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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, AUGUST 30, 2012 BEA 12-36 James Rankin: (202) 606-5301 Kyle Brown: (202) 606-5302 (Personal Income) (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: JULY 2012 Personal income increased $42.3 billion, or 0.3 percent, and disposable personal income (DPI) increased $39.9 billion, or 0.3 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $46.0 billion, or 0.4 percent. In June, personal income increased $46.1 billion, or 0.3 percent, DPI increased $37.4 billion, or 0.3 percent, and PCE increased $3.5 billion, or less than 0.1 percent, based on revised estimates. Real disposable income increased 0.3 percent in July, compared with an increase of 0.2 percent in June. Real PCE increased 0.4 percent, in contrast to a decrease of 0.1 percent. 2012 Mar. Apr. May June (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2005) dollars Personal consumption expenditures: Current dollars Chained (2005) dollars July 0.5 0.2 0.3 0.3 0.3 0.5 0.2 0.1 0.1 0.3 0.5 0.3 0.2 0.3 0.3 0.3 0.0 0.3 0.3 -0.2 0.0 0.0 -0.1 0.4 0.4 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2012 (first quarter). These estimates reflect the incorporation of newly available first-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. ________________________ NOTE. Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $16.1 billion in July, compared with an increase of $28.5 billion in June. Goods-producing industries' payrolls increased $5.5 billion, compared with an increase of $7.1 billion; manufacturing payrolls increased $3.6 billion, compared with an increase of $4.9 billion. Services-producing industries' payrolls increased $10.6 billion, compared with an increase of $21.4 billion. Government wage and salary disbursements increased $0.3 billion, compared with an increase of $0.5 billion. Other personal income Supplements to wages and salaries increased $4.3 billion in July, compared with an increase of $4.1 billion in June. Proprietors' income increased $5.7 billion in July, compared with an increase of $0.6 billion in June. Farm proprietors' income increased $3.3 billion, compared with an increase of $1.8 billion. Nonfarm proprietors' income increased $2.4 billion, in contrast to a decrease of $1.2 billion. Rental income of persons increased $4.7 billion in July, compared with an increase of $1.4 billion in June. Personal income receipts on assets (personal interest income plus personal dividend income) increased $3.4 billion, compared with an increase of $9.9 billion. Personal current transfer receipts increased $10.3 billion in July, compared with an increase of $3.8 billion in June. Within current transfer receipts, government social benefits to persons for Medicare increased $6.9 billion, in contrast to a decrease of $0.2 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $2.5 billion in July, compared with an increase of $2.8 billion in June. Personal current taxes and disposable personal income Personal current taxes increased $2.4 billion in July, compared with an increase of $8.8 billion in June. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $39.9 billion, or 0.3 percent, in July, compared with an increase of $37.4 billion, or 0.3 percent, in June. -3- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $49.8 billion in July; personal outlays were unchanged in June. PCE increased $46.0 billion in July, compared to an increase of $3.5 billion in June. Personal saving -- DPI less personal outlays -- was $506.3 billion in July, compared with $516.2 billion in June. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.2 percent in July, compared with 4.3 percent in June. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in July, compared with an increase of 0.2 percent in June. Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in July, in contrast to a decrease of 0.1 percent in June. Purchases of durable goods increased 1.1 percent, compared with an increase of 0.4 percent. Purchases of nondurable goods increased 0.5 percent, in contrast to a decrease of 0.5 percent. Purchases of services increased 0.3 percent, in contrast to a decrease of less than 0.1 percent. The PCE price index increased less than 0.1 percent in July, compared to an increase of 0.1 percent in June. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared to an increase of 0.2 percent. -4- Revisions Estimates for personal income and DPI have been revised for January through June; estimates for PCE have been revised for April through June. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for May and June -revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from January through June. The revision to firstquarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of the first-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for April, May, and June reflect extrapolations from the revised first-quarter level of wages. In addition, revisions to May and June reflect revised BLS employment, hours, and earnings data for those months. Change from preceding month May Previous Revised (Billions of dollars) June Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars 39.0 37.3 0.3 0.3 61.8 46.1 0.5 0.3 Disposable personal income: Current dollars Chained (2005) dollars 31.7 46.7 30.1 46.2 0.3 0.5 0.3 0.5 52.4 34.1 37.4 21.4 0.4 0.3 0.3 0.2 Personal consumption expenditures: Current dollars -13.3 Chained (2005) dollars 6.4 -21.8 -0.1 -0.1 0.1 -0.2 0.0 -1.3 -11.6 3.5 -7.2 0.0 -0.1 0.0 -0.1 BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release – September 28, 2012 at 8:30 A.M. EDT for Personal Income and Outlays for August Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2011 2012 December January r February r 1 Personal income....................................................................................... 