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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, AUGUST 29, 2014 BEA 14-41 James Rankin Harvey Davis Jeannine Aversa (202) 606-5301 (Personal Income) (202) 606-5302 (Personal Consumption Expenditures) (202) 606-2649 (News Media) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: JULY 2014 Personal income increased $28.6 billion, or 0.2 percent, and disposable personal income (DPI) increased $17.7 billion, or 0.1 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $13.6 billion, or 0.1 percent. In June, personal income increased $67.1 billion, or 0.5 percent, DPI increased $62.9 billion, or 0.5 percent, and PCE increased $50.5 billion, or 0.4 percent, based on revised estimates. Real DPI increased 0.1 percent in July, compared with an increase of 0.3 percent in June. Real PCE decreased 0.2 percent, in contrast to an increase of 0.2 percent. Mar. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.6 2014 Apr. May June (Percent change from preceding month) 0.4 0.5 0.5 July 0.2 0.6 0.5 0.5 0.3 0.5 0.3 0.5 0.3 0.1 0.1 0.8 0.6 0.2 -0.1 0.3 0.1 0.4 0.2 -0.1 -0.2 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2014 (first quarter). These estimates reflect the incorporation of the most recently 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. 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- Wages and salaries Private wages and salaries increased $12.9 billion in July, compared with an increase of $25.6 billion in June. Goods-producing industries' payrolls increased $0.7 billion, compared with an increase of $8.8 billion; manufacturing payrolls were unchanged in July and increased $5.1 billion in June. Servicesproducing industries' payrolls increased $12.3 billion in July, compared with an increase of $16.8 billion in June. Government wages and salaries increased $1.7 billion, compared with an increase of $1.8 billion. Other personal income Supplements to wages and salaries increased $3.7 billion in July, compared with an increase of $4.8 billion in June. Proprietors' income decreased $2.7 billion in July, in contrast to an increase of $11.9 billion in June. Farm proprietors' income decreased $9.0 billion, in contrast to an increase of $6.7 billion. Nonfarm proprietors' income increased $6.3 billion, compared with an increase of $5.2 billion. Rental income of persons increased $5.5 billion in July, compared with an increase of $3.6 billion in June. Personal income receipts on assets (personal interest income plus personal dividend income) increased $1.4 billion, compared with an increase of $13.0 billion. Personal current transfer receipts increased $8.1 billion, compared with an increase of $10.2 billion in June. Contributions for government social insurance -- a subtraction in calculating personal income -increased $2.0 billion in July, compared with an increase of $3.9 billion in June. Personal current taxes and disposable personal income Personal current taxes increased $10.9 billion in July, compared with an increase of $4.3 billion in June. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $17.7 billion, or 0.1 percent, in July, compared with an increase of $62.9 billion, or 0.5 percent, in June. -more- -3- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -decreased $12.0 billion in July, in contrast to an increase of $51.2 billion in June. PCE decreased $13.6 billion, in contrast to an increase of $50.5 billion. Personal saving -- DPI less personal outlays -- was $739.1 billion in July, compared with $709.4 billion in June. The personal saving rate -- personal saving as a percentage of disposable personal income -was 5.7 percent in July, compared with 5.4 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 financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in July, compared with an increase of 0.3 percent in June. Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in July, in contrast to an increase of 0.2 percent in June. Purchases of durable goods decreased 0.6 percent, in contrast to an increase of 0.5 percent. Purchases of motor vehicles and parts accounted for most of the July decrease. Purchases of nondurable goods decreased 0.2 percent in July, in contrast to an increase of 0.3 percent in June. Purchases of services decreased 0.1 percent, in contrast to an increase of 0.1 percent. The price index for PCE increased 0.1 percent in July, compared with an increase of 0.2 percent in June. The PCE price index, excluding food and energy, increased 0.1 percent in July, the same increase as in June. Price index: percent change from month one year ago The July price index for PCE increased 1.6 percent from July a year ago. The July PCE price index, excluding food and energy, increased 1.5 percent from July a year ago. -more- -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, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) 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 first-quarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of first-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for April, May, and June reflect extrapolation 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) Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars June Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) 57.4 67.3 0.4 0.5 56.7 67.1 0.4 0.5 55.0 19.7 65.8 31.8 0.4 0.2 0.5 0.3 51.5 21.4 62.9 31.8 0.4 0.2 0.5 0.3 39.8 8.3 37.9 8.5 0.3 0.1 0.3 0.1 51.7 23.8 50.5 22.8 0.4 0.2 0.4 0.2 BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to free e-mail summaries of BEA releases and announcements. * * * Next release – September 29, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for August -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2013 Dec. 1 Personal income...................................................................................... 2 Compensation of employees .............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1 ........................................................................................... 13 Employer contributions for government social insurance ................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income................................................................... 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 .............................................................................. 24 Medicare 3 ....................................................................................... 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net) ........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures ...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods ........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 ................................................................. 40 Personal current transfer payments ....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................ Per capita: 47 Current dollars................................................................................. 48 Chained (2009) dollars.................................................................... 49 Population (midperiod, thousands) 6...................................................... 