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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, MARCH 30, 2015 BEA 15-14 Technical: James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov Media: Jeannine Aversa (202) 606-2649 PERSONAL INCOME AND OUTLAYS: FEBRUARY 2015 Personal income increased $58.6 billion, or 0.4 percent, and disposable personal income (DPI) increased $54.2 billion, or 0.4 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $11.8 billion, or 0.1 percent. In January, personal income increased $61.8 billion, or 0.4 percent, DPI increased $61.5 billion, or 0.5 percent, and PCE decreased $28.5 billion, or 0.2 percent, based on revised estimates. Real DPI increased 0.2 percent in February, compared with an increase of 0.9 percent in January. Real PCE decreased 0.1 percent, in contrast to an increase of 0.2 percent. Oct. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.4 2014 2015 Nov. Dec. Jan. Feb. (Percent change from preceding month) 0.4 0.3 0.4 0.4 0.3 0.2 0.3 0.5 0.3 0.5 0.5 0.9 0.4 0.2 0.4 0.4 0.4 0.5 -0.2 0.1 -0.2 0.2 0.1 -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 $23.9 billion in February, compared with an increase of $47.3 billion in January. Private wages and salaries increased $21.9 billion, compared with an increase of $44.2 billion. Government wages and salaries increased $2.1 billion, compared with an increase of $3.1 billion. Pay raises for federal civilian personnel added an additional $0.6 billion to the change in government payrolls in February; pay raises for federal civilian and military personnel added $2.2 billion to government payrolls in January. Supplements to wages and salaries increased $5.2 billion in February, compared with an increase of $8.4 billion in January. Other personal income Proprietors' income decreased $7.0 billion in February, compared with a decrease of $11.7 billion in January. Farm proprietors' income decreased $6.3 billion, compared with a decrease of $6.4 billion. Nonfarm proprietors' income decreased $0.7 billion, compared with a decrease of $5.3 billion. Rental income of persons increased $3.9 billion in February, compared with an increase of $1.8 billion in January. Personal income receipts on assets (personal interest income plus personal dividend income) increased $19.7 billion, in contrast to a decrease of $4.1 billion. Personal dividend income increased $25.3 billion, compared with an increase of $1.6 billion. Personal current transfer receipts increased $15.9 billion in February, compared with an increase of $28.7 billion in January. In January, a 1.7-percent cost-of-living adjustment to social security benefits and several other federal transfer payment programs added $16.7 billion. Also in January, other government social benefits was boosted $5.3 billion, primarily reflecting health insurance premium subsidies paid in the form of tax credits to enrollees of the Affordable Care Act exchanges. For additional information, see the FAQ on “How will the Affordable Care Act affect BEA’s measure of personal income and outlays?” at www.bea.gov. Contributions for government social insurance -- a subtraction in calculating personal income -increased $3.0 billion in February, compared with an increase of $8.5 billion in January. Personal current taxes and disposable personal income Personal current taxes increased $4.4 billion in February, compared with an increase of $0.3 billion in January. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $54.2 billion, or 0.4 percent, in February, compared with an increase of $61.5 billion, or 0.5 percent, in January. -more- -3- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $14.2 billion in February, in contrast to a decrease of $25.4 billion in January. PCE increased $11.8 billion, in contrast to a decrease of $28.5 billion. Personal saving -- DPI less personal outlays -- was $768.6 billion in February, compared with $728.7 billion in January. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.8 percent in February, compared with 5.5 percent in January. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in February, compared with an increase of 0.9 percent in January. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in February, in contrast to an increase of 0.2 percent in January. Purchases of durable goods decreased 1.1 percent, in contrast to an increase of 0.7 percent. Purchases of motor vehicles and parts accounted for most of the decrease in February. Purchases of nondurable goods increased less than 0.1 percent in February, in contrast to a decrease of 0.1 percent in January. Purchases of services increased 0.1 percent, compared with an increase of 0.2 percent. The price index for PCE increased 0.2 percent in February, in contrast to a decrease of 0.4 percent in January. The PCE price index, excluding food and energy, increased 0.1 percent in February, the same increase as in January. The February price index for PCE increased 0.3 percent from February a year ago. The February PCE price index, excluding food and energy, increased 1.4 percent from February a year ago. 2014 Personal Income and Outlays Personal income increased 4.0 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 2.5 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. Revisions -more- -4- Estimates have been revised for October 2014 through January 2015. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for December and January -- revised and as published in last month's release -- are shown below. Change from preceding month December January 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 45.3 48.9 0.3 0.3 50.8 61.8 0.3 0.4 37.3 62.1 40.3 65.3 0.3 0.5 0.3 0.5 52.6 103.4 61.5 109.8 0.4 0.9 0.5 0.9 -35.7 -7.3 -20.2 7.5 -0.3 -0.1 -0.2 0.1 -18.9 32.9 -28.5 22.3 -0.2 0.3 -0.2 0.2 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 – April 30, 2015 at 8:30 A.M. EDT for Personal Income and Outlays for March -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 July 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...................................................... Aug. Sept. 2015 Oct. r Nov. r Dec. r Jan. r Line Feb. p 14,762.7 14,821.0 14,850.0 14,902.1 14,961.6 15,010.5 15,072.3 15,130.9 1 9,214.5 9,271.2 9,296.3 9,322.9 9,386.7 9,400.0 9,455.7 9,484.8 2 7,438.4 7,488.7 