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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, FEBRUARY 2, 2015 BEA 15-05 Technical: James Rankin (202) 606-5301 (Personal Income) Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) Media: Jeannine Aversa (202) 606-2649 piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: DECEMBER 2014 Personal income increased $41.3 billion, or 0.3 percent, and disposable personal income (DPI) increased $35.8 billion, or 0.3 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $40.0 billion, or 0.3 percent. In November, personal income increased $47.2 billion, or 0.3 percent, DPI increased $34.2 billion, or 0.3 percent, and PCE increased $58.8 billion, or 0.5 percent, based on revised estimates. Real DPI increased 0.5 percent in December, compared with an increase of 0.4 percent in November. Real PCE decreased 0.1 percent, in contrast to an increase of 0.7 percent. The price index for PCE decreased 0.2 percent in December, the same decrease as in November. Aug. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.3 2014 Sept. Oct. Nov. (Percent change from preceding month) 0.2 0.4 0.3 Dec. 0.3 0.3 0.3 0.1 0.1 0.4 0.3 0.3 0.4 0.3 0.5 0.6 0.7 0.2 0.2 0.3 0.3 0.5 0.7 -0.3 -0.1 _________________ 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- Compensation Wages and salaries increased $6.9 billion in December, compared with an increase of $42.2 billion in November. Private wages and salaries increased $4.9 billion, compared with an increase of $40.6 billion. Government wages and salaries increased $1.9 billion, compared with an increase of $1.7 billion. Supplements to wages and salaries increased $3.3 billion in December, compared with an increase of $5.6 billion in November. Other personal income Proprietors' income increased $12.8 billion in December, in contrast to a decrease of $3.3 billion in November. Farm proprietors' income increased $4.4 billion, the same as in November. Nonfarm proprietors' income increased $8.4 billion in December, in contrast to a decrease of $7.7 billion in November. Rental income of persons increased $5.0 billion in December, compared with an increase of $2.5 billion in November. Personal income receipts on assets (personal interest income plus personal dividend income) increased $1.3 billion, compared with an increase of $3.1 billion. Personal current transfer receipts increased $12.7 billion in December, compared with an increase of $2.4 billion in November. Within personal current transfer receipts in December, government social benefit payments to persons included retroactive social security benefit payments of $7.8 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 $0.6 billion in December, compared with an increase of $5.5 billion in November. Personal current taxes and disposable personal income Personal current taxes increased $5.4 billion in December, compared with an increase of $13.1 billion in November. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $35.8 billion, or 0.3 percent, in December, compared with an increase of $34.2 billion, or 0.3 percent, in November. -more- -3- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -decreased $39.2 billion in December, in contrast to an increase of $59.7 billion in November. PCE decreased $40.0 billion, in contrast to an increase of $58.8 billion. Personal saving -- DPI less personal outlays -- was $643.2 billion in December, compared with $568.2 billion in November. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.9 percent in December, compared with 4.3 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 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 0.5 percent in December, compared with an increase of 0.4 percent in November. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in December, in contrast to an increase of 0.7 percent in November. Purchases of durable goods decreased 0.7 percent, in contrast to an increase of 2.5 percent. Purchases of motor vehicles and parts accounted for most of the decrease in December and most of the increase in November. Purchases of nondurable goods decreased 0.1 percent in December, in contrast to an increase of 0.7 percent in November. Purchases of services increased less than 0.1 percent, compared with an increase of 0.3 percent. The price index for PCE decreased 0.2 percent in December, the same decrease as in November. The PCE price index, excluding food and energy, increased less than 0.1percent in December; the price index increased less than 0.1 percent in November. The December price index for PCE increased 0.7 percent from December a year ago. The December PCE price index, excluding food and energy, increased 1.3 percent from December a year ago. 2014 Personal Income and Outlays Personal income increased 3.9 percent in 2014 (that is, from the 2013 annual level to the 2014 annual level), compared with an increase of 2.0 percent in 2013. DPI increased 3.8 percent, compared with an increase of 1.0 percent. PCE increased 3.9 percent, compared with an increase of 3.6 percent. Real DPI increased 2.4 percent in 2014, in contrast to a decrease of 0.2 percent in 2013. Real PCE increased 2.5 percent, compared with an increase of 2.4 percent. -more- -4- Revisions Estimates have been revised for October and November. Changes in personal income, in currentdollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for October and November -- revised and as published in last month's