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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, SEPTEMBER 29, 2014 BEA 14-49 James Rankin Harvey Davis Jeannine Aversa (202) 606-5301 (Personal Income) (202) 606-5302 (Personal Consumption Expenditures) (202) 606-2649 (News Media) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: AUGUST 2014 Personal income increased $47.3 billion, or 0.3 percent, and disposable personal income (DPI) increased $35.2 billion, or 0.3 percent, in August, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $57.5 billion, or 0.5 percent. In July, personal income increased $35.9 billion, or 0.2 percent, DPI increased $24.6 billion, or 0.2 percent, and PCE increased $0.5 billion, or less than 0.1 percent, based on revised estimates. Real DPI increased 0.3 percent in August, compared with an increase of 0.1 percent in July. Real PCE increased 0.5 percent, in contrast to a decrease of 0.1 percent. Apr. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.4 2014 May June July (Percent change from preceding month) 0.5 0.5 0.2 Aug. 0.3 0.5 0.3 0.5 0.3 0.5 0.3 0.2 0.1 0.3 0.3 0.2 -0.1 0.3 0.1 0.5 0.3 0.0 -0.1 0.5 0.5 ___________________ 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 $30.4 billion in August, compared with an increase of $17.4 billion in July. Goods-producing industries' payrolls increased $6.0 billion, compared with an increase of $1.2 billion; manufacturing payrolls increased $3.6 billion, in contrast to a decrease of $0.8 billion. Services-producing industries' payrolls increased $24.6 billion, compared with an increase of $16.2 billion. Government wages and salaries increased $1.4 billion, compared with an increase of $1.1 billion. Other personal income Supplements to wages and salaries increased $4.7 billion in August, compared with an increase of $3.8 billion in July. Proprietors' income decreased $8.5 billion in August, in contrast to an increase of $0.5 billion in July. Farm proprietors' income decreased $9.7 billion, compared with a decrease of $9.8 billion. Nonfarm proprietors' income increased $1.4 billion, compared with an increase of $10.1 billion. Rental income of persons increased $6.3 billion in August, compared with an increase of $5.1 billion in July. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $0.2 billion, in contrast to an increase of $0.9 billion. Personal current transfer receipts increased $17.2 billion in August, compared with an increase of $9.8 billion in July. Contributions for government social insurance -- a subtraction in calculating personal income -increased $4.3 billion in August, compared with an increase of $2.5 billion in July. Personal current taxes and disposable personal income Personal current taxes increased $12.1 billion in August, compared with an increase of $11.4 billion in July. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $35.2 billion, or 0.3 percent, in August, compared with an increase of $24.6 billion, or 0.2 percent, in July. -more- -3- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $60.4 billion in August, compared with an increase of $3.5 billion in July. PCE increased $57.5 billion, compared with an increase of $0.5 billion. Personal saving -- DPI less personal outlays -- was $705.3 billion in August, compared with $730.5 billion in July. The personal saving rate -- personal saving as a percentage of disposable personal income -was 5.4 percent in August, compared with 5.6 percent in July. 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 0.3 percent in August, compared with an increase of 0.1 percent in July. Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in August, in contrast to a decrease of 0.1 percent in July. Purchases of durable goods increased 1.9 percent, compared with an increase of 0.1 percent. Purchases of motor vehicles and parts accounted for about half of the August increase. Purchases of nondurable goods increased 0.3 percent in August, in contrast to a decrease of 0.1 percent in July. Purchases of services increased 0.4 percent, in contrast to a decrease of 0.1 percent. The price index for PCE decreased less than 0.1 percent in August, in contrast to an increase of 0.1 percent in July. The PCE price index, excluding food and energy, increased 0.1 percent, the same increase as in July. Price index: percent change from month one year ago The August price index for PCE increased 1.5 percent from August a year ago. The August PCE price index, excluding food and energy, increased 1.5 percent from August a year ago. -more- -4- Revisions Estimates have been revised for April through July. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for June and July -revised and as published in last month's release -- are shown below. Change from preceding month June July Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 67.1 69.9 0.5 0.5 28.6 35.9 0.2 0.2 62.9 31.8 66.1 33.9 0.5 0.3 0.5 0.3 17.7 6.3 24.6 12.0 0.1 0.1 0.2 0.1 50.5 22.8 58.3 29.0 0.4 0.2 0.5 0.3 -13.6 -21.6 0.5 -9.1 -0.1 -0.2 0.0 -0.1 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 – October 31, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for September -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 Jan. 