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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 30, 2014 BEA 14-22 James Rankin Jason Chute (202) 606-5301 (Personal Income) (202) 606-5302 (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: APRIL 2014 Personal income increased $43.7 billion, or 0.3 percent, and disposable personal income (DPI) increased $44.6 billion, or 0.3 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $8.1 billion, or 0.1 percent. In March, personal income increased $76.3 billion, or 0.5 percent, DPI increased $65.0 billion, or 0.5 percent, and PCE increased $117.6 billion, or 1.0 percent, based on revised estimates. Real DPI increased 0.2 percent in April, compared with an increase of 0.3 percent in March. Real PCE decreased 0.3 percent, in contrast to an increase of 0.8 percent. 2013 Dec. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars -0.1 2014 Jan. Feb. Mar. (Percent change from preceding month) 0.3 0.4 0.5 Apr. 0.3 -0.1 -0.3 0.4 0.3 0.4 0.3 0.5 0.3 0.3 0.2 0.1 -0.1 0.2 0.0 0.6 0.5 1.0 0.8 -0.1 -0.3 This news release presents revised estimates of wages and salaries, personal current taxes, and contributions for government social insurance for October through December 2013 (fourth quarter). These estimates reflect the incorporation of newly available fourth-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. ___________________ NOTE. Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Monthto-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2009) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. ‐more‐ ‐2‐ Wages and salaries Private wages and salaries increased $16.9 billion in April, compared with an increase of $44.6 billion in March. Goods producing industries' payrolls decreased $0.1 billion, in contrast to an increase of $10.2 billion; manufacturing payrolls decreased $1.2 billion, in contrast to an increase of $7.8 billion. Servicesproducing industries' payrolls increased $16.9 billion, compared with an increase of $34.5 billion. Government wages and salaries increased $1.4 billion, compared with an increase of $0.9 billion. Other personal income Supplements to wages and salaries increased $3.2 billion in April, compared with an increase of $5.1 billion in March. Proprietors' income increased $5.4 billion in April, the same increase as in March. Farm proprietors' income increased $2.2 billion in April, in contrast to a decrease of $0.3 billion in March. Nonfarm proprietors' income increased $3.2 billion, compared with an increase of $5.7 billion. Rental income of persons increased $1.8 billion in April, compared with an increase of $3.6 billion in March. Personal income receipts on assets (personal interest income plus personal dividend income) increased $15.3 billion, compared with an increase of $8.0 billion. Personal current transfer receipts increased $2.6 billion, compared with an increase of $14.8 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $2.7 billion in April, compared with an increase of $6.3 billion in March. Personal current taxes and disposable personal income Personal current taxes decreased $1.0 billion in April, in contrast to an increase of $11.4 billion in March. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $44.6 billion, or 0.3 percent, in April, compared with an increase of $65.0 billion, or 0.5 percent, in March. -more- ‐3‐ Personal outlays and saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -decreased $9.1 billion in April, in contrast to an increase of $120.2 billion in March. PCE decreased $8.1 billion in April, in contrast to an increase of $117.6 billion in March. Personal saving -- DPI less personal outlays -- was $518.1 billion in April, compared with $464.4 billion in March. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.0 percent in April, compared with 3.6 percent in March. 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 and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in April, compared with an increase of 0.3 percent in March. Real PCE -- PCE adjusted to remove price changes -- decreased 0.3 percent in April, in contrast to an increase of 0.8 percent in March. Purchases of durable goods decreased 0.5 percent, in contrast to an increase of 3.7 percent. Purchases of motor vehicles and parts accounted for most of the decrease in April and for most of the increase in March. Purchases of nondurable goods decreased 0.3 percent in April, in contrast to an increase of 0.5 percent in March. Purchases of services decreased 0.2 percent, in contrast to an increase of 0.5 percent. The price index for PCE increased 0.2 percent in April, the same increase as in March. The PCE price index, excluding food and energy, increased 0.2 percent in April, the same increase as in March. Price Index: Percent Change from Month One Year Ago The April price index for PCE increased 1.6 percent from April a year ago. The April PCE price index, excluding food and energy, increased 1.4 percent from April a year ago. Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released in conjunction with preliminary estimates for June 2014 on August 1, 2014. In addition to the regular revision of estimates for the most recent 3 years and for the first 5 months of 2014, personal income and select components will be revised back further. The August Survey of Current Business will contain an article describing the annual revision in detail. -more- ‐4‐ Revisions Estimates for personal income and DPI have been revised for October through March; estimates for PCE have been revised for January through March. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for February and March -revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from October through March. The revision to fourthquarter wages and salaries reflects the incorporation of the most recently available BLS tabulations of the fourth-quarter wages and and salaries from the quarterly census of employment and wages (QCEW). Revised estimates for January, for February, and for March reflect extrapolations from the revised fourthquarter level of wages. In addition, revisions to February and to March