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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 1, 2014 BEA 14-19 James Rankin Harvey Davis (202) 606-5301 (Personal Income) (202) 606-5302 (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: MARCH 2014 Personal income increased $78.4 billion, or 0.5 percent, and disposable personal income (DPI) increased $68.0 billion, or 0.5 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $107.2 billion, or 0.9 percent. In February, personal income increased $54.3 billion, or 0.4 percent, DPI increased $47.6 billion, or 0.4 percent, and PCE increased $54.7 billion, or 0.5 percent, based on revised estimates. Real DPI increased 0.3 percent in March, the same increase as in February. Real PCE increased 0.7 percent in March, compared with an increase of 0.4 percent in February. 2013 Nov. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.3 2014 Dec. Jan. Feb. (Percent change from preceding month) -0.1 0.4 0.4 Mar. 0.5 0.2 0.1 -0.1 -0.3 0.4 0.3 0.4 0.3 0.5 0.3 0.6 0.5 0.1 -0.1 0.2 0.1 0.5 0.4 0.9 0.7 ___________________ 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 $42.3 billion in March, compared with an increase of $17.4 billion in February. Goods producing industries' payrolls increased $10.4 billion, compared with an increase of $7.6 billion; manufacturing payrolls increased $7.0 billion, compared with an increase of $1.6 billion. Services-producing industries' payrolls increased $31.8 billion, compared with an increase of $9.9 billion. Government wages and salaries increased $0.9 billion, compared with an increase of $1.9 billion. Other personal income Supplements to wages and salaries increased $4.8 billion in March, compared with an increase of $3.3 billion in February. Proprietors' income increased $9.3 billion in March, compared with an increase of $4.6 billion in February. Farm proprietors' income increased $2.5 billion, compared with an increase of $2.4 billion. Nonfarm proprietors' income increased $6.8 billion, compared with an increase of $2.2 billion. Rental income of persons increased $4.6 billion in March, compared with an increase of $3.3 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) increased $6.9 billion, compared with an increase of $7.0 billion. Personal current transfer receipts increased $15.5 billion, compared with an increase of $19.4 billion. Medicaid benefits increased $6.5 billion in March, $11.4 billion in February, and $19.3 billion in January, primarily due to expanded coverage under the Affordable Care Act. Contributions for government social insurance -- a subtraction in calculating personal income -increased $5.9 billion in March, compared with an increase of $2.7 billion in February. Personal current taxes and disposable personal income Personal current taxes increased $10.4 billion in March, compared with an increase of $6.7 billion in February. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $68.0 billion, or 0.5 percent, in March, compared with an increase of $47.6 billion, or 0.4 percent, in February. Personal outlays and saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $109.7 billion in March, compared with an increase of $57.2 billion in February. PCE increased $107.2 billion, compared with an increase of $54.7 billion. Personal saving -- DPI less personal outlays -- was $487.7 billion in March, compared with $529.4 billion in February. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.8 percent in March, compared with 4.2 percent in February. 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 0.3 percent in March, the same increase as in February. Real PCE -- PCE adjusted to remove price changes -- increased 0.7 percent in March, compared with an increase of 0.4 percent in February. Purchases of durable goods increased 2.7 percent, compared with an increase of 1.3 percent. Purchases of motor vehicles and parts accounted for more than half of the March increase. Purchases of nondurable goods increased 0.9 percent in March, compared with an increase of 0.4 percent in February. Purchases of services increased 0.4 percent, compared with an increase of 0.2 percent. The price index for PCE increased 0.2 percent in March, compared with an increase of 0.1 percent in February. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. Revisions Estimates have been revised for January and February. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for January and February -- revised and as published in last month's release -- are shown below. Change from preceding month January 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 February Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) 41.3 53.7 0.3 0.4 47.7 54.3 0.3 0.4 40.3 24.4 49.9 33.2 0.3 0.2 0.4 0.3 42.3 30.5 47.6 36.3 0.3 0.3 0.4 0.3 20.0 6.7 26.7 12.7 0.2 0.1 0.2 0.1 30.8 20.4 54.7 43.5 0.3 0.2 0.5 0.4 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 – May 30, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for April -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2013 Aug. 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...................................................... Sept. Oct. 2014 Nov. Dec. Jan. r Feb. r Line March p 14,229.9 14,290.7 14,282.1 14,319.7 14,309.8 14,363.5 14,417.8 14,496.2 1 8,895.8 8,923.1 8,940.1 8,986.3 8,978.4 9,009.9 9,032.5 9,080.6 2 7,169.9 7,193.6 7,207.5 7,248.8 7,239.4 7,265.6 7,284.9 7,328.1 3 5,981.2 5,996.6 6,009.8 6,049.4 6,038.2 6,063.2 6,080.6 6,122.9 4 1,192.1 1,195.0 1,196.9 1,208.2 1,209.8 1,213.1 1,220.7 1,231.1 5 748.6 750.7 751.8 758.0 757.3 756.5 758.1 765.1 6 4,789.2 4,801.7 4,813.0 4,841.1 4,828.3 4,850.1 4,860.0 4,891.8 7 1,132.9 1,133.2 1,136.4 1,142.8 1,141.7 1,144.3 1,142.6 1,152.7 8 3,656.3 3,668.4 3,676.6 3,698.3 3,686.6 3,705.8 