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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, MARCH 2, 2015 BEA 15-08 Technical: James Rankin (202) 606-5301 (Personal Income) Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) Media: Jeannine Aversa (202) 606-2649 piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: JANUARY 2015 Personal income increased $50.8 billion, or 0.3 percent, and disposable personal income (DPI) increased $52.6 billion, or 0.4 percent, in January, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $18.9 billion, or 0.2 percent. In December, personal income increased $45.3 billion, or 0.3 percent, DPI increased $37.3 billion, or 0.3 percent, and PCE decreased $35.7 billion, or 0.3 percent, based on revised estimates. Real DPI increased 0.9 percent in January, compared with an increase of 0.5 percent in December. Real PCE increased 0.3 percent, in contrast to a decrease of 0.1 percent. The price index for PCE decreased 0.5 percent, compared with a decrease of 0.2 percent. 2014 Sept. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.2 Oct. Nov. Dec. (Percent change from preceding month) 0.4 0.4 0.3 2015 Jan. 0.3 0.1 0.1 0.3 0.3 0.3 0.5 0.3 0.5 0.4 0.9 0.2 0.2 0.4 0.3 0.4 0.6 -0.3 -0.1 -0.2 0.3 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2014 (third quarter). These estimates reflect the incorporation of the most recently 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. -more- -2- Compensation Wages and salaries increased $42.4 billion in January, compared with an increase of $8.6 billion in December. Private wages and salaries increased $39.7 billion, compared with an increase of $7.2 billion. Government wages and salaries increased $2.5 billion, compared with an increase of $1.5 billion. Pay raises for federal civilian and military personnel added $2.2 billion to government payrolls in January. Employer contributions for employee pension and insurance funds increased $3.9 billion in January, compared with an increase of $3.0 billion in December. Employer contributions for government social insurance increased $4.1 billion in January, compared with $0.5 billion in December. The January estimate reflected an increase in the social security taxable wage base (from $117,000 to $118,500), an increase in the tax rate paid by employers to state unemployment insurance, and a decrease in employer contributions for federal unemployment tax; together, these changes added $1.2 billion to January. Other personal income Proprietors' income decreased $12.8 billion in January, in contrast to an increase of $13.5 billion in December. Farm proprietors' income decreased $10.0 billion, in contrast to an increase of $3.8 billion. Nonfarm proprietors' income decreased $2.8 billion, in contrast to an increase of $9.7 billion. Rental income of persons increased $1.7 billion in January, compared with an increase of $4.8 billion in December. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $5.2 billion, in contrast to an increase of $2.1 billion. Personal current transfer receipts increased $24.8 billion in January, compared with an increase of $13.8 billion in December. The January estimates of current transfer receipts reflected several special factors. A 1.7-percent cost-of-living adjustment to social security benefits and to several other federal transfer payment programs added $16.7 billion to the January increase. Other government social benefits to persons was boosted $5.3 billion, primarily