7,509.5 7,532.0 7,589.3 7,599.0 7,646.3 7,670.2 3 6,215.6 6,264.3 6,282.7 6,304.2 6,359.7 6,367.8 6,412.0 6,433.9 4 1,262.6 1,270.6 1,273.5 1,280.2 1,289.6 1,285.5 1,294.7 1,295.5 5 775.2 779.6 781.1 784.9 789.5 786.4 791.9 792.3 6 4,953.0 4,993.7 5,009.2 5,024.0 5,070.1 5,082.3 5,117.3 5,138.3 7 1,169.4 1,178.9 1,180.1 1,183.6 1,194.5 1,199.0 1,206.6 1,213.4 8 3,783.7 3,814.8 3,829.1 3,840.4 3,875.5 3,883.3 3,910.8 3,924.9 9 1,222.7 1,224.5 1,226.8 1,227.9 1,229.6 1,231.2 1,234.3 1,236.4 10 1,776.1 1,782.4 1,786.8 1,790.8 1,797.5 1,801.0 1,809.4 1,814.6 11 1,227.6 548.6 1,230.5 551.9 1,233.5 553.3 1,236.5 554.4 1,239.4 558.1 1,242.4 558.6 1,246.5 563.0 1,250.2 12 564.4 13 1,393.7 1,383.3 1,382.3 1,400.7 1,396.2 1,410.5 1,398.8 1,391.8 14 72.0 62.2 52.3 56.5 60.7 65.0 58.6 52.3 15 1,321.6 1,321.1 1,330.0 1,344.2 1,335.5 1,345.5 1,340.2 1,339.5 16 642.0 647.2 650.8 653.2 655.1 659.6 661.4 665.3 17 2,139.2 2,137.8 2,137.8 2,141.2 2,146.3 2,149.1 2,145.0 2,164.7 18 1,270.7 1,266.5 1,262.3 1,261.1 1,259.9 1,258.8 1,253.1 1,247.4 19 868.5 871.3 875.5 880.0 886.3 890.4 892.0 917.3 20 2,533.9 2,549.0 2,553.1 2,557.2 2,557.9 2,572.9 2,601.6 2,617.5 21 2,489.6 2,504.5 2,508.3 2,512.1 2,512.5 2,527.3 2,556.0 2,571.7 22 833.8 838.2 839.3 839.7 841.9 850.3 861.2 860.9 23 588.4 590.9 593.2 591.1 590.3 593.3 595.6 599.2 24 496.6 504.5 504.9 506.5 504.9 507.2 515.5 523.4 25 35.6 35.6 34.2 34.0 34.0 34.1 33.9 34.0 26 85.2 84.4 84.2 86.2 86.7 87.4 88.5 89.3 27 450.0 450.9 452.5 454.6 454.8 455.0 461.2 465.0 28 44.3 44.5 44.8 45.1 45.3 45.6 45.6 45.9 29 1,160.6 1,167.5 1,170.3 1,173.0 1,180.5 1,181.7 1,190.2 1,193.2 30 1,734.1 1,752.6 1,763.5 1,778.9 1,797.8 1,806.4 1,806.7 1,811.1 31 13,028.6 13,068.4 13,086.5 13,123.2 13,163.8 13,204.1 13,265.6 13,319.8 32 12,370.6 12,448.0 12,480.5 12,536.3 12,582.3 12,562.3 12,536.9 12,551.1 33 11,944.4 12,017.0 12,044.6 12,096.4 12,142.2 12,122.0 12,093.5 12,105.3 34 3,998.0 4,025.4 4,011.2 4,018.7 4,026.9 3,978.4 3,917.5 3,913.7 35 1,305.7 1,333.6 1,321.4 1,321.9 1,342.1 1,323.0 1,328.2 1,314.5 36 2,692.3 2,691.8 2,689.8 2,696.7 2,684.7 2,655.4 2,589.2 2,599.3 37 7,946.4 7,991.6 8,033.4 8,077.8 8,115.4 8,143.7 8,176.0 8,191.5 38 256.3 260.9 265.4 265.3 265.2 265.1 267.0 269.0 39 169.9 170.2 170.5 174.5 174.9 175.2 176.4 176.9 40 94.9 95.3 95.6 95.9 96.2 96.6 97.7 98.3 41 74.9 74.9 74.9 78.6 78.6 78.6 78.6 78.6 42 658.1 620.4 606.0 586.9 581.5 641.8 728.7 768.6 43 5.1 4.7 4.6 4.5 4.4 4.9 5.5 5.8 44 11,206.5 11,251.5 11,266.3 11,305.0 11,376.9 11,434.6 11,515.2 11,534.7 45 11,939.4 11,981.7 11,989.8 12,017.7 12,074.0 12,139.3 12,249.1 12,278.1 46 40,811 37,399 319,243 40,906 37,505 319,471 40,934 37,504 319,696 41,022 37,566 319,909 41,123 37,719 320,107 41,226 37,902 320,284 41,397 38,225 320,450 41,544 47 38,295 48 320,621 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 r 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 r 14,166.9 14,728.6 14,247.4 14,311.7 14,484.7 14,660.5 14,811.2 14,958.1 1 8,844.8 9,221.6 8,871.6 8,946.8 9,096.2 9,159.5 9,260.7 9,369.9 2 7,124.7 7,446.0 7,145.3 7,208.5 7,339.8 7,391.7 7,478.9 7,573.4 3 5,916.6 6,223.9 5,939.7 5,998.5 6,125.3 6,172.1 6,254.2 