reflect revised BLS employment, hours, and earnings data for those months. Change from preceding month February Previous Revised (Billions of dollars) Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars March Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) 54.3 55.0 0.4 0.4 78.4 76.3 0.5 0.5 47.6 36.3 46.9 35.7 0.4 0.3 0.4 0.3 68.0 41.1 65.0 38.1 0.5 0.3 0.5 0.3 54.7 43.5 65.1 53.1 0.5 0.4 0.6 0.5 107.2 78.9 117.6 88.3 0.9 0.7 1.0 0.8 BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to free e-mail summaries of BEA releases and announcements. * * * Next release – June 26, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for May -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2013 Sept. 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...................................................... Oct. r 2014 Nov. r Dec. r Jan. r Feb. r Line March r April p 14,290.7 14,280.6 14,317.7 14,305.5 14,355.2 14,410.2 14,486.5 14,530.2 1 8,923.1 8,938.4 8,984.0 8,973.5 9,005.9 9,031.9 9,082.7 9,104.1 2 7,193.6 7,205.9 7,246.7 7,234.8 7,261.8 7,284.2 7,329.9 7,348.1 3 5,996.6 6,008.3 6,047.3 6,033.6 6,059.5 6,079.6 6,124.2 6,141.1 4 1,195.0 1,196.4 1,207.3 1,208.8 1,212.1 1,219.5 1,229.7 1,229.6 5 750.7 750.8 756.3 755.4 754.6 756.0 763.8 762.6 6 4,801.7 4,811.9 4,840.0 4,824.9 4,847.3 4,860.0 4,894.5 4,911.4 7 1,133.2 1,138.3 1,145.7 1,143.2 1,147.8 1,147.6 1,159.1 1,165.7 8 3,668.4 3,673.6 3,694.3 3,681.7 3,699.5 3,712.4 3,735.4 3,745.7 9 1,197.0 1,197.6 1,199.4 1,201.2 1,202.3 1,204.7 1,205.6 1,207.0 10 1,729.5 1,732.5 1,737.4 1,738.7 1,744.1 1,747.7 1,752.8 1,756.0 11 1,195.2 534.3 1,197.4 535.1 1,199.9 537.5 1,202.1 536.6 1,204.0 540.1 1,206.3 541.4 1,208.4 544.4 1,210.6 12 545.4 13 1,382.1 1,363.5 1,358.8 1,353.1 1,362.4 1,365.9 1,371.3 1,376.7 14 148.1 125.4 112.9 100.3 100.0 99.6 99.3 101.5 15 1,234.1 1,238.0 1,245.9 1,252.8 1,262.4 1,266.3 1,272.0 1,275.2 16 601.2 602.5 603.2 603.9 607.7 611.0 614.6 616.4 17 2,032.2 2,029.1 2,031.0 2,030.3 2,022.5 2,029.8 2,037.8 2,053.1 18 1,233.1 1,237.1 1,241.1 1,245.1 1,244.3 1,243.5 1,242.6 1,246.5 19 799.0 792.0 789.9 785.2 778.2 786.3 795.2 806.6 20 2,465.1 2,462.1 2,460.9 2,463.9 2,486.5 2,504.5 2,519.3 2,521.9 21 2,420.0 2,416.9 2,415.6 2,418.4 2,440.9 2,458.7 2,473.4 2,475.7 22 804.1 803.5 809.7 813.4 821.1 821.9 830.1 831.5 23 599.8 597.5 596.9 596.8 599.4 601.1 601.2 603.3 24 440.3 438.2 437.1 435.1 450.6 460.5 466.2 459.9 25 59.6 60.3 58.8 61.5 45.7 42.3 41.2 39.5 26 83.4 83.5 83.0 82.6 82.6 87.1 84.1 84.6 27 432.9 433.9 430.0 429.0 441.5 445.8 450.6 457.0 28 45.0 45.2 45.3 45.5 45.7 45.8 46.0 46.1 29 1,113.0 1,114.9 1,120.3 1,119.1 1,129.8 1,132.9 1,139.2 1,141.9 30 1,657.2 1,667.8 1,682.5 1,685.3 1,689.1 1,697.2 1,708.6 1,707.6 31 12,633.6 12,612.8 12,635.3 12,620.2 12,666.1 12,713.0 12,778.0 12,822.6 32 11,993.3 12,030.0 12,097.3 12,104.8 12,125.5 12,193.4 12,313.6 12,304.5 33 11,575.8 11,612.5 11,682.1 11,691.9 11,709.5 11,774.6 11,892.2 11,884.1 34 3,925.1 3,923.4 3,940.6 3,926.9 3,886.8 3,927.9 3,983.8 3,980.7 35 1,269.4 1,276.8 1,291.8 1,258.3 1,246.7 1,262.4 1,307.7 