reflecting health insurance premium subsidies paid in the form of tax credits to enrollees of the Affordable Care Act exchanges. For additional information, see the FAQ on “How will the Affordable Care Act affect BEA’s measure of personal income and outlays?” at www.bea.gov. These increases in current transfer receipts were partly offset by a reduction in the lump-sum social security benefit payments that had boosted December personal income $8.8 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $7.9 billion in January, compared with an increase of $1.0 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 and in the monthly premiums paid by participants in the supplementary medical insurance programs; together, these changes added $1.4 billion to January. -more- -3- Personal current taxes and disposable personal income Personal current taxes decreased $1.8 billion in January, in contrast to an increase of $8.0 billion in December. Payments of final settlements and back taxes less refunds in federal nonwithheld income taxes reduced the January change by $5.8 billion, based on projections from the Office of Tax Analysis. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $52.6 billion, or 0.4 percent, in January, compared with an increase of $37.3 billion, or 0.3 percent, in December. Excluding the special factors discussed above, disposable personal income increased $32.8 billion, or 0.2 percent, in January, compared with an increase of $28.5 billion, or 0.2 percent, in December. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -decreased $16.3 billion in January, compared with a decrease of $35.3 billion in December. PCE decreased $18.9 billion, compared with a decrease of $35.7 billion. Personal saving -- DPI less personal outlays -- was $728.5 billion in January, compared with $659.6 billion in December. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.5 percent in January, compared with 5.0 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 financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.9 percent in January, compared with an increase of 0.5 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 increased 0.2 percent, in contrast to a decrease of 1.0 percent. Purchases of nondurable goods increased 0.2 percent in January, in contrast to a decrease of 0.2 percent in December. Purchases of services increased 0.4 percent, compared with an increase of 0.1 percent. The price index for PCE decreased 0.5 percent in January, compared with a decrease of 0.2 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. The January price index for PCE increased 0.2 percent from January a year ago. The January PCE price index, excluding food and energy, increased 1.3 percent from January a year ago. -more- -4- 2014 Personal Income and Outlays Personal income increased 4.0 percent in 2014 (that is, from the 2013 annual level to the 2014 annual level), compared with an increase of 2.0 percent in 2013. DPI increased 3.9 percent, compared with an increase of 1.0 percent. PCE increased 3.9 percent, compared with an increase of 3.6 percent. Real DPI increased 2.5 percent in 2014, in contrast to a decrease of 0.2 percent in 2013. Real PCE increased 2.5 percent, compared with an increase of 2.4 percent. Revisions 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 current-dollar 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 thirdquarter wages and salaries reflected the incorporation of the most recently available Bureau of Labor