2014 Jan. r Feb. r March r April r Line May r June r July p 14,320.0 14,398.7 14,482.9 14,572.6 14,636.0 14,703.3 14,770.4 14,799.0 1 8,955.5 9,032.2 9,095.2 9,161.2 9,183.2 9,214.8 9,247.0 9,265.3 2 7,214.1 7,282.4 7,338.8 7,398.1 7,416.0 7,443.4 7,470.9 7,485.5 3 6,002.9 6,070.0 6,123.9 6,181.9 6,197.7 6,223.5 6,249.1 6,262.0 4 1,215.0 1,225.4 1,237.5 1,251.2 1,249.1 1,257.7 1,266.5 1,267.2 5 755.3 761.4 767.5 779.6 775.9 782.2 787.3 787.3 6 4,787.9 4,844.7 4,886.4 4,930.7 4,948.6 4,965.7 4,982.5 4,994.8 7 1,135.6 1,147.2 1,151.4 1,166.0 1,174.2 1,175.7 1,176.2 1,175.9 8 3,652.2 3,697.5 3,735.0 3,764.7 3,774.5 3,790.0 3,806.4 3,818.9 9 1,211.2 1,212.4 1,215.0 1,216.1 1,218.3 1,220.0 1,221.8 1,223.5 10 1,741.4 1,749.7 1,756.4 1,763.1 1,767.3 1,771.3 1,776.1 1,779.8 11 1,209.3 532.1 1,210.9 538.9 1,213.7 542.7 1,216.4 546.7 1,219.5 547.8 1,221.9 549.4 1,224.9 551.2 1,227.7 12 552.0 13 1,339.6 1,348.0 1,351.6 1,353.3 1,367.8 1,374.8 1,386.7 1,384.0 14 61.7 59.9 58.1 56.3 63.0 69.7 76.4 67.4 15 1,277.9 1,288.1 1,293.5 1,297.0 1,304.8 1,305.1 1,310.3 1,316.6 16 614.6 618.0 622.3 628.5 632.7 636.5 640.1 645.6 17 2,091.0 2,084.0 2,089.0 2,098.1 2,114.8 2,124.8 2,137.8 2,139.2 18 1,266.9 1,264.7 1,262.4 1,260.2 1,264.9 1,269.6 1,274.3 1,272.4 19 824.1 819.4 826.6 838.0 850.0 855.2 863.5 866.8 20 2,438.3 2,455.1 2,471.3 2,486.3 2,494.9 2,513.7 2,523.9 2,532.0 21 2,395.7 2,412.3 2,428.3 2,443.0 2,451.4 2,469.9 2,479.9 2,487.7 22 813.5 821.1 822.0 830.2 831.4 832.7 835.0 833.8 23 578.6 581.4 583.2 583.3 585.5 586.5 588.8 590.6 24 447.5 460.5 468.7 473.6 474.7 481.6 485.5 492.3 25 59.9 44.0 40.6 39.5 37.8 37.2 36.7 35.6 26 81.4 81.3 85.5 83.3 83.6 83.2 83.3 85.4 27 414.8 424.0 428.2 433.1 438.3 448.8 450.6 450.1 28 42.6 42.8 43.1 43.3 43.5 43.8 44.0 44.3 29 1,118.9 1,138.6 1,146.5 1,154.8 1,157.4 1,161.2 1,165.1 1,167.1 30 1,695.3 1,700.2 1,711.6 1,723.6 1,721.3 1,722.7 1,727.0 1,737.9 31 12,624.8 12,698.5 12,771.3 12,849.0 12,914.7 12,980.5 13,043.4 13,061.1 32 12,101.6 12,081.2 12,132.8 12,226.6 12,244.3 12,282.8 12,334.0 12,322.0 33 11,686.3 11,663.9 11,714.4 11,807.1 11,825.7 11,863.6 11,914.1 11,900.5 34 3,889.6 3,851.1 3,888.7 3,932.0 3,943.5 3,956.6 3,989.6 3,977.1 35 1,248.5 1,237.6 1,253.9 1,295.3 1,289.0 1,301.0 1,307.5 1,298.4 36 2,641.1 2,613.5 2,634.8 2,636.8 2,654.6 2,655.6 2,682.1 2,678.7 37 7,796.7 7,812.8 7,825.7 7,875.1 7,882.2 7,906.9 7,924.5 7,923.4 38 248.3 249.0 249.8 250.5 250.8 251.1 251.4 252.7 39 167.0 168.3 168.6 169.0 167.8 168.1 168.4 168.8 40 92.5 92.9 93.3 93.6 93.9 94.3 94.6 94.9 41 74.5 75.4 75.4 75.4 73.8 73.8 73.8 73.8 42 523.2 617.3 638.6 622.4 670.4 697.8 709.4 739.1 43 4.1 4.9 5.0 4.8 5.2 5.4 5.4 5.7 44 11,008.2 11,054.4 11,108.9 11,161.2 11,187.8 11,205.3 11,233.3 11,242.7 45 11,696.6 11,753.2 11,811.5 11,865.4 11,900.6 11,932.4 11,964.2 11,970.5 46 39,760 36,837 317,520 39,972 36,997 317,681 40,182 37,162 317,840 40,405 37,312 318,006 40,589 37,402 318,178 40,774 37,481 318,357 40,946 37,558 318,553 40,974 47 37,553 48 318,762 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 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2012 2013 2013 I 1 Personal income...................................................................................... 2 Compensation of employees .............................................................. 3 Wages and salaries .......................................................................... 4 Private industries............................................................................. 5 Goods-producing industries......................................................... 6 Manufacturing ........................................................................... 7 Services-producing industries...................