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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, AUGUST 2, 2016 Technical: Media: James Rankin (Personal Income) Kyle Brown (PCE) Kurt Kunze (Revisions) Jeannine Aversa (301) 278-9087 (301) 278-9086 (301) 278-9748 (301) 278-9003 BEA 16-41 piniwd@bea.gov pce@bea.gov Kurt.Kunze@bea.gov Jeannine.Aversa@bea.gov NATIONAL INCOME AND PRODUCT ACCOUNTS PERSONAL INCOME AND OUTLAYS: JUNE 2016 ANNUAL UPDATE: 2013 THROUGH MAY 2016 Personal income increased $29.3 billion (0.2 percent) in June according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $24.6 billion (0.2 percent) and personal consumption expenditures (PCE) increased $53.0 billion (0.4 percent). Real DPI increased 0.1 percent in June and Real PCE increased 0.3 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent. Feb Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures (PCE): Current dollars Chained (2009) dollars Price indexes: PCE PCE, excluding food and energy Price indexes: PCE PCE, excluding food and energy 2016 Mar Apr May Jun Percent change from preceding month -0.1 0.3 0.4 0.2 0.2 -0.1 0.0 0.3 0.2 0.4 0.1 0.2 0.0 0.2 0.1 0.2 0.3 0.0 0.0 1.0 0.7 0.4 0.2 0.4 0.3 -0.1 0.2 0.1 0.1 0.3 0.2 0.2 0.2 0.1 0.1 Percent change from month one year ago 0.9 0.8 1.0 0.9 0.9 1.7 1.6 1.6 1.6 1.6 The increase in personal income in June primarily reflected increases in private wages and salaries and nonfarm proprietors’ income that were partly offset by decreases in personal dividend income and personal interest income. The increase in real PCE in June primarily reflected increases in spending for electricity and gas, healthcare services, and other nondurable goods, that were partly offset by a decrease in spending for new motor vehicles. Personal outlays increased $58.3 billion in June. Personal saving was $732.0 billion in June and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.3 percent. Annual Update of the National Income and Product Accounts The estimates released today reflect the results of the annual update of the national income and product accounts (NIPAs) in conjunction with preliminary estimates for June 2016. The update covers the most recent 3 years and the first 5 months of 2016. For more information, see “Information on the 2016 Annual Update” on BEA’s website. Additionally, the August Survey of Current Business will contain an article that describes the results in detail. Revisions Revisions to the personal income and outlays estimates reflect the results of the recent annual update of the national income and product accounts (NIPAs). These updates, usually made each July, incorporate newly available and more comprehensive source data, as well as improved estimation methodologies. This year’s update covers the period January 2013 through May 2016. Revisions to annual estimates of personal income and outlays for 2013 through 2015 are shown in Table 12. Revised and previously published monthly estimates of personal income, DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in Table 13. Revised and previously published annual and quarterly estimates are shown in Table 14. Personal income was revised upward $5.3 billion, or less than 0.1 percent, for 2013, $115.5 billion, or 0.8 percent, for 2014, and $107.8 billion, or 0.7 percent, for 2015. • • • For 2013, revisions to personal income and its components were small. For 2014, upward revisions to personal dividend income, government social benefits to persons, and supplements to wages and salaries were partly offset by downward revisions to farm proprietors’ income and rental income of persons. For 2015, upward revisions to personal dividend income, wages and salaries, personal current transfer receipts, nonfarm proprietors’ income, and supplements to wages and salaries were partly offset by downward revisions to farm proprietors’ income and personal interest income. -2- DPI was revised upward $0.2 billion, or less than 0.1 percent, for 2013, $108.8 billion, or 0.8 percent, for 2014, and $116.6 billion, or 0.9 percent, for 2015. The percent change from the preceding year in real DPI was the same as previously published in 2013, decreasing 1.4 percent. It was revised upward from an increase of 2.7 percent to an increase of 3.5 percent in 2014, and was the same as previously published in 2015, increasing 3.5 percent. Personal outlays was revised downward $30.0 billion, or 0.3 percent, for 2013. It was revised upward $3.0 billion, or less than 0.1 percent, for 2014, and $18.7 billion, or 0.1 percent, for 2015. Revisions to personal outlays primarily reflected revisions to PCE. The personal saving rate was revised upward 0.2 percentage point from 4.8 percent to 5.0 percent in 2013, 0.8 percentage point from 4.8 percent to 5.6 percent in 2014, and 0.7 percentage point from 5.1 percent to 5.8 percent in 2015. QCEW Data Included in the First Quarter of 2016 BEA’s data on wages and salaries for the first quarter of 2016 were based on information from the District of Columbia and 42 state employment offices, a much larger universe than in the past. BEA acknowledges the special efforts by the Bureau of Labor Statistics with the assistance of state employment offices in providing preliminary data from the Quarterly Census of Employment and Wages (QCEW). Next release: August 29, 2016 at 8:30 A.M. EDT Personal Income and Outlays for July -3- Additional Information Resources 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.” 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 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?” Definitions Month-to-month percent changes are calculated from unrounded data and are not annualized. 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. 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 Fisherchained 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. 