3,717.4 3,739.1 9 1,188.7 1,197.0 1,197.6 1,199.4 1,201.2 1,202.3 1,204.2 1,205.1 10 1,725.9 1,729.5 1,732.6 1,737.5 1,739.0 1,744.4 1,747.7 1,752.5 11 1,193.1 532.8 1,195.2 534.3 1,197.4 535.2 1,199.9 537.6 1,202.1 536.9 1,204.0 540.4 1,206.2 541.5 1,208.3 12 544.3 13 1,358.6 1,382.1 1,363.5 1,358.8 1,353.1 1,365.0 1,369.6 1,378.9 14 128.3 148.1 125.4 112.9 100.3 102.8 105.2 107.7 15 1,230.3 1,234.1 1,238.0 1,245.9 1,252.8 1,262.2 1,264.4 1,271.2 16 596.0 601.2 602.5 603.2 603.9 606.6 609.9 614.5 17 2,028.7 2,032.2 2,029.1 2,031.0 2,030.3 2,021.9 2,028.9 2,035.8 18 1,234.2 1,233.1 1,237.1 1,241.1 1,245.1 1,244.4 1,243.8 1,243.1 19 794.6 799.0 792.0 789.9 785.2 777.5 785.2 792.7 20 2,460.6 2,465.1 2,462.1 2,460.9 2,463.9 2,490.5 2,509.9 2,525.4 21 2,415.7 2,420.0 2,416.9 2,415.6 2,418.4 2,444.8 2,464.1 2,479.4 22 803.9 804.1 803.5 809.7 813.4 821.1 821.9 830.1 23 596.6 599.8 597.5 596.9 596.8 599.4 601.1 601.2 24 440.2 440.3 438.2 437.1 435.1 454.4 465.8 472.3 25 62.4 59.6 60.3 58.8 61.5 45.7 42.3 41.2 26 81.1 83.4 83.5 83.0 82.6 82.6 87.1 84.1 27 431.5 432.9 433.9 430.0 429.0 441.7 445.9 450.5 28 44.9 45.0 45.2 45.3 45.5 45.7 45.8 46.0 29 1,109.8 1,113.0 1,115.2 1,120.6 1,119.7 1,130.3 1,133.0 1,138.9 30 1,656.7 1,657.2 1,668.1 1,682.9 1,686.1 1,690.0 1,696.7 1,707.1 31 12,573.2 12,633.6 12,614.0 12,636.8 12,623.6 12,673.5 12,721.1 12,789.1 32 11,951.1 11,993.3 12,030.0 12,097.3 12,104.8 12,134.5 12,191.7 12,301.4 33 11,538.4 11,575.8 11,612.5 11,682.1 11,691.9 11,718.6 11,773.3 11,880.5 34 3,912.8 3,925.1 3,923.4 3,940.6 3,926.9 3,895.5 3,919.8 3,972.8 35 1,285.2 1,269.4 1,276.8 1,291.8 1,258.3 1,250.3 1,263.8 1,296.6 36 2,627.7 2,655.7 2,646.6 2,648.7 2,668.6 2,645.1 2,656.0 2,676.2 37 7,625.6 7,650.7 7,689.1 7,741.5 7,765.0 7,823.1 7,853.5 7,907.7 38 248.8 253.3 250.8 248.3 245.7 247.9 250.2 252.4 39 163.9 164.2 166.7 166.9 167.2 168.0 168.3 168.5 40 90.7 91.0 91.3 91.6 91.9 92.1 92.4 92.6 41 73.2 73.2 75.4 75.4 75.4 75.9 75.9 75.9 42 622.1 640.2 584.0 539.5 518.8 538.9 529.4 487.7 43 4.9 5.1 4.6 4.3 4.1 4.3 4.2 3.8 44 10,960.5 11,000.6 10,989.4 11,017.7 10,987.1 11,000.2 11,025.1 11,062.9 45 11,709.1 11,752.1 11,727.7 11,740.5 11,708.5 11,741.7 11,778.0 11,819.1 46 39,694 36,966 316,753 39,857 37,076 316,972 39,770 36,976 317,171 39,820 36,995 317,351 39,757 36,875 317,520 39,894 36,961 317,681 40,024 37,056 317,840 40,216 47 37,166 48 318,006 49 p Preliminary r Revised 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 2012 IV 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 ..................................................... 