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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, AUGUST 1, 2014 BEA 14-35 James Rankin Harvey Davis Kurt Kunze Aversa Aversa Jeannine (202) 606-5301 (202) 606-5302 (202) 606-9748 (202) 606-2649 (Personal Income) (Personal Consumption Expenditures) (Revision) (News Media) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: JUNE 2014 REVISED ESTIMATES: 1999 THROUGH MAY 2014 Personal income increased $56.7 billion, or 0.4 percent, and disposable personal income (DPI) increased $51.5 billion, or 0.4 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $51.7 billion, or 0.4 percent. In May, personal income increased $57.4 billion, or 0.4 percent, DPI increased $55.0 billion, or 0.4 percent, and PCE increased $39.8 billion, or 0.3 percent, based on revised estimates. Real DPI increased 0.2 percent in June, the same increase as in May. Real PCE increased 0.2 percent in June, compared with an increase of 0.1 percent in May. Feb. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.7 2014 Mar. Apr. May (Percent change from preceding month) 0.7 0.3 0.4 June 0.4 0.7 0.6 0.7 0.5 0.4 0.2 0.4 0.2 0.4 0.2 0.4 0.4 0.8 0.6 0.1 -0.1 0.3 0.1 0.4 0.2 Annual Revision of the National Income and Product Accounts The estimates released today reflect the results of the annual revision of the national income and product accounts (NIPAs) in conjunction with preliminary estimates for June 2014. In addition to the regular revision of the estimates for the most recent 3 years and for the first 5 months of 2014, select estimates were revised back to January 1999. More information is available in "Preview of the Upcoming Annual NIPA Revision" in the May Survey of Current Business and on BEA's Web site. The August Survey will contain an article describing the annual revision in detail. __________________ 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 $28.9 billion in June, compared with an increase of $28.2 billion in May. Goods-producing industries' payrolls increased $7.6 billion, compared with an increase of $8.6 billion; manufacturing payrolls increased $4.3 billion, compared with an increase of $6.5 billion. Servicesproducing industries' payrolls increased $21.3 billion, compared with an increase of $19.5 billion. Government wages and salaries increased $1.7 billion, compared with an increase of $1.3 billion. Other personal income Supplements to wages and salaries increased $5.0 billion in June, compared with an increase of $4.2 billion in May. Proprietors' income increased $5.8 billion in June, compared with an increase of $0.1 billion in May. Farm proprietors' income increased $0.2 billion, compared with an increase of $0.3 billion. Nonfarm proprietors' income increased $5.4 billion, in contrast to a decrease of $0.1 billion. Rental income of persons increased $3.5 billion in June, compared with an increase of $3.6 billion in May. Personal income receipts on assets (personal interest income plus personal dividend income) increased $11.9 billion, compared with increased of $8.9 billion. Personal current transfer receipts increased $4.4 billion in June, compared with an increase of $15.3 billion in May. Contributions for government social insurance -- a subtraction in calculating personal income -increased $4.5 billion in June, compared with an increase of $4.1 billion in May. Personal current taxes and disposable personal income Personal current taxes increased $5.3 billion in June, compared with an increase of $2.5 billion in May. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $51.5 billion, or 0.4 percent, in June, compared with an increase of $55.0 billion, or 0.4 percent, in May. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $51.6 billion in June, compared with an increase of $39.7 billion in May. PCE increased $51.7 billion, compared with an increase of $39.8 billion. Personal saving -- DPI less personal outlays -- was $687.9 billion in June, compared with $688.0 billion in May. The personal saving rate -- personal saving as a percentage of disposable personal income -was 5.3 percent in June, the same rate as in May. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. -more- -3- Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in June, the same increase as in May. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in June, compared with an increase of 0.1 percent in May. Purchases of durable goods increased 0.4 percent, compared with an increase of 1.3 percent. Purchases of nondurable goods increased 0.3 percent, in contrast to a decrease of 0.3 percent. Purchases of services increased 0.1 percent, in contrast to a decrease of less than 0.1 percent. The price index for PCE increased 0.2 percent in June, compared with an increase of 0.3 percent in May. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent. PCE price index: percent change from month one year ago The June price index for PCE increased 1.6 percent from June a year ago. The June PCE price index, excluding food and energy, increased 1.5 percent from June a year ago. NOTE. BEA acknowledges the special efforts by the Bureau of Labor Statistics with the assistance of 18 state employment offices in providing preliminary data for the first quarter of 2014 from the quarterly census of employment and wages (QCEW). Wage and salary data from the state employment offices of California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Maryland, Massachusetts, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, and Utah were provided. These data have greatly improved the estimates of wages and salaries. -more- -4- Revision of the Personal Income and Outlays Estimates The revised estimates reflect the results of the annual revision of the national income and product accounts (NIPAs). In addition to the regular revision of estimates for the most recent 3 years and the first quarter of 2014, this “flexible” annual revision results in revisions to current-dollar estimates beginning with the first quarter of 1999.1 The reference year remains 2009. When the estimates for the reference year (2009) are revised, the levels of the related index numbers and chained-dollar estimates are also revised for the entire historical period; revisions to percent changes before the first quarter of 1999 are small and mostly due to rounding. Revisions to annual estimates of personal income and outlays for 2011 - 2013 are shown in table 12. Revised and previously published monthly estimates of personal income, DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in table 13; revised and previously published annual and quarterly estimates are shown in table 14. Personal income was revised up $10.7 billion, or 0.1 percent, for 2011; was revised up $143.9 billion, or 1.0 percent, for 2012; and was revised up $32.2 billion, or 0.2 percent, for 2013. For 2011, an upward revision to personal interest income was partly offset by downward revisions to nonfarm proprietors’ income and to wages and salaries. For 2012, upward revisions to personal dividend income, to personal interest income, and to nonfarm proprietors’ income were partly offset by downward revisions to supplements to wages and salaries, to rental income of persons, and to personal current transfer receipts. For 2013, upward revisions to personal dividend income, to nonfarm proprietors’ income, and to personal interest income were partly offset by downward revisions to farm proprietors’ income, to personal current transfer receipts, and to wages and salaries. Disposable personal income was revised up $14.0 billion, or 0.1 percent, for 2011; was revised up $138.2 billion, or 1.1 percent, for 2012; and was revised up $28.9 billion, or 0.2 percent, for 2013. The percent change from the preceding year in real DPI was revised up from an increase of 2.4 percent to an increase of 2.5 percent in 2011; was revised up from an increase of 2.0 percent to an increase of 3.0 percent in 2012; and was revised down from an increase of 0.7 percent to a decrease of 0.2 percent in 2013. Personal outlays was revised down $28.9 billion, or 0.3 percent, for 2011; was revised down $70.5 billion, or 0.6 percent, for 2012; and was revised down $17.8 billion, or 0.1 percent, for 2013. Revisions to personal outlays primarily reflected downward revisions to PCE and personal interest payments. The personal saving rate (personal saving as a percentage of disposable personal income) was revised up from 5.7 percent to 6.0 percent for 2011, was revised up from 5.6 percent to 7.2 percent for 2012, and was revised up from 4.5 percent to 4.9 percent for 2013. BEA’s plans to undertake “flexible” annual revisions that include revisions for longer periods than the traditional three-year period were described in the June 2008 Survey of Current Business at www.bea.gov/scb. 1 -more- -5- 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 – August 29, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for July -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2013 Nov. 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 Dec. Jan. Feb. March Line April May June p 14,326.5 14,320.0 14,387.3 14,489.5 14,588.1 14,639.1 14,696.5 14,753.2 1 8,965.2 8,955.5 9,019.1 9,102.6 9,178.8 9,200.7 9,234.3 9,269.9 2 7,225.8 7,214.1 7,270.3 7,345.8 7,414.6 7,432.4 7,461.9 7,492.4 3 6,016.2 6,002.9 6,057.9 6,130.9 6,198.4 6,214.3 6,242.5 6,271.4 4 1,213.8 1,215.0 1,222.7 1,237.7 1,253.0 1,250.9 1,259.5 1,267.1 5 756.2 755.3 759.0 766.2 779.0 775.3 781.8 786.1 6 4,802.4 4,787.9 4,835.2 4,893.1 4,945.4 4,963.5 4,983.0 5,004.3 7 1,138.2 1,135.6 1,139.2 1,145.5 1,161.2 1,169.4 1,171.7 1,173.7 8 3,664.2 3,652.2 3,696.0 3,747.6 3,784.2 3,794.1 3,811.3 3,830.7 9 1,209.6 1,211.2 1,212.4 1,215.0 1,216.1 1,218.0 1,219.3 1,221.0 10 1,739.4 1,741.4 1,748.7 1,756.8 1,764.2 1,768.3 1,772.5 1,777.5 11 1,206.8 532.6 1,209.3 532.1 1,210.9 537.9 1,213.7 543.1 1,216.4 547.8 1,219.4 548.9 1,221.8 550.7 1,224.7 12 552.8 13 1,343.1 1,339.6 1,348.0 1,351.6 1,353.3 1,362.1 1,362.2 1,368.0 14 69.9 61.7 59.9 58.1 56.3 56.6 56.9 57.1 15 1,273.2 1,277.9 1,288.1 1,293.5 1,297.0 1,305.5 1,305.4 1,310.8 16 613.6 614.6 618.0 622.3 628.5 632.3 635.9 639.4 17 2,094.2 2,091.0 2,084.0 2,089.0 2,098.1 2,110.8 2,119.7 2,131.6 18 1,263.1 1,266.9 1,264.7 1,262.4 1,260.2 1,263.5 1,266.9 1,270.2 19 831.1 824.1 819.4 826.6 838.0 847.3 852.9 861.4 20 2,429.9 2,438.3 2,455.1 2,471.3 2,486.3 2,492.7 2,508.0 2,512.4 21 2,387.3 2,395.7 2,412.3 2,428.3 2,443.0 2,449.2 2,464.2 2,468.4 22 809.8 813.5 821.1 822.0 830.2 831.4 832.7 835.0 23 577.4 578.6 581.4 583.2 583.3 585.5 