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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, APRIL 30, 2015 BEA 15-19 Technical: James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov Media: Jeannine Aversa (202) 606-2649 PERSONAL INCOME AND OUTLAYS: MARCH 2015 Personal income increased $6.2 billion, or less than 0.1 percent, and disposable personal income (DPI) increased $1.6 billion, or less than 0.1 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $53.4 billion, or 0.4 percent. In February, personal income increased $66.4 billion, or 0.4 percent, DPI increased $61.2 billion, or 0.5 percent, and PCE increased $20.8 billion, or 0.2 percent, based on revised estimates. Real DPI decreased 0.2 percent in March, in contrast to an increase of 0.3 percent in February. Real PCE increased 0.3 percent, in contrast to a decrease of less than 0.1 percent. 2014 Nov. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.4 2015 Dec. Jan. Feb. (Percent change from preceding month) 0.3 0.3 0.4 Mar. 0.0 0.3 0.5 0.3 0.5 0.4 0.8 0.5 0.3 0.0 -0.2 0.4 0.5 -0.2 0.1 -0.3 0.2 0.2 0.0 0.4 0.3 ___________________ NOTE. Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Monthto-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2009) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Compensation Wages and salaries increased $16.3 billion in March, compared with an increase of $24.2 billion in February. Private wages and salaries increased $15.2 billion, compared with an increase of $22.6 billion. Government wages and salaries increased $1.0 billion, compared with an increase of $1.7 billion. Supplements to wages and salaries increased $4.2 billion in March, compared with an increase of $5.1 billion in February. Other personal income Proprietors' income decreased $1.5 billion in March, compared with a decrease of $7.7 billion in February. Farm proprietors' income decreased $7.7 billion, compared with a decrease of $7.6 billion. Nonfarm proprietors' income increased $6.1 billion in March; nonfarm proprietors' income was unchanged in February. Rental income of persons increased $3.2 billion in March, compared with an increase of $2.6 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $33.1 billion, in contrast to an increase of $29.7 billion. Personal current transfer receipts increased $18.8 billion, compared with an increase of $15.6 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $1.8 billion in March, compared with an increase of $3.0 billion in February. Personal current taxes and disposable personal income Personal current taxes increased $4.6 billion in March, compared with an increase of $5.1 billion in February. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $1.6 billion, or less than 0.1 percent, in March, compared with an increase of $61.2 billion, or 0.5 percent, in February. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $57.6 billion in March, compared with an increase of $24.9 billion in February. PCE increased $53.4 billion, compared with an increase of $20.8 billion. Personal saving -- DPI less personal outlays -- was $702.6 billion in March, compared with $758.6 billion in February. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.3 percent in March, compared with 5.7 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 -- decreased 0.2 percent in March, in contrast to an increase of 0.3 percent in February. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in March, in contrast to a decrease of less than 0.1 percent in February. Purchases of durable goods increased 2.0 percent, in contrast to a decrease of 1.1 percent. Purchases of motor vehicles and parts accounted for most of the increase in March and for most of the decrease in February. Purchases of nondurable goods increased 0.2 percent in March, in contrast to a decrease of 0.1 percent in February. Purchases of services increased less than 0.1 percent, compared with an increase of 0.2 percent. The price index for PCE increased 0.2 percent in March, the same increase as in February. The PCE price index, excluding food and energy, increased 0.1 percent in March, the same increase as in February. The March price index for PCE increased 0.3 percent from March a year ago. The March PCE price index, excluding food and energy, increased 1.3 percent from March a year ago. 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 February Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 61.8 49.9 0.4 0.3 58.6 66.4 0.4 0.4 61.5 109.8 50.5 102.9 0.5 0.9 0.4 0.8 54.2 29.0 61.2 35.2 0.4 0.2 0.5 0.3 -28.5 22.3 -35.7 18.7 -0.2 0.2 -0.3 0.2 11.8 -8.2 20.8 -0.2 0.1 -0.1 0.2 0.0 -more- -4- Upcoming Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released in conjunction with preliminary estimates for June 2015 on August 3, 2015. In addition to the regular revision of estimates for the most recent 3 years and for the first 5 months of 2015, personal income and select components will be revised back further (for more information, see the GDP Technical Note) . The June Survey of Current Business will contain an article that previews the annual revision and the August Survey will contain an article that describes the results. BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API. (www.bea.gov/API/signup/index.cfm). BEA's news release schedule is available at www.bea.gov/newsreleases/2015rd.htm. * * * Next release – June 1, 2015 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 2014 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. 