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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, MARCH 1, 2013 BEA 13-7 James Rankin: (202) 606-5301 Harvey Davis: (202) 606-5302 (Personal Income) (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: JANUARY 2013 Personal income decreased $505.5 billion, or 3.6 percent, and disposable personal income (DPI) decreased $491.4 billion, or 4.0 percent, in January, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $18.2 billion, or 0.2 percent. In December, personal income increased $353.4 billion, or 2.6 percent, DPI increased $325.7 billion, or 2.7 percent, and PCE increased $14.8 billion, or 0.1 percent, based on revised estimates. Real disposable income decreased 4.0 percent in January, in contrast to an increase of 2.7 percent in December. Real PCE increased 0.1 percent, the same increase as in December. 2012 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 2013 Jan. 0.4 0.0 1.0 2.6 -3.6 0.4 0.1 0.0 -0.1 1.0 1.2 2.7 2.7 -4.0 -4.0 0.8 0.5 0.0 -0.2 0.4 0.5 0.1 0.1 0.2 0.1 The 4.0 percent decrease in January DPI mainly reflected the effect of special factors, which boosted employee contributions for government social insurance in January and which had boosted wages and salaries and personal dividends in December. Excluding these special factors and others, which are discussed more fully below, DPI increased $37.6 billion, or 0.3 percent in January, after increasing $38.6 billion, or 0.3 percent, in December. ________________________ 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- -2This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2012 (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. Wages and salaries Private wage and salary disbursements decreased $44.8 billion in January, in contrast to an increase of $49.1 billion in December. The January level of private wages and salaries was reduced by $15.0 billion (at an annual rate) in January, after a boost of $30.0 billion in December, reflecting the impact of accelerated bonuses in anticipation of changes to individual income tax rates. Goodsproducing industries' payrolls decreased $3.3 billion in January, in contrast to an increase of $9.8 billion in December; manufacturing payrolls decreased $3.3 billion, in contrast to an increase of $5.4 billion. Services-producing industries' payrolls decreased $41.5 billion, in contrast to an increase of $39.3 billion. Government wage and salary disbursements increased $1.1 billion, compared with an increase of $0.8 billion. Pay raises for military personnel added $1.9 billion to government payrolls in January. Other personal income Employer contributions for employee pension and insurance funds increased $3.2 billion in January, compared with an increase of $3.0 billion in December. Employer contributions for government social insurance increased $2.7 billion in January, compared with an increase of $3.7 billion in December. The January estimate reflected increases in the social security taxable wage base (from $110,100 to $113,700), in the tax rate paid by employers to state unemployment insurance, and in employer contributions for the federal unemployment tax and for pension guaranty; together, these changes added $5.9 billion to January. (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 $6.3 billion in January, compared with an increase of $7.3 billion in December. Farm proprietors' income increased $4.9 billion, in contrast to a decrease of $0.8 billion. Nonfarm proprietors' income increased $1.4 billion, compared with an increase of $8.1 billion. -more- -3- Rental income of persons increased $11.2 billion in January, compared with an increase of $1.3 billion in December. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $365.5 billion, in contrast to an increase of $273.8 billion. The level of personal dividend income was reduced $81.0 billion in January (at an annual rate), after a boost of $291.0 billion in December, reflecting accelerated and special dividend distributions paid in December; these adjustments reflected the impact of expected changes to individual income tax rates. For additional information, see the FAQ on “How would special and accelerated dividends affect the national income and product accounts in the fourth quarter 2012?” at www.bea.gov. Personal current transfer receipts increased $7.0 billion in January, compared with an increase of $20.7 billion in December. The January estimates of current transfer receipts reflected 1.7-percent cost-of-living adjustments to social security benefits and to several other federal transfer payment programs; together, these changes added $15.2 billion to the January increase. The January change in social security benefits to persons was reduced by lump-sum payments, which had added $7.0 billion to December; these 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 $126.7 billion in January, compared with an increase of $6.3 billion in December. The January estimate reflected increases in both employer and employee contributions for government social insurance. The January estimate of employee contributions for government social insurance reflected the expiration of the “payroll tax holiday,” that increased the social security contribution rate for employees and self-employed workers by 2.0 percentage points, or $114.1 billion at an annual rate. For additional information, see FAQ on “How did the expiration of the payroll tax holiday affect personal income for January 2013?” at www.bea.gov. The January estimate of employee contributions for government social insurance also reflected an increase in the monthly premiums paid by participants in the supplementary medical insurance program, in the hospital insurance provisions of the Patient Protection and Affordable Care Act, and in the social security taxable wage base; together, these changes added $12.8 billion to January. As noted above, employer contributions were boosted $5.9 billion in January, so the total contribution of special factors to the January change in contributions for government social insurance was $132.8 billion. Personal current taxes and disposable personal income Personal current taxes decreased $14.0 billion in January, in contrast to an increase of $27.6 billion in December. The January change reflected additional taxes paid on accelerated income distributions in December. Payments of final settlements and back taxes less refunds in Federal net nonwithheld income taxes reduced the January change by $3.4 billion, based on the Office of Tax Analysis projections. Indexation provisions of current tax law reduced federal withheld income taxes by $1.4 billion in January. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $491.4 billion, or 4.0 percent, in January, in contrast to an increase of $325.7 billion, or 2.7 percent in December. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $22.0 billion in January, compared with an increase of $13.3 billion in December. PCE increased $18.2 billion, compared with an increase of $14.8 billion. Personal saving -- DPI less personal outlays -- was $283.9 billion in January, compared with $797.4 billion in December. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 2.4 percent in January, compared with 6.4 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 http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- decreased 4.0 percent in January, in contrast to an increase of 2.7 percent in December. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in January, the same increase as in December. Purchases of durable goods decreased 0.8 percent in January, in contrast to an increase of 1.3 percent in December. Purchases of motor vehicles and parts accounted for most of the decrease in January. Purchases of nondurable goods increased 0.3 percent in January, compared with an increase of 0.1 percent in December. Purchases of services increased 0.3 percent, in contrast to a decrease of less than 0.1 percent. PCE price index -- the price index for PCE increased less than 0.1 percent in January, in contrast to a decrease of less than 0.1 percent in December. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of less than 0.1 percent. 2012 Personal Income and Outlays Personal income increased 3.5 percent in 2012 (that is, from the 2011 annual level to the 2012 annual level), compared with an increase of 5.1 percent in 2011. DPI increased 3.3 percent, compared with an increase of 3.8 percent. PCE increased 3.7 percent, compared with an increase of 5.0 percent. Real DPI increased 1.5 percent in 2012, compared with an increase of 1.3 percent in 2011. Real PCE increased 1.9 percent, compared with an increase of 2.5 percent. -more- -5- 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 thirdquarter 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) December Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars 135.8 140.1 1.0 1.0 352.4 353.4 2.6 2.6 Disposable personal income: Current dollars Chained (2005) dollars 125.5 129.7 121.4 119.8 1.0 1.3 1.0 1.2 331.3 289.8 325.7 281.7 2.7 2.8 2.7 2.7 Personal consumption expenditures: Current dollars 41.6 Chained (2005) dollars 56.2 41.5 50.3 0.4 0.6 0.4 0.5 22.6 23.7 14.8 14.2 0.2 0.2 0.1 0.1 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 29, 2013 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 Line 1 Personal income....................................................................................... 2 Compensation of employees, received............................................... 3 Wage and salary disbursements ...................................................... 4 Private industries .............................................................................. 5 Goods-producing industries .......................................................... 6 Manufacturing ............................................................................ 7 Services-producing industries....................................................... 8 Trade, transportation, and utilities .............................................. 9 Other services-producing industries .......................................... 10 Government...................................................................................... 11 Supplements to wages and salaries ................................................ 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance ................. 14 Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................ 15 Farm..................................................................................................... 16 Nonfarm ............................................................................................... 17 Rental income of persons with capital consumption adjustment.... 18 Personal income receipts on assets ................................................... 19 Personal interest income ..................................................................... 20 Personal dividend income.................................................................... 21 Personal current transfer receipts....................................................... 22 Government social benefits to persons................................................ 23 Social security 1 ................................................................................ 24 Medicare 2 ........................................................................................ 25 Medicaid ........................................................................................... 26 Unemployment insurance................................................................. 27 Veterans’ benefits ............................................................................. 28 Other................................................................................................. 29 Other current transfer receipts, from business (net) ............................ 30 Less: Contributions for government social insurance, domestic .... 31 Less: Personal current taxes .................................................................. 32 Equals: Disposable personal income..................................................... 33 Less: Personal outlays ............................................................................ 34 Personal consumption expenditures ....................................................... 35 Goods .................................................................................................. 36 Durable goods .................................................................................. 