586.5 588.8 24 449.2 447.5 460.5 468.7 473.6 472.8 475.9 474.0 25 53.6 59.9 44.0 40.6 39.5 37.8 37.2 36.8 26 81.5 81.4 81.3 85.5 83.3 83.6 83.2 83.3 27 415.9 414.8 424.0 428.2 433.1 438.0 448.7 450.6 28 42.6 42.6 42.8 43.1 43.3 43.5 43.8 44.0 29 1,119.6 1,118.9 1,136.8 1,147.4 1,156.9 1,159.5 1,163.6 1,168.1 30 1,691.4 1,695.3 1,697.9 1,712.9 1,726.6 1,724.3 1,726.8 1,732.1 31 12,635.1 12,624.8 12,689.4 12,776.6 12,861.4 12,914.7 12,969.7 13,021.2 32 12,088.9 12,101.6 12,081.2 12,132.8 12,226.6 12,242.0 12,281.7 12,333.3 33 11,671.5 11,686.3 11,663.9 11,714.4 11,807.1 11,824.1 11,863.9 11,915.6 34 3,894.8 3,889.6 3,851.1 3,888.7 3,932.0 3,944.6 3,965.0 3,998.4 35 1,276.7 1,248.5 1,237.6 1,253.9 1,295.3 1,288.8 1,304.0 1,310.1 36 2,618.1 2,641.1 2,613.5 2,634.8 2,636.8 2,655.8 2,661.0 2,688.4 37 7,776.7 7,796.7 7,812.8 7,825.7 7,875.1 7,879.6 7,898.9 7,917.2 38 250.8 248.3 249.0 249.8 250.5 250.1 249.7 249.3 39 166.7 167.0 168.3 168.6 169.0 167.7 168.0 168.4 40 92.2 92.5 92.9 93.3 93.6 93.9 94.3 94.6 41 74.5 74.5 75.4 75.4 75.4 73.8 73.8 73.8 42 546.2 523.2 608.2 643.9 634.8 672.8 688.0 687.9 43 4.3 4.1 4.8 5.0 4.9 5.2 5.3 5.3 44 11,040.2 11,008.2 11,044.0 11,115.0 11,175.5 11,194.0 11,203.8 11,227.4 45 11,725.6 11,696.6 11,744.8 11,816.4 11,877.0 11,902.1 11,921.8 11,943.2 46 39,814 36,948 317,351 p Preliminary 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 distrib- 39,760 36,837 317,520 39,944 36,970 317,681 40,198 37,177 317,840 40,444 37,348 318,006 40,590 37,407 318,178 40,739 37,448 318,357 40,876 47 37,492 48 318,553 49 uted 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 Line II 13,887.7 14,166.9 13,977.2 14,131.3 14,247.4 14,311.7 14,488.3 14,696.3 1 8,606.5 8,844.8 8,734.4 8,826.3 8,871.6 8,946.8 9,100.2 9,235.0 2 6,932.1 7,124.7 7,034.1 7,110.9 7,145.3 7,208.5 7,343.6 7,462.2 3 5,733.8 5,916.6 5,826.8 5,901.4 5,939.7 5,998.5 6,129.1 6,242.8 4 1,157.1 1,195.3 1,180.8 1,193.0 1,196.8 1,210.6 1,237.8 1,259.2 5 734.4 747.6 743.0 746.0 747.2 754.1 768.1 781.0 6 4,576.7 4,721.3 4,646.0 4,708.4 4,742.9 4,787.9 4,891.3 4,983.6 7 1,094.0 1,121.3 1,110.6 1,117.2 1,122.7 1,134.9 1,148.7 1,171.6 8 3,482.7 3,600.0 3,535.4 3,591.2 3,620.2 3,653.0 3,742.6 3,812.0 9 1,198.3 1,208.1 1,207.3 1,209.6 1,205.6 1,210.0 1,214.5 1,219.4 10 1,674.4 1,720.1 1,700.3 1,715.4 1,726.2 1,738.3 1,756.6 1,772.8 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 1,213.6 542.9 1,222.0 12 550.8 13 1,260.2 1,336.6 1,327.8 1,330.0 1,345.9 1,342.7 1,351.0 1,364.1 14 72.3 83.2 92.2 83.6 86.8 70.1 58.1 56.9 15 1,187.9 1,253.5 1,235.6 1,246.5 1,259.2 1,272.6 1,292.9 1,307.2 16 533.0 595.8 575.0 590.8 604.2 613.3 622.9 635.9 17 2,088.6 2,079.7 2,035.9 2,081.9 2,106.9 2,094.2 2,090.4 2,120.7 18 1,255.9 1,255.2 1,245.5 1,253.5 1,258.5 1,263.2 1,262.4 1,266.9 19 832.7 824.5 790.4 828.4 848.4 831.0 828.0 853.9 20 2,350.7 2,414.5 2,394.8 2,404.5 2,426.6 2,432.3 2,470.9 2,504.4 21 2,307.6 2,372.2 2,352.9 2,362.2 2,384.0 2,389.7 2,427.8 2,460.6 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 24 417.2 441.1 428.2 437.4 450.0 448.7 467.6 474.2 25 83.6 62.2 68.9 64.5 59.3 56.1 41.4 37.3 26 70.1 79.0 75.9 78.6 80.1 81.6 83.4 83.4 27 419.3 418.5 418.7 419.0 419.1 417.1 428.4 445.8 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 1,147.0 1,163.7 30 1,503.7 1,661.8 1,636.8 1,660.6 1,661.5 1,688.1 1,712.5 1,727.7 31 12,384.0 12,505.1 12,340.4 12,470.7 12,585.8 12,623.7 12,775.8 12,968.5 32 11,487.9 11,897.1 11,760.6 11,823.9 11,933.1 12,070.8 12,146.9 12,285.7 33 11,083.1 11,484.3 11,351.1 11,414.3 11,518.7 11,653.3 11,728.5 11,867.9 34 3,741.9 3,851.2 3,832.2 3,821.0 3,865.3 3,886.1 3,890.6 3,969.3 35 1,192.1 1,249.3 1,237.8 1,245.4 1,252.4 1,261.5 1,262.3 1,301.0 36 2,549.8 2,601.9 2,594.4 2,575.6 2,612.9 2,624.6 2,628.4 2,668.4 37 7,341.3 7,633.2 7,518.9 7,593.2 7,653.4 7,767.2 7,837.8 7,898.6 38 241.6 247.1 243.5 243.4 250.8 250.8 249.8 249.7 39 163.1 165.6 166.0 166.2 163.6 166.7 168.6 168.0 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 42 896.2 608.1 579.8 646.9 652.8 552.9 629.0 682.9 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 11,111.5 11,208.4 45 11,676.2 11,650.8 11,538.6 11,647.0 11,705.9 11,711.7 11,812.7 11,922.3 46 39,409 37,156 314,246 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. 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 40,196 37,165 317,842 40,735 47 37,449 48 318,362 49 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 Nov. 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 Dec. Jan. Feb. March Line April May June p 37.7 45.4 40.2 39.7 10.8 5.4 28.9 7.3 21.6 0.5 5.2 –6.5 –9.7 –11.7 –13.3 1.2 –0.9 –14.5 –2.6 –12.0 1.6 2.0 67.3 63.6 56.2 55.0 7.7 3.7 47.3 3.6 43.8 1.2 7.3 102.2 83.5 75.5 73.0 15.0 7.2 57.9 6.3 51.6 2.6 8.1 98.6 76.2 68.8 67.5 15.3 12.8 52.3 15.7 36.6 1.1 7.4 51.0 21.9 17.8 15.9 –2.1 –3.7 18.1 8.2 9.9 1.9 4.1 57.4 33.6 29.5 28.2 8.6 6.5 19.5 2.3 17.2 1.3 4.2 56.7 1 35.6 2 30.5 3 28.9 4 7.6 5 4.3 6 21.3 7 2.0 8 19.4 9 1.7 10 5.0 11 2.6 2.6 2.5 –0.5 1.6 5.8 2.8 5.2 2.7 4.7 3.0 1.1 2.4 1.8 2.9 12 2.1 13 –2.4 –8.9 6.6 2.0 –3.1 3.5 –6.7 1.3 1.3 6.3 1.3 –0.2 –1.1 –0.3 –4.6 0.0 5.6 13.8 23.9 67.1 69.4 20.8 17.3 3.5 48.6 –2.5 0.3 0.3 0.0 –43.2 –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 17.9 2.6 64.6 –20.4 –22.4 –38.5 –10.9 –27.6 16.1 0.7 1.3 0.4 0.9 