Statistics 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 October, November, and December reflect revised BLS employment, hours, and earnings data. Change from preceding month November Previous Revised (Billions of dollars) Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars December Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) 47.2 62.6 0.3 0.4 41.3 45.3 0.3 0.3 34.2 51.2 44.2 59.9 0.3 0.4 0.3 0.5 35.8 61.2 37.3 62.1 0.3 0.5 0.3 0.5 58.8 72.3 52.1 65.8 0.5 0.7 0.4 0.6 -40.0 -10.8 -35.7 -7.3 -0.3 -0.1 -0.3 -0.1 -more- -5- 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 2014. 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. BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API. (www.bea.gov/API/signup/index.cfm). BEA's news release schedule is available at www.bea.gov/newsreleases/2015rd.htm. * * * Next release – March 30, 2015 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 2014 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. 2015 r Oct. r Nov. r Dec. r Jan. Line p 14,716.8 14,762.7 14,821.0 14,850.0 14,903.1 14,965.7 15,011.0 15,061.8 1 9,174.6 9,214.5 9,271.2 9,296.3 9,323.1 9,387.1 9,399.2 9,449.5 2 7,403.5 7,438.4 7,488.7 7,509.5 7,532.2 7,589.5 7,598.1 7,640.5 3 6,182.7 6,215.6 6,264.3 6,282.7 6,304.4 6,359.9 6,367.1 6,406.8 4 1,261.8 1,262.6 1,270.6 1,273.5 1,280.2 1,289.6 1,286.7 1,293.3 5 776.6 775.2 779.6 781.1 784.9 789.5 787.0 791.4 6 4,920.9 4,953.0 4,993.7 5,009.2 5,024.2 5,070.2 5,080.3 5,113.6 7 1,162.9 1,169.4 1,178.9 1,180.1 1,183.6 1,194.5 1,198.1 1,203.0 8 3,758.0 3,783.7 3,814.8 3,829.1 3,840.5 3,875.7 3,882.2 3,910.6 9 1,220.8 1,222.7 1,224.5 1,226.8 1,227.9 1,229.6 1,231.1 1,233.6 10 1,771.1 1,776.1 1,782.4 1,786.8 1,790.9 1,797.6 1,801.1 1,809.1 11 1,224.7 546.4 1,227.6 548.6 1,230.5 551.9 1,233.5 553.3 1,236.5 554.4 1,239.4 558.2 1,242.4 558.7 1,246.3 12 562.8 13 1,394.0 1,393.7 1,383.3 1,382.3 1,400.3 1,397.7 1,411.2 1,398.4 14 81.9 72.0 62.2 52.3 56.1 59.9 63.7 53.7 15 1,312.2 1,321.6 1,321.1 1,330.0 1,344.2 1,337.8 1,347.5 1,344.7 16 638.7 642.0 647.2 650.8 653.7 656.0 660.8 662.5 17 2,139.5 2,139.2 2,137.8 2,137.8 2,140.6 2,145.3 2,147.4 2,142.2 18 1,274.9 1,270.7 1,266.5 1,262.3 1,260.9 1,259.5 1,258.1 1,252.0 19 864.6 868.5 871.3 875.5 879.6 885.8 889.3 890.1 20 2,525.9 2,533.9 2,549.0 2,553.1 2,558.5 2,560.3 2,574.1 2,598.9 21 2,481.9 2,489.6 2,504.5 2,508.3 2,513.4 2,514.9 2,528.5 2,553.3 22 835.0 833.8 838.2 839.3 839.6 841.7 850.2 860.0 23 587.5 588.4 590.9 593.2 591.0 590.2 593.0 595.0 24 489.0 496.6 504.5 504.9 508.0 507.8 509.1 514.7 25 36.8 35.6 35.6 34.2 34.0 34.0 34.1 34.0 26 83.3 85.2 84.4 84.2 86.1 86.4 86.9 88.5 27 450.3 450.0 450.9 452.5 454.6 454.9 455.2 461.1 28 44.0 44.3 44.5 44.8 45.1 45.3 45.6 45.6 29 1,155.9 1,160.6 1,167.5 1,170.3 1,173.1 1,180.7 1,181.7 1,189.6 30 1,716.1 1,734.1 1,752.6 1,763.5 1,777.1 1,795.6 1,803.6 1,801.8 31 13,000.7 13,028.6 13,068.4 13,086.5 13,125.9 13,170.1 13,207.4 13,260.0 32 12,342.2 12,370.6 12,448.0 12,480.5 12,530.5 12,583.1 12,547.8 12,531.5 33 11,922.6 11,944.4 12,017.0 12,044.6 12,090.4 12,142.5 12,106.8 12,087.9 34 3,994.9 3,998.0 4,025.4 4,011.2 4,018.8 4,027.6 3,971.9 3,913.0 35 1,307.4 1,305.7 1,333.6 1,321.4 1,321.7 1,341.9 1,322.6 1,321.3 36 2,687.6 2,692.3 2,691.8 2,689.8 2,697.1 2,685.7 2,649.3 2,591.7 37 7,927.7 7,946.4 7,991.6 8,033.4 8,071.5 8,114.9 8,134.9 8,174.8 38 251.8 256.3 260.9 265.4 265.6 265.7 265.8 267.1 39 167.9 169.9 170.2 170.5 174.6 174.9 175.3 176.4 40 94.6 94.9 95.3 95.6 95.9 96.2 