release -- are shown below. Change from preceding month October November 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 49.8 57.9 0.3 0.4 54.4 47.2 0.4 0.3 39.7 30.5 46.6 39.3 0.3 0.3 0.4 0.3 42.4 59.6 34.2 51.2 0.3 0.5 0.3 0.4 31.3 23.3 41.8 35.1 0.3 0.2 0.3 0.3 67.9 81.2 58.8 72.3 0.6 0.7 0.5 0.7 BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API. (www.bea.gov/API/signup/index.cfm). BEA's news release schedule is available at www.bea.gov/newsreleases/2015rd.htm. * * * Next release – March 2, 2015 at 8:30 A.M. EST for Personal Income and Outlays for January -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 May 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...................................................... June July Aug. Line Sept. Oct. r Nov. r Dec. p 14,657.0 14,716.8 14,750.6 14,799.9 14,825.8 14,883.7 14,930.9 14,972.2 1 9,156.0 9,174.6 9,200.6 9,246.9 9,268.6 9,298.3 9,346.3 9,356.3 2 7,388.7 7,403.5 7,425.4 7,466.1 7,483.7 7,509.1 7,551.3 7,558.2 3 6,168.7 6,182.7 6,202.7 6,241.6 6,256.9 6,281.1 6,321.7 6,326.6 4 1,254.5 1,261.8 1,261.3 1,268.4 1,270.9 1,277.9 1,286.5 1,284.0 5 773.7 776.6 774.5 778.4 779.7 783.8 788.6 786.2 6 4,914.2 4,920.9 4,941.4 4,973.3 4,986.0 5,003.2 5,035.2 5,042.6 7 1,164.5 1,162.9 1,164.6 1,170.0 1,170.7 1,173.6 1,181.9 1,186.2 8 3,749.7 3,758.0 3,776.8 3,803.3 3,815.4 3,829.6 3,853.3 3,856.3 9 1,220.0 1,220.8 1,222.7 1,224.5 1,226.8 1,228.0 1,229.7 1,231.6 10 1,767.3 1,771.1 1,775.2 1,780.8 1,784.9 1,789.3 1,794.9 1,798.2 11 1,221.9 545.4 1,224.7 546.4 1,227.6 547.6 1,230.5 550.3 1,233.5 551.4 1,236.5 552.8 1,239.4 555.5 1,242.5 12 555.7 13 1,378.9 1,394.0 1,393.7 1,383.3 1,382.3 1,400.8 1,397.5 1,410.3 14 73.4 81.9 72.0 62.2 52.3 56.8 61.2 65.6 15 1,305.5 1,312.2 1,321.6 1,321.1 1,330.0 1,344.0 1,336.3 1,344.7 16 635.4 638.7 642.0 647.2 650.8 653.9 656.4 661.4 17 2,126.0 2,139.5 2,139.2 2,137.8 2,137.8 2,140.4 2,143.5 2,144.8 18 1,270.0 1,274.9 1,270.7 1,266.5 1,262.3 1,259.6 1,257.0 1,254.3 19 855.9 864.6 868.5 871.3 875.5 880.7 886.6 890.4 20 2,514.4 2,525.9 2,533.9 2,549.0 2,553.1 2,560.3 2,562.7 2,575.4 21 2,470.7 2,481.9 2,489.6 2,504.5 2,508.3 2,515.2 2,517.4 2,529.8 22 832.7 835.0 833.8 838.2 839.3 839.6 841.7 850.2 23 585.9 587.5 588.4 590.9 593.2 590.9 589.8 592.2 24 483.2 489.0 496.6 504.5 504.9 509.6 509.2 510.0 25 37.2 36.8 35.6 35.6 34.2 34.0 34.0 34.0 26 83.2 83.3 85.2 84.4 84.2 86.1 86.4 86.9 27 448.5 450.3 450.0 450.9 452.5 455.0 456.3 456.6 28 43.8 44.0 44.3 44.5 44.8 45.1 45.3 45.6 29 1,153.7 1,155.9 1,158.8 1,164.4 1,166.8 1,170.0 1,175.5 1,176.1 30 1,713.8 1,716.1 1,729.5 1,744.0 1,752.0 1,763.3 1,776.4 1,781.8 31 12,943.2 13,000.7 13,021.1 13,055.9 13,073.8 13,120.4 13,154.6 13,190.4 32 12,283.2 12,342.2 