85.0 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 10.6 15.0 87.2 51.6 50.5 37.6 16.3 21.3 12.9 0.8 0.3 0.4 0.0 35.7 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 9.5 13.7 84.8 93.8 92.7 43.3 41.4 2.0 49.4 0.7 0.4 0.3 0.0 –9.1 8.8 0.3 8.5 3.8 12.7 3.3 9.3 6.4 6.2 1.2 2.2 –0.8 –1.7 0.3 4.9 0.2 2.6 –2.3 53.3 15.4 17.0 12.6 –6.5 19.0 4.5 –0.4 –1.3 0.3 –1.6 38.0 0.1 0.3 –0.1 3.6 8.9 3.4 5.6 15.3 15.0 1.3 1.0 3.1 –0.6 –0.4 10.7 0.3 4.1 2.5 55.0 39.7 39.8 20.4 15.2 5.2 19.3 –0.4 0.3 0.4 0.0 15.2 5.8 0.2 5.4 3.5 11.9 3.3 8.5 4.4 4.2 2.3 2.3 –1.9 –0.4 0.1 1.9 0.2 4.5 5.3 51.5 51.6 51.7 33.4 6.1 27.4 18.3 –0.4 0.4 0.3 0.0 –0.1 24.7 12.6 –32.0 –29.0 35.8 48.2 71.0 71.6 60.5 60.6 18.5 25.1 9.8 19.7 23.6 44 21.4 45 p Preliminary 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 distrib- 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 uted 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 Line I II 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 12.1 176.6 153.4 135.1 130.6 27.2 14.0 103.4 13.8 89.6 4.5 18.3 208.0 1 134.8 2 118.6 3 113.7 4 21.4 5 12.9 6 92.3 7 22.9 8 69.4 9 4.9 10 16.2 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 11.4 8.4 12 7.9 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 29.5 24.4 152.1 76.1 75.2 4.5 0.8 3.8 70.6 –1.0 1.9 1.1 0.9 76.1 13.1 –1.2 14.3 13.0 30.3 4.5 25.9 33.5 32.8 8.5 4.3 6.6 –4.1 0.0 17.4 0.7 16.7 15.2 192.7 138.8 139.4 78.7 38.7 40.0 60.8 –0.1 –0.6 1.0 –1.6 53.9 417.5 345.0 71.9 –25.4 –347.7 –394.8 122.5 108.4 42.0 58.9 26.9 5.8 90.3 101.0 96.9 44 109.6 45 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. 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 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 Nov. 2014 Dec. Jan. Feb. March Line April May June 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................................................................................. 0.3 0.5 0.6 0.3 0.0 –0.1 –0.2 0.1 0.5 0.7 0.8 0.4 0.7 0.9 1.0 0.5 0.7 0.8 0.9 0.4 0.3 0.2 0.2 0.2 0.4 0.4 0.4 0.2 0.4 0.4 0.4 0.3 1 2 3 4 –0.2 0.3 –0.1 0.3 –0.8 0.1 0.5 0.8 0.2 –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 1.6 0.2 0.5 0.3 0.7 0.2 –0.2 0.9 0.7 0.9 0.9 0.7 0.1 1.0 0.4 –0.2 1.4 0.6 0.8 0.8 0.7 0.6 0.6 0.6 0.3 1.1 0.3 0.2 –0.1 0.4 0.0 0.6 0.4 0.3 0.7 0.6 0.4 0.1 0.4 0.4 0.5 0.6 0.3 1.0 0.2 0.4 0.3 0.4 5 6 7 8 9 10 11 12 13 0.6 0.5 1.4 0.1 0.6 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 0.1 0.3 –0.5 0.7 0.1 0.3 0.5 1.2 0.2 0.2 0.4 0.8 0.5 1.0 0.2 14 15 16 17 18 0.6 0.6 0.5 0.5 0.2 0.2 0.1 0.2 0.2 19 0.2 20 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.2 0.1 –0.3 –0.2 0.3 0.4 p Preliminary 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 Line II 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 5.0 7.0 7.7 4.3 5.9 6.1 6.6 3.7 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 11.0 5.9 4.9 3.9 8.6 5.9 1.4 13.1 5.5 6.0 3.6 6.2 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 8.3 12.8 6.2 3.1 14 15 16 17 18 4.6 3.8 1.5 2.0 1.0 0.2 3.3 3.5 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 3.5 19 3.8 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2013 Line Nov. 2014 Dec. Jan. Feb. March April June p May 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.................................................................................... 10,831.4 3,680.7 1,360.3 2,339.7 7,150.2 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 10,897.0 3,723.0 1,386.1 2,358.2 7,174.3 10,905.3 3,732.2 1,404.2 2,352.0 7,173.7 10,929.1 3,745.9 1,410.4 2,359.8 7,183.9 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures ....................................... 7 Goods ....................................................................................... 8 Durable goods ....................................................................... 9 Nondurable goods ................................................................. 10 Services.................................................................................... 55.6 26.5 22.4 6.2 29.3 –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 –6.3 0.4 –8.1 7.0 –6.5 8.3 9.2 18.1 –6.2 –0.6 23.8 6 13.7 7 6.2 8 7.8 9 10.2 10 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... 0.5 0.7 1.7 0.3 0.4 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 –0.6 0.3 –0.1 0.1 0.2 1.3 –0.3 0.0 0.2 0.4 0.4 0.3 0.1 11 12 13 14 15 p Preliminary 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 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 10,910.5 3,733.7 1,400.2 2,356.7 7,177.3 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 66.2 6 55.4 7 45.2 8 14.8 9 11.9 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... 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 6.2 14.0 2.5 0.7 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2013 Line Nov. 2014 Dec. Jan. Feb. March April May June 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 ...................... 