2015 Nov. Dec. Jan. r Feb. r Line Mar. p 14,821.0 14,850.0 14,902.1 14,961.6 15,010.5 15,060.4 15,126.8 15,133.0 1 9,271.2 9,296.3 9,322.9 9,386.7 9,400.0 9,450.9 9,480.1 9,500.6 2 7,488.7 7,509.5 7,532.0 7,589.3 7,599.0 7,641.9 7,666.1 7,682.4 3 6,264.3 6,282.7 6,304.2 6,359.7 6,367.8 6,407.7 6,430.3 6,445.5 4 1,270.6 1,273.5 1,280.2 1,289.6 1,285.5 1,293.7 1,293.8 1,296.9 5 779.6 781.1 784.9 789.5 786.4 791.1 790.6 790.6 6 4,993.7 5,009.2 5,024.0 5,070.1 5,082.3 5,114.0 5,136.4 5,148.7 7 1,178.9 1,180.1 1,183.6 1,194.5 1,199.0 1,204.6 1,212.0 1,210.6 8 3,814.8 3,829.1 3,840.4 3,875.5 3,883.3 3,909.4 3,924.4 3,938.1 9 1,224.5 1,226.8 1,227.9 1,229.6 1,231.2 1,234.1 1,235.8 1,236.8 10 1,782.4 1,786.8 1,790.8 1,797.5 1,801.0 1,809.0 1,814.1 1,818.3 11 1,230.5 551.9 1,233.5 553.3 1,236.5 554.4 1,239.4 558.1 1,242.4 558.6 1,246.4 562.6 1,250.1 564.0 1,253.5 12 564.7 13 1,383.3 1,382.3 1,400.7 1,396.2 1,410.5 1,397.1 1,389.4 1,387.9 14 62.2 52.3 56.5 60.7 65.0 57.3 49.7 42.0 15 1,321.1 1,330.0 1,344.2 1,335.5 1,345.5 1,339.8 1,339.8 1,345.9 16 647.2 650.8 653.2 655.1 659.6 660.2 662.8 666.0 17 2,137.8 2,137.8 2,141.2 2,146.3 2,149.1 2,143.1 2,172.8 2,139.7 18 1,266.5 1,262.3 1,261.1 1,259.9 1,258.8 1,252.5 1,246.2 1,240.0 19 871.3 875.5 880.0 886.3 890.4 890.6 926.6 899.7 20 2,549.0 2,553.1 2,557.2 2,557.9 2,572.9 2,598.7 2,614.3 2,633.1 21 2,504.5 2,508.3 2,512.1 2,512.5 2,527.3 2,553.1 2,568.4 2,587.0 22 838.2 839.3 839.7 841.9 850.3 860.0 859.5 865.5 23 590.9 593.2 591.1 590.3 593.3 595.6 599.2 597.3 24 504.5 504.9 506.5 504.9 507.2 515.5 523.1 529.7 25 35.6 34.2 34.0 34.0 34.1 33.9 33.9 33.2 26 84.4 84.2 86.2 86.7 87.4 88.6 89.3 90.2 27 450.9 452.5 454.6 454.8 455.0 459.5 463.3 471.1 28 44.5 44.8 45.1 45.3 45.6 45.6 45.9 46.2 29 1,167.5 1,170.3 1,173.0 1,180.5 1,181.7 1,189.6 1,192.6 1,194.4 30 1,752.6 1,763.5 1,778.9 1,797.8 1,806.4 1,805.9 1,811.0 1,815.6 31 13,068.4 13,086.5 13,123.2 13,163.8 13,204.1 13,254.6 13,315.8 13,317.4 32 12,448.0 12,480.5 12,536.3 12,582.3 12,562.3 12,532.3 12,557.2 12,614.8 33 12,017.0 12,044.6 12,096.4 12,142.2 12,122.0 12,086.3 12,107.1 12,160.5 34 4,025.4 4,011.2 4,018.7 4,026.9 3,978.4 3,911.3 3,904.4 3,943.5 35 1,333.6 1,321.4 1,321.9 1,342.1 1,323.0 1,324.7 1,310.9 1,334.1 36 2,691.8 2,689.8 2,696.7 2,684.7 2,655.4 2,586.6 2,593.5 2,609.4 37 7,991.6 8,033.4 8,077.8 8,115.4 8,143.7 8,175.1 8,202.6 8,217.0 38 260.9 265.4 265.3 265.2 265.1 269.2 273.3 277.5 39 170.2 170.5 174.5 174.9 175.2 176.7 176.8 176.8 40 95.3 95.6 95.9 96.2 96.6 97.7 97.8 97.8 41 74.9 74.9 78.6 78.6 78.6 79.0 79.0 79.0 42 620.4 606.0 586.9 581.5 641.8 722.3 758.6 702.6 43 4.7 4.6 4.5 4.4 4.9 5.4 5.7 5.3 44 11,251.5 11,266.3 11,305.0 11,376.9 11,434.6 11,509.9 11,536.9 11,505.5 45 11,981.7 11,989.8 12,017.7 12,074.0 12,139.3 12,242.2 12,277.4 12,257.9 46 40,906 37,505 319,471 40,934 37,504 319,696 41,022 37,566 319,909 41,123 37,719 320,107 41,226 37,902 320,284 41,362 38,203 320,450 41,531 38,293 320,621 41,513 47 38,211 48 320,799 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 2013 2014 2013 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 ..................................................... 