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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 10:00 A.M. EST, FRIDAY, FEBRUARY 26, 2016 BEA 16-09 Technical: James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov Media: Jeannine Aversa (202) 606-2649 PERSONAL INCOME AND OUTLAYS: JANUARY 2016 Personal income increased $79.6 billion, or 0.5 percent, and disposable personal income (DPI) increased $63.5 billion, or 0.5 percent, in January, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $63.0 billion, or 0.5 percent. In December, personal income increased $45.6 billion, or 0.3 percent, DPI increased $39.2 billion, or 0.3 percent, and PCE increased $11.6 billion, or 0.1 percent, based on revised estimates. Real DPI increased 0.4 percent in January, the same increase as in December. Real PCE increased 0.4 percent in January, compared with an increase of 0.2 percent in December. 2015 Sept. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.1 Oct. Nov. Dec. (Percent change from preceding month) 0.3 0.3 0.3 2016 Jan. 0.5 0.2 0.2 0.3 0.2 0.2 0.1 0.3 0.4 0.5 0.4 0.2 0.2 0.1 0.0 0.4 0.3 0.1 0.2 0.5 0.4 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2015 (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 (QCEW) 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 $48.1 billion in January, compared with an increase of $18.3 billion in December. Private wages and salaries increased $43.7 billion, compared with an increase of $15.9 billion. Government wages and salaries increased $4.4 billion, compared with an increase of $2.4 billion. Supplements to wages and salaries increased $6.5 billion in January, compared with an increase of $5.0 billion in December. Other personal income Proprietors' income increased $7.7 billion in January, compared with an increase of $11.5 billion in December. Farm proprietors' income increased $3.1 billion, in contrast to a decrease of $4.8 billion. Nonfarm proprietors' income increased $4.6 billion, compared with an increase of $16.3 billion. Rental income of persons increased $5.0 billion in January, compared with an increase of $3.8 billion in December. Personal income receipts on assets (personal interest income plus personal dividend income) increased $11.6 billion, in contrast to a decrease of $8.5 billion. Personal current transfer receipts increased $10.6 billion in January, compared with an increase of $17.5 billion in December. Contributions for government social insurance -- a subtraction in calculating personal income -increased $10.0 billion in January, compared with an increase of $2.0 billion in December. Personal current taxes and disposable personal income Personal current taxes increased $16.1 billion in January, compared with an increase of $6.3 billion in December. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $63.5 billion, or 0.5 percent, compared with an increase of $39.2 billion, or 0.3 percent. -more- -3- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $67.5 billion in January, compared with an increase of $14.3 billion in December. PCE increased $63.0 billion, compared with an increase of $11.6 billion. Personal saving -- DPI less personal outlays -- was $705.1 billion in January, compared with $709.2 billion in December. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.2 percent, 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/nipafrb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in January, the same increase as in December. Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in January, compared with an increase of 0.2 percent in December. Purchases of durable goods increased 1.1 percent, in contrast to a decrease of 0.4 percent. Purchases of nondurable goods increased 0.4 percent, in contrast to a decrease of 0.1 percent. Purchases of services increased 0.3 percent, the same increase as in December. The price index for PCE increased 0.1 percent in January, in contrast to a decrease of 0.1 percent in December. The PCE price index, excluding food and energy, increased 0.3 percent, compared with an increase of 0.1 percent. The January PCE price index increased 1.3 percent from January a year ago. The January PCE price index, excluding food and energy, increased 1.7 percent from January a year ago. 2015 Personal Income and Outlays Personal income increased 4.4 percent in 2015 (that is, from the 2014 annual level to the 2015 annual level), the same increase as in 2014. DPI increased 3.7 percent in 2015, compared with an increase of 4.2 percent in 2014. PCE increased 3.4 percent, compared with an increase of 4.2 percent. Real DPI increased 3.4 percent in 2015, compared with an increase of 2.7 percent in 2014. Real PCE increased 3.1 percent, compared with an increase of 2.7 percent. -more- -4- Revisions Estimates have been revised for July 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 for 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 July through December reflect revised BLS employment, hours, and earnings data. Change from preceding month November