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. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. The personal saving rate is personal saving as a percentage of disposable personal income. (For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States, go to www.bea.gov/national/nipaweb/nipa-frb.asp. -4- List of Personal Income and Outlays News Release Tables Table 1. Table 2. Table 3. Table 4. Table 5. Table 6. Table 7. Table 8. Table 9. Table 10. Table 11. Table 12. Table 13. Table 14. Personal Income and Its Disposition (Months) Personal Income and Its Disposition (Years and Quarters) Personal Income and Its Disposition, Change From Preceding Period (Months) Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Real Personal Consumption Expenditures by Major Type of Product (Months) Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Revisions to Personal Income and Its Disposition Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months) Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters) -5- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2015 Nov. 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries ......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2................................................................................ 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods ................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 .................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................. Per capita: 47 Current dollars................................................................................. 48 Chained (2009) dollars .................................................................... 49 Population (midperiod, thousands) 6....................................................... 2016 Dec. Jan. Feb. March Line April May June p 15,685.3 15,737.7 15,741.0 15,723.0 15,765.1 15,826.7 15,853.7 15,883.0 1 9,897.0 9,937.9 9,921.5 9,878.7 9,887.5 9,937.1 9,956.6 9,987.9 2 8,028.8 8,063.0 8,042.4 7,998.3 8,002.4 8,044.8 8,059.0 8,084.4 3 6,739.7 6,771.4 6,748.1 6,702.5 6,704.3 6,744.3 6,754.9 6,777.5 4 1,337.5 1,340.7 1,337.7 1,326.1 1,325.0 1,333.2 1,339.0 1,333.1 5 825.2 828.1 821.5 810.1 805.7 812.7 817.4 813.7 6 5,402.2 5,430.6 5,410.4 5,376.4 5,379.2 5,411.1 5,415.8 5,444.4 7 1,264.6 1,269.4 1,259.1 1,251.4 1,250.6 1,258.1 1,256.9 1,266.8 8 4,137.5 4,161.2 4,151.4 4,125.0 4,128.6 4,153.0 4,158.9 4,177.6 9 1,289.1 1,291.7 1,294.3 1,295.8 1,298.2 1,300.5 1,304.1 1,306.9 10 1,868.2 1,874.9 1,879.1 1,880.4 1,885.0 1,892.4 1,897.6 1,903.5 11 1,290.0 578.2 1,294.9 580.0 1,300.0 579.1 1,304.9 575.5 1,309.8 575.2 1,314.7 577.6 1,319.4 578.2 1,323.9 12 579.6 13 1,395.4 1,408.1 1,405.7 1,402.7 1,403.3 1,407.6 1,407.1 1,415.9 14 38.1 33.9 33.1 32.3 31.5 32.1 32.7 33.3 15 1,357.3 1,374.2 1,372.7 1,370.3 1,371.8 1,375.5 1,374.4 1,382.6 16 677.7 679.1 685.7 692.8 699.9 700.3 701.9 704.7 17 2,235.1 2,221.1 2,230.9 2,230.0 2,246.7 2,247.4 2,249.2 2,237.9 18 1,291.6 1,278.3 1,287.2 1,296.1 1,304.9 1,300.5 1,296.0 1,291.5 19 943.5 942.7 943.7 934.0 941.7 946.9 953.2 946.4 20 2,705.0 2,720.1 2,730.8 2,746.2 2,754.9 2,766.4 2,772.5 2,773.0 21 2,652.5 2,667.7 2,678.4 2,693.6 2,702.2 2,713.5 2,719.5 2,719.9 22 877.9 889.2 884.6 887.1 887.1 895.1 894.4 892.9 23 639.8 642.7 646.5 650.1 653.4 656.4 659.2 661.7 24 546.5 549.3 552.0 555.8 559.1 564.1 567.1 568.1 25 31.5 31.7 31.8 31.8 31.1 30.3 30.5 30.4 26 92.6 93.1 92.5 93.2 93.6 94.1 95.1 96.1 27 464.1 461.7 470.9 475.8 478.0 473.5 473.3 470.7 28 52.4 52.4 52.5 52.6 52.7 52.9 53.0 53.2 29 1,224.8 1,228.7 1,233.8 1,227.3 1,227.2 1,232.2 1,233.6 1,236.5 30 1,965.4 1,966.6 1,939.4 1,930.2 1,930.2 1,936.0 1,937.2 1,942.0 31 13,719.9 13,771.1 13,801.6 13,792.8 13,834.9 13,890.7 13,916.4 13,941.0 32 12,903.2 12,935.8 12,946.0 12,968.2 12,971.5 13,099.2 13,150.6 13,209.0 33 12,442.4 12,471.8 12,479.1 12,504.3 12,510.5 12,639.7 12,685.8 12,738.8 34 4,048.8 4,037.5 4,019.9 3,999.9 4,006.2 4,075.8 4,080.8 4,094.6 35 1,375.9 1,376.0 1,364.8 1,370.0 1,365.1 1,391.5 1,385.8 1,381.9 36 2,672.8 2,661.6 2,655.1 2,629.9 2,641.1 2,684.3 2,695.0 2,712.8 37 8,393.6 8,434.3 8,459.1 8,504.4 8,504.3 8,563.8 8,605.0 8,644.2 38 270.5 273.8 270.9 268.0 265.1 270.3 275.5 280.7 39 190.3 190.1 196.1 195.9 195.9 189.2 189.3 189.4 40 104.0 103.9 108.3 108.2 108.1 108.1 108.2 108.4 41 86.2 86.2 87.8 87.8 87.8 81.1 81.1 81.1 42 816.7 835.3 855.5 824.6 863.4 791.5 765.8 732.0 43 6.0 6.1 6.2 6.0 6.2 5.7 5.5 5.3 44 11,804.7 11,848.2 11,827.7 11,806.3 11,828.7 11,837.4 11,835.8 11,849.7 45 12,477.3 12,534.1 12,547.2 12,548.6 12,578.5 12,590.1 12,591.5 12,600.9 46 42,516 38,666 322,697 42,648 38,818 322,897 42,719 38,837 323,076 42,671 38,822 323,238 42,778 38,893 323,413 42,925 38,906 323,601 42,978 38,886 323,804 43,025 47 38,889 48 324,018 49 p Preliminary 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2015 I 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities ............................................ 9 Other services-producing industries ......................................... 10 Government .................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets.................................................. 19 Personal interest income.................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 ............................................................................... 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance ............................................................... 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4.................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................. Per capita: 47 Current dollars................................................................................. 48 Chained (2009) dollars.................................................................... 