96.6 97.7 41 73.3 74.9 74.9 74.9 78.7 78.7 78.7 78.7 42 658.4 658.1 620.4 606.0 595.4 587.0 659.6 728.5 43 5.1 5.1 4.7 4.6 4.5 4.5 5.0 5.5 44 11,181.0 11,206.5 11,251.5 11,266.3 11,305.0 11,379.1 11,434.3 11,509.9 45 11,923.8 11,939.4 11,981.7 11,989.8 12,020.6 12,080.5 12,142.6 12,246.0 46 40,751 37,375 319,030 40,811 37,399 319,243 40,906 37,505 319,471 40,934 37,504 319,696 41,030 37,575 319,909 41,143 37,739 320,107 41,237 37,912 320,284 41,379 47 38,215 48 320,451 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 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2013 2014 r 2013 III 1 Personal income...................................................................................... 2 Compensation of employees .............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1 ........................................................................................... 13 Employer contributions for government social insurance ................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income................................................................... 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 .............................................................................. 24 Medicare 3 ....................................................................................... 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net) ........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures ...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods ........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 ................................................................. 40 Personal current transfer payments ....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................ Per capita: 47 Current dollars................................................................................. 48 Chained (2009) dollars.................................................................... 49 Population (midperiod, thousands) 6 ..................................................... 2014 IV I II Line III r IV r 14,166.9 14,729.1 14,247.4 14,311.7 14,484.7 14,660.5 14,811.2 14,959.9 1 8,844.8 9,221.5 8,871.6 8,946.8 9,096.2 9,159.5 9,260.7 9,369.8 2 7,124.7 7,445.9 7,145.3 7,208.5 7,339.8 7,391.7 7,478.9 7,573.3 3 5,916.6 6,223.8 5,939.7 5,998.5 6,125.3 6,172.1 6,254.2 6,343.8 4 1,195.3 1,261.7 1,196.8 1,210.6 1,238.0 1,254.5 1,268.9 1,285.5 5 747.6 777.2 747.2 754.1 769.5 773.7 778.6 787.1 6 4,721.3 4,962.1 4,742.9 4,787.9 4,887.3 4,917.5 4,985.3 5,058.2 7 1,121.3 1,172.0 1,122.7 1,134.9 1,154.9 1,165.0 1,176.1 1,192.1 8 3,600.0 3,790.1 3,620.2 3,653.0 3,732.4 3,752.6 3,809.2 3,866.2 9 1,208.1 1,222.1 1,205.6 1,210.0 1,214.5 1,219.7 1,224.7 1,229.5 10 1,720.1 1,775.6 1,726.2 1,738.3 1,756.4 1,767.8 1,781.8 1,796.5 11 1,193.9 526.1 1,226.4 549.2 1,198.8 527.5 1,206.8 531.5 1,213.6 542.8 1,222.0 545.7 1,230.5 551.3 1,239.4 12 557.1 13 1,336.6 1,380.4 1,345.9 1,342.7 1,351.0 1,381.0 1,386.4 1,403.1 14 83.2 63.4 86.8 70.1 58.1 73.4 62.2 59.9 15 1,253.5 1,317.0 1,259.2 1,272.6 1,292.9 1,307.6 1,324.2 1,343.2 16 595.8 640.5 604.2 613.3 622.9 635.4 646.7 656.8 17 2,079.7 2,125.0 2,106.9 2,094.2 2,090.4 2,127.0 2,138.3 2,144.4 18 1,255.2 1,264.6 1,258.5 1,263.2 1,262.4 1,270.0 1,266.5 1,259.5 19 824.5 860.4 848.4 831.0 828.0 857.0 871.8 884.9 20 2,414.5 2,523.1 2,426.6 2,432.3 2,470.9 2,511.8 2,545.3 2,564.3 21 2,372.2 2,478.9 2,384.0 2,389.7 2,427.8 2,468.0 2,500.8 2,519.0 22 799.0 834.6 802.5 808.9 824.5 833.0 