2014 I II 2015 III IV Line I 14,166.9 14,728.6 14,311.7 14,484.7 14,660.5 14,811.2 14,958.1 15,106.7 1 8,844.8 9,221.6 8,946.8 9,096.2 9,159.5 9,260.7 9,369.9 9,477.2 2 7,124.7 7,446.0 7,208.5 7,339.8 7,391.7 7,478.9 7,573.4 7,663.4 3 5,916.6 6,223.9 5,998.5 6,125.3 6,172.1 6,254.2 6,343.9 6,427.8 4 1,195.3 1,261.6 1,210.6 1,238.0 1,254.5 1,268.9 1,285.1 1,294.8 5 747.6 777.2 754.1 769.5 773.7 778.6 786.9 790.8 6 4,721.3 4,962.2 4,787.9 4,887.3 4,917.5 4,985.3 5,058.8 5,133.0 7 1,121.3 1,172.1 1,134.9 1,154.9 1,165.0 1,176.1 1,192.4 1,209.0 8 3,600.0 3,790.1 3,653.0 3,732.4 3,752.6 3,809.2 3,866.4 3,924.0 9 1,208.1 1,222.1 1,210.0 1,214.5 1,219.7 1,224.7 1,229.6 1,235.6 10 1,720.1 1,775.6 1,738.3 1,756.4 1,767.8 1,781.8 1,796.4 1,813.8 11 1,193.9 526.1 1,226.4 549.2 1,206.8 531.5 1,213.6 542.8 1,222.0 545.7 1,230.5 551.3 1,239.4 557.0 1,250.0 12 563.8 13 1,336.6 1,380.2 1,342.7 1,351.0 1,381.0 1,386.4 1,402.5 1,391.5 14 83.2 63.6 70.1 58.1 73.4 62.2 60.7 49.7 15 1,253.5 1,316.6 1,272.6 1,292.9 1,307.6 1,324.2 1,341.7 1,341.8 16 595.8 640.2 613.3 622.9 635.4 646.7 656.0 663.0 17 2,079.7 2,125.3 2,094.2 2,090.4 2,127.0 2,138.3 2,145.5 2,151.9 18 1,255.2 1,264.7 1,263.2 1,262.4 1,270.0 1,266.5 1,259.9 1,246.2 19 824.5 860.6 831.0 828.0 857.0 871.8 885.6 905.7 20 2,414.5 2,522.7 2,432.3 2,470.9 2,511.8 2,545.3 2,562.7 2,615.4 21 2,372.2 2,478.5 2,389.7 2,427.8 2,468.0 2,500.8 2,517.3 2,569.5 22 799.0 834.6 808.9 824.5 833.0 837.1 844.0 861.7 23 572.4 587.8 577.3 582.6 586.2 590.8 591.6 597.3 24 441.1 489.6 448.7 467.6 482.5 502.0 506.2 522.8 25 62.2 36.9 56.1 41.4 37.2 35.1 34.0 33.7 26 79.0 84.5 81.6 83.4 83.4 84.6 86.8 89.3 27 418.5 445.0 417.1 428.4 445.7 451.2 454.8 464.6 28 42.3 44.2 42.6 43.1 43.8 44.5 45.3 45.9 29 1,104.5 1,161.3 1,117.5 1,146.6 1,154.2 1,166.1 1,178.4 1,192.2 30 1,661.8 1,742.9 1,688.1 1,711.8 1,715.3 1,750.1 1,794.4 1,810.8 31 12,505.1 12,985.8 12,623.7 12,772.9 12,945.2 13,061.2 13,163.7 13,295.9 32 11,897.1 12,357.5 12,070.8 12,146.9 12,289.6 12,433.0 12,560.3 12,568.1 33 11,484.3 11,930.3 11,653.3 11,728.5 11,870.7 12,002.0 12,120.2 12,118.0 34 3,851.2 3,968.7 3,886.1 3,890.6 3,964.5 4,011.5 4,008.0 3,919.7 35 1,249.3 1,302.5 1,261.5 1,262.3 1,298.4 1,320.2 1,329.0 1,323.2 36 2,601.9 2,666.2 2,624.6 2,628.4 2,666.1 2,691.3 2,679.0 2,596.5 37 7,633.2 7,961.7 7,767.2 7,837.8 7,906.2 7,990.4 8,112.3 8,198.2 38 247.1 256.8 250.8 249.8 251.3 260.9 265.2 273.3 39 165.6 170.3 166.7 168.6 167.5 170.2 174.9 176.8 40 91.4 94.8 92.2 93.3 94.3 95.3 96.2 97.8 41 74.3 75.6 74.5 75.4 73.3 74.9 78.6 79.0 42 608.1 628.3 552.9 626.1 655.6 628.1 603.4 727.8 43 4.9 4.8 4.4 4.9 5.1 4.8 4.6 5.5 44 10,949.5 11,222.4 11,021.2 11,108.2 11,168.1 11,241.5 11,372.1 11,517.4 45 11,650.8 11,939.4 11,711.7 11,810.1 11,900.4 11,970.3 12,077.0 12,259.2 46 39,468 36,772 316,839 40,686 37,407 319,173 39,726 36,856 317,765 40,130 37,105 318,288 40,602 37,325 318,833 40,884 37,469 319,470 41,124 37,729 320,100 41,469 47 38,235 48 320,623 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 2014 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. 