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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, MARCH 28, 2016 BEA 16-17 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 2016 Personal income increased $23.7 billion, or 0.2 percent, and disposable personal income (DPI) increased $23.7 billion, or 0.2 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $11.0 billion, or 0.1 percent. In January, personal income increased $72.7 billion, or 0.5 percent, DPI increased $57.2 billion, or 0.4 percent, and PCE increased $10.7 billion, or 0.1 percent, based on revised estimates. Real DPI increased 0.3 percent in February, the same increase as in January. Real PCE increased 0.2 percent in February, in contrast to a decrease of less than 0.1 percent in January. Oct. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.3 2015 2016 Nov. Dec. Jan. Feb. (Percent change from preceding month) 0.3 0.3 0.5 0.2 0.2 0.2 0.2 0.1 0.3 0.3 0.4 0.3 0.2 0.3 0.2 0.1 0.4 0.3 0.1 0.2 0.1 0.0 0.1 0.2 ___________________ 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 decreased $9.4 billion in February, in contrast to an increase of $46.5 billion in January. Private wages and salaries decreased $12.9 billion, in contrast to an increase of $41.9 billion. Government wages and salaries increased $3.5 billion, compared with an increase of $4.6 billion. Supplements to wages and salaries increased $2.4 billion in February, compared with an increase of $6.1 billion in January. Other personal income Proprietors' income increased $0.6 billion in February, compared with an increase of $3.9 billion in January. Farm proprietors' income increased $2.1 billion, the same increase as in January. Nonfarm proprietors' income decreased $1.5 billion in February, in contrast to an increase of $1.8 billion in January. Rental income of persons increased $6.7 billion in February, compared with an increase of $6.0 billion in January. Personal income receipts on assets (personal interest income plus personal dividend income) increased $7.3 billion, compared with an increase of $8.8 billion. Personal current transfer receipts increased $14.1 billion in February, compared with an increase of $10.7 billion in January. Contributions for government social insurance -- a subtraction in calculating personal income -decreased $2.0 billion in February, in contrast to an increase of $9.4 billion in January. Personal current taxes and disposable personal income Personal current taxes increased less than $0.1 billion in February, compared with an increase of $15.6 billion in January. Disposable personal income (DPI) -- personal income less personal current taxes -increased $23.7 billion, or 0.2 percent, compared with an increase of $57.2 billion, or 0.4 percent. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $10.4 billion in February, compared with an increase of $14.7 billion in January. PCE increased $11.0 billion, compared with an increase of $10.7 billion. Personal saving -- DPI less personal outlays -- was $733.6 billion in February, compared with $720.3 billion in January. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.4 percent, compared with 5.3 percent. 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/nipafrb.asp. -more- -3- Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in February, the same increase as in January. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in February, in contrast to a decrease of less than 0.1 percent in January. Purchases of durable goods increased 0.3 percent , in contrast to a decrease of 0.8 percent. Purchases of motor vehicles and parts accounted for about half of the increase. Purchases of nondurable goods decreased 0.3 percent in February, compared with a decrease of 0.1 percent in January. Purchases of services increased 0.3 percent, compared with an increase of 0.1 percent. The price index for PCE decreased 0.1 percent in February, in contrast to an increase of 0.1 percent in January. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.3 percent. The February PCE price index increased 1.0 percent from February a year ago. The February PCE price index, excluding food and energy, increased 1.7 percent from February a year ago. 2015 Personal Income and Outlays Personal income increased 4.4 percent in 2015 (that is, from the 2014 annual level to the 2015 annual level), the same increase as in 2014. DPI increased 3.7 percent in 2015, compared with an increase of 4.2 percent in 2014. PCE increased 3.4 percent, compared with an increase of 4.2 percent. Real DPI increased 3.4 percent in 2015, compared with an increase of 2.7 percent in 2014. Real PCE increased 3.1 percent, compared with an increase of 2.7 percent. Revisions Estimates have been revised for October 2015 through January 2016. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for December and for 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 45.6 40.2 0.3 0.3 79.6 72.7 0.5 0.5 39.2 44.1 34.4 41.6 0.3 0.4 0.3 0.3 63.5 45.0 57.2 38.2 0.5 0.4 0.4 0.3 11.6 18.3 18.4 26.2 0.1 0.2 0.1 0.2 63.0 45.6 10.7 -2.9 0.5 0.4 0.1 0.0 -more- -4- 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 at www.bea.gov/API/signup/index.cfm. BEA's news release schedule is available at http://bea.gov/newsreleases/news_release_sort_national.htm * * * Next release – Friday, April 29, 2016 at 8:30 A.M. EDT Personal Income and Outlays for March -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2015 July 1 Personal income ................................................................................... 2 Compensation of employees ............................................................ Aug. Sept. Line 2016 Oct. r Nov. r Dec. r Jan. r Feb. p 15,406.8 15,451.3 15,472.9 15,520.7 15,561.2 15,601.4 15,674.2 15,697.9 9,690.1 9,719.9 9,718.5 9,768.8 9,816.1 9,835.6 9,888.3 9,881.3 1 2 3 4 5 6 7 8 9 10 Wages and salaries ........................................................................ Private industries........................................................................... Goods-producing industries ....................................................... Manufacturing ......................................................................... Services-producing industries.................................................... Trade, transportation, and utilities........................................... Other services-producing industries ....................................... Government................................................................................... 7,855.1 6,583.1 1,313.2 805.2 5,269.9 1,239.5 4,030.4 1,272.0 7,879.5 6,604.6 1,314.1 805.9 5,290.4 1,244.2 4,046.2 1,274.9 7,875.4 6,599.7 1,307.3 801.2 5,292.4 1,246.6 4,045.8 1,275.7 7,919.5 6,642.4 1,315.5 805.0 5,326.9 1,252.6 4,074.3 1,277.0 7,960.3 6,681.1 1,331.9 816.5 5,349.2 1,257.2 4,092.0 1,279.2 7,975.2 6,693.5 1,320.5 804.9 5,373.0 1,261.3 4,111.7 1,281.7 8,021.7 6,735.4 1,330.4 813.0 5,405.1 1,264.5 4,140.6 1,286.3 8,012.3 6,722.5 1,326.9 810.5 5,395.6 1,264.1 4,131.5 1,289.8 3 4 5 6 7 8 9 10 11 12 Supplements to wages and salaries............................................. Employer contributions for employee pension and insurance funds 1 ......................................................................................... Employer contributions for government social insurance.............. Proprietors’ income with inventory valuation and capital consumption adjustments............................................................. Farm ................................................................................................. Nonfarm............................................................................................ Rental income of persons with capital consumption adjustment. Personal income receipts on assets................................................ Personal interest income .................................................................. Personal dividend income ................................................................ Personal current transfer receipts ................................................... Government social benefits to persons ............................................ Social security 2.............................................................................. Medicare 3 ...................................................................................... Medicaid ........................................................................................ Unemployment insurance.............................................................. Veterans’ benefits.......................................................................... Other ............................................................................................. Other current transfer receipts, from business (net)......................... Less: Contributions for government social insurance, domestic. 1,835.0 1,840.4 1,843.1 1,849.4 1,855.8 1,860.4 1,866.6 1,869.0 11 1,266.4 568.6 1,270.4 569.9 1,273.9 569.2 1,277.6 571.7 1,281.5 574.3 1,285.7 574.8 1,289.4 577.2 1,293.1 575.8 12 13 1,398.0 62.4 1,335.5 661.6 2,196.7 1,333.0 863.8 2,666.8 2,623.5 872.3 619.8 536.5 33.0 95.1 466.9 43.3 1,206.3 1,398.1 65.2 1,332.9 663.4 2,202.5 1,335.0 867.5 2,676.7 2,633.2 875.9 622.4 540.1 33.2 94.6 467.0 43.4 1,209.2 1,404.2 68.0 1,336.2 665.8 2,209.1 1,337.0 872.1 2,683.6 2,639.9 875.4 625.2 544.6 32.6 95.5 466.7 43.6 1,208.2 1,407.0 62.5 1,344.5 668.4 2,202.3 1,327.7 874.6 2,687.8 2,644.0 877.6 628.4 544.4 31.7 96.2 465.6 43.8 1,213.6 1,401.0 57.1 1,343.9 671.6 2,196.5 1,318.3 878.2 2,694.8 2,650.8 878.2 631.5 545.3 32.2 98.4 465.4 44.0 1,218.8 1,412.3 51.6 1,360.6 675.3 2,187.0 1,309.0 878.0 2,711.5 2,667.3 889.3 634.5 549.2 32.6 98.7 463.0 44.2 1,220.3 1,416.2 53.7 1,362.5 681.3 2,195.8 1,316.5 879.3 2,722.3 2,677.9 884.8 637.3 552.6 33.0 98.0 472.3 44.3 1,229.7 1,416.8 55.7 1,361.0 688.0 2,203.2 1,324.0 879.2 2,736.4 2,691.9 887.1 640.0 556.2 33.0 98.5 477.1 44.5 1,227.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1,954.3 1,958.7 1,958.8 1,975.4 1,987.9 1,993.8 2,009.4 2,009.4 13,452.5 13,492.6 13,514.1 13,545.3 13,573.3 13,607.6 13,664.8 13,688.5 12,775.9 12,810.8 12,831.9 12,854.1 12,907.5 12,929.8 12,944.5 12,954.9 12,326.6 12,363.6 12,386.7 12,405.5 12,455.0 12,473.4 12,484.2 12,495.2 4,026.3 4,033.2 4,012.7 4,005.3 4,027.5 4,001.7 3,979.5 3,952.3 1,334.5 1,339.1 1,345.3 1,339.0 1,353.9 1,347.8 1,338.7 1,339.6 2,691.8 2,694.1 2,667.4 2,666.3 2,673.6 2,653.9 2,640.8 2,612.7 8,300.3 8,330.4 8,374.0 8,400.2 8,427.5 8,471.7 8,504.7 8,542.9 271.7 269.4 267.1 270.6 274.1 277.6 277.0 276.3 177.5 177.7 178.0 178.0 178.3 178.7 183.3 183.5 97.5 97.7 98.0 98.3 98.6 99.0 103.7 103.8 80.0 80.0 80.0 79.7 79.7 79.7 79.7 79.7 676.6 681.8 682.2 691.2 665.8 677.9 720.3 733.6 5.0 5.1 5.0 5.1 4.9 5.0 5.3 5.4 31 32 33 34 35 36 37 38 39 40 41 42 43 44 11,605.9 11,639.8 11,659.7 11,690.7 11,706.6 11,737.8 11,781.1 11,802.3 45 12,255.0 12,293.9 12,320.4 12,339.6 12,349.8 12,391.3 12,429.5 12,464.3 46 41,807 38,086 321,774 47 48 49 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Less: Personal current taxes ............................................................... Equals: Disposable personal income ................................................. Less: Personal outlays ......................................................................... Personal consumption expenditures.................................................... Goods ............................................................................................... Durable goods ............................................................................... Nondurable goods ......................................................................... Services............................................................................................ Personal interest payments 4 ................................................................ Personal current transfer payments..................................................... To government.................................................................................. To the rest of the world (net)............................................................. Equals: Personal saving....................................................................... Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................. Disposable personal income: Total, billions of chained (2009) dollars 5 ........................................... Per capita: Current dollars............................................................................... Chained (2009) dollars .................................................................. Population (midperiod, thousands) 6..................................................... 41,900 38,178 322,016 41,936 38,232 322,255 42,003 38,264 322,484 42,062 38,270 322,697 42,142 38,375 322,897 42,296 38,472 323,076 42,348 38,561 323,238 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 2014 2015 r 2014 III Line 2015 IV I II 1 Personal income.................................................................................... 14,694.2 15,340.4 14,774.8 14,955.7 15,079.8 15,277.0 2 Compensation of employees ............................................................ 9,248.9 9,654.9 9,289.9 9,424.9 9,487.9 9,615.2 3 Wages and salaries......................................................................... 7,477.8 7,824.0 7,513.9 7,632.6 7,682.4 7,791.8 4 Private industries ........................................................................... 6,240.5 6,555.2 6,270.7 6,384.4 6,425.9 6,526.7 5 Goods-producing industries ....................................................... 1,260.9 1,306.4 1,266.6 1,292.9 1,288.0 1,303.2 6 Manufacturing ......................................................................... 780.9 801.7 781.4 796.5 792.1 801.7 7 Services-producing industries .................................................... 4,979.7 5,248.8 5,004.1 5,091.5 5,138.0 5,223.5 8 Trade, transportation, and utilities........................................... 1,175.5 1,235.1 1,179.2 1,203.3 1,210.9 1,229.1 9 Other services-producing industries ....................................... 3,804.2 4,013.7 3,825.0 3,888.2 3,927.0 3,994.4 10 Government................................................................................... 1,237.2 1,268.8 1,243.2 1,248.2 1,256.5 1,265.0 11 Supplements to wages and salaries ............................................. 1,771.2 1,830.9 1,776.0 1,792.3 1,805.5 1,823.4 Employer contributions for employee pension and insurance 12 funds 1 ......................................................................................... 1,224.0 1,264.3 1,227.1 1,236.3 1,246.8 1,258.3 13 Employer contributions for government social insurance .............. 547.2 566.6 548.9 556.0 558.7 565.0 14 Proprietors’ income with inventory valuation and capital consumption adjustments ............................................................. 1,346.7 1,388.3 1,357.8 1,377.9 1,369.4 1,377.0 15 Farm ................................................................................................. 78.1 59.9 77.2 74.8 60.5 56.9 16 Nonfarm ............................................................................................ 1,268.6 1,328.4 1,280.6 1,303.0 1,308.9 1,320.1 17 Rental income of persons with capital consumption adjustment. 610.8 656.6 618.4 628.4 637.0 654.1 18 Personal income receipts on assets................................................ 2,117.5 2,180.5 2,115.0 2,130.6 2,145.5 2,178.3 19 Personal interest income .................................................................. 1,302.0 1,312.3 1,288.1 1,289.8 1,282.6 1,313.4 20 Personal dividend income................................................................. 815.5 868.2 826.8 840.8 863.0 864.9 21 Personal current transfer receipts ................................................... 