Previous Revised Previous Revised (Billions of dollars) (Percent) Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars December Previous Revised Previous Revised (Billions of dollars) (Percent) 44.3 42.9 0.3 0.3 42.5 45.6 0.3 0.3 33.4 21.8 30.6 12.1 0.2 0.2 0.2 0.1 37.8 46.2 39.2 44.1 0.3 0.4 0.3 0.4 59.4 46.3 48.5 29.7 0.5 0.4 0.4 0.3 -0.7 10.1 11.6 18.3 0.0 0.1 0.1 0.2 BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API at www.bea.gov/API/signup/index.cfm. BEA's news release schedule is available at http://bea.gov/newsreleases/news_release_sort_national.htm * * * Next release – Monday, March 28, 2016 at 8:30 A.M. EDT Personal Income and Outlays for February -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2015 June 1 Personal income ................................................................................... 2 Compensation of employees ............................................................ July r Aug. r Sept. 2016 r Oct. r Nov. r Dec. r Jan. Line p 15,356.0 15,406.8 15,451.3 15,472.9 15,523.3 15,566.2 15,611.8 15,691.4 9,661.0 9,690.1 9,719.9 9,718.5 9,769.4 9,816.7 9,840.0 9,894.7 1 2 3 4 5 6 7 8 9 10 Wages and salaries ........................................................................ Private industries........................................................................... Goods-producing industries ....................................................... Manufacturing ......................................................................... Services-producing industries.................................................... Trade, transportation, and utilities........................................... Other services-producing industries ....................................... Government................................................................................... 7,831.1 6,562.3 1,308.2 804.9 5,254.1 1,234.8 4,019.4 1,268.8 7,855.1 6,583.1 1,313.2 805.2 5,269.9 1,239.5 4,030.4 1,272.0 7,879.5 6,604.6 1,314.1 805.9 5,290.4 1,244.2 4,046.2 1,274.9 7,875.4 6,599.7 1,307.3 801.2 5,292.4 1,246.6 4,045.8 1,275.7 7,920.0 6,642.9 1,315.5 805.0 5,327.4 1,252.6 4,074.8 1,277.0 7,960.8 6,681.5 1,331.9 816.5 5,349.6 1,257.2 4,092.5 1,279.2 7,979.1 6,697.5 1,322.0 806.0 5,375.5 1,262.7 4,112.8 1,281.6 8,027.2 6,741.1 1,331.7 813.8 5,409.5 1,265.8 4,143.7 1,286.1 3 4 5 6 7 8 9 10 11 12 Supplements to wages and salaries............................................. Employer contributions for employee pension and insurance funds 1 ......................................................................................... Employer contributions for government social insurance.............. Proprietors’ income with inventory valuation and capital consumption adjustments............................................................. Farm ................................................................................................. Nonfarm............................................................................................ Rental income of persons with capital consumption adjustment. Personal income receipts on assets................................................ Personal interest income .................................................................. Personal dividend income ................................................................ Personal current transfer receipts ................................................... Government social benefits to persons ............................................ Social security 2.............................................................................. Medicare 3 ...................................................................................... Medicaid ........................................................................................ Unemployment insurance.............................................................. Veterans’ benefits.......................................................................... Other ............................................................................................. Other current transfer receipts, from business (net)......................... Less: Contributions for government social insurance, domestic. 1,829.8 1,835.0 1,840.4 1,843.1 1,849.5 1,855.9 1,860.9 1,867.5 11 1,262.4 567.4 1,266.4 568.6 1,270.4 569.9 1,273.9 569.2 1,277.6 571.8 1,281.5 574.4 1,285.7 575.3 1,289.4 578.0 12 13 1,386.0 59.7 1,326.3 661.1 2,195.3 1,331.0 864.3 2,656.3 2,613.2 868.7 617.4 530.8 33.4 95.3 467.5 43.1 1,203.7 1,398.0 62.4 1,335.5 661.6 2,196.7 1,333.0 863.8 2,666.8 2,623.5 872.3 619.8 536.5 33.0 95.1 466.9 43.3 1,206.3 1,398.1 65.2 1,332.9 663.4 2,202.5 1,335.0 867.5 2,676.7 2,633.2 875.9 622.4 540.1 33.2 94.6 467.0 43.4 1,209.2 1,404.2 68.0 1,336.2 665.8 2,209.1 1,337.0 872.1 2,683.6 2,639.9 875.4 625.2 544.6 32.6 95.5 466.7 43.6 1,208.2 1,407.2 63.2 1,344.1 668.3 2,203.3 1,328.6 874.7 2,688.7 2,644.9 877.6 628.2 545.4 31.7 96.1 465.9 43.8 1,213.7 1,401.7 58.4 1,343.3 671.6 2,198.6 1,320.3 878.3 2,696.6 2,652.6 878.2 631.4 546.7 32.2 98.2 465.9 