837.1 843.8 23 572.4 587.8 573.0 577.3 582.6 586.2 590.8 591.4 24 441.1 490.1 450.0 448.7 467.6 482.5 502.0 508.3 25 62.2 36.9 59.3 56.1 41.4 37.2 35.1 34.0 26 79.0 84.4 80.1 81.6 83.4 83.4 84.6 86.5 27 418.5 445.1 419.1 417.1 428.4 445.7 451.2 454.9 28 42.3 44.2 42.5 42.6 43.1 43.8 44.5 45.3 29 1,104.5 1,161.4 1,107.8 1,117.5 1,146.6 1,154.2 1,166.1 1,178.5 30 1,661.8 1,742.3 1,661.5 1,688.1 1,711.8 1,715.3 1,750.1 1,792.1 31 12,505.1 12,986.8 12,585.8 12,623.7 12,772.9 12,945.2 13,061.2 13,167.8 32 11,897.1 12,355.8 11,933.1 12,070.8 12,146.9 12,289.6 12,433.0 12,553.8 33 11,484.3 11,928.6 11,518.7 11,653.3 11,728.5 11,870.7 12,002.0 12,113.2 34 3,851.2 3,968.2 3,865.3 3,886.1 3,890.6 3,964.5 4,011.5 4,006.1 35 1,249.3 1,302.4 1,252.4 1,261.5 1,262.3 1,298.4 1,320.2 1,328.8 36 2,601.9 2,665.8 2,612.9 2,624.6 2,628.4 2,666.1 2,691.3 2,677.4 37 7,633.2 7,960.4 7,653.4 7,767.2 7,837.8 7,906.2 7,990.4 8,107.1 38 247.1 256.9 250.8 250.8 249.8 251.3 260.9 265.7 39 165.6 170.3 163.6 166.7 168.6 167.5 170.2 174.9 40 91.4 94.8 91.5 92.2 93.3 94.3 95.3 96.2 41 74.3 75.6 72.2 74.5 75.4 73.3 74.9 78.7 42 608.1 631.0 652.8 552.9 626.1 655.6 628.1 614.0 43 4.9 4.9 5.2 4.4 4.9 5.1 4.8 4.7 44 10,949.5 11,222.6 10,994.3 11,021.2 11,108.2 11,168.1 11,241.5 11,372.8 45 11,650.8 11,940.4 11,705.9 11,711.7 11,810.1 11,900.4 11,970.3 12,081.2 46 39,468 36,772 316,839 40,689 37,411 319,173 39,686 36,911 317,136 39,726 36,856 317,765 40,130 37,105 318,288 40,602 37,325 318,833 40,884 37,469 319,470 41,137 47 37,742 48 320,100 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 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. 2015 r Oct. r Nov. r Dec. r Jan. Line p 59.8 18.6 14.8 14.0 7.3 2.9 6.7 –1.6 8.3 0.8 3.8 45.9 39.9 34.9 32.9 0.8 –1.4 32.1 6.5 25.7 1.9 5.0 58.3 56.7 50.3 48.7 8.0 4.4 40.7 9.5 31.1 1.8 6.3 29.0 25.1 20.8 18.4 2.9 1.5 15.5 1.2 14.3 2.3 4.4 53.1 26.8 22.7 21.7 6.7 3.8 15.0 3.5 11.4 1.1 4.1 62.6 64.0 57.3 55.5 9.4 4.6 46.0 10.9 35.2 1.7 6.7 45.3 12.1 8.6 7.2 –2.9 –2.5 10.1 3.6 6.5 1.5 3.5 50.8 1 50.3 2 42.4 3 39.7 4 6.6 5 4.4 6 33.3 7 4.9 8 28.4 9 2.5 10 8.0 11 2.8 1.0 2.9 2.2 2.9 3.3 3.0 1.4 3.0 1.1 2.9 3.8 3.0 0.5 3.9 12 4.1 13 15.1 8.5 6.7 3.3 13.5 4.9 8.7 11.5 11.2 2.3 1.6 5.8 –0.4 0.1 1.8 0.2 2.2 2.3 57.5 59.0 58.3 38.5 7.0 31.6 19.8 0.5 0.4 0.3 0.0 –1.7 –0.3 –9.9 9.4 3.3 –0.3 –4.2 3.9 8.0 7.7 –1.2 0.9 7.6 –1.2 1.9 –0.3 0.3 4.7 18.0 27.9 28.4 21.8 3.1 –1.7 4.7 18.7 4.5 2.0 0.3 1.6 –0.3 –10.4 –9.8 –0.5 5.2 –1.4 –4.2 2.8 15.1 14.9 4.4 2.5 7.9 0.0 –0.8 0.9 0.2 6.9 18.5 39.8 77.4 72.6 27.4 27.9 –0.5 45.2 4.6 0.3 0.4 0.0 –37.7 –1.0 –9.9 8.9 3.6 0.0 –4.2 4.2 4.1 3.8 1.1 2.3 0.4 –1.4 –0.2 1.6 0.3 2.8 10.9 18.1 32.5 27.6 –14.2 –12.2 –2.0 41.8 4.5 0.3 0.3 0.0 –14.4 18.0 3.8 14.2 2.9 2.8 –1.4 4.1 5.4 5.1 0.3 –2.2 3.1 –0.2 1.9 2.1 0.3 2.8 13.6 39.4 50.0 45.8 7.6 0.3 7.3 38.1 0.2 4.1 0.3 3.8 –10.6 –2.6 3.8 –6.4 2.3 4.7 –1.4 6.2 1.8 1.5 2.1 –0.8 –0.2 0.0 0.3 0.3 0.2 7.6 18.5 44.2 52.6 52.1 8.8 20.2 –11.4 43.4 0.1 0.3 0.3 0.0 –8.4 13.5 3.8 9.7 4.8 2.1 –1.4 3.5 13.8 13.6 8.5 2.8 1.3 0.1 0.5 0.3 0.3 1.0 8.0 37.3 –35.3 –35.7 –55.7 –19.3 –36.4 20.0 0.1 0.4 0.4 0.0 72.6 19.2 26.1 25.5 15.6 45.0 42.3 14.8 8.1 38.7 30.8 74.1 59.9 55.2 62.1 –12.8 –10.0 –2.8 1.7 –5.2 –6.1 0.8 24.8 24.8 9.8 2.0 5.6 –0.1 1.6 5.9 0.0 7.9 –1.8 52.6 –16.3 –18.9 –58.9 –1.3 –57.6 39.9 1.3 1.1 1.1 0.0 68.9 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 75.6 44 103.4 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 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2013 2014 r 2013 III 1 Personal income...................................................................................... 