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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, JANUARY 31, 2013 BEA 13-3 James Rankin Harvey Davis (202) 606-5301 (Personal Income) (202) 606-5302 (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: DECEMBER 2012 Personal income increased $352.4 billion, or 2.6 percent, and disposable personal income (DPI) increased $331.3 billion, or 2.7 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $22.6 billion, or 0.2 percent. In November, personal income increased $135.8 billion, or 1.0 percent, DPI increased $125.5 billion, or 1.0 percent, and PCE increased $41.6 billion, or 0.4 percent, based on revised estimates. Real disposable income increased 2.8 percent in December, compared with an increase of 1.3 percent in November. Real PCE increased 0.2 percent, compared with an increase of 0.6 percent. 2012 Aug. Sept. Oct. Nov. (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2005) dollars Personal consumption expenditures: Current dollars Chained (2005) dollars Dec. 0.1 0.4 0.1 1.0 2.6 0.1 -0.3 0.4 0.1 0.1 -0.1 1.0 1.3 2.7 2.8 0.3 0.0 0.8 0.5 -0.1 -0.2 0.4 0.6 0.2 0.2 ________________________ NOTE. Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-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 (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Personal income in November and December was boosted by accelerated and special dividend payments to persons and by accelerated bonus payments and other irregular pay in private wages and salaries in anticipation of changes in individual income tax rates. Personal income in December was also boosted by lump-sum social security benefit payments. In October, personal income reflected work interruptions caused by Hurricane Sandy. Excluding these special factors, discussed more fully below, DPI increased $44.1 billion, or 0.4 percent, in December, following an increase of $66.5 billion, or 0.6 percent, in November. Wages and salaries Private wage and salary disbursements increased $44.0 billion in December, compared with an increase of $61.4 billion in November. Private wages and salaries was boosted by $30.0 billion (at an annual rate) in December and by $15.0 billion (at an annual rate) in November for accelerated payments of bonuses or other types of irregular pay. This type of irregular payment is not accounted for in the primary monthly source data for wages and salaries. In October, work interruptions caused by Hurricane Sandy reduced wages and salaries by $18.2 billion (at an annual rate). Goods-producing industries' payrolls increased $8.4 billion in December, compared with an increase of $7.5 billion in November; manufacturing payrolls increased $4.8 billion, compared with an increase of $5.2 billion. Services-producing industries' payrolls increased $35.6 billion, compared with an increase of $53.9 billion. Government wage and salary disbursements increased $0.9 billion, compared with an increase of $0.1 billion. Other personal income Supplements to wages and salaries increased $6.4 billion in December, compared with an increase of $7.1 billion in November. Proprietors' income increased $9.3 billion in December, compared with an increase of $12.2 billion in November. Farm proprietors' income increased $1.0 billion, compared with an increase of $1.1 billion. Nonfarm proprietors' income increased $8.2 billion, compared with an increase of $11.2 billion. Rental income of persons increased $2.0 billion in December, compared with an increase of $3.7 billion in November. Personal income receipts on assets (personal interest income plus personal dividend income) increased $286.6 billion, compared with an increase of $51.8 billion. Personal dividend income was boosted by $291.0 billion (at an annual rate) in December and by $25.8 billion (at an annual rate) in November, which reflected accelerated and special dividend payments in anticipation of changes in individual income tax rates. For additional information, see FAQ on “How would special and accelerated dividends affect the national income and product accounts in the fourth quarter 2012?” at www.bea.gov. -more- -3- Personal