6,343.9 4 1,195.3 1,261.6 1,196.8 1,210.6 1,238.0 1,254.5 1,268.9 1,285.1 5 747.6 777.2 747.2 754.1 769.5 773.7 778.6 786.9 6 4,721.3 4,962.2 4,742.9 4,787.9 4,887.3 4,917.5 4,985.3 5,058.8 7 1,121.3 1,172.1 1,122.7 1,134.9 1,154.9 1,165.0 1,176.1 1,192.4 8 3,600.0 3,790.1 3,620.2 3,653.0 3,732.4 3,752.6 3,809.2 3,866.4 9 1,208.1 1,222.1 1,205.6 1,210.0 1,214.5 1,219.7 1,224.7 1,229.6 10 1,720.1 1,775.6 1,726.2 1,738.3 1,756.4 1,767.8 1,781.8 1,796.4 11 1,193.9 526.1 1,226.4 549.2 1,198.8 527.5 1,206.8 531.5 1,213.6 542.8 1,222.0 545.7 1,230.5 551.3 1,239.4 12 557.0 13 1,336.6 1,380.2 1,345.9 1,342.7 1,351.0 1,381.0 1,386.4 1,402.5 14 83.2 63.6 86.8 70.1 58.1 73.4 62.2 60.7 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 16 595.8 640.2 604.2 613.3 622.9 635.4 646.7 656.0 17 2,079.7 2,125.3 2,106.9 2,094.2 2,090.4 2,127.0 2,138.3 2,145.5 18 1,255.2 1,264.7 1,258.5 1,263.2 1,262.4 1,270.0 1,266.5 1,259.9 19 824.5 860.6 848.4 831.0 828.0 857.0 871.8 885.6 20 2,414.5 2,522.7 2,426.6 2,432.3 2,470.9 2,511.8 2,545.3 2,562.7 21 2,372.2 2,478.5 2,384.0 2,389.7 2,427.8 2,468.0 2,500.8 2,517.3 22 799.0 834.6 802.5 808.9 824.5 833.0 837.1 844.0 23 572.4 587.8 573.0 577.3 582.6 586.2 590.8 591.6 24 441.1 489.6 450.0 448.7 467.6 482.5 502.0 506.2 25 62.2 36.9 59.3 56.1 41.4 37.2 35.1 34.0 26 79.0 84.5 80.1 81.6 83.4 83.4 84.6 86.8 27 418.5 445.0 419.1 417.1 428.4 445.7 451.2 454.8 28 42.3 44.2 42.5 42.6 43.1 43.8 44.5 45.3 29 1,104.5 1,161.3 1,107.8 1,117.5 1,146.6 1,154.2 1,166.1 1,178.4 30 1,661.8 1,742.9 1,661.5 1,688.1 1,711.8 1,715.3 1,750.1 1,794.4 31 12,505.1 12,985.8 12,585.8 12,623.7 12,772.9 12,945.2 13,061.2 13,163.7 32 11,897.1 12,357.5 11,933.1 12,070.8 12,146.9 12,289.6 12,433.0 12,560.3 33 11,484.3 11,930.3 11,518.7 11,653.3 11,728.5 11,870.7 12,002.0 12,120.2 34 3,851.2 3,968.7 3,865.3 3,886.1 3,890.6 3,964.5 4,011.5 4,008.0 35 1,249.3 1,302.5 1,252.4 1,261.5 1,262.3 1,298.4 1,320.2 1,329.0 36 2,601.9 2,666.2 2,612.9 2,624.6 2,628.4 2,666.1 2,691.3 2,679.0 37 7,633.2 7,961.7 7,653.4 7,767.2 7,837.8 7,906.2 7,990.4 8,112.3 38 247.1 256.8 250.8 250.8 249.8 251.3 260.9 265.2 39 165.6 170.3 163.6 166.7 168.6 167.5 170.2 174.9 40 91.4 94.8 91.5 92.2 93.3 94.3 95.3 96.2 41 74.3 75.6 72.2 74.5 75.4 73.3 74.9 78.6 42 608.1 628.3 652.8 552.9 626.1 655.6 628.1 603.4 43 4.9 4.8 5.2 4.4 4.9 5.1 4.8 4.6 44 10,949.5 11,222.4 10,994.3 11,021.2 11,108.2 11,168.1 11,241.5 11,372.1 45 11,650.8 11,939.4 11,705.9 11,711.7 11,810.1 11,900.4 11,970.3 12,077.0 46 39,468 36,772 316,839 40,686 37,407 319,173 39,686 36,911 317,136 39,726 36,856 317,765 40,130 37,105 318,288 40,602 37,325 318,833 40,884 37,469 319,470 41,124 47 37,729 48 320,100 49 r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 July 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 .......... Aug. Sept. 2015 Oct. r Nov. r Dec. r Jan. r Line Feb. p 45.9 39.9 34.9 32.9 0.8 –1.4 32.1 6.5 25.7 1.9 5.0 58.3 56.7 50.3 48.7 8.0 4.4 40.7 9.5 31.1 1.8 6.3 29.0 25.1 20.8 18.4 2.9 1.5 15.5 1.2 14.3 2.3 4.4 52.1 26.6 22.5 21.5 6.7 3.8 14.8 3.5 11.3 1.1 4.0 59.5 63.8 57.3 55.5 9.4 4.6 46.1 10.9 35.1 1.7 6.7 48.9 13.3 9.7 8.1 –4.1 –3.1 12.2 4.5 7.8 1.6 3.5 