37 Nondurable goods ............................................................................ 38 Services ............................................................................................... 39 Personal interest payments 3 .................................................................. 40 Personal current transfer payments ........................................................ 41 To government ..................................................................................... 42 To the rest of the world (net) ................................................................ 43 Equals: Personal saving .......................................................................... 44 Personal saving as a percentage of disposable personal income ... Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2005) dollars 4..................................................................... Disposable personal income: 46 Total, billions of chained (2005) dollars 4 ............................................. Per capita: 47 Current dollars .................................................................................. 48 Chained (2005) dollars ..................................................................... 49 Population (midperiod, thousands) 5 ....................................................... 2012 2013 Line June July r Aug. r Sept. r Oct. r Nov. r Dec. r Jan. p 13,355.9 8,539.7 6,858.5 5,658.7 1,166.9 750.3 4,491.8 1,104.2 3,387.6 1,199.7 1,681.2 1,170.4 510.8 13,376.9 8,557.7 6,872.5 5,671.8 1,167.9 751.0 4,503.9 1,100.8 3,403.1 1,200.7 1,685.2 1,173.2 512.0 13,395.7 8,572.1 6,883.4 5,679.5 1,158.2 744.0 4,521.2 1,104.9 3,416.3 1,203.9 1,688.7 1,176.3 512.4 13,446.0 8,603.2 6,909.7 5,704.5 1,160.3 743.6 4,544.2 1,109.9 3,434.3 1,205.2 1,693.5 1,179.3 514.2 13,452.0 8,588.5 6,893.3 5,689.9 1,154.3 740.1 4,535.6 1,109.4 3,426.2 1,203.4 1,695.2 1,182.1 513.1 13,592.1 8,670.2 6,966.9 5,763.5 1,165.3 746.5 4,598.2 1,124.2 3,474.0 1,203.4 1,703.3 1,185.0 518.3 13,945.5 8,726.8 7,016.8 5,812.6 1,175.1 751.9 4,637.5 1,127.9 3,509.5 1,204.2 1,710.0 1,188.0 522.0 13,440.0 8,689.0 6,973.1 5,767.8 1,171.8 748.6 4,596.0 1,129.9 3,466.1 1,205.3 1,715.9 1,191.2 524.7 1 2 3 4 5 6 7 8 9 10 11 12 13 1,196.0 53.1 1,142.9 454.1 1,741.4 1,011.8 729.7 2,369.7 2,323.9 764.6 557.2 417.8 78.4 71.6 434.3 45.8 945.0 1,470.0 11,885.9 11,394.1 11,059.5 3,721.0 1,199.7 2,521.3 7,338.4 166.7 168.0 91.6 76.4 491.8 4.1 1,197.9 56.2 1,141.7 462.1 1,723.0 993.6 729.5 2,383.0 2,337.0 762.1 564.1 421.8 78.0 73.8 437.3 46.0 946.9 1,472.7 11,904.2 11,440.2 11,102.6 3,741.6 1,202.8 2,538.8 7,361.1 169.1 168.4 91.8 76.6 464.1 3.9 1,203.6 59.4 1,144.2 470.9 1,713.8 975.3 738.5 2,383.3 2,337.2 759.7 566.4 425.2 74.4 74.7 436.8 46.1 948.0 1,475.4 11,920.3 11,477.4 11,137.2 3,785.8 1,214.3 2,571.5 7,351.4 171.6 168.6 92.1 76.6 442.8 3.7 1,214.8 62.6 1,152.2 479.9 1,701.7 957.1 744.6 2,397.6 2,351.3 773.6 568.0 425.7 72.4 73.6 438.1 46.3 951.1 1,481.3 11,964.7 11,566.4 11,223.4 3,850.2 1,239.5 2,610.7 7,373.3 174.1 168.8 92.3 76.6 398.3 3.3 1,216.2 61.8 1,154.4 481.0 1,725.7 973.8 751.9 2,390.1 2,343.7 763.3 566.9 426.1 70.7 75.1 441.6 46.4 949.5 1,484.5 11,967.5 11,564.0 11,222.0 3,835.0 1,225.4 2,609.5 7,387.1 172.4 169.6 92.5 77.1 403.5 3.4 1,225.9 61.0 1,164.9 484.0 1,773.9 990.5 783.5 2,396.6 2,350.1 768.0 567.5 427.0 71.8 74.4 441.3 46.6 958.5 1,503.2 12,088.9 11,604.0 11,263.5 3,843.7 1,259.4 2,584.3 7,419.8 170.7 169.8 92.7 77.1 484.9 4.0 1,233.2 60.2 1,173.0 485.3 2,047.7 1,007.1 1,040.6 2,417.3 2,370.6 781.7 572.9 427.8 69.8 74.5 443.8 46.7 964.8 1,530.8 12,414.6 11,617.3 11,278.3 3,850.3 1,272.5 2,577.8 7,427.9 169.0 170.0 92.9 77.1 797.4 6.4 1,239.5 65.1 1,174.4 496.5 1,682.2 1,004.2 678.0 2,424.3 2,377.3 785.0 576.8 424.2 67.3 77.0 447.1 47.0 1,091.5 1,516.8 11,923.2 11,639.3 11,296.5 3,840.6 1,262.8 2,577.8 7,455.8 172.6 170.2 93.1 77.1 283.9 2.4 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 9,513.5 9,514.1 9,496.6 9,497.4 9,494.4 9,623.6 9,911.1 9,468.5 45 10,292.6 10,301.9 10,279.6 10,285.1 10,271.7 10,391.5 10,673.2 10,248.6 46 37,835 32,763 314,150 37,869 32,772 314,353 37,895 32,679 314,562 38,010 32,674 314,777 37,994 32,610 314,981 38,357 32,972 315,165 39,369 33,847 315,341 37,790 47 32,483 48 315,508 49 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2011 2012 r 2011 III 1 Personal income....................................................................................... 2 Compensation of employees, received............................................... 3 Wage and salary disbursements ...................................................... 4 Private industries .............................................................................. 5 Goods-producing industries .......................................................... 6 Manufacturing ............................................................................ 7 Services-producing industries....................................................... 8 Trade, transportation, and utilities .............................................. 9 Other services-producing industries .......................................... 10 Government...................................................................................... 11 Supplements to wages and salaries ................................................ 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance ................. 14 Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................ 15 Farm..................................................................................................... 16 Nonfarm ............................................................................................... 17 Rental income of persons with capital consumption adjustment.... 18 Personal income receipts on assets ................................................... 19 Personal interest income ..................................................................... 20 Personal dividend income.................................................................... 21 Personal current transfer receipts....................................................... 22 Government social benefits to persons................................................ 