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries......................................... 10 Government..................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1 ........................................................................................... 13 Employer contributions for government social insurance ................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment... 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income................................................................... 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Social security 2 .............................................................................. 24 Medicare 3 ....................................................................................... 25 Medicaid.......................................................................................... 26 Unemployment insurance................................................................ 27 Veterans’ benefits............................................................................ 28 Other ............................................................................................... 29 Other current transfer receipts, from business (net) ........................... 30 Less: Contributions for government social insurance, domestic... 31 Less: Personal current taxes ................................................................. 32 Equals: Disposable personal income ................................................... 33 Less: Personal outlays ........................................................................... 34 Personal consumption expenditures ...................................................... 35 Goods................................................................................................. 36 Durable goods................................................................................. 37 Nondurable goods ........................................................................... 38 Services.............................................................................................. 39 Personal interest payments 4 ................................................................. 40 Personal current transfer payments ....................................................... 41 To government.................................................................................... 42 To the rest of the world (net)............................................................... 43 Equals: Personal saving......................................................................... 44 Personal saving as a percentage of disposable personal income Addenda: 45 Personal income excluding current transfer receipts, billions of chained (2009) dollars 5 ................................................................... Disposable personal income: 46 Total, billions of chained (2009) dollars 5 ............................................ Per capita: 47 Current dollars................................................................................. 48 Chained (2009) dollars.................................................................... 