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1 EMBARGOED UNTIL RELEASE AT 3 0 A.M. E S T, FRIDAY , MARCH 1 , 2019 BEA 1 9 - 06 8 : 9 Brian Smith ( Personal Income) Technical: [email protected] 625 ( 301 ) 278 - 9086 ( 301 ) 278 - ) PCE ( [email protected] Kyle Brown Media: ( 301 ) 278 - 9003 [email protected] Jeannine Aversa , December 2018; Personal Income and Outlays Personal Income, January 2019 report combines estimates for December 2018 and Due to the recent partial government shutdown, this January 2019 . December estimates include both income and outlays measures, while January estimates income. Estimates of o utlays for January are unavailable due to a delay in the are limited to personal of the release Advance Monthly Retail Sales . Census Bureau’s Personal Income and Outlays, December 2018 increased $179.0 billion Personal income percent ) (1.0 in December according to estimates released today by the Bureau of Economic Analysis . Disposable personal income increased $173.1 billion (1.1 percent ), and de creased $76.6 billion (-0.5 percent ). personal consumption expenditures creased percent in Dec ember and real PCE de 1.0 0.6 percent . The PCE price index Real DPI increased 0.1 percent. Excluding food and energy, th e PCE price index increased increased . 0.2 percent Dec primarily reflected increases in personal dividend income, The increase in personal income in ember compensation of employees, and farm proprietors’ income (table 3) . Personal dividend income $83.4 billion increased ing a one -time special dividend payment by , primarily reflect VM ware Incorporated . Farm proprietors’ income increased $ 29.2 billion, which included subsidy payments associated with the Department of Agriculture’s Market Facilitation Program. In D $77.9 billion which reflected a de crease of $ 67.2 billion in spending for ecember, real PCE decreased goods and a $ 18.2 de crease in spending for services (table 7). Within goods, recreational goods billion and vehicles was the leading contributor to the de crease. Within services, the largest contributor to the de crease was spending for household electricity and gas. Detailed information on monthly real PCE spending can be found in Table 2.3.6U . ember (table 3) Personal outlays $71.3 billion in Dec creased . Personal saving rose to $1.21 trillion in de Dec ember and t he personal saving rate , personal saving as a percentage of disposable personal income, was 7.6 percent (table 1) .

2 Personal Income, January 2019 $23.8 decreased percent) billion Personal income (-0.1 January Disposable personal income (DPI) in . billion decreased percent ); Real DPI is unavailable for January . $35.1 (-0.2 The de crease in personal income in January primarily reflected decreases in personal dividend income, farm proprietors’ income, and personal interest income that were partially offset by increases in social security benefit payments (related to cost of living adjustments), and other government social benefits to persons, which includes the Child Tax Credit and the Affordable Care Act refundable tax credit. 2019 2018 Oct. Nov. Sept. Dec. Jan. Percent change from preceding month Personal income : - 0.2 0.5 0.3 1.0 urrent dollars 0.1 C Disposable personal income: Current dollars 0.2 0.6 0.3 1.1 - 0.2 0.1 0.4 0.2 1.0 Chained (2012) dollars ... Personal consumption expenditures (PCE): Current dollars 0.1 0.7 0.6 - 0.5 ... 0.0 0.5 0.5 - 0.6 s ... ) dollar Chained (2012 Price indexes: PCE 0.1 0.2 0.0 0.1 ... 0.2 PCE, excluding food and energy 0.1 0.2 0.2 ... Percent change from month one year ago Price indexes: 1.8 PCE 2.0 2.0 1.7 ... PCE, excluding food and energy 2.0 1.8 1.9 1.9 ... QCEW Data Included in the Third Quarter of 2018 This news release includes revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2018 (third quarter). These estimates reflect the incorporation of newly available third -quarte r wage and salary tabulations from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages (QCEW) program. 8 Personal Income and Outlays 201 Personal income (table 6) increased 4.5 percent in, compared with an increase of 4.4 percent in 201 7. DPI increased 5.0 percent in 201 8 compared with an increase of 4.4 percent in 201 7. In 201 8, PCE increased 4. 7 percent, compared with an increase of 4. 7. 3 percent in 201 Real DPI increased percent in 201 8, compared with an increase of 2.6 percent in 201 7. Real PCE 2.9 (table 8) increased 2. 6 percent, compared with an increase of 2.5 percent in 2017 . Next release: March 29 , 2019 at 8:30 A.M. E DT Personal Income February 201 9; Personal Outlays January 2019

3 Additional Information Resources Glossary: National Income and For more definitions, see the Product Accounts . Additional Resources available at www.bea.gov : • Stay informed about BEA developments by email , signing up for BEA’s The BEA Wire reading Statistical conventions subscription service , or following BEA on Twitter @BEA_News . Annual rates. Monthly and quarterly values are expressed Historical t ime series for these estimates can be • at seasonally -adjusted annual rates (SAAR). Dollar changes accessed in BEA’s Interactive Data Application . are calculated as the difference between these SAAR Access BEA data by registering for BEA’s Data • Why do es BEA publish values. For detail, see the FAQ “ Programming Interface Application (API). estimates at annual rates? ” For more on BEA’s statistics, see our monthly • Survey of Current Business online journal, the . are calculated from to-month percent changes Month- • BEA's news release schedule unrounded data and are not annualized. NIPA Handbook • : Concepts and Methods of the are calculated from Quarter -to-quarter percent changes U.S. National Income and Product Accounts unrounded data and are displayed at annual rates. For How is average annual growth detail, see the FAQ “ ?” calculated Definitions Quantities and prices. Quantities, or “real” volume Personal income is the income received by, or on behalf of, measures, and prices are expressed as index numbers with all persons from all so urces: from participation as laborers a specified reference year equal to 100 (curre ntly 2012). in production, from owning a home or business, from the Quantity and price indexes are calculated using a Fisher - ownership of financial assets, and from government and chained weighted formula that incorporates weights from business in the form of transfers. It includes income from two adjacent periods ( months for monthly data, quarters domestic sources as well as the rest of world. It does not for quarterly data and annuals for annual data). For details include realized or unrealized capital gains or losses. on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook . Disposable personal income is the income available to persons for spending or saving. It is equal to personal Chained -dollar values are calculated by multiplying the income less personal current taxes. quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes Personal consumption expenditures is the value of (PCE) calculated from real quantity indexes and chained- dollar the goods and services purchased by, or on the behalf of, levels are conceptually the same; any differences ar e due to “persons” who reside in the United States. rounding. Chained- dollar values are not additive because the relative weights for a given period differ from those of Personal outlays is the sum of PCE, personal interest -dollar the reference year. In tables that display chained payments, and personal current transfer payments. values, a "residual" line shows the difference between the led chained- dollar series and its corresponding sum of detai is personal income less personal outlays Personal saving aggregate. and personal current taxes. is personal saving as a percentage personal saving rate The of disposable personal income. are valued in the prices of the Current -dollar estimates period when the transactions occurred — that is, at “market value.” Also referred to as “nominal estimates” or as -price estimates.” “current that is, Real values are inflation -adjusted estimates— estimates that exclude the ef fects of price changes.

