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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, MARCH 3, 2014 BEA 14-07 James Rankin Harvey Davis (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: JANUARY 2014 Personal income increased $43.9 billion, or 0.3 percent, and disposable personal income (DPI) increased $45.2 billion, or 0.4 percent, in January, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $48.1 billion, or 0.4 percent. In December, personal income decreased $5.5 billion, or less than 0.1 percent, DPI decreased $9.7 billion, or 0.1 percent, and PCE increased $6.5 billion, or 0.1 percent, based on revised estimates. Real disposable personal income increased 0.3 percent in January, in contrast to a decrease of 0.2 percent in December. Real PCE increased 0.3 percent, in contrast to a decrease of 0.1 percent. 2013 Sep. Oct. 2014 Nov. Dec. Jan. (Percent change from preceding month) Personal income, current dollars 0.4 -0.1 0.3 0.0 0.3 Current dollars 0.5 -0.2 0.2 -0.1 0.4 Chained (2009) dollars 0.4 -0.2 0.1 -0.2 0.3 Current dollars 0.3 0.2 0.5 0.1 0.4 Chained (2009) dollars 0.2 0.2 0.4 -0.1 0.3 Disposable personal income: Personal consumption expenditures: This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2013 (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. Monthto-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. "Real" estimates are in chained (2009) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. -2- The change in the January estimate of personal income was affected by several special factors. Personal income in January was boosted by several provisions of the Affordable Care Act (ACA), which affected government social benefit payments to persons. In addition, personal income was boosted by cost-of-living adjustments to several federal transfer programs and by pay raises for civilian and military personnel. In contrast, the change in personal income in January was reduced by the expiration of Emergency Unemployment Compensation programs and by lump-sum social security benefit payments that had boosted December personal income. In summary, excluding all of these special factors, personal income increased $23.7 billion, or 0.2 percent, in January, in contrast to a decrease of $15.1 billion, or 0.1 percent, in December. These special factors are discussed more fully below. Wages and salaries Private wages and salaries increased $14.8 billion in January, in contrast to a decrease of $9.1 billion in December. Goods producing industries' payrolls increased $1.8 billion, compared with an increase of $1.7 billion; manufacturing payrolls decreased $0.4 billion, in contrast to an increase of $0.2 billion. Services-producing industries' payrolls increased $13.0 billion, in contrast to a decrease of $10.8 billion. Government wages and salaries increased $0.6 billion in January, compared with an increase of $1.3 billion in December. Pay raises for civilian and military personnel added $2.2 billion to government payrolls in January. Other personal income Employer contributions for employee pension and insurance funds increased $1.9 billion in January, compared with an increase of $2.0 billion in December. Employer contributions for government social insurance increased $2.7 billion in January, in contrast to a decrease of $0.6 billion in December. The January estimate reflected an increase in the social security taxable wage base (from $113,700 to $117,000), which added $1.7 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 $4.4 billion in January, in contrast to a decrease of $6.1 billion in December. Farm proprietors' income increased $0.6 billion, in contrast to a decrease of $12.6 billion. Nonfarm proprietors' income increased $3.8 billion, compared with an increase of $6.5 billion. Rental income of persons increased $5.6 billion in January, compared with an increase of $2.4 billion in December. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $6.7 billion in January; personal income receipts on assets was unchanged in December. - more - -3- Personal current transfer receipts increased $29.8 billion in January, compared with an increase of $4.0 billion in December. The January estimates of current transfer receipts reflected several special factors. A 1.5-percent cost-of-living adjustment to social security benefits and to several other federal transfer payment programs added $14.2 billion to the January increase. Medicaid benefits were boosted $19.2 billion due to expanded coverage under the ACA. Other government social benefits to persons was boosted $14.7 billion, reflecting increases in several refundable tax credits, including health insurance premium subsidies paid in the form of tax credits to enrollees of the ACA exchanges. For additional information, see the FAQ on “How will the Affordable Care Act affect BEA’s measure of personal income and outlays?” at www.bea.gov. These increases in current transfer receipts were partly offset by the expiration of the Emergency Unemployment Compensation program that reduced unemployment benefit payments $16.7 billion and by lump-sum social security benefit payments that had boosted December personal income $8.2 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $9.1 billion in January, in contrast to a decrease of $0.6 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 an increase in the social security taxable wage base, in the monthly premiums paid by participants in the supplementary medical insurance programs and other hospital insurance, and in contributions by the self-employed; together, these changes added $5.2 billion to January. Personal current taxes and disposable personal income Personal current taxes decreased $1.5 billion in January, in contrast to an increase of $4.3 billion in December. Disposable personal income (DPI) -- personal income less personal current taxes -increased $45.2 billion, or 0.4 percent, in January, in contrast to a decrease of $9.7 billion, or 0.1 percent, in December. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $49.7 billion in January, compared with an increase of $4.5 billion in December. PCE increased $48.1 billion in January, compared with an increase of $6.5 billion in December. Personal saving -- DPI less personal outlays -- was $540.1 billion in January, compared with $544.5 billion in December. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.3 percent in January, the same rate as 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 financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. - more - -4- Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in January, in contrast to a decrease of 0.2 percent in December. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in January, in contrast to a decrease of 0.1 percent in December. Purchases of durable goods decreased 0.2 percent, compared with a decrease of 2.2 percent. Purchases of nondurable goods decreased 0.7 percent, in contrast to an increase of 0.8 percent. Purchases of services increased 0.8 percent, in contrast to a decrease of 0.1 percent. Measures of health care services were boosted $29.0 billion to reflect the effect of the ACA on demand for these services. The preliminary monthly source data used to estimate health care services do not reflect the effects of the ACA. Information on Medicaid benefits, on ACA insurance exchange enrollments, and other related information was used to prepare the estimates of consumer spending on these services. The price index for PCE increased 0.1 percent in January, compared with an increase of 0.2 percent in December. The PCE price index, excluding food and energy, increased 0.1 percent in January, the same increase as in December. 2013 Personal Income and Outlays Personal income increased 2.8 percent in 2013 (that is, from the 2012 annual level to the 2013 annual level), compared with an increase of 4.2 percent in 2012. DPI increased 1.9 percent, compared with an increase of 3.9 percent. PCE increased 3.1 percent, compared with an increase of 4.1 percent. Real DPI increased 0.7 percent in 2013, compared with an increase of 2.0 percent in 2012. Real PCE increased 2.0 percent, compared with an increase of 2.2 percent. This release includes revised estimates of population, per capita disposable personal income (DPI), and per capita real DPI. The revised population estimates reflect newly available estimates from the Census Bureau for March 2010 through December 2013. BEA population estimates are a mid-month average of Census Bureau data. The revised per capita estimates reflect the revisions to the population estimates. Estimates for the complete revision period are available on BEA's Web site at www.bea.gov/iTable/index_nipa.cfm. - 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, in currentdollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) 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 thirdquarter level of wages. In addition, revisions to November and December reflect revised BLS employment, hours, and earnings. Estimates of PCE were revised from October through December. The revisions reflected the incorporation of