107.759 105.812 93.844 111.897 108.767 107.938 105.926 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 92.893 112.147 109.672 108.511 105.950 92.971 112.618 109.835 108.793 106.238 92.858 113.139 110.114 109.029 106.740 92.877 113.924 110.212 1 2 3 4 5 106.619 107.881 127.207 107.387 106.014 106.705 107.983 129.323 107.551 106.068 106.802 107.953 129.834 107.653 106.157 106.906 108.242 129.178 107.716 106.243 107.057 108.733 129.040 107.893 106.408 107.250 109.061 129.563 108.112 106.597 107.460 109.706 130.627 108.361 106.759 107.615 6 109.728 7 132.806 8 108.614 9 106.921 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 –0.3 –0.1 0.2 0.2 0.1 –0.4 0.3 0.2 0.1 0.0 –0.1 0.0 0.2 0.1 –0.1 –0.2 0.0 0.2 0.2 –0.2 –0.3 –0.1 0.3 0.2 0.3 0.1 0.4 0.1 0.3 0.3 –0.1 0.5 0.3 0.2 0.5 0.0 0.7 0.1 11 12 13 14 15 0.1 0.0 –0.4 0.1 0.1 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 16 17 18 19 20 p Preliminary 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 Nov. 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... 2014 Dec. –1.3 2.9 3.9 6.8 2.5 2.4 Jan. –4.2 2.7 3.1 3.5 2.9 2.4 Feb. 2.2 1.9 1.2 2.0 0.8 2.3 March 2.4 2.0 2.1 3.6 1.4 2.0 April 2.5 2.5 3.8 8.2 1.8 1.9 June p May 2.5 2.4 3.8 6.6 2.5 1.7 2.3 2.3 3.4 7.2 1.6 1.8 2.3 2.3 3.5 6.8 2.0 1.7 Line 1 2 3 4 5 6 p Preliminary 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 Nov. 2014 Dec. Jan. Feb. March April June p May 1.0 –1.0 –2.0 –0.5 2.1 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 2.2 1.7 0.4 –2.3 1.7 2.3 1.3 0.7 –2.6 0.9 1.2 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 p Preliminary 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. 1.6 0.4 –2.2 1.7 2.2 Line 1 2 3 4 5 1.5 6 1.8 7 3.1 8 1.5 9 1.3 10 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 12. Revisions to Personal Income and Its Disposition Billions of dollars Line 1 Personal income ..................................................................................... 2 Compensation of employees.............................................................. 3 Wages and salaries .......................................................................... 4 Private industries ............................................................................ 5 Goods-producing industries......................................................... 6 Manufacturing........................................................................... 7 Services-producing industries ..................................................... 8 Trade, transportation, and utilities............................................. 9 Other services-producing industries......................................... 10 Government .................................................................................... 11 Supplements to wages and salaries............................................... 12 Employer contributions for employee pension and insurance funds 1........................................................................................... 13 Employer contributions for government social insurance ................ 14 Proprietors’ income with inventory valuation and capital consumption adjustments............................................................... 15 Farm ................................................................................................... 16 Nonfarm.............................................................................................. 17 Rental income of persons with capital consumption adjustment .. 18 Personal income receipts on assets.................................................. 19 Personal interest income .................................................................... 20 Personal dividend income .................................................................. 21 Personal current transfer receipts ..................................................... 22 Government social benefits to persons .............................................. 23 Other current transfer receipts, from business (net)........................... 24 Less: Contributions for government social insurance, domestic... 25 Less: Personal current taxes ................................................................. 26 Equals: Disposable personal income ................................................... 27 Less: Personal outlays ........................................................................... 28 Personal consumption expenditures...................................................... 29 Goods................................................................................................. 30 Durable goods................................................................................. 31 Nondurable goods........................................................................... 32 Services ............................................................................................. 33 Personal interest payments 2 ................................................................. 34 Personal current transfer payments ....................................................... 35 To government.................................................................................... 36 To the rest of the world (net)............................................................... 37 Equals: Personal saving......................................................................... 38 Personal saving as a percentage of disposable personal income Addenda: 39 Personal income excluding current transfer receipts, billions of chained (2009) dollars 3 ................................................................... Disposable personal income: 40 Total, billions of chained (2009) dollars 3 ............................................ Per capita: 41 Current dollars................................................................................. 42 Chained (2009) dollars.................................................................... 43 Population (midperiod, thousands) 4 ..................................................... Revisions as a percentage of previously published Revisions to previously published Revised estimates 2011 2012 2013 13,202.0 8,269.0 6,633.2 5,438.4 1,100.8 706.7 4,337.6 1,044.5 3,293.1 1,194.8 1,635.9 13,887.7 8,606.5 6,932.1 5,733.8 1,157.1 734.4 4,576.7 1,094.0 3,482.7 1,198.3 1,674.4 14,166.9 8,844.8 7,124.7 5,916.6 1,195.3 747.6 4,721.3 1,121.3 3,600.0 1,208.1 1,720.1 10.7 –9.5 –5.5 –5.9 –1.3 –0.4 –4.6 –1.7 –2.9 0.4 –3.9 143.9 –5.1 5.3 4.4 3.1 –1.0 1.3 0.3 1.0 1.0 –10.5 32.2 –14.6 –12.8 –25.9 6.4 0.2 –32.3 –6.4 –25.9 13.1 –1.8 0.1 –0.1 –0.1 –0.1 –0.1 –0.1 –0.1 –0.2 –0.1 0.0 –0.2 1.0 –0.1 0.1 0.1 0.3 –0.1 0.0 0.0 0.0 0.1 –0.6 0.2 1 –0.2 2 –0.2 3 –0.4 4 0.5 5 0.0 6 –0.7 7 –0.6 8 –0.7 9 1.1 10 –0.1 11 1,142.0 493.9 1,160.5 513.9 1,193.9 526.1 –3.4 –0.5 –10.1 –0.4 3.3 –5.1 –0.3 –0.1 –0.9 –0.1 0.3 12 –1.0 13 1,143.7 75.5 1,068.1 485.3 1,913.9 1,231.6 682.2 2,307.9 2,257.7 50.2 917.8 1,400.6 11,801.4 11,090.2 10,689.3 3,596.5 1,125.3 2,471.1 7,092.8 241.4 159.5 85.5 74.1 711.1 6.0 1,260.2 72.3 1,187.9 533.0 2,088.6 1,255.9 832.7 2,350.7 2,307.6 43.1 951.2 1,503.7 12,384.0 11,487.9 11,083.1 3,741.9 1,192.1 2,549.8 7,341.3 241.6 163.1 90.0 73.1 896.2 7.2 1,336.6 83.2 1,253.5 595.8 2,079.7 1,255.2 824.5 2,414.5 2,372.2 42.3 1,104.5 1,661.8 12,505.1 11,897.1 11,484.3 3,851.2 1,249.3 2,601.9 7,633.2 247.1 165.6 91.4 74.3 608.1 4.9 –11.4 2.9 –14.5 0.9 29.3 27.5 1.7 1.0 –2.6 3.5 –0.4 –3.4 14.0 –28.9 –22.5 –6.2 –4.6 –1.7 –16.3 –6.6 0.1 0.2 0.0 42.9 0.3 35.3 –3.1 38.3 –8.2 130.1 44.3 85.8 –7.6 –9.2 1.7 0.5 5.7 138.2 –70.5 –66.5 –27.8 –10.6 –17.2 –38.6 –6.8 2.7 1.5 1.2 208.8 1.6 10,460.1 10,877.6 10,949.5 3.0 137.5 45.5 0.0 1.3 0.4 39 11,331.2 11,676.2 11,650.8 6.6 124.6 13.9 0.1 1.1 0.1 40 37,821 36,314 312,034 39,409 37,156 314,246 39,515 36,815 316,465 45 21 0 440 396 0 91 43 0 0.1 0.1 0.0 1.1 1.1 0.0 0.2 41 0.1 42 0.0 43 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. Consists of nonmortgage interest paid by households. 3. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 4. Population is the total population of the United States, including the Armed Forces overseas and the institu- 2011 2012 2013 2011 2012 Line 2013 –12.2 –1.0 2.9 –0.9 –44.4 4.0 –4.1 –34.8 32.3 –1.3 3.3 2.6 5.2 0.2 –1.5 0.9 82.0 1.6 6.6 4.1 26.0 2.3 3.7 2.1 56.0 0.2 11.5 7.3 –29.8 0.0 –0.3 –1.2 –27.5 –0.1 –0.4 –1.1 –2.3 7.5 4.1 –5.2 –1.5 0.0 0.1 –0.1 3.3 –0.2 0.4 0.2 28.9 0.1 1.1 0.2 –17.8 –0.3 –0.6 –0.1 –17.2 –0.2 –0.6 –0.1 –34.7 –0.2 –0.7 –0.9 –13.7 –0.4 –0.9 –1.1 –21.0 –0.1 –0.7 –0.8 17.5 –0.2 –0.5 0.2 –0.8 –2.7 –2.7 –0.3 0.2 0.1 1.7 0.1 1.0 0.2 1.7 1.1 –0.7 0.0 1.7 –0.9 46.8 ............... ............... ................ 0.4 ............... ............... ................ 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 tionalized 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 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)—Continues 2011 Line Jan. Feb. March April May June 2012 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. March April 139.7 105.2 114.2 88.3 120.3 88.7 94.2 70.6 78.2 73.7 65.5 86.4 May June Line Seasonally adjusted at annual rates 1 2 3 4 5 6 Change from preceding period in billions of dollars: Personal income ................................................ 197.9 Previously published ....................................... 203.3 Disposable personal income.............................. 85.9 Previously published ....................................... 90.8 Personal consumption expenditures .................. 38.6 Previously published ....................................... 32.1 7 Personal saving as a percentage of disposable personal income .............................................. 8 Previously published .......................................... 71.6 72.5 64.2 62.7 37.7 47.1 32.6 31.4 27.1 22.9 71.1 77.1 24.7 27.6 20.4 20.9 41.1 37.7 37.1 39.4 31.9 31.9 28.5 31.5 66.3 59.0 54.8 49.0 23.3 29.0 85.7 77.3 70.2 65.1 50.7 52.9 21.9 14.2 18.9 13.8 18.5 24.9 –13.0 –12.5 –14.9 –12.5 45.0 50.1 13.7 0.1 17.7 6.9 37.0 46.0 3.5 –9.8 4.8 –7.5 1.1 17.1 109.3 89.1 93.1 73.9 –1.4 3.6 6.4 6.4 6.0 5.9 5.9 5.7 5.9 5.7 6.1 5.9 6.3 6.0 6.2 5.8 5.7 5.3 5.5 5.0 5.6 4.8 6.4 5.4 6.2 6.3 6.6 5.6 63.0 48.3 54.0 38.6 15.1 26.9 42.2 30.5 40.5 26.9 35.9 34.5 –5.2 –3.7 –3.6 –2.1 –1.2 –6.7 28.9 40.8 20.9 34.0 3.5 13.1 1 2 3 4 5 6 6.7 5.4 6.9 5.4 7.0 5.3 7.0 5.4 7.1 5.6 7 8 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income.................................................... 10 Previously published .......................................... 1.5 1.6 0.6 0.6 0.2 0.2 0.2 0.2 0.3 0.3 0.5 0.4 0.6 0.6 0.2 0.1 –0.1 –0.1 0.1 0.0 0.0 –0.1 0.8 0.7 1.0 0.9 0.8 0.7 0.5 0.4 0.3 0.2 0.0 0.0 0.2 9 0.3 10 11 Disposable personal income ................................. 12 Previously published .......................................... 0.7 0.8 0.6 0.5 0.2 0.2 0.2 0.2 0.3 0.3 0.5 0.4 0.6 0.6 0.2 0.1 –0.1 –0.1 0.1 0.1 0.0 –0.1 0.8 0.6 1.0 0.8 0.7 0.6 0.4 0.3 0.3 0.2 0.0 0.0 0.2 11 0.3 12 13 Personal consumption expenditures ..................... 