49 Population (midperiod, thousands) 6 ...................................................... II 2016 III IV I Line II 14,809.7 15,458.5 15,185.9 15,401.9 15,556.1 15,690.2 15,743.0 15,854.4 1 9,253.4 9,693.1 9,502.3 9,637.6 9,740.0 9,892.4 9,895.9 9,960.5 2 7,476.3 7,854.8 7,692.0 7,808.8 7,893.9 8,024.6 8,014.4 8,062.7 3 6,239.6 6,580.3 6,433.8 6,537.8 6,613.8 6,735.8 6,718.3 6,758.9 4 1,257.4 1,308.1 1,286.1 1,301.4 1,310.4 1,334.6 1,329.6 1,335.1 5 780.0 806.7 793.6 803.1 806.2 823.9 812.4 814.6 6 4,982.2 5,272.2 5,147.7 5,236.4 5,303.4 5,401.1 5,388.7 5,423.8 7 1,175.4 1,237.1 1,210.0 1,229.0 1,245.1 1,264.2 1,253.7 1,260.6 8 3,806.8 4,035.1 3,937.7 4,007.5 4,058.3 4,137.0 4,135.0 4,163.2 9 1,236.7 1,274.5 1,258.2 1,271.0 1,280.1 1,288.9 1,296.1 1,303.8 10 1,777.1 1,838.2 1,810.3 1,828.7 1,846.1 1,867.8 1,881.5 1,897.8 11 1,229.8 547.3 1,270.5 567.7 1,252.4 558.0 1,263.5 565.2 1,276.1 570.0 1,290.0 577.8 1,304.9 576.6 1,319.3 12 578.5 13 1,337.7 1,376.8 1,351.1 1,366.1 1,389.0 1,400.9 1,403.9 1,410.2 14 68.5 39.9 38.4 38.7 44.6 38.1 32.3 32.7 15 1,269.2 1,336.8 1,312.7 1,327.4 1,344.4 1,362.8 1,371.6 1,377.5 16 606.1 659.6 636.5 656.6 668.1 677.3 692.8 702.3 17 2,227.0 2,253.8 2,240.4 2,264.3 2,275.1 2,235.5 2,235.9 2,244.8 18 1,300.9 1,302.7 1,266.0 1,315.9 1,336.1 1,293.0 1,296.1 1,296.0 19 926.1 951.1 974.4 948.5 939.0 942.5 939.8 948.8 20 2,540.4 2,678.6 2,638.9 2,675.4 2,692.1 2,708.2 2,744.0 2,770.6 21 2,494.9 2,627.2 2,589.0 2,624.1 2,640.0 2,655.8 2,691.4 2,717.6 22 834.6 871.8 861.7 869.5 874.5 881.5 886.3 894.1 23 601.1 628.2 617.3 624.1 631.6 639.8 650.0 659.1 24 487.4 539.6 524.9 540.9 545.3 547.3 555.6 566.4 25 35.5 32.2 33.2 32.1 32.0 31.4 31.5 30.4 26 83.7 89.8 87.7 89.4 90.0 92.2 93.1 95.1 27 452.6 465.6 464.3 468.2 466.5 463.5 474.9 472.5 28 45.5 51.4 49.9 51.3 52.1 52.4 52.6 53.0 29 1,154.9 1,203.5 1,183.3 1,198.1 1,208.3 1,224.1 1,229.4 1,234.1 30 1,787.0 1,938.7 1,909.4 1,937.2 1,944.4 1,963.8 1,933.3 1,938.4 31 13,022.7 13,519.8 13,276.5 13,464.7 13,611.7 13,726.4 13,809.8 13,916.0 32 12,296.7 12,736.2 12,540.9 12,691.2 12,813.2 12,899.6 12,961.9 13,152.9 33 11,863.4 12,283.7 12,098.9 12,240.2 12,356.9 12,438.8 12,498.0 12,688.1 34 3,970.5 4,012.1 3,956.7 4,010.7 4,043.0 4,038.1 4,008.7 4,083.8 35 1,294.8 1,355.2 1,331.0 1,353.3 1,364.7 1,371.8 1,366.6 1,386.4 36 2,675.7 2,656.9 2,625.6 2,657.4 2,678.4 2,666.3 2,642.0 2,697.4 37 7,892.9 8,271.6 8,142.2 8,229.5 8,313.9 8,400.6 8,489.3 8,604.3 38 251.6 263.8 255.9 262.3 266.2 270.6 268.0 275.5 39 181.8 188.8 186.0 188.7 190.1 190.2 196.0 189.3 40 98.3 103.3 102.2 103.3 103.9 104.0 108.2 108.2 41 83.5 85.4 83.8 85.4 86.2 86.2 87.8 81.1 42 726.0 783.6 735.6 773.5 798.5 826.8 847.8 763.1 43 5.6 5.8 5.5 5.7 5.9 6.0 6.1 5.5 44 11,240.8 11,667.7 11,513.6 11,625.6 11,717.8 11,813.7 11,820.9 11,841.0 45 11,931.0 12,343.3 12,183.0 12,299.9 12,398.9 12,491.0 12,558.1 12,594.1 46 40,794 37,374 319,233 42,026 38,368 321,704 41,389 37,980 320,771 41,902 38,277 321,337 42,270 38,504 322,015 42,537 38,709 322,693 42,723 38,850 323,242 42,976 47 38,894 48 323,808 49 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2015 Nov. 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities ............................................ 9 Other services-producing industries ......................................... 10 Government .................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets.................................................. 19 Personal interest income.................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 ............................................................................... 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance ............................................................... 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4.................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ...................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 .......... 2016 Dec. Jan. Feb. March Line April May June p 37.6 54.6 46.6 43.4 11.9 6.9 31.5 6.1 25.4 3.2 7.9 52.4 41.0 34.3 31.7 3.2 2.9 28.5 4.8 23.7 2.6 6.7 3.3 –16.4 –20.7 –23.2 –3.0 –6.7 –20.2 –10.4 –9.8 2.6 4.2 –17.9 –42.9 –44.1 –45.6 –11.6 –11.3 –34.0 –7.6 –26.4 1.5 1.3 42.1 8.8 4.1 1.7 –1.1 –4.4 2.8 –0.8 3.6 2.4 4.7 61.6 49.7 42.4 40.1 8.2 7.0 31.9 7.4 24.5 2.3 7.3 27.0 19.5 14.2 10.6 5.9 4.6 4.7 –1.2 5.9 3.7 5.3 29.3 1 31.2 2 25.4 3 22.7 4 –5.9 5 –3.6 6 28.6 7 9.9 8 18.7 9 2.7 10 5.8 11 4.8 3.1 4.9 1.8 5.1 –0.9 4.8 –3.6 5.0 –0.3 4.9 2.4 4.7 0.6 4.5 12 1.3 13 –4.0 –4.1 0.2 2.6 –15.2 –17.4 2.3 5.6 5.5 0.6 2.8 0.5 0.5 1.7 –0.6 0.0 6.0 5.8 31.8 43.4 40.3 20.7 12.4 8.3 19.6 3.1 0.0 0.0 0.0 –11.6 12.7 –4.2 16.9 1.4 –14.0 –13.2 –0.8 15.2 15.2 11.2 2.9 2.9 0.2 0.4 –2.4 0.0 3.8 1.2 51.2 32.6 29.4 –11.2 0.0 –11.3 40.6 3.3 –0.1 –0.1 0.0 18.6 –2.3 –0.8 –1.5 6.6 9.9 8.9 1.0 10.7 10.6 –4.5 3.8 2.7 0.1 –0.6 9.2 0.1 5.1 –27.2 30.5 10.3 7.3 –17.6 –11.2 –6.4 24.9 –2.9 5.9 4.4 1.5 20.2 –3.1 –0.8 –2.3 7.1 –0.9 8.9 –9.8 15.4 15.3 2.5 3.5 3.7 –0.1 0.7 4.8 0.1 –6.5 –9.2 –8.7 22.2 25.2 –20.0 5.2 –25.3 45.3 –2.9 –0.1 –0.1 0.0 –30.9 0.7 –0.8 1.4 7.1 16.6 8.9 7.8 8.7 8.6 –0.1 3.3 3.3 –0.7 0.5 2.3 0.1 –0.1 0.0 42.1 3.3 6.2 6.3 –4.9 11.2 –0.1 –2.9 0.0 0.0 0.0 38.8 4.3 0.6 3.7 0.4 0.7 –4.5 5.2 11.5 11.3 8.1 3.0 5.1 –0.8 0.5 –4.5 0.2 5.0 5.8 55.8 127.7 129.1 69.6 26.4 43.2 59.5 5.2 –6.7 0.0 –6.7 –71.9 –0.5 0.6 –1.1 1.6 1.8 –4.5 6.3 6.1 6.0 –0.7 2.8 3.0 0.2 1.0 –0.2 0.2 1.5 1.3 25.7 51.4 46.1 5.0 –5.7 10.7 41.1 5.2 0.1 0.1 0.0 –25.7 16.7 15.8 43.5 56.8 –20.6 13.1 –21.4 1.5 22.4 29.9 8.8 11.6 –1.7 1.4 8.8 0.6 8.2 2.8 –11.2 –4.5 –6.8 0.5 0.4 –1.5 2.5 1.0 0.0 1.0 –2.6 0.2 2.9 4.7 24.6 58.3 53.0 13.8 –4.0 17.8 39.2 5.2 0.1 0.1 0.0 –33.8 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 14.0 44 9.4 45 p Preliminary 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2015 I 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries ......................................................... 6 Manufacturing........