23 Social security 1 ................................................................................ 24 Medicare 2 ........................................................................................ 25 Medicaid ........................................................................................... 26 Unemployment insurance................................................................. 27 Veterans’ benefits ............................................................................. 28 Other................................................................................................. 29 Other current transfer receipts, from business (net) ............................ 30 Less: Contributions for government social insurance, domestic .... 31 Less: Personal current taxes .................................................................. 32 Equals: Disposable personal income..................................................... 33 Less: Personal outlays ............................................................................ 34 Personal consumption expenditures ....................................................... 35 Goods .................................................................................................. 36 Durable goods .................................................................................. 37 Nondurable goods ............................................................................ 38 Services ............................................................................................... 39 Personal interest payments 3 .................................................................. 40 Personal current transfer payments ........................................................ 41 To government ..................................................................................... 42 To the rest of the world (net) ................................................................ 43 Equals: Personal saving .......................................................................... 44 Personal saving as a percentage of disposable personal income ... Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2005) dollars 4..................................................................... Disposable personal income: 46 Total, billions of chained (2005) dollars 4 ............................................. Per capita: 47 Current dollars .................................................................................. 48 Chained (2005) dollars ..................................................................... 49 Population (midperiod, thousands) 5 ....................................................... 2012 IV I II Line III r IV r 12,947.3 8,295.2 6,661.3 5,466.0 1,108.6 706.6 4,357.4 1,050.1 3,307.3 1,195.3 1,633.9 1,139.0 494.9 13,405.9 8,565.7 6,880.6 5,679.2 1,158.2 739.9 4,521.0 1,101.8 3,419.1 1,201.5 1,685.1 1,172.1 512.9 12,976.3 8,318.1 6,678.1 5,480.4 1,116.4 710.1 4,364.0 1,054.2 3,309.9 1,197.7 1,640.0 1,144.2 495.8 13,017.4 8,340.1 6,692.4 5,499.9 1,107.4 701.0 4,392.5 1,056.6 3,335.9 1,192.5 1,647.7 1,151.5 496.2 13,227.1 8,495.7 6,825.9 5,626.8 1,144.0 723.1 4,482.7 1,083.3 3,399.4 1,199.1 1,669.8 1,159.6 510.2 13,327.0 8,527.7 6,849.2 5,649.4 1,161.8 744.3 4,487.6 1,098.4 3,389.2 1,199.8 1,678.5 1,167.7 510.8 13,406.2 8,577.6 6,888.5 5,685.3 1,162.1 746.2 4,523.1 1,105.2 3,417.9 1,203.3 1,689.1 1,176.2 512.9 13,663.2 8,661.8 6,959.0 5,755.3 1,164.9 746.2 4,590.4 1,120.5 3,469.9 1,203.7 1,702.8 1,185.0 517.8 1 2 3 4 5 6 7 8 9 10 11 12 13 1,157.3 54.6 1,102.8 409.7 1,685.1 1,008.8 676.3 2,319.2 2,274.3 713.3 545.1 403.9 108.0 63.3 440.8 44.9 919.3 1,398.0 11,549.3 11,059.9 10,729.0 3,624.8 1,146.4 2,478.4 7,104.2 168.0 162.8 88.9 73.9 489.4 4.2 1,202.5 56.3 1,146.2 463.1 1,747.3 990.9 756.3 2,375.6 2,329.7 762.2 562.0 415.7 80.9 72.3 436.6 45.9 948.3 1,474.7 11,931.2 11,461.2 11,120.9 3,783.2 1,219.1 2,564.2 7,337.6 172.2 168.1 91.7 76.4 470.1 3.9 1,161.4 55.3 1,106.1 413.8 1,689.1 1,004.4 684.7 2,314.7 2,270.4 716.0 549.1 396.1 103.0 64.9 441.3 44.3 920.8 1,403.8 11,572.6 11,120.9 10,791.2 3,643.6 1,144.8 2,498.7 7,147.6 167.3 162.4 89.1 73.3 451.6 3.9 1,165.3 54.4 1,110.9 430.3 1,684.6 988.0 696.6 2,319.9 2,276.0 721.9 553.1 392.0 100.9 64.7 443.5 43.9 922.8 1,419.1 11,598.3 11,205.6 10,873.8 3,690.0 1,175.1 2,515.0 7,183.8 167.0 164.8 89.8 75.1 392.7 3.4 1,184.3 52.3 1,132.1 445.3 1,696.4 991.8 704.6 2,348.0 2,302.7 753.2 555.9 397.6 94.2 68.8 433.0 45.3 942.6 1,450.8 11,776.4 11,348.7 11,007.2 3,755.9 1,204.6 2,551.3 7,251.3 175.4 166.1 90.5 75.5 427.7 3.6 1,194.9 52.5 1,142.4 452.8 1,730.8 1,006.1 724.6 2,365.2 2,319.5 759.4 556.9 413.9 83.8 71.5 433.9 45.8 944.4 1,465.2 11,861.8 11,406.1 11,067.2 3,741.5 1,200.3 2,541.2 7,325.7 171.2 167.7 91.3 76.4 455.7 3.8 1,205.4 59.4 1,146.0 471.0 1,712.8 975.3 737.5 2,388.0 2,341.8 765.1 566.2 424.2 74.9 74.0 437.4 46.1 948.7 1,476.5 11,929.7 11,494.7 11,154.4 3,792.5 1,218.9 2,573.6 7,361.9 171.6 168.6 92.0 76.6 435.1 3.6 1,225.1 61.0 1,164.1 483.5 1,849.1 990.5 858.7 2,401.3 2,354.8 771.0 569.1 427.0 70.8 74.7 442.3 46.6 957.6 1,506.2 12,157.0 11,595.1 11,254.6 3,843.0 1,252.5 2,590.5 7,411.6 170.7 169.8 92.7 77.1 561.9 4.6 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 9,340.0 9,526.7 9,328.6 9,335.4 9,435.7 9,491.3 9,502.6 9,676.3 45 10,149.7 10,304.8 10,125.6 10,121.5 10,213.9 10,270.6 10,288.8 10,445.4 46 37,013 32,527 312,036 37,964 32,789 314,278 37,054 32,421 312,319 37,065 32,346 312,917 37,573 32,588 313,425 37,781 32,713 313,960 37,925 32,708 314,564 38,574 47 33,143 48 315,162 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2012 June 1 Personal income .................................................................................... 2 Compensation of employees, received ............................................ 3 Wage and salary disbursements.................................................... 4 Private industries ........................................................................... 5 Goods-producing industries........................................................ 6 Manufacturing.......................................................................... 7 Services-producing industries .................................................... 8 Trade, transportation, and utilities............................................ 