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...................................................... Feb. March April r Line May r June r July r Aug. p 14,398.7 14,482.9 14,572.6 14,637.9 14,707.7 14,777.6 14,813.5 14,860.8 1 9,032.2 9,095.2 9,161.2 9,182.6 9,214.1 9,244.4 9,266.6 9,303.2 2 7,282.4 7,338.8 7,398.1 7,415.4 7,442.8 7,468.6 7,487.0 7,518.9 3 6,070.0 6,123.9 6,181.9 6,197.1 6,222.9 6,247.8 6,265.2 6,295.6 4 1,225.4 1,237.5 1,251.2 1,249.1 1,257.7 1,265.7 1,266.9 1,272.9 5 761.4 767.5 779.6 775.9 782.2 786.9 786.1 789.7 6 4,844.7 4,886.4 4,930.7 4,948.0 4,965.1 4,982.0 4,998.2 5,022.8 7 1,147.2 1,151.4 1,166.0 1,174.2 1,175.7 1,176.4 1,177.7 1,183.3 8 3,697.5 3,735.0 3,764.7 3,773.9 3,789.4 3,805.7 3,820.6 3,839.5 9 1,212.4 1,215.0 1,216.1 1,218.3 1,220.0 1,220.8 1,221.9 1,223.3 10 1,749.7 1,756.4 1,763.1 1,767.2 1,771.3 1,775.8 1,779.6 1,784.3 11 1,210.9 538.9 1,213.7 542.7 1,216.4 546.7 1,219.5 547.7 1,221.9 549.4 1,224.7 551.1 1,227.4 552.2 1,230.1 12 554.2 13 1,348.0 1,351.6 1,353.3 1,369.9 1,378.9 1,394.0 1,394.5 1,386.0 14 59.9 58.1 56.3 64.8 73.4 81.9 72.1 62.4 15 1,288.1 1,293.5 1,297.0 1,305.0 1,305.5 1,312.2 1,322.3 1,323.7 16 618.0 622.3 628.5 632.1 635.4 638.7 643.8 650.1 17 2,084.0 2,089.0 2,098.1 2,115.6 2,126.0 2,139.5 2,140.4 2,140.2 18 1,264.7 1,262.4 1,260.2 1,265.1 1,270.0 1,274.9 1,272.1 1,269.2 19 819.4 826.6 838.0 850.5 855.9 864.6 868.3 871.0 20 2,455.1 2,471.3 2,486.3 2,495.1 2,514.4 2,525.9 2,535.7 2,552.9 21 2,412.3 2,428.3 2,443.0 2,451.5 2,470.7 2,481.9 2,491.4 2,508.4 22 821.1 822.0 830.2 831.4 832.7 835.0 833.8 838.2 23 581.4 583.2 583.3 585.3 585.9 587.5 588.4 590.9 24 460.5 468.7 473.6 475.2 483.2 489.0 498.4 508.3 25 44.0 40.6 39.5 37.8 37.2 36.8 35.6 35.6 26 81.3 85.5 83.3 83.6 83.2 83.3 85.4 84.5 27 424.0 428.2 433.1 438.3 448.5 450.3 449.8 450.9 28 42.8 43.1 43.3 43.5 43.8 44.0 44.3 44.5 29 1,138.6 1,146.5 1,154.8 1,157.3 1,161.2 1,164.9 1,167.4 1,171.7 30 1,700.2 1,711.6 1,723.6 1,720.9 1,722.1 1,726.0 1,737.4 1,749.5 31 12,698.5 12,771.3 12,849.0 12,917.0 12,985.5 13,051.6 13,076.2 13,111.4 32 12,081.2 12,132.8 12,226.6 12,243.3 12,283.2 12,342.2 12,345.7 12,406.1 33 11,663.9 11,714.4 11,807.1 11,825.2 11,864.3 11,922.6 11,923.1 11,980.6 34 3,851.1 3,888.7 3,932.0 3,942.2 3,956.4 3,994.9 3,995.2 4,011.8 35 1,237.6 1,253.9 1,295.3 1,287.5 1,300.4 1,307.4 1,307.7 1,331.0 36 2,613.5 2,634.8 2,636.8 2,654.8 2,656.0 2,687.6 2,687.5 2,680.8 37 7,812.8 7,825.7 7,875.1 7,883.0 7,907.9 7,927.7 7,927.9 7,968.9 38 249.0 249.8 250.5 250.9 251.3 251.8 254.3 256.9 39 168.3 168.6 169.0 167.2 167.5 167.9 168.2 168.5 40 92.9 93.3 93.6 93.9 94.3 94.6 94.9 95.3 41 75.4 75.4 75.4 73.3 73.3 73.3 73.3 73.3 42 617.3 638.6 622.4 673.6 702.3 709.4 730.5 705.3 43 4.9 5.0 4.8 5.2 5.4 5.4 5.6 5.4 44 11,054.4 11,108.9 11,161.2 11,189.4 11,208.3 11,236.8 11,251.0 11,283.8 45 11,753.2 11,811.5 11,865.4 11,902.8 11,936.6 11,970.5 11,982.5 12,020.4 46 39,972 36,997 317,681 40,182 37,162 317,840 40,405 37,312 318,006 40,597 