revised Census retail sales data. Change from preceding month December November Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (percent) (Billions of dollars) (percent) Personal income: Current dollars 29.8 37.4 0.2 0.3 2.3 -5.5 0.0 0.0 Current dollars 14.4 21.1 0.1 0.2 -3.8 -9.7 0.0 -0.1 Chained (2009) dollars 11.5 11.4 0.1 0.1 -27.5 -28.6 -0.2 -0.2 Current dollars 74.8 56.8 0.6 0.5 44.1 6.5 0.4 0.1 Chained (2009) dollars 67.8 45.3 0.6 0.4 18.7 -12.1 0.2 -0.1 Disposable personal income: Personal consumption expenditures: 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 free e-mail summaries of BEA releases and announcements. * * * Next release -- March 28, 2014 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 2013 June 1 Personal income...................................................................................... 2 Compensation of employees .............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1 ........................................................................................... 13 Employer contributions for government social insurance ................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income................................................................... 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 .............................................................................. 24 Medicare 3 ....................................................................................... 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net) ........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures ...................................................... 35 Goods ................................................................................................. 36 Durable goods ................................................................................. 37 Nondurable goods ........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 ................................................................. 40 Personal current transfer payments ....................................................... 41 To government .................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................ Per capita: 47 Current dollars................................................................................. 48 Chained (2009) dollars.................................................................... 49 Population (midperiod, thousands) 6...................................................... July r Aug. r Sept. 2014 r Oct. r Nov. r Dec. r Jan. Line p 14,138.4 14,155.3 14,229.9 14,290.7 14,280.3 14,317.7 14,312.2 14,356.1 1 8,872.9 8,846.0 8,895.8 8,923.1 8,940.2 8,986.3 8,979.9 8,999.9 2 7,151.4 7,125.0 7,169.9 7,193.6 7,207.6 7,248.8 7,241.0 7,256.4 3 5,958.3 5,938.8 5,981.2 5,996.6 6,009.9 6,049.4 6,040.3 6,055.1 4 1,194.4 1,184.7 1,192.1 1,195.0 1,196.9 1,208.2 1,209.9 1,211.7 5 749.2 742.5 748.6 750.7 751.8 758.0 758.2 757.8 6 4,763.9 4,754.1 4,789.2 4,801.7 4,813.1 4,841.2 4,830.4 4,843.4 7 1,126.5 1,123.2 1,132.9 1,133.2 1,136.4 1,142.8 1,143.6 1,145.3 8 3,637.4 3,630.9 3,656.3 3,668.4 3,676.6 3,698.4 3,686.8 3,698.1 9 1,193.1 1,186.2 1,188.7 1,197.0 1,197.6 1,199.4 1,200.7 1,201.3 10 1,721.4 1,721.1 1,725.9 1,729.5 1,732.6 1,737.5 1,738.9 1,743.5 11 1,189.2 532.2 1,190.8 530.2 1,193.1 532.8 1,195.2 534.3 1,197.4 535.2 1,199.9 537.6 1,201.9 537.0 1,203.8 12 539.7 13 1,325.8 1,341.3 1,358.6 1,382.1 1,362.0 1,356.3 1,350.2 1,354.6 14 109.0 118.7 128.3 148.1 125.4 112.9 100.3 100.9 15 1,216.8 1,222.7 1,230.3 1,234.1 1,236.6 1,243.4 1,249.9 1,253.7 16 590.2 592.5 596.0 601.2 601.2 602.3 604.7 610.3 17 2,015.2 2,031.3 2,028.7 2,032.2 2,029.2 2,031.3 2,031.3 2,024.6 18 1,236.3 1,235.2 1,234.2 1,233.1 1,237.0 1,240.9 1,244.8 1,241.5 19 779.0 796.0 794.6 799.0 792.1 790.4 786.5 783.2 20 2,441.8 2,448.3 2,460.6 2,465.1 2,462.9 2,462.0 2,466.0 2,495.8 21 2,397.2 2,403.6 2,415.7 2,420.0 2,417.8 2,416.7 2,420.5 2,450.1 22 801.4 799.1 803.9 804.1 803.5 809.7 813.4 821.1 23 589.4 593.0 596.6 599.8 598.3 598.0 597.7 600.2 24 426.9 434.5 440.2 440.3 438.8 438.1 436.3 455.6 25 66.6 64.7 62.4 59.6 60.2 58.8 61.5 46.0 26 81.6 80.5 81.1 83.4 83.6 83.1 82.6 82.5 27 431.3 431.7 431.5 432.9 433.3 428.9 429.1 444.7 28 44.5 44.7 44.9 45.0 45.2 45.3 45.5 45.7 29 1,107.5 1,104.1 1,109.8 1,113.0 1,115.1 1,120.5 1,119.9 1,129.0 30 1,681.4 1,659.0 1,656.7 1,657.2 1,669.6 1,685.9 1,690.2 1,688.7 31 12,457.0 12,496.4 12,573.2 12,633.6 12,610.7 12,631.8 12,622.1 12,667.3 32 11,881.6 11,906.7 11,951.1 11,993.3 12,018.3 12,073.1 12,077.6 12,127.3 33 11,476.0 11,498.8 