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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, MARCH 1, 2012 BEA 12-06 James Rankin: (202) 606-5301 Kyle Brown: (202) 606-5302 (Personal Income) (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: JANUARY 2012 Personal income increased $37.4 billion, or 0.3 percent, and disposable personal income (DPI) increased $14.1 billion, or 0.1 percent, in January, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $23.2 billion, or 0.2 percent. In December, personal income increased $60.2 billion, or 0.5 percent, DPI increased $48.3 billion, or 0.4 percent, and PCE increased $3.2 billion, or less than 0.1 percent, based on revised estimates. Real disposable income decreased 0.1 percent in January, in contrast to an increase of 0.3 percent in December. Real PCE increased less than 0.1 percent, in contrast to a decrease of less than 0.1 percent. 2011 Sept. Oct. Nov. Dec. (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2005) dollars Personal consumption expenditures: Current dollars Chained (2005) dollars 2012 Jan. 0.3 0.4 0.0 0.5 0.3 0.3 0.1 0.3 0.3 0.0 -0.1 0.4 0.3 0.1 -0.1 0.7 0.5 0.2 0.2 0.1 0.0 0.0 0.0 0.2 0.0 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2011 (third quarter). These estimates reflect the incorporation of newly available third-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. ________________________ NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- The January change in disposable personal income was affected by several special factors. Personal income in January was boosted by pay raises for federal military personnel and cost-ofliving adjustments to government social security benefits. Personal income in January was reduced by the expiration of refundable tax credits within “other” government social benefits to persons, by annual adjustments to personal contributions for government social insurance (a subtraction in the calculation of personal income), and by lump-sum social security benefit payments that had boosted December personal income. Personal current taxes, which are a subtraction in the calculation of DPI, were boosted in January by federal net nonwithheld income taxes. Excluding these special factors, which are discussed more fully below, DPI increased $19.4 billion, or 0.2 percent, in January, following an increase of $41.3 billion, or 0.4 percent, in December. -more- -3- Wages and salaries Private wage and salary disbursements increased $25.5 billion in January, compared with an increase of $29.9 billion in December. Goods-producing industries' payrolls increased $10.0 billion, compared with an increase of $13.5 billion; manufacturing payrolls increased $7.9 billion, compared with an increase of $8.5 billion. Services-producing industries' payrolls increased $15.5 billion, compared with an increase of $16.5 billion. Government wage and salary disbursements increased $1.5 billion, in contrast to a decrease of $0.1 billion. Pay raises for military personnel added $1.8 billion to government payrolls in January. Other personal income Employer contributions for employee pension and insurance funds increased $2.0 billion in January, compared with an increase of $1.8 billion in December. Employer contributions for government social insurance increased $5.8 billion in January, compared with an increase of $1.8 billion in December. The January increase reflected increases in the social security taxable wage base (from $106,800 to $110,100) and in the tax rate paid by employers to state unemployment insurance; together, these changes added $4.1 billion to the January increase. (Changes in employer contributions for government social insurance do not affect personal income, because employer contributions for government social insurance are also included in total contributions