4 List of Personal Income and Outlays News Release Tables Personal Income and Its Disposition (Months) Table 1. 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) Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Table 6. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Real Personal Consumption Ex penditures by Major Type of Product (Years and Quarters) Table 8. 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

5 March 1, 2019 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2018 Line 2019 r r r r r p p June Se Nov. Oct. . g Au Dec. y p t. Jan. Jul 1 17,837.6 17,670.0 17,593.5 17,524.5 Personal income 18,016.6 17,708.3 17,792.9 17,992.9 1 2 11,095.5 10,947.5 10,919.0 10,857.1 10,811.1 Compensation of employees 11,013.5 10,987.8 11,064.9 2 3 9,015.7 8,970.6 8,948.5 9,041.0 8,913.1 8,889.7 8,834.8 8,794.4 Wages and salaries 3 4 Private industries 7,418.1 7,455.2 7,504.6 7,520.9 7,555.3 7,577.7 7,618.9 7,641.2 4 5 5 1,469.5 Goods-producing industries 1,445.9 1,458.7 1,476.3 1,481.1 1,483.2 1,494.8 1,491.8 6 6 893.6 888.2 886.1 890.8 881.3 876.6 867.7 Manufacturing 884.2 7 7 6,149.4 Services-producing industries 5,972.3 5,996.5 6,035.1 6,044.6 6,074.2 6,094.6 6,124.1 8 1,387.4 1,379.0 1,373.5 1,370.2 8 1,368.1 1,358.8 1,356.0 Trade, transportation, and utilities 1,382.5 9 4,700.7 4,616.2 4,762.0 4,741.6 4,715.6 9 4,674.4 4,667.0 4,637.7 Other services-producing industries 10 1,376.2 1,379.6 1,385.1 1,392.2 1,393.2 1,392.9 1,396.9 1,399.9 Government 10 11 2,034.4 Supplements to wages and salaries 2,016.7 2,022.3 2,029.3 2,039.3 2,042.9 2,049.2 2,054.4 11 12 Employer contributions for employee pension and insurance 1 1,394.5 1,402.9 1,400.7 1,398.2 1,406.2 1,391.1 1,388.2 12 1,409.5 funds 13 644.9 13 628.5 631.2 634.8 Employer contributions for government social insurance 638.5 640.0 642.9 636.2 14 Proprietors' income with inventory valuation and capital 1,620.7 14 1,595.9 1,646.7 1,577.0 1,581.6 1,586.1 1,572.2 1,619.5 consumption adjustments 15 45.0 27.9 32.7 74.2 37.5 23.1 Farm 15 30.8 49.5 16 1,571.2 1,565.2 1,549.0 1,558.2 1,548.9 1,539.5 Nonfarm 1,574.5 16 1,572.5 774.2 17 772.4 767.4 768.4 771.1 Rental income of persons with capital consumption adjustment 766.9 761.0 756.6 17 18 2,762.2 2,770.0 2,771.5 2,775.0 2,790.6 2,795.7 2,888.8 Personal income receipts on assets 2,789.2 18 19 19 1,637.2 1,627.6 1,617.9 1,646.9 1,614.5 1,612.7 Personal interest income 1,625.0 1,616.2 20 1,164.2 20 Personal dividend income 1,149.5 1,155.5 1,155.3 1,157.0 1,163.0 1,158.4 1,241.9 21 3,035.1 2,995.3 Personal current transfer receipts 2,973.3 2,985.1 3,011.3 3,024.4 3,020.7 3,113.0 21 22 2,958.1 2,972.2 2,933.7 2,923.9 2,912.5 Government social benefits to persons 2,962.1 2,949.4 22 3,050.3 2 23 974.9 23 979.6 978.7 992.9 972.3 993.1 1,023.7 989.4 Social securit y 3 24 767.2 24 752.5 729.0 734.1 739.7 745.8 759.6 775.4 Medicare 25 607.8 25 604.1 608.8 605.5 606.8 605.7 Medicaid 607.1 604.6 26 24.8 25.0 26 Unemployment insurance 25.1 25.3 24.8 24.0 23.7 24.0 27 113.2 27 115.7 109.1 108.3 105.5 Veterans' benefits 112.8 113.4 115.0 28 469.3 475.5 473.6 474.5 504.1 474.9 Other 474.6 467.8 28 29 62.7 62.3 62.0 61.6 29 61.2 60.8 Other current transfer receipts, from business (net) 62.6 62.9 1,371.9 30 1,397.9 1,386.3 1,380.2 1,376.9 Less: Contributions for government social insurance, domestic 1,368.8 1,361.4 1,355.7 30 31 Less: Personal current taxes 2,038.5 2,052.3 2,067.3 2,075.1 2,070.8 2,068.6 2,074.5 2,085.8 31 32 15,942.2 15,541.2 Equals: Disposable personal income 15,486.0 15,602.8 15,633.2 15,722.1 15,769.0 15,907.0 32 33 14,549.4 14,722.8 14,631.1 14,608.5 14,807.7 14,474.5 Less: Personal outlays 14,736.4 ... 33 34 34 Personal consumption expenditures 13,941.0 14,008.4 14,062.6 14,080.4 14,173.0 14,252.7 14,176.2 ... 35 4,358.0 ... 4,366.5 Goods 4,342.7 4,377.9 4,369.6 4,400.1 4,442.1 35 36 1,475.4 ... 1,468.0 1,471.1 36 1,466.4 1,458.9 Durable goods 1,473.1 1,504.0 37 2,927.0 Nondurable goods 2,882.6 ... 2,938.1 37 2,901.5 2,906.8 2,900.1 2,883.8 38 9,598.4 9,641.9 9,684.7 9,710.8 9,773.0 9,810.6 9,818.2 ... Services 38 4 39 344.7 354.4 359.3 ... 39 331.3 335.8 340.2 349.6 ments p a y Personal interest 40 205.3 206.0 205.7 201.0 ... 202.2 Personal current transfer payments 200.6 40 200.2 41 114.1 ... 113.7 113.4 113.0 112.6 112.2 111.8 To government 41 42 86.8 ... 