2015 Nov. Dec. Jan. r Feb. r Line Mar. p 58.3 56.7 50.3 48.7 8.0 4.4 40.7 9.5 31.1 1.8 6.3 29.0 25.1 20.8 18.4 2.9 1.5 15.5 1.2 14.3 2.3 4.4 52.1 26.6 22.5 21.5 6.7 3.8 14.8 3.5 11.3 1.1 4.0 59.5 63.8 57.3 55.5 9.4 4.6 46.1 10.9 35.1 1.7 6.7 48.9 13.3 9.7 8.1 –4.1 –3.1 12.2 4.5 7.8 1.6 3.5 49.9 50.9 42.9 39.9 8.2 4.7 31.7 5.6 26.1 2.9 8.0 66.4 29.2 24.2 22.6 0.1 –0.5 22.4 7.4 15.0 1.7 5.1 6.2 1 20.5 2 16.3 3 15.2 4 3.1 5 0.0 6 12.3 7 –1.4 8 13.7 9 1.0 10 4.2 11 2.9 3.3 3.0 1.4 3.0 1.1 2.9 3.7 3.0 0.5 4.0 4.0 3.7 1.4 3.4 12 0.7 13 –10.4 –9.8 –0.5 5.2 –1.4 –4.2 2.8 15.1 14.9 4.4 2.5 7.9 0.0 –0.8 0.9 0.2 6.9 18.5 39.8 77.4 72.6 27.4 27.9 –0.5 45.2 4.6 0.3 0.4 0.0 –37.7 –1.0 –9.9 8.9 3.6 0.0 –4.2 4.2 4.1 3.8 1.1 2.3 0.4 –1.4 –0.2 1.6 0.3 2.8 10.9 18.1 32.5 27.6 –14.2 –12.2 –2.0 41.8 4.5 0.3 0.3 0.0 –14.4 18.4 4.2 14.2 2.4 3.4 –1.2 4.5 4.1 3.8 0.4 –2.1 1.6 –0.2 2.0 2.1 0.3 2.7 15.4 36.7 55.8 51.8 7.5 0.5 6.9 44.4 –0.1 4.0 0.3 3.7 –19.1 –4.5 4.2 –8.7 1.9 5.1 –1.2 6.3 0.7 0.4 2.2 –0.8 –1.6 0.0 0.5 0.2 0.2 7.5 18.9 40.6 46.0 45.8 8.2 20.2 –12.0 37.6 –0.1 0.4 0.3 0.0 –5.4 14.3 4.3 10.0 4.5 2.8 –1.1 4.1 15.0 14.8 8.4 3.0 2.3 0.1 0.7 0.2 0.3 1.2 8.6 40.3 –20.0 –20.2 –48.5 –19.1 –29.3 28.3 –0.1 0.3 0.4 0.0 60.3 –13.4 –7.7 –5.7 0.6 –6.0 –6.3 0.2 25.8 25.8 9.7 2.3 8.3 –0.2 1.2 4.5 0.0 7.9 –0.5 50.5 –30.0 –35.7 –67.1 1.7 –68.8 31.4 4.1 1.5 1.1 0.4 80.5 –7.7 –7.6 0.0 2.6 29.7 –6.3 36.0 15.6 15.3 –0.5 3.6 7.6 0.0 0.7 3.8 0.3 3.0 5.1 61.2 24.9 20.8 –6.9 –13.8 6.9 27.5 4.1 0.1 0.1 0.0 36.3 45.0 42.3 14.8 8.1 38.7 27.9 71.9 56.3 57.7 65.3 75.3 102.9 27.0 35.2 –1.5 –7.7 6.1 3.2 –33.1 –6.2 –26.9 18.8 18.6 6.0 –1.9 6.6 –0.7 0.9 7.8 0.3 1.8 4.6 1.6 57.6 53.4 39.1 23.2 15.9 14.4 4.2 0.0 0.0 0.0 –56.0 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 –31.4 44 –19.5 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 2013 2014 2013 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.......... 2014 2015 I II III IV I Line 279.2 238.3 192.6 182.8 38.2 13.2 144.6 27.3 117.3 9.8 45.7 561.7 376.8 321.3 307.3 66.3 29.6 240.9 50.8 190.1 14.0 55.5 64.3 75.2 63.2 58.8 13.8 6.9 45.0 12.2 32.8 4.4 12.1 173.0 149.4 131.3 126.8 27.4 15.4 99.4 20.0 79.4 4.5 18.1 175.8 63.3 51.9 46.8 16.5 4.2 30.2 10.1 20.2 5.2 11.4 150.7 101.2 87.2 82.1 14.4 4.9 67.8 11.1 56.6 5.0 14.0 146.9 109.2 94.5 89.7 16.2 8.3 73.5 16.3 57.2 4.9 14.6 148.6 1 107.3 2 90.0 3 83.9 4 9.7 5 3.9 6 74.2 7 16.6 8 57.6 9 6.0 10 17.4 11 33.4 12.2 32.5 23.1 8.0 4.0 6.8 11.3 8.4 2.9 8.5 5.6 8.9 5.7 