14 Previously published .......................................... 0.4 0.3 0.4 0.4 0.7 0.7 0.4 0.4 0.3 0.3 0.2 0.3 0.5 0.5 0.2 0.2 0.4 0.5 0.3 0.4 0.0 0.2 0.0 0.0 0.7 0.6 0.7 0.8 0.1 0.2 0.3 0.3 0.0 –0.1 0.0 13 0.1 14 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income ......................... 16 Previously published .......................................... 0.5 0.6 0.3 –0.1 0.3 –0.2 17 Real personal consumption expenditures ............. 18 Previously published .......................................... 0.1 0.1 0.1 0.2 0.3 0.4 –0.3 –0.1 –0.1 0.0 0.4 0.3 0.4 0.4 –0.1 –0.1 –0.3 –0.3 0.1 0.0 –0.1 –0.2 0.8 0.6 0.7 0.5 0.5 0.3 0.2 0.1 0.2 0.2 0.0 0.0 0.1 15 0.1 16 0.0 0.0 –0.1 0.0 0.2 0.2 0.3 0.3 –0.1 0.0 0.3 0.3 0.3 0.4 –0.1 0.0 0.0 0.0 0.5 0.4 0.5 0.5 –0.1 0.0 0.2 0.3 0.0 0.0 0.0 17 0.0 18 2012 Line July Aug. Sept. 2013 Oct. Nov. Dec. Jan. Feb. March April May June Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: Personal income ................................................ Previously published ....................................... Disposable personal income.............................. Previously published ....................................... Personal consumption expenditures .................. Previously published ....................................... –23.1 –11.2 –28.9 –12.1 42.3 44.5 26.6 13.2 14.8 4.4 30.0 24.1 121.6 78.5 100.2 61.5 74.8 79.1 117.0 57.0 104.7 46.5 20.3 11.7 190.8 168.6 166.1 143.7 22.9 23.7 396.3 436.3 356.2 391.4 22.4 10.8 –741.1 –628.5 –761.1 –650.5 58.0 20.8 121.8 177.6 101.6 158.0 68.2 75.7 42.6 47.5 33.7 38.5 7.4 21.9 22.4 15.1 15.8 0.5 –5.5 –26.6 63.1 56.4 58.7 43.7 33.8 20.6 62.0 50.1 57.2 37.6 55.3 63.0 1 2 3 4 5 6 7 Personal saving as a percentage of disposable personal income .............................................. 8 Previously published .......................................... 6.6 5.1 6.4 4.9 6.5 4.8 7.1 5.0 8.2 5.9 10.5 8.7 4.5 3.6 4.7 4.2 4.9 4.3 5.1 4.6 5.2 4.8 5.3 4.6 7 8 1 2 3 4 5 6 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income.................................................... 10 Previously published .......................................... –0.2 –0.1 0.2 0.1 0.9 0.6 0.8 0.4 1.4 1.2 2.8 3.1 –5.1 –4.4 0.9 1.3 0.3 0.3 0.2 0.1 0.4 0.4 0.4 9 0.4 10 11 Disposable personal income ................................. 12 Previously published .......................................... –0.2 –0.1 0.1 0.0 0.8 0.5 0.8 0.4 1.3 1.2 2.8 3.1 –5.8 –5.1 0.8 1.3 0.3 0.3 0.1 0.0 0.5 0.4 0.5 11 0.3 12 13 Personal consumption expenditures ..................... 14 Previously published .......................................... 0.4 0.4 0.3 0.2 0.7 0.7 0.2 0.1 0.2 0.2 0.2 0.1 0.5 0.2 0.6 0.7 0.1 0.2 0.0 –0.2 0.3 0.2 0.5 13 0.6 14 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income ......................... 16 Previously published .......................................... –0.3 –0.1 –0.2 –0.3 0.5 0.2 0.6 0.2 1.4 1.3 2.8 3.1 –5.9 –5.1 0.5 0.9 0.4 0.4 0.2 0.3 0.4 0.3 0.2 15 –0.1 16 17 Real personal consumption expenditures ............. 18 Previously published .......................................... 0.4 0.4 0.0 –0.1 0.4 0.4 –0.1 –0.1 0.3 0.3 0.2 0.1 0.4 0.1 0.3 0.3 0.1 0.3 0.1 0.0 0.2 0.1 0.2 17 0.2 18 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)—Table Ends 2013 Line July Aug. Sept. 2014 Oct. Nov. Dec. Jan. Feb. March April May Line Seasonally adjusted at annual rates Change from preceding period in billions of dollars: Personal income ................................................ Previously published ....................................... Disposable personal income.............................. Previously published ....................................... Personal consumption expenditures .................. Previously published ....................................... –6.7 16.9 4.2 39.4 22.3 22.8 63.2 74.6 56.1 76.8 26.9 39.6 54.6 60.8 47.5 60.4 48.0 37.4 –16.0 –10.1 –25.0 –20.8 42.5 36.7 37.7 37.1 23.9 22.5 69.4 69.6 –6.5 –12.2 –10.3 –15.1 14.8 9.8 67.3 44.1 64.6 40.7 –22.4 –22.4 102.2 51.0 87.2 43.4 50.5 45.4 98.6 78.0 84.8 66.5 92.7 95.3 51.0 49.9 53.3 50.8 17.0 2.3 57.4 58.8 55.0 55.6 39.8 18.3 1 2 3 4 5 6 7 Personal saving as a percentage of disposable personal income .............................................. 8 Previously published .......................................... 5.1 4.7 5.3 4.9 5.2 5.1 4.7 4.6 4.3 4.3 4.1 4.1 4.8 4.5 5.0 4.5 4.9 4.2 5.2 4.5 5.3 4.8 7 8 1 2 3 4 5 6 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates 9 Personal income.................................................... 10 Previously published .......................................... 0.0 0.1 0.4 0.5 0.4 0.4 –0.1 –0.1 0.3 0.3 0.0 –0.1 0.5 0.3 0.7 0.4 0.7 0.5 0.3 0.3 0.4 9 0.4 10 11 Disposable personal income ................................. 12 Previously published .......................................... 0.0 0.3 0.4 0.6 0.4 0.5 –0.2 –0.2 0.2 0.2 –0.1 –0.1 0.5 0.3 0.7 0.3 0.7 0.5 0.4 0.4 0.4 11 0.4 12 13 Personal consumption expenditures ..................... 14 Previously published .......................................... 0.2 0.2 0.2 0.3 0.4 0.3 0.4 0.3 0.6 0.6 0.1 0.1 –0.2 –0.2 0.4 0.4 0.8 0.8 0.1 0.0 0.3 13 0.2 14 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates 15 Real disposable personal income ......................... 