2,529.2 2,662.7 2,556.5 2,571.0 2,625.8 2,651.3 22 Government social benefits to persons ............................................ 2,487.2 2,619.5 2,514.4 2,528.9 2,583.4 2,608.4 23 Social security 2 .............................................................................. 834.6 871.8 837.2 843.8 861.6 869.4 24 Medicare 3 ...................................................................................... 597.8 619.8 600.8 605.3 609.8 615.3 25 Medicaid ........................................................................................ 487.4 534.9 505.9 507.1 523.9 529.0 26 Unemployment insurance.............................................................. 35.8 33.3 34.6 32.9 35.0 33.1 27 Veterans’ benefits .......................................................................... 83.7 94.4 83.8 86.7 90.7 94.1 28 Other.............................................................................................. 447.9 465.3 452.2 453.3 462.2 467.5 29 Other current transfer receipts, from business (net) ......................... 42.0 43.2 42.1 42.1 42.4 42.9 30 Less: Contributions for government social insurance, domestic. 1,159.0 1,202.5 1,162.9 1,177.2 1,185.8 1,198.9 31 Less: Personal current taxes ............................................................... 1,780.2 1,945.4 1,792.0 1,838.8 1,900.1 1,938.7 32 Equals: Disposable personal income.................................................. 12,913.9 13,395.0 12,982.7 13,116.8 13,179.8 13,338.3 33 Less: Personal outlays ......................................................................... 12,293.7 12,717.5 12,377.0 12,502.5 12,492.2 12,674.5 34 Personal consumption expenditures .................................................... 11,865.9 12,271.9 11,949.1 12,061.4 12,055.5 12,228.4 35 Goods ............................................................................................... 3,948.4 3,978.8 3,987.4 3,980.1 3,901.5 3,978.1 36 Durable goods ............................................................................... 1,280.2 1,328.7 1,295.1 1,303.5 1,301.8 1,326.4 37 Nondurable goods ......................................................................... 2,668.2 2,650.1 2,692.2 2,676.6 2,599.7 2,651.8 38 Services ............................................................................................ 7,917.5 8,293.1 7,961.7 8,081.3 8,153.9 8,250.2 39 Personal interest payments 4 ................................................................ 254.2 268.5 254.3 263.1 261.3 269.3 40 Personal current transfer payments ..................................................... 173.6 177.1 173.6 178.0 175.5 176.8 41 To government .................................................................................. 95.3 97.7 95.7 95.9 97.0 97.2 42 To the rest of the world (net) ............................................................. 78.3 79.4 77.9 82.2 78.5 79.6 43 Equals: Personal saving....................................................................... 620.2 677.5 605.7 614.3 687.6 663.9 44 Personal saving as a percentage of disposable personal income 4.8 5.1 4.7 4.7 5.2 5.0 Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................. 11,149.8 11,584.1 11,164.6 11,329.0 11,447.6 11,542.2 Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ........................................... 11,836.3 12,239.5 11,863.1 11,998.7 12,114.7 12,193.6 Per capita: 47 Current dollars ............................................................................... 40,453 41,638 40,629 40,962 41,088 41,509 48 Chained (2009) dollars .................................................................. 37,077 38,046 37,125 37,470 37,767 37,947 49 Population (midperiod, thousands) 6 ..................................................... 