86.8 93.1 93.1 93.1 90.4 42 86.8 To the rest of the world (net) 43 Equals: Personal saving 1,011.6 991.8 1,205.7 ... 994.3 961.3 999.3 1,002.1 43 Personal saving as a percentage of disposable personal income 6.5 44 6.4 6.4 6.4 6.4 6.1 7.6 ... 44 Addenda: 45 Personal income excluding current transfer receipts, billions 5 45 13,481.2 13,530.9 13,533.7 13,448.0 13,610.8 13,753.9 ... 13,573.1 of chained (2012) dollars Disposable personal income: 5 46 14,342.0 14,386.5 14,395.9 14,449.4 14,485.4 14,635.9 ... 46 14,312.0 Total ( billions of chained , ) dollars 2012 Per capita: 47 48,546 48,417 47 Current dollars 47,313 47,454 47,613 47,678 47,922 48,041 48 44,130 43,726 Chained (2012) dollars 43,792 44,568 ... 43,902 43,904 44,043 48 6 49 328,393 327,502 327,312 49 327,698 327,893 328,077 328,241 328,539 thousands eriod p mid ( ulation p ) , Po p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2018. pension plan participants through service to employers in the current period. des actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit Inclu 1. 2. ld-age and survivors insurance trust fund and the disability insurance trust fund. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal o insurance trust fund and the supplementary medical insurance trust fund. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital 3. calculation of rental income of persons. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. ion. The monthly estimate is the average of estimates for the first of the month and the first of the following 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized populat month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis

6 March 1, 2019 Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2018 Line 2017 2017 2018 r Q4 Q3 Q2 Q4 Q1 Q3 1 17,581.4 17,103.1 16,895.1 17,466.7 16,830.9 Personal income 17,657.3 17,319.2 17,882.4 1 2 10,710.1 10,407.2 11,022.1 10,907.9 10,782.9 Compensation of employees 10,568.6 10,471.2 10,855.7 2 3 8,770.8 8,879.2 8,978.3 8,453.8 Wages and salaries 8,506.6 8,588.1 8,710.6 8,834.7 3 4 7,584.0 7,493.6 7,399.6 7,347.5 7,230.4 7,156.3 7,456.2 7,108.1 Private industries 4 5 1,468.2 1,464.0 1,400.7 5 1,486.3 1,390.3 1,449.2 1,452.2 1,410.3 Goods-producing industries 6 851.2 855.9 878.0 870.9 880.7 889.3 6 Manufacturing 846.4 879.7 7 5,820.1 6,097.6 6,025.4 5,950.4 5,895.3 7 5,755.6 5,992.2 Services-producing industries 5,717.8 8 1,360.1 1,321.1 1,325.9 1,344.8 1,351.5 1,365.7 1,378.3 8 Trade, transportation, and utilities 1,313.5 9 4,550.5 Other services-producing industries 4,404.3 4,434.5 4,494.2 4,632.1 4,598.9 4,659.7 4,719.3 9 10 1,350.2 1,357.7 1,363.1 1,371.2 1,385.6 1,394.3 10 Government 1,378.6 1,345.7 11 1,964.6 2,043.8 Supplements to wages and salaries 1,953.4 2,021.0 2,028.7 1,980.5 1,999.4 2,012.0 11 12 Employer contributions for employee pension and insurance 1 1,355.7 1,366.4 1,376.3 1,385.0 1,394.6 1,403.3 12 1,348.1 1,389.8 funds 13 614.0 640.5 634.1 627.1 623.2 13 608.8 631.2 605.3 Employer contributions for government social insurance 14 Proprietors' income with inventory valuation and capital 1,500.9 1,579.8 1,507.5 1,526.1 1,549.9 1,568.5 1,580.0 1,620.7 14 consumption adjustments 15 15 38.9 37.5 36.4 Farm 35.2 37.0 27.9 50.0 35.4 16 1,514.7 Nonfarm 1,570.7 1,552.0 1,531.5 16 1,490.6 1,471.1 1,542.2 1,462.0 Rental income of persons with capital consumption adjustment 749.3 754.2 767.4 769.0 17 732.0 730.2 745.3 760.0 17 18 2,772.2 2,747.8 2,719.5 2,692.9 2,615.1 2,766.1 2,631.6 Personal income receipts on assets 2,825.0 18 19 1,606.5 Personal interest income 19 1,637.2 1,523.0 1,614.4 1,597.6 1,577.2 1,500.1 1,616.2 20 1,151.7 1,115.1 1,115.7 1,121.9 1,141.2 1,156.0 1,187.8 20 Personal dividend income 1,108.6 21 2,887.6 3,026.7 2,997.2 2,965.8 2,933.9 Personal current transfer receipts 2,875.3 2,980.9 2,859.7 21 22 2,920.2 2,820.5 2,831.5 2,875.7 2,905.4 Government social benefits to persons 2,964.1 22 2,804.0 2,935.6 2 23 977.8 23 926.1 974.9 929.8 935.5 960.8 969.1 991.8 Social securit y 3 24 739.9 706.6 724.5 24 759.8 713.7 695.3 734.5 699.6 Medicare 25 577.4 601.4 583.6 583.2 590.3 602.6 607.8 604.7 25 Medicaid 26 28.0 24.1 24.7 25.5 27.6 26 25.5 29.1 Unemployment insurance 28.8 27 Veterans' benefits 98.5 109.4 99.8 102.0 105.6 107.9 111.0 113.1 