9 Other services-producing industries........................................ 10 Government ................................................................................... 11 Supplements to wages and salaries.............................................. 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance ............... 14 Proprietors’ income with inventory valuation and capital consumption adjustments.............................................................. 15 Farm .................................................................................................. 16 Nonfarm............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets................................................. 19 Personal interest income ................................................................... 20 Personal dividend income ................................................................. 21 Personal current transfer receipts .................................................... 22 Government social benefits to persons ............................................. 23 Social security 1 ............................................................................. 24 Medicare 2 ...................................................................................... 25 Medicaid......................................................................................... 26 Unemployment insurance............................................................... 27 Veterans’ benefits........................................................................... 28 Other .............................................................................................. 29 Other current transfer receipts, from business (net) .......................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes ................................................................ 32 Equals: Disposable personal income .................................................. 33 Less: Personal outlays .......................................................................... 34 Personal consumption expenditures..................................................... 35 Goods................................................................................................ 36 Durable goods................................................................................ 37 Nondurable goods.......................................................................... 38 Services ............................................................................................ 39 Personal interest payments 3 ................................................................ 40 Personal current transfer payments ...................................................... 41 To government................................................................................... 42 To the rest of the world (net).............................................................. 43 Equals: Personal saving........................................................................ Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 .................................................................... 45 Disposable personal income, billions of chained (2005) dollars 4 ........ July r Aug. r Sept. r 2013 Oct. r Nov. r Dec. r Line Jan. p 33.6 21.5 18.2 18.1 8.7 8.0 9.4 6.9 2.4 0.1 3.2 2.7 0.5 21.0 18.0 14.0 13.1 1.0 0.7 12.1 –3.4 15.5 1.0 4.0 2.8 1.2 18.8 14.4 10.9 7.7 –9.7 –7.0 17.3 4.1 13.2 3.2 3.5 3.1 0.4 50.3 31.1 26.3 25.0 2.1 –0.4 23.0 5.0 18.0 1.3 4.8 3.0 1.8 6.0 –14.7 –16.4 –14.6 –6.0 –3.5 –8.6 –0.5 –8.1 –1.8 1.7 2.8 –1.1 140.1 81.7 73.6 73.6 11.0 6.4 62.6 14.8 47.8 0.0 8.1 2.9 5.2 353.4 56.6 49.9 49.1 9.8 5.4 39.3 3.7 35.5 0.8 6.7 3.0 3.7 –505.5 –37.8 –43.7 –44.8 –3.3 –3.3 –41.5 2.0 –43.4 1.1 5.9 3.2 2.7 1 2 3 4 5 6 7 8 9 10 11 12 13 –0.5 0.6 –1.1 1.3 7.8 5.7 2.3 5.0 4.9 7.8 –0.2 2.1 –5.2 –0.3 0.6 0.1 1.5 5.9 27.7 –6.6 –2.2 –13.1 0.6 –13.7 10.8 –4.5 0.3 0.3 0.0 34.3 1.9 3.1 –1.2 8.0 –18.4 –18.2 –0.2 13.3 13.1 –2.5 6.9 4.0 –0.4 2.2 3.0 0.2 1.9 2.7 18.3 46.1 43.1 20.6 3.1 17.5 22.7 2.4 0.4 0.2 0.2 –27.7 5.7 3.2 2.5 8.8 –9.2 –18.3 9.0 0.3 0.2 –2.4 2.3 3.4 –3.6 0.9 –0.5 0.1 1.1 2.7 16.1 37.2 34.6 44.2 11.5 32.7 –9.7 2.5 0.2 0.3 0.0 –21.3 11.2 3.2 8.0 9.0 –12.1 –18.2 6.1 14.3 14.1 13.9 1.6 0.5 –2.0 –1.1 1.3 0.2 3.1 5.9 44.4 89.0 86.2 64.4 25.2 39.2 21.9 2.5 0.2 0.2 0.0 –44.5 1.4 –0.8 2.2 1.1 24.0 16.7 7.3 –7.5 –7.6 –10.3 –1.1 0.4 –1.7 1.5 3.5 0.1 –1.6 3.2 2.8 –2.4 –1.4 –15.2 –14.1 –1.2 13.8 –1.7 0.8 0.2 0.5 5.2 9.7 –0.8 10.5 3.0 48.2 16.7 31.6 6.5 6.4 4.7 0.6 0.9 1.1 –0.7 –0.3 0.2 9.0 18.7 121.4 40.0 41.5 8.7 34.0 –25.2 32.7 –1.7 0.2 0.2 0.0 81.4 7.3 –0.8 8.1 1.3 273.8 16.6 257.1 20.7 20.5 13.7 5.4 0.8 –2.0 0.1 2.5 0.1 6.3 27.6 325.7 13.3 14.8 6.6 13.1 –6.5 8.1 –1.7 0.2 0.2 0.0 312.5 6.3 4.9 1.4 11.2 –365.5 –2.9 –362.6 7.0 6.7 3.3 3.9 –3.6 –2.5 2.5 3.3 0.3 126.7 –14.0 –491.4 22.0 18.2 –9.7 –9.7 0.0 27.9 3.6 0.2 0.2 0.0 –513.5 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 16.9 15.4 0.6 9.3 –17.5 –22.3 0.8 5.5 –3.0 –13.4 129.2 119.8 287.5 281.7 –442.6 44 –424.6 45 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2011 2012 r 2011 III 1 Personal income .................................................................................... 2 Compensation of employees, received ............................................ 3 Wage and salary disbursements.................................................... 4 Private industries ........................................................................... 5 Goods-producing industries........................................................ 6 Manufacturing.......................................................................... 7 Services-producing industries .................................................... 8 Trade, transportation, and utilities............................................ 9 Other services-producing industries........................................ 10 Government ................................................................................... 11 Supplements to wages and salaries.............................................. 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance ............... 14 Proprietors’ income with inventory valuation and capital consumption adjustments.............................................................. 