44.0 1,218.9 1,413.1 53.6 1,359.5 675.4 2,190.1 1,311.9 878.1 2,714.1 2,669.9 889.3 634.8 550.8 32.6 98.4 463.8 44.2 1,221.0 1,420.8 56.7 1,364.1 680.4 2,201.7 1,321.5 880.2 2,724.7 2,680.4 884.0 638.4 554.0 32.8 97.5 473.7 44.3 1,230.9 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1,951.3 1,954.3 1,958.7 1,958.8 1,974.2 1,986.5 1,992.9 2,009.0 13,404.7 13,452.5 13,492.6 13,514.1 13,549.1 13,579.7 13,618.9 13,682.4 12,739.2 12,775.9 12,810.8 12,831.9 12,844.2 12,895.4 12,909.8 12,977.3 12,288.2 12,326.6 12,363.6 12,386.7 12,397.2 12,445.7 12,457.3 12,520.4 4,002.0 4,026.3 4,033.2 4,012.7 4,006.0 4,033.3 4,005.5 4,021.8 1,321.0 1,334.5 1,339.1 1,345.3 1,338.8 1,353.4 1,347.3 1,363.9 2,680.9 2,691.8 2,694.1 2,667.4 2,667.2 2,679.9 2,658.2 2,657.9 8,286.2 8,300.3 8,330.4 8,374.0 8,391.2 8,412.4 8,451.8 8,498.5 274.1 271.7 269.4 267.1 269.4 271.7 274.0 273.9 176.9 177.5 177.7 178.0 177.7 178.0 178.4 183.1 97.3 97.5 97.7 98.0 98.3 98.6 99.0 103.7 79.6 80.0 80.0 80.0 79.4 79.4 79.4 79.4 665.5 676.6 681.8 682.2 704.8 684.2 709.2 705.1 5.0 5.0 5.1 5.0 5.2 5.0 5.2 5.2 31 32 33 34 35 36 37 38 39 40 41 42 43 44 11,580.3 11,605.9 11,639.8 11,659.7 11,691.9 11,708.8 11,742.3 11,793.0 45 12,223.2 12,255.0 12,293.9 12,320.4 12,342.8 12,354.8 12,398.9 12,443.9 46 41,688 38,014 321,547 47 48 49 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Less: Personal current taxes ............................................................... Equals: Disposable personal income ................................................. Less: Personal outlays ......................................................................... Personal consumption expenditures.................................................... Goods ............................................................................................... Durable goods ............................................................................... Nondurable goods ......................................................................... Services............................................................................................ Personal interest payments 4 ................................................................ Personal current transfer payments..................................................... To government.................................................................................. To the rest of the world (net)............................................................. Equals: Personal saving....................................................................... Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................. Disposable personal income: Total, billions of chained (2009) dollars 5 ........................................... Per capita: Current dollars............................................................................... Chained (2009) dollars .................................................................. Population (midperiod, thousands) 6..................................................... 41,807 38,086 321,774 41,900 38,178 322,016 41,936 38,232 322,255 42,015 38,274 322,484 42,082 38,286 322,697 42,177 38,399 322,897 42,350 38,517 323,076 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2015. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2014 r III Line 2015 IV I II 1 Personal income.................................................................................... 14,694.2 15,341.9 14,774.8 14,955.7 15,079.8 15,277.0 2 Compensation of employees ............................................................ 9,248.9 9,655.3 9,289.9 9,424.9 9,487.9 9,615.2 3 Wages and salaries......................................................................... 7,477.8 7,824.4 7,513.9 7,632.6 7,682.4 7,791.8 4 Private industries ........................................................................... 6,240.5 6,555.6 6,270.7 6,384.4 6,425.9 6,526.7 5 Goods-producing industries ....................................................... 1,260.9 1,306.5 1,266.6 1,292.9 1,288.0 1,303.2 6 Manufacturing ......................................................................... 780.9 801.8 781.4 796.5 792.1 801.7 7 Services-producing industries .................................................... 4,979.7 5,249.1 5,004.1 5,091.5 5,138.0 5,223.5 8 Trade, transportation, and utilities........................................... 1,175.5 1,235.2 1,179.2 1,203.3 1,210.9 1,229.1 9 Other services-producing industries ....................................... 3,804.2 4,013.9 3,825.0 3,888.2 3,927.0 3,994.4 10 Government................................................................................... 1,237.2 1,268.8 1,243.2 1,248.2 1,256.5 1,265.0 11 Supplements to wages and salaries ............................................. 1,771.2 1,831.0 1,776.0 1,792.3 1,805.5 1,823.4 Employer contributions for employee pension and insurance 12 funds 1 ......................................................................................... 