12,370.6 12,448.0 12,480.5 12,526.7 12,586.4 12,547.2 33 11,864.3 11,922.6 11,944.4 12,017.0 12,044.6 12,086.4 12,145.2 12,105.2 34 3,956.4 3,994.9 3,998.0 4,025.4 4,011.2 4,015.5 4,031.9 3,980.8 35 1,300.4 1,307.4 1,305.7 1,333.6 1,321.4 1,321.7 1,345.2 1,329.1 36 2,656.0 2,687.6 2,692.3 2,691.8 2,689.8 2,693.7 2,686.7 2,651.7 37 7,907.9 7,927.7 7,946.4 7,991.6 8,033.4 8,070.9 8,113.4 8,124.4 38 251.3 251.8 256.3 260.9 265.4 266.0 266.5 267.1 39 167.5 167.9 169.9 170.2 170.5 174.3 174.7 175.0 40 94.3 94.6 94.9 95.3 95.6 95.9 96.2 96.6 41 73.3 73.3 74.9 74.9 74.9 78.4 78.4 78.4 42 660.1 658.4 650.6 607.9 593.3 593.7 568.2 643.2 43 5.1 5.1 5.0 4.7 4.5 4.5 4.3 4.9 44 11,161.8 11,181.0 11,195.4 11,232.1 11,244.2 11,287.5 11,347.2 11,399.9 45 11,897.7 11,923.8 11,932.5 11,970.3 11,978.1 12,017.4 12,068.6 12,129.8 46 40,656 37,372 318,357 40,812 37,431 318,552 40,849 37,434 318,759 40,931 37,527 318,976 40,959 37,526 319,195 41,079 37,626 319,394 41,163 37,765 319,574 41,253 47 37,936 48 319,745 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 2013 2014 2013 III 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 ..................................................... 2014 IV I II Line III IV 14,166.9 14,716.6 14,247.4 14,311.7 14,484.7 14,660.5 14,792.1 14,928.9 1 8,844.8 9,207.0 8,871.6 8,946.8 9,096.2 9,159.5 9,238.7 9,333.7 2 7,124.7 7,432.4 7,145.3 7,208.5 7,339.8 7,391.7 7,458.4 7,539.5 3 5,916.6 6,210.2 5,939.7 5,998.5 6,125.3 6,172.1 6,233.7 6,309.8 4 1,195.3 1,260.5 1,196.8 1,210.6 1,238.0 1,254.5 1,266.8 1,282.8 5 747.6 776.7 747.2 754.1 769.5 773.7 777.6 786.2 6 4,721.3 4,949.7 4,742.9 4,787.9 4,887.3 4,917.5 4,966.9 5,027.0 7 1,121.3 1,167.2 1,122.7 1,134.9 1,154.9 1,165.0 1,168.4 1,180.6 8 3,600.0 3,782.5 3,620.2 3,653.0 3,732.4 3,752.6 3,798.5 3,846.4 9 1,208.1 1,222.2 1,205.6 1,210.0 1,214.5 1,219.7 1,224.7 1,229.8 10 1,720.1 1,774.6 1,726.2 1,738.3 1,756.4 1,767.8 1,780.3 1,794.1 11 1,193.9 526.1 1,226.4 548.2 1,198.8 527.5 1,206.8 531.5 1,213.6 542.8 1,222.0 545.7 1,230.5 549.8 1,239.5 12 554.7 13 1,336.6 1,380.3 1,345.9 1,342.7 1,351.0 1,381.0 1,386.4 1,402.9 14 83.2 63.7 86.8 70.1 58.1 73.4 62.2 61.2 15 1,253.5 1,316.6 1,259.2 1,272.6 1,292.9 1,307.6 1,324.2 1,341.7 16 595.8 640.6 604.2 613.3 622.9 635.4 646.7 657.2 17 2,079.7 2,124.6 2,106.9 2,094.2 2,090.4 2,127.0 2,138.3 2,142.9 18 1,255.2 1,264.0 1,258.5 1,263.2 1,262.4 1,270.0 1,266.5 1,257.0 19 824.5 860.7 848.4 831.0 828.0 857.0 871.8 885.9 20 2,414.5 2,523.5 2,426.6 2,432.3 2,470.9 2,511.8 2,545.3 2,566.1 21 2,372.2 2,479.4 2,384.0 2,389.7 2,427.8 2,468.0 2,500.8 2,520.8 22 799.0 834.6 802.5 808.9 824.5 833.0 837.1 843.8 23 572.4 587.7 573.0 577.3 582.6 586.2 590.8 590.9 24 441.1 490.4 450.0 448.7 467.6 482.5 502.0 