15 Farm .................................................................................................. 16 Nonfarm............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets................................................. 19 Personal interest income ................................................................... 20 Personal dividend income ................................................................. 21 Personal current transfer receipts .................................................... 22 Government social benefits to persons ............................................. 23 Social security 1 ............................................................................. 24 Medicare 2 ...................................................................................... 25 Medicaid......................................................................................... 26 Unemployment insurance............................................................... 27 Veterans’ benefits........................................................................... 28 Other .............................................................................................. 29 Other current transfer receipts, from business (net) .......................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes ................................................................ 32 Equals: Disposable personal income .................................................. 33 Less: Personal outlays .......................................................................... 34 Personal consumption expenditures..................................................... 35 Goods................................................................................................ 36 Durable goods................................................................................ 37 Nondurable goods.......................................................................... 38 Services ............................................................................................ 39 Personal interest payments 3 ................................................................ 40 Personal current transfer payments ...................................................... 41 To government................................................................................... 42 To the rest of the world (net).............................................................. 43 Equals: Personal saving........................................................................ Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 .................................................................... 45 Disposable personal income, billions of chained (2005) dollars 4 ........ 2012 IV I II Line III r IV r 625.4 325.2 256.7 252.7 51.1 32.5 201.6 44.6 157.0 4.0 68.5 41.7 26.8 458.6 270.5 219.3 213.2 49.6 33.3 163.6 51.7 111.8 6.2 51.2 33.1 18.0 37.4 31.7 21.9 21.6 8.5 3.1 13.0 7.4 5.7 0.3 9.8 8.8 1.0 41.1 22.0 14.3 19.5 –9.0 –9.1 28.5 2.4 26.0 –5.2 7.7 7.3 0.4 209.7 155.6 133.5 126.9 36.6 22.1 90.2 26.7 63.5 6.6 22.1 8.1 14.0 99.9 32.0 23.3 22.6 17.8 21.2 4.9 15.1 –10.2 0.7 8.7 8.1 0.6 79.2 49.9 39.3 35.9 0.3 1.9 35.5 6.8 28.7 3.5 10.6 8.5 2.1 257.0 84.2 70.5 70.0 2.8 0.0 67.3 15.3 52.0 0.4 13.7 8.8 4.9 1 2 3 4 5 6 7 8 9 10 11 12 13 53.9 10.3 43.7 60.5 86.8 –7.8 94.6 34.9 37.4 23.1 29.8 7.3 –30.9 5.4 2.7 –2.5 –64.0 203.2 422.2 499.5 513.3 259.9 67.0 192.9 253.3 –15.8 1.9 1.5 0.4 –77.3 45.2 1.7 43.4 53.4 62.2 –17.9 80.0 56.4 55.4 48.9 16.9 11.8 –27.1 9.0 –4.2 1.0 29.0 76.7 381.9 401.3 391.9 158.4 72.7 85.8 233.4 4.2 5.3 2.8 2.5 –19.3 6.7 2.7 4.0 9.1 –3.3 –20.9 17.6 –5.2 –4.4 4.0 6.0 –12.6 –5.8 2.5 1.5 –0.8 1.6 7.2 30.3 105.8 106.3 39.3 13.0 26.3 67.0 –0.5 0.0 0.5 –0.5 –75.6 3.9 –0.9 4.8 16.5 –4.5 –16.4 11.9 5.2 5.6 5.9 4.0 –4.1 –2.1 –0.2 2.2 –0.4 2.0 15.3 25.7 84.7 82.6 46.4 30.3 16.3 36.2 –0.3 2.4 0.7 1.8 –58.9 19.0 –2.1 21.2 15.0 11.8 3.8 8.0 28.1 26.7 31.3 2.8 5.6 –6.7 4.1 –10.5 1.4 19.8 31.7 178.1 143.1 133.4 65.9 29.5 36.3 67.5 8.4 1.3 0.7 0.4 35.0 10.6 0.2 10.3 7.5 34.4 14.3 20.0 17.2 16.8 6.2 1.0 16.3 –10.4 2.7 0.9 0.5 1.8 14.4 85.4 57.4 60.0 –14.4 –4.3 –10.1 74.4 –4.2 1.6 0.8 0.9 28.0 10.5 6.9 3.6 18.2 –18.0 –30.8 12.9 22.8 22.3 5.7 9.3 10.3 –8.9 2.5 3.5 0.3 4.3 11.3 67.9 88.6 87.2 51.0 18.6 32.4 36.2 0.4 0.9 0.7 0.2 –20.6 19.7 1.6 18.1 12.5 136.3 15.2 121.2 13.3 13.0 5.9 2.9 2.8 –4.1 0.7 4.9 0.5 8.9 29.7 227.3 100.4 100.2 50.5 33.6 16.9 49.7 –0.9 1.2 0.7 0.5 126.8 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 304.2 133.2 186.7 155.1 –16.6 –32.2 6.8 –4.1 100.3 92.4 55.6 56.7 11.3 18.2 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. 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. 173.7 44 156.6 45 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2012 June July r Aug. r Sept. 2013 r Oct. r Nov. r Dec. r Line p Jan. Based on current-dollar measures 1 Personal income .......................................................................... 2 Compensation of employees, received ....................................... 3 Wage and salary disbursements ............................................. 4 Supplements to wages and salaries........................................ 5 Proprietors’ income with inventory valuation and capital consumption adjustments........................................................ 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ........................................... 8 Personal interest income ......................................................... 9 Personal dividend income ....................................................... 10 Personal current transfer receipts............................................... 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes ...................................................... 13 Equals: Disposable personal income ........................................ Addenda: 14 Personal consumption expenditures........................................... 15 Goods...................................................................................... 16 Durable goods...................................................................... 17 Nondurable goods................................................................ 