11,538.4 11,575.8 11,600.7 11,657.5 11,664.0 11,712.1 34 3,880.3 3,900.5 3,912.8 3,925.1 3,922.4 3,940.5 3,936.6 3,913.2 35 1,267.4 1,267.3 1,285.2 1,269.4 1,275.8 1,291.2 1,257.9 1,253.5 36 2,612.9 2,633.1 2,627.7 2,655.7 2,646.6 2,649.4 2,678.7 2,659.7 37 7,595.7 7,598.3 7,625.6 7,650.7 7,678.3 7,717.0 7,727.4 7,799.0 38 239.8 244.3 248.8 253.3 251.1 248.8 246.5 247.8 39 165.8 163.6 163.9 164.2 166.5 166.8 167.1 167.4 40 90.1 90.4 90.7 91.0 91.3 91.6 91.9 92.2 41 75.7 73.2 73.2 73.2 75.2 75.2 75.2 75.2 42 575.4 589.6 622.1 640.2 592.4 558.7 544.5 540.1 43 4.6 4.7 4.9 5.1 4.7 4.4 4.3 4.3 44 10,913.6 10,913.1 10,960.5 11,000.6 10,987.4 11,015.2 10,988.2 10,989.9 45 11,623.0 11,648.9 11,709.1 11,752.1 11,725.0 11,736.4 11,707.8 11,737.7 46 39,380 36,743 316,329 39,478 36,801 316,537 39,694 36,966 316,753 39,857 37,076 316,972 39,760 36,967 317,171 39,804 36,982 317,351 39,752 36,873 317,520 39,874 47 36,948 48 317,682 49 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the thrid quarter of 2013. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2012 2013 r 2012 III 1 Personal income...................................................................................... 2 Compensation of employees .............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1 ........................................................................................... 13 Employer contributions for government social insurance ................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income................................................................... 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 .............................................................................. 24 Medicare 3 ....................................................................................... 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net) ........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures ...................................................... 35 Goods ................................................................................................. 36 Durable goods ................................................................................. 37 Nondurable goods ........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 ................................................................. 40 Personal current transfer payments ....................................................... 41 To government .................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................ Per capita: 47 Current dollars................................................................................. 48 Chained (2009) dollars.................................................................... 49 Population (midperiod, thousands) 6 ..................................................... 2013 IV I II Line III r IV r 13,743.8 14,135.2 13,701.6 14,073.1 13,925.9 14,086.2 14,225.3 14,303.4 1 8,611.6 8,860.2 8,591.0 8,787.4 8,748.3 8,835.5 8,888.3 8,968.8 2 6,926.8 7,138.3 6,904.7 7,086.6 7,040.4 7,117.6 7,162.8 7,232.5 3 5,729.4 5,943.4 5,709.7 5,887.2 5,844.5 5,923.6 5,972.2 6,033.2 4 1,154.0 1,189.1 1,146.7 1,167.0 1,173.8 1,187.1 1,190.6 1,205.0 5 735.4 747.8 732.3 740.5 742.1 745.9 747.3 756.0 6 4,575.4 4,754.3 4,563.0 4,720.3 4,670.7 4,736.4 4,781.6 4,828.2 7 1,093.7 1,127.3 1,090.0 1,114.2 1,115.2 1,123.2 1,129.8 1,140.9 8 3,481.7 3,627.0 3,473.0 3,606.1 3,555.5 3,613.2 3,651.9 3,687.3 9 1,197.3 1,194.9 1,195.1 1,199.3 1,195.8 1,194.1 1,190.6 1,199.3 10 1,684.9 1,721.9 1,686.2 1,700.9 1,707.9 1,717.8 1,725.5 1,736.3 11 1,170.6 514.3 1,190.6 531.3 1,174.1 512.2 1,176.8 524.0 1,182.1 525.8 1,187.6 530.2 1,193.0 532.4 1,199.8 12 536.6 13 1,224.9 1,348.2 1,220.0 1,247.5 1,334.6 1,341.5 1,360.7 1,356.2 14 75.4 127.6 75.3 74.5 137.0 129.0 131.7 112.9 15 1,149.6 1,220.6 1,144.7 1,173.0 1,197.6 1,212.5 1,229.0 1,243.3 16 541.2 590.5 546.7 555.4 574.9 587.7 596.6 602.7 17 1,958.5 1,997.8 1,926.9 2,062.8 1,935.8 1,994.0 2,030.7 2,030.6 18 1,211.6 1,229.1 1,203.7 1,218.4 1,215.8 1,225.6 1,234.2 1,240.9 19 746.9 768.7 723.2 844.3 720.0 768.4 796.5 789.7 20 2,358.3 2,444.6 2,364.4 2,388.0 2,426.0 2,430.9 2,458.0 2,463.6 21 2,316.8 2,400.0 2,323.8 2,347.9 2,382.0 2,386.5 2,413.1 2,418.3 22 762.2 799.0 764.8 770.2 789.8 794.9 802.4 808.9 23 560.8 592.5 564.0 577.2 589.3 586.3 596.5 598.0 24 417.1 431.5 421.5 425.1 423.7 426.1 438.4 437.8 25 84.2 66.2 78.7 75.3 73.9 68.5 62.2 60.2 26 70.2 80.4 71.3 73.3 76.8 80.0 81.6 83.1 27 422.5 430.5 423.5 426.8 428.6 430.8 432.0 430.5 28 41.4 44.6 40.6 40.1 44.0 44.4 