2 Compensation of employees, received............................................... 3 Wage and salary disbursements ...................................................... 4 Private industries .............................................................................. 5 Goods-producing industries .......................................................... 6 Manufacturing ............................................................................ 7 Services-producing industries....................................................... 8 Trade, transportation, and utilities .............................................. 9 Other services-producing industries .......................................... 10 Government...................................................................................... 11 Supplements to wages and salaries ................................................ 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance ................. 14 Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................ 15 Farm..................................................................................................... 16 Nonfarm ............................................................................................... 17 Rental income of persons with capital consumption adjustment.... 18 Personal income receipts on assets ................................................... 19 Personal interest income ..................................................................... 20 Personal dividend income.................................................................... 21 Personal current transfer receipts....................................................... 22 Government social benefits to persons................................................ 23 Social security 1 ................................................................................ 24 Medicare 2 ........................................................................................ 25 Medicaid ........................................................................................... 26 Unemployment insurance................................................................. 27 Veterans’ benefits ............................................................................. 28 Other................................................................................................. 29 Other current transfer receipts, from business (net) ............................ 30 Less: Contributions for government social insurance, domestic .... 31 Less: Personal current taxes .................................................................. 32 Equals: Disposable personal income..................................................... 33 Less: Personal outlays ............................................................................ 34 Personal consumption expenditures ....................................................... 35 Goods .................................................................................................. 36 Durable goods .................................................................................. 37 Nondurable goods ............................................................................ 38 Services ............................................................................................... 39 Personal interest payments 3 .................................................................. 40 Personal current transfer payments ........................................................ 41 To government ..................................................................................... 42 To the rest of the world (net) ................................................................ 43 Equals: Personal saving .......................................................................... 44 Personal saving as a percentage of disposable personal income ... Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2005) dollars 4..................................................................... Disposable personal income: 46 Total, billions of chained (2005) dollars 4 ............................................. Per capita: 47 Current dollars .................................................................................. 48 Chained (2005) dollars ..................................................................... 49 Population (midperiod, thousands) 5 ....................................................... Line March r April r May r June r July p 13,032.2 8,336.5 6,687.6 5,495.9 1,108.7 702.5 4,387.1 1,055.7 3,331.4 1,191.8 1,648.8 1,153.6 495.2 13,148.4 8,440.7 6,776.7 5,579.0 1,133.5 716.4 4,445.6 1,074.8 3,370.8 1,197.6 1,664.0 1,156.9 507.1 13,234.7 8,501.7 6,831.5 5,632.1 1,145.6 723.5 4,486.4 1,086.4 3,400.0 1,199.4 1,670.2 1,159.5 510.6 13,298.3 8,544.6 6,869.4 5,669.2 1,153.0 729.2 4,516.2 1,088.7 3,427.5 1,200.2 1,675.2 1,162.3 512.9 13,322.2 8,544.6 6,867.0 5,666.8 1,148.8 726.8 4,518.0 1,091.8 3,426.2 1,200.1 1,677.6 1,164.9 512.7 13,359.5 8,555.5 6,874.9 5,675.3 1,142.9 723.4 4,532.4 1,094.6 3,437.8 1,199.7 1,680.5 1,167.7 512.9 13,405.6 8,588.6 6,904.1 5,703.8 1,150.0 728.3 4,553.8 1,101.7 3,452.1 1,200.2 1,684.6 1,170.4 514.2 13,447.9 8,609.4 6,920.4 5,719.9 1,155.5 731.9 4,564.4 1,103.3 3,461.1 1,200.5 1,688.9 1,173.2 515.7 1 2 3 4 5 6 7 8 9 10 11 12 13 1,169.8 54.0 1,115.8 433.3 1,687.8 985.8 702.0 2,326.4 2,282.8 728.7 554.0 392.1 98.5 65.1 444.4 43.6 921.6 1,423.1 11,609.1 11,216.7 10,886.3 3,684.1 1,179.1 2,505.0 7,202.2 165.3 165.1 90.0 75.1 392.3 3.4 1,174.1 53.1 1,121.0 439.2 1,690.1 988.8 701.3 2,341.3 2,296.0 749.2 554.1 394.8 97.5 67.3 433.0 45.2 937.0 1,439.6 11,708.8 11,278.0 10,941.8 3,721.8 1,197.9 2,523.9 7,220.0 170.4 165.8 90.3 75.5 430.8 3.7 1,188.6 52.3 1,136.3 445.3 1,695.8 991.8 704.0 2,346.5 2,301.2 752.1 555.7 397.7 94.1 68.5 433.1 45.3 943.2 1,452.0 11,782.7 11,367.2 11,025.8 