61.8 55.7 47.3 44.2 9.2 5.5 35.0 7.6 27.5 3.1 8.4 58.6 1 29.1 2 23.9 3 21.9 4 0.8 5 0.4 6 21.0 7 6.8 8 14.1 9 2.1 10 5.2 11 2.9 2.2 2.9 3.3 3.0 1.4 3.0 1.1 2.9 3.7 3.0 0.5 4.1 4.4 3.7 12 1.4 13 –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 4.7 18.0 27.9 28.4 21.8 3.1 –1.7 4.7 18.7 4.5 2.0 0.3 1.6 –0.3 –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 6.9 18.5 39.8 77.4 72.6 27.4 27.9 –0.5 45.2 4.6 0.3 0.4 0.0 –37.7 –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 2.8 10.9 18.1 32.5 27.6 –14.2 –12.2 –2.0 41.8 4.5 0.3 0.3 0.0 –14.4 18.4 4.2 14.2 2.4 3.4 –1.2 4.5 4.1 3.8 0.4 –2.1 1.6 –0.2 2.0 2.1 0.3 2.7 15.4 36.7 55.8 51.8 7.5 0.5 6.9 44.4 –0.1 4.0 0.3 3.7 –19.1 –4.5 4.2 –8.7 1.9 5.1 –1.2 6.3 0.7 0.4 2.2 –0.8 –1.6 0.0 0.5 0.2 0.2 7.5 18.9 40.6 46.0 45.8 8.2 20.2 –12.0 37.6 –0.1 0.4 0.3 0.0 –5.4 14.3 4.3 10.0 4.5 2.8 –1.1 4.1 15.0 14.8 8.4 3.0 2.3 0.1 0.7 0.2 0.3 1.2 8.6 40.3 –20.0 –20.2 –48.5 –19.1 –29.3 28.3 –0.1 0.3 0.4 0.0 60.3 –11.7 –6.4 –5.3 1.8 –4.1 –5.7 1.6 28.7 28.7 10.9 2.3 8.3 –0.2 1.1 6.2 0.0 8.5 0.3 61.5 –25.4 –28.5 –60.9 5.2 –66.2 32.3 1.9 1.2 1.1 0.0 86.9 25.5 15.6 45.0 42.3 14.8 8.1 38.7 27.9 71.9 56.3 57.7 65.3 80.6 109.8 –7.0 –6.3 –0.7 3.9 19.7 –5.7 25.3 15.9 15.7 –0.3 3.6 7.9 0.1 0.8 3.8 0.3 3.0 4.4 54.2 14.2 11.8 –3.8 –13.7 10.1 15.5 2.0 0.5 0.6 0.0 39.9 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 19.5 44 29.0 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 r 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 r 279.2 238.3 192.6 182.8 38.2 13.2 144.6 27.3 117.3 9.8 45.7 561.7 376.8 321.3 307.3 66.3 29.6 240.9 50.8 190.1 14.0 55.5 116.1 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 11.4 150.7 101.2 87.2 82.1 14.4 4.9 67.8 11.1 56.6 5.0 14.0 146.9 1 109.2 2 94.5 3 89.7 4 16.2 5 8.3 6 73.5 7 16.3 8 57.2 9 4.9 10 14.6 11 33.4 12.2 32.5 23.1 8.8 2.1 8.0 4.0 6.8 11.3 8.4 2.9 8.5 5.6 8.9 12 5.7 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 43.6 –19.6 63.1 44.4 45.6 9.5 36.1 108.2 106.3 35.6 15.4 48.5 –25.3 5.5 26.5 1.9 56.8 81.1 480.7 460.4 446.0 117.5 53.2 64.3 328.5 9.7 4.7 3.4 1.3 20.2 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 11.9 34.8 116.0 143.4 131.3 47.0 21.8 25.2 84.2 9.6 2.7 1.0 1.6 –27.5 71.9 –25.4 272.9 288.6 42.0 58.9 26.9 5.8 87.0 98.4 59.9 90.3 73.4 69.9 16.1 –1.5 17.5 9.3 7.2 –6.6 13.8 17.4 16.5 6.9 0.8 4.2 –1.1 2.2 3.6 0.8 12.3 44.3 102.5 127.3 118.2 –3.5 8.8 –12.3 121.9 4.3 4.7 0.9 3.7 –24.7 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 43 130.6 44 106.7 45 r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2014 July Aug. Sept. 2015 Oct. r Nov. r Dec. r Jan. r Line Feb. 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 0.4 0.5 0.3 0.4 0.6 0.7 0.4 0.2 0.3 0.3 0.2 0.4 0.3 0.3 0.2 0.4 0.7 0.8 0.4 0.3 0.1 0.1 0.2 0.4 0.6 0.6 0.5 0.4 0.3 0.3 0.3 1 2 3 4 0.0 0.5 0.0 –0.3 0.4 0.3 0.4 1.0 0.2 –0.7 0.8 –0.1 –0.3 0.3 0.6 0.6 1.1 0.3 –0.1 0.6 0.0 –0.3 0.5 0.2 0.2 0.6 0.1 1.3 0.4 0.2 –0.1 0.5 0.2 0.2 0.9 0.3 –0.3 0.3 0.2 –0.1 0.7 0.0 0.6 1.1 0.3 1.0 0.7 0.1 –0.1 0.5 0.6 0.1 0.5 0.3 –0.8 0.3 –0.2 –0.5 0.2 1.1 0.7 0.0 0.5 –0.5 0.6 0.9 –0.5 2.8 0.6 0.3 0.2 0.4 5 6 7 8 9 10 11 12 13 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 