49 Population (midperiod, thousands) 6 ..................................................... II 2014 III IV I r Line II r 13,887.7 14,166.9 13,977.2 14,131.3 14,247.4 14,311.7 14,484.7 14,703.2 1 8,606.5 8,844.8 8,734.4 8,826.3 8,871.6 8,946.8 9,096.2 9,215.0 2 6,932.1 7,124.7 7,034.1 7,110.9 7,145.3 7,208.5 7,339.8 7,443.4 3 5,733.8 5,916.6 5,826.8 5,901.4 5,939.7 5,998.5 6,125.3 6,223.4 4 1,157.1 1,195.3 1,180.8 1,193.0 1,196.8 1,210.6 1,238.0 1,257.8 5 734.4 747.6 743.0 746.0 747.2 754.1 769.5 781.8 6 4,576.7 4,721.3 4,646.0 4,708.4 4,742.9 4,787.9 4,887.3 4,965.6 7 1,094.0 1,121.3 1,110.6 1,117.2 1,122.7 1,134.9 1,154.9 1,175.4 8 3,482.7 3,600.0 3,535.4 3,591.2 3,620.2 3,653.0 3,732.4 3,790.3 9 1,198.3 1,208.1 1,207.3 1,209.6 1,205.6 1,210.0 1,214.5 1,220.0 10 1,674.4 1,720.1 1,700.3 1,715.4 1,726.2 1,738.3 1,756.4 1,771.6 11 1,160.5 513.9 1,193.9 526.1 1,180.1 520.2 1,190.0 525.4 1,198.8 527.5 1,206.8 531.5 1,213.6 542.8 1,222.1 12 549.5 13 1,260.2 1,336.6 1,327.8 1,330.0 1,345.9 1,342.7 1,351.0 1,376.4 14 72.3 83.2 92.2 83.6 86.8 70.1 58.1 69.7 15 1,187.9 1,253.5 1,235.6 1,246.5 1,259.2 1,272.6 1,292.9 1,306.7 16 533.0 595.8 575.0 590.8 604.2 613.3 622.9 636.4 17 2,088.6 2,079.7 2,035.9 2,081.9 2,106.9 2,094.2 2,090.4 2,125.8 18 1,255.9 1,255.2 1,245.5 1,253.5 1,258.5 1,263.2 1,262.4 1,269.6 19 832.7 824.5 790.4 828.4 848.4 831.0 828.0 856.2 20 2,350.7 2,414.5 2,394.8 2,404.5 2,426.6 2,432.3 2,470.9 2,510.8 21 2,307.6 2,372.2 2,352.9 2,362.2 2,384.0 2,389.7 2,427.8 2,467.0 22 762.1 799.0 789.8 795.0 802.5 808.9 824.5 833.0 23 555.2 572.4 571.4 567.7 573.0 577.3 582.6 586.9 24 417.2 441.1 428.2 437.4 450.0 448.7 467.6 480.6 25 83.6 62.2 68.9 64.5 59.3 56.1 41.4 37.2 26 70.1 79.0 75.9 78.6 80.1 81.6 83.4 83.4 27 419.3 418.5 418.7 419.0 419.1 417.1 428.4 445.9 28 43.1 42.3 41.9 42.3 42.5 42.6 43.1 43.8 29 951.2 1,104.5 1,090.7 1,102.1 1,107.8 1,117.5 1,146.6 1,161.2 30 1,503.7 1,661.8 1,636.8 1,660.6 1,661.5 1,688.1 1,711.8 1,723.7 31 12,384.0 12,505.1 12,340.4 12,470.7 12,585.8 12,623.7 12,772.9 12,979.5 32 11,487.9 11,897.1 11,760.6 11,823.9 11,933.1 12,070.8 12,146.9 12,287.0 33 11,083.1 11,484.3 11,351.1 11,414.3 11,518.7 11,653.3 11,728.5 11,867.8 34 3,741.9 3,851.2 3,832.2 3,821.0 3,865.3 3,886.1 3,890.6 3,963.3 35 1,192.1 1,249.3 1,237.8 1,245.4 1,252.4 1,261.5 1,262.3 1,299.2 36 2,549.8 2,601.9 2,594.4 2,575.6 2,612.9 2,624.6 2,628.4 2,664.1 37 7,341.3 7,633.2 7,518.9 7,593.2 7,653.4 7,767.2 7,837.8 7,904.5 38 241.6 247.1 243.5 243.4 250.8 250.8 249.8 251.1 39 163.1 165.6 166.0 166.2 163.6 166.7 168.6 168.1 40 90.0 91.4 90.8 91.0 91.5 92.2 93.3 94.3 41 73.1 74.3 75.2 75.3 72.2 74.5 75.4 73.8 42 896.2 608.1 579.8 646.9 652.8 552.9 626.1 692.5 43 7.2 4.9 4.7 5.2 5.2 4.4 4.9 5.3 44 10,877.6 10,949.5 10,829.8 10,952.3 10,994.3 11,021.2 11,108.2 11,208.8 45 11,676.2 11,650.8 11,538.6 11,647.0 11,705.9 11,711.7 11,810.1 11,932.5 46 39,409 37,156 314,246 39,515 36,815 316,465 39,099 36,558 315,620 39,447 36,841 316,140 39,734 36,956 316,754 39,779 36,905 317,347 40,186 37,157 317,842 40,770 47 37,481 48 318,362 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2013 Dec. 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 Jan. r Feb. r March r April r Line May r June r July p –6.5 –9.7 –11.7 –13.3 1.2 –0.9 –14.5 –2.6 –12.0 1.6 2.0 78.7 76.7 68.3 67.1 10.4 6.1 56.8 11.6 45.3 1.2 8.3 84.2 63.0 56.4 53.9 12.1 6.1 41.7 4.2 37.5 2.6 6.7 89.7 66.0 59.3 58.0 13.7 12.1 44.3 14.6 29.7 1.1 6.7 63.4 22.0 17.9 15.8 –2.1 –3.7 17.9 8.2 9.8 2.2 4.2 67.3 31.6 27.4 25.8 8.6 6.3 17.1 1.5 15.5 1.7 4.0 67.1 32.2 27.5 25.6 8.8 5.1 16.8 0.5 16.4 1.8 4.8 28.6 1 18.3 2 14.6 3 12.9 4 0.7 5 0.0 6 12.3 7 –0.3 8 12.5 9 1.7 10 3.7 11 2.5 –0.5 1.6 6.8 2.8 3.8 2.7 4.0 3.1 1.1 2.4 1.6 3.0 1.8 2.8 12 0.8 13 –3.5 –8.2 4.7 1.0 –3.2 3.8 –7.0 8.4 8.4 3.7 1.2 –1.7 6.3 –0.1 –1.1 0.0 –0.7 3.9 –10.3 12.7 14.8 –5.2 –28.2 23.0 20.0 –2.5 0.3 0.3 0.0 –23.0 8.4 –1.8 10.2 3.4 –7.0 –2.2 –4.7 16.8 16.6 7.6 2.8 13.0 –15.9 –0.1 9.2 0.2 19.7 4.9 73.7 –20.4 –22.4 –38.5 –10.9 –27.6 16.1 0.7 1.3 0.4 0.9 94.1 3.6 –1.8 5.4 4.3 5.0 –2.3 7.2 16.2 16.0 0.9 1.8 8.2 –3.4 4.2 