509.6 25 62.2 36.9 59.3 56.1 41.4 37.2 35.1 34.0 26 79.0 84.4 80.1 81.6 83.4 83.4 84.6 86.5 27 418.5 445.3 419.1 417.1 428.4 445.7 451.2 456.0 28 42.3 44.2 42.5 42.6 43.1 43.8 44.5 45.3 29 1,104.5 1,159.5 1,107.8 1,117.5 1,146.6 1,154.2 1,163.3 1,173.9 30 1,661.8 1,735.7 1,661.5 1,688.1 1,711.8 1,715.3 1,741.8 1,773.8 31 12,505.1 12,980.9 12,585.8 12,623.7 12,772.9 12,945.2 13,050.3 13,155.1 32 11,897.1 12,355.7 11,933.1 12,070.8 12,146.9 12,289.6 12,433.0 12,553.4 33 11,484.3 11,928.4 11,518.7 11,653.3 11,728.5 11,870.7 12,002.0 12,112.3 34 3,851.2 3,969.0 3,865.3 3,886.1 3,890.6 3,964.5 4,011.5 4,009.4 35 1,249.3 1,303.2 1,252.4 1,261.5 1,262.3 1,298.4 1,320.2 1,332.0 36 2,601.9 2,665.8 2,612.9 2,624.6 2,628.4 2,666.1 2,691.3 2,677.4 37 7,633.2 7,959.3 7,653.4 7,767.2 7,837.8 7,906.2 7,990.4 8,102.9 38 247.1 257.1 250.8 250.8 249.8 251.3 260.9 266.5 39 165.6 170.3 163.6 166.7 168.6 167.5 170.2 174.7 40 91.4 94.8 91.5 92.2 93.3 94.3 95.3 96.2 41 74.3 75.5 72.2 74.5 75.4 73.3 74.9 78.4 42 608.1 625.1 652.8 552.9 626.1 655.6 617.2 601.7 43 4.9 4.8 5.2 4.4 4.9 5.1 4.7 4.6 44 10,949.5 11,211.1 10,994.3 11,021.2 11,108.2 11,168.1 11,223.9 11,344.8 45 11,650.8 11,935.6 11,705.9 11,711.7 11,810.1 11,900.4 11,960.3 12,071.9 46 39,515 36,815 316,465 40,732 37,452 318,688 39,734 36,956 316,754 39,779 36,905 317,347 40,186 37,157 317,842 40,662 37,380 318,362 40,913 37,496 318,977 41,165 47 37,775 48 319,571 49 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 May 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 .......... June July Aug. Line Sept. Oct. r Nov. r Dec. p 49.4 8.1 5.7 3.9 7.3 2.9 –3.3 –3.0 –0.4 1.7 2.4 59.8 18.6 14.8 14.0 7.3 2.9 6.7 –1.6 8.3 0.8 3.8 33.8 26.0 21.9 20.0 –0.5 –2.1 20.5 1.7 18.8 1.9 4.1 49.3 46.3 40.7 38.9 7.1 3.9 31.9 5.4 26.5 1.8 5.6 25.9 21.7 17.6 15.3 2.5 1.3 12.7 0.7 12.1 2.3 4.1 57.9 29.7 25.4 24.2 7.0 4.1 17.2 2.9 14.2 1.2 4.4 47.2 48.0 42.2 40.6 8.6 4.8 32.0 8.3 23.7 1.7 5.6 41.3 1 10.0 2 6.9 3 4.9 4 –2.5 5 –2.4 6 7.4 7 4.3 8 3.0 9 1.9 10 3.3 11 2.4 0.0 2.8 1.0 2.9 1.2 2.9 2.7 3.0 1.1 3.0 1.4 2.9 2.7 3.1 12 0.2 13 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 0.8 –2.1 51.5 39.9 39.1 14.2 12.9 1.2 24.9 0.4 0.3 0.4 0.0 11.7 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 2.2 2.3 57.5 59.0 58.3 38.5 7.0 31.6 19.8 0.5 0.4 0.3 0.0 –1.7 –0.3 –9.9 9.4 3.3 –0.3 –4.2 3.9 8.0 7.7 –1.2 0.9 7.6 –1.2 1.9 –0.3 0.3 2.9 13.4 20.4 28.4 21.8 3.1 –1.7 4.7 18.7 4.5 2.0 0.3 1.6 –7.8 –10.4 –9.8 –0.5 5.2 –1.4 –4.2 2.8 15.1 14.9 4.4 2.5 7.9 0.0 –0.8 0.9 0.2 5.6 14.5 34.8 77.4 72.6 27.4 27.9 –0.5 45.2 4.6 0.3 0.4 0.0 –42.7 –1.0 –9.9 8.9 3.6 0.0 –4.2 4.2 4.1 3.8 1.1 2.3 0.4 –1.4 –0.2 1.6 0.3 2.4 8.0 17.9 32.5 27.6 –14.2 –12.2 –2.0 41.8 4.5 0.3 0.3 0.0 –14.6 18.5 4.5 