10.6 12 6.8 13 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 43.6 –19.6 63.1 44.4 45.6 9.5 36.1 108.2 106.3 35.6 15.4 48.5 –25.3 5.5 26.5 1.9 56.8 81.1 480.7 460.4 446.0 117.5 53.2 64.3 328.5 9.7 4.7 3.4 1.3 20.2 –3.2 –16.7 13.4 9.1 –12.7 4.7 –17.4 5.7 5.7 6.4 4.3 –1.3 –3.2 1.5 –2.0 0.1 9.7 26.6 37.9 137.7 134.6 20.8 9.1 11.7 113.8 0.0 3.1 0.7 2.3 –99.9 8.3 –12.0 20.3 9.6 –3.8 –0.8 –3.0 38.6 38.1 15.6 5.3 18.9 –14.7 1.8 11.3 0.5 29.1 23.7 149.2 76.1 75.2 4.5 0.8 3.8 70.6 –1.0 1.9 1.1 0.9 73.2 30.0 15.3 14.7 12.5 36.6 7.6 29.0 40.9 40.2 8.5 3.6 14.9 –4.2 0.0 17.3 0.7 7.6 3.5 172.3 142.7 142.2 73.9 36.1 37.7 68.4 1.5 –1.1 1.0 –2.1 29.5 5.4 –11.2 16.6 11.3 11.3 –3.5 14.8 33.5 32.8 4.1 4.6 19.5 –2.1 1.2 5.5 0.7 11.9 34.8 116.0 143.4 131.3 47.0 21.8 25.2 84.2 9.6 2.7 1.0 1.6 –27.5 16.1 –1.5 17.5 9.3 7.2 –6.6 13.8 17.4 16.5 6.9 0.8 4.2 –1.1 2.2 3.6 0.8 12.3 44.3 102.5 127.3 118.2 –3.5 8.8 –12.3 121.9 4.3 4.7 0.9 3.7 –24.7 –11.0 –11.0 0.1 7.0 6.4 –13.7 20.1 52.7 52.2 17.7 5.7 16.6 –0.3 2.5 9.8 0.6 13.8 16.4 132.2 7.8 –2.2 –88.3 –5.8 –82.5 85.9 8.1 1.9 1.6 0.4 124.4 71.9 –25.4 272.9 288.6 26.9 5.8 87.0 98.4 59.9 90.3 73.4 69.9 130.6 106.7 145.3 44 182.2 45 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 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 2014 Aug. Sept. Oct. 2015 Nov. Dec. Jan. r Feb. r Line Mar. 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................................................................................. 0.4 0.6 0.7 0.4 0.2 0.3 0.3 0.2 0.4 0.3 0.3 0.2 0.4 0.7 0.8 0.4 0.3 0.1 0.1 0.2 0.3 0.5 0.6 0.4 0.4 0.3 0.3 0.3 0.0 0.2 0.2 0.2 1 2 3 4 –0.7 0.8 –0.1 –0.3 0.3 0.6 0.6 1.1 0.3 –0.1 0.6 0.0 –0.3 0.5 0.2 0.2 0.6 0.1 1.3 0.4 0.2 –0.1 0.5 0.2 0.2 0.9 0.3 –0.3 0.3 0.2 –0.1 0.7 0.0 0.6 1.1 0.3 1.0 0.7 0.1 –0.1 0.5 0.6 0.1 0.5 0.3 –0.9 0.1 –0.3 –0.5 0.0 1.0 0.7 0.0 0.4 –0.5 0.4 1.4 –0.5 4.0 0.6 0.3 0.3 0.5 –0.1 0.5 –1.5 –0.5 –2.9 0.7 0.1 0.3 0.0 5 6 7 8 9 10 11 12 13 0.6 0.7 2.1 0.0 0.6 0.2 –0.4 –0.9 –0.1 0.5 0.4 0.2 0.0 0.3 0.6 0.4 0.2 1.5 –0.4 0.5 –0.2 –1.2 –1.4 –1.1 0.3 –0.3 –1.7 0.1 –2.6 0.4 0.2 –0.2 –1.0 0.3 0.3 0.4 1.0 1.8 0.6 0.2 14 15 16 17 18 0.6 0.5 0.5 0.5 0.7 0.8 0.2 0.3 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.4 0.4 0.1 0.1 0.3 0.2 –0.3 19 –0.2 20 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 2013 2014 2013 IV 2014 I II 2015 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................................................................................. 