37,409 318,178 40,789 37,494 318,357 40,972 37,578 318,552 41,022 37,591 318,759 41,105 47 37,684 48 318,976 49 p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2012 2013 2013 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 2014 III IV I Line II r 13,887.7 14,166.9 13,977.2 14,131.3 14,247.4 14,311.7 14,484.7 14,707.7 1 8,606.5 8,844.8 8,734.4 8,826.3 8,871.6 8,946.8 9,096.2 9,213.7 2 6,932.1 7,124.7 7,034.1 7,110.9 7,145.3 7,208.5 7,339.8 7,442.3 3 5,733.8 5,916.6 5,826.8 5,901.4 5,939.7 5,998.5 6,125.3 6,222.6 4 1,157.1 1,195.3 1,180.8 1,193.0 1,196.8 1,210.6 1,238.0 1,257.5 5 734.4 747.6 743.0 746.0 747.2 754.1 769.5 781.7 6 4,576.7 4,721.3 4,646.0 4,708.4 4,742.9 4,787.9 4,887.3 4,965.1 7 1,094.0 1,121.3 1,110.6 1,117.2 1,122.7 1,134.9 1,154.9 1,175.4 8 3,482.7 3,600.0 3,535.4 3,591.2 3,620.2 3,653.0 3,732.4 3,789.7 9 1,198.3 1,208.1 1,207.3 1,209.6 1,205.6 1,210.0 1,214.5 1,219.7 10 1,674.4 1,720.1 1,700.3 1,715.4 1,726.2 1,738.3 1,756.4 1,771.4 11 1,160.5 513.9 1,193.9 526.1 1,180.1 520.2 1,190.0 525.4 1,198.8 527.5 1,206.8 531.5 1,213.6 542.8 1,222.0 12 549.4 13 1,260.2 1,336.6 1,327.8 1,330.0 1,345.9 1,342.7 1,351.0 1,381.0 14 72.3 83.2 92.2 83.6 86.8 70.1 58.1 73.4 15 1,187.9 1,253.5 1,235.6 1,246.5 1,259.2 1,272.6 1,292.9 1,307.6 16 533.0 595.8 575.0 590.8 604.2 613.3 622.9 635.4 17 2,088.6 2,079.7 2,035.9 2,081.9 2,106.9 2,094.2 2,090.4 2,127.0 18 1,255.9 1,255.2 1,245.5 1,253.5 1,258.5 1,263.2 1,262.4 1,270.0 19 832.7 824.5 790.4 828.4 848.4 831.0 828.0 857.0 20 2,350.7 2,414.5 2,394.8 2,404.5 2,426.6 2,432.3 2,470.9 2,511.8 21 2,307.6 2,372.2 2,352.9 2,362.2 2,384.0 2,389.7 2,427.8 2,468.0 22 762.1 799.0 789.8 795.0 802.5 808.9 824.5 833.0 23 555.2 572.4 571.4 567.7 573.0 577.3 582.6 586.2 24 417.2 441.1 428.2 437.4 450.0 448.7 467.6 482.5 25 83.6 62.2 68.9 64.5 59.3 56.1 41.4 37.2 26 70.1 79.0 75.9 78.6 80.1 81.6 83.4 83.4 27 419.3 418.5 418.7 419.0 419.1 417.1 428.4 445.7 28 43.1 42.3 41.9 42.3 42.5 42.6 43.1 43.8 29 951.2 1,104.5 1,090.7 1,102.1 1,107.8 1,117.5 1,146.6 1,161.1 30 1,503.7 1,661.8 1,636.8 1,660.6 1,661.5 1,688.1 1,711.8 1,723.0 31 12,384.0 12,505.1 12,340.4 12,470.7 12,585.8 12,623.7 12,772.9 12,984.7 32 11,487.9 11,897.1 11,760.6 11,823.9 11,933.1 12,070.8 12,146.9 12,289.6 33 11,083.1 11,484.3 11,351.1 11,414.3 11,518.7 11,653.3 11,728.5 11,870.7 34 3,741.9 3,851.2 3,832.2 3,821.0 3,865.3 3,886.1 3,890.6 3,964.5 35 1,192.1 1,249.3 1,237.8 1,245.4 1,252.4 1,261.5 1,262.3 1,298.4 36 2,549.8 2,601.9 2,594.4 2,575.6 2,612.9 2,624.6 2,628.4 2,666.1 37 7,341.3 7,633.2 7,518.9 7,593.2 7,653.4 7,767.2 7,837.8 7,906.2 38 241.6 247.1 243.5 243.4 250.8 250.8 249.8 251.3 39 163.1 165.6 166.0 166.2 163.6 166.7 168.6 167.5 40 90.0 91.4 90.8 91.0 91.5 92.2 93.3 