18 Services .................................................................................. 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.2 0.2 0.4 0.4 0.4 0.3 0.0 –0.2 –0.2 0.1 1.0 1.0 1.1 0.5 2.6 0.7 0.7 0.4 –3.6 –0.4 –0.6 0.4 1 2 3 4 0.0 0.3 0.5 0.6 0.3 0.2 0.2 0.4 0.2 0.2 1.8 –1.1 –1.8 0.0 0.6 0.2 0.2 0.2 0.5 1.9 –0.5 –1.8 1.2 0.0 0.1 0.2 0.1 0.9 1.9 –0.7 –1.9 0.8 0.6 0.3 0.4 0.4 0.1 0.2 1.4 1.7 1.0 –0.3 –0.2 0.2 0.0 0.8 0.6 2.8 1.7 4.2 0.3 0.9 1.3 1.0 0.6 0.3 15.4 1.7 32.8 0.9 0.7 1.8 2.7 0.5 2.3 –17.8 –0.3 –34.8 0.3 13.1 –0.9 –4.0 5 6 7 8 9 10 11 12 13 0.0 –0.4 0.1 –0.5 0.1 0.4 0.6 0.3 0.7 0.3 0.3 1.2 1.0 1.3 –0.1 0.8 1.7 2.1 1.5 0.3 0.0 –0.4 –1.1 0.0 0.2 0.4 0.2 2.8 –1.0 0.4 0.1 0.2 1.0 –0.3 0.1 0.2 –0.3 –0.8 0.0 0.4 14 15 16 17 18 0.0 0.1 0.0 –0.1 1.4 1.2 3.0 2.7 Based on chained (2005) dollar measures 19 20 Real personal income excluding current transfer receipts .......... Real disposable personal income............................................... 0.2 0.2 0.0 0.1 –0.2 –0.2 –4.5 19 –4.0 20 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2012 r 2011 2011 III 2012 IV I II Line III r IV r Based on current-dollar measures 1 Personal income .......................................................................... 2 Compensation of employees, received ....................................... 3 Wage and salary disbursements ............................................. 4 Supplements to wages and salaries........................................ 5 Proprietors’ income with inventory valuation and capital consumption adjustments........................................................ 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ........................................... 8 Personal interest income ......................................................... 9 Personal dividend income ....................................................... 10 Personal current transfer receipts............................................... 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes ...................................................... 13 Equals: Disposable personal income ........................................ Addenda: 14 Personal consumption expenditures........................................... 15 Goods...................................................................................... 16 Durable goods...................................................................... 17 Nondurable goods................................................................ 18 Services .................................................................................. 5.1 4.1 4.0 4.4 3.5 3.3 3.3 3.1 1.2 1.5 1.3 2.4 1.3 1.1 0.9 1.9 6.6 7.7 8.2 5.5 3.1 1.5 1.4 2.1 2.4 2.4 2.3 2.6 7.9 4.0 4.2 3.3 1 2 3 4 4.9 17.3 5.4 –0.8 16.3 1.5 –6.5 17.0 3.8 3.9 13.0 3.7 –1.8 11.8 2.4 3.2 5.5 3.3 2.4 9.4 –0.8 –7.9 10.9 –0.9 0.7 2.1 1.1 1.3 16.9 –1.0 –6.4 7.2 0.9 0.9 4.4 0.9 6.7 14.7 2.8 1.5 4.6 4.9 8.8 9.2 6.3 3.6 7.0 8.4 5.9 11.9 3.0 0.8 4.0 2.9 3.6 17.0 –4.1 –11.7 7.3 3.9 1.8 3.1 2.3 6.7 11.0 35.8 6.3 83.7 2.3 3.8 8.3 7.8 5 6 7 8 9 10 11 12 13 5.0 7.7 6.2 8.4 3.7 3.7 4.4 6.3 3.5 3.3 4.0 4.4 4.7 4.3 3.8 3.1 5.2 11.0 2.6 2.0 5.0 7.3 10.4 5.9 3.8 2.2 –1.5 –1.4 –1.6 4.2 3.2 5.6 6.3 5.2 2.0 3.6 5.4 11.5 2.7 2.7 14 15 16 17 18 0.3 –0.2 4.4 3.7 2.4 2.2 0.5 0.7 Based on chained (2005) dollar measures 19 20 Real personal income excluding current transfer receipts .......... Real disposable personal income............................................... 3.4 1.3 2.0 1.5 –0.7 –1.3 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. 7.5 19 6.2 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2012 Line June July Aug. 2013 Sept. Oct. r Nov. r Dec. r Jan. p Line Billions of chained (2005) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures ......................................... 2 Goods ......................................................................................... 3 Durable goods ......................................................................... 4 Nondurable goods ................................................................... 5 Services...................................................................................... 9,577.0 3,402.6 1,335.8 2,085.4 6,179.0 9,608.2 3,420.6 1,343.5 2,096.0 6,192.8 9,604.3 3,432.5 1,358.7 2,095.6 6,177.9 9,647.8 3,465.9 1,389.8 2,103.0 6,189.5 9,631.8 3,448.3 1,376.1 2,097.0 6,190.2 9,682.1 3,482.4 1,416.2 2,098.8 6,207.5 9,696.3 3,498.6 1,434.2 2,100.3 6,206.3 9,709.9 3,496.0 1,422.5 2,106.4 6,222.0 1 2 3 4 5 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures ......................................... 7 Goods ......................................................................................... 8 Durable goods ......................................................................... 9 Nondurable goods ................................................................... 10 Services...................................................................................... –9.9 –7.7 2.6 –8.9 –2.6 31.2 18.0 7.7 10.6 13.8 –3.9 11.9 15.2 –0.4 –14.9 43.5 33.4 31.1 7.4 11.6 –16.0 –17.6 –13.7 –6.0 0.7 50.3 34.1 40.1 1.8 17.3 14.2 16.2 18.0 1.5 –1.2 0.5 1.0 2.9 0.1 0.3 0.1 0.5 1.3 0.1 0.0 13.6 6 –2.6 7 –11.7 8 6.1 9 15.7 10 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures ......................................... 12 Goods ......................................................................................... 13 Durable goods ......................................................................... 14 Nondurable goods ................................................................... 15 Services...................................................................................... –0.1 –0.2 0.2 –0.4 0.0 0.3 0.5 0.6 0.5 0.2 0.0 0.3 1.1 0.0 –0.2 0.5 1.0 2.3 0.4 0.2 –0.2 –0.5 –1.0 –0.3 0.0 0.1 –0.1 –0.8 0.3 0.3 11 12 13 14 15 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2012 r 2011 2011 III 2012 IV I II Line III IV r Billions of chained (2005) dollars 1 Personal consumption expenditures ......................................... 2 Goods ......................................................................................... 3 Durable goods ......................................................................... 4 Nondurable goods ................................................................... 