for government social insurance, which is a subtraction in the calculation of personal income.) Proprietors' income increased $4.8 billion in January, compared with an increase of $2.4 billion in December. Farm proprietors' income increased $1.8 billion, in contrast to a decrease of $2.7 billion. Nonfarm proprietors' income increased $3.0 billion, compared with an increase of $5.1 billion. Rental income of persons increased $4.1 billion in January, compared with an increase of $7.1 billion in December. Personal income receipts on assets (personal interest income plus personal dividend income) increased $6.7 billion, compared with an increase of $7.2 billion. -more- -4- Personal current transfer receipts decreased $3.6 billion in January, in contrast to an increase of $13.8 billion in December. Within personal current transfer receipts, “other” government social benefits to persons decreased $14.9 billion in January, in contrast to an increase of $1.5 billion in December. The January change in “other” government social benefits to persons reflected a decrease of $13.6 billion due to the expiration of the Making Work Pay refundable tax credits. Government social benefits for Medicaid decreased $7.8 billion in January, in contrast to an increase of $0.2 billion in December. Government social benefits for social security increased $20.3 billion in January, compared to an increase of $9.6 billion in December. The January change reflected 3.6-percent costof-living adjustments (COLAs) to social security benefits and to several other federal transfer payment programs. Together, these COLAs added $30.2 billion to the January increase in government social benefits to persons. Partly offsetting the effects of the COLAs on social security benefits was a reduction in lump-sum payments, which had added $7.1 billion to December benefit payments; the December benefit payments resulted from a recalculation of the earnings base underlying the benefits for recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -increased $9.6 billion in January, compared with an increase of $3.8 billion in December. The January increase reflected increases in both employer and personal contributions for government social insurance. As noted above, employer contributions were boosted $4.1 billion in January by increases in unemployment-insurance tax rates and in the social security taxable wage base. The January increase in personal contributions for government social insurance reflected increases in the monthly premiums paid by participants in the supplementary medical insurance program (Medicare B) and in the social security taxable wage base; together, these changes added $1.6 billion to the January increase. Personal current taxes and disposable personal income Personal current taxes increased $23.2 billion in January, compared with an increase of $11.8 billion in December. Federal net nonwithheld income taxes (payments of estimated taxes plus final settlements less refunds) boosted the January change $11.8 billion, based on the Office of Tax Analysis projections of higher final settlements and higher refunds for 2012. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $14.1 billion, or 0.1 percent, in January, compared with an increase of $48.3 billion, or 0.4 percent in December. -more- -5- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $25.7 billion in January, in contrast to a decrease of $0.6 billion in December. PCE increased $23.2 billion, compared with an increase of $3.2 billion. Personal saving -- DPI less personal outlays -- was $540.6 billion in January, compared with $552.1 billion in December. The personal saving rate -- personal saving as a percentage of disposable income -- was 4.6 percent in January, compared with 4.7 percent in December. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.1 percent in January, in contrast to an increase of 0.3 percent in December. Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in January, in contrast to a decrease of less than 0.1 percent in December. Purchases of durable goods increased 0.9 percent, compared with an increase of 0.7 percent. Purchases of motor vehicles and parts accounted for most of the increases in January and in December. Purchases of nondurable goods increased less than 0.1 percent in January, in contrast to a decrease of 0.5 percent in December. Purchases of services decreased 0.1 percent, in contrast to an increase of less than 0.1 percent. PCE price index -- The price index for PCE increased 0.2 percent in January, compared with an increase of 0.1 percent in December. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. 2011 Personal Income and Outlays Personal income increased 5.1 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.7 percent in 2010. DPI increased 3.8 percent, compared with an increase of 3.6 percent. PCE increased 4.7 percent, compared with an increase of 3.8 percent. Real DPI increased 1.3 percent in 2011, compared with an increase of 1.8 percent in 2010. Real PCE increased 2.2 percent, compared with an increase of 2.0 percent. -more- -6- Revisions Estimates of personal income and DPI have been revised for July through December; estimates for PCE have been revised for October through December. Changes in personal income, currentdollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for November and December -- revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from July through December. The revision to third-quarter wages and salaries reflected the incorporation of the most recently available BLS tabulations of the third-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for October, November, and December reflect extrapolations from the revised third-quarter level of wages. In addition, revisions to November and December reflect revised BLS employment, hours, and earnings data. Change from preceding month November Previous Revised (Billions of dollars) Personal Income: Current dollars December Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) 7.4 4.9 0.1 0.0 61.3 60.2 0.5 0.5 -4.1 -3.1 -2.4 -11.2 0.0 0.0 0.0 -0.1 47.1 34.2 48.3 35.5 0.4 0.3 0.4 0.3 Personal consumption expenditures: Current dollars 11.4 Chained (2005) dollars 10.4 9.0 -0.6 0.1 0.1 0.1 0.0 -2.0 -8.1 3.2 -3.4 0.0 -0.1 0.0 0.0 Disposable personal income: Current dollars Chained (2005) dollars BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release – March 30, 2012 at 8:30 A.M. EDT for Personal Income and Outlays for February -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2011 Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... 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 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ 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 (2005) dollars 4 .......................................................... Disposable personal income: Total, billions of chained (2005) dollars 4 ....................................... Per capita: Current dollars............................................................................ Chained (2005) dollars ............................................................... Population (midperiod, thousands) 5................................................. r r 2012 r r r r January p June July 12,970.1 8,219.3 6,615.1 5,424.0 1,094.7 697.5 4,329.4 1,042.3 3,287.1 1,191.1 1,604.2 13,032.5 8,304.3 6,694.4 5,505.3 1,110.8 707.8 4,394.6 1,058.1 3,336.5 1,189.0 1,609.9 13,049.1 8,328.9 6,715.3 5,525.5 1,114.4 707.2 4,411.2 1,060.0 3,351.2 1,189.8 1,613.5 13,088.8 8,381.7 6,763.3 5,574.2 1,124.8 712.1 4,449.4 1,068.3 3,381.1 1,189.1 1,618.4 13,135.5 8,429.3 6,804.6 5,615.8 1,133.7 717.6 4,482.1 