current transfer receipts increased $8.9 billion in December, compared with an increase of $6.9 billion in November. Within personal current transfer receipts in December, government social benefits to persons included retroactive social security benefit payments of $7.0 billion (at an annual rate), resulting from a recalculation of the earnings base underlying the benefits of recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -increased $5.6 billion in December, compared with an increase of $7.5 billion in November. Personal current taxes and disposable personal income Personal current taxes increased $21.1 billion in December, compared with an increase of $10.3 billion in November. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $331.3 billion, or 2.7 percent, in December, compared with an increase of $125.5 billion, or 1.0 percent, in November. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $21.0 billion in December, compared with an increase of $40.2 billion in November. PCE increased $22.6 billion, compared with an increase of $41.6 billion. Personal saving -- DPI less personal outlays -- was $805.2 billion in December, compared with $495.0 billion in November. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 6.5 percent in December, compared with 4.1 percent in November. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 2.8 percent in December, compared with an increase of 1.3 percent in November. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in December, compared with an increase of 0.6 percent in November. Purchases of durable goods increased 1.3 percent, compared with an increase of 2.9 percent. Purchases of motor vehicles and parts accounted for about half of the increases in December and in November. Purchases of nondurable goods increased 0.3 percent in December, compared with an increase of 0.1 percent in November. Purchases of services increased 0.1 percent, compared with an increase of 0.4 percent. PCE price index -- The price index for PCE decreased less than 0.1 percent in December, compared with a decrease of 0.2 percent in November. The PCE price index, excluding food and energy, increased less than 0.1 percent in December, the same increase as in November. -more- -4- 2012 Personal Income and Outlays Personal income increased 3.5 percent in 2012 (that is, from the 2011 annual level to the 2012 annual level), compared with an increase of 5.1 percent in 2011. DPI increased 3.3 percent, compared with an increase of 3.8 percent. PCE increased 3.6 percent, compared with an increase of 5.0 percent. Real DPI increased 1.5 percent in 2012, compared with an increase of 1.3 percent in 2011. Real PCE increased 1.9 percent, compared with an increase of 2.5 percent. Revisions Estimates have been revised for October and November. Changes in personal income, currentdollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for October and November -- revised and as published in last month's release -- are shown below. Change from preceding month October Previous Revised (Billions of dollars) Personal Income: Current dollars November Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) 7.5 8.6 0.1 0.1 85.8 135.8 0.6 1.0 6.4 -7.2 6.3 -8.5 0.1 -0.1 0.1 -0.1 74.7 86.5 125.5 129.7 0.6 0.8 1.0 1.3 Personal consumption expenditures: Current dollars -6.6 Chained (2005) dollars -17.5 -9.6 -21.3 -0.1 -0.2 -0.1 -0.2 41.3 56.3 41.6 56.2 0.4 0.6 0.4 0.6 Disposable personal income: Current dollars Chained (2005) dollars This release includes revised estimates of population, per capita disposable personal income (DPI), and per capita real DPI. The revised population estimates reflect newly available estimates from the Census Bureau for April 2010 through December 2012. BEA population estimates are a mid-month average of Census Bureau data. The revised per capita estimates reflect the revisions to the population estimates. Estimates for the complete revision period are available on BEA's Web site at http://www.bea.gov/iTable/index_nipa.cfm. -more- -5- 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 receive free e-mail summaries of BEA releases and announcements. * * * Next release – March 1, 2013 at 8:30 A.M. EST for Personal Income and Outlays for January Release Dates for 2013 December 2012.. January 31 January 2013….. March 1 February 2013… March 29 March 2013…… April 29 April 2013…May 31 May 2013… June 27 June 2013… August 2 July 2013…. August 30 -more- August 2013…… September 27 September 2013.. October 31 October 2013….. November 27 November 2013.. December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 1 Personal income....................................................................................... 