0.4 0.2 0.0 0.3 0.6 0.4 0.2 1.5 –0.4 0.5 –0.2 –1.2 –1.4 –1.1 0.3 –0.2 –1.5 0.4 –2.5 0.4 0.1 –0.1 –1.0 0.4 0.2 14 15 16 17 18 0.3 0.2 0.6 0.5 0.5 0.5 0.7 0.9 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.2 0.1 0.4 0.4 0.1 0.1 0.2 19 0.2 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 r 2013 III 2014 IV I II Line III IV r Based on current-dollar measures 1 Personal income......................................................................... 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income ....................................................... 9 Personal dividend income...................................................... 10 Personal current transfer receipts ............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes .................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures ......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods .............................................................. 18 Services................................................................................. 2.0 2.8 2.8 2.7 4.0 4.3 4.5 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 4.2 4.5 4.8 3.2 4.0 4.8 5.2 3.3 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 0.8 4.4 4.5 5.1 4.9 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 4.2 8.4 3.6 4.7 5.9 1.4 –2.1 6.5 2.7 4.3 10.5 3.2 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 4.0 –0.4 2.7 –1.8 6.2 14 15 16 17 18 1.0 0.2 3.2 3.4 2.2 3.1 2.7 2.4 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. r Revised 0.7 –0.2 2.5 2.5 1.5 2.0 4.7 19 3.6 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2014 Line July Aug. Sept. 2015 Oct. r Nov. r Dec. r Jan. r Feb. p Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,945.8 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 11,077.5 3,794.9 1,437.2 2,383.9 7,283.2 11,137.0 3,836.0 1,468.2 2,397.2 7,302.6 11,144.5 3,826.0 1,454.5 2,399.0 7,319.4 11,166.8 3,830.7 1,464.1 2,395.4 7,336.7 11,158.6 3,817.2 1,447.9 2,396.3 7,341.1 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.................................................................................... 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 42.3 13.3 2.0 10.8 29.0 59.5 41.1 31.0 13.3 19.4 7.5 –10.0 –13.7 1.8 16.8 22.3 4.7 9.6 –3.6 17.3 –8.2 6 –13.5 7 –16.2 8 0.9 9 4.4 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 0.1 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 0.4 0.4 0.1 0.5 0.4 0.5 1.1 2.2 0.6 0.3 0.1 –0.3 –0.9 0.1 0.2 0.2 0.1 0.7 –0.1 0.2 –0.1 –0.4 –1.1 0.0 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 2013 2014 r 2013 III 2014 IV I II Line III IV r 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 10,969.0 3,750.9 1,410.0 2,364.8 7,218.6 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 11,119.6 3,819.0 1,453.3 2,393.4 7,301.7 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 42.5 130.7 269.3 124.9 91.0 42.2 145.5 52.9 30.9 15.9 15.9 22.1 98.1 32.9 18.6 15.4 65.3 120.1 6 44.5 7 21.8 8 24.0 9 75.8 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... r Revised 2.4 3.4 6.7 1.9 1.9 2.5 3.4 6.9 1.8 2.1 2.0 3.5 4.9 2.8 1.3 3.7 3.7 5.7 2.7 3.7 4.4 4.8 6.2 4.1 4.3 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2014 Line July Aug. 2015 Oct. r Sept. Nov. r Dec. r Jan. r Feb. p Line Chain-type price indexes (2009=100), seasonally adjusted 1 Personal consumption expenditures (PCE) ............................ 