1,077.9 3,404.2 1,188.9 1,624.6 13,140.4 8,430.7 6,804.4 5,615.4 1,129.4 713.9 4,485.9 1,080.2 3,405.8 1,189.0 1,626.3 13,200.6 8,464.1 6,834.2 5,645.3 1,142.9 722.4 4,502.4 1,084.4 3,418.0 1,188.9 1,629.8 13,238.0 8,499.0 6,861.2 5,670.8 1,152.9 730.3 4,517.9 1,088.8 3,429.1 1,190.4 1,637.8 1,110.4 493.7 1,110.8 499.2 1,112.6 500.9 1,114.5 503.9 1,117.8 506.8 1,119.6 506.7 1,121.4 508.5 1,123.4 514.3 1,107.2 66.4 1,040.7 1,109.1 67.0 1,042.1 1,116.2 67.5 1,048.7 1,115.9 68.1 1,047.8 1,118.5 65.4 1,053.1 1,118.5 62.7 1,055.8 1,120.9 60.0 1,060.9 1,125.7 61.8 1,063.9 395.7 1,812.6 1,020.7 791.9 2,352.7 2,313.3 712.1 554.7 440.5 109.3 63.6 433.3 39.3 400.8 1,806.0 1,007.7 798.3 2,340.3 2,300.7 715.2 555.8 425.4 104.7 64.0 435.6 39.6 406.2 1,794.7 994.8 799.9 2,334.4 2,295.0 716.1 558.1 413.8 102.1 65.4 439.5 39.3 412.0 1,781.8 981.8 799.9 2,335.1 2,295.8 717.7 559.5 409.9 102.3 65.7 440.7 39.3 418.8 1,785.1 978.1 807.0 2,327.1 2,287.5 718.3 557.0 408.1 100.1 65.1 438.9 39.6 426.2 1,784.0 974.4 809.6 2,324.5 2,284.9 719.5 555.0 408.3 97.9 64.2 440.0 39.6 433.3 1,791.2 970.6 820.6 2,338.3 2,298.7 729.1 553.9 408.5 102.2 63.5 441.5 39.5 437.4 1,797.9 974.4 823.5 2,334.7 2,295.3 749.4 552.5 400.7 99.5 66.6 426.6 39.3 917.3 1,403.2 11,566.9 10,993.2 10,668.4 3,595.6 1,129.3 2,466.3 7,072.8 154.0 170.9 97.3 73.5 573.7 928.1 1,407.8 11,624.6 11,077.0 10,749.4 3,643.3 1,154.6 2,488.6 7,106.2 156.2 171.4 97.5 73.8 547.6 931.4 1,406.0 11,643.1 11,093.5 10,763.4 3,640.1 1,143.5 2,496.6 7,123.4 158.4 171.6 97.8 73.8 549.6 937.7 1,413.4 11,675.4 11,173.1 10,840.6 3,700.4 1,176.7 2,523.7 7,140.2 160.7 171.9 98.1 73.8 502.2 943.2 1,428.7 11,706.8 11,196.0 10,866.5 3,713.6 1,190.4 2,523.3 7,152.9 156.4 173.1 98.7 74.5 510.8 943.3 1,436.1 11,704.4 11,201.2 10,875.5 3,708.1 1,190.8 2,517.3 7,167.4 152.1 173.7 99.2 74.5 503.1 947.1 1,447.9 11,752.7 11,200.6 10,878.7 3,695.1 1,196.9 2,498.2 7,183.6 147.8 174.2 99.7 74.5 552.1 956.7 1,471.1 11,766.8 11,226.3 10,901.9 3,716.6 1,207.9 2,508.7 7,185.3 149.5 174.8 100.4 74.5 540.6 5.0 4.7 4.7 4.3 4.4 4.3 4.7 4.6 9,343.5 9,374.9 9,369.2 9,387.7 9,434.5 9,432.7 9,467.0 9,485.1 10,179.1 10,192.5 10,181.0 10,192.3 10,218.7 10,207.5 10,243.0 10,236.4 37,084 32,635 311,908 37,244 32,656 312,117 37,278 32,597 312,330 37,356 32,611 312,542 37,432 32,674 312,747 37,402 32,619 312,932 37,535 32,714 313,109 37,560 32,675 313,279 August September October November December p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2010 2011 r 2010 III Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... 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 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ 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 (2005) dollars 4 .......................................................... Disposable personal income: Total, billions of chained (2005) dollars 4 ....................................... Per capita: Current dollars............................................................................ Chained (2005) dollars ............................................................... Population (midperiod, thousands) 5................................................. 2011 IV I II III r IV r 12,373.5 7,971.4 6,408.2 5,217.4 1,059.2 674.2 4,158.2 1,006.0 3,152.2 1,190.8 1,563.1 13,004.5 8,293.0 6,683.5 5,493.2 1,110.3 706.9 4,382.9 1,055.1 3,327.8 1,190.3 1,609.5 12,453.2 8,022.2 6,454.5 5,264.7 1,070.5 682.2 4,194.2 1,015.9 3,178.3 1,189.9 1,567.7 12,577.6 8,050.8 6,477.0 5,288.4 1,070.8 685.5 4,217.6 1,016.1 3,201.5 1,188.6 1,573.7 12,846.9 8,172.5 6,578.2 5,387.1 1,092.3 700.4 4,294.7 1,034.4 3,260.3 1,191.1 1,594.4 12,955.3 8,219.7 6,617.1 5,425.2 1,096.9 700.4 4,328.3 1,043.1 3,285.1 1,191.9 1,602.7 13,056.8 8,338.3 6,724.3 5,535.0 1,116.6 709.0 4,418.4 1,062.1 3,356.3 1,189.3 1,614.0 13,158.8 8,441.3 6,814.4 5,625.5 