44.9 45.3 29 950.7 1,106.1 947.4 967.9 1,093.7 1,103.3 1,109.0 1,118.5 30 1,498.0 1,659.3 1,496.4 1,552.8 1,629.0 1,668.8 1,657.6 1,681.9 31 12,245.8 12,475.9 12,205.1 12,520.4 12,296.9 12,417.4 12,567.7 12,621.5 32 11,558.4 11,909.7 11,601.0 11,696.2 11,794.9 11,837.0 11,950.4 12,056.3 33 11,149.6 11,496.2 11,193.6 11,285.5 11,379.2 11,427.1 11,537.7 11,640.7 34 3,769.7 3,886.6 3,784.9 3,826.1 3,851.8 3,848.5 3,912.8 3,933.2 35 1,202.7 1,262.8 1,206.5 1,230.7 1,244.8 1,257.5 1,274.0 1,275.0 36 2,567.0 2,623.8 2,578.4 2,595.4 2,607.0 2,591.0 2,638.8 2,658.2 37 7,379.9 7,609.6 7,408.7 7,459.4 7,527.4 7,578.6 7,624.8 7,707.6 38 248.4 248.1 250.7 247.3 250.4 244.3 248.8 248.8 39 160.4 165.4 156.7 163.4 165.3 165.6 163.9 166.8 40 88.5 90.4 88.8 89.0 89.4 89.9 90.7 91.6 41 71.9 75.0 67.9 74.4 75.9 75.7 73.2 75.2 42 687.4 566.2 604.1 824.1 502.0 580.4 617.3 565.2 43 5.6 4.5 4.9 6.6 4.1 4.7 4.9 4.5 44 10,740.1 10,904.4 10,676.2 10,959.6 10,756.9 10,905.4 10,958.1 10,997.0 45 11,551.6 11,636.9 11,493.6 11,743.0 11,502.4 11,618.5 11,703.4 11,723.1 46 38,969 36,760 314,246 39,423 36,771 316,465 38,804 36,542 314,532 39,731 37,265 315,125 38,961 36,444 315,620 39,278 36,751 316,140 39,677 36,948 316,754 39,772 47 36,941 48 317,347 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the thrid quarter of 2013. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2013 June 1 Personal income...................................................................................... 2 Compensation of employees .............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1 ........................................................................................... 13 Employer contributions for government social insurance ................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income................................................................... 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 .............................................................................. 24 Medicare 3 ....................................................................................... 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net) ........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures ...................................................... 35 Goods ................................................................................................. 36 Durable goods ................................................................................. 37 Nondurable goods ........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 ................................................................. 40 Personal current transfer payments ....................................................... 41 To government .................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ................................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 .......... July r Aug. r Sept. 2014 r Oct. r Nov. r Dec. r Jan. Line p 50.1 42.5 38.5 40.1 8.2 4.4 31.8 3.2 28.7 –1.5 3.9 16.9 –26.9 –26.4 –19.5 –9.7 –6.7 –9.8 –3.3 –6.5 –6.9 –0.3 74.6 49.8 44.9 42.4 7.4 6.1 35.1 9.7 25.4 2.5 4.8 60.8 27.3 23.7 15.4 2.9 2.1 12.5 0.3 12.1 8.3 3.6 –10.4 17.1 14.0 13.3 1.9 1.1 11.4 3.2 8.2 0.6 3.1 37.4 46.1 41.2 39.5 11.3 6.2 28.1 6.4 21.8 1.8 4.9 –5.5 –6.4 –7.8 –9.1 1.7 0.2 –10.8 0.8 –11.6 1.3 1.4 43.9 1 20.0 2 15.4 3 14.8 4 1.8 5 –0.4 6 13.0 7 1.7 8 11.3 9 0.6 10 4.6 11 1.6 2.3 1.6 –2.0 2.3 2.6 2.1 1.5 2.2 0.9 2.5 2.4 2.0 –0.6 1.9 12 2.7 13 –17.1 –20.0 2.9 2.5 20.0 10.7 9.4 6.9 6.8 4.1 3.4 –0.8 –1.9 1.3 0.6 0.1 4.9 12.5 37.6 58.7 63.0 40.1 12.6 27.5 22.8 –4.5 0.2 0.2 0.0 –21.1 15.5 9.7 5.9 2.3 16.1 –1.1 17.0 6.5 6.4 –2.3 3.6 7.6 –1.9 –1.1 0.4 0.2 –3.4 –22.4 39.4 25.1 22.8 20.2 –0.1 20.2 2.6 4.5 –2.2 0.3 –2.5 14.2 17.3 9.6 7.6 3.5 –2.6 –1.0 –1.4 12.3 12.1 4.8 3.6 5.7 –2.3 0.6 –0.2 0.2 5.7 –2.3 76.8 44.4 39.6 12.3 17.9 –5.4 27.3 4.5 0.3 0.3 0.0 32.5 23.5 19.8 3.8 5.2 3.5 –1.1 4.4 4.5 4.3 0.2 3.2 0.1 –2.8 2.3 1.4 0.1 3.2 0.5 60.4 42.2 37.4 12.3 –15.8 28.0 25.1 4.5 0.3 0.3 0.0 18.1 –20.1 –22.7 2.5 0.0 –3.0 3.9 –6.9 –2.2 –2.2 –0.6 –1.5 –1.5 0.6 0.2 0.4 0.2 2.1 12.4 –22.9 25.0 24.9 –2.7 6.4 –9.1 27.6 –2.2 2.3 0.3 2.0 –47.8 –5.7 –12.5 6.8 1.1 2.1 3.9 –1.7 –0.9 –1.1 6.2 –0.3 –0.7 –1.4 –0.5 –4.4 0.1 5.4 16.3 21.1 54.8 56.8 18.1 15.4 2.8 38.7 –2.3 0.3 0.3 0.0 –33.7 –6.1 –12.6 6.5 2.4 0.0 3.9 –3.9 4.0 3.8 3.7 –0.3 –1.8 2.7 –0.5 0.2 0.2 –0.6 4.3 –9.7 4.5 6.5 –3.9 –33.3 29.3 10.4 –2.3 0.3 0.3 0.0 –14.2 –0.9 –8.9 –0.5 25.9 47.4 60.2 40.1 43.0 –13.2 –27.1 27.8 11.4 –27.0 –28.6 4.4 0.6 3.8 5.6 –6.7 –3.3 –3.3 29.8 29.6 7.7 2.5 19.3 –15.5 –0.1 15.6 0.2 9.1 –1.5 45.2 49.7 48.1 –23.4 –4.4 –19.0 71.6 1.3 0.3 0.3 0.0 –4.4 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 1.7 44 29.9 45 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the thrid quarter of 2013. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2012 2013 r 2012 III 1 Personal income...................................................................................... 2 Compensation of employees .............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1 ........................................................................................... 13 Employer contributions for government social insurance ................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income................................................................... 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 .............................................................................. 24 Medicare 3 ....................................................................................... 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net) ........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures ...................................................... 35 Goods ................................................................................................. 36 Durable goods ................................................................................. 37 Nondurable goods ........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 ................................................................. 40 Personal current transfer payments ....................................................... 41 To government .................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ................................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5.......... 2013 IV I Line II III r IV r 552.5 333.1 288.1 285.1 51.9 28.3 233.2 47.5 185.7 2.9 45.1 391.4 248.6 211.5 214.0 35.1 12.4 178.9 33.6 145.3 –2.4 37.0 49.8 37.2 31.2 31.7 –6.5 –3.4 38.2 6.2 32.0 –0.4 5.9 371.5 196.4 181.9 177.5 20.3 8.2 157.3 24.2 133.1 4.2 14.7 –147.2 –39.1 –46.2 –42.7 6.8 1.6 –49.6 1.0 –50.6 –3.5 7.0 160.3 87.2 77.2 79.1 13.3 3.8 65.7 8.0 57.7 –1.7 9.9 139.1 52.8 45.2 48.6 3.5 1.4 45.2 6.6 38.7 –3.5 7.7 78.1 1 80.5 2 69.7 3 61.0 4 14.4 5 8.7 6 46.6 7 11.1 8 35.4 9 8.7 10 10.8 11 25.2 19.9 20.0 17.0 5.0 1.0 2.7 11.8 5.3 1.8 5.5 4.4 5.4 2.2 6.8 12 4.2 13 69.8 2.8 67.0 56.8 73.9 7.5 66.4 51.4 56.5 48.9 23.8 11.6 –23.4 6.9 –11.2 –5.3 32.5 94.0 458.4 439.3 437.8 167.0 72.8 94.2 270.8 0.4 1.0 3.2 –2.2 19.2 123.3 52.2 71.0 49.3 39.3 17.5 21.8 86.3 83.2 36.8 31.7 14.4 –18.0 10.2 8.0 3.2 155.4 161.3 230.1 351.3 346.6 116.9 60.1 56.8 229.7 –0.3 5.0 1.9 3.1 –121.2 2.2 –1.7 3.9 8.9 –8.4 –15.7 7.3 12.2 13.3 4.4 9.8 0.6 –7.2 2.4 3.2 –1.1 2.3 16.4 33.2 93.1 93.4 46.5 17.2 29.2 46.9 3.7 –4.1 0.4 –4.5 –59.8 27.5 –0.8 28.3 8.7 135.9 14.7 121.1 23.6 24.1 5.4 13.2 3.6 –3.4 2.0 3.3 –0.5 20.5 56.4 315.3 95.2 91.9 41.2 24.2 17.0 50.7 –3.4 6.7 0.2 6.5 220.0 87.1 62.5 24.6 19.5 –127.0 –2.6 –124.3 38.0 34.1 19.6 12.1 –1.4 –1.4 3.5 1.8 3.9 125.8 76.2 –223.5 98.7 93.7 25.7 14.1 11.6 68.0 3.1 1.9 0.4 1.5 –322.1 6.9 –8.0 14.9 12.8 58.2 9.8 48.4 4.9 4.5 5.1 –3.0 2.4 –5.4 3.2 2.2 0.4 9.6 39.8 120.5 42.1 47.9 –3.3 12.7 –16.0 51.2 –6.1 0.3 0.5 –0.2 78.4 19.2 2.7 16.5 8.9 36.7 8.6 28.1 27.1 26.6 7.5 10.2 12.3 –6.3 1.6 1.2 0.5 5.7 –11.2 150.3 113.4 110.6 64.3 16.5 47.8 46.2 4.5 –1.7 0.8 –2.5 36.9 283.0 227.0 164.3 85.3 –9.3 –16.6 283.4 249.4 –202.7 –240.6 148.5 116.1 52.7 84.9 –4.5 –18.8 14.3 6.1 –0.1 6.7 –6.8 5.6 5.2 6.5 1.5 –0.6 –2.0 1.5 –1.5 0.4 9.5 24.3 53.8 105.9 103.0 20.4 1.0 19.4 82.8 0.0 2.9 0.9 2.0 –52.1 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 38.9 44 19.7 45 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the thrid quarter of 2013. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2013 June July r Aug. r Sept. 2014 r Oct. r Nov. r Dec. r Jan. Line p Based on current-dollar measures 1 Personal income......................................................................... 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income ....................................................... 9 Personal dividend income...................................................... 10 Personal current transfer receipts ............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes .................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures ......................................... 15 Goods .................................................................................... 