1,301.2 36 2,655.7 2,646.6 2,648.7 2,668.6 2,640.1 2,665.6 2,676.1 2,679.5 37 7,650.7 7,689.1 7,741.5 7,765.0 7,822.7 7,846.7 7,908.3 7,903.4 38 253.3 250.8 248.3 245.7 248.2 250.8 253.3 252.0 39 164.2 166.7 166.9 167.2 167.8 168.0 168.2 168.4 40 91.0 91.3 91.6 91.9 92.1 92.4 92.6 92.7 41 73.2 75.4 75.4 75.4 75.6 75.6 75.6 75.6 42 640.2 582.9 537.9 515.3 540.6 519.7 464.4 518.1 43 5.1 4.6 4.3 4.1 4.3 4.1 3.6 4.0 44 11,000.6 10,988.0 11,015.9 10,983.1 10,997.0 11,024.1 11,060.3 11,076.8 45 11,752.1 11,726.6 11,739.1 11,705.3 11,735.8 11,771.5 11,809.6 11,827.9 46 39,857 37,076 316,972 39,767 36,972 317,171 39,815 36,991 317,351 39,746 36,865 317,520 39,870 36,942 317,681 39,998 37,036 317,840 40,182 37,137 318,006 40,300 47 37,174 48 318,179 49 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 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 2012 2013 r 2012 IV 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 ..................................................... 2013 I II 2014 III IV r I Line r 13,743.8 14,134.7 14,073.1 13,925.9 14,086.2 14,225.3 14,301.3 14,417.3 1 8,611.6 8,859.4 8,787.4 8,748.3 8,835.5 8,888.3 8,965.3 9,040.2 2 6,926.8 7,137.5 7,086.6 7,040.4 7,117.6 7,162.8 7,229.1 7,292.0 3 5,729.4 5,942.5 5,887.2 5,844.5 5,923.6 5,972.2 6,029.7 6,087.8 4 1,154.0 1,188.9 1,167.0 1,173.8 1,187.1 1,190.6 1,204.1 1,220.5 5 735.4 747.4 740.5 742.1 745.9 747.3 754.2 758.2 6 4,575.4 4,753.6 4,720.3 4,670.7 4,736.4 4,781.6 4,825.6 4,867.3 7 1,093.7 1,127.7 1,114.2 1,115.2 1,123.2 1,129.8 1,142.4 1,151.5 8 3,481.7 3,625.9 3,606.1 3,555.5 3,613.2 3,651.9 3,683.2 3,715.8 9 1,197.3 1,195.0 1,199.3 1,195.8 1,194.1 1,190.6 1,199.4 1,204.2 10 1,684.9 1,721.9 1,700.9 1,707.9 1,717.8 1,725.5 1,736.2 1,748.2 11 1,170.6 514.3 1,190.6 531.2 1,176.8 524.0 1,182.1 525.8 1,187.6 530.2 1,193.0 532.4 1,199.8 536.4 1,206.2 12 542.0 13 1,224.9 1,348.8 1,247.5 1,334.6 1,341.5 1,360.7 1,358.5 1,366.6 14 75.4 127.6 74.5 137.0 129.0 131.7 112.9 99.6 15 1,149.6 1,221.2 1,173.0 1,197.6 1,212.5 1,229.0 1,245.6 1,266.9 16 541.2 590.6 555.4 574.9 587.7 596.6 603.2 611.1 17 1,958.5 1,997.7 2,062.8 1,935.8 1,994.0 2,030.7 2,030.1 2,030.0 18 1,211.6 1,229.2 1,218.4 1,215.8 1,225.6 1,234.2 1,241.1 1,243.5 19 746.9 768.5 844.3 720.0 768.4 796.5 789.0 786.6 20 2,358.3 2,444.3 2,388.0 2,426.0 2,430.9 2,458.0 2,462.3 2,503.4 21 2,316.8 2,399.7 2,347.9 2,382.0 2,386.5 2,413.1 2,417.0 2,457.6 22 762.2 799.0 770.2 789.8 794.9 802.4 808.9 824.3 23 560.8 592.3 577.2 589.3 586.3 596.5 597.1 600.5 24 417.1 431.2 425.1 423.7 426.1 438.4 436.8 459.1 25 84.2 66.2 75.3 73.9 68.5 62.2 60.2 43.1 26 70.2 80.4 73.3 76.8 80.0 81.6 83.0 84.6 27 422.5 430.6 426.8 428.6 430.8 432.0 431.0 445.9 28 41.4 44.6 40.1 44.0 44.4 44.9 45.3 45.8 29 950.7 1,106.0 967.9 1,093.7 1,103.3 1,109.0 1,118.1 1,134.0 30 1,498.0 1,658.5 1,552.8 1,629.0 1,668.8 1,657.6 1,678.5 1,698.3 31 12,245.8 12,476.2 12,520.4 12,296.9 12,417.4 12,567.7 12,622.8 12,719.0 32 11,558.4 11,914.9 11,696.2 11,794.9 11,837.0 11,950.4 12,077.4 12,210.8 33 11,149.6 11,501.5 11,285.5 11,379.2 11,427.1 11,537.7 