1,224.0 1,264.3 1,227.1 1,236.3 1,246.8 1,258.3 13 Employer contributions for government social insurance .............. 547.2 566.7 548.9 556.0 558.7 565.0 14 Proprietors’ income with inventory valuation and capital consumption adjustments ............................................................. 1,346.7 1,388.5 1,357.8 1,377.9 1,369.4 1,377.0 15 Farm ................................................................................................. 78.1 60.2 77.2 74.8 60.5 56.9 16 Nonfarm ............................................................................................ 1,268.6 1,328.2 1,280.6 1,303.0 1,308.9 1,320.1 17 Rental income of persons with capital consumption adjustment. 610.8 656.6 618.4 628.4 637.0 654.1 18 Personal income receipts on assets................................................ 2,117.5 2,181.0 2,115.0 2,130.6 2,145.5 2,178.3 19 Personal interest income .................................................................. 1,302.0 1,312.8 1,288.1 1,289.8 1,282.6 1,313.4 20 Personal dividend income................................................................. 815.5 868.2 826.8 840.8 863.0 864.9 21 Personal current transfer receipts ................................................... 2,529.2 2,663.1 2,556.5 2,571.0 2,625.8 2,651.3 22 Government social benefits to persons ............................................ 2,487.2 2,620.0 2,514.4 2,528.9 2,583.4 2,608.4 23 Social security 2 .............................................................................. 834.6 871.8 837.2 843.8 861.6 869.4 597.8 619.8 600.8 605.3 609.8 615.3 24 Medicare 3 ...................................................................................... 25 Medicaid ........................................................................................ 487.4 535.2 505.9 507.1 523.9 529.0 26 Unemployment insurance.............................................................. 35.8 33.3 34.6 32.9 35.0 33.1 27 Veterans’ benefits .......................................................................... 83.7 94.4 83.8 86.7 90.7 94.1 28 Other.............................................................................................. 447.9 465.4 452.2 453.3 462.2 467.5 29 Other current transfer receipts, from business (net) ......................... 42.0 43.2 42.1 42.1 42.4 42.9 30 Less: Contributions for government social insurance, domestic. 1,159.0 1,202.6 1,162.9 1,177.2 1,185.8 1,198.9 31 Less: Personal current taxes ............................................................... 1,780.2 1,945.1 1,792.0 1,838.8 1,900.1 1,938.7 32 Equals: Disposable personal income.................................................. 12,913.9 13,396.8 12,982.7 13,116.8 13,179.8 13,338.3 33 Less: Personal outlays ......................................................................... 12,293.7 12,714.0 12,377.0 12,502.5 12,492.2 12,674.5 34 Personal consumption expenditures .................................................... 11,865.9 12,269.1 11,949.1 12,061.4 12,055.5 12,228.4 35 Goods ............................................................................................... 3,948.4 3,979.7 3,987.4 3,980.1 3,901.5 3,978.1 36 Durable goods ............................................................................... 1,280.2 1,328.6 1,295.1 1,303.5 1,301.8 1,326.4 37 Nondurable goods ......................................................................... 2,668.2 2,651.1 2,692.2 2,676.6 2,599.7 2,651.8 38 Services ............................................................................................ 7,917.5 8,289.4 7,961.7 8,081.3 8,153.9 8,250.2 39 Personal interest payments 4 ................................................................ 254.2 267.9 254.3 263.1 261.3 269.3 40 Personal current transfer payments ..................................................... 173.6 177.0 173.6 178.0 175.5 176.8 41 To government .................................................................................. 95.3 97.7 95.7 95.9 97.0 97.2 42 To the rest of the world (net) ............................................................. 78.3 79.4 77.9 82.2 78.5 79.6 43 Equals: Personal saving....................................................................... 620.2 682.8 605.7 614.3 687.6 663.9 44 Personal saving as a percentage of disposable personal income 4.8 5.1 4.7 4.7 5.2 5.0 Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 .................................................................. 11,149.8 11,584.8 11,164.6 11,329.0 11,447.6 11,542.2 Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ........................................... 11,836.3 12,240.9 11,863.1 11,998.7 12,114.7 12,193.6 Per capita: 47 Current dollars ............................................................................... 40,453 41,643 40,629 40,962 41,088 41,509 48 Chained (2009) dollars .................................................................. 37,077 38,050 37,125 37,470 37,767 37,947 49 Population (midperiod, thousands) 6 ..................................................... 