94.3 41 73.1 74.3 75.2 75.3 72.2 74.5 75.4 73.3 42 896.2 608.1 579.8 646.9 652.8 552.9 626.1 695.1 43 7.2 4.9 4.7 5.2 5.2 4.4 4.9 5.4 44 10,877.6 10,949.5 10,829.8 10,952.3 10,994.3 11,021.2 11,108.2 11,211.5 45 11,676.2 11,650.8 11,538.6 11,647.0 11,705.9 11,711.7 11,810.1 11,936.7 46 39,409 37,156 314,246 39,515 36,815 316,465 39,099 36,558 315,620 39,447 36,841 316,140 39,734 36,956 316,754 39,779 36,905 317,347 40,186 37,157 317,842 40,786 47 37,494 48 318,362 49 r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 Jan. 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 .......... Feb. March April r Line May r June r July r Aug. p 78.7 76.7 68.3 67.1 10.4 6.1 56.8 11.6 45.3 1.2 8.3 84.2 63.0 56.4 53.9 12.1 6.1 41.7 4.2 37.5 2.6 6.7 89.7 66.0 59.3 58.0 13.7 12.1 44.3 14.6 29.7 1.1 6.7 65.3 21.4 17.3 15.2 –2.1 –3.7 17.3 8.2 9.2 2.2 4.1 69.8 31.5 27.4 25.8 8.6 6.3 17.1 1.5 15.5 1.7 4.1 69.9 30.3 25.8 24.9 8.0 4.7 16.9 0.7 16.3 0.8 4.5 35.9 22.2 18.4 17.4 1.2 –0.8 16.2 1.3 14.9 1.1 3.8 47.3 1 36.6 2 31.9 3 30.4 4 6.0 5 3.6 6 24.6 7 5.6 8 18.9 9 1.4 10 4.7 11 1.6 6.8 2.8 3.8 2.7 4.0 3.1 1.0 2.4 1.7 2.8 1.7 2.7 1.1 2.7 12 2.0 13 8.4 –1.8 10.2 3.4 –7.0 –2.2 –4.7 16.8 16.6 7.6 2.8 13.0 –15.9 –0.1 9.2 0.2 19.7 4.9 73.7 –20.4 –22.4 –38.5 –10.9 –27.6 16.1 0.7 1.3 0.4 0.9 94.1 3.6 –1.8 5.4 4.3 5.0 –2.3 7.2 16.2 16.0 0.9 1.8 8.2 –3.4 4.2 4.2 0.3 7.9 11.4 72.8 51.6 50.5 37.6 16.3 21.3 12.9 0.8 0.3 0.4 0.0 21.3 1.7 –1.8 3.5 6.2 9.1 –2.2 11.4 15.0 14.7 8.2 0.1 4.9 –1.1 –2.2 4.9 0.2 8.3 12.0 77.7 93.8 92.7 43.3 41.4 2.0 49.4 0.7 0.4 0.3 0.0 –16.2 16.6 8.5 8.0 3.6 17.5 4.9 12.5 8.8 8.5 1.2 2.0 1.6 –1.7 0.3 5.2 0.2 2.5 –2.7 68.0 16.7 18.1 10.2 –7.8 18.0 7.9 0.4 –1.8 0.3 –2.1 51.2 9.0 8.6 0.5 3.3 10.4 4.9 5.4 19.3 19.2 1.3 0.6 8.0 –0.6 –0.4 10.2 0.3 3.9 1.2 68.5 39.9 39.1 14.2 12.9 1.2 24.9 0.4 0.3 0.4 0.0 28.7 15.1 8.5 6.7 3.3 13.5 4.9 8.7 11.5 11.2 2.3 1.6 5.8 –0.4 0.1 1.8 0.2 3.7 3.9 66.1 59.0 58.3 38.5 7.0 31.6 19.8 0.5 0.4 0.3 0.0 7.1 0.5 –9.8 10.1 5.1 0.9 –2.8 3.7 9.8 9.5 –1.2 0.9 9.4 –1.2 2.1 –0.5 0.3 2.5 11.4 24.6 3.5 0.5 0.3 0.3 –0.1 0.2 2.5 0.3 0.3 0.0 21.1 46.2 56.6 54.5 58.3 52.3 53.9 28.2 37.4 18.9 33.8 28.5 33.9 14.2 12.0 –8.5 –9.7 1.4 6.3 –0.2 –2.9 2.7 17.2 17.0 4.4 2.5 9.9 0.0 –0.9 1.1 0.2 4.3 12.1 35.2 60.4 57.5 16.6 23.3 –6.7 41.0 2.6 0.3 0.4 0.0 –25.2 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 32.8 44 37.9 45 p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 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 2013 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.......... 