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities ............................................ 9 Other services-producing industries ......................................... 10 Government .................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets.................................................. 19 Personal interest income.................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 ............................................................................... 24 Medicare 3 ........................................................................................ 25 Medicaid.......................................................................................... 26 Unemployment insurance ............................................................... 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net)........................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays........................................................................... 34 Personal consumption expenditures...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4.................................................................. 40 Personal current transfer payments....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ...................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 .......... 2016 Line II III IV I II 736.1 411.0 359.6 330.9 68.5 33.8 262.5 56.3 206.2 28.7 51.4 648.8 439.6 378.5 340.7 50.7 26.7 290.0 61.6 228.3 37.8 61.1 79.7 70.2 59.2 51.9 –1.4 –0.7 53.3 9.4 43.9 7.3 11.0 216.0 135.2 116.8 104.0 15.3 9.4 88.7 18.9 69.8 12.8 18.4 154.2 102.5 85.1 75.9 9.0 3.2 67.0 16.1 50.8 9.2 17.3 134.1 152.4 130.7 122.0 24.3 17.7 97.7 19.1 78.6 8.7 21.7 52.8 3.4 –10.3 –17.5 –5.0 –11.5 –12.5 –10.5 –2.0 7.2 13.7 111.4 1 64.7 2 48.4 3 40.6 4 5.5 5 2.2 6 35.1 7 6.9 8 28.2 9 7.8 10 16.3 11 30.8 20.6 40.7 20.4 10.0 1.0 11.2 7.2 12.6 4.8 13.9 7.8 14.9 –1.2 14.5 12 1.8 13 53.0 –19.3 72.3 39.0 170.9 39.3 131.6 112.4 108.0 35.6 26.1 47.7 –26.9 4.7 20.8 4.4 50.3 109.2 626.9 521.0 502.2 136.0 53.1 82.9 366.2 7.7 11.1 4.9 6.2 105.9 39.0 –28.6 67.6 53.5 26.9 1.9 25.0 138.3 132.3 37.2 27.1 52.2 –3.3 6.1 13.0 6.0 48.6 151.7 497.1 439.5 420.3 41.6 60.4 –18.8 378.7 12.2 7.0 5.0 1.9 57.6 –14.4 –22.6 8.2 13.2 –26.7 –38.6 11.9 46.5 44.5 18.1 6.2 11.4 0.0 2.4 6.4 2.0 9.0 68.5 11.2 16.8 23.1 –57.4 5.9 –63.3 80.5 –3.9 –2.4 1.6 –3.9 –5.6 15.0 0.3 14.7 20.1 23.9 49.9 –26.0 36.5 35.1 7.8 6.8 16.0 –1.1 1.8 3.9 1.4 14.8 27.8 188.2 150.3 141.3 54.0 22.2 31.8 87.3 6.4 2.6 1.1 1.5 37.9 22.9 5.9 17.0 11.5 10.8 20.3 –9.5 16.7 15.9 5.0 7.5 4.5 0.0 0.6 –1.6 0.8 10.1 7.3 147.0 122.0 116.7 32.4 11.4 21.0 84.3 3.8 1.5 0.6 0.9 25.0 11.9 –6.5 18.4 9.2 –39.7 –43.1 3.5 16.0 15.7 6.9 8.2 1.9 –0.6 2.2 –3.0 0.3 15.8 19.4 114.7 86.4 81.9 –4.9 7.1 –12.0 86.8 4.4 0.1 0.1 0.0 28.3 3.0 –5.8 8.8 15.5 0.4 3.1 –2.7 35.8 35.6 4.8 10.1 8.4 0.1 0.9 11.4 0.2 5.3 –30.6 83.4 62.3 59.2 –29.5 –5.1 –24.3 88.6 –2.6 5.7 4.2 1.5 21.1 410.8 403.4 426.9 412.2 77.0 59.6 112.0 117.0 92.2 98.9 95.9 92.1 7.2 67.1 6.3 0.4 5.9 9.5 9.0 –0.1 9.0 26.6 26.2 7.9 9.1 10.8 –1.2 2.0 –2.4 0.4 4.7 5.1 106.3 191.0 190.1 75.1 19.8 55.3 115.0 7.5 –6.6 0.0 –6.7 –84.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 20.1 44 36.0 45 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2015 Nov. 2016 Dec. Jan. Feb. March Line April May June p Based on current-dollar measures 1 Personal income ........................................................................ 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services................................................................................. 0.2 0.6 0.6 0.4 0.3 0.4 0.4 0.4 0.0 –0.2 –0.3 0.2 –0.1 –0.4 –0.5 0.1 0.3 0.1 0.1 0.2 0.4 0.5 0.5 0.4 0.2 0.2 0.2 0.3 0.2 0.3 0.3 0.3 1 2 3 4 –0.3 0.4 –0.7 –1.3 0.2 0.2 0.5 0.3 0.2 0.9 0.2 –0.6 –1.0 –0.1 0.6 0.3 0.1 0.4 –0.2 1.0 0.4 0.7 0.1 0.4 0.4 –1.4 0.2 –0.2 1.0 0.0 0.7 –1.0 0.6 –0.5 –0.5 –0.1 0.0 1.0 0.7 0.7 0.8 0.3 0.0 0.0 0.3 0.3 0.1 0.0 –0.3 0.6 0.4 0.4 0.3 0.4 0.0 0.2 0.1 –0.3 0.7 0.2 0.1 0.1 0.2 0.6 5 0.4 6 –0.5 7 –0.3 8 –0.7 9 0.0 10 0.2 11 0.2 12 0.2 13 0.3 0.5 0.9 0.3 0.2 0.2 –0.3 0.0 –0.4 0.5 0.1 –0.4 –0.8 –0.2 0.3 0.2 –0.5 0.4 –1.0 0.5 0.0 0.2 –0.4 0.4 0.0 1.0 1.7 1.9 1.6 0.7 0.4 0.1 –0.4 0.4 0.5 0.4 0.3 –0.3 0.7 0.5 –0.2 0.0 0.2 0.2 0.1 0.1 0.0 0.0 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. 0.1 0.1 0.4 0.5 –0.2 0.1 0.1 19 0.1 20 p Preliminary Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2014 2015 2015 I II 2016 III IV I Line II Based on current-dollar measures 1 Personal income ........................................................................ 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services................................................................................. 5.2 4.6 5.1 3.0 4.4 4.8 5.1 3.4 2.1 3.0 3.1 2.5 5.8 5.8 6.2 4.1 4.1 4.3 4.4 3.8 3.5 6.4 6.8 4.8 1.4 0.1 –0.5 3.0 2.9 2.6 2.4 3.5 1 2 3 4 4.1 6.9 8.3 3.1 16.6 4.6 4.6 6.5 5.1 2.9 8.8 1.2 0.1 2.7 5.4 4.2 8.5 3.8 –4.2 8.7 –4.6 –11.3 5.1 7.4 3.1 15.7 0.3 4.5 13.3 4.3 16.7 –10.2 5.7 5.1 5.9 5.8 6.9 7.2 1.9 6.3 –3.9 2.5 3.4 1.5 4.4 3.5 5.6 –6.8 –12.3 1.5 2.4 5.3 4.1 3.4 0.8 9.5 0.1 1.0 –1.1 5.4 1.7 –6.1 2.5 1.8 5 5.6 6 1.6 7 0.0 8 3.9 9 3.9 10 1.5 11 1.1 12 3.1 13 4.4 3.5 4.3 3.2 4.9 3.5 1.0 4.7 –0.7 4.8 0.8 –5.6 1.8 –9.1 4.1 4.8 5.6 6.9 4.9 4.4 3.9 3.3 3.4 3.2 4.2 2.7 –0.5 2.1 –1.8 4.2 1.9 –2.9 –1.5 –3.6 4.3 6.2 7.7 5.9 8.6 5.5 3.9 3.9 3.2 3.3 3.3 3.0 0.2 2.2 14 15 16 17 18 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts .................... Real disposable personal income............................................. 3.8 3.5 3.8 3.5 2.7 2.0 0.7 19 1.2 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2015 Line Nov. 2016 Dec. Jan. Feb. March April May June p Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 11,315.5 3,957.9 1,532.5 2,458.4 7,362.1 11,351.5 3,967.8 1,534.8 2,465.8 7,387.9 11,344.9 3,958.0 1,518.7 2,470.0 7,390.2 11,376.4 3,962.4 1,528.9 2,465.6 7,416.5 11,374.4 3,973.6 1,527.0 2,477.8 7,404.9 11,456.2 4,022.1 1,555.4 2,499.9 7,440.6 11,478.0 4,027.8 1,553.1 2,507.1 7,456.4 11,514.3 4,041.2 1,558.9 2,515.0 7,479.4 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures (PCE)...................... 