27 28 28 474.5 475.8 477.8 476.1 478.9 474.7 477.6 Other 470.5 29 Other current transfer receipts, from business (net) 62.6 61.6 60.4 29 56.1 54.8 60.7 55.7 58.2 1,306.0 1,317.3 1,343.6 1,352.4 Less: Contributions for government social insurance, domestic 1,367.4 1,381.1 30 1,361.1 1,298.6 30 31 2,064.9 2,035.3 2,030.0 2,070.9 2,048.5 2,050.4 2,034.6 Less: Personal current taxes 2,071.3 31 32 15,431.4 15,592.4 15,531.0 15,811.1 14,796.3 Equals: Disposable personal income 15,289.2 15,032.2 14,846.6 32 33 13,853.3 14,083.3 14,194.8 14,403.8 14,596.3 14,755.6 Less: Personal outlays 13,809.5 14,487.6 33 34 13,579.2 14,050.5 13,875.6 13,679.6 34 13,359.1 13,951.6 13,321.4 Personal consumption expenditures 14,200.6 35 4,156.1 4,342.1 4,166.0 4,250.9 4,267.7 4,329.5 4,371.3 4,400.1 35 Goods 36 1,445.7 Durable goods 1,406.5 1,411.2 1,461.5 1,434.5 1,458.7 1,468.5 1,484.2 36 37 2,880.7 37 2,915.9 2,902.8 2,870.8 Nondurable goods 2,833.2 2,805.2 2,754.8 2,749.6 38 9,165.3 9,609.4 38 9,800.6 9,193.1 9,679.1 9,328.3 9,546.1 9,411.9 Services 4 39 340.2 293.9 39 334.0 300.0 306.1 314.9 326.4 354.4 ments y a p Personal interest 40 194.1 202.1 200.3 Personal current transfer payments 201.7 205.6 200.6 40 197.9 194.2 41 To government 107.3 111.9 107.8 109.0 110.0 111.3 112.6 113.7 41 42 42 93.1 90.4 90.3 89.0 86.3 90.1 86.9 To the rest of the world (net) 86.8 43 986.8 1,055.5 996.0 1,027.7 1,094.3 948.9 993.4 1,043.4 Equals: Personal saving 43 6.7 44 6.7 6.7 6.7 6.7 6.4 6.3 Personal saving as a percentage of disposable personal income 7.2 44 Addenda: 45 Personal income excluding current transfer receipts, billions 5 13,490.1 13,207.3 13,301.7 13,379.1 13,420.7 13,515.3 13,646.0 45 13,171.4 of chained (2012) dollars Disposable personal income: 5 46 14,219.8 14,282.0 14,374.8 14,523.6 46 13,949.2 13,986.2 14,349.9 14,065.9 Total ) 2012 ( billions of chained dollars , Per capita: 47 Current dollars 45,470 47,432 45,588 46,080 46,803 47,171 47,582 48,170 47 48 43,118 48 Chained (2012) dollars 42,866 43,825 42,946 43,530 43,657 43,866 44,247 6 49 325,667 326,218 326,670 327,138 327,436 328,237 49 325,410 327,697 thousands eriod p ) mid , p ulation ( Po r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2018. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined b enefit pension plan participants through service to employers in the current period. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal o 2. ld-age and survivors insurance trust fund and the disability insurance trust fund. insurance trust fund and the supplementary medical insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital calculation of rental income of persons. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 6. ion. The monthly estimate is the average of estimates for the first of the month and the first of the following Population is the total population of the United States, including the Armed Forces overseas and the institutionalized populat month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis

7 March 1, 2019 Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2018 Line Line 2019 r r r r p p r June Se Jan. Nov. . Oct. g Au Dec. p y t. Jul 179.0 84.6 38.3 76.6 69.0 63.4 Personal income 1 -23.8 44.7 1 30.6 2 25.7 40.3 28.5 61.9 46.0 34.9 Compensation of employees 2 51.5 3 3 25.3 45.2 22.0 Wages and salaries 23.4 54.9 40.4 29.7 35.4 4 Private industries 24.0 37.0 49.5 16.3 34.4 22.4 41.1 22.3 4 -3.0 11.6 2.0 4.8 6.9 5 12.8 1.8 Goods-producing industries 5 10.8 6 6 Manufacturing 1.8 8.9 4.7 2.9 1.9 2.2 5.3 -2.8 20.4 25.3 7 7 Services-producing industries 22. 3 24.2 38.7 9.5 29.6 29.5 8 4.9 8 Trade, transportation, and utilities 2.9 3.5 2.7 9.4 2.1 3.3 5.5 26.0 20.4 9 9 Other services-producing industrie s 19.4 21.5 29.3 7.4 26.3 14.9 7.1 3.0 4.0 -0.4 1.1 10 5.4 5.6 Government 10 3.4 6.3 5.3 11 11 Supplements to wages and salaries 5.2 5.6 7.0 5.1 4.8 3.6 12 Employer contribut ions for employee pension and insurance 1 3.3 12 3.4 2.5 2.2 3.3 3.3 2.9 3.7 funds 2.3 2.0 13 1.5 2.7 1.9 3.6 r government social insurance Employer contributions fo 13 1.3 3.0 14 ventory valuation and capital Proprietors' income with in 23.5 4.6 8.2 -13.9 14 4.5 27.2 23.8 -26.0 consumption adjustments 15 -4.8 14.2 7.6 -4.8 15 -4.8 29.2 0.5 Farm -24.7 16 16 7.7 9.4 9.3 -9.1 16.1 9.3 Nonfarm -1.3 -2.0 -1.0 17 -2.7 -3.1 7.3 5.0 4.4 2.9 5.9 Rental income of persons with capital consumption adjustment 17 18 -99.6 5.1 Personal income receipts on assets 12.6 7.7 1.5 3.5 15.6 93.1 18 19 9.7 1.7 1.7 1.7 6.2 Personal interest income 9.7 -21.9 9.7 19 20 -0.2 83.4 -4.6 6.0 1.7 20 6.0 6.4 Personal dividend income -77.7 21 Personal current transfer receipts 21 8.9 11.8 10.2 16.0 13.0 -3.7 14.4 77.9 22 78.1 22 -4.0 12.7 15.7 14.1 9.8 11.4 8.4 Government social benefits to persons 2 23 -3.7 3.5 30.8 23 4.0 2.6 3.7 0.9 13.5 Social securit y 3 24 5.6 24 4.6 5.1 7.1 7.6 8.1 6.1 6.6 Medicare 25 -1.4 1.0 1.1 2.5 1.0 Medicaid 25 0.5 -3.3 2.5 26 0.2 -0.3 -0.8 -0.5 0.1 0.0 Unemployment insurance 0.3 26 0.8 27 27 1.6 0.2 0.4 -2.9 Veterans' benefits 0.8 2.7 -2.1 6.6 28 28 -0.6 -0.4 -0.9 1.9 -0.9 -6.8 1.5 Other 34.8 29 -0.2 29 0.3 0.4 0.3 0.4 0.4 iness (net) Other current transfer receipts, from bus 0.3 0.4 3.3 6.1 11.6 30 30 Less: Contributions for government social in surance, domestic 4.1 5.6 7.5 3.1 5.0 31 5.9 31 Less: Personal current taxes 5.1 13.8 15.0 7.8 -4.3 -2.3 11.4 32 173.1 30.4 61.6 55.1 58.2 Equals: Disposable personal income 88.9 -35.1 46.9 32 33 59.2 84.9 91.7 22.6 -71.3 ... 74.9 65.7 Less: Personal outlays 33 34 -76.6 ... 34 penditures 60.4 67.3 54.3 17.7 92.7 Personal consumption ex 79.7 35 35 42.1 30.5 -8.3 -84.1 ... 23.8 1.8 Goods 11.4 36 -28.7 ... 36 Durable goods -1.5 7.5 4.7 -3.1 5.0 31.0 37 11.1 -5.3 6.7 16.3 3.3 Nondurable goods 25.5 -55.5 ... 37 38 7.6 ... 26.1 42.9 43.5 58.7 Services 38 62.1 37.6 4 39 4.9 4.5 4.9 ... 39 4.9 4.5 4.5 4.9 Personal interest ments y a p 40 40 Personal current transfer payments 0.4 3.1 0.4 0.4 -5.9 0.4 0.4 ... 41 0.4 ... To government 0.4 0.4 0.4 0.4 0.4 0.4 41 42 0.0 0.0 -6.2 0.0 42 2.7 0.0 To the rest of the world (net) 0.0 ... 43 244.4 ... 43 Equals: Personal saving -7.5 -19.8 2.5 7.8 -2.8 -38.0 Addenda: 44 Personal income excluding current transfer receipts, billions of 5 35.2 44 33.1 2.9 39.3 37.7 143.2 ... 49.7 chained (2012) dollars 5 45 30.0 44.6 150.5 ... 53.5 36.0 45 37.7 9.3 dollars ersonal income, billions of chained p ( ) 2012 p osable Dis p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2018. Include 1. ension plan participants through service to employers in the current period. s actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit p 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal o ld-age and survivors insurance trust fund and the disability insurance trust fund. insurance trust fund and the supplementary medical insurance trust fund. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital 3. 4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Source: U.S. Bureau of Economic Analysis

8 March 1, 2019 Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2018 2017 2018 Line 2017 Line r Q4 Q4 Q2 Q3 Q1 Q3 1 147.6 216.1 208.0 173.9 750.4 705.8 Personal income 1 190.6 225.1 2 Compensation of employees 114.2 125.0 72.8 141.5 2 97.4 131.3 448.5 451.0 Wages and salaries 122.5 60.2 108.4 373.2 99.1 3 3 110.9 81.5 380.9 74.1 4 Private industries 335.1 348.0 102.0 4 117.1 52.0 94.0 90.4 62.0 41.9 Goods-producing industries 19.0 18.2 73.6 5 -3.1 20.3 5 9.6 9.4 6 9.8 22.1 4.7 8.6 33.3 32.5 Manufacturing 6 -7.1 7 Services-producing industries 273. 1 274.4 81.7 64.5 75.1 55.1 75.0 72.2 7 4.8 14.4 Trade, transportation, and utilities 51.5 46.6 8 18.8 6.8 14.1 12.6 8 Other services-producing industrie 221.6 227.8 67.3 59.7 56.3 48.3 60.9 59.6 9 9 s 10 7.4 Government 38.1 32.8 8.9 10 8.7 14.4 8.1 5.5 Supplements to wages and salaries 20.4 15.9 77.8 19.0 12.6 16.6 15.1 11 67.6 11 or employee pension and insurance f Employer contributions 12 1 funds 13.0 10.7 9.8 8.7 9.6 8.7 12 53.9 41.7 13 7.4 13 Employer contributi ons for government social insurance 23.9 25.9 5.2 9.2 3.9 7.0 6.4 14 ventory valuation and capital Proprietors' income with in 40.7 18.6 12.5 78.8 81.6 11.5 18.6 14 23.8 consumption adjustments -0.9 Farm 1.4 -1.4 -5.2 15 -0.2 15 1.8 -9.1 22.1 80.2 17.6 19.5 24.0 16.8 20.6 18.7 16 16 80.2 Nonfarm Rental income of persons with capital consumption adjustment 35.4 29.8 7.7 13.3 4.0 5.0 13.2 1.6 17 17 77.7 18 24.4 28.3 26.6 52.9 4.2 134.5 115.0 Personal income receipts on assets 18 19 Personal interest income 82.1 91.4 9.2 77.1 20.4 8.9 9.7 21.1 19 0.6 20 32.9 43.1 -4.9 Personal