5 Services...................................................................................... 9,428.8 3,331.0 1,262.6 2,075.2 6,101.5 9,604.9 3,433.0 1,361.0 2,094.4 6,178.0 9,441.9 3,323.5 1,258.6 2,071.4 6,121.1 9,489.3 3,367.9 1,300.1 2,080.5 6,126.0 9,546.8 3,406.6 1,336.1 2,088.9 6,145.9 9,582.5 3,409.4 1,335.3 2,092.0 6,178.2 9,620.1 3,439.7 1,364.0 2,098.2 6,186.7 57.5 38.7 36.0 8.4 19.9 35.7 2.8 –0.8 3.1 32.3 37.6 30.3 28.7 6.2 8.5 2.4 4.7 11.5 1.6 1.3 1.5 0.3 –0.2 0.6 2.1 1.6 3.6 8.9 1.2 0.6 9,670.0 3,476.4 1,408.8 2,098.7 6,201.3 1 2 3 4 5 Change from preceding period in billions of chained (2005) dollars 6 Personal consumption expenditures ......................................... 7 Goods ......................................................................................... 8 Durable goods ......................................................................... 9 Nondurable goods ................................................................... 10 Services...................................................................................... 232.6 121.9 84.3 45.9 113.9 176.1 102.0 98.4 19.2 76.5 38.7 11.3 16.3 –2.1 27.1 47.4 44.4 41.5 9.1 4.9 49.9 6 36.7 7 44.8 8 0.5 9 14.6 10 Percent change from preceding period in chained (2005) dollars 11 Personal consumption expenditures ......................................... 12 Goods ......................................................................................... 13 Durable goods ......................................................................... 14 Nondurable goods ................................................................... 15 Services...................................................................................... r Revised 2.5 3.8 7.2 2.3 1.9 1.9 3.1 7.8 0.9 1.3 1.7 1.4 5.4 –0.4 1.8 2.0 5.4 13.9 1.8 0.3 2.1 4.3 13.8 0.1 0.9 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2012 Line June July Aug. 2013 Sept. Oct. r Nov. r Dec. r Jan. p Line Chain-type price indexes (2005=100), seasonally adjusted 1 Personal consumption expenditures (PCE) .............................. 2 Goods ......................................................................................... 3 Durable goods ......................................................................... 4 Nondurable goods ................................................................... 5 Services...................................................................................... Addenda: 6 PCE excluding food and energy ................................................. 7 Food 1 ......................................................................................... 8 Energy goods and services 2...................................................... 9 Market-based PCE 3 ................................................................... 10 Market-based PCE excluding food and energy 3 ........................ 115.483 109.361 89.809 120.900 118.766 115.556 109.388 89.525 121.123 118.867 115.964 110.299 89.370 122.711 118.996 116.335 111.095 89.180 124.143 119.129 116.513 111.216 89.044 124.438 119.338 116.337 110.374 88.929 123.130 119.533 116.318 110.050 88.726 122.731 119.686 116.342 109.856 88.770 122.378 119.832 1 2 3 4 5 113.774 120.869 135.958 115.396 113.398 113.878 120.862 135.633 115.475 113.512 113.902 120.955 143.471 115.959 113.565 113.955 120.884 150.360 116.399 113.650 114.121 121.183 150.704 116.545 113.777 114.197 121.430 145.194 116.315 113.830 114.226 121.676 143.862 116.290 113.859 114.394 6 121.679 7 141.080 8 116.361 9 114.102 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 –0.1 –0.1 –0.1 0.2 0.1 0.0 –0.3 0.2 0.1 0.4 0.8 –0.2 1.3 0.1 0.3 0.7 –0.2 1.2 0.1 0.2 0.1 –0.2 0.2 0.2 –0.2 –0.8 –0.1 –1.1 0.2 0.0 –0.3 –0.2 –0.3 0.1 0.0 –0.2 0.0 –0.3 0.1 11 12 13 14 15 0.2 0.2 –1.5 0.1 0.2 0.1 0.0 –0.2 0.1 0.1 0.0 0.1 5.8 0.4 0.0 0.0 –0.1 4.8 0.4 0.1 0.1 0.2 0.2 0.1 0.1 0.1 0.2 –3.7 –0.2 0.0 0.0 0.2 –0.9 0.0 0.0 0.1 0.0 –1.9 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 2012 Line June 1 Disposable personal income ...................................................... 2 Personal consumption expenditures ......................................... 3 Goods ......................................................................................... 4 Durable goods ......................................................................... 5 Nondurable goods ................................................................... 6 Services...................................................................................... July 1.3 2.0 3.5 8.6 1.2 1.3 r Aug. 1.5 1.9 3.1 7.3 1.2 1.2 r 2013 r Sept. 1.6 1.9 3.7 8.9 1.4 0.9 Oct. r 1.7 1.9 3.7 8.9 1.3 1.1 Nov. 1.3 1.5 2.4 6.4 0.6 1.1 r 2.9 2.0 3.4 9.1 0.8 1.3 Dec. r Jan. p 5.4 2.1 3.9 9.7 1.2 1.3 0.6 2.0 3.1 7.1 1.2 1.5 Line 1 2 3 4 5 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 2012. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2012 Line 1 Personal consumption expenditures (PCE) .............................. 2 Goods ......................................................................................... 3 Durable goods ......................................................................... 4 Nondurable goods ................................................................... 5 Services...................................................................................... Addenda: 6 PCE excluding food and energy ................................................. 7 Food 1 ......................................................................................... 8 Energy goods and services 2...................................................... 9 Market-based PCE 3 ................................................................... 10 Market-based PCE excluding food and energy 3 ........................ June July Aug. 2013 Sept. Oct. r Nov. r Dec. r 1.5 0.4 –1.6 1.3 2.1 1.3 0.1 –1.8 1.0 2.0 1.4 0.6 –1.8 1.7 1.9 1.6 1.1 –1.6 2.4 1.9 1.8 1.4 –1.7 2.9 1.9 1.5 0.7 –1.6 1.8 2.0 1.4 0.6 –1.6 1.7 1.9 1.8 2.4 –3.6 1.6 1.9 1.7 2.0 –4.7 1.4 1.8 1.5 1.5 0.0 1.5 1.7 1.5 0.9 3.2 1.7 1.7 1.6 0.9 5.3 1.9 1.7 1.5 1.2 1.9 1.6 1.6 1.4 1.2 2.4 1.5 1.4 Jan. p 1.2 0.1 –1.6 1.0 1.8 Line 1 2 3 4 5 1.3 6 1.0 7 0.1 8 1.3 9 1.4 10 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
@FedFRASER