11,662.2 11,792.1 34 3,769.7 3,885.9 3,826.1 3,851.8 3,848.5 3,912.8 3,930.3 3,932.8 35 1,202.7 1,263.0 1,230.7 1,244.8 1,257.5 1,274.0 1,275.7 1,272.2 36 2,567.0 2,622.9 2,595.4 2,607.0 2,591.0 2,638.8 2,654.7 2,660.6 37 7,379.9 7,615.7 7,459.4 7,527.4 7,578.6 7,624.8 7,731.9 7,859.3 38 248.4 247.9 247.3 250.4 244.3 248.8 248.3 250.8 39 160.4 165.4 163.4 165.3 165.6 163.9 166.9 168.0 40 88.5 90.4 89.0 89.4 89.9 90.7 91.6 92.3 41 71.9 75.0 74.4 75.9 75.7 73.2 75.4 75.6 42 687.4 561.3 824.1 502.0 580.4 617.3 545.4 508.2 43 5.6 4.5 6.6 4.1 4.7 4.9 4.3 4.0 44 10,740.1 10,904.0 10,959.6 10,756.9 10,905.4 10,958.1 10,995.7 11,027.1 45 11,551.6 11,636.9 11,743.0 11,502.4 11,618.5 11,703.4 11,723.7 11,772.3 46 38,969 36,760 314,246 39,424 36,772 316,465 39,731 37,265 315,125 38,961 36,444 315,620 39,278 36,751 316,140 39,677 36,948 316,754 39,776 36,943 317,347 40,017 47 37,038 48 317,842 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 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 2013 Sept. 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 .......... Oct. r 2014 Nov. r Dec. r Jan. r Feb. r Line March r April p 60.8 27.3 23.7 15.4 2.9 2.1 12.5 0.3 12.1 8.3 3.6 –10.1 15.3 12.3 11.7 1.4 0.1 10.2 5.1 5.2 0.6 3.0 37.1 45.6 40.8 39.0 10.9 5.5 28.1 7.4 20.7 1.8 4.9 –12.2 –10.5 –11.9 –13.7 1.5 –0.9 –15.1 –2.5 –12.6 1.8 1.3 49.7 32.4 27.0 25.9 3.3 –0.8 22.4 4.6 17.8 1.1 5.4 55.0 26.0 22.4 20.1 7.4 1.4 12.7 –0.2 12.9 2.4 3.6 76.3 50.8 45.7 44.6 10.2 7.8 34.5 11.5 23.0 0.9 5.1 43.7 1 21.4 2 18.2 3 16.9 4 –0.1 5 –1.2 6 16.9 7 6.6 8 10.3 9 1.4 10 3.2 11 2.1 1.5 2.2 0.8 2.5 2.4 2.2 –0.9 1.9 3.5 2.3 1.3 2.1 3.0 2.2 12 1.0 13 23.5 19.8 3.8 5.2 3.5 –1.1 4.4 4.5 4.3 0.2 3.2 0.1 –2.8 2.3 1.4 0.1 3.2 0.5 60.4 42.2 37.4 12.3 –15.8 28.0 25.1 4.5 0.3 0.3 0.0 18.1 –18.6 –22.7 3.9 1.3 –3.1 4.0 –7.0 –3.0 –3.1 –0.6 –2.3 –2.1 0.7 0.1 1.0 0.2 1.9 10.6 –20.8 36.7 36.7 –1.7 7.4 –9.1 38.4 –2.5 2.5 0.3 2.2 –57.3 –4.7 –12.5 7.9 0.7 1.9 4.0 –2.1 –1.2 –1.3 6.2 –0.6 –1.1 –1.5 –0.5 –3.9 0.1 5.4 14.7 22.5 67.3 69.6 17.2 15.0 2.1 52.4 –2.5 0.2 0.3 0.0 –45.0 –5.7 –12.6 6.9 0.7 –0.7 4.0 –4.7 3.0 2.8 3.7 –0.1 –2.0 2.7 –0.4 –1.0 0.2 –1.2 2.8 –15.1 7.5 9.8 –13.7 –33.5 19.9 23.5 –2.6 0.3 0.3 0.0 –22.6 9.3 –0.3 9.6 3.8 –7.8 –0.8 –7.0 22.6 22.5 7.7 2.6 15.5 –15.8 0.0 12.5 0.2 10.7 3.8 45.9 20.7 17.6 –40.1 –11.6 –28.5 57.7 2.5 0.6 0.2 0.2 25.3 3.5 –0.4 3.9 3.3 7.3 –0.8 8.1 18.0 17.8 0.8 1.7 9.9 –3.4 4.5 4.3 0.1 3.1 8.1 46.9 67.9 65.1 41.1 15.7 25.5 24.0 2.6 0.2 0.3 0.0 –20.9 5.4 –0.3 5.7 3.6 8.0 –0.9 8.9 14.8 14.7 8.2 0.1 5.7 –1.1 –3.0 4.8 0.2 6.3 11.4 65.0 120.2 117.6 55.9 45.3 10.5 61.6 2.5 0.2 0.2 0.0 –55.3 40.1 43.0 –12.6 –25.5 27.9 12.5 –32.8 –33.8 13.9 30.5 27.1 35.7 36.2 38.1 5.4 2.2 3.2 1.8 15.3 3.9 11.4 2.6 2.3 1.4 2.1 –6.3 –1.7 0.5 6.4 0.1 2.7 –1.0 44.6 –9.1 –8.1 –3.1 –6.5 3.4 –4.9 –1.3 0.2 0.1 0.0 53.7 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 16.5 44 18.3 45 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 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 2012 2013 r 2012 IV 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.......... 