dividend income 6.2 19.3 14.7 31.8 20 21 81.6 121.3 33.6 12.3 46.4 31.9 31.4 29.5 21 Personal current transfer receipts Government social benefits to persons 86.6 22 22 28.5 30.2 33.9 29.7 44.3 11.0 116.2 2 48.8 6.9 5.7 25.3 8.2 8.7 23 29.6 14.0 23 y Social securit 3 24 33.1 39.2 7.9 7.1 7.1 10.8 15.4 19.9 24 Medicare 5.2 -0.4 14.3 23.9 14.7 Medicaid 25 12.3 7.1 -3.1 25 -0.2 -0.6 -2.0 -0.5 -0.8 -0.8 -3.6 -2.6 Unemployment insurance 26 26 10.9 2.4 2.2 Veterans' benefits 3.6 2.4 3.0 2.1 27 27 5.7 -2.8 28 Other 6.0 -3.0 2.6 28 1.7 -2.0 -1.3 -4.0 Other current transfer receipts, from bus -5.0 5.0 -0.3 1.3 29 iness (net) 2.2 1.2 1.0 29 2.1 62.5 30 14.9 8.9 26.2 15.4 13.8 58.7 rance, domestic Less: Contributions for government social insu 30 11.3 31 Less: Personal current taxes 80.3 15.7 34.3 22.4 -40.9 5.3 29.6 6.4 31 139.6 185.6 Equals: Disposable personal income 625.5 734.7 32 257.0 142.3 160.9 218.7 32 33 586.8 678.2 136.5 230.0 111.5 208.9 192.6 159.3 33 Less: Personal outlays 630.2 34 34 Personal consumption expenditures 554.5 150.2 125.9 220.1 100.4 196.0 174.9 Goods 159.8 186.1 48.9 84.9 35 16.8 61.8 41.8 28.7 35 17.8 36 9.8 24.2 -11.2 15.6 55.0 59.9 Durable goods 36 34.5 37 37 Nondurable goods 99.9 131.1 31.1 50.4 28.0 37.6 32.0 13.1 38 121.4 133.0 134.2 83.6 135.2 77.0 444.1 394.7 Services 38 4 8.8 14.2 39 6.1 11.4 40.1 24.6 11.5 13.8 39 p a y ments Personal interest 3.9 40 1.4 3.9 2.4 -0.8 7.8 7.7 Personal current transfer payments 40 -5.1 41 To government 3.0 4.6 1.1 1.2 1.0 1.3 1.2 1.2 41 42 3.2 42 To the rest of the world (net) 4.7 -1.9 2.6 1.3 0.1 2.7 -6.2 145.5 Equals: Personal saving 59.4 -31.6 -66.7 43 -44.5 3.1 56.5 38.6 43 Addenda: 44 Personal income excluding current transfer receipts, billions of 5 94.4 130.7 44 41.6 366.5 318.8 80.2 94.6 77.4 chained (2012) dollars 5 45 76.4 79.7 153.9 62.1 400.8 148.8 45 354.0 92.8 ( ersonal income, billions of chained p osable dollars 2012 p ) Dis r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2018. enefit pension plan participants through service to employers in the current period. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined b 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal o ld-age and survivors insurance trust fund and the disability insurance trust fund. insurance trust fund and the supplementary medical insurance trust fund. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital 3. calculation of rental income of persons. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the 4. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis

9 March 1, 2019 Percent Change From Preceding Period (Months) Table 5. Personal Income and Its Disposition, Seasonally adjusted at monthly rates Line 2018 Line 2019 r r r p r p r June Dec. Jan. Nov. Oct. Sept. Aug. July Based on current-dollar measures 0.4 0.2 0.5 0.3 0.4 1.0 -0.1 Personal income 0.4 1 1 2 0.5 0.2 0.4 0.3 0.6 0.4 0.3 Compensation of employees 2 0.3 0.3 3 0.3 3 0.5 0.2 0.4 0.3 0.6 0.5 Wages and salaries Supplements to wages and salaries 0.3 0.3 0.3 0.2 4 0.2 0.3 0.3 0.3 4 5 Proprietors' income with inventory valuation and capital 0.3 1.7 1.5 1.5 -1.6 0.3 0.5 5 -0.9 consumption adjustments 6 0.4 0.6 0.8 1.0 -0.4 -0.4 -0.1 0.6 6 Rental income of persons with capital consumption adjustment 3.3 7 Personal income receipts on assets 0.5 0.3 0.1 0.1 0.6 0.2 7 -3.4 0.6 -1.3 0.6 0.6 8 0.1 0.1 0.4 Personal interest income 8 0.1 9 Personal dividend income 0.6 0.5 0.0 0.2 0.5 -0.4 7.2 9 -6.3 2.6 10 10 Personal current transfer receipts 0.3 0.4 0.3 0.5 0.4 -0.1 0.5 0.8 0.3 0.4 0.5 0.2 0.4 0.2 0.4 11 Less: Contributions for government social insurance, domestic 11 -0.1 0.7 0.3 Less: Personal current taxes 0.3 0.4 0.7 -0.2 0.5 12 12 -0.2 0.3 1.1 0.4 Equals: Disposable personal income 0.4 0.4 0.2 0.6 13 13 Addenda: 14 Personal consumption expenditures 0.4 0.5 0.4 0.1 0.7 0.6 -0.5 ... 14 15 -1.9 ... 1.0 0.7 -0.2 0.3 0.0 Goods 15 0.5 16 16 Durable goods -0.1 0.5 0.3 -0.2 0.3 2.1 -1.9 ... 17 0.1 17 Nondurable goods 0.6 0.2 -0.2 0.9 0.4 -1.9 ... 18 18 0.6 0.5 0.4 0.3 0.6 0.4 0.1 ... Services Based on chained (2012) dollar measures 19 1.1 ... 19 0.3 Real personal income excluding transfer receipts 0.0 0.4 0.2 0.3 0.3 Real disposable personal income 0.3 0.2 0.3 20 0.4 0.2 1.0 ... 