14.0 3.1 2.6 –2.7 5.2 7.2 6.9 0.3 –2.3 4.7 –0.2 1.9 2.5 0.3 3.2 11.3 46.6 46.2 41.8 4.3 0.3 3.9 37.5 0.6 3.8 0.3 3.5 0.4 –3.3 4.4 –7.7 2.5 3.1 –2.6 5.9 2.4 2.2 2.1 –1.1 –0.4 0.0 0.3 1.3 0.2 5.5 13.1 34.2 59.7 58.8 16.4 23.5 –7.0 42.5 0.5 0.4 0.3 0.0 –25.5 0.3 18.2 19.2 26.1 14.4 8.7 36.7 37.8 12.1 7.8 43.3 39.3 59.7 51.2 12.8 4.4 8.4 5.0 1.3 –2.7 3.8 12.7 12.4 8.5 2.4 0.8 0.0 0.5 0.3 0.3 0.6 5.4 35.8 –39.2 –40.0 –51.1 –16.1 –35.0 11.0 0.6 0.3 0.4 0.0 75.0 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 52.7 44 61.2 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 2013 2014 2013 III 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 IV Line I II III IV 279.2 238.3 192.6 182.8 38.2 13.2 144.6 27.3 117.3 9.8 45.7 549.7 362.2 307.7 293.6 65.2 29.1 228.4 45.9 182.5 14.1 54.5 116.1 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 18.1 175.8 63.3 51.9 46.8 16.5 4.2 30.2 10.1 20.2 5.2 11.4 131.6 79.2 66.7 61.6 12.3 3.9 49.4 3.4 45.9 5.0 12.5 136.8 1 95.0 2 81.1 3 76.1 4 16.0 5 8.6 6 60.1 7 12.2 8 47.9 9 5.1 10 13.8 11 33.4 12.2 32.5 22.1 8.8 2.1 8.0 4.0 6.8 11.3 8.4 2.9 8.5 4.1 9.0 12 4.9 13 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 43.7 –19.5 63.1 44.8 44.9 8.8 36.2 109.0 107.2 35.6 15.3 49.3 –25.3 5.4 26.8 1.9 55.0 73.9 475.8 458.6 444.1 117.8 53.9 63.9 326.1 10.0 4.7 3.4 1.2 17.0 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 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 7.6 3.5 172.3 142.7 142.2 73.9 36.1 37.7 68.4 1.5 –1.1 1.0 –2.1 29.5 5.4 –11.2 16.6 11.3 11.3 –3.5 14.8 33.5 32.8 4.1 4.6 19.5 –2.1 1.2 5.5 0.7 9.1 26.5 105.1 143.4 131.3 47.0 21.8 25.2 84.2 9.6 2.7 1.0 1.6 –38.4 71.9 –25.4 261.6 284.8 42.0 58.9 26.9 5.8 87.0 98.4 59.9 90.3 55.8 59.9 16.5 –1.0 17.5 10.5 4.6 –9.5 14.1 20.8 20.0 6.7 0.1 7.6 –1.1 1.9 4.8 0.8 10.6 32.0 104.8 120.4 110.3 –2.1 11.8 –13.9 112.5 5.6 4.5 0.9 3.5 –15.5 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 43 120.9 44 111.6 45 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2014 May June July Aug. Line Sept. Oct. r Nov. r Dec. 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................................................................................. 0.3 0.1 0.1 0.1 0.4 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.3 0.5 0.5 0.3 0.2 0.2 0.2 0.2 0.4 0.3 0.3 0.2 0.3 0.5 0.6 0.3 0.3 0.1 0.1 0.2 1 2 3 4 0.7 0.5 0.5 0.4 0.6 0.8 0.1 –0.1 0.4 1.1 0.5 0.6 0.4 1.0 0.5 0.2 0.1 0.4 0.0 0.5 0.0 –0.3 0.4 0.3 0.2 0.8 0.2 –0.7 0.8 –0.1 –0.3 0.3 0.6 0.5 0.8 0.3 –0.1 0.6 0.0 –0.3 0.5 0.2 0.2 0.5 0.1 1.3 0.5 0.1 –0.2 0.6 0.3 0.3 0.6 0.4 –0.2 0.4 0.1 –0.2 0.7 0.1 0.5 0.7 0.3 0.9 0.8 0.1 –0.2 0.4 0.5 0.0 0.3 0.3 5 6 7 8 9 10 11 12 13 0.3 0.4 1.0 0.0 0.3 0.5 1.0 0.5 1.2 0.2 0.2 0.1 –0.1 0.2 0.2 0.6 0.7 2.1 0.0 