2014 II III IV Line I II r 685.7 337.5 298.9 295.4 56.3 27.7 239.1 49.5 189.6 3.5 38.5 279.2 238.3 192.6 182.8 38.2 13.2 144.6 27.3 117.3 9.8 45.7 –317.9 –48.1 –53.3 –57.6 8.2 3.1 –65.8 0.5 –66.3 4.3 5.2 154.1 91.9 76.8 74.6 12.2 3.0 62.4 6.6 55.8 2.3 15.1 116.1 45.3 34.4 38.3 3.8 1.2 34.5 5.5 29.0 –4.0 10.8 64.3 75.2 63.2 58.8 13.8 6.9 45.0 12.2 32.8 4.4 12.1 173.0 149.4 131.3 126.8 27.4 15.4 99.4 20.0 79.4 4.5 18.1 223.0 1 117.5 2 102.5 3 97.3 4 19.5 5 12.2 6 77.8 7 20.5 8 57.3 9 5.2 10 15.0 11 18.5 20.0 33.4 12.2 8.6 –3.3 9.9 5.2 8.8 2.1 8.0 4.0 6.8 11.3 8.4 12 6.6 13 116.5 –3.2 119.8 47.7 174.7 24.3 150.5 42.8 49.9 48.8 19.2 11.5 –23.6 6.8 –13.0 –7.1 33.4 103.1 582.6 397.7 393.8 145.4 66.8 78.7 248.5 0.2 3.6 4.5 –1.0 185.1 76.4 10.9 65.6 62.8 –8.9 –0.7 –8.2 63.8 64.6 36.9 17.2 23.9 –21.4 8.9 –0.8 –0.8 153.3 158.1 121.1 409.2 401.2 109.3 57.2 52.1 291.9 5.5 2.5 1.4 1.2 –288.1 35.5 19.0 16.5 23.3 –230.0 –12.3 –217.7 23.1 22.6 18.9 7.2 1.9 –5.5 3.0 –2.9 0.5 121.8 71.4 –389.3 131.4 128.5 43.4 21.7 21.6 85.1 3.5 –0.6 –0.1 –0.6 –520.7 2.2 –8.6 10.9 15.8 46.0 8.0 38.0 9.7 9.3 5.2 –3.7 9.2 –4.4 2.7 0.3 0.4 11.4 23.8 130.3 63.3 63.2 –11.2 7.6 –18.8 74.3 –0.1 0.2 0.2 0.1 67.1 15.9 3.2 12.7 13.4 25.0 5.0 20.0 22.1 21.8 7.5 5.3 12.6 –5.2 1.5 0.1 0.2 5.7 0.9 115.1 109.2 104.4 44.3 7.0 37.3 60.2 7.4 –2.6 0.5 –3.1 5.9 –3.2 –16.7 13.4 9.1 –12.7 4.7 –17.4 5.7 5.7 6.4 4.3 –1.3 –3.2 1.5 –2.0 0.1 9.7 26.6 37.9 137.7 134.6 20.8 9.1 11.7 113.8 0.0 3.1 0.7 2.3 –99.9 8.3 –12.0 20.3 9.6 –3.8 –0.8 –3.0 38.6 38.1 15.6 5.3 18.9 –14.7 1.8 11.3 0.5 29.1 23.7 149.2 76.1 75.2 4.5 0.8 3.8 70.6 –1.0 1.9 1.1 0.9 73.2 417.5 345.0 71.9 –25.4 –347.7 –394.8 122.5 108.4 42.0 58.9 26.9 5.8 87.0 98.4 30.0 15.3 14.7 12.5 36.6 7.6 29.0 40.9 40.2 8.5 3.6 14.9 –4.2 0.0 17.3 0.7 14.5 11.2 211.8 142.7 142.2 73.9 36.1 37.7 68.4 1.5 –1.1 1.0 –2.1 69.0 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 43 103.3 44 126.6 45 r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2014 Jan. Feb. March April r Line May r June r July r Aug. 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................................................................................. 0.5 0.9 0.9 0.5 0.6 0.7 0.8 0.4 0.6 0.7 0.8 0.4 0.4 0.2 0.2 0.2 0.5 0.3 0.4 0.2 0.5 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.3 1 2 3 4 0.6 0.6 –0.3 –0.2 –0.6 0.7 1.8 0.3 0.6 0.3 0.7 0.2 –0.2 0.9 0.7 0.7 0.7 0.6 0.1 1.0 0.4 –0.2 1.4 0.6 0.7 0.7 0.6 1.2 0.6 0.8 0.4 1.5 0.4 0.2 –0.2 0.5 0.7 0.5 0.5 0.4 0.6 0.8 0.3 0.1 0.5 1.1 0.5 0.6 0.4 1.0 0.5 0.3 0.2 0.5 0.0 0.8 0.0 –0.2 0.4 0.4 0.2 0.7 0.2 –0.6 1.0 0.0 –0.2 0.3 0.7 0.4 0.7 0.3 5 6 7 8 9 10 11 12 13 –0.2 –1.0 –0.9 –1.0 0.2 0.4 1.0 1.3 0.8 0.2 0.8 1.1 3.3 0.1 0.6 0.2 0.3 –0.6 0.7 0.1 0.3 0.4 1.0 0.0 0.3 0.5 1.0 0.5 1.2 0.2 0.0 0.0 0.0 0.0 0.0 0.5 0.4 1.8 –0.3 0.5 14 15 16 17 18 0.3 0.3 0.2 0.3 0.3 0.3 0.1 0.1 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.4 0.5 0.5 0.5 0.5 0.5 0.3 19 0.3 20 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2012 2013 2013 I II 2014 III IV I Line II 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................................................................................. 