2013 I 2014 II III IV r I Line r 552.5 333.1 288.1 285.1 51.9 28.3 233.2 47.5 185.7 2.9 45.1 390.9 247.8 210.7 213.1 34.9 12.0 178.2 34.0 144.2 –2.3 37.0 371.5 196.4 181.9 177.5 20.3 8.2 157.3 24.2 133.1 4.2 14.7 –147.2 –39.1 –46.2 –42.7 6.8 1.6 –49.6 1.0 –50.6 –3.5 7.0 160.3 87.2 77.2 79.1 13.3 3.8 65.7 8.0 57.7 –1.7 9.9 139.1 52.8 45.2 48.6 3.5 1.4 45.2 6.6 38.7 –3.5 7.7 76.0 77.0 66.3 57.5 13.5 6.9 44.0 12.6 31.3 8.8 10.7 116.0 1 74.9 2 62.9 3 58.1 4 16.4 5 4.0 6 41.7 7 9.1 8 32.6 9 4.8 10 12.0 11 25.2 19.9 20.0 16.9 2.7 11.8 5.3 1.8 5.5 4.4 5.4 2.2 6.8 4.0 6.4 12 5.6 13 69.8 2.8 67.0 56.8 73.9 7.5 66.4 51.4 56.5 48.9 23.8 11.6 –23.4 6.9 –11.2 –5.3 32.5 94.0 458.4 439.3 437.8 167.0 72.8 94.2 270.8 0.4 1.0 3.2 –2.2 19.2 123.9 52.2 71.6 49.4 39.2 17.6 21.6 86.0 82.9 36.8 31.5 14.1 –18.0 10.2 8.1 3.2 155.3 160.5 230.4 356.5 351.9 116.2 60.3 55.9 235.8 –0.5 5.0 1.9 3.1 –126.1 27.5 –0.8 28.3 8.7 135.9 14.7 121.1 23.6 24.1 5.4 13.2 3.6 –3.4 2.0 3.3 –0.5 20.5 56.4 315.3 95.2 91.9 41.2 24.2 17.0 50.7 –3.4 6.7 0.2 6.5 220.0 87.1 62.5 24.6 19.5 –127.0 –2.6 –124.3 38.0 34.1 19.6 12.1 –1.4 –1.4 3.5 1.8 3.9 125.8 76.2 –223.5 98.7 93.7 25.7 14.1 11.6 68.0 3.1 1.9 0.4 1.5 –322.1 6.9 –8.0 14.9 12.8 58.2 9.8 48.4 4.9 4.5 5.1 –3.0 2.4 –5.4 3.2 2.2 0.4 9.6 39.8 120.5 42.1 47.9 –3.3 12.7 –16.0 51.2 –6.1 0.3 0.5 –0.2 78.4 19.2 2.7 16.5 8.9 36.7 8.6 28.1 27.1 26.6 7.5 10.2 12.3 –6.3 1.6 1.2 0.5 5.7 –11.2 150.3 113.4 110.6 64.3 16.5 47.8 46.2 4.5 –1.7 0.8 –2.5 36.9 –2.2 –18.8 16.6 6.6 –0.6 6.9 –7.5 4.3 3.9 6.5 0.6 –1.6 –2.0 1.4 –1.0 0.4 9.1 20.9 55.1 127.0 124.5 17.5 1.7 15.9 107.1 –0.5 3.0 0.9 2.2 –71.9 283.0 227.0 163.9 85.3 283.4 249.4 –202.7 –240.6 148.5 116.1 52.7 84.9 37.6 20.3 8.1 –13.3 21.3 7.9 –0.1 2.4 –2.4 41.1 40.6 15.4 3.4 22.3 –17.1 1.6 14.9 0.5 15.9 19.8 96.2 133.4 129.9 2.5 –3.5 5.9 127.4 2.5 1.1 0.7 0.2 –37.2 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 31.4 44 48.6 45 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 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 2013 Sept. Oct. r 2014 Nov. r Dec. r Jan. r Feb. r Line March r April 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................................................................................. 0.4 0.3 0.3 0.2 –0.1 0.2 0.2 0.2 0.3 0.5 0.6 0.3 –0.1 –0.1 –0.2 0.1 0.3 0.4 0.4 0.3 0.4 0.3 0.3 0.2 0.5 0.6 0.6 0.3 0.3 0.2 0.2 0.2 1 2 3 4 1.7 0.9 0.2 –0.1 0.6 0.2 0.3 0.0 0.5 –1.4 0.2 –0.2 0.3 –0.9 –0.1 0.2 0.6 –0.2 –0.3 0.1 0.1 0.3 –0.3 0.0 0.5 0.9 0.2 –0.4 0.1 0.0 0.3 –0.6 0.1 –0.1 0.2 –0.1 0.7 0.6 –0.4 –0.1 –0.9 0.9 1.0 0.2 0.4 0.3 0.5 0.4 –0.1 1.0 0.7 0.3 0.5 0.4 0.4 0.6 0.4 –0.1 1.1 0.6 0.6 0.7 0.5 0.4 0.3 0.7 0.3 1.4 0.1 0.2 –0.1 0.3 5 6 7 8 9 10 11 12 13 0.3 0.3 –1.2 1.1 0.3 0.3 0.0 0.6 –0.3 0.5 0.6 0.4 1.2 0.1 0.7 0.1 –0.3 –2.6 0.7 0.3 0.2 –1.0 –0.9 –1.1 0.7 0.6 1.1 1.3 1.0 0.3 1.0 1.4 3.6 0.4 0.8 –0.1 –0.1 –0.5 0.1 –0.1 14 15 16 17 18 –0.3 –0.3 0.1 0.3 0.2 0.3 0.3 0.3 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.4 0.4 –0.1 –0.2 0.3 0.1 0.1 19 0.2 20 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2012 2013 r 2012 IV 2013 I II 2014 III IV r I Line r 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................................................................................. 