2013 I II 2014 III IV Line I 13,743.8 14,135.3 14,073.1 13,925.9 14,086.2 14,225.3 14,303.8 14,425.8 1 8,611.6 8,860.1 8,787.4 8,748.3 8,835.5 8,888.3 8,968.3 9,041.0 2 6,926.8 7,138.2 7,086.6 7,040.4 7,117.6 7,162.8 7,231.9 7,292.8 3 5,729.4 5,943.2 5,887.2 5,844.5 5,923.6 5,972.2 6,032.5 6,088.9 4 1,154.0 1,189.1 1,167.0 1,173.8 1,187.1 1,190.6 1,205.0 1,221.6 5 735.4 747.8 740.5 742.1 745.9 747.3 755.7 759.9 6 4,575.4 4,754.1 4,720.3 4,670.7 4,736.4 4,781.6 4,827.5 4,867.3 7 1,093.7 1,127.1 1,114.2 1,115.2 1,123.2 1,129.8 1,140.3 1,146.5 8 3,481.7 3,626.9 3,606.1 3,555.5 3,613.2 3,651.9 3,687.2 3,720.8 9 1,197.3 1,195.0 1,199.3 1,195.8 1,194.1 1,190.6 1,199.4 1,203.9 10 1,684.9 1,721.9 1,700.9 1,707.9 1,717.8 1,725.5 1,736.4 1,748.2 11 1,170.6 514.3 1,190.6 531.3 1,176.8 524.0 1,182.1 525.8 1,187.6 530.2 1,193.0 532.4 1,199.8 536.6 1,206.2 12 542.0 13 1,224.9 1,348.8 1,247.5 1,334.6 1,341.5 1,360.7 1,358.5 1,371.2 14 75.4 127.6 74.5 137.0 129.0 131.7 112.9 105.2 15 1,149.6 1,221.2 1,173.0 1,197.6 1,212.5 1,229.0 1,245.6 1,265.9 16 541.2 590.6 555.4 574.9 587.7 596.6 603.2 610.3 17 1,958.5 1,997.7 2,062.8 1,935.8 1,994.0 2,030.7 2,030.1 2,028.9 18 1,211.6 1,229.2 1,218.4 1,215.8 1,225.6 1,234.2 1,241.1 1,243.8 19 746.9 768.5 844.3 720.0 768.4 796.5 789.0 785.1 20 2,358.3 2,444.3 2,388.0 2,426.0 2,430.9 2,458.0 2,462.3 2,508.6 21 2,316.8 2,399.7 2,347.9 2,382.0 2,386.5 2,413.1 2,417.0 2,462.8 22 762.2 799.0 770.2 789.8 794.9 802.4 808.9 824.3 23 560.8 592.3 577.2 589.3 586.3 596.5 597.1 600.5 24 417.1 431.2 425.1 423.7 426.1 438.4 436.8 464.2 25 84.2 66.2 75.3 73.9 68.5 62.2 60.2 43.1 26 70.2 80.4 73.3 76.8 80.0 81.6 83.0 84.6 27 422.5 430.6 426.8 428.6 430.8 432.0 431.0 446.0 28 41.4 44.6 40.1 44.0 44.4 44.9 45.3 45.8 29 950.7 1,106.1 967.9 1,093.7 1,103.3 1,109.0 1,118.5 1,134.1 30 1,498.0 1,658.6 1,552.8 1,629.0 1,668.8 1,657.6 1,679.0 1,697.9 31 12,245.8 12,476.7 12,520.4 12,296.9 12,417.4 12,567.7 12,624.8 12,727.9 32 11,558.4 11,914.9 11,696.2 11,794.9 11,837.0 11,950.4 12,077.4 12,209.2 33 11,149.6 11,501.5 11,285.5 11,379.2 11,427.1 11,537.7 11,662.2 11,790.8 34 3,769.7 3,885.9 3,826.1 3,851.8 3,848.5 3,912.8 3,930.3 3,929.4 35 1,202.7 1,263.0 1,230.7 1,244.8 1,257.5 1,274.0 1,275.7 1,270.2 36 2,567.0 2,622.9 2,595.4 2,607.0 2,591.0 2,638.8 2,654.7 2,659.1 37 7,379.9 7,615.7 7,459.4 7,527.4 7,578.6 7,624.8 7,731.9 7,861.4 38 248.4 247.9 247.3 250.4 244.3 248.8 248.3 250.2 39 160.4 165.4 163.4 165.3 165.6 163.9 166.9 168.3 40 88.5 90.4 89.0 89.4 89.9 90.7 91.6 92.3 41 71.9 75.0 74.4 75.9 75.7 73.2 75.4 75.9 42 687.4 561.8 824.1 502.0 580.4 617.3 547.4 518.7 43 5.6 4.5 6.6 4.1 4.7 4.9 4.3 4.1 44 10,740.1 10,904.6 10,959.6 10,756.9 10,905.4 10,958.1 10,998.1 11,029.4 45 11,551.6 11,637.4 11,743.0 11,502.4 11,618.5 11,703.4 11,725.6 11,779.6 46 38,969 36,760 314,246 39,425 36,773 316,465 39,731 37,265 315,125 38,961 36,444 315,620 39,278 36,751 316,140 39,677 36,948 316,754 39,782 36,949 317,347 40,045 47 37,061 48 317,842 49 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 Aug. 