2 Compensation of employees .............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1 ........................................................................................... 13 Employer contributions for government social insurance ................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income................................................................... 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 .............................................................................. 24 Medicare 3 ....................................................................................... 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net) ........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures ...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods ........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 ................................................................. 40 Personal current transfer payments ....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ................................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5.......... 2014 IV Line I II III r IV r 279.2 238.3 192.6 182.8 38.2 13.2 144.6 27.3 117.3 9.8 45.7 562.2 376.7 321.2 307.2 66.4 29.6 240.8 50.7 190.1 14.0 55.5 116.1 45.3 34.4 38.3 3.8 1.2 34.5 5.5 29.0 –4.0 10.8 64.3 75.2 63.2 58.8 13.8 6.9 45.0 12.2 32.8 4.4 12.1 173.0 149.4 131.3 126.8 27.4 15.4 99.4 20.0 79.4 4.5 18.1 175.8 63.3 51.9 46.8 16.5 4.2 30.2 10.1 20.2 5.2 11.4 150.7 101.2 87.2 82.1 14.4 4.9 67.8 11.1 56.6 5.0 14.0 148.7 1 109.1 2 94.4 3 89.6 4 16.6 5 8.5 6 72.9 7 16.0 8 57.0 9 4.8 10 14.7 11 33.4 12.2 32.5 23.1 8.8 2.1 8.0 4.0 6.8 11.3 8.4 2.9 8.5 5.6 8.9 12 5.8 13 76.4 10.9 65.6 62.8 –8.9 –0.7 –8.2 63.8 64.6 36.9 17.2 23.9 –21.4 8.9 –0.8 –0.8 153.3 158.1 121.1 409.2 401.2 109.3 57.2 52.1 291.9 5.5 2.5 1.4 1.2 –288.1 43.8 –19.8 63.5 44.7 45.3 9.4 35.9 108.6 106.7 35.6 15.4 49.0 –25.3 5.4 26.6 1.9 56.9 80.5 481.7 458.7 444.3 117.0 53.1 63.9 327.2 9.8 4.7 3.4 1.3 22.9 15.9 3.2 12.7 13.4 25.0 5.0 20.0 22.1 21.8 7.5 5.3 12.6 –5.2 1.5 0.1 0.2 5.7 0.9 115.1 109.2 104.4 44.3 7.0 37.3 60.2 7.4 –2.6 0.5 –3.1 5.9 –3.2 –16.7 13.4 9.1 –12.7 4.7 –17.4 5.7 5.7 6.4 4.3 –1.3 –3.2 1.5 –2.0 0.1 9.7 26.6 37.9 137.7 134.6 20.8 9.1 11.7 113.8 0.0 3.1 0.7 2.3 –99.9 8.3 –12.0 20.3 9.6 –3.8 –0.8 –3.0 38.6 38.1 15.6 5.3 18.9 –14.7 1.8 11.3 0.5 29.1 23.7 149.2 76.1 75.2 4.5 0.8 3.8 70.6 –1.0 1.9 1.1 0.9 73.2 30.0 15.3 14.7 12.5 36.6 7.6 29.0 40.9 40.2 8.5 3.6 14.9 –4.2 0.0 17.3 0.7 7.6 3.5 172.3 142.7 142.2 73.9 36.1 37.7 68.4 1.5 –1.1 1.0 –2.1 29.5 5.4 –11.2 16.6 11.3 11.3 –3.5 14.8 33.5 32.8 4.1 4.6 19.5 –2.1 1.2 5.5 0.7 11.9 34.8 116.0 143.4 131.3 47.0 21.8 25.2 84.2 9.6 2.7 1.0 1.6 –27.5 71.9 –25.4 273.1 289.6 42.0 58.9 26.9 5.8 87.0 98.4 59.9 90.3 73.4 69.9 16.7 –2.3 19.0 10.1 6.1 –7.0 13.1 19.0 18.2 6.7 0.6 6.3 –1.1 1.9 3.7 0.8 12.4 42.0 106.6 120.8 111.2 –5.4 8.6 –13.9 116.7 4.8 4.7 0.9 3.8 –14.1 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 43 131.3 44 110.9 45 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2014 June July r Aug. r Sept. 2015 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 0.2 0.2 0.2 0.3 0.4 0.5 0.3 0.4 0.6 0.7 0.4 0.2 0.3 0.3 0.2 0.4 0.3 0.3 0.2 0.4 0.7 0.8 0.4 0.3 0.1 0.1 0.2 0.3 0.5 0.6 0.4 1 2 3 4 1.1 0.5 0.6 0.4 1.0 0.5 0.2 0.1 0.4 0.0 0.5 0.0 –0.3 0.4 0.3 0.4 1.0 0.2 –0.7 0.8 –0.1 –0.3 0.3 0.6 0.6 1.1 0.3 –0.1 0.6 0.0 –0.3 0.5 0.2 0.2 0.6 0.1 1.3 0.4 0.1 –0.1 0.5 0.2 0.2 0.8 0.3 –0.2 0.4 0.2 –0.1 0.7 0.1 0.6 1.0 0.3 1.0 0.7 0.1 –0.1 0.4 0.5 0.1 0.5 0.3 –0.9 0.2 –0.2 –0.5 0.1 1.0 0.7 –0.1 0.4 5 6 7 8 9 10 11 12 13 0.5 1.0 0.5 1.2 0.2 0.2 0.1 –0.1 0.2 0.2 0.6 0.7 2.1 0.0 0.6 0.2 –0.4 –0.9 –0.1 0.5 0.4 0.2 0.0 0.3 0.5 0.4 0.2 1.5 –0.4 0.5 –0.3 –1.4 –1.4 –1.4 0.2 –0.2 –1.5 –0.1 –2.2 0.5 14 15 16 17 18 0.1 0.1 0.3 0.3 0.7 0.5 0.5 0.5 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.2 0.2 0.2 0.1 0.4 0.4 0.7 19 0.9 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 2014. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2013 2014 r 2013 III 2014 IV I II Line III 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................................................................................. 2.0 2.8 2.8 2.7 4.0 4.3 4.5 3.2 3.3 2.1 1.9 2.6 1.8 3.4 3.6 2.8 4.9 6.8 7.5 4.2 4.9 2.8 2.9 2.6 4.2 4.5 4.8 3.2 4.1 4.8 5.1 3.4 1 2 3 4 6.1 11.8 –0.4 –0.1 –1.0 2.7 16.1 10.5 1.0 3.3 7.5 2.2 0.8 4.4 4.5 5.1 4.8 3.9 4.9 9.4 4.9 1.6 10.0 3.7 2.1 0.2 3.7 –1.0 6.1 –2.4 1.5 –7.9 0.9 3.5 6.6 1.2 2.5 6.4 –0.7 –0.2 –1.5 6.5 10.8 5.7 4.8 9.2 8.2 7.2 2.4 14.8 6.8 2.7 0.8 5.5 1.6 7.3 2.1 –1.1 7.1 5.4 4.2 8.4 3.6 4.9 6.4 1.2 –2.2 6.2 3.0 4.3 10.0 3.3 5 6 7 8 9 10 11 12 13 3.6 2.9 4.8 2.0 4.0 3.9 3.0 4.3 2.5 4.3 3.7 4.7 2.3 5.9 3.2 4.8 2.2 3.0 1.8 6.1 2.6 0.5 0.2 0.6 3.7 4.9 7.8 12.0 5.9 3.5 4.5 4.8 6.9 3.8 4.3 3.8 –0.5 2.6 –2.1 6.0 14 15 16 17 18 1.0 0.2 3.2 3.4 2.2 3.1 2.7 2.4 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.7 –0.2 2.5 2.5 1.5 2.0 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2014. 4.8 19 3.8 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2014 Line June July Aug. 2015 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.................................................................................... 10,935.0 3,746.7 1,412.3 2,359.0 7,189.0 10,945.8 3,749.6 1,413.1 2,361.1 7,196.8 11,017.7 3,792.4 1,446.4 2,374.1 7,226.7 11,035.2 3,781.6 1,435.2 2,373.1 7,254.2 11,072.2 3,794.8 1,436.9 2,384.0 7,278.1 11,138.0 3,836.3 1,467.7 2,397.8 7,303.3 11,130.7 3,818.7 1,453.3 2,393.1 7,312.7 11,163.6 3,825.1 1,455.7 2,397.1 7,338.9 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.................................................................................... 29.0 19.8 8.7 11.5 9.6 10.8 2.9 0.8 2.1 7.8 71.9 42.8 33.3 13.0 29.9 17.5 –10.8 –11.2 –1.0 27.5 37.0 13.2 1.7 10.9 23.9 65.8 41.5 30.8 13.8 25.2 –7.3 –17.6 –14.4 –4.7 9.4 32.9 6 6.4 7 2.4 8 4.0 9 26.2 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.................................................................................... 0.3 0.5 0.6 0.5 0.1 0.1 0.1 0.1 0.1 0.1 0.7 1.1 2.4 0.6 0.4 0.2 –0.3 –0.8 0.0 0.4 0.3 0.3 0.1 0.5 0.3 0.6 1.1 2.1 0.6 0.3 –0.1 –0.5 –1.0 –0.2 0.1 0.3 0.2 0.2 0.2 0.4 11 12 13 14 15 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2013 2014 r 2013 III 2014 IV I II Line III IV r Billions of chained (2009) dollars 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,699.7 3,626.0 1,319.0 2,322.6 7,073.1 10,967.5 3,750.3 1,409.9 2,364.4 7,217.7 10,713.3 3,636.1 1,325.9 2,326.4 7,076.6 10,811.4 3,669.0 1,344.5 2,341.8 7,141.9 10,844.3 3,678.3 1,355.0 2,341.9 7,165.4 10,912.6 3,731.6 1,400.4 2,354.6 7,181.4 10,999.5 3,774.5 1,431.5 2,369.4 7,225.9 32.9 9.3 10.5 0.1 23.5 68.3 53.3 45.4 12.7 16.0 86.9 42.9 31.1 14.8 44.5 1.2 1.0 3.2 0.0 1.3 2.5 5.9 14.1 2.2 0.9 3.2 4.7 9.2 2.5 2.5 11,113.6 3,816.6 1,452.6 2,391.6 7,298.1 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures ....................................... 