2 Compensation of employees, received............................................... 3 Wage and salary disbursements ...................................................... 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 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 1 ................................................................................ 24 Medicare 2 ........................................................................................ 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 3 .................................................................. 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 (2005) dollars 4..................................................................... Disposable personal income: 46 Total, billions of chained (2005) dollars 4 ............................................. Per capita: 47 Current dollars .................................................................................. 48 Chained (2005) dollars ..................................................................... 49 Population (midperiod, thousands) 5 ....................................................... 2012 Line May June July Aug. Sept. Oct. r Nov. r Dec. p 13,322.3 8,518.2 6,840.3 5,640.6 1,158.2 742.3 4,482.4 1,097.3 3,385.2 1,199.6 1,678.0 1,167.7 510.3 13,355.9 8,539.7 6,858.5 5,658.7 1,166.9 750.3 4,491.8 1,104.2 3,387.6 1,199.7 1,681.2 1,170.4 510.8 13,374.4 8,554.8 6,869.8 5,669.2 1,171.9 753.9 4,497.3 1,104.4 3,392.9 1,200.7 1,685.0 1,173.2 511.8 13,385.4 8,560.5 6,872.6 5,668.7 1,162.9 746.8 4,505.8 1,105.7 3,400.1 1,203.9 1,687.9 1,176.3 511.6 13,439.3 8,595.6 6,902.6 5,697.4 1,167.3 749.0 4,530.1 1,112.1 3,418.0 1,205.2 1,692.9 1,179.3 513.6 13,447.9 8,582.5 6,887.7 5,684.8 1,163.7 746.2 4,521.1 1,110.2 3,410.9 1,202.9 1,694.8 1,182.1 512.6 13,583.7 8,651.2 6,949.2 5,746.2 1,171.2 751.4 4,575.0 1,123.4 3,451.6 1,203.0 1,701.9 1,185.0 516.9 13,936.1 8,702.4 6,994.2 5,790.2 1,179.6 756.2 4,610.6 1,125.5 3,485.1 1,203.9 1,708.3 1,188.1 520.2 1 2 3 4 5 6 7 8 9 10 11 12 13 1,196.5 52.5 1,144.0 452.8 1,733.6 1,006.1 727.4 2,364.7 2,319.0 756.8 557.4 415.7 83.6 71.9 433.7 45.7 943.5 1,464.1 11,858.2 11,400.7 11,061.7 3,734.1 1,199.1 2,535.0 7,327.6 171.2 167.7 91.3 76.4 457.5 3.9 1,196.0 53.1 1,142.9 454.1 1,741.4 1,011.8 729.7 2,369.7 2,323.9 764.6 557.2 417.8 78.4 71.6 434.3 45.8 945.0 1,470.0 11,885.9 11,394.1 11,059.5 3,721.0 1,199.7 2,521.3 7,338.4 166.7 168.0 91.6 76.4 491.8 4.1 1,197.9 56.2 1,141.7 462.1 1,723.0 993.6 729.5 2,383.0 2,337.0 762.1 564.1 421.8 78.0 73.8 437.3 46.0 946.5 1,472.2 11,902.2 11,440.2 11,102.6 3,741.6 1,202.8 2,538.8 7,361.1 169.1 168.4 91.8 76.6 462.0 3.9 1,203.6 59.4 1,144.2 470.9 1,713.8 975.3 738.5 2,383.3 2,337.2 759.7 566.4 425.2 74.4 74.7 436.8 46.1 946.6 1,473.5 11,912.0 11,477.4 11,137.2 3,785.8 1,214.3 2,571.5 7,351.4 171.6 168.6 92.1 76.6 434.5 3.6 1,214.8 62.6 1,152.2 479.9 1,701.7 957.1 744.6 2,397.6 2,351.3 773.6 568.0 425.7 72.4 73.6 438.1 46.3 950.3 1,480.0 11,959.3 11,566.4 11,223.4 3,850.2 1,239.5 2,610.7 7,373.3 174.1 168.8 92.3 76.6 392.9 3.3 1,216.2 63.6 1,152.6 481.8 1,724.3 975.6 748.7 2,392.0 2,345.5 763.3 566.1 430.2 70.7 75.1 440.2 46.4 948.8 1,482.3 11,965.6 11,555.9 11,213.8 3,831.8 1,225.2 2,606.6 7,382.0 172.5 169.6 92.5 77.1 409.8 3.4 1,228.4 64.7 1,163.8 485.5 1,776.1 994.0 782.1 2,398.9 2,352.3 768.0 565.2 433.9 71.7 74.4 439.0 46.6 956.3 1,492.6 12,091.1 11,596.1 11,255.4 3,835.8 1,258.3 2,577.5 7,419.6 170.8 169.8 92.7 77.1 495.0 4.1 1,237.7 65.7 1,172.0 487.5 2,062.7 1,012.4 1,050.3 2,407.8 2,361.1 773.3 