5.2 4.1 4.5 2.4 2.0 2.8 2.8 2.7 –8.6 –2.2 –3.0 1.2 4.5 4.3 4.4 3.6 3.3 2.1 1.9 2.6 1.8 3.4 3.6 2.8 4.9 6.8 7.5 4.2 6.3 5.3 5.7 3.5 1 2 3 4 10.2 9.8 9.1 2.0 22.0 1.9 3.6 7.4 4.9 6.1 11.8 –0.4 –0.1 –1.0 2.7 16.1 10.5 1.0 11.5 18.0 –34.8 –3.8 –62.2 3.9 60.6 19.5 –11.7 0.7 11.5 9.3 2.6 20.7 1.6 4.3 5.9 4.3 4.9 9.4 4.9 1.6 10.0 3.7 2.1 0.2 3.7 –1.0 6.1 –2.4 1.5 –7.9 0.9 3.5 6.6 1.2 2.5 6.4 –0.7 –0.2 –1.5 6.5 10.8 5.7 4.8 9.2 8.2 7.2 2.4 14.8 6.8 5.1 2.7 6.8 5 6 7 8 9 10 11 12 13 3.7 4.0 5.9 3.2 3.5 3.6 2.9 4.8 2.0 4.0 4.7 4.7 7.3 3.4 4.7 2.2 –1.2 2.5 –2.9 4.0 3.7 4.7 2.3 5.9 3.2 4.8 2.2 3.0 1.8 6.1 2.6 0.5 0.2 0.6 3.7 4.9 7.8 12.0 5.9 3.5 14 15 16 17 18 4.6 3.8 1.5 2.0 1.0 0.2 3.2 3.4 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. r Revised 4.0 3.0 0.7 –0.2 –11.9 –12.6 3.8 19 4.4 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2014 Line Jan. Feb. March April r May r June r July r Aug. p 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.................................................................................... 10,795.6 3,637.0 1,325.4 2,327.6 7,157.2 10,834.0 3,675.3 1,345.4 2,347.0 7,158.0 10,903.3 3,722.6 1,394.2 2,351.2 7,180.8 10,896.7 3,721.2 1,385.2 2,357.3 7,175.7 10,906.0 3,726.9 1,403.6 2,347.5 7,179.4 10,935.0 3,746.7 1,412.3 2,359.0 7,189.0 10,925.9 3,746.9 1,414.4 2,357.5 7,179.7 10,983.7 3,779.4 1,441.9 2,365.5 7,205.6 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.................................................................................... –31.5 –34.9 –9.9 –24.7 2.6 38.4 38.3 20.0 19.4 0.8 69.3 47.3 48.8 4.2 22.8 –6.6 –1.4 –9.0 6.1 –5.1 9.3 5.7 18.4 –9.8 3.7 29.0 19.8 8.7 11.5 9.6 –9.1 0.2 2.1 –1.5 –9.3 57.8 6 32.5 7 27.5 8 8.0 9 25.9 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.................................................................................... –0.3 –1.0 –0.7 –1.1 0.0 0.4 1.1 1.5 0.8 0.0 0.6 1.3 3.6 0.2 0.3 –0.1 0.0 –0.6 0.3 –0.1 0.1 0.2 1.3 –0.4 0.1 0.3 0.5 0.6 0.5 0.1 –0.1 0.0 0.1 –0.1 –0.1 0.5 0.9 1.9 0.3 0.4 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 2013 I 2014 II III IV I Line II r Billions of chained (2009) dollars 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,449.7 3,506.5 1,235.7 2,280.1 6,942.4 10,699.7 3,626.0 1,319.0 2,322.6 7,073.1 10,613.7 3,593.7 1,295.7 2,311.7 7,019.3 10,660.4 3,605.2 1,310.0 2,310.5 7,054.5 10,713.3 3,636.1 1,325.9 2,326.4 7,076.6 10,811.4 3,669.0 1,344.5 2,341.8 7,141.9 10,844.3 3,678.3 1,355.0 2,341.9 7,165.4 52.9 30.9 15.9 15.9 22.1 98.1 32.9 18.6 15.4 65.3 32.9 9.3 10.5 0.1 23.5 2.0 3.5 4.9 2.8 1.3 3.7 3.7 5.7 2.7 3.7 1.2 1.0 3.2 0.0 1.3 10,912.6 3,731.6 1,400.4 2,354.6 7,181.4 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.................................................................................... 