4.2 4.0 4.3 2.7 2.8 2.9 3.0 2.2 11.3 9.5 11.0 3.5 –4.1 –1.8 –2.6 1.7 4.7 4.0 4.5 2.3 4.0 2.4 2.6 1.8 2.2 3.5 3.8 2.5 3.3 3.4 3.5 2.8 1 2 3 4 6.0 11.7 3.9 0.6 9.8 2.2 3.5 6.7 3.9 10.1 9.1 2.0 1.4 2.9 3.6 16.3 10.7 1.9 9.3 6.5 31.3 5.0 85.8 4.0 8.9 15.9 10.7 31.0 14.8 –22.4 –0.9 –47.1 6.5 63.0 21.1 –7.0 2.1 9.2 12.6 3.3 29.7 0.8 3.5 10.1 4.0 5.9 6.2 7.6 2.8 15.5 4.5 2.1 –2.7 4.9 –0.7 4.5 –0.1 2.3 –3.7 0.7 3.3 5.1 1.8 2.4 5.4 0.0 0.8 –1.2 6.9 5.8 4.8 3.1 5 6 7 8 9 10 11 12 13 4.1 4.6 6.4 3.8 3.8 3.2 3.1 5.0 2.2 3.2 3.3 4.4 8.3 2.7 2.8 3.4 2.7 4.7 1.8 3.7 1.7 –0.3 4.1 –2.4 2.8 3.9 6.9 5.4 7.6 2.5 4.4 1.8 0.5 2.4 5.7 4.5 0.3 –1.1 0.9 6.8 14 15 16 17 18 –7.2 –7.9 5.6 4.1 1.9 3.0 1.4 0.7 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 2.7 2.0 1.5 0.7 11.0 9.0 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 1.1 19 1.7 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2013 Line Sept. Oct. 2014 Nov. Dec. Jan. r Feb. r March r April p 10,990.9 3,764.2 1,402.2 2,383.4 7,226.3 10,962.2 3,750.7 1,395.0 2,376.6 7,211.0 Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,768.2 3,691.8 1,345.4 2,362.3 7,076.0 10,796.5 3,696.7 1,355.1 2,358.8 7,099.4 10,853.5 3,719.4 1,374.5 2,364.0 7,133.7 10,844.3 3,702.4 1,343.7 2,373.7 7,141.2 10,849.5 3,665.9 1,332.8 2,348.3 7,181.8 10,902.6 3,708.1 1,352.8 2,371.5 7,193.4 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures ....................................... 7 Goods ....................................................................................... 8 Durable goods ....................................................................... 9 Nondurable goods ................................................................. 10 Services.................................................................................... 22.8 12.6 –16.3 25.5 10.4 28.3 4.9 9.7 –3.5 23.4 57.0 22.7 19.4 5.2 34.3 –9.2 –17.0 –30.8 9.7 7.5 5.2 –36.5 –10.9 –25.4 40.6 53.1 42.2 20.0 23.2 11.6 88.3 56.1 49.4 11.9 32.9 –28.7 6 –13.5 7 –7.2 8 –6.8 9 –15.3 10 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... 0.2 0.3 –1.2 1.1 0.1 0.3 0.1 0.7 –0.1 0.3 0.5 0.6 1.4 0.2 0.5 –0.1 –0.5 –2.2 0.4 0.1 0.0 –1.0 –0.8 –1.1 0.6 0.5 1.1 1.5 1.0 0.2 0.8 1.5 3.7 0.5 0.5 –0.3 –0.4 –0.5 –0.3 –0.2 11 12 13 14 15 p Preliminary r Revised. Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2012 2013 2012 IV 2013 I II 2014 III IV I Line r Billions of chained (2009) dollars 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,517.6 3,534.1 1,246.7 2,296.8 6,982.7 10,727.9 3,659.4 1,333.3 2,342.0 7,067.7 10,584.8 3,579.2 1,285.2 2,306.7 7,004.7 10,644.0 3,611.9 1,303.5 2,322.2 7,031.1 10,691.9 3,639.6 1,323.2 2,331.7 7,051.5 10,744.2 3,680.0 1,348.6 2,348.6 7,063.6 10,831.5 3,706.1 1,357.8 2,365.5 7,124.8 47.9 27.7 19.7 9.5 20.4 52.3 40.4 25.4 16.9 12.1 87.3 26.1 9.2 16.9 61.2 1.8 3.1 6.2 1.6 1.2 2.0 4.5 7.9 2.9 0.7 3.3 2.9 2.8 2.9 3.5 10,914.4 3,712.7 1,362.6 2,367.7 7,200.5 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures ....................................... 