16 Previously published .......................................... –0.1 0.2 0.4 0.5 0.3 0.4 –0.3 –0.2 0.1 0.1 –0.2 –0.3 0.4 0.2 0.6 0.3 0.5 0.3 0.2 0.2 0.2 15 0.2 16 17 Real personal consumption expenditures ............. 18 Previously published .......................................... 0.1 0.1 0.2 0.2 0.3 0.2 0.3 0.3 0.5 0.5 0.0 –0.1 –0.3 –0.3 0.4 0.3 0.6 0.6 –0.1 –0.2 0.1 17 –0.1 18 Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters) Seasonally adjusted at annual rates Line 2011 2012 2013 2011 I Line II III IV Change from preceding period in billions of dollars: Personal income ........................................................... Previously published .................................................. Disposable personal income......................................... Previously published .................................................. Personal consumption expenditures ............................. Previously published .................................................. 772.7 756.1 563.5 543.7 487.1 509.9 685.7 552.5 582.6 458.4 393.8 437.8 279.2 390.9 121.1 230.4 401.2 351.9 356.5 359.9 226.5 226.8 130.3 130.8 117.1 118.6 99.5 94.7 127.9 135.5 152.6 135.1 124.9 113.5 103.1 116.0 51.0 19.6 48.3 22.7 73.4 100.3 1 2 3 4 5 6 7 Personal saving as a percentage of disposable personal income ......................................................... 8 Previously published ..................................................... 6.0 5.7 7.2 5.6 4.9 4.5 6.2 6.2 6.0 5.8 6.1 5.7 5.8 5.0 7 8 1 2 3 4 5 6 Percent change from preceding period for current-dollar measures 9 Personal income............................................................... 10 Previously published ..................................................... 6.2 6.1 5.2 4.2 2.0 2.8 11.7 11.9 3.6 3.7 4.7 4.2 1.5 9 0.6 10 11 Disposable personal income ............................................ 12 Previously published ..................................................... 5.0 4.8 4.9 3.9 1.0 1.9 8.2 8.2 3.5 3.3 4.3 3.9 1.6 11 0.8 12 13 Personal consumption expenditures ................................ 14 Previously published ..................................................... 4.8 5.0 3.7 4.1 3.6 3.2 5.1 5.1 4.9 5.2 3.9 4.4 2.8 13 3.8 14 Percent change from preceding period for chained-dollar measures 15 Real disposable personal income .................................... 16 Previously published ..................................................... 2.5 2.4 3.0 2.0 –0.2 0.7 5.0 5.0 –0.6 –0.4 2.1 1.6 0.2 15 –0.6 16 17 Real personal consumption expenditures ........................ 18 Previously published ..................................................... 2.3 2.5 1.8 2.2 2.4 2.0 2.0 2.1 0.8 1.5 1.8 2.1 1.4 17 2.4 18 Seasonally adjusted at annual rates Line 2012 I II 2013 III IV I II 2014 III IV Line I Change from preceding period in billions of dollars: Personal income ........................................................... Previously published .................................................. Disposable personal income......................................... Previously published .................................................. Personal consumption expenditures ............................. Previously published .................................................. 304.9 245.4 261.1 200.9 131.8 140.2 125.4 103.2 110.6 86.2 70.9 81.1 52.8 49.8 27.2 33.2 89.2 93.4 466.2 371.5 405.9 315.3 102.8 91.9 –317.9 –147.2 –389.3 –223.5 128.5 93.7 154.1 160.3 130.3 120.5 63.2 47.9 116.1 139.1 115.1 150.3 104.4 110.6 64.3 76.0 37.9 55.1 134.6 124.5 176.6 108.3 152.1 89.2 75.2 69.3 1 2 3 4 5 6 7 Personal saving as a percentage of disposable personal income ......................................................... 8 Previously published ..................................................... 6.7 5.4 7.0 5.5 6.5 4.9 8.6 6.6 4.7 4.1 5.2 4.7 5.2 4.9 4.4 4.3 4.9 4.4 7 8 1 2 3 4 5 6 Percent change from preceding period for current-dollar measures 9 Personal income............................................................... 10 Previously published ..................................................... 9.5 7.6 3.7 3.1 1.5 1.5 14.2 11.3 –8.6 –4.1 4.5 4.7 3.3 4.0 1.8 2.2 5.0 9 3.1 10 11 Disposable personal income ............................................ 12 Previously published ..................................................... 9.1 6.9 3.7 2.9 0.9 1.1 13.8 10.7 –11.7 –7.0 4.3 4.0 3.7 4.9 1.2 1.8 4.9 11 2.9 12 13 Personal consumption expenditures ................................ 14 Previously published ..................................................... 5.0 5.3 2.6 3.0 3.3 3.4 3.8 3.3 4.7 3.4 2.2 1.7 3.7 3.9 4.8 4.4 2.6 13 2.4 14 Percent change from preceding period for chained-dollar measures 15 Real disposable personal income .................................... 16 Previously published ..................................................... 6.8 4.6 2.3 1.8 –0.4 –0.6 11.8 9.0 –12.6 –7.9 3.8 4.1 2.0 3.0 0.2 0.7 3.5 15 1.5 16 17 Real personal consumption expenditures ........................ 18 Previously published ..................................................... 2.8 2.9 1.3 1.9 1.9 1.7 1.9 1.7 3.6 2.3 1.8 1.8 2.0 2.0 3.7 3.3 1.2 17 1.0 18
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