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 .......... Sept. Oct. 2014 Nov. Dec. Jan. r Feb. r Line March p 74.6 49.8 44.9 42.4 7.4 6.1 35.1 9.7 25.4 2.5 4.8 60.8 27.3 23.7 15.4 2.9 2.1 12.5 0.3 12.1 8.3 3.6 –8.6 17.0 13.9 13.2 1.9 1.1 11.3 3.2 8.2 0.6 3.1 37.6 46.2 41.3 39.6 11.3 6.2 28.1 6.4 21.7 1.8 4.9 –9.9 –7.9 –9.4 –11.2 1.6 –0.7 –12.8 –1.1 –11.7 1.8 1.5 53.7 31.5 26.2 25.0 3.3 –0.8 21.8 2.6 19.2 1.1 5.4 54.3 22.6 19.3 17.4 7.6 1.6 9.9 –1.7 11.6 1.9 3.3 78.4 1 48.1 2 43.2 3 42.3 4 10.4 5 7.0 6 31.8 7 10.1 8 21.7 9 0.9 10 4.8 11 2.3 2.6 2.1 1.5 2.2 0.9 2.5 2.4 2.2 –0.7 1.9 3.5 2.2 1.1 2.1 12 2.8 13 17.3 9.6 7.6 3.5 –2.6 –1.0 –1.4 12.3 12.1 4.8 3.6 5.7 –2.3 0.6 –0.2 0.2 5.7 –2.3 76.8 44.4 39.6 12.3 17.9 –5.4 27.3 4.5 0.3 0.3 0.0 32.5 23.5 19.8 3.8 5.2 3.5 –1.1 4.4 4.5 4.3 0.2 3.2 0.1 –2.8 2.3 1.4 0.1 3.2 0.5 60.4 42.2 37.4 12.3 –15.8 28.0 25.1 4.5 0.3 0.3 0.0 18.1 –18.6 –22.7 3.9 1.3 –3.1 4.0 –7.0 –3.0 –3.1 –0.6 –2.3 –2.1 0.7 0.1 1.0 0.2 2.2 10.9 –19.6 36.7 36.7 –1.7 7.4 –9.1 38.4 –2.5 2.5 0.3 2.2 –56.2 –4.7 –12.5 7.9 0.7 1.9 4.0 –2.1 –1.2 –1.3 6.2 –0.6 –1.1 –1.5 –0.5 –3.9 0.1 5.4 14.8 22.8 67.3 69.6 17.2 15.0 2.1 52.4 –2.5 0.2 0.3 0.0 –44.5 –5.7 –12.6 6.9 0.7 –0.7 4.0 –4.7 3.0 2.8 3.7 –0.1 –2.0 2.7 –0.4 –1.0 0.2 –0.9 3.2 –13.2 7.5 9.8 –13.7 –33.5 19.9 23.5 –2.6 0.3 0.3 0.0 –20.7 11.9 2.5 9.4 2.7 –8.4 –0.7 –7.7 26.6 26.4 7.7 2.6 19.3 –15.8 0.0 12.7 0.2 10.6 3.9 49.9 29.7 26.7 –31.4 –8.0 –23.5 58.1 2.2 0.8 0.2 0.5 20.1 4.6 2.4 2.2 3.3 7.0 –0.6 7.7 19.4 19.3 0.8 1.7 11.4 –3.4 4.5 4.2 0.1 2.7 6.7 47.6 57.2 54.7 24.3 13.5 10.9 30.4 2.3 0.3 0.3 0.0 –9.5 47.4 60.2 40.1 43.0 –11.2 –24.4 28.3 12.8 –30.6 –32.0 13.1 33.2 24.9 36.3 9.3 2.5 6.8 4.6 6.9 –0.7 7.5 15.5 15.3 8.2 0.1 6.5 –1.1 –3.0 4.6 0.2 5.9 10.4 68.0 109.7 107.2 53.0 32.8 20.2 54.2 2.2 0.2 0.2 0.0 –41.7 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 37.8 44 41.1 45 p Preliminary r Revised 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 2012 IV 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.......... 2013 I 2014 II III IV Line I 552.5 333.1 288.1 285.1 51.9 28.3 233.2 47.5 185.7 2.9 45.1 391.5 248.5 211.4 213.8 35.1 12.4 178.7 33.4 145.2 –2.3 37.0 371.5 196.4 181.9 177.5 20.3 8.2 157.3 24.2 133.1 4.2 14.7 –147.2 –39.1 –46.2 –42.7 6.8 1.6 –49.6 1.0 –50.6 –3.5 7.0 160.3 87.2 77.2 79.1 13.3 3.8 65.7 8.0 57.7 –1.7 9.9 139.1 52.8 45.2 48.6 3.5 1.4 45.2 6.6 38.7 –3.5 7.7 78.5 80.0 69.1 60.3 14.4 8.4 45.9 10.5 35.3 8.8 10.9 122.0 1 72.7 2 60.9 3 56.4 4 16.6 5 4.2 6 39.8 7 6.2 8 33.6 9 4.5 10 11.8 11 25.2 19.9 20.0 17.0 2.7 11.8 5.3 1.8 5.5 4.4 5.4 2.2 6.8 4.2 6.4 12 5.4 13 69.8 2.8 67.0 56.8 73.9 7.5 66.4 51.4 56.5 48.9 23.8 11.6 –23.4 6.9 –11.2 –5.3 32.5 94.0 458.4 439.3 437.8 167.0 72.8 94.2 270.8 0.4 1.0 3.2 –2.2 19.2 123.9 52.2 71.6 49.4 39.2 17.6 21.6 86.0 82.9 36.8 31.5 14.1 –18.0 10.2 8.1 3.2 155.4 160.6 230.9 356.5 351.9 116.2 60.3 55.9 235.8 –0.5 5.0 1.9 3.1 –125.6 27.5 –0.8 28.3 8.7 135.9 14.7 121.1 23.6 24.1 5.4 13.2 3.6 –3.4 2.0 3.3 –0.5 20.5 56.4 315.3 95.2 91.9 41.2 24.2 17.0 50.7 –3.4 6.7 0.2 6.5 220.0 87.1 