1,135.4 718.0 4,490.1 1,080.8 3,409.3 1,188.9 1,626.9 1,089.9 473.2 1,111.0 498.5 1,092.0 475.7 1,096.8 476.9 1,103.0 491.4 1,108.7 494.0 1,112.6 501.3 1,119.6 507.3 1,036.4 52.2 984.2 1,108.8 65.9 1,042.9 1,057.0 58.3 998.7 1,081.5 60.1 1,021.4 1,095.6 66.1 1,029.5 1,106.5 67.3 1,039.2 1,113.7 67.5 1,046.2 1,119.3 62.7 1,056.6 350.2 1,721.2 1,003.4 717.7 2,281.2 2,242.9 690.2 518.4 405.4 138.7 57.9 432.4 38.3 403.6 1,790.1 997.5 792.7 2,335.5 2,296.0 713.5 553.7 423.5 107.3 63.4 434.6 39.5 352.8 1,723.4 983.9 739.4 2,289.4 2,251.4 693.9 521.4 405.2 135.8 59.0 436.1 37.9 354.8 1,743.5 989.6 753.9 2,341.2 2,301.9 699.9 535.3 439.8 128.7 59.4 438.7 39.3 385.0 1,777.2 1,004.7 772.5 2,328.1 2,288.6 703.1 547.8 432.1 117.5 61.3 426.9 39.5 396.9 1,802.3 1,015.9 786.4 2,347.3 2,307.9 712.2 553.9 437.4 108.8 62.8 432.7 39.4 406.3 1,794.2 994.8 799.4 2,336.6 2,297.2 716.3 557.8 416.4 103.0 65.0 438.6 39.4 426.1 1,786.7 974.4 812.4 2,329.9 2,290.4 722.3 555.3 408.3 100.1 64.3 440.1 39.6 986.8 1,193.9 11,179.7 10,586.9 10,245.5 3,387.0 1,085.5 2,301.5 6,858.5 173.4 168.0 95.1 72.9 592.8 926.5 1,402.2 11,602.3 11,054.6 10,726.4 3,645.5 1,162.3 2,483.1 7,081.0 156.7 171.5 97.7 73.8 547.6 991.5 1,212.8 11,240.4 10,614.8 10,276.6 3,386.5 1,087.5 2,299.0 6,890.1 168.1 170.1 95.8 74.3 625.6 994.1 1,240.9 11,336.7 10,748.6 10,417.1 3,483.4 1,124.7 2,358.7 6,933.7 162.7 168.9 96.5 72.5 588.1 911.5 1,365.9 11,481.0 10,902.1 10,571.7 3,592.2 1,154.5 2,437.8 6,979.4 160.3 170.1 96.6 73.5 578.9 917.4 1,396.2 11,559.2 11,002.6 10,676.0 3,622.7 1,143.8 2,478.9 7,053.3 155.9 170.7 97.1 73.5 556.5 932.4 1,409.1 11,647.7 11,114.6 10,784.5 3,661.2 1,158.3 2,503.0 7,123.2 158.4 171.6 97.8 73.8 533.1 944.6 1,437.6 11,721.3 11,199.3 10,873.6 3,705.6 1,192.7 2,512.9 7,168.0 152.1 173.7 99.2 74.5 522.0 5.3 4.7 5.6 5.2 5.0 4.8 4.6 4.5 9,083.0 9,371.2 9,145.7 9,166.7 9,329.8 9,332.9 9,377.3 9,444.8 10,061.6 10,190.9 10,114.4 10,152.0 10,183.2 10,169.7 10,188.6 10,223.1 36,090 32,481 309,774 37,182 32,659 312,040 36,251 32,620 310,070 36,491 32,678 310,670 36,895 32,724 311,184 37,082 32,625 311,717 37,293 32,621 312,330 37,457 32,669 312,930 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2011 June Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... 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 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ................................................................ Disposable personal income, billions of chained (2005) dollars 4..... July r August r 2012 September r October r November r December r January p 12.9 –3.4 –4.5 –3.5 –3.2 –3.8 –0.2 1.0 –1.2 –1.0 1.1 62.4 85.0 79.3 81.3 16.1 10.3 65.2 15.8 49.4 –2.1 5.7 16.6 24.6 20.9 20.2 3.6 –0.6 16.6 1.9 14.7 0.8 3.6 39.7 52.8 48.0 48.7 10.4 4.9 38.2 8.3 29.9 –0.7 4.9 46.7 47.6 41.3 41.6 8.9 5.5 32.7 9.6 23.1 –0.2 6.2 4.9 1.4 –0.2 –0.4 –4.3 –3.7 3.8 2.3 1.6 0.1 1.7 60.2 33.4 29.8 29.9 13.5 8.5 16.5 4.2 12.2 –0.1 3.5 37.4 34.9 27.0 25.5 10.0 7.9 15.5 4.4 11.1 1.5 8.0 1.7 –0.6 0.4 5.5 1.8 1.7 1.9 3.0 3.3 2.9 1.8 –0.1 1.8 1.8 2.0 5.8 0.6 –0.9 1.4 1.9 0.6 1.4 7.1 0.5 6.6 –0.3 0.6 –0.9 2.6 –2.7 5.3 0.0 –2.7 2.7 2.4 –2.7 5.1 4.8 1.8 3.0 –1.1 10.0 4.8 5.2 6.3 6.3 0.7 0.8 2.0 2.9 1.8 –1.7 –0.1 5.1 –6.6 –13.0 6.4 –12.4 –12.6 3.1 1.1 –15.1 –4.6 0.4 2.3 0.3 5.4 –11.3 –12.9 1.6 –5.9 –5.7 0.9 2.3 –11.6 –2.6 1.4 3.9 –0.3 5.8 –12.9 –13.0 0.0 0.7 0.8 1.6 1.4 –3.9 0.2 0.3 1.2 0.0 6.8 3.3 –3.7 7.1 –8.0 –8.3 0.6 –2.5 –1.8 –2.2 –0.6 –1.8 0.3 7.4 –1.1 –3.7 2.6 –2.6 –2.6 1.2 –2.0 0.2 –2.2 –0.9 1.1 0.0 7.1 7.2 –3.8 11.0 13.8 13.8 9.6 –1.1 0.2 4.3 –0.7 1.5 –0.1 4.1 6.7 3.8 2.9 –3.6 –3.4 20.3 –1.4 –7.8 –2.7 3.1 –14.9 –0.2 –0.7 5.8 7.2 –23.5 –21.7 –29.9 –15.1 –14.8 8.1 –1.9 0.3 0.2 0.0 30.7 10.8 4.6 57.7 83.8 81.0 47.7 25.3 22.3 33.4 2.2 0.5 0.2 0.3 –26.1 3.3 –1.8 18.5 16.5 14.0 –3.2 –11.1 8.0 17.2 2.2 0.2 0.3 0.0 2.0 6.3 7.4 32.3 79.6 77.2 60.3 33.2 27.1 16.8 2.3 0.3 0.3 0.0 –47.4 5.5 15.3 31.4 22.9 25.9 13.2 13.7 –0.4 12.7 –4.3 1.2 0.6 0.7 8.6 0.1 7.4 –2.4 5.2 9.0 –5.5 0.4 –6.0 14.5 –4.3 0.6 0.5 0.0 –7.7 3.8 11.8 48.3 –0.6 3.2 –13.0 6.1 –19.1 16.2 –4.3 0.5 0.5 0.0 49.0 9.6 23.2 14.1 25.7 23.2 21.5 11.0 10.5 1.7 1.7 0.6 0.7 0.0 –11.5 17.6 19.1 31.4 13.4 –5.7 –11.5 18.5 11.3 46.8 26.4 –1.8 –11.2 34.3 35.5 18.1 –6.6 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2010 2011 r 2010 III Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... 