7 Goods ....................................................................................... 8 Durable goods ....................................................................... 9 Nondurable goods ................................................................. 10 Services.................................................................................... 226.3 114.2 89.6 30.8 111.6 210.3 125.3 86.6 45.2 85.0 43.8 32.5 31.8 3.7 11.3 59.2 32.7 18.3 15.5 26.4 82.9 6 6.6 7 4.8 8 2.2 9 75.7 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... r Revised. 2.2 3.3 7.7 1.4 1.6 2.0 3.5 6.9 2.0 1.2 1.7 3.7 10.5 0.6 0.6 2.3 3.7 5.8 2.7 1.5 3.1 0.7 1.4 0.4 4.3 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2013 Line Sept. Oct. 2014 Nov. Dec. Jan. r Feb. r March r April 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 ...................... 107.502 106.322 94.344 112.420 108.123 107.560 106.135 94.212 112.203 108.308 107.636 105.948 93.975 112.046 108.522 107.818 106.066 93.636 112.425 108.737 107.929 106.025 93.523 112.426 108.926 108.000 105.929 93.300 112.404 109.085 108.202 105.832 93.243 112.286 109.441 108.413 106.134 93.262 112.751 109.604 1 2 3 4 5 106.177 107.965 130.065 107.346 105.797 106.305 107.988 128.820 107.376 105.902 106.427 107.937 128.221 107.432 106.007 106.514 108.041 130.336 107.598 106.062 106.615 108.015 130.859 107.702 106.153 106.705 108.303 130.228 107.769 106.240 106.895 108.791 130.176 107.949 106.404 107.079 6 109.119 7 130.697 8 108.163 9 106.589 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 0.0 0.0 0.0 0.2 0.1 –0.2 –0.1 –0.2 0.2 0.1 –0.2 –0.3 –0.1 0.2 0.2 0.1 –0.4 0.3 0.2 0.1 0.0 –0.1 0.0 0.2 0.1 –0.1 –0.2 0.0 0.1 0.2 –0.1 –0.1 –0.1 0.3 0.2 0.3 0.0 0.4 0.1 11 12 13 14 15 0.1 –0.1 0.8 0.1 0.1 0.1 0.0 –1.0 0.0 0.1 0.1 0.0 –0.5 0.1 0.1 0.1 0.1 1.6 0.2 0.1 0.1 0.0 0.4 0.1 0.1 0.1 0.3 –0.5 0.1 0.1 0.2 0.5 0.0 0.2 0.2 0.2 0.3 0.4 0.2 0.2 16 17 18 19 20 p Preliminary r Revised. 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2013 Line Sept. 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... Oct. r 2.2 1.9 3.5 5.9 2.4 1.1 2014 Nov. r 1.8 2.3 3.9 7.3 2.3 1.4 0.6 2.5 3.8 6.5 2.5 1.8 Dec. r Jan. –2.8 2.3 3.0 3.2 2.9 1.9 r Feb. 2.8 2.2 1.8 2.5 1.5 2.4 r March r 2.2 2.4 2.6 3.7 2.1 2.4 2.1 3.0 4.0 7.4 2.4 2.5 April p 2.0 2.7 3.5 6.1 2.3 2.2 Line 1 2 3 4 5 6 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2013. 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 ...................... 2013 Sept. Oct. 2014 Nov. Dec. Jan. r Feb. r March r 0.9 –1.0 –1.8 –0.6 1.9 0.8 –1.3 –1.8 –1.0 1.9 1.0 –0.7 –1.9 –0.2 1.9 1.2 –0.4 –2.0 0.4 1.9 1.2 –0.2 –2.2 0.7 1.9 0.9 –1.1 –2.3 –0.5 1.9 1.1 –0.7 –2.2 0.1 2.1 1.2 1.2 –3.3 0.8 1.1 1.1 1.0 –4.3 0.7 1.1 1.2 0.7 –1.3 1.0 1.2 1.2 0.6 1.2 1.1 1.2 1.1 0.6 3.5 1.1 1.0 1.1 0.7 –2.4 0.7 1.0 1.2 1.1 0.2 1.0 1.1 April p 1.6 0.5 –1.9 1.7 2.2 Line 1 2 3 4 5 1.4 6 1.3 7 5.2 8 1.6 9 1.3 10 p Preliminary r Revised. 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.