62.5 24.6 19.5 –127.0 –2.6 –124.3 38.0 34.1 19.6 12.1 –1.4 –1.4 3.5 1.8 3.9 125.8 76.2 –223.5 98.7 93.7 25.7 14.1 11.6 68.0 3.1 1.9 0.4 1.5 –322.1 6.9 –8.0 14.9 12.8 58.2 9.8 48.4 4.9 4.5 5.1 –3.0 2.4 –5.4 3.2 2.2 0.4 9.6 39.8 120.5 42.1 47.9 –3.3 12.7 –16.0 51.2 –6.1 0.3 0.5 –0.2 78.4 19.2 2.7 16.5 8.9 36.7 8.6 28.1 27.1 26.6 7.5 10.2 12.3 –6.3 1.6 1.2 0.5 5.7 –11.2 150.3 113.4 110.6 64.3 16.5 47.8 46.2 4.5 –1.7 0.8 –2.5 36.9 –2.2 –18.8 16.6 6.6 –0.6 6.9 –7.5 4.3 3.9 6.5 0.6 –1.6 –2.0 1.4 –1.0 0.4 9.5 21.4 57.1 127.0 124.5 17.5 1.7 15.9 107.1 –0.5 3.0 0.9 2.2 –69.9 283.0 227.0 164.5 85.8 283.4 249.4 –202.7 –240.6 148.5 116.1 52.7 84.9 40.0 22.2 12.7 –7.7 20.3 7.1 –1.2 2.7 –3.9 46.3 45.8 15.4 3.4 27.4 –17.1 1.6 15.0 0.5 15.6 18.9 103.1 131.8 128.6 –0.9 –5.5 4.4 129.5 1.9 1.4 0.7 0.5 –28.7 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 31.3 44 54.0 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. 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 Aug. Sept. Oct. 2014 Nov. Dec. Jan. r Feb. r Line March p Based on current-dollar measures 1 Personal income......................................................................... 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income ....................................................... 9 Personal dividend income...................................................... 10 Personal current transfer receipts ............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes .................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures ......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods .............................................................. 18 Services................................................................................. 0.5 0.6 0.6 0.3 0.4 0.3 0.3 0.2 –0.1 0.2 0.2 0.2 0.3 0.5 0.6 0.3 –0.1 –0.1 –0.1 0.1 0.4 0.4 0.4 0.3 0.4 0.3 0.3 0.2 0.5 0.5 0.6 0.3 1 2 3 4 1.3 0.6 –0.1 –0.1 –0.2 0.5 0.5 –0.1 0.6 1.7 0.9 0.2 –0.1 0.6 0.2 0.3 0.0 0.5 –1.4 0.2 –0.2 0.3 –0.9 –0.1 0.2 0.7 –0.2 –0.3 0.1 0.1 0.3 –0.3 0.0 0.5 0.9 0.2 –0.4 0.1 0.0 0.3 –0.6 0.1 –0.1 0.2 –0.1 0.9 0.4 –0.4 –0.1 –1.0 1.1 0.9 0.2 0.4 0.3 0.5 0.3 –0.1 1.0 0.8 0.2 0.4 0.4 0.7 0.8 0.3 –0.1 1.0 0.6 0.5 0.6 0.5 5 6 7 8 9 10 11 12 13 0.3 0.3 1.4 –0.2 0.4 0.3 0.3 –1.2 1.1 0.3 0.3 0.0 0.6 –0.3 0.5 0.6 0.4 1.2 0.1 0.7 0.1 –0.3 –2.6 0.7 0.3 0.2 –0.8 –0.6 –0.9 0.7 0.5 0.6 1.1 0.4 0.4 0.9 1.4 2.6 0.8 0.7 14 15 16 17 18 0.3 0.1 –0.3 –0.3 0.1 0.3 0.2 0.3 0.3 19 0.3 20 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.4 0.5 0.4 0.4 –0.1 –0.2 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates Line 2012 2013 2012 IV 2013 I II 2014 III IV Line I Based on current-dollar measures 1 Personal income......................................................................... 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income ....................................................... 