2 8.8 6.2 -4.7 16.2 6.4 6.2 Proprietors' income with inventory valuation and capital consumption adjustments............................ 3.0 23.1 11.9 6.6 8.5 25.7 -1.6 3.1 Farm.................................. -14.5 -10.5 -0.1 -5.3 -3.6 4.0 -4.8 -4.7 Nonfarm............................... 17.5 33.6 12.0 11.8 12.1 21.6 3.3 7.8 Rental income of persons with capital consumption adjustment................. 50.8 44.8 7.2 3.3 10.8 11.9 9.5 5.6 Personal income receipts on assets...... 141.9 -9.3 -3.6 1.9 18.4 28.5 14.4 1.4 Personal interest income.............. 64.0 48.0 11.0 8.4 21.7 38.1 -11.5 -4.0 Personal dividend income.............. 77.9 -57.4 -14.6 -6.6 -3.3 -9.6 25.9 5.4 Personal current transfer receipts...... 140.0 84.0 20.4 17.2 18.5 35.9 5.1 15.1 Government social benefits to persons.............................. 132.5 79.7 19.6 16.7 18.3 35.5 4.3 14.3 Social security\2\.................. 37.2 24.7 7.8 5.7 6.3 10.1 6.8 7.2 Medicare\3\......................... 32.7 22.2 4.7 4.7 4.6 4.5 4.1 4.9 Medicaid............................ 45.0 27.0 8.6 8.8 11.0 3.5 -4.0 1.4 Unemployment insurance.............. -3.3 -0.5 -0.6 -0.3 -1.0 -0.4 -1.7 -0.1 Veterans' benefits.................. 6.1 3.0 1.1 0.2 1.1 1.5 2.5 1.2 Other............................... 14.8 3.3 -2.0 -2.4 -3.9 16.3 -3.4 -0.3 Other current transfer receipts, from business (net)....................... 7.5 4.3 0.8 0.5 0.2 0.5 0.7 0.7 Less: Contributions for government social insurance, domestic............. 52.8 37.3 17.9 12.9 -8.0 33.9 13.3 13.2 Less: Personal current taxes.............. 152.3 22.2 21.8 33.1 -6.6 41.6 -6.0 40.1 Equals: Disposable personal income........ 582.4 353.5 137.3 84.9 4.2 177.9 125.1 73.6 Less: Personal outlays.................... 492.8 501.4 180.0 152.4 170.4 134.9 134.1 124.4 Personal consumption expenditures....... 468.6 488.4 183.5 144.4 157.5 134.7 115.5 127.7 Goods................................. 62.7 88.3 61.6 25.9 61.5 34.9 16.4 51.1 Durable goods....................... 70.8 43.9 18.5 19.1 20.0 3.0 13.4 19.7 Nondurable goods.................... -8.0 44.4 43.1 6.8 41.4 32.0 3.0 31.4 Services.............................. 405.9 400.2 121.9 118.5 96.0 99.7 99.1 76.6 Personal interest payments\4\........... 15.0 9.6 2.9 3.0 5.2 3.0 13.3 -1.1 Personal current transfer payments...... 9.2 3.3 -6.4 5.0 7.7 -2.8 5.3 -2.1 To government......................... 6.8 3.4 0.4 1.0 1.6 1.7 1.8 1.4 To the rest of the world (net)........ 2.4 -0.1 -6.8 4.0 6.2 -4.4 3.5 -3.5 Equals: Personal saving................... 89.6 -147.8 -42.7 -67.5 -166.1 43.0 -9.0 -50.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 510.0 124.5 64.6 39.5 -77.3 98.7 93.6 42.7 Disposable personal income, billions of chained (2009) dollars\5\.............. 496.7 172.3 59.5 22.0 -58.4 89.6 102.9 17.7 ----------------------------------------------------------------------------------------------------------------------------------- 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----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 0.5 0.3 0.1 0.3 0.0 0.3 0.2 0.4 Compensation of employees............... 0.7 0.1 0.5 0.1 0.4 0.5 0.1 0.4 Wages and salaries.................... 0.7 0.1 0.6 0.1 0.4 0.5 0.1 0.4 Supplements to wages and salaries..... 0.4 0.2 0.3 0.2 0.3 0.3 0.2 0.3 Proprietors' income with inventory valuation and capital consumption adjustments............................ 0.1 0.5 -0.7 0.3 0.0 -0.2 0.3 0.6 Rental income of persons with capital consumption adjustment................. 