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 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ................................................................ Disposable personal income, billions of chained (2005) dollars 4..... 2011 IV I III r II IV r 443.3 170.0 137.9 122.4 –4.2 13.3 126.5 16.4 110.2 15.5 32.0 631.0 321.6 275.3 275.8 51.1 32.7 224.7 49.1 175.6 –0.5 46.4 127.6 62.2 54.7 61.2 11.9 8.6 49.3 11.4 37.9 –6.4 7.5 124.4 28.6 22.5 23.7 0.3 3.3 23.4 0.2 23.2 –1.3 6.0 269.3 121.7 101.2 98.7 21.5 14.9 77.1 18.3 58.8 2.5 20.7 108.4 47.2 38.9 38.1 4.6 0.0 33.6 8.7 24.8 0.8 8.3 101.5 118.6 107.2 109.8 19.7 8.6 90.1 19.0 71.2 –2.6 11.3 102.0 103.0 90.1 90.5 18.8 9.0 71.7 18.7 53.0 –0.4 12.9 16.8 15.2 21.1 25.3 4.4 3.1 4.8 1.2 6.2 14.5 5.7 2.6 3.9 7.3 7.0 6.0 95.2 13.0 82.2 72.4 13.7 58.7 31.4 12.5 19.0 24.5 1.8 22.7 14.1 6.0 8.1 10.9 1.2 9.7 7.2 0.2 7.0 5.6 –4.8 10.4 44.3 13.5 –105.5 118.9 143.1 143.0 25.7 24.6 31.3 8.1 6.4 47.0 0.1 53.4 68.9 –5.9 75.0 54.3 53.1 23.3 35.3 18.1 –31.4 5.5 2.2 1.2 3.7 –1.1 –30.2 29.0 37.3 37.3 5.6 9.9 15.4 –1.6 1.7 6.2 –0.1 2.0 20.1 5.7 14.5 51.8 50.5 6.0 13.9 34.6 –7.1 0.4 2.6 1.4 30.2 33.7 15.1 18.6 –13.1 –13.3 3.2 12.5 –7.7 –11.2 1.9 –11.8 0.2 11.9 25.1 11.2 13.9 19.2 19.3 9.1 6.1 5.3 –8.7 1.5 5.8 –0.1 9.4 –8.1 –21.1 13.0 –10.7 –10.7 4.1 3.9 –21.0 –5.8 2.2 5.9 0.0 19.8 –7.5 –20.4 13.0 –6.7 –6.8 6.0 –2.5 –8.1 –2.9 –0.7 1.5 0.2 22.7 52.5 390.9 350.6 379.4 189.5 55.9 133.7 189.8 –40.3 11.5 6.0 5.5 40.2 –60.3 208.3 422.6 467.7 480.9 258.5 76.8 181.6 222.5 –16.7 3.5 2.6 0.9 –45.2 5.8 37.4 90.2 87.8 91.8 46.4 15.8 30.7 45.4 –6.3 2.3 1.0 1.4 2.3 2.6 28.1 96.3 133.8 140.5 96.9 37.2 59.7 43.6 –5.4 –1.2 0.7 –1.8 –37.5 –82.6 125.0 144.3 153.5 154.6 108.8 29.8 79.1 45.7 –2.4 1.2 0.1 1.0 –9.2 5.9 30.3 78.2 100.5 104.3 30.5 –10.7 41.1 73.9 –4.4 0.6 0.5 0.0 –22.4 15.0 12.9 88.5 112.0 108.5 38.5 14.5 24.1 69.9 2.5 0.9 0.7 0.3 –23.4 12.2 28.5 73.6 84.7 89.1 44.4 34.4 9.9 44.8 –6.3 2.1 1.4 0.7 –11.1 113.3 178.9 288.2 129.3 59.2 56.6 21.0 37.6 163.1 31.2 3.1 –13.5 44.4 18.9 67.5 34.5 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2011 July r June August r 2012 September r October r November r December r January p Based on current-dollar measures Personal income.......................................................................... Compensation of employees, received ...................................... Wage and salary disbursements ............................................ Supplements to wages and salaries....................................... Proprietors’ income with inventory valuation and capital consumption adjustments....................................................... Rental income of persons with capital consumption adjustment Personal income receipts on assets .......................................... Personal interest income ........................................................ Personal dividend income....................................................... Personal current transfer receipts .............................................. Less: Contributions for government social insurance, domestic Less: Personal current taxes ..................................................... Equals: Disposable personal income........................................ Addenda: Personal consumption expenditures .......................................... Goods ..................................................................................... Durable goods ..................................................................... Nondurable goods ............................................................... Services.................................................................................. 0.1 0.0 –0.1 0.1 0.5 1.0 1.2 0.4 0.1 0.3 0.3 0.2 0.3 0.6 0.7 0.3 0.4 0.6 0.6 0.4 0.0 0.0 0.0 0.1 0.5 0.4 0.4 0.2 0.3 0.4 0.4 0.5 0.1 –0.3 0.6 0.5 0.7 0.3 –0.1 0.4 0.1 0.2 1.3 –0.4 –1.3 0.8 –0.5 1.2 0.3 0.5 0.6 1.4 –0.6 –1.3 0.2 –0.3 0.4 –0.1 0.2 0.0 1.4 –0.7 –1.3 0.0 0.0 0.7 0.5 0.3 0.2 1.7 0.2 –0.4 0.9 –0.3 0.6 1.1 0.3 0.0 1.8 –0.1 –0.4 0.3 –0.1 0.0 0.5 0.0 0.2 1.7 0.4 –0.4 1.4 0.6 0.4 0.8 0.4 0.4 0.9 0.4 0.4 0.4 –0.2 1.0 1.6 0.1 –0.2 –0.8 –1.3 –0.6 0.1 0.8 1.3 2.2 0.9 0.5 0.1 –0.1 –1.0 0.3 0.2 0.7 1.7 2.9 1.1 0.2 0.2 0.4 1.2 0.0 0.2 0.1 –0.1 0.0 –0.2 0.2 0.0 –0.4 0.5 –0.8 0.2 0.2 0.6 0.9 0.4 0.0 0.0 –0.1 0.4 0.3 0.2 –0.1 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. 0.2 0.2 0.3 0.1 –0.1 –0.1 0.2 0.1 0.5 0.3 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2010 2011 r 2010 III 2011 IV I III r II IV r Based on current-dollar measures Personal income.......................................................................... Compensation of employees, received ...................................... Wage and salary disbursements ............................................ Supplements to wages and salaries....................................... Proprietors’ income with inventory valuation and capital consumption adjustments....................................................... Rental income of persons with capital consumption adjustment Personal income receipts on assets .......................................... Personal interest income ........................................................ Personal dividend income....................................................... Personal current transfer receipts .............................................. Less: Contributions for government social insurance, domestic Less: Personal current taxes ..................................................... Equals: Disposable personal income........................................ Addenda: Personal consumption expenditures .......................................... Goods ..................................................................................... Durable goods ..................................................................... Nondurable goods ............................................................... Services.................................................................................. 3.7 2.2 2.2 2.1 5.1 4.0 4.3 3.0 4.2 3.2 3.5 1.9 4.1 1.4 1.4 1.6 8.8 6.2 6.4 5.4 3.4 2.3 2.4 2.1 3.2 5.9 6.6 2.8 3.2 5.0 5.5 3.3 10.1 14.5 0.8 –9.5 19.9 6.7 2.4 4.6 3.6 7.0 15.2 4.0 –0.6 10.4 2.4 –6.1 17.4 3.8 12.8 4.3 –0.3 –11.4 17.4 6.8 2.4 13.4 3.3 9.6 2.4 4.7 2.3 8.1 9.4 1.1 9.6 3.5 5.3 38.6 8.0 6.3 10.2 –2.2 –29.3 46.8 5.2 4.0 13.0 5.8 4.5 7.4 3.3 2.6 9.2 2.8 2.6 9.8 –1.8 –8.1 6.8 –1.8 6.7 3.7 3.1 2.0 20.9 –1.6 –8.0 6.7 –1.1 5.3 8.3 2.6 3.8 5.9 5.4 6.2 2.8 4.7 7.6 7.1 7.9 3.2 3.7 5.7 6.0 5.5 2.7 5.6 11.9 14.4 10.8 2.6 6.1 13.1 11.0 14.1 2.7 4.0 3.4 –3.7 6.9 4.3 4.1 4.3 5.2 3.9 4.0 3.3 4.9 12.4 1.6 2.5 0.1 –0.5 1.9 0.7 2.9 1.4 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. 