3,765.7 1,208.8 2,556.9 7,260.1 175.4 166.1 90.5 75.5 415.4 3.5 1,190.4 51.4 1,139.0 451.3 1,703.2 994.9 708.3 2,356.2 2,310.9 758.2 557.9 400.3 91.0 70.7 432.8 45.4 947.4 1,460.6 11,837.7 11,400.8 11,054.1 3,780.2 1,207.1 2,573.1 7,273.9 180.4 166.3 90.8 75.5 436.8 3.7 1,193.3 53.3 1,140.0 452.1 1,720.0 1,002.6 717.4 2,359.2 2,313.5 756.8 556.2 406.1 89.5 71.1 433.9 45.8 947.0 1,467.0 11,855.2 11,431.7 11,087.1 3,769.5 1,201.9 2,567.6 7,317.5 176.7 167.9 91.1 76.8 423.5 3.6 1,198.8 55.2 1,143.6 453.4 1,738.1 1,010.4 727.7 2,361.4 2,315.7 756.8 557.4 412.3 83.6 71.9 433.7 45.7 947.7 1,474.1 11,885.3 11,406.5 11,065.3 3,734.1 1,199.1 2,535.0 7,331.2 173.0 168.2 91.3 76.8 478.9 4.0 1,199.4 57.0 1,142.4 454.8 1,748.0 1,018.1 729.9 2,365.2 2,319.4 764.6 557.2 413.7 78.4 71.6 433.9 45.8 950.5 1,482.9 11,922.7 11,406.5 11,068.8 3,722.1 1,202.0 2,520.1 7,346.7 169.3 168.4 91.6 76.8 516.2 4.3 1,205.1 60.3 1,144.8 459.5 1,751.4 1,013.5 738.0 2,375.5 2,329.5 762.1 564.1 414.6 78.1 73.8 436.8 46.0 953.0 1,485.3 11,962.6 11,456.3 11,114.8 3,748.1 1,211.6 2,536.4 7,366.8 172.8 168.6 91.8 76.8 506.3 4.2 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 44 9,335.9 9,400.7 9,440.8 9,465.6 9,482.0 9,530.9 9,557.4 9,584.3 45 10,123.6 10,185.0 10,216.4 10,240.4 10,253.7 10,299.9 10,321.3 10,354.8 46 37,077 32,333 313,109 37,375 32,511 313,278 37,591 32,594 313,440 37,747 32,653 313,610 37,781 32,677 313,788 37,855 32,805 313,972 37,950 32,853 314,168 38,052 47 32,938 48 314,378 49 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2010 2011 2011 I 1 Personal income....................................................................................... 2 Compensation of employees, received............................................... 3 Wage and salary disbursements ...................................................... 4 Private industries .............................................................................. 5 Goods-producing industries .......................................................... 6 Manufacturing ............................................................................ 7 Services-producing industries....................................................... 8 Trade, transportation, and utilities .............................................. 9 Other services-producing industries .......................................... 10 Government...................................................................................... 11 Supplements to wages and salaries ................................................ 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance ................. 14 Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................ 15 Farm..................................................................................................... 16 Nonfarm ............................................................................................... 17 Rental income of persons with capital consumption adjustment.... 18 Personal income receipts on assets ................................................... 19 Personal interest income ..................................................................... 20 Personal dividend income.................................................................... 21 Personal current transfer receipts....................................................... 22 Government social benefits to persons................................................ 23 Social security 1 ................................................................................ 24 Medicare 2 ........................................................................................ 25 Medicaid ........................................................................................... 26 Unemployment insurance................................................................. 27 Veterans’ benefits ............................................................................. 28 Other................................................................................................. 29 Other current transfer receipts, from business (net) ............................ 30 Less: Contributions for government social insurance, domestic .... 31 Less: Personal current taxes .................................................................. 32 Equals: Disposable personal income..................................................... 33 Less: Personal outlays ............................................................................ 34 Personal consumption expenditures ....................................................... 35 Goods .................................................................................................. 36 Durable goods .................................................................................. 37 Nondurable goods ............................................................................ 38 Services ............................................................................................... 39 Personal interest payments 3 .................................................................. 40 Personal current transfer payments ........................................................ 41 To government ..................................................................................... 42 To the rest of the world (net) ................................................................ 43 Equals: Personal saving .......................................................................... 44 Personal saving as a percentage of disposable personal income ... Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2005) dollars 4..................................................................... Disposable personal income: 46 Total, billions of chained (2005) dollars 4 ............................................. Per capita: 47 Current dollars .................................................................................. 