186.2 94.7 84.2 16.9 91.0 250.0 119.5 83.3 42.5 130.7 93.1 51.4 26.0 26.7 41.8 46.7 11.5 14.3 –1.2 35.2 68.3 6 53.3 7 45.4 8 12.7 9 16.0 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 1.8 2.8 7.3 0.7 1.3 2.4 3.4 6.7 1.9 1.9 3.6 5.9 8.5 4.8 2.4 1.8 1.3 4.5 –0.2 2.0 2.5 5.9 14.1 2.2 0.9 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2014 Line Jan. Feb. March April r May r June r July r Aug. 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 ...................... 108.046 105.883 93.368 112.282 109.165 108.129 105.803 93.182 112.263 109.332 108.292 105.622 92.893 112.147 109.672 108.523 105.937 92.933 112.619 109.861 108.790 106.158 92.638 113.141 110.151 109.034 106.624 92.562 113.927 110.280 109.130 106.627 92.449 113.999 110.425 109.079 106.148 92.297 113.328 110.597 1 2 3 4 5 106.802 107.953 129.834 107.653 106.157 106.906 108.242 129.178 107.716 106.243 107.057 108.733 129.040 107.893 106.408 107.263 109.061 129.570 108.098 106.580 107.457 109.706 130.632 108.348 106.742 107.621 109.728 132.811 108.613 106.920 107.730 110.017 132.325 108.715 107.037 107.813 6 110.398 7 128.785 8 108.609 9 107.077 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 –0.1 0.0 0.2 0.1 –0.1 –0.2 0.0 0.2 0.2 –0.2 –0.3 –0.1 0.3 0.2 0.3 0.0 0.4 0.2 0.2 0.2 –0.3 0.5 0.3 0.2 0.4 –0.1 0.7 0.1 0.1 0.0 –0.1 0.1 0.1 0.0 –0.4 –0.2 –0.6 0.2 11 12 13 14 15 0.1 0.0 0.4 0.1 0.1 0.1 0.3 –0.5 0.1 0.1 0.1 0.5 –0.1 0.2 0.2 0.2 0.3 0.4 0.2 0.2 0.2 0.6 0.8 0.2 0.2 0.2 0.0 1.7 0.2 0.2 0.1 0.3 –0.4 0.1 0.1 0.1 0.3 –2.7 –0.1 0.0 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 2014 Line Jan. 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... Feb. 2.3 1.9 1.2 2.0 0.8 2.3 March 2.3 2.0 2.1 3.6 1.4 2.0 April 2.4 2.5 3.8 8.2 1.8 1.9 r May r 2.5 2.4 3.8 6.5 2.4 1.7 2.4 2.3 3.2 7.2 1.4 1.9 June r 2.5 2.4 3.5 7.0 1.9 1.8 July r Aug. p 2.7 2.2 3.2 7.1 1.4 1.7 2.7 2.6 4.1 8.1 2.2 1.8 Line 1 2 3 4 5 6 p Preliminary r Revised 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 ...................... 2014 Jan. Feb. March April r May r June r July r 1.2 –0.5 –2.3 0.4 2.1 1.0 –1.2 –2.5 –0.6 2.1 1.2 –0.8 –2.6 0.1 2.2 1.5 0.1 –2.3 1.2 2.3 1.7 0.3 –2.5 1.7 2.3 1.6 0.3 –2.6 1.7 2.3 1.6 0.3 –2.4 1.5 2.3 1.2 0.6 1.8 1.1 1.0 1.2 0.7 –2.8 0.7 1.0 1.3 1.0 0.4 1.0 1.1 1.4 1.2 3.3 1.4 1.3 1.5 2.0 3.3 1.5 1.4 1.5 1.8 3.1 1.5 1.3 1.5 2.0 2.4 1.4 1.3 Aug. p 1.5 –0.2 –2.2 0.8 2.3 Line 1 2 3 4 5 1.5 6 2.2 7 0.0 8 1.3 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.