9 Personal dividend income...................................................... 10 Personal current transfer receipts ............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes .................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures ......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods .............................................................. 18 Services................................................................................. 4.2 4.0 4.3 2.7 2.8 2.9 3.1 2.2 11.3 9.5 11.0 3.5 –4.1 –1.8 –2.6 1.7 4.7 4.0 4.5 2.3 4.0 2.4 2.6 1.8 2.2 3.6 3.9 2.5 3.5 3.3 3.4 2.7 1 2 3 4 6.0 11.7 3.9 0.6 9.8 2.2 3.5 6.7 3.9 10.1 9.1 2.0 1.4 2.9 3.6 16.3 10.7 1.9 9.3 6.5 31.3 5.0 85.8 4.0 8.9 15.9 10.7 31.0 14.8 –22.4 –0.9 –47.1 6.5 63.0 21.1 –7.0 2.1 9.2 12.6 3.3 29.7 0.8 3.5 10.1 4.0 5.9 6.2 7.6 2.8 15.5 4.5 2.1 –2.7 4.9 –0.7 4.5 –0.1 2.3 –3.7 0.7 3.5 5.3 1.8 3.8 4.8 –0.3 0.9 –2.0 7.7 5.7 4.6 3.3 5 6 7 8 9 10 11 12 13 4.1 4.6 6.4 3.8 3.8 3.2 3.1 5.0 2.2 3.2 3.3 4.4 8.3 2.7 2.8 3.4 2.7 4.7 1.8 3.7 1.7 –0.3 4.1 –2.4 2.8 3.9 6.9 5.4 7.6 2.5 4.4 1.8 0.5 2.4 5.7 4.5 –0.1 –1.7 0.7 6.9 14 15 16 17 18 –7.2 –7.9 5.6 4.1 1.9 3.0 1.5 0.8 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 2.7 2.0 1.5 0.7 11.0 9.0 1.1 19 1.9 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2013 Line Aug. Sept. Oct. 2014 Nov. Dec. Jan. r Feb. r March p 10,900.5 3,700.3 1,354.3 2,362.9 7,198.7 10,979.4 3,753.8 1,390.3 2,383.4 7,225.0 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.................................................................................... 10,745.4 3,679.2 1,361.7 2,336.8 7,065.6 10,768.2 3,691.8 1,345.4 2,362.3 7,076.0 10,796.5 3,696.7 1,355.1 2,358.8 7,099.4 10,853.5 3,719.4 1,374.5 2,364.0 7,133.7 10,844.3 3,702.4 1,343.7 2,373.7 7,141.2 10,857.0 3,674.1 1,336.7 2,352.8 7,181.3 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.................................................................................... 26.5 10.1 23.0 –9.8 16.3 22.8 12.6 –16.3 25.5 10.4 28.3 4.9 9.7 –3.5 23.4 57.0 22.7 19.4 5.2 34.3 –9.2 –17.0 –30.8 9.7 7.5 12.7 –28.3 –7.0 –20.9 40.1 43.5 26.2 17.6 10.1 17.4 78.9 6 53.5 7 36.0 8 20.5 9 26.3 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.................................................................................... 0.2 0.3 1.7 –0.4 0.2 0.2 0.3 –1.2 1.1 0.1 0.3 0.1 0.7 –0.1 0.3 0.5 0.6 1.4 0.2 0.5 –0.1 –0.5 –2.2 0.4 0.1 0.1 –0.8 –0.5 –0.9 0.6 0.4 0.7 1.3 0.4 0.2 0.7 1.4 2.7 0.9 0.4 11 12 13 14 15 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2012 2013 2012 IV 2013 I II 2014 III IV Line I Billions of chained (2009) dollars 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,517.6 3,534.1 1,246.7 2,296.8 6,982.7 10,727.9 3,659.4 1,333.3 2,342.0 7,067.7 10,584.8 3,579.2 1,285.2 2,306.7 7,004.7 10,644.0 3,611.9 1,303.5 2,322.2 7,031.1 10,691.9 3,639.6 1,323.2 2,331.7 7,051.5 10,744.2 3,680.0 1,348.6 2,348.6 7,063.6 10,831.5 3,706.1 1,357.8 2,365.5 7,124.8 47.9 27.7 19.7 9.5 20.4 52.3 40.4 25.4 16.9 12.1 87.3 26.1 9.2 16.9 61.2 1.8 3.1 6.2 1.6 1.2 2.0 4.5 7.9 2.9 0.7 3.3 2.9 2.8 2.9 3.5 10,912.3 3,709.4 1,360.5 2,366.4 7,201.7 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.................................................................................... 