16 Durable goods .................................................................... 17 Nondurable goods .............................................................. 18 Services................................................................................. 0.4 0.5 0.5 0.2 0.1 –0.3 –0.4 0.0 0.5 0.6 0.6 0.3 0.4 0.3 0.3 0.2 –0.1 0.2 0.2 0.2 0.3 0.5 0.6 0.3 0.0 –0.1 –0.1 0.1 0.3 0.2 0.2 0.3 1 2 3 4 –1.3 0.4 1.0 0.9 1.2 0.3 0.4 0.7 0.3 1.2 0.4 0.8 –0.1 2.2 0.3 –0.3 –1.3 0.3 1.3 0.6 –0.1 –0.1 –0.2 0.5 0.5 –0.1 0.6 1.7 0.9 0.2 –0.1 0.6 0.2 0.3 0.0 0.5 –1.5 0.0 –0.1 0.3 –0.9 –0.1 0.2 0.8 –0.2 –0.4 0.2 0.1 0.3 –0.2 0.0 0.5 1.0 0.2 –0.4 0.4 0.0 0.3 –0.5 0.2 –0.1 0.3 –0.1 0.3 0.9 –0.3 –0.3 –0.4 1.2 0.8 –0.1 0.4 5 6 7 8 9 10 11 12 13 0.6 1.0 1.0 1.1 0.3 0.2 0.5 0.0 0.8 0.0 0.3 0.3 1.4 –0.2 0.4 0.3 0.3 –1.2 1.1 0.3 0.2 –0.1 0.5 –0.3 0.4 0.5 0.5 1.2 0.1 0.5 0.1 –0.1 –2.6 1.1 0.1 0.4 –0.6 –0.4 –0.7 0.9 14 15 16 17 18 0.4 0.4 –0.1 –0.2 0.3 0.1 –0.2 –0.2 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income ............................................. 0.0 –0.1 0.0 0.2 0.4 0.5 0.0 19 0.3 20 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the thrid quarter of 2013. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2012 2013 r 2012 III 2013 IV I II Line III r IV r Based on current-dollar measures 1 Personal income......................................................................... 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income ....................................................... 9 Personal dividend income...................................................... 10 Personal current transfer receipts ............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes .................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures ......................................... 15 Goods .................................................................................... 16 Durable goods .................................................................... 17 Nondurable goods .............................................................. 18 Services................................................................................. 4.2 4.0 4.3 2.7 2.8 2.9 3.1 2.2 1.5 1.7 1.8 1.4 11.3 9.5 11.0 3.5 –4.1 –1.8 –2.6 1.7 4.7 4.0 4.5 2.3 4.0 2.4 2.6 1.8 2.2 3.7 3.9 2.5 1 2 3 4 6.0 11.7 3.9 0.6 9.8 2.2 3.5 6.7 3.9 10.1 9.1 2.0 1.4 2.9 3.7 16.3 10.8 1.9 0.7 6.8 –1.7 –5.1 4.1 2.1 1.0 4.5 1.1 9.3 6.5 31.3 5.0 85.8 4.0 8.9 15.9 10.7 31.0 14.8 –22.4 –0.9 –47.1 6.5 63.0 21.1 –7.0 2.1 9.2 12.6 3.3 29.7 0.8 3.5 10.1 4.0 5.9 6.2 7.6 2.8 15.5 4.5 2.1 –2.7 4.9 –1.3 4.2 0.0 2.2 –3.4 0.9 3.5 6.0 1.7 5 6 7 8 9 10 11 12 13 4.1 4.6 6.4 3.8 3.8 3.1 3.1 5.0 2.2 3.1 3.4 5.1 5.9 4.7 2.6 3.3 4.4 8.3 2.7 2.8 3.4 2.7 4.7 1.8 3.7 1.7 –0.3 4.1 –2.4 2.8 3.9 6.9 5.4 7.6 2.5 3.6 2.1 0.3 3.0 4.4 14 15 16 17 18 11.0 9.0 –7.2 –7.9 5.6 4.1 1.9 3.0 1.4 19 0.7 20 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income ............................................. 2.7 2.0 1.5 0.7 –0.3 –0.6 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the thrid quarter of 2013. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2013 Line June July Aug. 2014 Sept. Oct. r Nov. r Dec. r Jan. p Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services .................................................................................... 10,707.7 3,653.6 1,334.2 2,335.6 7,053.3 10,718.9 3,669.1 1,338.7 2,346.6 7,049.3 10,745.4 3,679.2 1,361.7 2,336.8 7,065.6 10,768.2 3,691.8 1,345.4 2,362.3 7,076.0 10,785.9 3,695.7 1,354.0 2,358.8 7,089.7 10,831.2 3,719.3 1,373.8 2,364.6 7,111.5 10,819.1 3,711.5 1,343.3 2,382.7 7,107.3 10,852.6 3,690.5 1,340.0 2,365.6 7,160.9 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures ....................................... 7 Goods ....................................................................................... 8 Durable goods ....................................................................... 9 Nondurable goods ................................................................. 10 Services .................................................................................... 18.3 11.6 13.6 –0.6 6.7 11.2 15.5 4.5 11.0 –4.0 26.5 10.1 23.0 –9.8 16.3 22.8 12.6 –16.3 25.5 10.4 17.7 3.9 8.6 –3.5 13.7 45.3 23.6 19.8 5.8 21.8 –12.1 –7.8 –30.5 18.1 –4.2 33.5 6 –21.0 7 –3.3 8 –17.1 9 53.6 10 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services .................................................................................... 