319,233 321,704 319,544 320,222 320,771 321,337 III r IV r 15,443.7 15,567.1 9,709.5 9,808.7 7,870.0 7,953.3 6,595.8 6,674.0 1,311.5 1,323.1 804.1 809.2 5,284.2 5,350.9 1,243.5 1,257.5 4,040.8 4,093.4 1,274.2 1,279.3 1,839.5 1,855.4 1,270.3 569.2 1 2 3 4 5 6 7 8 9 10 11 1,281.6 573.9 12 13 1,400.1 1,407.3 65.2 58.4 1,334.9 1,349.0 663.6 671.8 2,202.8 2,197.3 1,335.0 1,320.3 867.8 877.1 2,675.7 2,699.8 2,632.2 2,655.8 874.5 881.7 622.5 631.5 540.4 547.6 32.9 32.2 95.1 97.6 466.9 465.2 43.4 44.0 1,207.9 1,217.9 1,957.3 1,984.5 13,486.4 13,582.6 12,806.2 12,883.1 12,359.0 12,433.4 4,024.1 4,015.0 1,339.6 1,346.5 2,684.4 2,668.4 8,334.9 8,418.4 269.4 271.7 177.8 178.0 97.8 98.7 80.0 79.4 680.2 699.4 5.0 5.1 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 44 11,635.1 11,714.3 45 12,289.8 12,365.5 46 41,881 38,165 322,015 47 48 49 42,091 38,320 322,693 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2015. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2015 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. 2016 r Oct. r Nov. r Dec. r Jan. Line p 73.6 35.2 29.4 25.3 2.6 1.5 22.7 2.9 19.8 4.1 5.8 50.8 29.1 23.9 20.8 5.0 0.3 15.8 4.8 11.0 3.2 5.2 44.5 29.8 24.4 21.4 0.9 0.8 20.5 4.7 15.8 3.0 5.3 21.5 –1.4 –4.1 –4.9 –6.9 –4.7 2.0 2.4 –0.4 0.8 2.8 50.4 50.9 44.6 43.3 8.3 3.8 35.0 5.9 29.1 1.3 6.3 42.9 47.3 40.8 38.6 16.4 11.4 22.3 4.6 17.7 2.2 6.5 45.6 23.3 18.3 15.9 –9.9 –10.5 25.9 5.6 20.3 2.4 5.0 79.6 54.7 48.1 43.7 9.7 7.8 34.0 3.1 30.9 4.4 6.5 1 2 3 4 5 6 7 8 9 10 11 4.1 1.7 4.0 1.1 4.0 1.3 3.5 –0.7 3.7 2.7 3.9 2.6 4.2 0.8 3.8 2.8 12 13 9.2 2.8 6.4 7.0 21.0 17.5 3.5 4.6 4.4 –3.2 2.2 3.0 0.6 2.0 –0.1 0.2 3.5 9.9 63.7 42.6 37.7 0.4 –16.4 16.7 37.3 4.8 0.1 0.1 0.0 21.1 12.0 2.8 9.2 0.4 1.4 2.0 –0.6 10.5 10.3 3.6 2.4 5.6 –0.4 –0.3 –0.6 0.2 2.6 3.0 47.8 36.7 38.4 24.3 13.4 10.9 14.1 –2.3 0.6 0.2 0.4 11.2 0.1 2.8 –2.6 1.8 5.8 2.0 3.8 9.9 9.7 3.7 2.6 3.6 0.2 –0.4 0.1 0.2 2.9 4.5 40.0 34.9 37.0 6.9 4.6 2.3 30.1 –2.3 0.2 0.2 0.0 5.1 6.1 2.8 3.3 2.4 6.6 2.0 4.6 6.9 6.7 –0.6 2.8 4.5 –0.6 0.8 –0.3 0.2 –1.0 0.1 21.5 21.1 23.1 –20.5 6.2 –26.7 43.6 –2.3 0.3 0.3 0.0 0.4 3.1 –4.8 7.9 2.6 –5.8 –8.3 2.6 5.2 5.0 2.2 3.0 0.8 –0.9 0.7 –0.8 0.2 5.5 15.4 35.0 12.4 10.4 –6.7 –6.5 –0.2 17.1 2.3 –0.3 0.3 –0.6 22.6 –5.6 –4.8 –0.8 3.2 –4.7 –8.3 3.6 7.8 7.7 0.6 3.2 1.4 0.5 2.1 0.0 0.2 5.2 12.3 30.6 51.2 48.5 27.3 14.6 12.8 21.2 2.3 0.3 0.3 0.0 –20.6 11.5 –4.8 16.3 3.8 –8.5 –8.3 –0.2 17.5 17.3 11.1 3.4 4.1 0.5 0.2 –2.1 0.2 2.0 6.3 39.2 14.3 11.6 –27.8 –6.1 –21.7 39.4 2.3 0.4 0.4 0.0 24.9 7.7 3.1 4.6 5.0 11.6 9.6 2.0 10.6 10.5 –5.3 3.6 3.2 0.2 –0.9 9.8 0.1 10.0 16.1 63.5 67.5 63.0 16.3 16.6 –0.3 46.7 –0.2 4.7 4.7 0.0 –4.0 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 36.3 30.0 25.6 31.8 33.8 38.9 19.9 26.5 32.2 22.4 16.9 12.1 33.5 44.1 50.6 45.0 44 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 2015. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 1 Personal income ....................................................................................... 2 Compensation of employees................................................................ 3 Wages and salaries ............................................................................ 4 Private industries .............................................................................. 5 Goods-producing industries........................................................... 6 Manufacturing............................................................................. 7 Services-producing industries ....................................................... 8 Trade, transportation, and utilities .............................................. 9 Other services-producing industries........................................... 10 Government ...................................................................................... 11 Supplements to wages and salaries ................................................ 12 Employer contributions for employee pension and insurance funds 1 13 Employer contributions for government social insurance ................. 14 Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................ 15 Farm..................................................................................................... 16 Nonfarm ............................................................................................... 17 Rental income of persons with capital consumption adjustment .... 18 Personal income receipts on assets ................................................... 19 Personal interest income...................................................................... 20 Personal dividend income .................................................................... 21 Personal current transfer receipts....................................................... 22 Government social benefits to persons................................................ 23 Social security 2 ................................................................................. 24 Medicare 3.......................................................................................... 