7 Goods.......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 24.7 23.6 17.8 7.5 2.7 36.0 9.9 2.3 7.4 25.8 –6.6 –9.8 –16.1 4.1 2.4 31.5 4.4 10.2 –4.4 26.3 –2.0 11.1 –1.9 12.1 –11.7 81.8 48.5 28.4 22.1 35.7 21.8 5.7 –2.3 7.3 15.9 36.3 6 13.4 7 5.8 8 7.8 9 22.9 10 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... 0.2 0.6 1.2 0.3 0.0 0.3 0.3 0.2 0.3 0.4 –0.1 –0.2 –1.0 0.2 0.0 0.3 0.1 0.7 –0.2 0.4 0.0 0.3 –0.1 0.5 –0.2 0.7 1.2 1.9 0.9 0.5 0.2 0.1 –0.1 0.3 0.2 0.3 0.3 0.4 0.3 0.3 11 12 13 14 15 p Preliminary Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2014 2015 2015 I 2016 II III IV I Line II Billions of chained (2009) dollars 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 10,868.9 3,755.4 1,401.1 2,376.4 7,114.2 11,214.7 3,907.4 1,498.1 2,439.3 7,310.3 11,102.4 3,851.5 1,462.9 2,415.8 7,252.4 11,181.3 3,892.1 1,489.8 2,431.8 7,291.8 11,255.9 3,932.6 1,512.4 2,451.3 7,327.2 11,319.3 3,953.4 1,527.3 2,458.4 7,369.8 11,365.2 3,964.7 1,524.9 2,471.1 7,403.9 74.5 40.5 22.5 19.5 35.4 63.4 20.7 15.0 7.1 42.6 45.9 11.3 –2.4 12.7 34.1 2.7 4.2 6.2 3.2 2.0 2.3 2.1 4.0 1.2 2.3 1.6 1.2 –0.6 2.1 1.9 11,482.8 4,030.4 1,555.8 2,507.3 7,458.8 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures (PCE)...................... 7 Goods.......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 303.5 141.9 88.4 60.2 162.8 345.9 152.0 97.0 62.9 196.2 66.0 25.2 14.8 11.6 41.0 79.0 40.7 26.9 16.0 39.5 117.6 6 65.7 7 30.9 8 36.2 9 54.9 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... 2.9 3.9 6.7 2.6 2.3 3.2 4.0 6.9 2.6 2.8 2.4 2.7 4.1 1.9 2.3 2.9 4.3 7.6 2.7 2.2 4.2 6.8 8.4 6.0 3.0 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2015 Line Nov. 2016 Dec. Jan. Feb. March April May June p Line Chain-type price indexes (2009=100), seasonally adjusted 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3....................... 109.961 102.294 89.778 108.722 114.015 109.871 101.755 89.645 107.938 114.167 109.999 101.563 89.859 107.497 114.467 109.917 100.944 89.603 106.662 114.671 109.991 100.820 89.395 106.592 114.851 110.333 101.335 89.459 107.379 115.100 110.525 101.316 89.223 107.494 115.406 110.637 101.321 88.637 107.865 115.577 1 2 3 4 5 110.116 111.199 102.491 108.511 108.441 110.191 110.882 99.403 108.388 108.500 110.494 110.739 96.441 108.432 108.730 110.702 110.953 90.059 108.352 108.979 110.776 110.438 91.087 108.400 109.023 110.974 110.629 94.561 108.720 109.177 111.165 110.120 95.903 108.921 109.377 111.241 6 109.866 7 97.302 8 109.052 9 109.470 10 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... Addenda: 16 PCE excluding food and energy ............................................... 17 Food 1 ........................................................................................ 18 Energy goods and services 2 ..................................................... 19 Market-based PCE 3 .................................................................. 20 Market-based PCE excluding food and energy 3....................... 0.1 –0.1 –0.3 0.0 0.2 –0.1 –0.5 –0.1 –0.7 0.1 0.1 –0.2 0.2 –0.4 0.3 –0.1 –0.6 –0.3 –0.8 0.2 0.1 –0.1 –0.2 –0.1 0.2 0.3 0.5 0.1 0.7 0.2 0.2 0.0 –0.3 0.1 0.3 0.1 0.0 –0.7 0.3 0.1 11 12 13 14 15 0.1 –0.2 0.3 0.1 0.1 0.1 –0.3 –3.0 –0.1 0.1 0.3 –0.1 –3.0 0.0 0.2 0.2 0.2 –6.6 –0.1 0.2 0.1 –0.5 1.1 0.0 0.0 0.2 0.2 3.8 0.3 0.1 0.2 –0.5 1.4 0.2 0.2 0.1 –0.2 1.5 0.1 0.1 16 17 18 19 20 p Preliminary 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2015 Line Nov. 1 Disposable personal income .................................................... 2 Personal consumption expenditures....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services .................................................................................... 2016 Dec. 2.9 2.4 3.2 5.2 2.1 2.0 Jan. 3.0 2.6 3.5 5.5 2.4 2.2 Feb. 3.1 2.4 3.1 4.1 2.6 2.0 March 2.9 2.6 3.3 5.5 2.2 2.2 April 3.2 2.2 2.4 3.2 2.0 2.0 May 2.7 2.7 3.9 5.1 3.3 2.2 June p 2.3 2.5 3.1 3.6 2.9 2.2 2.2 2.8 3.6 4.6 3.1 2.4 Line 1 2 3 4 5 6 p Preliminary Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Line 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3....................... 2015 Nov. 2016 Dec. Jan. Feb. March April May 0.5 –2.6 –1.8 –3.0 2.0 0.6 –2.2 –1.6 –2.5 1.9 1.1 –1.0 –1.2 –0.8 2.1 0.9 –1.8 –1.6 –1.9 2.2 0.8 –2.0 –1.7 –2.2 2.1 1.0 –1.4 –1.7 –1.3 2.2 0.9 –1.8 –1.8 –1.8 2.3 1.4 0.3 –15.5 0.1 1.1 1.4 –0.2 –13.5 0.3 1.2 1.6 –0.2 –7.2 0.8 1.4 1.7 –0.1 –14.0 0.6 1.5 1.6 –0.3 –13.8 0.5 1.4 1.6 0.0 –9.7 0.7 1.3 1.6 –0.4 –10.7 0.7 1.4 June p 0.9 –1.8 –2.2 –1.6 2.2 Line 1 2 3 4 5 1.6 6 –0.9 7 –10.0 8 0.7 9 1.4 10 p Preliminary 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 12. Revisions to Personal Income and Its Disposition Billions of dollars Line 1 Personal income .................................................................................... 2 Compensation of employees............................................................. 3 Wages and salaries ......................................................................... 4 Private industries............................................................................ 5 Goods-producing industries........................................................ 6 Manufacturing.......................................................................... 7 Services-producing industries..................................................... 8 Trade, transportation, and utilities ........................................... 9 Other services-producing industries........................................ 10 Government ................................................................................... 