4.2 0.3 7.9 11.4 72.8 51.6 50.5 37.6 16.3 21.3 12.9 0.8 0.3 0.4 0.0 21.3 1.7 –1.8 3.5 6.2 9.1 –2.2 11.4 15.0 14.7 8.2 0.1 4.9 –1.1 –2.2 4.9 0.2 8.3 12.0 77.7 93.8 92.7 43.3 41.4 2.0 49.4 0.7 0.4 0.3 0.0 –16.2 14.5 6.7 7.8 4.2 16.7 4.7 12.0 8.6 8.4 1.2 2.2 1.1 –1.7 0.3 5.2 0.2 2.6 –2.3 65.7 17.7 18.6 11.5 –6.3 17.8 7.1 0.3 –1.2 0.3 –1.6 48.0 7.0 6.7 0.3 3.8 10.0 4.7 5.2 18.8 18.5 1.3 1.0 6.9 –0.6 –0.4 10.5 0.3 3.8 1.4 65.8 38.5 37.9 13.1 12.0 1.0 24.7 0.3 0.3 0.4 0.0 27.4 11.9 6.7 5.2 3.6 13.0 4.7 8.3 10.2 10.0 2.3 2.3 3.9 –0.5 0.1 1.8 0.2 3.9 4.3 62.9 51.2 50.5 33.0 6.5 26.5 17.6 0.3 0.3 0.3 0.0 11.6 –32.0 –29.0 46.2 56.6 54.5 58.3 52.3 53.9 26.6 35.2 17.5 31.8 28.0 31.8 –2.7 –9.0 6.3 5.5 1.4 –1.9 3.3 8.1 7.8 –1.2 1.8 6.8 –1.1 2.1 –0.5 0.3 2.0 10.9 17.7 –12.0 –13.6 –12.5 –9.1 –3.4 –1.1 1.3 0.4 0.3 0.0 29.7 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 9.4 44 6.3 45 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates Line 2012 2013 2013 I 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 II III IV I r Line II r 685.7 337.5 298.9 295.4 56.3 27.7 239.1 49.5 189.6 3.5 38.5 279.2 238.3 192.6 182.8 38.2 13.2 144.6 27.3 117.3 9.8 45.7 –317.9 –48.1 –53.3 –57.6 8.2 3.1 –65.8 0.5 –66.3 4.3 5.2 154.1 91.9 76.8 74.6 12.2 3.0 62.4 6.6 55.8 2.3 15.1 116.1 45.3 34.4 38.3 3.8 1.2 34.5 5.5 29.0 –4.0 10.8 64.3 75.2 63.2 58.8 13.8 6.9 45.0 12.2 32.8 4.4 12.1 173.0 149.4 131.3 126.8 27.4 15.4 99.4 20.0 79.4 4.5 18.1 218.5 1 118.8 2 103.6 3 98.1 4 19.8 5 12.3 6 78.3 7 20.5 8 57.9 9 5.5 10 15.2 11 18.5 20.0 33.4 12.2 8.6 –3.3 9.9 5.2 8.8 2.1 8.0 4.0 6.8 11.3 8.5 12 6.7 13 116.5 –3.2 119.8 47.7 174.7 24.3 150.5 42.8 49.9 48.8 19.2 11.5 –23.6 6.8 –13.0 –7.1 33.4 103.1 582.6 397.7 393.8 145.4 66.8 78.7 248.5 0.2 3.6 4.5 –1.0 185.1 76.4 10.9 65.6 62.8 –8.9 –0.7 –8.2 63.8 64.6 36.9 17.2 23.9 –21.4 8.9 –0.8 –0.8 153.3 158.1 121.1 409.2 401.2 109.3 57.2 52.1 291.9 5.5 2.5 1.4 1.2 –288.1 35.5 19.0 16.5 23.3 –230.0 –12.3 –217.7 23.1 22.6 18.9 7.2 1.9 –5.5 3.0 –2.9 0.5 121.8 71.4 –389.3 131.4 128.5 43.4 21.7 21.6 85.1 3.5 –0.6 –0.1 –0.6 –520.7 2.2 –8.6 10.9 15.8 46.0 8.0 38.0 9.7 9.3 5.2 –3.7 9.2 –4.4 2.7 0.3 0.4 11.4 23.8 130.3 63.3 63.2 –11.2 7.6 –18.8 74.3 –0.1 0.2 0.2 0.1 67.1 15.9 3.2 12.7 13.4 25.0 5.0 20.0 22.1 21.8 7.5 5.3 12.6 –5.2 1.5 0.1 0.2 5.7 0.9 115.1 109.2 104.4 44.3 7.0 37.3 60.2 7.4 –2.6 0.5 –3.1 5.9 –3.2 –16.7 13.4 9.1 –12.7 4.7 –17.4 5.7 5.7 6.4 4.3 –1.3 –3.2 1.5 –2.0 0.1 9.7 26.6 37.9 137.7 134.6 20.8 9.1 11.7 113.8 0.0 3.1 0.7 2.3 –99.9 8.3 –12.0 20.3 9.6 –3.8 –0.8 –3.0 38.6 38.1 15.6 5.3 18.9 –14.7 1.8 11.3 0.5 29.1 23.7 149.2 76.1 75.2 4.5 0.8 3.8 70.6 –1.0 1.9 1.1 0.9 73.2 417.5 345.0 71.9 –25.4 –347.7 –394.8 122.5 108.4 42.0 58.9 26.9 5.8 87.0 98.4 25.4 11.6 13.8 13.5 35.4 7.2 28.2 39.9 39.2 8.5 4.3 13.0 –4.2 0.0 17.5 0.7 14.6 11.9 206.6 140.1 139.3 72.7 36.9 35.7 66.7 1.3 –0.5 1.0 –1.6 66.4 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 100.6 44 122.4 45 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2013 Dec. 2014 Jan. r Feb. r March r April r Line May r June r July 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................................................................................. 