48 Chained (2005) dollars ..................................................................... 49 Population (midperiod, thousands) 5 ....................................................... II 2012 III IV Ir Line II r 12,321.9 7,970.0 6,404.6 5,213.3 1,057.5 674.1 4,155.8 1,005.5 3,150.3 1,191.3 1,565.4 1,097.3 468.1 12,947.3 8,295.2 6,661.3 5,466.0 1,108.6 706.6 4,357.4 1,050.1 3,307.3 1,195.3 1,633.9 1,139.0 494.9 12,856.5 8,236.3 6,618.5 5,424.7 1,102.6 708.3 4,322.1 1,043.1 3,279.1 1,193.8 1,617.8 1,125.0 492.7 12,938.9 8,286.4 6,656.2 5,458.8 1,107.9 707.0 4,351.0 1,046.8 3,304.2 1,197.4 1,630.2 1,135.4 494.8 12,976.3 8,318.1 6,678.1 5,480.4 1,116.4 710.1 4,364.0 1,054.2 3,309.9 1,197.7 1,640.0 1,144.2 495.8 13,017.4 8,340.1 6,692.4 5,499.9 1,107.4 701.0 4,392.5 1,056.6 3,335.9 1,192.5 1,647.7 1,151.5 496.2 13,227.1 8,495.7 6,825.9 5,626.8 1,144.0 723.1 4,482.7 1,083.3 3,399.4 1,199.1 1,669.8 1,159.6 510.2 13,362.4 8,562.9 6,882.0 5,682.0 1,147.3 726.2 4,534.7 1,096.0 3,438.7 1,200.0 1,680.9 1,167.7 513.2 1 2 3 4 5 6 7 8 9 10 11 12 13 1,103.4 44.3 1,059.1 349.2 1,598.3 1,016.6 581.7 2,284.3 2,236.9 690.2 515.3 396.6 138.9 57.9 438.1 47.4 983.3 1,194.8 11,127.1 10,560.4 10,215.7 3,364.9 1,079.4 2,285.5 6,850.9 183.8 160.9 87.4 73.5 566.7 5.1 1,157.3 54.6 1,102.8 409.7 1,685.1 1,008.8 676.3 2,319.2 2,274.3 713.3 545.1 403.9 108.0 63.3 440.8 44.9 919.3 1,398.0 11,549.3 11,059.9 10,729.0 3,624.8 1,146.4 2,478.4 7,104.2 168.0 162.8 88.9 73.9 489.4 4.2 1,148.0 56.0 1,092.0 390.0 1,674.3 1,017.5 656.9 2,322.5 2,276.0 703.1 535.1 418.8 119.1 61.2 438.7 46.5 914.5 1,372.5 11,484.1 10,898.1 10,566.3 3,561.4 1,133.9 2,427.5 7,004.9 170.1 161.7 88.3 73.5 585.9 5.1 1,154.7 52.6 1,102.1 404.7 1,692.4 1,025.3 667.1 2,319.9 2,274.8 712.0 543.1 408.7 108.8 62.4 439.8 45.1 919.2 1,396.6 11,542.3 11,015.1 10,684.9 3,604.3 1,131.8 2,472.4 7,080.6 167.8 162.4 88.6 73.8 527.2 4.6 1,161.4 55.3 1,106.1 413.8 1,689.1 1,004.4 684.7 2,314.7 2,270.4 716.0 549.1 396.1 103.0 64.9 441.3 44.3 920.8 1,403.8 11,572.6 11,120.9 10,791.2 3,643.6 1,144.8 2,498.7 7,147.6 167.3 162.4 89.1 73.3 451.6 3.9 1,165.3 54.4 1,110.9 430.3 1,684.6 988.0 696.6 2,319.9 2,276.0 721.9 553.1 392.0 100.9 64.7 443.5 43.9 922.8 1,419.1 11,598.3 11,205.6 10,873.8 3,690.0 1,175.1 2,515.0 7,183.8 167.0 164.8 89.8 75.1 392.7 3.4 1,184.3 52.3 1,132.1 445.3 1,696.4 991.8 704.6 2,348.0 2,302.7 753.2 555.9 397.6 94.2 68.8 433.0 45.3 942.6 1,450.8 11,776.4 11,348.7 11,007.2 3,755.9 1,204.6 2,551.3 7,251.3 175.4 166.1 90.5 75.5 427.7 3.6 1,197.2 55.2 1,142.0 453.4 1,735.4 1,010.4 725.0 2,362.0 2,316.2 759.4 556.9 410.7 83.8 71.5 433.8 45.8 948.4 1,474.7 11,887.7 11,414.9 11,073.7 3,741.9 1,201.0 2,540.9 7,331.8 173.0 168.2 91.3 76.8 472.9 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 44 9,035.8 9,340.0 9,352.3 9,345.2 9,328.6 9,335.4 9,435.7 9,523.4 45 10,016.5 10,149.7 10,195.7 10,157.8 10,125.6 10,121.5 10,213.9 10,291.6 46 35,920 32,335 309,774 37,012 32,527 312,040 36,904 32,764 311,184 37,028 32,587 311,717 37,052 32,420 312,330 37,064 32,345 312,929 37,571 32,586 313,443 37,862 47 32,778 48 313,976 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2011 2012 December January r February r 1 Personal income .................................................................................... 2 Compensation of employees, received ............................................ 3 Wage and salary disbursements.................................................... 4 Private industries ........................................................................... 5 Goods-producing industries........................................................ 6 Manufacturing.......................................................................... 7 Services-producing industries .................................................... 8 Trade, transportation, and utilities............................................ 9 Other services-producing industries........................................ 10 Government ................................................................................... 11 Supplements to wages and salaries.............................................. 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance ............... 14 Proprietors’ income with inventory valuation and capital consumption adjustments.............................................................. 15 Farm .................................................................................................. 16 Nonfarm............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets................................................. 19 Personal interest income ................................................................... 20 Personal dividend income ................................................................. 21 Personal current transfer receipts .................................................... 22 Government social benefits to persons ............................................. 23 Social security 1 ............................................................................. 24 Medicare 2 ...................................................................................... 25 Medicaid......................................................................................... 26 Unemployment insurance............................................................... 27 Veterans’ benefits........................................................................... 28 Other .............................................................................................. 29 Other current transfer receipts, from business (net) .......................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes ................................................................ 32 Equals: Disposable personal income .................................................. 