568.3 436.1 67.5 74.5 441.5 46.7 961.9 1,513.7 12,422.4 11,617.1 11,278.0 3,844.2 1,270.7 2,573.5 7,433.8 169.2 170.0 92.9 77.1 805.2 6.5 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 44 9,496.6 9,513.5 9,512.0 9,487.8 9,491.6 9,491.0 9,622.0 9,921.9 45 10,277.2 10,292.6 10,300.2 10,272.4 10,280.4 10,271.9 10,401.6 10,691.4 46 37,770 32,734 313,957 37,835 32,763 314,150 37,863 32,766 314,353 37,868 32,656 314,562 37,993 32,659 314,777 37,988 32,611 314,981 38,364 33,004 315,165 39,393 47 33,904 48 315,342 49 p Preliminary r Revised 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2011 2012 2011 III 1 Personal income....................................................................................... 2 Compensation of employees, received............................................... 3 Wage and salary disbursements ...................................................... 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 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 1 ................................................................................ 24 Medicare 2 ........................................................................................ 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 3 .................................................................. 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 (2005) dollars 4..................................................................... Disposable personal income: 46 Total, billions of chained (2005) dollars 4 ............................................. Per capita: 47 Current dollars .................................................................................. 48 Chained (2005) dollars ..................................................................... 49 Population (midperiod, thousands) 5 ....................................................... 2012 IV I II Line III IV 12,947.3 8,295.2 6,661.3 5,466.0 1,108.6 706.6 4,357.4 1,050.1 3,307.3 1,195.3 1,633.9 1,139.0 494.9 13,402.4 8,559.8 6,875.1 5,673.7 1,161.2 742.1 4,512.6 1,102.2 3,410.4 1,201.4 1,684.6 1,172.1 512.5 12,976.3 8,318.1 6,678.1 5,480.4 1,116.4 710.1 4,364.0 1,054.2 3,309.9 1,197.7 1,640.0 1,144.2 495.8 13,017.4 8,340.1 6,692.4 5,499.9 1,107.4 701.0 4,392.5 1,056.6 3,335.9 1,192.5 1,647.7 1,151.5 496.2 13,227.1 8,495.7 6,825.9 5,626.8 1,144.0 723.1 4,482.7 1,083.3 3,399.4 1,199.1 1,669.8 1,159.6 510.2 13,327.0 8,527.7 6,849.2 5,649.4 1,161.8 744.3 4,487.6 1,098.4 3,389.2 1,199.8 1,678.5 1,167.7 510.8 13,399.7 8,570.3 6,881.7 5,678.4 1,167.4 749.9 4,511.1 1,107.4 3,403.7 1,203.3 1,688.6 1,176.2 512.4 13,655.9 8,645.4 6,943.7 5,740.4 1,171.5 751.3 4,568.9 1,119.7 3,449.2 1,203.3 1,701.7 1,185.1 516.6 1 2 3 4 5 6 7 8 9 10 11 12 13 1,157.3 54.6 1,102.8 409.7 1,685.1 1,008.8 676.3 2,319.2 2,274.3 713.3 545.1 403.9 108.0 63.3 440.8 44.9 919.3 1,398.0 11,549.3 11,059.9 10,729.0 3,624.8 1,146.4 2,478.4 7,104.2 168.0 162.8 88.9 73.9 489.4 4.2 1,203.0 57.2 1,145.8 463.5 1,748.6 991.8 756.8 2,375.2 2,329.3 761.5 561.4 417.3 80.7 72.3 436.1 45.9 947.6 1,471.9 11,930.6 11,459.8 11,119.5 3,781.8 1,218.8 2,563.0 7,337.7 172.3 168.1 91.7 76.4 470.8 3.9 1,161.4 55.3 1,106.1 413.8 1,689.1 1,004.4 684.7 2,314.7 2,270.4 716.0 549.1 396.1 103.0 64.9 441.3 44.3 920.8 1,403.8 11,572.6 11,120.9 10,791.2 3,643.6 1,144.8 2,498.7 7,147.6 167.3 162.4 89.1 73.3 451.6 3.9 1,165.3 54.4 1,110.9 430.3 1,684.6 988.0 696.6 2,319.9 2,276.0 721.9 553.1 392.0 100.9 64.7 443.5 43.9 922.8 1,419.1 11,598.3 11,205.6 10,873.8 3,690.0 1,175.1 2,515.0 7,183.8 167.0 164.8 89.8 75.1 392.7 3.4 1,184.3 52.3 1,132.1 445.3 1,696.4 991.8 704.6 2,348.0 2,302.7 753.2 555.9 397.6 94.2 68.8 433.0 45.3 942.6 1,450.8 11,776.4 11,348.7 11,007.2 3,755.9 1,204.6 2,551.3 7,251.3 175.4 166.1 90.5 75.5 427.7 3.6 1,194.9 52.5 1,142.4 452.8 1,730.8 1,006.1 724.6 2,365.2 2,319.5 759.4 556.9 413.9 83.8 71.5 433.9 45.8 944.4 1,465.2 11,861.8 11,406.1 11,067.2 3,741.5 1,200.3 2,541.2 7,325.7 171.2 167.7 91.3 76.4 455.7 3.8 1,205.4 59.4 1,146.0 471.0 1,712.8 975.3 737.5 2,388.0 2,341.8 765.1 566.2 424.2 74.9 74.0 437.4 46.1 947.8 1,475.2 11,924.5 11,494.7 11,154.4 3,792.5 1,218.9 