11 Supplements to wages and salaries.............................................. Employer contributions for employee pension and insurance 12 funds 1 ......................................................................................... 13 Employer contributions for government social insurance............... 14 Proprietors’ income with inventory valuation and capital consumption adjustments.............................................................. 15 Farm .................................................................................................. 16 Nonfarm............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets................................................. 19 Personal interest income................................................................... 20 Personal dividend income ................................................................. 21 Personal current transfer receipts.................................................... 22 Government social benefits to persons ............................................. 23 Other current transfer receipts, from business (net).......................... 24 Less: Contributions for government social insurance, domestic 25 Less: Personal current taxes................................................................ 26 Equals: Disposable personal income .................................................. 27 Less: Personal outlays.......................................................................... 28 Personal consumption expenditures..................................................... 29 Goods................................................................................................ 30 Durable goods................................................................................ 31 Nondurable goods.......................................................................... 32 Services............................................................................................. 33 Personal interest payments 2 ................................................................ 34 Personal current transfer payments...................................................... 35 To government................................................................................... 36 To the rest of the world (net).............................................................. 37 Equals: Personal saving ....................................................................... 38 Personal saving as a percentage of disposable personal income Addenda: 39 Personal income excluding current transfer receipts, billions of chained (2009) dollars 3 ................................................................... Disposable personal income: 40 Total, billions of chained (2009) dollars 3............................................ Per capita: 41 Current dollars................................................................................ 42 Chained (2009) dollars................................................................... 43 Population (midperiod, thousands) 4 ..................................................... Revised estimates Revisions to previously published 2013 2014 2015 Revisions as a percentage of previously published 2013 2014 Line 2013 2014 2015 2015 14,073.7 8,842.4 7,116.7 5,908.7 1,188.9 746.1 4,719.8 1,119.2 3,600.6 1,208.0 1,725.8 14,809.7 9,253.4 7,476.3 6,239.6 1,257.4 780.0 4,982.2 1,175.4 3,806.8 1,236.7 1,777.1 15,458.5 9,693.1 7,854.8 6,580.3 1,308.1 806.7 5,272.2 1,237.1 4,035.1 1,274.5 1,838.2 5.3 2.8 2.3 2.0 –1.1 –0.7 3.1 0.7 2.4 0.3 0.5 115.5 4.5 –1.4 –0.9 –3.5 –0.9 2.6 0.0 2.6 –0.6 6.0 107.8 26.5 19.9 14.2 –1.6 1.8 15.8 0.6 15.2 5.8 6.6 0.0 0.0 0.0 0.0 –0.1 –0.1 0.1 0.1 0.1 0.0 0.0 0.8 0.0 0.0 0.0 –0.3 –0.1 0.1 0.0 0.1 0.0 0.3 0.7 1 0.3 2 0.3 3 0.2 4 –0.1 5 0.2 6 0.3 7 0.0 8 0.4 9 0.5 10 0.4 11 1,199.0 526.8 1,229.8 547.3 1,270.5 567.7 1.2 –0.7 5.8 0.1 6.3 0.3 0.1 –0.1 0.5 0.0 0.5 12 0.1 13 1,284.7 87.8 1,197.0 567.1 2,056.1 1,261.6 794.4 2,428.0 2,386.9 41.1 1,104.6 1,677.8 12,395.8 11,775.7 11,361.2 3,834.5 1,241.7 2,592.8 7,526.7 243.9 170.7 93.4 77.3 620.1 5.0 1,337.7 68.5 1,269.2 606.1 2,227.0 1,300.9 926.1 2,540.4 2,494.9 45.5 1,154.9 1,787.0 13,022.7 12,296.7 11,863.4 3,970.5 1,294.8 2,675.7 7,892.9 251.6 181.8 98.3 83.5 726.0 5.6 1,376.8 39.9 1,336.8 659.6 2,253.8 1,302.7 951.1 2,678.6 2,627.2 51.4 1,203.5 1,938.7 13,519.8 12,736.2 12,283.7 4,012.1 1,355.2 2,656.9 8,271.6 263.8 188.8 103.3 85.4 783.6 5.8 –0.4 –1.0 0.6 3.7 –4.3 –9.7 5.4 1.3 1.4 –0.1 –2.2 5.1 0.2 –30.0 –31.1 –2.2 3.9 –6.1 –28.9 –0.3 1.4 0.7 0.7 30.2 0.2 –8.9 –9.6 0.7 –4.8 109.4 –1.2 110.6 11.2 7.7 3.5 –4.1 6.7 108.8 3.0 –2.6 22.1 14.6 7.5 –24.6 –2.7 8.2 3.0 5.2 105.8 0.8 10,830.0 11,240.8 11,667.7 7.7 91.0 74.2 0.1 0.8 0.6 39 11,527.6 11,931.0 12,343.3 4.5 94.8 96.2 0.0 0.8 0.8 40 39,129 36,388 316,796 40,794 37,374 319,233 42,026 38,368 321,704 1 14 0 341 297 0 363 299 0 0.0 0.0 0 0.8 0.8 0 0.9 41 0.8 42 0 43 –11.5 0.0 –0.7 –0.8 –20.0 –1.1 –12.3 –33.3 8.4 0.1 0.1 0.6 3.0 0.6 –0.8 0.5 73.4 –0.2 5.2 3.4 –9.6 –0.8 –0.1 –0.7 83.0 0.7 13.6 9.6 15.9 0.1 0.4 0.6 7.7 0.1 0.3 0.3 8.2 –0.2 8.3 19.1 –0.5 –0.2 –0.4 0.0 –8.7 0.3 0.4 –0.4 116.6 0.0 0.8 0.9 18.7 –0.3 0.0 0.1 11.8 –0.3 0.0 0.1 33.3 –0.1 0.6 0.8 26.5 0.3 1.1 2.0 6.8 –0.2 0.3 0.3 –21.5 –0.4 –0.3 –0.3 –4.8 –0.1 –1.1 –1.8 11.7 0.8 4.7 6.6 5.7 0.8 3.2 5.8 6.0 0.9 6.7 7.5 97.9 ................ ................ ................ 0.7 ................ ................ ................ 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 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. Consists of nonmortgage interest paid by households. 3. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 4. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)—Continues 2013 Line Jan. Feb. March April May June 2014 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. March Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: Personal income ....................................... Previously published.............................. Disposable personal income..................... Previously published.............................. Personal consumption expenditures......... Previously published.............................. –754.4 –788.9 –788.0 –817.6 38.8 45.4 49.9 74.5 43.9 67.9 57.6 58.5 7.4 23.0 –2.1 11.6 –21.3 2.7 11.9 17.6 –5.7 –2.5 –7.7 –12.6 90.9 86.8 78.4 73.8 25.6 40.2 56.9 54.9 50.4 51.3 40.7 46.6 –5.8 –5.8 6.1 10.2 22.9 20.1 57.8 52.5 54.8 52.0 27.1 13.3 51.5 49.0 46.6 45.2 53.7 64.3 –12.6 –20.9 –15.5 –27.1 41.3 37.8 67.5 63.0 51.5 46.9 76.7 63.1 50.1 39.6 37.1 29.7 24.1 35.9 96.9 82.3 74.6 66.6 –3.8 –42.1 92.1 85.2 78.8 71.7 69.2 83.4 105.2 79.1 97.3 68.8 83.3 74.8 1 2 3 4 5 6 7 Personal saving as a percentage of disposable personal income.................. 8 Previously published.............................. 4.9 4.6 4.7 4.6 4.8 4.7 4.9 4.7 5.3 5.0 5.4 5.1 5.2 5.0 5.4 5.2 5.3 5.0 4.8 4.5 4.6 4.4 4.7 4.3 5.3 5.1 5.3 5.0 5.4 4.9 7 8 1 2 3 4 5 6 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income .......................................... 10 Previously published ................................. –5.2 –5.4 0.4 0.5 0.1 0.2 0.1 0.1 0.7 0.6 0.4 0.4 0.0 0.0 0.4 0.4 0.4 0.3 –0.1 –0.1 0.5 0.4 0.4 0.3 0.7 0.6 0.6 0.6 0.7 9 0.5 10 11 Disposable personal income ........................ 12 Previously published ................................. –6.1 –6.3 0.4 0.6 0.0 0.1 0.0 0.0 0.6 0.6 0.4 0.4 0.0 0.1 0.4 0.4 0.4 0.4 –0.1 –0.2 0.4 0.4 0.3 0.2 0.6 0.5 0.6 0.6 0.8 11 0.5 12 13 Personal consumption expenditures ............ 14 Previously published ................................. 0.3 0.4 0.5 0.5 –0.2 0.0 –0.1 –0.1 0.2 0.4 0.4 0.4 0.2 0.2 0.2 0.1 0.5 0.6 0.4 0.3 0.7 0.5 0.2 0.3 0.0 –0.4 0.6 0.7 0.7 13 0.6 14 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income ................ 16 Previously published ................................. –6.2 –6.4 0.0 0.2 0.1 0.2 0.0 0.1 0.6 0.5 0.2 0.2 –0.1 0.0 0.3 0.3 0.3 0.3 –0.3 –0.3 0.3 0.3 0.1 0.1 0.4 0.4 0.6 0.5 0.6 15 0.3 16 17 Real personal consumption expenditures .... 18 Previously published ................................. 0.2 0.3 0.1 0.1 –0.1 0.1 0.0 0.0 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.0 0.4 0.5 0.2 0.2 0.5 0.5 0.0 0.1 –0.3 –0.5 0.5 0.7 0.5 17 0.4 18 2014 Line April May June July Aug. 2015 Sept. Oct. Nov. Dec. Jan. Feb. March April Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: Personal income ....................................... Previously published.............................. Disposable personal income..................... Previously published.............................. Personal consumption expenditures......... Previously published.............................. 54.5 37.5 64.1 37.8 42.5 48.8 71.0 53.4 70.5 48.3 33.0 35.3 84.5 74.9 73.0 64.5 64.3 68.2 60.9 39.2 42.8 26.7 24.1 23.1 78.7 64.9 58.0 46.1 87.4 73.3 47.8 35.3 34.1 22.4 12.8 20.7 76.3 67.3 62.8 51.1 70.8 54.1 56.8 78.3 42.3 59.0 46.2 33.8 19.3 48.6 14.1 40.3 –13.3 –7.6 5.8 33.9 –46.8 –12.4 –26.1 –49.0 49.7 47.7 42.8 44.6 31.1 24.1 27.0 –0.2 18.0 –2.8 65.5 62.3 104.0 97.0 91.5 76.5 28.0 41.3 1 2 3 4 5 6 7 Personal saving as a percentage of disposable personal income.................. 8 Previously published.............................. 5.5 4.8 5.7 4.9 5.8 4.8 5.9 4.8 5.6 4.6 5.7 4.6 5.6 4.5 5.5 4.6 5.7 5.0 5.6 5.3 5.7 5.4 5.3 4.9 5.7 5.1 7 8 1 2 3 4 5 6 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income .......................................... 10 Previously published ................................. 0.4 0.3 0.5 0.4 0.6 0.5 0.4 0.3 0.5 0.4 0.3 0.2 0.5 0.5 0.4 0.5 0.1 0.3 0.0 0.2 0.3 0.3 0.2 0.0 0.7 9 0.6 10 11 Disposable personal income ........................ 12 Previously published ................................. 0.5 0.3 0.5 0.4 0.6 0.5 0.3 0.2 0.4 0.4 0.3 0.2 0.5 0.4 0.3 0.5 0.1 0.3 –0.4 –0.1 0.3 0.3 0.1 0.0 0.7 11 0.6 12 13 Personal consumption expenditures ............ 14 Previously published ................................. 0.4 0.4 0.3 0.3 0.5 0.6 0.2 0.2 0.7 0.6 0.1 0.2 0.6 0.5 0.4 0.3 –0.1 –0.1 –0.2 –0.4 0.3 0.2 0.5 0.5 0.2 13 0.3 14 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income ................ 16 Previously published ................................. 0.3 0.1 0.4 0.2 0.5 0.4 0.2 0.1 0.5 0.4 0.1 0.1 0.4 0.4 0.4 0.6 0.3 0.5 0.1 0.4 0.2 0.2 0.0 –0.2 0.6 15 0.5 16 17 Real personal consumption expenditures .... 18 Previously published ................................. 0.1 0.2 0.1 0.1 0.5 0.4 0.1 0.1 0.7 0.6 0.0 0.1 0.6 0.4 0.5 0.4 0.1 0.2 0.2 0.1 0.1 0.0 0.4 0.3 0.1 17 0.3 18 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)—Table Ends 2015 Line May June July Aug. 2016 Sept. Oct. Nov. Dec. Jan. Feb. March April May Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: Personal income ....................................... Previously published.............................. Disposable personal income..................... Previously published.............................. Personal consumption expenditures......... Previously published.............................. 87.3 89.8 77.7 71.7 76.7 104.2 57.4 73.6 55.9 63.7 24.2 37.7 48.1 50.8 48.2 47.8 46.1 38.4 46.2 44.5 42.1 40.0 27.6 37.0 23.8 21.5 22.6 21.5 31.6 23.1 60.2 74.2 47.3 52.5 14.9 18.8 37.6 58.1 31.8 42.1 40.3 49.5 52.4 49.0 51.2 41.4 29.4 18.4 3.3 60.4 30.5 75.9 7.3 11.0 –17.9 15.4 –8.7 14.5 25.2 20.5 42.1 54.3 42.1 48.1 6.2 –0.3 61.6 75.4 55.8 68.6 129.1 141.2 27.0 37.1 25.7 33.9 46.1 53.5 1 2 3 4 5 6 7 Personal saving as a percentage of disposable personal income.................. 8 Previously published.............................. 5.7 4.8 5.8 5.0 5.8 5.0 5.9 5.1 5.9 5.0 6.1 5.3 6.0 5.2 6.1 5.3 6.2 5.7 6.0 5.7 6.2 6.0 5.7 5.4 5.5 5.3 7 8 1 2 3 4 5 6 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income .......................................... 