0.2 0.3 1.0 0.0 0.1 0.1 0.4 0.3 0.5 –0.1 0.2 0.3 1.7 –0.4 0.2 0.2 0.3 –1.2 1.1 0.1 0.2 0.1 0.6 –0.1 0.2 0.4 0.6 1.5 0.2 0.3 –0.1 –0.2 –2.2 0.8 –0.1 0.3 –0.6 –0.2 –0.7 0.8 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 2013 r 2012 III 2013 IV I II Line III IV r Billions of chained (2009) dollars 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services .................................................................................... 10,517.6 3,534.1 1,246.7 2,296.8 6,982.7 10,723.0 3,660.1 1,333.1 2,342.8 7,062.3 10,541.0 3,546.7 1,253.4 2,303.0 6,993.4 10,584.8 3,579.2 1,285.2 2,306.7 7,004.7 10,644.0 3,611.9 1,303.5 2,322.2 7,031.1 10,691.9 3,639.6 1,323.2 2,331.7 7,051.5 10,744.2 3,680.0 1,348.6 2,348.6 7,063.6 59.2 32.7 18.3 15.5 26.4 47.9 27.7 19.7 9.5 20.4 52.3 40.4 25.4 16.9 12.1 2.3 3.7 5.8 2.7 1.5 1.8 3.1 6.2 1.6 1.2 2.0 4.5 7.9 2.9 0.7 10,812.1 3,708.8 1,357.0 2,368.7 7,102.8 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures ....................................... 7 Goods ....................................................................................... 8 Durable goods ....................................................................... 9 Nondurable goods ................................................................. 10 Services .................................................................................... 226.3 114.2 89.6 30.8 111.6 205.4 126.0 86.4 46.0 79.6 44.2 32.0 24.8 9.1 12.0 43.8 32.5 31.8 3.7 11.3 67.9 6 28.8 7 8.4 8 20.1 9 39.2 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services .................................................................................... r Revised 2.2 3.3 7.7 1.4 1.6 2.0 3.6 6.9 2.0 1.1 1.7 3.7 8.3 1.6 0.7 1.7 3.7 10.5 0.6 0.6 2.6 3.2 2.5 3.5 2.2 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2013 Line June July Aug. 2014 Sept. Oct. r Nov. r Dec. r Jan. p Line Chain-type price indexes (2009=100), seasonally adjusted 1 Personal consumption expenditures (PCE) ............................ 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services .................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ....................................................................................... 8 Energy goods and services 2 .................................................... 9 Market-based PCE 3 ................................................................. 10 Market-based PCE excluding food and energy 3 ...................... 107.177 106.205 94.980 111.873 107.691 107.277 106.306 94.657 112.214 107.790 107.382 106.349 94.366 112.451 107.926 107.502 106.322 94.344 112.420 108.123 107.556 106.135 94.212 112.203 108.303 107.631 105.948 93.975 112.046 108.516 107.811 106.067 93.635 112.427 108.726 107.922 106.034 93.530 112.436 108.912 1 2 3 4 5 105.884 107.744 128.863 107.050 105.540 105.970 107.860 129.266 107.176 105.655 106.084 108.084 129.012 107.251 105.736 106.177 107.965 130.065 107.346 105.797 106.301 107.988 128.816 107.369 105.894 106.422 107.937 128.211 107.425 105.998 106.506 108.042 130.340 107.591 106.054 106.606 6 108.019 7 130.901 8 107.670 9 106.114 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 ...................... 0.4 0.7 0.0 1.1 0.2 0.1 0.1 –0.3 0.3 0.1 0.1 0.0 –0.3 0.2 0.1 0.1 0.0 0.0 0.0 0.2 0.1 –0.2 –0.1 –0.2 0.2 0.1 –0.2 –0.3 –0.1 0.2 0.2 0.1 –0.4 0.3 0.2 0.1 0.0 –0.1 0.0 0.2 11 12 13 14 15 0.2 0.3 3.4 0.4 0.2 0.1 0.1 0.3 0.1 0.1 0.1 0.2 –0.2 0.1 0.1 0.1 –0.1 0.8 0.1 0.1 0.1 0.0 –1.0 0.0 0.1 0.1 0.0 –0.5 0.1 0.1 0.1 0.1 1.7 0.2 0.1 0.1 0.0 0.4 0.1 0.1 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2013 Line June 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services .................................................................................... July r 0.9 2.0 4.1 8.3 2.1 1.0 1.2 1.8 3.9 8.0 2.0 0.7 Aug. r 2.0 2.1 3.9 8.9 1.6 1.2 Sept. 2014 r Oct. 2.2 1.9 3.5 5.9 2.4 1.1 r Nov. 1.8 2.2 3.9 7.2 2.3 1.3 r 0.6 2.2 3.8 6.5 2.5 1.5 Dec. r –2.7 2.0 3.2 3.2 3.3 1.4 Jan. p 2.8 2.2 2.5 3.1 2.2 2.1 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 thrid quarter of 2013. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2013 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. Sept. 2014 Oct. r Nov. r Dec. r 1.3 0.0 –1.8 0.9 1.9 1.3 0.3 –1.8 1.3 1.9 1.1 –0.4 –2.0 0.4 1.9 0.9 –1.0 –1.8 –0.6 1.9 0.8 –1.3 –1.8 –1.0 1.9 1.0 –0.7 –1.9 –0.2 1.9 1.1 –0.4 –2.0 0.4 1.9 1.2 1.0 3.2 1.2 1.1 1.1 1.2 4.8 1.4 1.1 1.2 1.2 –0.1 1.1 1.2 1.2 1.2 –3.3 0.8 1.1 1.1 1.0 –4.3 0.7 1.1 1.2 0.7 –1.3 1.0 1.2 1.2 0.6 1.2 1.1 1.2 Jan. p 1.2 –0.2 –2.2 0.7 1.9 Line 1 2 3 4 5 1.1 6 0.6 7 3.5 8 1.1 9 1.0 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.