319,233 321,704 319,544 320,222 320,771 321,337 III IV r 15,443.7 15,561.1 9,709.5 9,806.9 7,870.0 7,951.7 6,595.8 6,672.3 1,311.5 1,322.6 804.1 808.8 5,284.2 5,349.7 1,243.5 1,257.0 4,040.8 4,092.7 1,274.2 1,279.3 1,839.5 1,855.2 1,270.3 569.2 1 2 3 4 5 6 7 8 9 10 11 1,281.6 573.6 12 13 1,400.1 1,406.7 65.2 57.1 1,334.9 1,349.7 663.6 671.7 2,202.8 2,195.3 1,335.0 1,318.3 867.8 876.9 2,675.7 2,698.0 2,632.2 2,654.0 874.5 881.7 622.5 631.4 540.4 546.3 32.9 32.2 95.1 97.8 466.9 464.7 43.4 44.0 1,207.9 1,217.6 1,957.3 1,985.7 13,486.4 13,575.4 12,806.2 12,897.1 12,359.0 12,444.7 4,024.1 4,011.5 1,339.6 1,346.9 2,684.4 2,664.6 8,334.9 8,433.1 269.4 274.1 177.8 178.3 97.8 98.7 80.0 79.7 680.2 678.3 5.0 5.0 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 44 11,635.1 11,711.7 45 12,289.8 12,360.2 46 41,881 38,165 322,015 47 48 49 42,069 38,303 322,693 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 2015 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. Line 2016 Oct. r Nov. r Dec. r Jan. r Feb. p 50.8 29.1 23.9 20.8 5.0 0.3 15.8 4.8 11.0 3.2 5.2 44.5 29.8 24.4 21.4 0.9 0.8 20.5 4.7 15.8 3.0 5.3 21.5 –1.4 –4.1 –4.9 –6.9 –4.7 2.0 2.4 –0.4 0.8 2.8 47.8 50.4 44.1 42.8 8.3 3.8 34.5 5.9 28.6 1.3 6.2 40.5 47.2 40.8 38.6 16.4 11.4 22.3 4.6 17.7 2.2 6.4 40.2 19.6 14.9 12.5 –11.3 –11.5 23.8 4.1 19.7 2.4 4.7 72.7 52.7 46.5 41.9 9.8 8.1 32.1 3.2 28.9 4.6 6.1 23.7 –7.0 –9.4 –12.9 –3.5 –2.6 –9.5 –0.4 –9.0 3.5 2.4 1 2 3 4 5 6 7 8 9 10 11 4.0 1.1 4.0 1.3 3.5 –0.7 3.7 2.6 3.9 2.5 4.1 0.5 3.7 2.4 3.8 –1.4 12 13 12.0 2.8 9.2 0.4 1.4 2.0 –0.6 10.5 10.3 3.6 2.4 5.6 –0.4 –0.3 –0.6 0.2 2.6 3.0 47.8 36.7 38.4 24.3 13.4 10.9 14.1 –2.3 0.6 0.2 0.4 11.2 0.1 2.8 –2.6 1.8 5.8 2.0 3.8 9.9 9.7 3.7 2.6 3.6 0.2 –0.4 0.1 0.2 2.9 4.5 40.0 34.9 37.0 6.9 4.6 2.3 30.1 –2.3 0.2 0.2 0.0 5.1 6.1 2.8 3.3 2.4 6.6 2.0 4.6 6.9 6.7 –0.6 2.8 4.5 –0.6 0.8 –0.3 0.2 –1.0 0.1 21.5 21.1 23.1 –20.5 6.2 –26.7 43.6 –2.3 0.3 0.3 0.0 0.4 2.8 –5.5 8.3 2.6 –6.8 –9.3 2.6 4.2 4.0 2.2 3.2 –0.2 –0.9 0.7 –1.1 0.2 5.4 16.5 31.2 22.2 18.8 –7.4 –6.3 –1.1 26.2 3.5 –0.1 0.3 –0.3 9.0 –6.0 –5.5 –0.6 3.2 –5.8 –9.3 3.5 7.1 6.9 0.6 3.1 0.8 0.5 2.2 –0.3 0.2 5.1 12.6 28.0 53.4 49.5 22.2 14.9 7.3 27.3 3.5 0.3 0.3 0.0 –25.4 11.3 –5.5 16.7 3.7 –9.5 –9.3 –0.2 16.7 16.5 11.1 3.0 3.9 0.5 0.4 –2.4 0.2 1.5 5.9 34.4 22.3 18.4 –25.8 –6.1 –19.7 44.2 3.5 0.4 0.4 0.0 12.1 3.9 2.1 1.8 6.0 8.8 7.5 1.3 10.7 10.6 –4.5 2.8 3.4 0.3 –0.7 9.3 0.1 9.4 15.6 57.2 14.7 10.7 –22.2 –9.1 –13.2 33.0 –0.7 4.7 4.7 0.0 42.4 0.6 2.1 –1.5 6.7 7.3 7.5 –0.1 14.1 13.9 2.3 2.7 3.7 0.0 0.5 4.8 0.2 –2.0 0.0 23.7 10.4 11.0 –27.2 0.9 –28.1 38.2 –0.7 0.1 0.1 0.0 13.2 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 25.6 31.8 33.8 38.9 19.9 26.5 31.0 19.2 15.9 10.1 31.2 41.6 43.3 38.2 21.2 34.8 44 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 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 2015 2014 r Line 2015 III IV I II III IV r 625.8 409.3 363.4 333.8 70.8 34.0 263.0 57.0 206.0 29.6 45.9 26.2 19.7 646.2 405.9 346.2 314.7 45.5 20.8 269.2 59.6 209.5 31.5 59.7 40.3 19.5 162.0 112.6 99.4 90.4 16.2 6.3 74.2 13.5 60.7 9.0 13.3 7.7 5.6 180.9 135.0 118.7 113.7 26.3 15.0 87.4 24.1 63.3 5.0 16.3 9.1 7.1 124.2 63.0 49.8 41.5 –4.9 –4.4 46.4 7.6 38.8 8.3 13.2 10.5 2.7 197.2 127.2 109.3 100.8 15.2 9.6 85.5 18.2 67.3 8.6 17.9 11.6 6.3 166.7 94.3 78.2 69.1 8.3 2.4 60.8 14.3 46.4 9.2 16.1 11.9 4.2 117.4 97.4 81.7 76.6 11.1 4.7 65.5 13.5 51.9 5.1 15.7 11.3 4.4 1 2 3 4 5 6 7 8 9 10 11 12 13 61.6 –10.6 72.2 47.4 57.1 30.7 26.5 102.5 101.7 35.6 23.2 47.7 –26.5 4.7 17.1 0.8 52.2 107.5 518.3 488.0 473.7 111.7 42.4 69.3 362.0 10.1 4.3 2.7 1.6 30.3 41.6 –18.2 59.9 45.8 62.9 10.3 52.7 133.5 132.3 37.2 22.0 47.5 –2.5 10.7 17.4 1.2 43.6 165.2 481.0 423.7 405.9 30.4 48.5 –18.1 375.5 14.3 3.5 2.4 1.2 57.3 11.5 –11.6 23.1 12.9 –6.9 –21.8 15.0 43.4 43.3 4.0 5.2 32.3 –1.3 1.5 1.6 0.1 11.6 38.0 124.0 141.8 136.1 35.9 16.0 19.8 100.2 3.8 1.9 0.5 1.4 –17.8 20.1 –2.3 22.4 10.0 15.6 1.7 13.9 14.5 14.5 6.6 4.5 1.2 –1.8 2.9 1.1 0.0 14.3 46.8 134.1 125.6 112.3 –7.2 8.4 –15.6 119.6 8.8 4.5 0.2 4.3 8.6 –8.4 –14.3 5.9 8.5 14.9 –7.3 22.2 54.8 54.5 17.9 4.5 16.9 2.2 4.1 9.0 0.3 8.6 61.2 62.9 –10.3 –5.9 –78.6 –1.7 –76.9 72.7 –1.8 –2.6 1.1 –3.7 73.2 7.5 –3.6 11.2 17.1 32.8 30.8 2.0 25.5 25.0 7.8 5.5 5.1 –1.9 3.3 5.2 0.5 13.1 