33 Less: Personal outlays .......................................................................... 34 Personal consumption expenditures..................................................... 35 Goods................................................................................................ 36 Durable goods................................................................................ 37 Nondurable goods.......................................................................... 38 Services ............................................................................................ 39 Personal interest payments 3 ................................................................ 40 Personal current transfer payments ...................................................... 41 To government................................................................................... 42 To the rest of the world (net).............................................................. 43 Equals: Personal saving........................................................................ Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 .................................................................... 45 Disposable personal income, billions of chained (2005) dollars 4 ........ March r April r Line May r June r July p 37.8 13.0 10.8 11.2 8.6 6.9 2.4 0.1 2.3 –0.3 2.0 2.0 0.0 116.2 104.2 89.1 83.1 24.8 13.9 58.5 19.1 39.4 5.8 15.2 3.3 11.9 86.3 61.0 54.8 53.1 12.1 7.1 40.8 11.6 29.2 1.8 6.2 2.6 3.5 63.6 42.9 37.9 37.1 7.4 5.7 29.8 2.3 27.5 0.8 5.0 2.8 2.3 23.9 0.0 –2.4 –2.4 –4.2 –2.4 1.8 3.1 –1.3 –0.1 2.4 2.6 –0.2 37.3 10.9 7.9 8.5 –5.9 –3.4 14.4 2.8 11.6 –0.4 2.9 2.8 0.2 46.1 33.1 29.2 28.5 7.1 4.9 21.4 7.1 14.3 0.5 4.1 2.7 1.3 42.3 20.8 16.3 16.1 5.5 3.6 10.6 1.6 9.0 0.3 4.3 2.8 1.5 1 2 3 4 5 6 7 8 9 10 11 12 13 7.1 –0.3 7.4 2.0 4.7 –2.3 7.0 11.6 11.9 9.8 0.8 0.2 –1.0 1.4 0.7 –0.3 0.5 6.7 31.2 10.8 12.3 –7.6 5.6 –13.1 19.8 –1.8 0.3 0.2 0.0 20.3 4.3 –0.9 5.2 5.9 2.3 3.0 –0.7 14.9 13.2 20.5 0.1 2.7 –1.0 2.2 –11.4 1.6 15.4 16.5 99.7 61.3 55.5 37.7 18.8 18.9 17.8 5.1 0.7 0.3 0.4 38.5 14.5 –0.8 15.3 6.1 5.7 3.0 2.7 5.2 5.2 2.9 1.6 2.9 –3.4 1.2 0.1 0.1 6.2 12.4 73.9 89.2 84.0 43.9 10.9 33.0 40.1 5.0 0.3 0.2 0.0 –15.4 1.8 –0.9 2.7 6.0 7.4 3.1 4.3 9.7 9.7 6.1 2.2 2.6 –3.1 2.2 –0.3 0.1 4.2 8.6 55.0 33.6 28.3 14.5 –1.7 16.2 13.8 5.0 0.2 0.3 0.0 21.4 2.9 1.9 1.0 0.8 16.8 7.7 9.1 3.0 2.6 –1.4 –1.7 5.8 –1.5 0.4 1.1 0.4 –0.4 6.4 17.5 30.9 33.0 –10.7 –5.2 –5.5 43.6 –3.7 1.6 0.3 1.3 –13.3 5.5 1.9 3.6 1.3 18.1 7.8 10.3 2.2 2.2 0.0 1.2 6.2 –5.9 0.8 –0.2 –0.1 0.7 7.1 30.1 –25.2 –21.8 –35.4 –2.8 –32.6 13.7 –3.7 0.3 0.2 0.0 55.4 0.6 1.8 –1.2 1.4 9.9 7.7 2.2 3.8 3.7 7.8 –0.2 1.4 –5.2 –0.3 0.2 0.1 2.8 8.8 37.4 0.0 3.5 –12.0 2.9 –14.9 15.5 –3.7 0.2 0.3 0.0 37.3 5.7 3.3 2.4 4.7 3.4 –4.6 8.1 10.3 10.1 –2.5 6.9 0.9 –0.3 2.2 2.9 0.2 2.5 2.4 39.9 49.8 46.0 26.0 9.6 16.3 20.1 3.5 0.2 0.2 0.0 –9.9 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 16.4 20.1 64.8 61.4 40.1 31.4 24.8 24.0 16.4 13.3 48.9 46.2 26.5 21.4 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 26.9 44 33.5 45 Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2010 2011 2011 I 1 Personal income .................................................................................... 2 Compensation of employees, received ............................................ 3 Wage and salary disbursements.................................................... 4 Private industries ........................................................................... 5 Goods-producing industries........................................................ 6 Manufacturing.......................................................................... 7 Services-producing industries .................................................... 8 Trade, transportation, and utilities............................................ 9 Other services-producing industries........................................ 10 Government ................................................................................... 11 Supplements to wages and salaries.............................................. 12 Employer contributions for employee pension and insurance funds 13 Employer contributions for government social insurance ............... 14 Proprietors’ income with inventory valuation and capital consumption adjustments.............................................................. 15 Farm .................................................................................................. 16 Nonfarm............................................................................................. 17 Rental income of persons with capital consumption adjustment 18 Personal income receipts on assets................................................. 19 Personal interest income ................................................................... 20 Personal dividend income ................................................................. 21 Personal current transfer receipts .................................................... 22 Government social benefits to persons ............................................. 23 Social security 1 ............................................................................. 24 Medicare 2 ...................................................................................... 25 Medicaid......................................................................................... 26 Unemployment insurance............................................................... 27 Veterans’ benefits........................................................................... 28 Other .............................................................................................. 29 Other current transfer receipts, from business (net) .......................... 