2,573.6 7,361.9 171.6 168.6 92.0 76.6 429.8 3.6 1,227.4 64.7 1,162.8 484.9 1,854.4 994.0 860.4 2,399.6 2,353.0 768.2 566.5 433.4 70.0 74.7 440.2 46.6 955.7 1,496.2 12,159.7 11,589.7 11,249.1 3,837.3 1,251.4 2,585.9 7,411.8 170.8 169.8 92.7 77.1 570.0 4.7 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 44 9,340.0 9,525.7 9,328.6 9,335.4 9,435.7 9,491.3 9,497.0 9,678.2 45 10,149.7 10,306.0 10,125.6 10,121.5 10,213.9 10,270.6 10,284.2 10,454.8 46 37,013 32,527 312,036 37,962 32,793 314,278 37,054 32,421 312,319 37,065 32,346 312,917 37,573 32,588 313,425 37,781 32,713 313,960 37,908 32,694 314,564 38,582 47 33,173 48 315,162 49 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2012 May 1 Personal income .................................................................................... 2 Compensation of employees, received ............................................ 3 Wage and salary disbursements.................................................... 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 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 1 ............................................................................. 24 Medicare 2 ...................................................................................... 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 3 ................................................................ 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 (2005) dollars 4 .................................................................... 45 Disposable personal income, billions of chained (2005) dollars 4 ........ June July Aug. Line Sept. Oct. r Nov. r Dec. p 19.4 –7.0 –8.6 –8.1 –2.0 2.0 –6.1 3.7 –9.7 –0.5 1.7 2.8 –1.1 33.6 21.5 18.2 18.1 8.7 8.0 9.4 6.9 2.4 0.1 3.2 2.7 0.5 18.5 15.1 11.3 10.5 5.0 3.6 5.5 0.2 5.3 1.0 3.8 2.8 1.0 11.0 5.7 2.8 –0.5 –9.0 –7.1 8.5 1.3 7.2 3.2 2.9 3.1 –0.2 53.9 35.1 30.0 28.7 4.4 2.2 24.3 6.4 17.9 1.3 5.0 3.0 2.0 8.6 –13.1 –14.9 –12.6 –3.6 –2.8 –9.0 –1.9 –7.1 –2.3 1.9 2.8 –1.0 135.8 68.7 61.5 61.4 7.5 5.2 53.9 13.2 40.7 0.1 7.1 2.9 4.3 352.4 51.2 45.0 44.0 8.4 4.8 35.6 2.1 33.5 0.9 6.4 3.1 3.3 1 2 3 4 5 6 7 8 9 10 11 12 13 4.2 0.6 3.7 1.1 16.3 5.6 10.6 3.5 3.6 0.0 1.2 7.6 –5.9 0.8 –0.1 –0.1 –1.3 2.5 16.9 –22.9 –18.6 –35.2 –2.9 –32.3 16.6 –4.6 0.2 0.2 0.0 39.8 –0.5 0.6 –1.1 1.3 7.8 5.7 2.3 5.0 4.9 7.8 –0.2 2.1 –5.2 –0.3 0.6 0.1 1.5 5.9 27.7 –6.6 –2.2 –13.1 0.6 –13.7 10.8 –4.5 0.3 0.3 0.0 34.3 1.9 3.1 –1.2 8.0 –18.4 –18.2 –0.2 13.3 13.1 –2.5 6.9 4.0 –0.4 2.2 3.0 0.2 1.5 2.2 16.3 46.1 43.1 20.6 3.1 17.5 22.7 2.4 0.4 0.2 0.2 –29.8 5.7 3.2 2.5 8.8 –9.2 –18.3 9.0 0.3 0.2 –2.4 2.3 3.4 –3.6 0.9 –0.5 0.1 0.1 1.3 9.8 37.2 34.6 44.2 11.5 32.7 –9.7 2.5 0.2 0.3 0.0 –27.5 11.2 3.2 8.0 9.0 –12.1 –18.2 6.1 14.3 14.1 13.9 1.6 0.5 –2.0 –1.1 1.3 0.2 3.7 6.5 47.3 89.0 86.2 64.4 25.2 39.2 21.9 2.5 0.2 0.2 0.0 –41.6 1.4 1.0 0.4 1.9 22.6 18.5 4.1 –5.6 –5.8 –10.3 –1.9 4.5 –1.7 1.5 2.1 0.1 –1.5 2.3 6.3 –10.5 –9.6 –18.4 –14.3 –4.1 8.7 –1.6 0.8 0.2 0.5 16.9 12.2 1.1 11.2 3.7 51.8 18.4 33.4 6.9 6.8 4.7 –0.9 3.7 1.0 –0.7 –1.2 0.2 7.5 10.3 125.5 40.2 41.6 4.0 33.1 –29.1 37.6 –1.7 0.2 0.2 0.0 85.2 9.3 1.0 8.2 2.0 286.6 18.4 268.2 8.9 8.8 5.3 3.1 2.2 –4.2 0.1 2.5 0.1 5.6 21.1 331.3 21.0 22.6 8.4 12.4 –4.0 14.2 –1.6 0.2 0.2 0.0 310.2 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 32.7 35.2 16.9 15.4 –1.5 7.6 –24.2 –27.8 3.8 8.0 –0.6 –8.5 131.0 129.7 299.9 44 289.8 45 p Preliminary r Revised 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. 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 2011 2012 2011 III 1 Personal income .................................................................................... 2 Compensation of employees, received ............................................ 3 Wage and salary disbursements.................................................... 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 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 1 ............................................................................. 24 Medicare 2 ...................................................................................... 