38.6 158.6 182.3 172.9 76.6 24.5 52.1 96.3 8.0 1.3 0.2 1.1 –23.7 23.1 8.3 14.8 9.5 24.5 21.6 2.9 24.3 23.8 5.1 7.1 11.4 –0.2 1.0 –0.6 0.5 9.0 18.6 148.1 131.7 130.6 45.9 13.3 32.7 84.7 0.1 1.0 0.6 0.4 16.4 6.7 –8.1 14.8 8.2 –7.5 –16.6 9.1 22.4 21.8 7.2 9.0 5.9 –0.8 2.7 –2.2 0.6 9.6 28.4 89.0 90.9 85.7 –12.5 7.3 –19.9 98.2 4.7 0.5 0.9 –0.3 –1.9 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 43 327.5 313.2 434.3 403.3 75.5 78.4 164.4 135.6 118.7 115.9 94.5 78.9 93.0 96.1 76.5 70.5 44 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 2015 July Aug. Sept. Line 2016 Oct. r Nov. r Dec. Jan. r r 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 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.1 0.0 –0.1 0.2 0.3 0.5 0.6 0.3 0.3 0.5 0.5 0.3 0.3 0.2 0.2 0.3 0.5 0.5 0.6 0.3 0.2 –0.1 –0.1 0.1 1 2 3 4 0.9 0.1 0.1 0.2 –0.1 0.4 0.2 0.2 0.4 0.0 0.3 0.3 0.2 0.4 0.4 0.2 0.2 0.3 0.4 0.4 0.3 0.2 0.5 0.3 –0.1 0.0 0.2 0.2 0.4 –0.3 –0.7 0.3 0.2 0.4 0.8 0.2 –0.4 0.5 –0.3 –0.7 0.4 0.3 0.4 0.6 0.2 0.8 0.5 –0.4 –0.7 0.0 0.6 0.1 0.3 0.3 0.3 0.9 0.4 0.6 0.2 0.4 0.8 0.8 0.4 0.0 1.0 0.3 0.6 0.0 0.5 –0.2 0.0 0.2 5 6 7 8 9 10 11 12 13 0.3 0.6 1.0 0.4 0.2 0.3 0.2 0.3 0.1 0.4 0.2 –0.5 0.5 –1.0 0.5 0.2 –0.2 –0.5 0.0 0.3 0.4 0.6 1.1 0.3 0.3 0.1 –0.6 –0.4 –0.7 0.5 0.1 –0.6 –0.7 –0.5 0.4 0.1 –0.7 0.1 –1.1 0.4 14 15 16 17 18 0.3 0.2 0.1 0.1 0.3 0.3 0.4 0.3 0.2 0.3 19 20 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts.................... Real disposable personal income............................................. 0.2 0.3 0.3 0.3 0.2 0.2 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 2014 2015 r 2014 III Line 2015 IV I II 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 ................................................................................ 4.4 4.6 5.1 2.7 4.4 4.4 4.6 3.4 4.5 5.0 5.5 3.0 5.0 5.9 6.5 3.7 3.4 2.7 2.6 3.0 5.3 5.5 5.8 4.0 4.4 4.0 4.1 3.6 3.1 4.1 4.2 3.5 1 2 3 4 4.8 8.4 2.8 2.4 3.4 4.2 4.7 6.4 4.2 3.1 7.5 3.0 0.8 6.5 5.3 3.8 9.3 3.7 3.5 8.8 –1.3 –6.5 7.6 7.1 4.1 9.0 3.9 6.1 6.6 3.0 0.5 6.9 2.3 5.0 10.9 4.2 –2.4 5.5 2.8 –2.2 11.0 8.8 3.0 14.0 1.9 2.2 11.2 6.3 10.0 0.9 3.9 4.5 8.4 4.9 6.9 5.9 4.6 6.7 1.3 3.7 3.0 3.9 4.5 1.9 5.0 –1.4 –4.9 4.3 3.4 3.2 5.9 2.7 5 6 7 8 9 10 11 12 13 4.2 2.9 3.4 2.7 4.8 3.4 0.8 3.8 –0.7 4.7 4.7 3.7 5.1 3.0 5.2 3.8 –0.7 2.6 –2.3 6.1 –0.2 –7.7 –0.5 –11.0 3.6 5.9 8.1 7.8 8.3 4.8 4.3 4.7 4.1 5.0 4.2 2.8 –1.2 2.2 –2.9 4.8 14 15 16 17 18 6.0 4.7 4.3 3.9 3.3 2.6 3.3 3.2 2.7 2.3 19 20 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts.................... Real disposable personal income............................................. r Revised 3.0 2.7 3.9 3.4 2.8 2.7 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2015 Line July Aug. Sept. 2016 Nov. r Oct. r Dec. r Jan. r Feb. p Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures (PCE) ..................... 2 Goods ......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 11,229.3 3,887.7 1,473.9 2,440.9 7,344.3 11,265.2 3,909.0 1,484.1 2,452.5 7,359.7 11,292.7 3,909.1 1,487.0 2,450.2 7,386.2 11,301.3 3,902.6 1,483.2 2,447.2 7,400.4 11,332.3 3,927.6 1,503.8 2,453.7 7,407.9 11,358.5 3,923.6 1,499.4 2,453.5 7,436.8 11,355.6 3,911.8 1,487.8 2,452.1 7,444.5 11,377.7 3,909.2 1,492.6 2,445.6 7,468.0 1 2 3 4 5 –2.9 –11.8 –11.7 –1.4 7.7 22.1 –2.6 4.9 –6.6 23.5 6 7 8 9 10 0.0 –0.3 –0.8 –0.1 0.1 0.2 –0.1 0.3 –0.3 0.3 11 12 13 14 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures (PCE) ..................... 7 Goods ......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 24.2 22.9 18.6 6.2 2.5 35.9 21.3 10.1 11.6 15.4 27.4 0.1 3.0 –2.3 26.5 8.6 –6.5 –3.8 –3.0 14.3 31.0 25.0 20.5 6.5 7.4 26.2 –4.0 –4.3 –0.2 28.9 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE) ..................... 12 Goods ......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... 