30 Less: Contributions for government social insurance, domestic 31 Less: Personal current taxes ................................................................ 32 Equals: Disposable personal income .................................................. 33 Less: Personal outlays .......................................................................... 34 Personal consumption expenditures..................................................... 35 Goods................................................................................................ 36 Durable goods................................................................................ 37 Nondurable goods.......................................................................... 38 Services ............................................................................................ 39 Personal interest payments 3 ................................................................ 40 Personal current transfer payments ...................................................... 41 To government................................................................................... 42 To the rest of the world (net).............................................................. 43 Equals: Personal saving........................................................................ Addenda: 44 Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 .................................................................... 45 Disposable personal income, billions of chained (2005) dollars 4 ........ II 2012 III IV Ir Line II r 454.9 175.6 134.3 118.2 –5.8 12.6 124.0 16.4 107.6 16.1 41.4 30.1 11.2 625.4 325.2 256.7 252.7 51.1 32.5 201.6 44.6 157.0 4.0 68.5 41.7 26.8 346.6 179.7 143.3 140.7 33.8 23.0 106.8 26.9 80.0 2.6 36.4 12.9 23.4 82.4 50.1 37.7 34.1 5.3 –1.3 28.9 3.7 25.1 3.6 12.4 10.4 2.1 37.4 31.7 21.9 21.6 8.5 3.1 13.0 7.4 5.7 0.3 9.8 8.8 1.0 41.1 22.0 14.3 19.5 –9.0 –9.1 28.5 2.4 26.0 –5.2 7.7 7.3 0.4 209.7 155.6 133.5 126.9 36.6 22.1 90.2 26.7 63.5 6.6 22.1 8.1 14.0 135.3 67.2 56.1 55.2 3.3 3.1 52.0 12.7 39.3 0.9 11.1 8.1 3.0 1 2 3 4 5 6 7 8 9 10 11 12 13 124.0 4.4 119.6 59.5 –28.2 –76.7 48.5 144.2 136.4 25.7 20.8 27.4 7.7 6.4 48.4 7.8 20.2 50.2 404.7 346.1 369.8 170.5 49.8 120.7 199.4 –33.3 9.6 2.2 7.4 58.5 53.9 10.3 43.7 60.5 86.8 –7.8 94.6 34.9 37.4 23.1 29.8 7.3 –30.9 5.4 2.7 –2.5 –64.0 203.2 422.2 499.5 513.3 259.9 67.0 192.9 253.3 –15.8 1.9 1.5 0.4 –77.3 8.8 8.4 0.4 36.0 42.2 9.8 32.5 6.3 8.7 3.3 9.5 4.8 –7.8 1.8 –2.8 –2.5 –73.7 135.0 211.7 164.8 164.4 102.8 18.2 84.6 61.6 –0.1 0.6 0.3 0.4 46.8 6.7 –3.4 10.1 14.7 18.1 7.8 10.2 –2.6 –1.2 8.9 8.0 –10.1 –10.3 1.2 1.1 –1.4 4.7 24.1 58.2 117.0 118.6 42.9 –2.1 44.9 75.7 –2.3 0.7 0.3 0.3 –58.7 6.7 2.7 4.0 9.1 –3.3 –20.9 17.6 –5.2 –4.4 4.0 6.0 –12.6 –5.8 2.5 1.5 –0.8 1.6 7.2 30.3 105.8 106.3 39.3 13.0 26.3 67.0 –0.5 0.0 0.5 –0.5 –75.6 3.9 –0.9 4.8 16.5 –4.5 –16.4 11.9 5.2 5.6 5.9 4.0 –4.1 –2.1 –0.2 2.2 –0.4 2.0 15.3 25.7 84.7 82.6 46.4 30.3 16.3 36.2 –0.3 2.4 0.7 1.8 –58.9 19.0 –2.1 21.2 15.0 11.8 3.8 8.0 28.1 26.7 31.3 2.8 5.6 –6.7 4.1 –10.5 1.4 19.8 31.7 178.1 143.1 133.4 65.9 29.5 36.3 67.5 8.4 1.3 0.7 0.4 35.0 12.9 2.9 9.9 8.1 39.0 18.6 20.4 14.0 13.5 6.2 1.0 13.1 –10.4 2.7 0.8 0.5 5.8 23.9 111.3 66.2 66.5 –14.0 –3.6 –10.4 80.5 –2.4 2.1 0.8 1.3 45.2 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 43 112.4 179.8 304.2 133.2 230.2 108.3 –7.1 –37.9 –16.6 –32.2 6.8 –4.1 100.3 92.4 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 87.7 44 77.7 45 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2011 2012 December January r February r March r April Line r May r June r July p Based on current-dollar measures 1 Personal income .......................................................................... 2 Compensation of employees, received ....................................... 3 Wage and salary disbursements ............................................. 4 Supplements to wages and salaries........................................ 5 Proprietors’ income with inventory valuation and capital consumption adjustments........................................................ 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ........................................... 8 Personal interest income ......................................................... 9 Personal dividend income ....................................................... 10 Personal current transfer receipts............................................... 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes ...................................................... 13 Equals: Disposable personal income ........................................ Addenda: 14 Personal consumption expenditures........................................... 15 Goods...................................................................................... 16 Durable goods...................................................................... 17 Nondurable goods................................................................ 18 Services .................................................................................. 0.3 0.2 0.2 0.1 0.9 1.3 1.3 0.9 0.7 0.7 0.8 0.4 0.5 0.5 0.6 0.3 0.2 0.0 0.0 0.1 0.3 0.1 0.1 0.2 0.3 0.4 0.4 0.2 0.3 0.2 0.2 0.3 1 2 3 4 0.6 0.5 0.3 –0.2 1.0 0.5 0.1 0.5 0.3 0.4 1.4 0.1 0.3 –0.1 0.6 1.7 1.2 0.9 1.2 1.4 0.3 0.3 0.4 0.2 0.7 0.9 0.6 0.2 1.3 0.4 0.3 0.6 0.4 0.4 0.6 0.5 0.2 0.2 1.0 0.8 1.3 0.1 0.0 0.4 0.1 0.5 0.3 1.0 0.8 1.4 0.1 0.1 0.5 0.3 0.1 0.3 0.6 0.8 0.3 0.2 0.3 0.6 0.3 0.5 1.0 0.2 –0.5 1.1 0.4 0.3 0.2 0.3 5 6 7 8 9 10 11 12 13 0.1 –0.2 0.5 –0.5 0.5 1.0 1.6 0.8 0.8 1.2 0.9 1.3 0.3 0.4 –0.1 0.6 0.3 –0.3 –0.4 –0.2 –0.2 –0.9 –0.2 –1.3 0.0 –0.3 0.2 –0.6 0.4 0.7 0.8 0.6 0.3 0.2 0.6 0.2 0.6 0.2 0.2 14 15 16 17 0.3 18 0.3 0.2 0.2 0.1 0.5 0.5 0.3 0.2 0.3 19 0.3 20 Based on chained (2005) dollar measures 19 20 Real personal income excluding current transfer receipts .......... Real disposable personal income............................................... 