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 3 ................................................................ 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 (2005) dollars 4 .................................................................... 45 Disposable personal income, billions of chained (2005) dollars 4 ........ 2012 IV I II Line III IV 625.4 325.2 256.7 252.7 51.1 32.5 201.6 44.6 157.0 4.0 68.5 41.7 26.8 455.1 264.6 213.8 207.7 52.6 35.5 155.2 52.1 103.1 6.1 50.7 33.1 17.6 37.4 31.7 21.9 21.6 8.5 3.1 13.0 7.4 5.7 0.3 9.8 8.8 1.0 41.1 22.0 14.3 19.5 –9.0 –9.1 28.5 2.4 26.0 –5.2 7.7 7.3 0.4 209.7 155.6 133.5 126.9 36.6 22.1 90.2 26.7 63.5 6.6 22.1 8.1 14.0 99.9 32.0 23.3 22.6 17.8 21.2 4.9 15.1 –10.2 0.7 8.7 8.1 0.6 72.7 42.6 32.5 29.0 5.6 5.6 23.5 9.0 14.5 3.5 10.1 8.5 1.6 256.2 75.1 62.0 62.0 4.1 1.4 57.8 12.3 45.5 0.0 13.1 8.9 4.2 1 2 3 4 5 6 7 8 9 10 11 12 13 53.9 10.3 43.7 60.5 86.8 –7.8 94.6 34.9 37.4 23.1 29.8 7.3 –30.9 5.4 2.7 –2.5 –64.0 203.2 422.2 499.5 513.3 259.9 67.0 192.9 253.3 –15.8 1.9 1.5 0.4 –77.3 45.7 2.6 43.0 53.8 63.5 –17.0 80.5 56.0 55.0 48.2 16.3 13.4 –27.3 9.0 –4.7 1.0 28.3 73.9 381.3 399.9 390.5 157.0 72.4 84.6 233.5 4.3 5.3 2.8 2.5 –18.6 6.7 2.7 4.0 9.1 –3.3 –20.9 17.6 –5.2 –4.4 4.0 6.0 –12.6 –5.8 2.5 1.5 –0.8 1.6 7.2 30.3 105.8 106.3 39.3 13.0 26.3 67.0 –0.5 0.0 0.5 –0.5 –75.6 3.9 –0.9 4.8 16.5 –4.5 –16.4 11.9 5.2 5.6 5.9 4.0 –4.1 –2.1 –0.2 2.2 –0.4 2.0 15.3 25.7 84.7 82.6 46.4 30.3 16.3 36.2 –0.3 2.4 0.7 1.8 –58.9 19.0 –2.1 21.2 15.0 11.8 3.8 8.0 28.1 26.7 31.3 2.8 5.6 –6.7 4.1 –10.5 1.4 19.8 31.7 178.1 143.1 133.4 65.9 29.5 36.3 67.5 8.4 1.3 0.7 0.4 35.0 10.6 0.2 10.3 7.5 34.4 14.3 20.0 17.2 16.8 6.2 1.0 16.3 –10.4 2.7 0.9 0.5 1.8 14.4 85.4 57.4 60.0 –14.4 –4.3 –10.1 74.4 –4.2 1.6 0.8 0.9 28.0 10.5 6.9 3.6 18.2 –18.0 –30.8 12.9 22.8 22.3 5.7 9.3 10.3 –8.9 2.5 3.5 0.3 3.4 10.0 62.7 88.6 87.2 51.0 18.6 32.4 36.2 0.4 0.9 0.7 0.2 –25.9 22.0 5.3 16.8 13.9 141.6 18.7 122.9 11.6 11.2 3.1 0.3 9.2 –4.9 0.7 2.8 0.5 7.9 21.0 235.2 95.0 94.7 44.8 32.5 12.3 49.9 –0.8 1.2 0.7 0.5 140.2 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 43 304.2 133.2 185.7 156.3 –16.6 –32.2 6.8 –4.1 100.3 92.4 55.6 56.7 5.7 13.6 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 181.2 44 170.6 45 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2012 May June July Aug. Line Sept. Oct. r Nov. r Dec. p Based on current-dollar measures 1 Personal income .......................................................................... 2 Compensation of employees, received ....................................... 3 Wage and salary disbursements ............................................. 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 .................................................................................. 0.1 –0.1 –0.1 0.1 0.3 0.3 0.3 0.2 0.1 0.2 0.2 0.2 0.1 0.1 0.0 0.2 0.4 0.4 0.4 0.3 0.1 –0.2 –0.2 0.1 1.0 0.8 0.9 0.4 2.6 0.6 0.6 0.4 1 2 3 4 0.4 0.2 0.9 0.6 1.5 0.1 –0.1 0.2 0.1 0.0 0.3 0.5 0.6 0.3 0.2 0.2 0.4 0.2 0.2 1.8 –1.1 –1.8 0.0 0.6 0.2 0.1 0.1 0.5 1.9 –0.5 –1.8 1.2 0.0 0.0 0.1 0.1 0.9 1.9 –0.7 –1.9 0.8 0.6 0.4 0.4 0.4 0.1 0.4 1.3 1.9 0.6 –0.2 –0.2 0.2 0.1 1.0 0.8 3.0 1.9 4.5 0.3 0.8 0.7 1.0 0.8 0.4 16.1 1.9 34.3 0.4 0.6 1.4 2.7 5 6 7 8 9 10 11 12 13 –0.2 –0.9 –0.2 –1.3 0.0 –0.4 0.1 –0.5 0.4 0.6 0.3 0.7 0.3 1.2 1.0 1.3 0.8 1.7 2.1 1.5 –0.1 –0.5 –1.2 –0.2 0.4 0.1 2.7 –1.1 0.2 0.2 1.0 –0.2 0.2 0.1 0.3 –0.1 0.3 0.1 0.5 14 15 16 17 0.2 18 –0.3 –0.3 0.0 0.1 0.0 –0.1 1.4 1.3 3.1 19 2.8 20 Based on chained (2005) dollar measures 19 20 Real personal income excluding current transfer receipts .......... Real disposable personal income............................................... 0.3 0.3 0.2 0.2 0.0 0.1 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 2011 2012 2011 III 2012 IV I II Line III IV Based on current-dollar measures 1 Personal income .......................................................................... 2 Compensation of employees, received ....................................... 3 Wage and salary disbursements ............................................. 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 .................................................................................. 