0.2 0.6 1.3 0.3 0.0 0.3 0.5 0.7 0.5 0.2 0.2 0.0 0.2 –0.1 0.4 0.1 –0.2 –0.3 –0.1 0.2 0.3 0.6 1.4 0.3 0.1 0.2 –0.1 –0.3 0.0 0.4 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 2014 2015 2014 r III Line 2015 IV I II III IV r Billions of chained (2009) dollars 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 10,875.7 3,731.2 1,384.1 2,367.8 7,144.6 11,213.3 3,869.6 1,466.5 2,430.0 7,345.3 10,918.6 3,755.2 1,402.5 2,375.2 7,163.8 11,033.3 3,793.2 1,423.5 2,393.7 7,240.4 11,081.2 3,803.7 1,430.4 2,397.8 7,277.4 11,178.9 3,855.0 1,458.3 2,423.0 7,325.3 11,262.4 3,902.0 1,481.7 2,447.9 7,363.4 11,330.7 3,917.9 1,495.5 2,451.5 7,415.0 1 2 3 4 5 48.0 10.5 7.0 4.1 37.0 97.7 51.3 27.8 25.2 47.9 83.5 47.0 23.4 24.9 38.1 68.3 16.0 13.8 3.6 51.6 6 7 8 9 10 1.8 1.1 2.0 0.7 2.1 3.6 5.5 8.0 4.3 2.7 3.0 5.0 6.6 4.2 2.1 2.4 1.6 3.8 0.6 2.8 11 12 13 14 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures (PCE)...................... 7 Goods.......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 285.3 118.4 76.5 48.0 167.6 337.6 138.5 82.4 62.2 200.7 92.3 37.2 25.2 14.2 55.3 114.7 38.0 21.0 18.5 76.5 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... r Revised 2.7 3.3 5.9 2.1 2.4 3.1 3.7 6.0 2.6 2.8 3.5 4.1 7.5 2.4 3.1 4.3 4.1 6.1 3.1 4.3 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2015 Line July Aug. Sept. 2016 Oct. Nov. r Dec. r r Jan. Feb. p r 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 ....................... 109.775 103.559 90.522 110.279 113.024 109.753 103.172 90.216 109.848 113.196 109.691 102.643 90.452 108.862 113.381 109.774 102.626 90.262 108.949 113.516 109.911 102.540 90.019 108.959 113.771 109.819 101.988 89.872 108.166 113.923 109.942 101.726 89.966 107.691 114.248 109.825 101.097 89.729 106.831 114.400 1 2 3 4 5 109.512 111.006 110.391 108.595 108.097 109.603 111.176 107.856 108.547 108.174 109.794 111.371 102.512 108.480 108.395 109.860 111.461 102.840 108.565 108.461 110.020 111.197 103.133 108.658 108.574 110.095 110.867 100.033 108.542 108.644 110.390 110.706 97.110 108.605 108.895 110.555 110.915 90.876 108.516 109.133 6 7 8 9 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 –0.3 0.1 0.1 0.0 –0.4 –0.3 –0.4 0.2 –0.1 –0.5 0.3 –0.9 0.2 0.1 0.0 –0.2 0.1 0.1 0.1 –0.1 –0.3 0.0 0.2 –0.1 –0.5 –0.2 –0.7 0.1 0.1 –0.3 0.1 –0.4 0.3 –0.1 –0.6 –0.3 –0.8 0.1 11 12 13 14 15 0.1 0.2 0.1 0.1 0.1 0.1 0.2 –2.3 0.0 0.1 0.2 0.2 –5.0 –0.1 0.2 0.1 0.1 0.3 0.1 0.1 0.1 –0.2 0.3 0.1 0.1 0.1 –0.3 –3.0 –0.1 0.1 0.3 –0.1 –2.9 0.1 0.2 0.1 0.2 –6.4 –0.1 0.2 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2015 Line July Aug. Sept. 2016 Nov. r Oct. r Dec. r Jan. r Feb. p Line 1 Disposable personal income..................................................... 3.6 3.5 3.7 3.4 2.9 2.7 2.6 2.7 1 2 Personal consumption expenditures ....................................... 3 Goods........................................................................................ 4 Durable goods........................................................................ 5 Nondurable goods.................................................................. 6 Services .................................................................................... 3.3 4.0 6.0 3.1 3.0 3.0 3.6 5.0 2.9 2.7 3.1 4.1 6.0 3.2 2.7 2.8 3.4 5.2 2.6 2.5 2.6 3.2 5.0 2.4 2.3 2.7 3.2 5.0 2.3 2.4 2.6 3.0 4.2 2.4 2.4 2.8 3.3 5.2 2.4 2.5 2 3 4 5 6 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2015 Line 1 July Aug. Sept. 2016 Oct. r Nov. r Dec. r Jan. r Feb. p Line Personal consumption expenditures (PCE)...................... 0.3 0.3 0.2 0.2 0.5 0.7 1.2 1.0 1 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... –2.7 –2.1 –2.9 –2.7 –2.3 –3.0 –3.2 –1.9 –3.9 –3.1 –2.0 –3.6 –2.3 –1.7 –2.6 –1.9 –1.3 –2.2 –0.5 –1.1 –0.3 –1.5 –1.5 –1.4 2 3 4 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 ....................... 1.8 1.8 1.9 1.9 1.9 1.9 2.1 2.1 5 1.3 0.9 –15.7 0.0 1.0 1.3 0.7 –16.2 0.0 1.1 1.3 0.7 –19.7 –0.1 1.2 1.3 0.7 –18.3 0.0 1.2 1.4 0.2 –14.3 0.3 1.2 1.4 –0.3 –12.4 0.4 1.3 1.7 –0.2 –5.3 1.1 1.5 1.7 –0.1 –12.3 0.8 1.6 6 7 8 9 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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