0.2 0.2 0.7 0.6 0.4 0.3 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2010 2011 2011 I II 2012 III IV I r Line II r Based on current-dollar measures 1 Personal income ................................................................... 2 Compensation of employees, received ................................ 3 Wage and salary disbursements ...................................... 4 Supplements to wages and salaries................................. 5 Proprietors’ income with inventory valuation and capital consumption adjustments................................................. 6 Rental income of persons with capital consumption adjustment........................................................................ 7 Personal income receipts on assets .................................... 8 Personal interest income .................................................. 9 Personal dividend income ................................................ 10 Personal current transfer receipts........................................ 11 Less: Contributions for government social insurance, domestic ........................................................................... 12 Less: Personal current taxes ............................................... 13 Equals: Disposable personal income ................................. Addenda: 14 Personal consumption expenditures.................................... 15 Goods............................................................................... 16 Durable goods............................................................... 17 Nondurable goods......................................................... 18 Services ........................................................................... 3.8 2.3 2.1 2.7 5.1 4.1 4.0 4.4 11.6 9.2 9.1 9.5 2.6 2.5 2.3 3.1 1.2 1.5 1.3 2.4 1.3 1.1 0.9 1.9 6.6 7.7 8.2 5.5 4.2 3.2 3.3 2.7 1 2 3 4 12.7 4.9 3.1 2.3 2.4 1.3 6.7 4.4 5 20.5 –1.7 –7.0 9.1 6.7 17.3 5.4 –0.8 16.3 1.5 47.3 10.8 3.9 22.4 1.1 15.9 4.4 3.1 6.4 –0.4 9.4 –0.8 –7.9 10.9 –0.9 16.9 –1.0 –6.4 7.2 0.9 14.7 2.8 1.5 4.6 4.9 7.5 6 9.5 7 7.7 8 12.1 9 2.4 10 2.1 4.4 3.8 –6.5 17.0 3.8 –26.7 51.3 7.7 2.1 7.2 2.0 0.7 2.1 1.1 0.9 4.4 0.9 8.8 9.2 6.3 2.5 11 6.8 12 3.8 13 3.8 5.3 4.8 5.6 5.0 7.7 6.2 8.4 6.5 12.4 6.7 15.2 4.6 4.9 –0.7 7.6 4.0 4.4 4.7 4.3 3.1 5.2 11.0 2.6 5.0 7.3 10.4 5.9 3.0 3.7 3.6 4.4 3.8 2.0 3.8 14 15 16 17 4.5 18 –0.3 –1.5 –0.7 –1.3 0.3 –0.2 4.4 3.7 3.8 19 3.1 20 2.4 –1.5 –1.2 –1.6 Based on chained (2005) dollar measures 19 20 Real personal income excluding current transfer receipts ... Real disposable personal income........................................ 1.3 1.8 3.4 1.3 10.5 4.4 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2011 Line 2012 December January February April r March May r June r July p Line Billions of chained (2005) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures ......................................... 2 Goods ......................................................................................... 3 Durable goods ......................................................................... 4 Nondurable goods ................................................................... 5 Services...................................................................................... 9,493.3 3,368.3 1,307.9 2,075.2 9,517.9 3,392.4 1,327.8 2,082.2 9,560.1 3,412.4 1,340.2 2,091.0 9,562.5 3,415.1 1,340.2 2,093.5 9,589.4 3,415.3 1,336.5 2,096.5 9,589.3 3,410.1 1,333.1 2,094.2 9,582.1 3,403.4 1,338.2 2,084.4 9,621.0 3,426.2 1,353.0 2,094.0 6,129.4 6,130.9 6,153.5 6,153.3 6,179.3 6,184.1 6,183.3 6,200.2 38.9 22.8 14.8 9.6 1 2 3 4 5 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures ......................................... 7 Goods ......................................................................................... 8 Durable goods ......................................................................... 9 Nondurable goods ................................................................... 10 Services...................................................................................... 4.1 1.0 9.4 –6.0 24.6 24.1 19.9 7.0 42.2 20.0 12.4 8.8 2.4 2.7 0.0 2.5 26.9 0.2 –3.7 3.0 –0.1 –5.2 –3.4 –2.3 –7.2 –6.7 5.1 –9.8 3.0 1.5 22.6 –0.2 26.0 4.8 –0.8 0.0 –0.2 –0.3 –0.1 0.1 –0.1 –0.2 0.4 –0.5 0.0 6 7 8 9 16.9 10 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures ......................................... 12 Goods ......................................................................................... 13 Durable goods ......................................................................... 14 Nondurable goods ................................................................... 15 Services...................................................................................... 0.0 0.0 0.7 –0.3 0.1 0.3 0.7 1.5 0.3 0.0 0.4 0.6 0.9 0.4 0.4 0.0 0.1 0.0 0.1 0.0 0.3 0.0 –0.3 0.1 0.4 0.4 0.7 1.1 0.5 0.3 11 12 13 14 15 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2010 2011 2011 I II 2012 III IV I Line II r Billions of chained (2005) dollars 1 Personal consumption expenditures ......................................... 2 Goods ......................................................................................... 3 Durable goods ......................................................................... 4 Nondurable goods ................................................................... 5 Services...................................................................................... 9,196.2 3,209.1 1,178.3 2,029.3 9,428.8 3,331.0 1,262.6 2,075.2 9,380.9 3,320.3 1,249.4 2,075.3 9,403.2 3,312.2 1,242.3 2,073.5 9,441.9 3,323.5 1,258.6 2,071.4 9,489.3 3,367.9 1,300.1 2,080.5 9,546.8 3,406.6 1,336.1 2,088.9 9,586.9 3,409.6 1,335.9 2,091.7 5,987.6 6,101.5 6,064.8 6,094.0 6,121.1 6,126.0 6,145.9 6,182.2 40.1 3.0 –0.2 2.8 1 2 3 4 5 Change from preceding period in billions of chained (2005) dollars 6 Personal consumption expenditures ......................................... 