5.1 4.1 4.0 4.4 3.5 3.2 3.2 3.1 1.2 1.5 1.3 2.4 1.3 1.1 0.9 1.9 6.6 7.7 8.2 5.5 3.1 1.5 1.4 2.1 2.2 2.0 1.9 2.4 7.9 3.6 3.7 3.1 1 2 3 4 4.9 17.3 5.4 –0.8 16.3 1.5 –6.5 17.0 3.8 3.9 13.1 3.8 –1.7 11.9 2.4 3.1 5.3 3.3 2.4 9.4 –0.8 –7.9 10.9 –0.9 0.7 2.1 1.1 1.3 16.9 –1.0 –6.4 7.2 0.9 0.9 4.4 0.9 6.7 14.7 2.8 1.5 4.6 4.9 8.8 9.2 6.3 3.6 7.0 8.4 5.9 11.9 3.0 0.8 4.0 2.9 3.6 17.0 –4.1 –11.7 7.3 3.9 1.4 2.8 2.1 7.5 12.4 37.4 7.9 85.2 2.0 3.4 5.8 8.1 5 6 7 8 9 10 11 12 13 5.0 7.7 6.2 8.4 3.6 4.3 6.3 3.4 4.0 4.4 4.7 4.3 3.1 5.2 11.0 2.6 5.0 7.3 10.4 5.9 2.2 –1.5 –1.4 –1.6 3.2 5.6 6.3 5.2 3.4 4.8 11.1 1.9 3.7 3.3 3.8 2.0 3.8 4.2 2.0 14 15 16 17 2.7 18 0.3 –0.2 4.4 3.7 2.4 2.2 0.2 0.5 7.8 19 6.8 20 Based on chained (2005) dollar measures 19 20 Real personal income excluding current transfer receipts .......... Real disposable personal income............................................... 3.4 1.3 2.0 1.5 –0.7 –1.3 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2012 Line May June July Aug. Sept. Oct. r Nov. r Dec. p Line Billions of chained (2005) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures ......................................... 2 Goods ......................................................................................... 3 Durable goods ......................................................................... 4 Nondurable goods ................................................................... 5 Services...................................................................................... 9,586.9 3,410.3 1,333.2 2,094.3 9,577.0 3,402.6 1,335.8 2,085.4 9,608.2 3,420.6 1,343.5 2,096.0 9,604.3 3,432.5 1,358.7 2,095.6 9,647.8 3,465.9 1,389.8 2,103.0 9,626.5 3,447.7 1,376.5 2,096.2 9,682.7 3,483.1 1,416.5 2,099.2 9,706.4 3,504.5 1,434.4 2,105.4 6,181.6 6,179.0 6,192.8 6,177.9 6,189.5 6,185.5 6,207.5 6,210.8 23.7 21.4 17.9 6.2 1 2 3 4 5 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures ......................................... 7 Goods ......................................................................................... 8 Durable goods ......................................................................... 9 Nondurable goods ................................................................... 10 Services...................................................................................... 3.1 –5.0 –3.6 –1.9 –9.9 –7.7 2.6 –8.9 31.2 18.0 7.7 10.6 –3.9 11.9 15.2 –0.4 43.5 33.4 31.1 7.4 –21.3 –18.2 –13.3 –6.8 56.2 35.4 40.0 3.0 7.7 –2.6 13.8 –14.9 11.6 –4.0 22.0 –0.2 –0.5 –1.0 –0.3 –0.1 0.6 1.0 2.9 0.1 0.4 6 7 8 9 3.3 10 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures ......................................... 12 Goods ......................................................................................... 13 Durable goods ......................................................................... 14 Nondurable goods ................................................................... 15 Services...................................................................................... 0.0 –0.1 –0.3 –0.1 0.1 –0.1 –0.2 0.2 –0.4 0.0 0.3 0.5 0.6 0.5 0.2 0.0 0.3 1.1 0.0 –0.2 0.5 1.0 2.3 0.4 0.2 0.2 0.6 1.3 0.3 0.1 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 2011 2012 2011 III 2012 IV I II Line III IV Billions of chained (2005) dollars 1 Personal consumption expenditures ......................................... 2 Goods ......................................................................................... 3 Durable goods ......................................................................... 4 Nondurable goods ................................................................... 5 Services...................................................................................... 9,428.8 3,331.0 1,262.6 2,075.2 9,605.3 3,433.5 1,361.1 2,094.8 9,441.9 3,323.5 1,258.6 2,071.4 9,489.3 3,367.9 1,300.1 2,080.5 9,546.8 3,406.6 1,336.1 2,088.9 9,582.5 3,409.4 1,335.3 2,092.0 9,620.1 3,439.7 1,364.0 2,098.2 9,671.9 3,478.4 1,409.1 2,100.3 6,101.5 6,178.0 6,121.1 6,126.0 6,145.9 6,178.2 6,186.7 6,201.3 51.8 38.7 45.1 2.1 1 2 3 4 5 Change from preceding period in billions of chained (2005) dollars 6 Personal consumption expenditures ......................................... 