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ....................................................................................... 8 Energy goods and services 2 .................................................... 9 Market-based PCE 3 ................................................................. 10 Market-based PCE excluding food and energy 3 ...................... 109.125 106.622 92.390 114.029 110.419 109.072 106.142 92.197 113.381 110.589 109.150 106.069 92.062 113.348 110.745 109.201 105.892 91.971 113.121 110.915 109.028 104.970 91.405 111.992 111.135 108.773 103.977 90.949 110.685 111.266 108.301 102.259 90.709 108.087 111.445 108.486 102.524 90.776 108.468 111.588 1 2 3 4 5 107.725 110.017 132.370 108.724 107.047 107.808 110.397 128.827 108.617 107.090 107.932 110.574 127.829 108.688 107.212 108.069 110.640 126.076 108.661 107.272 108.128 110.942 120.484 108.439 107.309 108.135 111.164 114.237 108.156 107.321 108.221 110.891 102.368 107.568 107.354 108.366 6 111.013 7 103.428 8 107.735 9 107.472 10 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE) ............................ 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... Addenda: 16 PCE excluding food and energy ............................................... 17 Food 1 ....................................................................................... 18 Energy goods and services 2 .................................................... 19 Market-based PCE 3 ................................................................. 20 Market-based PCE excluding food and energy 3 ...................... 0.1 0.0 –0.2 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 –0.2 –0.1 –0.2 0.2 –0.2 –0.9 –0.6 –1.0 0.2 –0.2 –0.9 –0.5 –1.2 0.1 –0.4 –1.7 –0.3 –2.3 0.2 0.2 0.3 0.1 0.4 0.1 11 12 13 14 15 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 0.1 0.1 –1.4 0.0 0.1 0.1 0.3 –4.4 –0.2 0.0 0.0 0.2 –5.2 –0.3 0.0 0.1 –0.2 –10.4 –0.5 0.0 0.1 0.1 1.0 0.2 0.1 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 July 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... Aug. 2.3 2.4 3.3 7.0 1.6 1.9 Sept. 2.3 2.9 4.4 8.4 2.5 2.1 2015 Oct. 2.1 2.7 3.7 8.5 1.5 2.2 r Nov. 2.6 2.8 3.8 7.4 2.2 2.3 r Dec. 3.0 2.8 4.2 7.9 2.5 2.1 r 3.8 2.9 4.2 8.9 2.0 2.3 Jan. r Feb. p 4.2 3.4 5.3 10.5 2.9 2.5 3.9 3.0 3.9 7.6 2.1 2.6 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 July Aug. Sept. 2015 Oct. r Nov. r Dec. r Jan. r 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 –0.1 –2.3 1.0 2.2 1.2 –0.8 –2.6 0.1 2.2 0.8 –1.8 –2.7 –1.4 2.1 0.2 –3.4 –2.8 –3.7 2.1 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 –1.3 1.2 1.3 1.4 2.8 –5.3 1.0 1.2 1.3 2.9 –11.7 0.6 1.2 1.3 2.7 –21.2 –0.1 1.1 Feb. p 0.3 –3.1 –2.6 –3.4 2.1 Line 1 2 3 4 5 1.4 6 2.6 7 –19.9 8 0.0 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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