25 Medicaid............................................................................................ 26 Unemployment insurance ................................................................. 27 Veterans’ benefits ............................................................................. 28 Other ................................................................................................. 29 Other current transfer receipts, from business (net) ............................ 30 Less: Contributions for government social insurance, domestic .... 31 Less: Personal current taxes................................................................... 32 Equals: Disposable personal income ..................................................... 33 Less: Personal outlays............................................................................. 34 Personal consumption expenditures ....................................................... 35 Goods................................................................................................... 36 Durable goods................................................................................... 37 Nondurable goods............................................................................. 38 Services ............................................................................................... 39 Personal interest payments 4 ................................................................... 40 Personal current transfer payments ........................................................ 41 To government ..................................................................................... 42 To the rest of the world (net) ................................................................ 43 Equals: Personal saving .......................................................................... Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5...................................................................................... 45 Disposable personal income, billions of chained (2009) dollars 5 ............ 2014 2015 2014 r Line 2015 IV III IV I II III 625.8 409.3 363.4 333.8 70.8 34.0 263.0 57.0 206.0 29.6 45.9 26.2 19.7 647.7 406.4 346.6 315.1 45.6 20.9 269.5 59.8 209.7 31.5 59.8 40.3 19.5 162.0 112.6 99.4 90.4 16.2 6.3 74.2 13.5 60.7 9.0 13.3 7.7 5.6 180.9 135.0 118.7 113.7 26.3 15.0 87.4 24.1 63.3 5.0 16.3 9.1 7.1 124.2 63.0 49.8 41.5 –4.9 –4.4 46.4 7.6 38.8 8.3 13.2 10.5 2.7 197.2 127.2 109.3 100.8 15.2 9.6 85.5 18.2 67.3 8.6 17.9 11.6 6.3 166.7 94.3 78.2 69.1 8.3 2.4 60.8 14.3 46.4 9.2 16.1 11.9 4.2 123.4 99.2 83.3 78.2 11.6 5.0 66.6 14.0 52.6 5.1 15.9 11.3 4.6 1 2 3 4 5 6 7 8 9 10 11 12 13 61.6 –10.6 72.2 47.4 57.1 30.7 26.5 102.5 101.7 35.6 23.2 47.7 –26.5 4.7 17.1 0.8 52.2 107.5 518.3 488.0 473.7 111.7 42.4 69.3 362.0 10.1 4.3 2.7 1.6 30.3 41.8 –17.9 59.7 45.8 63.5 10.8 52.7 134.0 132.8 37.2 22.0 47.8 –2.5 10.7 17.6 1.2 43.7 164.9 482.8 420.3 403.1 31.2 48.4 –17.1 371.9 13.7 3.5 2.4 1.1 62.6 11.5 –11.6 23.1 12.9 –6.9 –21.8 15.0 43.4 43.3 4.0 5.2 32.3 –1.3 1.5 1.6 0.1 11.6 38.0 124.0 141.8 136.1 35.9 16.0 19.8 100.2 3.8 1.9 0.5 1.4 –17.8 20.1 –2.3 22.4 10.0 15.6 1.7 13.9 14.5 14.5 6.6 4.5 1.2 –1.8 2.9 1.1 0.0 14.3 46.8 134.1 125.6 112.3 –7.2 8.4 –15.6 119.6 8.8 4.5 0.2 4.3 8.6 –8.4 –14.3 5.9 8.5 14.9 –7.3 22.2 54.8 54.5 17.9 4.5 16.9 2.2 4.1 9.0 0.3 8.6 61.2 62.9 –10.3 –5.9 –78.6 –1.7 –76.9 72.7 –1.8 –2.6 1.1 –3.7 73.2 7.5 –3.6 11.2 17.1 32.8 30.8 2.0 25.5 25.0 7.8 5.5 5.1 –1.9 3.3 5.2 0.5 13.1 38.6 158.6 182.3 172.9 76.6 24.5 52.1 96.3 8.0 1.3 0.2 1.1 –23.7 23.1 8.3 14.8 9.5 24.5 21.6 2.9 24.3 23.8 5.1 7.1 11.4 –0.2 1.0 –0.6 0.5 9.0 18.6 148.1 131.7 130.6 45.9 13.3 32.7 84.7 0.1 1.0 0.6 0.4 16.4 7.3 –6.8 14.1 8.2 –5.4 –14.7 9.3 24.1 23.6 7.2 9.0 7.3 –0.8 2.5 –1.7 0.6 10.0 27.3 96.2 77.0 74.4 –9.1 6.9 –16.0 83.5 2.3 0.3 0.9 –0.6 19.2 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 327.5 313.2 435.0 404.6 75.5 78.4 164.4 135.6 118.7 115.9 94.5 78.9 93.0 96.1 79.2 75.7 44 45 r r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2015. 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. r Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Seasonally adjusted at monthly rates Line 2015 June July r Aug. r Sept. r 2016 Oct. r Nov. r Dec. r Line Jan. 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 ................................................................................ 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.1 0.0 –0.1 0.2 0.3 0.5 0.6 0.3 0.3 0.5 0.5 0.4 0.3 0.2 0.2 0.3 0.5 0.6 0.6 0.4 1 2 3 4 0.7 1.1 1.0 1.3 0.4 0.2 0.3 0.5 0.5 0.9 0.1 0.1 0.2 –0.1 0.4 0.2 0.2 0.4 0.0 0.3 0.3 0.2 0.4 0.4 0.2 0.2 0.3 0.4 0.4 0.3 0.2 0.5 0.3 –0.1 0.0 0.2 0.2 0.4 –0.3 –0.6 0.3 0.2 0.5 0.8 0.3 –0.4 0.5 –0.2 –0.6 0.4 0.3 0.4 0.6 0.2 0.8 0.6 –0.4 –0.6 0.0 0.7 0.2 0.3 0.3 0.5 0.7 0.5 0.7 0.2 0.4 0.8 0.8 0.5 5 6 7 8 9 10 11 12 13 0.3 0.0 –1.2 0.6 0.5 0.3 0.6 1.0 0.4 0.2 0.3 0.2 0.3 0.1 0.4 0.2 –0.5 0.5 –1.0 0.5 0.1 –0.2 –0.5 0.0 0.2 0.4 0.7 1.1 0.5 0.3 0.1 –0.7 –0.4 –0.8 0.5 0.5 0.4 1.2 0.0 0.6 14 15 16 17 18 0.2 0.2 0.3 0.2 0.1 0.1 0.3 0.4 0.4 0.4 19 20 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts.................... Real disposable personal income............................................. 