0.7 0.8 0.1 0.3 0.6 -0.1 0.3 0.6 Personal income receipts on assets...... 0.7 0.7 -0.4 1.4 -1.8 0.4 0.3 0.5 Personal interest income.............. 1.0 1.0 -0.9 -0.9 -0.9 0.3 0.3 0.3 Personal dividend income.............. 0.1 0.2 0.4 4.9 -3.0 0.6 0.3 0.8 Personal current transfer receipts...... 0.1 0.3 -0.2 0.0 0.2 0.1 0.3 0.2 Less: Contributions for government social insurance, domestic............. 0.7 0.1 0.5 0.1 0.4 0.5 0.1 0.4 Less: Personal current taxes.............. 0.9 0.2 -0.5 -0.5 0.1 1.4 0.7 0.7 Equals: Disposable personal income........ 0.5 0.3 0.2 0.4 0.0 0.2 0.1 0.4 Addenda: Personal consumption expenditures....... 0.1 0.5 0.3 0.2 0.1 0.4 0.1 1.0 Goods................................. -0.2 0.4 0.4 -0.2 -0.2 0.7 0.0 2.1 Durable goods....................... 0.3 0.5 0.4 0.1 0.2 1.2 -1.5 3.2 Nondurable goods.................... -0.5 0.3 0.4 -0.3 -0.4 0.5 0.8 1.5 Services.............................. 0.3 0.6 0.3 0.4 0.3 0.2 0.2 0.5 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... 0.5 0.5 0.0 0.4 -0.1 0.3 -0.1 0.1 Real disposable personal income......... 0.4 0.5 0.0 0.5 0.0 0.1 -0.1 0.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) ----------------------------------------------------------------------------------------------------------------------------------- 2015 2016 --------------Seasonally adjusted at annual rates-------------- -------------2016------------- -------------2017------------- Q2 Q3 Q4 Q1 Q2 Q3 ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 5.0 2.4 4.1 3.0 -0.1 5.6 3.0 2.8 Compensation of employees............... 4.9 2.8 5.9 4.1 -2.6 6.2 4.2 4.0 Wages and salaries.................... 5.1 2.9 6.4 4.4 -3.4 6.3 4.4 4.2 Supplements to wages and salaries..... 3.9 2.4 3.4 3.0 0.8 5.8 3.2 3.1 Proprietors' income with inventory valuation and capital consumption adjustments............................ 0.2 1.8 3.6 2.0 2.5 7.8 -0.5 0.9 Rental income of persons with capital consumption adjustment................. 8.3 6.8 4.2 1.9 6.2 6.8 5.3 3.1 Personal income receipts on assets...... 6.3 -0.4 -0.6 0.3 3.1 4.9 2.4 0.2 Personal interest income.............. 4.9 3.5 3.2 2.4 6.3 11.0 -3.1 -1.1 Personal dividend income.............. 8.3 -5.6 -5.8 -2.7 -1.4 -3.9 11.4 2.2 Personal current transfer receipts...... 5.5 3.1 3.0 2.5 2.7 5.2 0.7 2.1 Less: Contributions for government social insurance, domestic............. 4.6 3.1 5.9 4.2 -2.5 11.3 4.2 4.1 Less: Personal current taxes.............. 8.5 1.1 4.6 7.0 -1.3 8.7 -1.2 8.2 Equals: Disposable personal income........ 4.5 2.6 4.0 2.5 0.1 5.2 3.6 2.1 Addenda: Personal consumption expenditures....... 3.9 4.0 6.0 4.6 5.0 4.2 3.5 3.9 Goods................................. 1.6 2.2 6.2 2.5 6.1 3.4 1.6 4.9 Durable goods....................... 5.5 3.2 5.5 5.6 5.8 0.8 3.8 5.5 Nondurable goods.................... -0.3 1.7 6.6 1.0 6.2 4.7 0.4 4.6 Services.............................. 5.1 4.8 5.8 5.6 4.5 4.6 4.5 3.4 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... 4.5 1.1 2.2 1.3 -2.6 3.4 3.2 1.4 Real disposable personal income......... 4.2 1.4 1.9 0.7 -1.8 2.9 3.3 0.6 ----------------------------------------------------------------------------------------------------------------------------------- Source: U.S. Bureau of Economic Analysis Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2017----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 11,729.6 11,816.1 11,827.4 11,859.8 11,871.6 11,902.6 11,893.9 11,969.8 Goods......................................... 