0.0 –0.1 –0.2 0.1 0.5 0.9 0.9 0.5 0.6 0.7 0.8 0.4 0.6 0.7 0.8 0.4 0.4 0.2 0.2 0.2 0.5 0.3 0.4 0.2 0.5 0.3 0.4 0.3 0.2 0.2 0.2 0.2 1 2 3 4 –0.3 0.2 –0.2 0.3 –0.8 0.3 –0.1 0.2 –0.1 0.6 0.6 –0.3 –0.2 –0.6 0.7 1.8 0.3 0.6 0.3 0.7 0.2 –0.2 0.9 0.7 0.7 0.7 0.6 0.1 1.0 0.4 –0.2 1.4 0.6 0.7 0.7 0.6 1.1 0.7 0.8 0.4 1.4 0.3 0.2 –0.1 0.5 0.5 0.6 0.5 0.4 0.6 0.8 0.3 0.1 0.5 0.9 0.6 0.6 0.4 1.0 0.4 0.3 0.2 0.5 –0.2 0.9 0.1 –0.1 0.4 0.3 0.2 0.6 0.1 5 6 7 8 9 10 11 12 13 0.1 –0.1 –2.2 0.9 0.3 –0.2 –1.0 –0.9 –1.0 0.2 0.4 1.0 1.3 0.8 0.2 0.8 1.1 3.3 0.1 0.6 0.2 0.3 –0.5 0.7 0.1 0.3 0.3 0.9 0.0 0.3 0.4 0.8 0.5 1.0 0.2 –0.1 –0.3 –0.7 –0.1 0.0 14 15 16 17 18 0.5 0.5 0.2 0.3 0.2 0.3 0.2 0.3 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. –0.3 –0.2 0.4 0.5 0.5 0.5 0.1 19 0.1 20 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2012 2013 2013 I II 2014 III IV I r Line II 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................................................................................. 5.2 4.1 4.5 2.4 2.0 2.8 2.8 2.7 –8.6 –2.2 –3.0 1.2 4.5 4.3 4.4 3.6 3.3 2.1 1.9 2.6 1.8 3.4 3.6 2.8 4.9 6.8 7.5 4.2 6.2 5.3 5.8 3.5 1 2 3 4 10.2 9.8 9.1 2.0 22.0 1.9 3.6 7.4 4.9 6.1 11.8 –0.4 –0.1 –1.0 2.7 16.1 10.5 1.0 11.5 18.0 –34.8 –3.8 –62.2 3.9 60.6 19.5 –11.7 0.7 11.5 9.3 2.6 20.7 1.6 4.3 5.9 4.3 4.9 9.4 4.9 1.6 10.0 3.7 2.1 0.2 3.7 –1.0 6.1 –2.4 1.5 –7.9 0.9 3.5 6.6 1.2 2.5 6.4 –0.7 –0.2 –1.5 6.5 10.8 5.7 4.8 7.8 9.0 6.9 2.3 14.4 6.6 5.2 2.8 6.6 5 6 7 8 9 10 11 12 13 3.7 4.0 5.9 3.2 3.5 3.6 2.9 4.8 2.0 4.0 4.7 4.7 7.3 3.4 4.7 2.2 –1.2 2.5 –2.9 4.0 3.7 4.7 2.3 5.9 3.2 4.8 2.2 3.0 1.8 6.1 2.6 0.5 0.2 0.6 3.7 4.8 7.7 12.2 5.6 3.4 14 15 16 17 18 4.6 3.8 1.5 2.0 1.0 0.2 3.2 3.4 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 4.0 3.0 0.7 –0.2 –11.9 –12.6 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2014. 3.7 19 4.2 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2013 Line Dec. 2014 Jan. Feb. April r March May r June r July p 10,928.4 3,741.4 1,412.0 2,354.3 7,187.5 10,906.8 3,729.5 1,403.8 2,349.8 7,177.7 Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,827.1 3,671.9 1,335.3 2,352.3 7,154.6 10,795.6 3,637.0 1,325.4 2,327.6 7,157.2 10,834.0 3,675.3 1,345.4 2,347.0 7,158.0 10,903.3 3,722.6 1,394.2 2,351.2 7,180.8 10,897.1 3,722.4 1,386.8 2,357.1 7,175.0 10,905.6 3,727.2 1,404.3 2,347.2 7,178.8 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures ....................................... 7 Goods ....................................................................................... 8 Durable goods ....................................................................... 9 Nondurable goods ................................................................. 10 Services.................................................................................... –4.3 –8.8 –25.0 12.6 4.4 –31.5 –34.9 –9.9 –24.7 2.6 38.4 38.3 20.0 19.4 0.8 69.3 47.3 48.8 4.2 22.8 –6.2 –0.2 –7.4 5.9 –5.8 8.5 4.8 17.5 –9.9 3.8 22.8 14.2 7.7 7.1 8.7 –21.6 6 –11.9 7 –8.2 8 –4.5 9 –9.8 10 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... 0.0 –0.2 –1.8 0.5 0.1 –0.3 –1.0 –0.7 –1.1 0.0 0.4 1.1 1.5 0.8 0.0 0.6 1.3 3.6 0.2 0.3 –0.1 0.0 –0.5 0.3 –0.1 0.1 0.1 1.3 –0.4 0.1 0.2 0.4 0.5 0.3 0.1 –0.2 –0.3 –0.6 –0.2 –0.1 11 12 13 14 15 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2012 2013 2013 I 2014 II III IV I Line II r Billions of chained (2009) dollars 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,449.7 3,506.5 1,235.7 2,280.1 6,942.4 10,699.7 3,626.0 1,319.0 2,322.6 7,073.1 10,613.7 3,593.7 1,295.7 2,311.7 7,019.3 10,660.4 3,605.2 1,310.0 2,310.5 7,054.5 10,713.3 3,636.1 1,325.9 2,326.4 7,076.6 10,811.4 3,669.0 1,344.5 2,341.8 7,141.9 10,844.3 3,678.3 1,355.0 2,341.9 7,165.4 52.9 30.9 15.9 15.9 22.1 98.1 32.9 18.6 15.4 65.3 32.9 9.3 10.5 0.1 23.5 2.0 3.5 4.9 2.8 1.3 3.7 3.7 5.7 2.7 3.7 1.2 1.0 3.2 0.0 1.3 10,910.4 3,730.3 1,401.0 2,352.9 7,180.4 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures ....................................... 7 Goods ....................................................................................... 