News Release: Personal Income and Outlays

EMBARGOED UNTIL RELEASE AT 10:00 A.M. EST, Thursday, December 22, 2016

BEA 16—72

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Technical:	Kurt Kunze	(301) 278-9087	(Personal Income)	piniwd@bea.gov
	Harvey Davis	(301) 278-9086	(PCE)	pce@bea.gov
Media:	Jeannine Aversa	(301) 278-9003		jeannine.aversa@bea.gov

PERSONAL INCOME AND OUTLAYS, NOVEMBER 2016

Personal income increased $1.6 billion (less than 0.1 percent) in November according to estimates
released today by the Bureau of Economic Analysis. Disposable personal income (DPI) decreased
$1.3 billion (less than 0.1 percent) and personal consumption expenditures (PCE) increased $24.0 billion
(0.2 percent).

Real DPI decreased 0.1 percent in November and Real PCE increased 0.1 percent. The PCE price index
increased less than 0.1 percent. Excluding food and energy, the PCE price index increased less than 0.1 percent.

2016

July Aug. Sept. Oct. Nov.
Percent change from preceding month

Personal income:

Current dollars 0.4 0.2 0.4 0.5 0.0
Disposable personal income:

Current dollars 0.4 0.2 0.3 0.5 0.0

Chained (2009) dollars 0.3 0.1 0.1 0.2 -0.1

Personal consumption expenditures (PCE):

Current dollars 0.4 0.1 0.7 0.4 0.2

Chained (2009) dollars 0.3 -0.1 0.5 0.1 0.1

Price indexes:

PCE 0.1 0.2 0.2 0.3 0.0

PCE, excluding food and energy 0.2 0.2 0.1 0.1 0.0

Price indexes: Percent change from month one year ago

PCE 0.9 1.0 1.2 1.4 1.4

PCE, excluding food and energy 1.6 1.7 1.7 1.8 1.6

The increase in personal income in November primarily reflected increases in personal interest income
and rental income of persons that were mostly offset by a decrease in wages and salaries (table 3).

The increase in real PCE in November primarily reflected an increase in spending for services (table 7).

Personal outlays increased $26.8 billion in November (table 3). Personal saving was $780.9 billion
in November and the personal saving rate, personal saving as a percentage of disposable personal
income, was 5.5 percent (table 1).

Updates

Estimates have been updated for July through October. The percent change from the preceding month
for current-dollar personal income, and for current-dollar and chained (2009) dollar DPI and PCE
-- revised and as published in last month's release -- are shown below.

Change from preceding month

September October

Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)

Personal income:

Current dollars 63.2 58.8 0.4 0.4 98.6 78.0 0.6 0.5

Disposable personal income:

Current dollars 51.1 47.6 0.4 0.3 86.5 65.2 0.6 0.5

Chained (2009) dollars 20.0 16.2 0.2 0.1 46.8 25.4 0.4 0.2
Personal consumption expenditures:

Current dollars 89.5 90.2 0.7 0.7 38.1 51.4 0.3 0.4

Chained (2009) dollars 57.0 57.0 0.5 0.5 6.1 16.0 0.1 0.1

Next release: January 30, 2017 at 8:30 A.M. EST
Personal Income and Outlays: December 2016

Personal Income and Outlays Release Dates for 2017

December 2016..........January 30 April 2017.........May 30 August 2017........September 29
January 2017...........March 1 May 2017...........June 30 September 2017.....October 30
February 2017..........March 31 June 2017..........August 1 October 2017.......November 30
March 2017.............May 1 July 2017..........August 31 November 2017......December 22

Additional Information

Resources

Additional Resources available at www.bea.gov:

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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