0.6 0.2 –0.4 –0.9 –0.1 0.5 0.3 0.1 0.0 0.1 0.5 0.5 0.4 1.8 –0.3 0.5 –0.3 –1.3 –1.2 –1.3 0.1 14 15 16 17 18 0.3 0.3 0.1 0.1 0.4 0.3 0.5 0.4 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.0 0.2 0.2 0.2 0.1 0.1 0.5 19 0.5 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 2013 2014 2013 III 2014 IV I II Line III IV 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................................................................................. 2.0 2.8 2.8 2.7 3.9 4.1 4.3 3.2 3.3 2.1 1.9 2.6 1.8 3.4 3.6 2.8 4.9 6.8 7.5 4.2 4.9 2.8 2.9 2.6 3.6 3.5 3.7 2.9 3.8 4.2 4.4 3.1 1 2 3 4 6.1 11.8 –0.4 –0.1 –1.0 2.7 16.1 10.5 1.0 3.3 7.5 2.2 0.7 4.4 4.5 5.0 4.4 3.8 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 2.7 0.8 5.5 1.6 7.3 2.1 –1.1 7.1 5.4 3.2 6.3 3.3 4.8 6.7 0.9 –3.0 6.7 3.3 3.7 7.6 3.3 5 6 7 8 9 10 11 12 13 3.6 2.9 4.8 2.0 4.0 3.9 3.1 4.3 2.5 4.3 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 4.5 4.8 6.9 3.8 4.3 3.7 –0.2 3.6 –2.1 5.8 14 15 16 17 18 1.0 0.2 3.2 3.4 2.2 3.1 2.0 2.0 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.7 –0.2 2.4 2.4 1.5 2.0 4.4 19 3.8 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2014 Line May June July Aug. Sept. Oct. r Nov. r Dec. p 11,142.6 3,844.4 1,472.6 2,401.4 7,300.1 11,131.8 3,833.1 1,462.7 2,398.9 7,300.2 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.................................................................................... 10,906.0 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 10,945.8 3,749.6 1,413.1 2,361.1 7,196.8 11,017.7 3,792.4 1,446.4 2,374.1 7,226.7 11,035.2 3,781.6 1,435.2 2,373.1 7,254.2 11,070.3 3,795.6 1,437.2 2,384.5 7,275.5 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.................................................................................... 9.3 5.7 18.4 –9.8 3.7 29.0 19.8 8.7 11.5 9.6 10.8 2.9 0.8 2.1 7.8 71.9 42.8 33.3 13.0 29.9 17.5 –10.8 –11.2 –1.0 27.5 35.1 14.0 2.0 11.4 21.3 72.3 48.8 35.4 16.9 24.6 –10.8 6 –11.3 7 –9.9 8 –2.5 9 0.1 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.................................................................................... 0.1 0.2 1.3 –0.4 0.1 0.3 0.5 0.6 0.5 0.1 0.1 0.1 0.1 0.1 0.1 0.7 1.1 2.4 0.6 0.4 0.2 –0.3 –0.8 0.0 0.4 0.3 0.4 0.1 0.5 0.3 0.7 1.3 2.5 0.7 0.3 –0.1 –0.3 –0.7 –0.1 0.0 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 2013 2014 2013 III 2014 IV I II Line III IV Billions of chained (2009) dollars 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,699.7 3,626.0 1,319.0 2,322.6 7,073.1 10,967.8 3,752.2 1,411.1 2,365.2 7,216.1 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 10,912.6 3,731.6 1,400.4 2,354.6 7,181.4 10,999.5 3,774.5 1,431.5 2,369.4 7,225.9 32.9 9.3 10.5 0.1 23.5 68.3 53.3 45.4 12.7 16.0 86.9 42.9 31.1 14.8 44.5 1.2 1.0 3.2 0.0 1.3 2.5 5.9 14.1 2.2 0.9 3.2 4.7 9.2 2.5 2.5 11,114.9 3,824.3 1,457.5 2,395.0 7,292.0 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.................................................................................... 