20 0.1 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2018. Source: U.S. Bureau of Economic Analysis March 1, 2019 Table 6. Personal Income and Its Disposition, Per cent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2017 2018 2018 2017 Line r Q4 Q3 Q2 Q1 Q4 Q3 Based on current-dollar measures 1 5.0 5.2 3.5 4.4 Personal income 4.4 5.2 4.5 4.2 1 2 4.5 4.3 5.2 2 Compensation of employees 5.5 2.7 4.7 4.3 3.8 3 3.9 3 4.6 4.5 5.4 Wages and salaries 5.8 2.8 5.0 4.5 4 4.3 3.3 3.9 2.5 3.3 4.1 3.0 4 Supplements to wages and salaries 3.5 5 Proprietors' income with inventory valuation and capital 5 10.7 3.0 4.9 6.4 5.0 3.4 5.3 5.8 consumption adjustments 6 7.2 2.7 2.2 7.4 4.3 4.1 5.1 Rental income of persons with capital consumption adjustment 6 0.8 7 0.6 Personal income receipts on assets 12.4 7 4.0 5.1 4.2 3.6 7.8 4.6 8 5.3 Personal interest income 8 2.5 22.2 5.7 2.3 2.4 5.3 6.0 9 2.2 7.1 5.3 11.5 9 Personal dividend income 3.1 3.9 -1.8 0.2 10 4.3 Personal current transfer receipts 2.9 4.2 4.8 1.7 6.6 4.4 4.0 10 4.1 11 4.7 4.8 4.8 3.5 8.2 2.7 4.5 Less: Contributions for government social insurance, domestic 11 12 1.0 5.9 1.2 Less: Personal current taxes 4.1 0.8 7.0 4.4 -7.7 12 13 5.7 4.2 Equals: Disposable personal income 4.4 5.0 3.9 5.1 7.0 3.8 13 Addenda: 14 6.8 14 4.3 4.7 4.3 Personal consumption expenditures 3.0 5.9 5.1 3.9 15 5.9 3.9 2.7 15 4.0 4.5 4.8 8.4 1.6 Goods 16 6.9 Durable goods 4.4 3.9 5.2 16 -3.1 2.7 4.3 10.1 17 3.8 4.8 4.6 7.5 4.1 1.8 5.4 4.5 17 Nondurable goods 18 18 6.0 3.4 3.6 Services 4.8 5.1 5.7 5.8 4.5 Based on chained (2012) dollar measures 19 2.3 1.2 2.8 3.9 19 Real personal income excluding transfer receipts 2.9 2.4 2.5 2.9 20 2.3 2.6 1.8 4.4 20 Real disposable personal income 4.2 2.2 2.9 2.6 quarter of 2018. r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third Source: U.S. Bureau of Economic Analysis

10 March 1, 2019 tures by Major Type of Product (Months) Table 7. Real Personal Consumption Expendi 2018 2019 Line Line r r p p Aug. Sept. June July Oct. Nov. Jan. Dec. Billions of chained (2012) dollars, seasonally adjusted at annual rates 12,927.5 1 1 Personal consumption expenditures (PCE) 13,025.7 13,092.5 13,014.5 ... 12,966.5 12,884.1 12,965.9 ... 4,672.0 4,610.3 4,587.2 4,592.0 4,577.2 4,552.2 Goods 2 2 4,604.8 1,689.1 3 ... 1,691.5 1,724.1 3 1,683.1 1,679.7 1,669.4 1,667.1 Durable goods 4 Nondurable goods 2,896.4 2,918.3 2,923.4 2,915.9 2,932.7 2,961.0 2,925.3 ... 4 5 5 Services 8,357.4 8,377.4 8,401.8 8,405.3 8,442.5 8,454.5 8,436.4 ... 2012) dollars, seasonally adjusted at annual rates llions of chained ( Change from preceding period in bi 41.4 43.3 39.0 -0.5 -77.9 ... 59.8 6 Personal consumption expenditures (PCE) 6 66.7 7 61.7 23.1 -4.8 -67.2 ... 25.0 5.1 Goods 7 14.8 8 Durable goods 3.5 2.4 10.3 3.4 6.1 35.0 -32.6 ... 8 -7.5 1.8 Nondurable goods 21.9 5.1 9 16.8 28.4 -35.7 ... 9 34.7 20.0 24.4 3.5 37.2 12.0 -18.2 ... 10 10 Services Percent change from preceding period in chained (2012) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE) -0.6 ... 0.5 0.5 0.0 0.3 0.3 11 11 0.3 0.5 12 12 -1.4 ... 1.3 0.1 0.5 -0.1 0.3 Goods Durable goods 0.2 0.1 0.6 0.2 0.4 2.1 -1.9 ... 13 13 -1.2 1.0 Nondurable goods 14 ... 14 0.6 -0.3 0.2 0.8 0.1 0.4 0.3 0.0 0.4 0.1 -0.2 ... 15 Services 0.2 15 p Preliminary r Revised Source: U.S. Bureau of Economic Analysis March 1, 2019 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2018 2018 2017 Line 2017 Q4 Q4 Q3 Q2 Q1 Q3 Billions of chained (2012) dollars 12,842.0 1 1 Personal consumption expenditures (PCE) 12,558.7 12,953.3 12,890.6 12,584.9 12,706.4 12,722.8 13,044.2 4,477.0 2 4,629.0 4,585.5 4,537.6 2 4,483.9 4,410.2 4,557.3 4,391.9 Goods 3 3 1,701.6 1,677.4 1,662.3 1,628.2 1,636.6 1,588.6 1,667.4 1,577.9 Durable goods 2,901.0 2,858.6 2,886.7 2,829.9 2,919.2 2,939.7 4 4 Nondurable goods 2,822.0 2,857.7 8,193.7 8,444.5 8,184.5 8,359.3 5 8,394.9 8,329.8 Services 8,246.6 8,267.9 5 2012) dollars llions of chained ( Change from preceding period in bi 119.2 6 Personal consumption expenditures (PCE) 310.5 331.9 69.0 121.5 16.5 6 91.0 111.3 155.8 165.4 7 44.2 73.6 Goods 7 -6.9 60.6 47.9 43.5 8 48.0 8 Durable goods 101.1 89.5 29.4 -8.4 34.0 15.1 24.2 16.0 20.4 Nondurable goods 58.0 79.1 9 27.8 0.9 28.1 32.6 9 21.3 61.9 65.1 49.6 10 10 Services 162.0 174.8 28.1 52.9 Percent change from preceding period in chained (2012) dollars 3.9 2.5 2.6 2.2 0.5 Personal consumption expenditures (PCE) 3.5 2.8 11 11 3.8 Goods 3.7 3.8 4.1 6.8 -0.6 5.5 4.3 12 3.9 12 5.9 13 -2.0 3.7 13 8.6 7.7 5.7 6.8 Durable goods 12.7 14 14 Nondurable goods 2.1 2.8 2.3 4.0 0.1 4.0 4.6 2.8 2.6 15 Services 2.0 2.1 1.4 15 1.0 3.0 3.2 2.4 Source: U.S. Bureau of Economic Analysis