0.3 0.2 0.2 0.3 0.3 0.3 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2015. Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2014 2015 r 2014 III Line 2015 IV I II III IV r r Based on current-dollar measures 1 Personal income ........................................................................ 2 Compensation of employees .................................................... 3 Wages and salaries............................................................... 4 Supplements to wages and salaries ..................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments ..................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets......................................... 8 Personal interest income....................................................... 9 Personal dividend income ..................................................... 10 Personal current transfer receipts ............................................ 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes.................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures ........................................ 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods.............................................................. 18 Services ................................................................................ 4.4 4.6 5.1 2.7 4.4 4.4 4.6 3.4 4.5 5.0 5.5 3.0 5.0 5.9 6.5 3.7 3.4 2.7 2.6 3.0 5.3 5.5 5.8 4.0 4.4 4.0 4.1 3.6 3.2 4.2 4.3 3.5 1 2 3 4 4.8 8.4 2.8 2.4 3.4 4.2 4.7 6.4 4.2 3.1 7.5 3.0 0.8 6.5 5.3 3.8 9.3 3.7 3.5 8.8 –1.3 –6.5 7.6 7.1 4.1 9.0 3.9 6.1 6.6 3.0 0.5 6.9 2.3 5.0 10.9 4.2 –2.4 5.5 2.8 –2.2 11.0 8.8 3.0 14.0 1.9 2.2 11.2 6.3 10.0 0.9 3.9 4.5 8.4 4.9 6.9 5.9 4.6 6.7 1.3 3.7 3.0 3.9 4.5 2.1 5.0 –1.0 –4.3 4.3 3.7 3.3 5.7 2.9 5 6 7 8 9 10 11 12 13 4.2 2.9 3.4 2.7 4.8 3.4 0.8 3.8 –0.6 4.7 4.7 3.7 5.1 3.0 5.2 3.8 –0.7 2.6 –2.3 6.1 –0.2 –7.7 –0.5 –11.0 3.6 5.9 8.1 7.8 8.3 4.8 4.3 4.7 4.1 5.0 4.2 2.4 –0.9 2.1 –2.4 4.1 14 15 16 17 18 6.0 4.7 4.3 3.9 3.3 2.6 3.3 3.2 2.8 2.5 19 20 Based on chained (2009) dollar measures 19 20 Real personal income excluding transfer receipts.................... Real disposable personal income............................................. 3.0 2.7 3.9 3.4 2.8 2.7 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2015. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2015 Line June July Aug. 2016 Sept. Oct. r Nov. Dec. r Jan. p r Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures (PCE) ..................... 2 Goods ......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 11,205.1 3,864.9 1,455.3 2,434.7 7,341.7 11,229.3 3,887.7 1,473.9 2,440.9 7,344.3 11,265.2 3,909.0 1,484.1 2,452.5 7,359.7 11,292.7 3,909.1 1,487.0 2,450.2 7,386.2 11,293.4 3,903.2 1,482.9 2,448.0 7,392.3 11,323.1 3,933.0 1,502.9 2,459.5 7,394.1 11,341.4 3,925.4 1,496.9 2,457.4 7,418.5 11,387.0 3,951.4 1,513.7 2,467.9 7,439.3 1 2 3 4 5 18.3 –7.5 –6.0 –2.1 24.4 45.6 25.9 16.8 10.5 20.8 6 7 8 9 10 0.2 –0.2 –0.4 –0.1 0.3 0.4 0.7 1.1 0.4 0.3 11 12 13 14 15 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures (PCE) ..................... 7 Goods ......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 8.6 –7.4 –14.8 5.3 15.1 24.2 22.9 18.6 6.2 2.5 35.9 21.3 10.1 11.6 15.4 27.4 0.1 3.0 –2.3 26.5 0.7 –6.0 –4.2 –2.2 6.1 29.7 29.8 20.0 11.5 1.8 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE) ..................... 12 Goods ......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... 0.1 –0.2 –1.0 0.2 0.2 0.2 0.6 1.3 0.3 0.0 0.3 0.5 0.7 0.5 0.2 0.2 0.0 0.2 –0.1 0.4 0.0 –0.2 –0.3 –0.1 0.1 0.3 0.8 1.4 0.5 0.0 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2014 2015 2014 r III Line 2015 IV I II III IV r Billions of chained (2009) dollars 1 Personal consumption expenditures (PCE)...................... 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... 5 Services ...................................................................................... 10,875.7 3,731.2 1,384.1 2,367.8 7,144.6 11,210.5 3,870.3 1,466.1 2,430.9 7,341.9 10,918.6 3,755.2 1,402.5 2,375.2 7,163.8 11,033.3 3,793.2 1,423.5 2,393.7 7,240.4 11,081.2 3,803.7 1,430.4 2,397.8 7,277.4 11,178.9 3,855.0 1,458.3 2,423.0 7,325.3 11,262.4 3,902.0 1,481.7 2,447.9 7,363.4 11,319.3 3,920.5 1,494.2 2,455.0 7,401.6 1 2 3 4 5 48.0 10.5 7.0 4.1 37.0 97.7 51.3 27.8 25.2 47.9 83.5 47.0 23.4 24.9 38.1 56.9 18.6 12.5 7.1 38.3 6 7 8 9 10 1.8 1.1 2.0 0.7 2.1 3.6 5.5 8.0 4.3 2.7 3.0 5.0 6.6 4.2 2.1 2.0 1.9 3.4 1.2 2.1 11 12 13 14 15 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures (PCE)...................... 7 Goods.......................................................................................... 8 Durable goods .......................................................................... 9 Nondurable goods .................................................................... 