2.0 2.8 2.8 2.7 4.0 4.3 4.5 3.2 1.8 3.4 3.6 2.8 4.9 6.8 7.5 4.2 4.9 2.8 2.9 2.6 4.2 4.5 4.8 3.2 4.0 4.8 5.2 3.3 4.0 4.7 4.8 3.9 1 2 3 4 6.1 11.8 –0.4 –0.1 –1.0 2.7 16.1 10.5 1.0 3.3 7.5 2.2 0.8 4.4 4.5 5.1 4.9 3.8 –1.0 6.1 –2.4 1.5 –7.9 0.9 3.5 6.6 1.2 2.5 6.4 –0.7 –0.2 –1.5 6.5 10.8 5.7 4.8 9.2 8.2 7.2 2.4 14.8 6.8 2.7 0.8 5.5 1.6 7.3 2.1 –1.1 7.1 5.4 4.2 8.4 3.6 4.7 5.9 1.4 –2.1 6.5 2.7 4.3 10.5 3.2 –3.1 4.4 1.2 –4.3 9.4 8.5 4.8 3.7 4.1 5 6 7 8 9 10 11 12 13 3.6 2.9 4.8 2.0 4.0 3.9 3.1 4.3 2.5 4.3 4.8 2.2 3.0 1.8 6.1 2.6 0.5 0.2 0.6 3.7 4.9 7.8 12.0 5.9 3.5 4.5 4.8 6.9 3.8 4.3 4.0 –0.4 2.7 –1.8 6.2 –0.1 –8.5 –1.7 –11.8 4.3 14 15 16 17 18 3.2 3.4 2.2 3.1 2.7 2.4 4.7 3.6 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.7 –0.2 2.5 2.5 1.0 0.2 5.2 19 6.2 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2014 Line Aug. Sept. Oct. 2015 Nov. Dec. Jan. r Feb. r Mar. p 11,163.0 3,805.5 1,442.5 2,389.6 7,356.5 11,193.1 3,835.0 1,471.2 2,393.5 7,358.7 Line Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 11,017.7 3,792.4 1,446.4 2,374.1 7,226.7 11,035.2 3,781.6 1,435.2 2,373.1 7,254.2 11,077.5 3,794.9 1,437.2 2,383.9 7,283.2 11,137.0 3,836.0 1,468.2 2,397.2 7,302.6 11,144.5 3,826.0 1,454.5 2,399.0 7,319.4 11,163.2 3,822.7 1,458.6 2,392.4 7,340.8 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates 6 Personal consumption expenditures ....................................... 7 Goods ....................................................................................... 8 Durable goods ....................................................................... 9 Nondurable goods ................................................................. 10 Services.................................................................................... 71.9 42.8 33.3 13.0 29.9 17.5 –10.8 –11.2 –1.0 27.5 42.3 13.3 2.0 10.8 29.0 59.5 41.1 31.0 13.3 19.4 7.5 –10.0 –13.7 1.8 16.8 18.7 –3.3 4.1 –6.6 21.4 –0.2 –17.2 –16.1 –2.8 15.7 30.1 6 29.5 7 28.7 8 3.9 9 2.2 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.................................................................................... 0.7 1.1 2.4 0.6 0.4 0.2 –0.3 –0.8 0.0 0.4 0.4 0.4 0.1 0.5 0.4 0.5 1.1 2.2 0.6 0.3 0.1 –0.3 –0.9 0.1 0.2 0.2 –0.1 0.3 –0.3 0.3 0.0 –0.5 –1.1 –0.1 0.2 0.3 0.8 2.0 0.2 0.0 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 2013 2014 2013 IV 2014 I II 2015 III IV Line I Billions of chained (2009) dollars 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,699.7 3,626.0 1,319.0 2,322.6 7,073.1 10,969.0 3,750.9 1,410.0 2,364.8 7,218.6 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 10,912.6 3,731.6 1,400.4 2,354.6 7,181.4 10,999.5 3,774.5 1,431.5 2,369.4 7,225.9 11,119.6 3,819.0 1,453.3 2,393.4 7,301.7 68.3 53.3 45.4 12.7 16.0 86.9 42.9 31.1 14.8 44.5 120.1 44.5 21.8 24.0 75.8 2.5 5.9 14.1 2.2 0.9 3.2 4.7 9.2 2.5 2.5 4.4 4.8 6.2 4.1 4.3 11,173.1 3,821.0 1,457.4 2,391.9 7,352.0 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.................................................................................... 250.0 119.5 83.3 42.5 130.7 269.3 124.9 91.0 42.2 145.5 98.1 32.9 18.6 15.4 65.3 32.9 9.3 10.5 0.1 23.5 53.5 6 2.0 7 4.1 8 –1.5 9 50.3 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... 