10 Previously published ................................. 0.6 0.6 0.4 0.5 0.3 0.3 0.3 0.3 0.2 0.1 0.4 0.5 0.2 0.4 0.3 0.3 0.0 0.4 –0.1 0.1 0.3 0.3 0.4 0.5 0.2 9 0.2 10 11 Disposable personal income ........................ 12 Previously published ................................. 0.6 0.5 0.4 0.5 0.4 0.4 0.3 0.3 0.2 0.2 0.3 0.4 0.2 0.3 0.4 0.3 0.2 0.6 –0.1 0.1 0.3 0.3 0.4 0.5 0.2 11 0.2 12 13 Personal consumption expenditures ............ 14 Previously published ................................. 0.6 0.9 0.2 0.3 0.4 0.3 0.2 0.3 0.3 0.2 0.1 0.2 0.3 0.4 0.2 0.1 0.1 0.1 0.2 0.2 0.0 0.0 1.0 1.1 0.4 13 0.4 14 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income ................ 16 Previously published ................................. 0.4 0.2 0.3 0.2 0.2 0.3 0.3 0.3 0.2 0.2 0.3 0.3 0.1 0.2 0.5 0.4 0.1 0.4 0.0 0.2 0.2 0.3 0.1 0.2 0.0 15 0.1 16 17 Real personal consumption expenditures .... 18 Previously published ................................. 0.4 0.6 0.0 0.1 0.3 0.2 0.2 0.3 0.3 0.2 0.0 0.1 0.2 0.3 0.3 0.2 –0.1 0.0 0.3 0.3 0.0 –0.1 0.7 0.8 0.2 17 0.3 18 Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters) Seasonally adjusted at annual rates Line 2013 2014 2015 2013 I Line II III IV Change from preceding period in billions of dollars: Personal income ........................................................... Previously published.................................................. Disposable personal income......................................... Previously published.................................................. Personal consumption expenditures............................. Previously published.................................................. 158.6 153.3 –7.9 –8.1 310.5 341.7 736.1 625.8 626.9 518.3 502.2 473.7 648.8 656.5 497.1 489.3 420.3 405.9 –412.7 –425.6 –488.8 –497.9 92.3 107.5 113.0 133.9 76.6 94.1 27.9 51.0 118.2 111.1 117.9 118.7 94.6 94.9 102.7 84.5 80.5 61.6 145.3 139.2 1 2 3 4 5 6 7 Personal saving as a percentage of disposable personal income ......................................................... 8 Previously published ..................................................... 5.0 4.8 5.6 4.8 5.8 5.1 4.8 4.6 5.2 4.9 5.3 5.1 4.7 4.4 7 8 1 2 3 4 5 6 Percent change from preceding period for current-dollar measures 9 Personal income .............................................................. 10 Previously published ..................................................... 1.1 1.1 5.2 4.4 4.4 4.5 –11.0 –11.4 3.3 3.9 3.4 3.2 2.9 9 2.4 10 11 Disposable personal income ............................................ 12 Previously published ..................................................... –0.1 –0.1 5.1 4.2 3.8 3.8 –14.5 –14.7 2.5 3.1 3.9 3.9 2.6 11 2.0 12 13 Personal consumption expenditures ................................ 14 Previously published ..................................................... 2.8 3.1 4.4 4.2 3.5 3.4 3.3 3.9 1.0 1.8 3.4 3.4 5.2 13 5.0 14 Percent change from preceding period for chained-dollar measures 15 Real disposable personal income .................................... 16 Previously published ..................................................... –1.4 –1.4 3.5 2.7 3.5 3.5 –15.7 –15.9 2.4 2.7 2.4 2.2 0.9 15 0.6 16 17 Real personal consumption expenditures ........................ 18 Previously published ..................................................... 1.5 1.7 2.9 2.7 3.2 3.1 1.9 2.5 0.8 1.4 1.9 1.7 3.4 17 3.5 18 Seasonally adjusted at annual rates Line 2014 I II 2015 III IV I II 2016 III IV Line I Change from preceding period in billions of dollars: Personal income ........................................................... Previously published.................................................. Disposable personal income......................................... Previously published.................................................. Personal consumption expenditures............................. Previously published.................................................. 249.2 212.8 201.5 172.8 111.7 83.4 230.8 179.2 226.6 161.2 164.5 172.7 209.4 162.0 165.0 124.0 140.5 136.1 178.7 180.9 137.8 134.1 134.8 112.3 79.7 124.2 11.2 62.9 23.1 –5.9 216.0 197.2 188.2 158.6 141.3 172.9 154.2 166.7 147.0 148.1 116.7 130.6 134.1 158.5 114.7 122.0 81.9 85.7 52.8 140.8 83.4 143.2 59.2 53.4 1 2 3 4 5 6 7 Personal saving as a percentage of disposable personal income ......................................................... 8 Previously published ..................................................... 5.3 5.0 5.7 4.8 5.7 4.7 5.6 4.7 5.5 5.2 5.7 5.0 5.9 5.0 6.0 5.2 6.1 5.8 7 8 1 2 3 4 5 6 Percent change from preceding period for current-dollar measures 9 Personal income .............................................................. 10 Previously published ..................................................... 7.2 6.1 6.5 5.1 5.8 4.5 4.9 5.0 2.1 3.4 5.8 5.3 4.1 4.4 3.5 4.2 1.4 9 3.7 10 11 Disposable personal income ............................................ 12 Previously published ..................................................... 6.6 5.6 7.3 5.2 5.2 3.9 4.3 4.2 0.3 1.9 5.8 4.9 4.4 4.5 3.4 3.7 2.5 11 4.3 12 13 Personal consumption expenditures ................................ 14 Previously published ..................................................... 3.9 2.9 5.8 6.1 4.8 4.7 4.6 3.8 0.8 –0.2 4.8 5.9 3.9 4.3 2.7 2.8 1.9 13 1.7 14 Percent change from preceding period for chained-dollar measures 15 Real disposable personal income .................................... 16 Previously published ..................................................... 4.5 4.0 5.3 3.0 4.1 2.7 4.3 4.7 2.0 3.9 3.9 2.6 3.3 3.2 3.0 3.3 2.2 15 4.0 16 17 Real personal consumption expenditures ........................ 18 Previously published ..................................................... 1.9 1.3 3.8 3.8 3.7 3.5 4.6 4.3 2.4 1.8 2.9 3.6 2.7 3.0 2.3 2.4 1.6 17 1.5 18
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