10 Services ...................................................................................... 285.3 118.4 76.5 48.0 167.6 334.7 139.1 82.0 63.1 197.3 92.3 37.2 25.2 14.2 55.3 114.7 38.0 21.0 18.5 76.5 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures (PCE)...................... 12 Goods.......................................................................................... 13 Durable goods .......................................................................... 14 Nondurable goods .................................................................... 15 Services ...................................................................................... r Revised 2.7 3.3 5.9 2.1 2.4 3.1 3.7 5.9 2.7 2.8 3.5 4.1 7.5 2.4 3.1 4.3 4.1 6.1 3.1 4.3 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2015 Line June July Aug. 2016 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 ....................... 109.670 103.545 90.755 110.116 112.872 109.775 103.559 90.522 110.279 113.024 109.753 103.172 90.216 109.848 113.196 109.691 102.643 90.452 108.862 113.381 109.777 102.630 90.270 108.950 113.519 109.917 102.547 90.036 108.961 113.777 109.843 102.036 89.989 108.172 113.935 109.956 101.779 90.090 107.700 114.244 1 2 3 4 5 109.416 110.769 110.321 108.494 108.007 109.512 111.006 110.391 108.595 108.097 109.603 111.176 107.856 108.547 108.174 109.794 111.371 102.512 108.480 108.395 109.864 111.461 102.842 108.587 108.487 110.027 111.197 103.136 108.678 108.597 110.121 110.868 100.042 108.571 108.677 110.406 110.704 97.129 108.622 108.915 6 7 8 9 10 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE)...................... 12 Goods .......................................................................................... 13 Durable goods........................................................................... 14 Nondurable goods..................................................................... 15 Services....................................................................................... Addenda: 16 PCE excluding food and energy ............................................... 17 Food 1 ........................................................................................ 18 Energy goods and services 2 ..................................................... 19 Market-based PCE 3 .................................................................. 20 Market-based PCE excluding food and energy 3 ....................... 0.2 0.2 –0.2 0.4 0.2 0.1 0.0 –0.3 0.1 0.1 0.0 –0.4 –0.3 –0.4 0.2 –0.1 –0.5 0.3 –0.9 0.2 0.1 0.0 –0.2 0.1 0.1 0.1 –0.1 –0.3 0.0 0.2 –0.1 –0.5 –0.1 –0.7 0.1 0.1 –0.3 0.1 –0.4 0.3 11 12 13 14 15 0.1 0.3 1.8 0.2 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.2 –2.3 0.0 0.1 0.2 0.2 –5.0 –0.1 0.2 0.1 0.1 0.3 0.1 0.1 0.1 –0.2 0.3 0.1 0.1 0.1 –0.3 –3.0 –0.1 0.1 0.3 –0.1 –2.9 0.0 0.2 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2015 Line June July Aug. r r Sept. 2016 r Oct. Nov. r r Dec. r Jan. p Line 1 Disposable personal income..................................................... 3.4 3.6 3.5 3.7 3.5 2.9 2.8 2.8 1 2 Personal consumption expenditures ....................................... 3 Goods........................................................................................ 4 Durable goods........................................................................ 5 Nondurable goods.................................................................. 6 Services .................................................................................... 3.2 3.5 4.8 2.9 3.0 3.3 4.0 6.0 3.1 3.0 3.0 3.6 5.0 2.9 2.7 3.1 4.1 6.0 3.2 2.7 2.7 3.5 5.1 2.6 2.3 2.5 3.4 4.9 2.6 2.1 2.5 3.2 4.9 2.4 2.2 2.9 4.0 6.1 3.0 2.3 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 2015. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2015 Line 1 June July Aug. Sept. 2016 Oct. r Nov. r Dec. r Jan. p Line Personal consumption expenditures (PCE)...................... 0.3 0.3 0.3 0.2 0.2 0.5 0.7 1.3 1 2 Goods.......................................................................................... 3 Durable goods .......................................................................... 4 Nondurable goods .................................................................... –2.7 –2.1 –3.0 –2.7 –2.1 –2.9 –2.7 –2.3 –3.0 –3.2 –1.9 –3.9 –3.1 –2.0 –3.6 –2.3 –1.6 –2.6 –1.8 –1.2 –2.2 –0.5 –0.9 –0.3 2 3 4 5 Services ...................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ........................................................................................ 8 Energy goods and services 2 ..................................................... 9 Market-based PCE 3 .................................................................. 10 Market-based PCE excluding food and energy 3 ....................... 1.9 1.8 1.8 1.9 1.9 1.9 1.9 2.1 5 1.3 1.0 –15.9 0.0 1.1 1.3 0.9 –15.7 0.0 1.0 1.3 0.7 –16.2 0.0 1.1 1.3 0.7 –19.7 –0.1 1.2 1.3 0.7 –18.3 0.0 1.2 1.4 0.2 –14.3 0.3 1.3 1.5 –0.3 –12.4 0.4 1.3 1.7 –0.2 –5.2 1.1 1.5 6 7 8 9 10 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.