2.4 3.4 6.7 1.9 1.9 2.5 3.4 6.9 1.8 2.1 3.7 3.7 5.7 2.7 3.7 1.2 1.0 3.2 0.0 1.3 1.9 0.2 1.1 –0.3 2.8 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2014 Line Aug. Sept. Oct. 2015 Nov. Dec. Jan. r Feb. r Mar. p Line Chain-type price indexes (2009=100), seasonally adjusted 1 Personal consumption expenditures (PCE) ............................ 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... Addenda: 6 PCE excluding food and energy ............................................... 7 Food 1 ....................................................................................... 8 Energy goods and services 2 .................................................... 9 Market-based PCE 3 ................................................................. 10 Market-based PCE excluding food and energy 3 ...................... 109.072 106.142 92.197 113.381 110.589 109.150 106.069 92.062 113.348 110.745 109.201 105.892 91.971 113.121 110.915 109.028 104.970 91.405 111.992 111.135 108.773 103.977 90.949 110.685 111.266 108.272 102.315 90.811 108.115 111.369 108.460 102.598 90.868 108.533 111.507 108.646 102.830 90.677 109.020 111.668 1 2 3 4 5 107.808 110.397 128.827 108.617 107.090 107.932 110.574 127.829 108.688 107.212 108.069 110.640 126.076 108.661 107.272 108.128 110.942 120.484 108.439 107.309 108.135 111.164 114.237 108.156 107.321 108.190 110.890 102.542 107.519 107.300 108.338 111.006 103.709 107.697 107.431 108.498 6 110.683 7 105.222 8 107.890 9 107.595 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 ...................... 0.0 –0.5 –0.2 –0.6 0.2 0.1 –0.1 –0.1 0.0 0.1 0.0 –0.2 –0.1 –0.2 0.2 –0.2 –0.9 –0.6 –1.0 0.2 –0.2 –0.9 –0.5 –1.2 0.1 –0.5 –1.6 –0.2 –2.3 0.1 0.2 0.3 0.1 0.4 0.1 0.2 0.2 –0.2 0.4 0.1 11 12 13 14 15 0.1 0.3 –2.7 –0.1 0.0 0.1 0.2 –0.8 0.1 0.1 0.1 0.1 –1.4 0.0 0.1 0.1 0.3 –4.4 –0.2 0.0 0.0 0.2 –5.2 –0.3 0.0 0.1 –0.2 –10.2 –0.6 0.0 0.1 0.1 1.1 0.2 0.1 0.1 –0.3 1.5 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 2014 Line Aug. 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... Sept. 2.3 2.9 4.4 8.4 2.5 2.1 Oct. 2.1 2.7 3.7 8.5 1.5 2.2 2015 Nov. 2.6 2.8 3.8 7.4 2.2 2.3 Dec. 3.0 2.8 4.2 7.9 2.5 2.1 3.8 2.9 4.2 8.9 2.0 2.3 Jan. r 4.2 3.4 5.1 10.1 2.8 2.6 Feb. r 3.9 3.0 3.5 7.2 1.8 2.8 Mar. p 3.3 2.7 3.0 5.5 1.8 2.5 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 ...................... 2014 Aug. Sept. Oct. 2015 Nov. Dec. Jan. r Feb. r 1.5 –0.2 –2.3 0.9 2.3 1.4 –0.1 –2.4 1.0 2.2 1.4 –0.1 –2.3 1.0 2.2 1.2 –0.8 –2.6 0.1 2.2 0.8 –1.8 –2.7 –1.4 2.1 0.2 –3.4 –2.7 –3.7 2.0 0.3 –3.0 –2.5 –3.3 2.0 1.5 2.2 0.1 1.3 1.3 1.5 2.5 –0.9 1.3 1.3 1.5 2.5 –1.3 1.2 1.3 1.4 2.8 –5.3 1.0 1.2 1.3 2.9 –11.7 0.6 1.2 1.3 2.7 –21.0 –0.1 1.1 1.3 2.6 –19.7 0.0 1.1 Mar. p 0.3 –2.6 –2.4 –2.8 1.8 Line 1 2 3 4 5 1.3 6 1.8 7 –18.5 8 0.0 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.