7 Goods ....................................................................................... 8 Durable goods ....................................................................... 9 Nondurable goods ................................................................. 10 Services.................................................................................... 250.0 119.5 83.3 42.5 130.7 267.8 124.3 90.9 41.8 144.6 52.9 30.9 15.9 15.9 22.1 98.1 32.9 18.6 15.4 65.3 114.1 6 42.1 7 21.1 8 22.2 9 72.2 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 2.4 3.4 6.7 1.9 1.9 2.5 3.4 6.9 1.8 2.0 2.0 3.5 4.9 2.8 1.3 3.7 3.7 5.7 2.7 3.7 4.2 4.5 6.0 3.8 4.1 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2014 Line June July Aug. 2015 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 ...................... 109.034 106.624 92.562 113.927 110.280 109.125 106.622 92.390 114.029 110.419 109.072 106.142 92.197 113.381 110.589 109.150 106.069 92.062 113.348 110.745 109.198 105.900 91.975 113.131 110.906 109.021 104.985 91.419 112.008 111.116 108.771 104.008 90.996 110.705 111.247 108.281 102.296 90.761 108.117 111.395 1 2 3 4 5 107.621 109.728 132.811 108.613 106.920 107.725 110.017 132.370 108.724 107.047 107.808 110.397 128.827 108.617 107.090 107.932 110.574 127.829 108.688 107.212 108.065 110.640 126.085 108.653 107.262 108.120 110.941 120.506 108.416 107.282 108.131 111.164 114.285 108.135 107.295 108.196 6 110.894 7 102.366 8 107.518 9 107.295 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 ...................... 0.2 0.4 –0.1 0.7 0.1 0.1 0.0 –0.2 0.1 0.1 0.0 –0.5 –0.2 –0.6 0.2 0.1 –0.1 –0.1 0.0 0.1 0.0 –0.2 –0.1 –0.2 0.1 –0.2 –0.9 –0.6 –1.0 0.2 –0.2 –0.9 –0.5 –1.2 0.1 –0.5 –1.6 –0.3 –2.3 0.1 11 12 13 14 15 0.2 0.0 1.7 0.2 0.2 0.1 0.3 –0.3 0.1 0.1 0.1 0.3 –2.7 –0.1 0.0 0.1 0.2 –0.8 0.1 0.1 0.1 0.1 –1.4 0.0 0.0 0.1 0.3 –4.4 –0.2 0.0 0.0 0.2 –5.2 –0.3 0.0 0.1 –0.2 –10.4 –0.6 0.0 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2014 Line June 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... July r 2.1 2.4 3.5 7.0 1.9 1.8 2.3 2.4 3.3 7.0 1.6 1.9 Aug. r 2.3 2.9 4.4 8.4 2.5 2.1 2015 r Sept. Oct. 2.1 2.7 3.7 8.5 1.5 2.2 r Nov. 2.6 2.8 3.8 7.4 2.2 2.2 r Dec. 3.0 2.8 4.2 7.9 2.5 2.1 r 3.8 2.8 4.0 8.8 1.7 2.2 Jan. p 4.2 3.4 5.2 9.8 3.0 2.5 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 2014. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Line 1 Personal consumption expenditures (PCE) ............................ 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ....................................................................................... 8 Energy goods and services 2 .................................................... 9 Market-based PCE 3 ................................................................. 10 Market-based PCE excluding food and energy 3 ...................... 2014 June July Aug. Sept. 2015 Oct. r Nov. r Dec. r 1.6 0.3 –2.6 1.7 2.3 1.6 0.2 –2.4 1.6 2.2 1.5 –0.2 –2.3 0.9 2.3 1.4 –0.1 –2.4 1.0 2.2 1.4 –0.1 –2.3 1.0 2.2 1.2 –0.8 –2.6 0.1 2.2 0.8 –1.8 –2.7 –1.4 2.1 1.5 1.8 3.1 1.5 1.3 1.5 2.0 2.5 1.5 1.3 1.5 2.2 0.1 1.3 1.3 1.5 2.5 –0.9 1.3 1.3 1.5 2.5 –1.3 1.2 1.3 1.4 2.8 –5.3 1.0 1.2 1.3 2.9 –11.6 0.5 1.2 Jan. p 0.2 –3.4 –2.8 –3.7 2.0 Line 1 2 3 4 5 1.3 6 2.7 7 –21.2 8 –0.1 9 1.1 10 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
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