11 March 1, 2019 From Preceding Period (Months) Level and Percent Change Table 9. Price Indexes for Personal Consumption Expenditures: 2018 2019 Line Line r r p p July June Aug. Sept. Nov. Dec. Jan. Oct. Chain-type price indexes (2012=100), seasonally adjusted 08.812 108.929 ... 108.866 108.207 108.365 1 108.599 Personal consumption expenditures (PCE) 108.458 1 1 94.641 ... 95.080 95.440 .254 95 95.337 95.396 95.398 Goods 2 2 87 Durable goods 3 87.206 ... .222 87.497 87.193 87.207 564 87. 87.821 3 4 4 Nondurable goods 99.568 99.379 99. 434 99.509 99.811 99 .228 98.545 ... 15.535 116.382 ... .042 116 115.762 Services 1 115.273 115.098 114.853 5 5 Addenda: 110.922 ... 6 PCE excluding food and energy 109.978 110.1 77 110.190 110.370 6 0 110.715 110.52 1 103.733 ... 103.442 103.527 103.482 103.521 103.399 103.595 7 7 Food 2 87.740 85.238 ... 8 87.227 90.256 88.875 88.490 87.662 8 gy g oods and services Ener 3 106.262 106.417 106.468 106.566 106.766 106.822 106.816 ... 9 9 Market-based PCE 3 108.599 108.746 ... 10 108.166 107.965 108.255 108.117 108.379 10 g gy food and ener Market-based PCE excludin Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 0.1 0.0 0.2 Personal consumption expenditur es (PCE) 0.1 ... 0.1 0.1 0.1 11 11 -0.1 0.0 -0.1 -0.1 0.2 -0.4 -0.5 ... Goods 12 12 0.0 ... 0.0 -0.4 0.0 -0.3 0.4 -0.3 Durable goods 13 13 Nondurable goods 14 -0.7 ... 14 0.1 -0.2 0.1 0.1 0.3 -0.6 0.2 0.2 0.2 0.2 0.3 ... Services 0.2 0.2 15 15 Addenda: 16 PCE excluding food and ener gy 0.1 0.2 0.0 0.2 0.1 0.2 0.2 ... 16 1 17 0.2 -0.1 0.0 0.0 0.1 ... 0.1 0.2 17 Food 2 2.0 -2.8 -2.9 ... 18 -0.2 -0.5 1.9 -0.4 18 gy g oods and services Ener 3 0.1 0.1 0.2 0.1 0.0 ... 19 0.0 0.0 19 Market-based PCE 3 0.2 20 0.0 0.1 0.1 0.2 0.1 ... 0.0 20 g food and ener gy Market-based PCE excludin p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and b everages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. es. It excludes most imputed transactions (for example, financial services furnished Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measur without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis March 1, 2019 Table 10. Real Disposable Personal Income an d Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2018 2019 Line Line r p r r r p r June Se Jan. Au t. y Oct. . Nov. g Dec. p Jul Disposable personal income 2.8 2.7 2.9 2.8 2.9 3.0 3.9 ... 1 1 3.1 Personal consumption expenditu res 2.8 3.0 2.2 ... 2.7 2.9 2.9 2 2 2.4 ... 3 3.5 3 Goods 3.9 4.2 4.4 3.3 3.9 4 4 3.2 ... 4.7 4.0 4.4 6.9 5.5 6.2 Durable goods 5 5 2.0 ... 3.4 3.2 2.8 3.1 3.6 2.7 Nondurable goods 6 2.4 2.2 Services 6 2.5 2.6 2.4 2.6 2.1 ... p Preliminary quarter of 2018. r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third Source: U.S. Bureau of Economic Analysis March 1, 2019 Table 11. Price Indexes for Personal Consumption Expend itures: Percent Change Fr om Month One Year Ago 2018 2019 Line Line p p r r July Sept. June Aug. Dec. Jan. Nov. Oct. 1.8 Personal consumption expenditur 1.7 ... es (PCE) 2.3 2.4 2.2 2.0 2.0 1 1 1.4 1.0 1.4 0.2 Goods 0.8 -0.2 ... 0.4 2 2 3 Durable goods -1.9 -1.4 3 -1.6 -1.6 -1.2 -1.1 ... -1.4 0.2 ... 0.9 2.0 1.4 4 2.8 3.1 Nondurable goods 4 2.3 2.7 Services 2.7 2.8 2.8 2.6 ... 2.6 2.6 5 5 Addenda: 6 PCE excluding food and energy 2.0 2.0 1.9 2.0 1.8 1.9 1.9 ... 6 1 0.5 0.6 ... 0.5 0.6 0.6 0.3 0.5 7 7 Food 2 8.9 8 13.1 13.4 11.3 5.2 -0.4 ... 2.3 8 gy g oods and services Ener 3 1.7 2.1 2.2 9 2.1 1.8 1.8 1.6 ... 9 Market-based PCE 3 10 1.8 ... 1.8 1.7 1.7 1.8 1.7 1.6 10 gy g food and ener Market-based PCE excludin p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and b everages, are not classified as food. Consists of gasoline and other energy goods and of electricity and gas services. 2. es. It excludes most imputed transactions (for example, financial services furnished Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measur 3. without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis

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