1.3 1.8 3.2 1.3 2.6 2.3 0.9 1.5 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 7.3 1.2 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2011 June July August 2012 September October r November r December r January p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,388.4 3,317.3 1,242.1 2,077.7 6,075.7 9,425.1 3,338.6 1,270.8 2,075.1 6,091.8 9,411.8 3,321.9 1,260.4 2,067.8 6,094.5 9,463.5 3,367.8 1,302.2 2,078.1 6,102.0 9,485.2 3,386.6 1,318.1 2,083.3 6,105.6 9,484.6 3,383.3 1,322.1 2,077.3 6,108.1 9,481.2 3,379.3 1,332.0 2,066.4 6,108.6 9,483.9 3,389.0 1,343.5 2,066.6 6,102.2 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –7.3 –11.1 –19.0 4.5 3.1 36.7 21.3 28.7 –2.6 16.1 –13.3 –16.7 –10.4 –7.3 2.7 51.7 45.9 41.8 10.3 7.5 21.7 18.8 15.9 5.2 3.6 –0.6 –3.3 4.0 –6.0 2.5 –3.4 –4.0 9.9 –10.9 0.5 2.7 9.7 11.5 0.2 –6.4 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –0.1 –0.3 –1.5 0.2 0.1 0.4 0.6 2.3 –0.1 0.3 –0.1 –0.5 –0.8 –0.4 0.0 0.5 1.4 3.3 0.5 0.1 0.2 0.6 1.2 0.2 0.1 0.0 –0.1 0.3 –0.3 0.0 0.0 –0.1 0.7 –0.5 0.0 0.0 0.3 0.9 0.0 –0.1 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2010 2011 r 2010 III 2011 IV I IV r II III 9,392.7 3,331.2 1,260.2 2,076.6 6,067.0 9,433.5 3,342.7 1,277.8 2,073.7 6,096.1 9,483.7 3,383.1 1,324.1 2,075.7 6,107.4 40.8 11.5 17.6 –2.9 29.1 50.2 40.4 46.3 2.0 11.3 1.7 1.4 5.7 –0.5 1.9 2.1 4.9 15.3 0.4 0.7 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,220.9 3,230.7 1,188.3 2,041.3 5,991.8 9,421.7 3,350.4 1,284.8 2,075.3 6,077.4 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 183.4 132.7 80.0 57.9 56.3 200.8 119.7 96.5 34.0 85.6 9,247.1 3,240.8 1,194.1 2,045.8 6,008.1 9,328.4 3,306.0 1,242.4 2,067.4 6,027.5 9,376.7 3,344.4 1,277.4 2,075.4 6,039.1 Change from preceding period in billions of chained (2005) dollars 60.2 37.9 24.8 15.0 23.8 81.3 65.2 48.3 21.6 19.4 48.3 38.4 35.0 8.0 11.6 16.0 –13.2 –17.2 1.2 27.9 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... r Revised 2.0 4.3 7.2 2.9 0.9 2.2 3.7 8.1 1.7 1.4 2.6 4.8 8.8 3.0 1.6 3.6 8.3 17.2 4.3 1.3 2.1 4.7 11.7 1.6 0.8 0.7 –1.6 –5.3 0.2 1.9 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2011 June July August 2012 September October r November r December r January p Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... 113.637 108.391 90.897 118.711 116.413 114.054 109.130 90.838 119.932 116.654 114.364 109.582 90.705 120.741 116.886 114.554 109.879 90.340 121.447 117.017 114.566 109.658 90.288 121.124 117.156 114.667 109.602 90.053 121.185 117.344 114.742 109.346 89.843 120.902 117.601 114.954 109.669 89.892 121.399 117.752 111.804 118.171 137.723 113.452 111.299 112.024 118.603 141.639 113.885 111.507 112.222 119.315 143.359 114.230 111.729 112.222 119.942 146.341 114.485 111.774 112.356 120.208 143.783 114.464 111.889 112.517 120.153 143.031 114.553 112.045 112.684 120.439 141.064 114.625 112.223 112.886 120.607 141.541 114.828 112.412 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... –0.1 –0.5 0.2 –0.8 0.1 0.4 0.7 –0.1 1.0 0.2 0.3 0.4 –0.1 0.7 0.2 0.2 0.3 –0.4 0.6 0.1 0.0 –0.2 –0.1 –0.3 0.1 0.1 –0.1 –0.3 0.1 0.2 0.1 –0.2 –0.2 –0.2 0.2 0.2 0.3 0.1 0.4 0.1 0.2 0.1 –4.5 –0.1 0.2 0.2 0.4 2.8 0.4 0.2 0.2 0.6 1.2 0.3 0.2 0.0 0.5 2.1 0.2 0.0 0.1 0.2 –1.7 0.0 0.1 0.1 0.0 –0.5 0.1 0.1 0.1 0.2 –1.4 0.1 0.2 0.2 0.1 0.3 0.2 0.2 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 2011 July r June Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.8 2.0 3.4 6.3 1.9 1.4 August r 0.9 2.3 3.9 7.1 2.3 1.5 2012 September r 0.5 1.7 2.4 6.1 0.7 1.4 October r 0.8 2.1 3.2 7.8 1.1 1.5 0.8 1.9 2.7 6.5 1.0 1.5 November r 0.6 1.6 2.2 6.6 0.2 1.3 December r 0.7 1.5 2.1 6.6 0.0 1.1 January p 0.6 1.4 1.9 6.4 –0.2 1.2 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2011 June Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... July August September 2012 October r November r December r January p 2.6 4.5 –0.5 7.0 1.7 2.8 4.7 –0.2 7.2 1.8 2.9 4.8 –0.5 7.4 1.9 2.9 4.9 –0.7 7.6 2.0 2.7 4.3 –0.5 6.6 1.9 2.7 4.2 –0.6 6.5 2.0 2.5 3.4 –0.4 5.2 2.1 2.4 2.9 –0.4 4.5 2.1 1.4 3.9 20.8 2.8 1.4 1.6 4.3 20.2 2.9 1.5 1.7 4.8 19.6 3.0 1.6 1.6 5.1 20.7 3.1 1.6 1.7 5.2 15.4 2.9 1.7 1.8 5.1 14.6 2.9 1.8 1.9 5.3 8.6 2.7 2.0 1.9 4.7 6.5 2.5 2.0 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.