8 Durable goods ....................................................................... 9 Nondurable goods ................................................................. 10 Services.................................................................................... 186.2 94.7 84.2 16.9 91.0 250.0 119.5 83.3 42.5 130.7 93.1 51.4 26.0 26.7 41.8 46.7 11.5 14.3 –1.2 35.2 66.1 6 52.0 7 46.0 8 11.0 9 15.0 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... r Revised 1.8 2.8 7.3 0.7 1.3 2.4 3.4 6.7 1.9 1.9 3.6 5.9 8.5 4.8 2.4 1.8 1.3 4.5 –0.2 2.0 2.5 5.8 14.3 1.9 0.8 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2013 Line Dec. 2014 Jan. Feb. March April r May r June r July p Line Chain-type price indexes (2009=100), seasonally adjusted 1 Personal consumption expenditures (PCE) ............................ 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ....................................................................................... 8 Energy goods and services 2 .................................................... 9 Market-based PCE 3 ................................................................. 10 Market-based PCE excluding food and energy 3 ...................... 107.938 105.926 93.493 112.277 108.980 108.046 105.883 93.368 112.282 109.165 108.129 105.803 93.182 112.263 109.332 108.292 105.622 92.893 112.147 109.672 108.524 105.938 92.937 112.618 109.861 108.786 106.156 92.635 113.140 110.147 109.023 106.634 92.591 113.925 110.258 109.114 106.638 92.481 113.997 110.394 1 2 3 4 5 106.705 107.983 129.323 107.551 106.068 106.802 107.953 129.834 107.653 106.157 106.906 108.242 129.178 107.716 106.243 107.057 108.733 129.040 107.893 106.408 107.264 109.061 129.568 108.107 106.590 107.453 109.706 130.630 108.356 106.752 107.609 109.728 132.807 108.620 106.929 107.711 6 110.017 7 132.322 8 108.721 9 107.044 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 0.1 –0.4 0.3 0.2 0.1 0.0 –0.1 0.0 0.2 0.1 –0.1 –0.2 0.0 0.2 0.2 –0.2 –0.3 –0.1 0.3 0.2 0.3 0.0 0.4 0.2 0.2 0.2 –0.3 0.5 0.3 0.2 0.5 0.0 0.7 0.1 0.1 0.0 –0.1 0.1 0.1 11 12 13 14 15 0.1 0.1 1.7 0.2 0.1 0.1 0.0 0.4 0.1 0.1 0.1 0.3 –0.5 0.1 0.1 0.1 0.5 –0.1 0.2 0.2 0.2 0.3 0.4 0.2 0.2 0.2 0.6 0.8 0.2 0.2 0.1 0.0 1.7 0.2 0.2 0.1 0.3 –0.4 0.1 0.1 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2013 Line Dec. 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... 2014 Jan. r –4.2 2.7 3.1 3.5 2.9 2.4 Feb. r 2.3 1.9 1.2 2.0 0.8 2.3 2.3 2.0 2.1 3.6 1.4 2.0 March r 2.4 2.5 3.8 8.2 1.8 1.9 April r 2.5 2.4 3.8 6.7 2.4 1.7 May r 2.4 2.3 3.2 7.3 1.4 1.9 June r 2.5 2.3 3.4 6.9 1.7 1.8 July p 2.6 2.0 2.7 6.3 1.1 1.7 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 2014. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Line 1 Personal consumption expenditures (PCE) ............................ 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ....................................................................................... 8 Energy goods and services 2 .................................................... 9 Market-based PCE 3 ................................................................. 10 Market-based PCE excluding food and energy 3 ...................... 2013 Dec. 2014 Jan. Feb. March April r May r June r 1.2 –0.5 –2.2 0.3 2.1 1.2 –0.5 –2.3 0.4 2.1 1.0 –1.2 –2.5 –0.6 2.1 1.2 –0.8 –2.6 0.1 2.2 1.5 0.1 –2.3 1.2 2.3 1.7 0.3 –2.5 1.7 2.3 1.6 0.3 –2.5 1.7 2.2 1.3 0.6 0.5 1.1 1.2 1.2 0.6 1.8 1.1 1.0 1.2 0.7 –2.8 0.7 1.0 1.3 1.0 0.4 1.0 1.1 1.4 1.2 3.3 1.4 1.3 1.5 2.0 3.3 1.5 1.4 1.5 1.8 3.1 1.5 1.3 July p 1.6 0.3 –2.3 1.5 2.2 Line 1 2 3 4 5 1.5 6 2.0 7 2.4 8 1.5 9 1.3 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.