7 Goods ......................................................................................... 8 Durable goods ......................................................................... 9 Nondurable goods ................................................................... 10 Services...................................................................................... 232.6 121.9 84.3 45.9 176.5 102.5 98.5 19.6 38.7 11.3 16.3 –2.1 47.4 44.4 41.5 9.1 57.5 38.7 36.0 8.4 35.7 2.8 –0.8 3.1 37.6 30.3 28.7 6.2 113.9 76.5 27.1 4.9 19.9 32.3 8.5 6 7 8 9 14.6 10 2.4 4.7 11.5 1.6 1.3 1.5 0.3 –0.2 0.6 2.1 1.6 3.6 8.9 1.2 0.6 2.2 4.6 13.9 0.4 0.9 Percent change from preceding period in chained (2005) dollars 11 Personal consumption expenditures ......................................... 12 Goods ......................................................................................... 13 Durable goods ......................................................................... 14 Nondurable goods ................................................................... 15 Services...................................................................................... 2.5 3.8 7.2 2.3 1.9 1.9 3.1 7.8 0.9 1.3 1.7 1.4 5.4 –0.4 1.8 2.0 5.4 13.9 1.8 0.3 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2012 Line May June July Aug. Sept. Oct. r Nov. r Dec. p Line Chain-type price indexes (2005=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 ........................ 115.386 109.499 89.938 121.043 118.541 115.483 109.361 89.809 120.900 118.766 115.556 109.388 89.525 121.123 118.867 115.964 110.299 89.370 122.711 118.996 116.335 111.095 89.180 124.143 119.129 116.492 111.142 89.003 124.345 119.346 116.245 110.125 88.829 122.786 119.528 116.192 109.688 88.579 122.231 119.693 113.574 120.576 138.079 115.301 113.774 120.869 135.958 115.396 113.878 120.862 135.633 115.475 113.902 120.955 143.471 115.959 113.955 120.884 150.360 116.399 114.119 121.237 150.182 116.537 114.172 121.504 143.591 116.220 114.187 121.825 141.718 116.155 113.183 113.398 113.512 113.565 113.650 113.793 113.812 1 2 3 4 5 6 7 8 9 113.821 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 ........................ –0.2 –0.8 0.0 –1.2 0.1 0.1 –0.1 –0.1 –0.1 0.2 0.1 0.0 –0.3 0.2 0.1 0.4 0.8 –0.2 1.3 0.1 0.3 0.7 –0.2 1.2 0.1 0.1 0.0 –0.2 0.2 0.2 –0.2 –0.9 –0.2 –1.3 0.2 0.0 –0.4 –0.3 –0.5 0.1 11 12 13 14 15 0.1 –0.1 –4.7 –0.2 0.2 0.2 0.2 –1.5 0.1 0.2 0.1 0.0 –0.2 0.1 0.1 0.0 0.1 5.8 0.4 0.0 0.0 –0.1 4.8 0.4 0.1 0.1 0.3 –0.1 0.1 0.1 0.0 0.2 –4.4 –0.3 0.0 0.0 0.3 –1.3 –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 2012 Line May 1 Disposable personal income ...................................................... 2 Personal consumption expenditures ......................................... 3 Goods ......................................................................................... 4 Durable goods ......................................................................... 5 Nondurable goods ................................................................... 6 Services...................................................................................... June 1.3 1.9 3.0 7.4 1.0 1.4 July 1.3 2.0 3.5 8.6 1.2 1.3 Aug. 1.5 1.9 3.1 7.3 1.2 1.2 Sept. 1.5 1.9 3.7 8.9 1.4 0.9 Oct. r 1.7 1.9 3.7 8.9 1.3 1.1 Nov. r 1.3 1.5 2.4 6.4 0.5 1.0 3.0 2.0 3.4 9.1 0.9 1.3 Dec. p 5.6 2.2 4.0 9.7 1.5 1.3 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 2012 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 ........................ May June July Aug. Oct. r Sept. Nov. r 1.5 0.6 –1.3 1.4 2.0 1.5 0.4 –1.6 1.3 2.1 1.3 0.1 –1.8 1.0 2.0 1.4 0.6 –1.8 1.7 1.9 1.6 1.1 –1.6 2.4 1.9 1.7 1.3 –1.8 2.8 1.9 1.4 0.4 –1.7 1.5 2.0 1.7 2.4 –3.3 1.6 1.9 1.8 2.4 –3.6 1.6 1.9 1.7 2.0 –4.7 1.4 1.8 1.5 1.5 0.0 1.5 1.7 1.5 0.9 3.2 1.7 1.7 1.6 1.0 4.9 1.9 1.7 1.5 1.3 0.8 1.5 1.6 Dec. p 1.3 0.3 –1.7 1.3 1.9 Line 1 2 3 4 5 1.4 6 1.3 7 0.9 8 1.4 9 1.4 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.
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