226.3 114.2 89.6 30.8 111.6 210.3 125.3 86.6 45.2 85.0 43.8 32.5 31.8 3.7 11.3 59.2 32.7 18.3 15.5 26.4 80.8 6 3.3 7 2.7 8 0.9 9 76.9 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... 2.2 3.3 7.7 1.4 1.6 2.0 3.5 6.9 2.0 1.2 1.7 3.7 10.5 0.6 0.6 2.3 3.7 5.8 2.7 1.5 3.0 0.4 0.8 0.1 4.4 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2013 Line Aug. Sept. Oct. 2014 Nov. Dec. Jan. r Feb. r March 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 ...................... 107.382 106.349 94.366 112.451 107.926 107.502 106.322 94.344 112.420 108.123 107.560 106.135 94.212 112.203 108.308 107.636 105.948 93.975 112.046 108.522 107.818 106.066 93.636 112.425 108.737 107.937 106.025 93.525 112.425 108.940 108.009 105.931 93.301 112.406 109.097 108.210 105.834 93.243 112.288 109.451 1 2 3 4 5 106.084 108.084 129.012 107.251 105.736 106.177 107.965 130.065 107.346 105.797 106.305 107.988 128.820 107.376 105.902 106.427 107.937 128.221 107.432 106.007 106.514 108.041 130.336 107.598 106.062 106.625 108.015 130.846 107.706 106.158 106.714 108.303 130.243 107.770 106.241 106.900 6 108.791 7 130.241 8 107.950 9 106.401 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 0.0 –0.3 0.2 0.1 0.1 0.0 0.0 0.0 0.2 0.1 –0.2 –0.1 –0.2 0.2 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 0.1 0.2 –0.1 –0.1 –0.1 0.3 11 12 13 14 15 0.1 0.2 –0.2 0.1 0.1 0.1 –0.1 0.8 0.1 0.1 0.1 0.0 –1.0 0.0 0.1 0.1 0.0 –0.5 0.1 0.1 0.1 0.1 1.6 0.2 0.1 0.1 0.0 0.4 0.1 0.1 0.1 0.3 –0.5 0.1 0.1 0.2 0.5 0.0 0.2 0.2 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2013 Line Aug. 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... Sept. 2.0 2.1 3.9 8.9 1.6 1.2 Oct. 2.2 1.9 3.5 5.9 2.4 1.1 2014 Nov. 1.8 2.3 3.9 7.3 2.3 1.4 Dec. 0.6 2.5 3.8 6.5 2.5 1.8 Jan. –2.7 2.3 3.0 3.2 2.9 1.9 r 2.8 2.3 2.0 2.8 1.7 2.4 Feb. r 2.2 2.4 2.4 3.8 1.7 2.4 March p 2.2 2.9 3.7 6.5 2.4 2.4 Line 1 2 3 4 5 6 p Preliminary r Revised 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 Aug. Sept. Oct. 2014 Nov. Dec. Jan. r Feb. r 1.1 –0.4 –2.0 0.4 1.9 0.9 –1.0 –1.8 –0.6 1.9 0.8 –1.3 –1.8 –1.0 1.9 1.0 –0.7 –1.9 –0.2 1.9 1.2 –0.4 –2.0 0.4 1.9 1.2 –0.2 –2.2 0.7 1.9 0.9 –1.1 –2.3 –0.5 1.9 1.2 1.2 –0.1 1.1 1.2 1.2 1.2 –3.3 0.8 1.1 1.1 1.0 –4.3 0.7 1.1 1.2 0.7 –1.3 1.0 1.2 1.2 0.6 1.2 1.1 1.2 1.1 0.6 3.5 1.1 1.0 1.1 0.7 –2.4 0.7 1.0 March p 1.1 –0.6 –2.2 0.1 2.1 Line 1 2 3 4 5 1.2 6 1.1 7 0.2 8 1.0 9 1.1 10 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
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