7 Goods ......................................................................................... 8 Durable goods ......................................................................... 9 Nondurable goods ................................................................... 10 Services...................................................................................... 163.6 110.9 69.2 46.5 232.6 121.9 84.3 45.9 72.4 43.8 21.7 23.3 22.3 –8.1 –7.1 –1.8 38.7 11.3 16.3 –2.1 47.4 44.4 41.5 9.1 57.5 38.7 36.0 8.4 57.0 113.9 29.9 29.2 27.1 4.9 19.9 1.7 1.4 5.4 –0.4 1.8 2.0 5.4 13.9 1.8 0.3 2.4 4.7 11.5 1.6 1.3 6 7 8 9 36.3 10 Percent change from preceding period in chained (2005) dollars 11 Personal consumption expenditures ......................................... 12 Goods ......................................................................................... 13 Durable goods ......................................................................... 14 Nondurable goods ................................................................... 15 Services...................................................................................... r Revised 1.8 3.6 6.2 2.3 1.0 2.5 3.8 7.2 2.3 1.9 3.1 5.4 7.3 4.6 2.0 1.0 –1.0 –2.3 –0.3 1.9 1.7 0.4 0.0 0.5 2.4 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2011 Line 2012 December January February March April r May r June r July p Line Chain-type price indexes (2005=100), seasonally adjusted 1 Personal consumption expenditures (PCE) .............................. 2 Goods ......................................................................................... 3 Durable goods ......................................................................... 4 Nondurable goods ................................................................... 5 Services...................................................................................... Addenda: 6 PCE excluding food and energy ................................................. 7 Food 1 ......................................................................................... 8 Energy goods and services 2...................................................... 9 Market-based PCE 3 ................................................................... 10 Market-based PCE excluding food and energy 3 ........................ 114.676 109.379 90.155 120.712 117.504 114.964 109.714 90.219 121.214 117.767 115.335 110.358 90.187 122.283 117.986 115.602 110.696 90.065 122.912 118.214 115.621 110.373 89.924 122.475 118.423 115.396 109.505 89.946 121.047 118.552 115.518 109.368 89.817 120.907 118.818 115.529 109.398 89.550 121.127 118.818 112.664 120.288 140.427 114.604 112.949 120.457 140.909 114.881 113.104 120.437 146.004 115.282 113.313 120.597 147.531 115.530 113.462 120.716 144.851 115.508 113.583 120.576 138.110 115.285 113.812 120.869 135.981 115.380 113.845 120.862 135.621 115.411 112.258 112.530 112.686 112.863 112.986 113.162 113.376 1 2 3 4 5 6 7 8 9 113.436 10 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE) .............................. 12 Goods ......................................................................................... 13 Durable goods ......................................................................... 14 Nondurable goods ................................................................... 15 Services...................................................................................... Addenda: 16 PCE excluding food and energy ................................................. 17 Food 1 ......................................................................................... 18 Energy goods and services 2...................................................... 19 Market-based PCE 3 ................................................................... 20 Market-based PCE excluding food and energy 3 ........................ 0.1 –0.2 –0.2 –0.2 0.2 0.3 0.3 0.1 0.4 0.2 0.3 0.6 0.0 0.9 0.2 0.2 0.3 –0.1 0.5 0.2 0.0 –0.3 –0.2 –0.4 0.2 –0.2 –0.8 0.0 –1.2 0.1 0.1 –0.1 –0.1 –0.1 0.2 0.0 0.0 –0.3 0.2 0.0 11 12 13 14 15 0.2 0.2 –1.4 0.1 0.2 0.3 0.1 0.3 0.2 0.2 0.1 0.0 3.6 0.3 0.1 0.2 0.1 1.0 0.2 0.2 0.1 0.1 –1.8 0.0 0.1 0.1 –0.1 –4.7 –0.2 0.2 0.2 0.2 –1.5 0.1 0.2 0.0 0.0 –0.3 0.0 0.1 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2011 Line 2012 December 1 Disposable personal income ...................................................... 2 Personal consumption expenditures ......................................... 3 Goods ......................................................................................... 4 Durable goods ......................................................................... 5 Nondurable goods ................................................................... 6 Services...................................................................................... 0.0 1.7 2.5 6.0 1.0 1.3 January r –0.2 1.8 2.6 6.8 0.6 1.4 February r r March 0.1 1.9 2.7 7.4 0.6 1.5 April r 0.7 1.6 2.6 6.6 0.7 1.1 May r 0.8 1.8 2.4 6.5 0.5 1.6 1.5 2.0 3.0 7.4 1.0 1.4 June r July p 1.6 2.1 3.5 8.8 1.1 1.3 2.0 2.0 3.3 8.0 1.1 1.3 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 first quarter of 2012. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2011 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 ........................ 2012 December January February March April r May r June r July p Line 1 2 3 4 5 2.4 3.1 –0.5 4.9 2.1 2.4 3.0 –0.5 4.6 2.2 2.4 2.9 –0.7 4.7 2.2 2.2 2.5 –0.8 4.0 2.1 1.9 1.6 –1.2 2.9 2.1 1.5 0.6 –1.3 1.4 2.0 1.5 0.4 –1.6 1.3 2.1 1.3 0.1 –1.8 1.0 1.9 1.9 5.1 7.4 2.6 2.0 1.9 4.6 6.8 2.6 2.1 1.9 3.9 8.0 2.6 2.0 2.0 3.2 5.4 2.3 2.0 1.9 2.9 1.5 2.0 1.9 1.8 2.4 –3.3 1.6 1.9 1.8 2.4 –3.6 1.5 1.9 1.6 6 2.0 7 –4.7 8 1.3 9 1.7 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.