4,131.1 4,170.1 4,187.5 4,205.5 4,206.8 4,231.8 4,219.6 4,278.7 Durable goods............................... 1,643.4 1,660.4 1,671.4 1,677.5 1,684.5 1,707.5 1,684.0 1,743.0 Nondurable goods............................ 2,530.0 2,552.7 2,560.1 2,572.0 2,567.6 2,572.5 2,579.8 2,588.2 Services...................................... 7,606.3 7,655.0 7,650.8 7,666.2 7,676.3 7,684.3 7,686.5 7,708.0 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 1.1 86.6 11.3 32.4 11.8 31.0 -8.7 76.0 Goods......................................... -3.9 39.1 17.4 18.0 1.3 25.1 -12.2 59.1 Durable goods............................... 5.2 17.1 11.0 6.1 7.0 23.0 -23.4 58.9 Nondurable goods............................ -7.8 22.7 7.4 11.8 -4.4 4.9 7.2 8.4 Services...................................... 4.5 48.7 -4.2 15.4 10.1 8.0 2.1 21.6 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.0 0.7 0.1 0.3 0.1 0.3 -0.1 0.6 Goods......................................... -0.1 0.9 0.4 0.4 0.0 0.6 -0.3 1.4 Durable goods............................... 0.3 1.0 0.7 0.4 0.4 1.4 -1.4 3.5 Nondurable goods............................ -0.3 0.9 0.3 0.5 -0.2 0.2 0.3 0.3 Services...................................... 0.1 0.6 -0.1 0.2 0.1 0.1 0.0 0.3 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) --------------------------------------------------------------------------------------------------------------------------------------- 2015 2016 --------------Seasonally adjusted at annual rates-------------- -------------2016------------- -------------2017------------- Q2 Q3 Q4 Q1 Q2 Q3 --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars Personal consumption expenditures (PCE)... 11,264.3 11,572.1 11,537.7 11,618.1 11,702.1 11,758.0 11,853.0 11,922.1 Goods......................................... 3,927.3 4,072.2 4,059.1 4,090.8 4,138.4 4,145.4 4,199.9 4,243.4 Durable goods............................... 1,511.8 1,595.1 1,576.2 1,611.9 1,647.9 1,647.3 1,677.8 1,711.5 Nondurable goods............................ 2,446.8 2,514.3 2,517.5 2,517.9 2,533.2 2,540.2 2,566.6 2,580.1 Services...................................... 7,340.1 7,507.3 7,485.7 7,534.9 7,573.8 7,621.0 7,664.4 7,692.9 Change from preceding period in billions of chained (2009) dollars Personal consumption expenditures (PCE)... 395.9 307.9 107.2 80.4 84.0 55.9 94.9 69.2 Goods......................................... 173.8 144.9 58.7 31.7 47.6 7.0 54.5 43.5 Durable goods............................... 108.7 83.3 31.8 35.7 36.0 -0.6 30.5 33.7 Nondurable goods............................ 73.8 67.5 28.9 0.4 15.3 7.0 26.4 13.6 Services...................................... 224.6 167.2 51.0 49.2 38.9 47.2 43.4 28.5 Percent change from preceding period in chained (2009) dollars Personal consumption expenditures (PCE)... 3.6 2.7 3.8 2.8 2.9 1.9 3.3 2.4 Goods......................................... 4.6 3.7 6.0 3.2 4.7 0.7 5.4 4.2 Durable goods............................... 7.7 5.5 8.5 9.4 9.2 -0.1 7.6 8.3 Nondurable goods............................ 3.1 2.8 4.7 0.1 2.5 1.1 4.2 2.1 Services...................................... 3.2 2.3 2.8 2.7 2.1 2.5 2.3 1.5 --------------------------------------------------------------------------------------------------------------------------------------- Source: U.S. Bureau of Economic Analysis Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2017----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted Personal consumption expenditures (PCE)... 