250.0 119.5 83.3 42.5 130.7 268.1 126.2 92.1 42.6 143.0 52.9 30.9 15.9 15.9 22.1 98.1 32.9 18.6 15.4 65.3 115.4 6 49.8 7 26.0 8 25.6 9 66.1 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... 2.4 3.4 6.7 1.9 1.9 2.5 3.5 7.0 1.8 2.0 2.0 3.5 4.9 2.8 1.3 3.7 3.7 5.7 2.7 3.7 4.3 5.4 7.4 4.4 3.7 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2014 Line May June July Aug. Sept. Oct. r Nov. r Dec. 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 ...................... 108.790 106.158 92.638 113.141 110.151 109.034 106.624 92.562 113.927 110.280 109.125 106.622 92.390 114.029 110.419 109.072 106.142 92.197 113.381 110.589 109.150 106.069 92.062 113.348 110.745 109.180 105.789 91.954 112.967 110.938 109.000 104.871 91.338 111.876 111.144 108.746 103.849 90.858 110.534 111.294 1 2 3 4 5 107.457 109.706 130.632 108.348 106.742 107.621 109.728 132.811 108.613 106.920 107.725 110.017 132.370 108.724 107.047 107.808 110.397 128.827 108.617 107.090 107.932 110.574 127.829 108.688 107.212 108.094 110.572 125.218 108.638 107.301 108.115 110.947 120.154 108.403 107.288 108.125 6 111.176 7 113.930 8 108.112 9 107.295 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 0.2 –0.3 0.5 0.3 0.2 0.4 –0.1 0.7 0.1 0.1 0.0 –0.2 0.1 0.1 0.0 –0.5 –0.2 –0.6 0.2 0.1 –0.1 –0.1 0.0 0.1 0.0 –0.3 –0.1 –0.3 0.2 –0.2 –0.9 –0.7 –1.0 0.2 –0.2 –1.0 –0.5 –1.2 0.1 11 12 13 14 15 0.2 0.6 0.8 0.2 0.2 0.2 0.0 1.7 0.2 0.2 0.1 0.3 –0.3 0.1 0.1 0.1 0.3 –2.7 –0.1 0.0 0.1 0.2 –0.8 0.1 0.1 0.2 0.0 –2.0 0.0 0.1 0.0 0.3 –4.0 –0.2 0.0 0.0 0.2 –5.2 –0.3 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 May 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... June 2.1 2.3 3.2 7.2 1.4 1.9 July 2.1 2.4 3.5 7.0 1.9 1.8 Aug. 2.3 2.4 3.3 7.0 1.6 1.9 Sept. 2.2 2.9 4.4 8.4 2.5 2.1 2.0 2.7 3.7 8.5 1.5 2.2 Oct. r 2.6 2.7 3.9 7.4 2.2 2.2 Nov. r 2.9 2.9 4.4 8.3 2.6 2.1 Dec. p 3.7 2.8 4.4 9.5 2.0 2.0 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 May June July Aug. Sept. Oct. r Nov. r 1.7 0.3 –2.5 1.7 2.3 1.6 0.3 –2.6 1.7 2.3 1.6 0.2 –2.4 1.6 2.2 1.5 –0.2 –2.3 0.9 2.3 1.4 –0.1 –2.4 1.0 2.2 1.4 –0.2 –2.3 0.8 2.2 1.2 –0.9 –2.7 0.0 2.2 1.5 2.0 3.3 1.5 1.4 1.5 1.8 3.1 1.5 1.3 1.5 2.0 2.5 1.5 1.3 1.5 2.2 0.1 1.3 1.3 1.5 2.5 –0.9 1.3 1.3 1.5 2.5 –2.0 1.2 1.3 1.4 2.8 –5.5 0.9 1.2 Dec. p 0.7 –2.0 –2.8 –1.6 2.1 Line 1 2 3 4 5 1.3 6 3.0 7 –11.9 8 0.5 9 1.2 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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