112.329 112.053 112.302 112.236 112.282 112.399 112.629 113.051 Goods......................................... 102.222 101.622 101.617 101.000 100.764 100.881 101.157 101.850 Durable goods............................... 87.748 87.241 87.035 86.782 86.562 86.389 86.281 86.030 Nondurable goods............................ 109.902 109.252 109.378 108.534 108.292 108.596 109.120 110.425 Services...................................... 117.701 117.602 117.989 118.225 118.426 118.543 118.748 119.020 Addenda: PCE excluding food and energy............... 112.708 112.536 112.742 112.824 112.974 113.092 113.206 113.352 Food\1\..................................... 109.260 109.672 109.960 109.945 109.792 109.980 109.956 109.962 Energy goods and services\2\................ 107.322 103.695 104.752 101.511 99.758 99.653 102.770 109.768 Market-based PCE\3\......................... 110.522 110.215 110.371 110.239 110.254 110.320 110.569 111.006 Market-based PCE excluding food and energy\3\.................................. 110.657 110.462 110.556 110.583 110.711 110.771 110.890 111.016 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.1 -0.2 0.2 -0.1 0.0 0.1 0.2 0.4 Goods......................................... -0.1 -0.6 0.0 -0.6 -0.2 0.1 0.3 0.7 Durable goods............................... 0.0 -0.6 -0.2 -0.3 -0.3 -0.2 -0.1 -0.3 Nondurable goods............................ -0.2 -0.6 0.1 -0.8 -0.2 0.3 0.5 1.2 Services...................................... 0.2 -0.1 0.3 0.2 0.2 0.1 0.2 0.2 Addenda: PCE excluding food and energy............... 0.2 -0.2 0.2 0.1 0.1 0.1 0.1 0.1 Food\1\..................................... 0.1 0.4 0.3 0.0 -0.1 0.2 0.0 0.0 Energy goods and services\2\................ -1.3 -3.4 1.0 -3.1 -1.7 -0.1 3.1 6.8 Market-based PCE\3\......................... 0.1 -0.3 0.1 -0.1 0.0 0.1 0.2 0.4 Market-based PCE excluding food and energy\3\.................................. 0.1 -0.2 0.1 0.0 0.1 0.1 0.1 0.1 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2017----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................ 0.9 1.3 1.0 1.4 1.3 1.2 1.2 1.2 Personal consumption expenditures......... 2.5 3.2 2.8 2.8 2.6 2.7 2.5 2.7 Goods................................... 3.1 4.0 3.6 3.7 3.1 3.5 3.5 4.2 Durable goods......................... 6.3 6.9 6.7 6.6 6.1 5.8 5.4 7.3 Nondurable goods...................... 1.5 2.5 2.0 2.1 1.7 2.3 2.4 2.6 Services................................ 2.2 2.9 2.4 2.4 2.3 2.3 2.0 2.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Source: U.S. Bureau of Economic Analysis Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2017----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE)... 2.2 1.8 1.7 1.5 1.4 1.4 1.4 1.6 Goods......................................... 1.2 0.7 0.3 -0.2 -0.4 0.0 0.1 0.6 Durable goods............................... -2.0 -2.3 -2.5 -2.4 -2.1 -2.1 -2.2 -2.1 Nondurable goods............................ 2.9 2.3 1.8 1.0 0.5 1.0 1.3 2.0 Services...................................... 2.6 2.4 2.4 2.3 2.3 2.1 2.1 2.1 Addenda: PCE excluding food and energy............... 1.9 1.6 1.6 1.5 1.5 1.4 1.3 1.3 Food\1\..................................... -1.5 -0.7 -0.6 -0.1 -0.1 0.2 0.3 0.4 Energy goods and services\2\................ 17.3 12.0 9.8 5.4 2.1 3.3 6.7 11.1 Market-based PCE\3\......................... 2.0 1.6 1.5 1.3 1.1 1.1 1.2 1.5 Market-based PCE excluding food and energy\3\.................................. 1.6 1.4 1.3 1.2 1.2 1.1 1.0 1.1 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis