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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 26, 2014 BEA 14-29 James Rankin Harvey Davis Jeannine Aversa (202) 606-5301 (Personal Income) (202) 606-5302 (Personal Consumption Expenditures) (202) 606-2649 (News Media) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: MAY 2014 Personal income increased $58.8 billion, or 0.4 percent, and disposable personal income (DPI) increased $55.6 billion, or 0.4 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $18.3 billion, or 0.2 percent. In April, personal income increased $49.9 billion, or 0.3 percent, DPI increased $50.8 billion, or 0.4 percent, and PCE increased $2.3 billion, or less than 0.1 percent, based on revised estimates. Real DPI increased 0.2 percent in May, the same increase as in April. Real PCE decreased 0.1 percent in May, compared with a decrease of 0.2 percent in April. Jan. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.3 2014 Feb. Mar. Apr. (Percent change from preceding month) 0.4 0.5 0.3 May 0.4 0.3 0.2 0.3 0.3 0.5 0.3 0.4 0.2 0.4 0.2 -0.2 -0.3 0.4 0.3 0.8 0.6 0.0 -0.2 0.2 -0.1 __________________ 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 $27.8 billion in May, compared with an increase of $17.9 billion in April. Goods-producing industries' payrolls increased $7.4 billion, in contrast to a decrease of $1.5 billion; manufacturing payrolls increased $5.0 billion, in contrast to a decrease of $2.8 billion. Servicesproducing industries' payrolls increased $20.4 billion, compared with an increase of $19.3 billion. Government wages and salaries increased $1.4 billion, compared with an increase of $1.2 billion. Other personal income Supplements to wages and salaries increased $3.7 billion in May, compared with an increase of $3.3 billion in April. Proprietors' income increased $3.4 billion in May, compared with an increase of $8.0 billion in April. Farm proprietors' income increased $2.3 billion, compared with an increase of $2.2 billion. Nonfarm proprietors' income increased $1.1 billion, compared with an increase of $5.8 billion. Rental income of persons increased $2.2 billion in May, compared with an increase of $2.4 billion in April. Personal income receipts on assets (personal interest income plus personal dividend income) increased $13.5 billion, compared with increased of $16.9 billion. Personal current transfer receipts increased $10.7 billion, compared with an increase of $3.3 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $4.0 billion in May, compared with an increase of $2.8 billion in April. Personal current taxes and disposable personal income Personal current taxes increased $3.2 billion in May, in contrast to a decrease of $0.9 billion in April. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $55.6 billion, or 0.4 percent, in May, compared with an increase of $50.8 billion, or 0.4 percent, in April. -more- -3- Personal outlays and saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $18.0 billion in May, compared with an increase of $2.1 billion in April. PCE increased $18.3 billion, compared with an increase of $2.3 billion. Personal saving -- DPI less personal outlays -- was $620.3 billion in May, compared with $582.7 billion in April. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.8 percent in May, compared with 4.5 percent in April. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in May, the same increase as in April. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in May, compared with a decrease of 0.2 percent in April. Purchases of durable goods increased 1.0 percent, in contrast to a decrease of 0.9 percent. Purchases of motor vehicles and parts accounted for more than half of the increase in May, and more than accounted for the decrease in April. Purchases of nondurable goods decreased 0.3 percent in May, compared with a decrease of 0.1 percent in April. Purchases of services decreased 0.2 percent, compared with a decrease of 0.1 percent. The price index for PCE increased 0.2 percent in May, the same increase as in April. The PCE price index, excluding food and energy, increased 0.2 percent in May, the same increase as in April. Price index: percent change from month one year ago The May price index for PCE increased 1.8 percent from May a year ago. The May PCE price index, excluding food and energy, increased 1.5 percent from May a year ago. -more- -4- Revisions Estimates have been revised for January through April. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for March and April -revised and as published in last month's release -- are shown below. Change from preceding month March April 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 76.3 78.0 0.5 0.5 43.7 49.9 0.3 0.3 65.0 38.1 66.5 39.7 0.5 0.3 0.5 0.3 44.6 18.3 50.8 23.5 0.3 0.2 0.4 0.2 117.6 88.3 95.3 67.9 1.0 0.8 0.8 0.6 -8.1 -28.7 2.3 -19.5 -0.1 -0.3 0.0 -0.2 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 2014 on August 1, 2014. In addition to the regular revision of estimates for the most recent 3 years and for the first 5 months of 2014, personal income and select components will be revised back further. More information is available in "Preview of Upcoming NIPA Revision" in the May Survey of Current Business and on BEA's Web site. The August Survey will contain an article describing the annual revision in detail. BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to free e-mail summaries of BEA releases and announcements. * * * Next release – August 1, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for June -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2013 Oct. 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...................................................... Nov. 2014 Dec. Jan. r Feb. r March Line r April r May p 14,280.6 14,317.7 14,305.5 14,349.6 14,400.6 14,478.6 14,528.5 14,587.3 1 8,938.4 8,984.0 8,973.5 9,006.5 9,032.8 9,085.2 9,107.5 9,140.4 2 7,205.9 7,246.7 7,234.8 7,262.4 7,285.0 7,332.3 7,351.3 7,380.5 3 6,008.3 6,047.3 6,033.6 6,060.0 6,080.1 6,126.2 6,144.1 6,171.9 4 1,196.4 1,207.3 1,208.8 1,212.1 1,219.5 1,228.7 1,227.2 1,234.6 5 750.8 756.3 755.4 754.6 756.0 763.6 760.8 765.8 6 4,811.9 4,840.0 4,824.9 4,847.9 4,860.6 4,897.6 4,916.9 4,937.3 7 1,138.3 1,145.7 1,143.2 1,147.8 1,147.6 1,160.0 1,169.1 1,171.0 8 3,673.6 3,694.3 3,681.7 3,700.1 3,712.9 3,737.5 3,747.8 3,766.3 9 1,197.6 1,199.4 1,201.2 1,202.3 1,204.9 1,206.0 1,207.2 1,208.6 10 1,732.5 1,737.4 1,738.7 1,744.2 1,747.8 1,752.9 1,756.2 1,759.9 11 1,197.4 535.1 1,199.9 537.5 1,202.1 536.6 1,204.0 540.2 1,206.3 541.4 1,208.4 544.5 1,210.6 545.7 1,212.4 12 547.5 13 1,363.5 1,358.8 1,353.1 1,357.7 1,358.1 1,362.5 1,370.5 1,373.9 14 125.4 112.9 100.3 100.1 99.9 99.7 101.9 104.2 15 1,238.0 1,245.9 1,252.8 1,257.6 1,258.2 1,262.8 1,268.6 1,269.7 16 602.5 603.2 603.9 608.0 611.7 615.9 618.3 620.5 17 2,029.1 2,031.0 2,030.3 2,022.5 2,029.5 2,038.8 2,055.7 2,069.2 18 1,237.1 1,241.1 1,245.1 1,243.4 1,241.8 1,240.1 1,244.3 1,248.5 19 792.0 789.9 785.2 779.1 787.7 798.7 811.3 820.7 20 2,462.1 2,460.9 2,463.9 2,484.7 2,501.5 2,515.6 2,518.9 2,529.6 21 2,416.9 2,415.6 2,418.4 2,439.1 2,455.7 2,469.7 2,472.8 2,483.3 22 803.5 809.7 813.4 821.1 821.9 830.1 831.5 832.6 23 597.5 596.9 596.8 599.4 601.1 601.2 603.3 604.3 24 438.2 437.1 435.1 450.6 460.5 466.2 461.6 462.0 25 60.3 58.8 61.5 45.7 42.3 41.1 39.5 39.0 26 83.5 83.0 82.6 82.6 87.1 84.1 84.6 84.7 27 433.9 430.0 429.0 439.6 442.8 446.9 452.3 460.9 28 45.2 45.3 45.5 45.7 45.8 46.0 46.1 46.3 29 1,114.9 1,120.3 1,119.1 1,129.9 1,133.0 1,139.5 1,142.3 1,146.3 30 1,667.8 1,682.5 1,685.3 1,688.6 1,696.4 1,707.8 1,706.9 1,710.1 31 12,612.8 12,635.3 12,620.2 12,660.9 12,704.3 12,770.8 12,821.6 12,877.2 32 12,030.0 12,097.3 12,104.8 12,087.6 12,137.3 12,236.8 12,238.9 12,256.9 33 11,612.5 11,682.1 11,691.9 11,669.5 11,714.9 11,810.2 11,812.5 11,830.8 34 3,923.4 3,940.6 3,926.9 3,886.5 3,925.9 3,970.1 3,968.4 3,982.6 35 1,276.8 1,291.8 1,258.3 1,246.5 1,262.8 1,305.6 1,294.5 1,303.9 36 2,646.6 2,648.7 2,668.6 2,640.0 2,663.1 2,664.5 2,673.9 2,678.7 37 7,689.1 7,741.5 7,765.0 7,783.0 7,789.0 7,840.1 7,844.1 7,848.2 38 250.8 248.3 245.7 249.7 253.8 257.8 257.4 257.0 39 166.7 166.9 167.2 168.4 168.6 168.8 169.0 169.2 40 91.3 91.6 91.9 92.1 92.4 92.6 92.7 92.9 41 75.4 75.4 75.4 76.3 76.3 76.3 76.3 76.3 42 582.9 537.9 515.3 573.3 567.0 534.0 582.7 620.3 43 4.6 4.3 4.1 4.5 4.5 4.2 4.5 4.8 44 10,988.0 11,015.9 10,983.1 10,994.1 11,018.8 11,057.5 11,078.6 11,096.9 45 11,726.6 11,739.1 11,705.3 11,731.7 11,764.4 11,804.1 11,827.6 11,851.2 46 39,767 36,972 317,171 39,815 36,991 317,351 39,746 36,865 317,520 39,854 36,929 317,681 39,971 37,014 317,840 40,159 37,119 318,006 40,297 37,173 318,178 40,449 47 37,226 48 318,357 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 I Line r 13,743.8 14,134.7 14,073.1 13,925.9 14,086.2 14,225.3 14,301.3 14,409.6 1 8,611.6 8,859.4 8,787.4 8,748.3 8,835.5 8,888.3 8,965.3 9,041.5 2 6,926.8 7,137.5 7,086.6 7,040.4 7,117.6 7,162.8 7,229.1 7,293.2 3 5,729.4 5,942.5 5,887.2 5,844.5 5,923.6 5,972.2 6,029.7 6,088.8 4 1,154.0 1,188.9 1,167.0 1,173.8 1,187.1 1,190.6 1,204.1 1,220.1 5 735.4 747.4 740.5 742.1 745.9 747.3 754.2 758.1 6 4,575.4 4,753.6 4,720.3 4,670.7 4,736.4 4,781.6 4,825.6 4,868.7 7 1,093.7 1,127.7 1,114.2 1,115.2 1,123.2 1,129.8 1,142.4 1,151.8 8 3,481.7 3,625.9 3,606.1 3,555.5 3,613.2 3,651.9 3,683.2 3,716.8 9 1,197.3 1,195.0 1,199.3 1,195.8 1,194.1 1,190.6 1,199.4 1,204.4 10 1,684.9 1,721.9 1,700.9 1,707.9 1,717.8 1,725.5 1,736.2 1,748.3 11 1,170.6 514.3 1,190.6 531.2 1,176.8 524.0 1,182.1 525.8 1,187.6 530.2 1,193.0 532.4 1,199.8 536.4 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 1,359.5 14 75.4 127.6 74.5 137.0 129.0 131.7 112.9 99.9 15 1,149.6 1,221.2 1,173.0 1,197.6 1,212.5 1,229.0 1,245.6 1,259.5 16 541.2 590.6 555.4 574.9 587.7 596.6 603.2 611.9 17 1,958.5 1,997.7 2,062.8 1,935.8 1,994.0 2,030.7 2,030.1 2,030.3 18 1,211.6 1,229.2 1,218.4 1,215.8 1,225.6 1,234.2 1,241.1 1,241.8 19 746.9 768.5 844.3 720.0 768.4 796.5 789.0 788.5 20 2,358.3 2,444.3 2,388.0 2,426.0 2,430.9 2,458.0 2,462.3 2,500.6 21 2,316.8 2,399.7 2,347.9 2,382.0 2,386.5 2,413.1 2,417.0 2,454.8 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 24 417.1 431.2 425.1 423.7 426.1 438.4 436.8 459.1 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 27 422.5 430.6 426.8 428.6 430.8 432.0 431.0 443.1 28 41.4 44.6 40.1 44.0 44.4 44.9 45.3 45.8 29 950.7 1,106.0 967.9 1,093.7 1,103.3 1,109.0 1,118.1 1,134.1 30 1,498.0 1,658.5 1,552.8 1,629.0 1,668.8 1,657.6 1,678.5 1,697.6 31 12,245.8 12,476.2 12,520.4 12,296.9 12,417.4 12,567.7 12,622.8 12,712.0 32 11,558.4 11,914.9 11,696.2 11,794.9 11,837.0 11,950.4 12,077.4 12,153.9 33 11,149.6 11,501.5 11,285.5 11,379.2 11,427.1 11,537.7 11,662.2 11,731.5 34 3,769.7 3,885.9 3,826.1 3,851.8 3,848.5 3,912.8 3,930.3 3,927.5 35 1,202.7 1,263.0 1,230.7 1,244.8 1,257.5 1,274.0 1,275.7 1,271.6 36 2,567.0 2,622.9 2,595.4 2,607.0 2,591.0 2,638.8 2,654.7 2,655.9 37 7,379.9 7,615.7 7,459.4 7,527.4 7,578.6 7,624.8 7,731.9 7,804.0 38 248.4 247.9 247.3 250.4 244.3 248.8 248.3 253.8 39 160.4 165.4 163.4 165.3 165.6 163.9 166.9 168.6 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 76.3 42 687.4 561.3 824.1 502.0 580.4 617.3 545.4 558.1 43 5.6 4.5 6.6 4.1 4.7 4.9 4.3 4.4 44 10,740.1 10,904.0 10,959.6 10,756.9 10,905.4 10,958.1 10,995.7 11,023.5 45 11,551.6 11,636.9 11,743.0 11,502.4 11,618.5 11,703.4 11,723.7 11,766.8 46 38,969 36,760 314,246 39,424 36,772 316,465 39,731 37,265 315,125 38,961 36,444 315,620 39,278 36,751 316,140 39,677 36,948 316,754 39,776 36,943 317,347 39,995 47 37,021 48 317,842 49 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 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2013 Oct. 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 .......... Nov. 2014 Dec. Jan. r Feb. r March Line r April r May p –10.1 15.3 12.3 11.7 1.4 0.1 10.2 5.1 5.2 0.6 3.0 37.1 45.6 40.8 39.0 10.9 5.5 28.1 7.4 20.7 1.8 4.9 –12.2 –10.5 –11.9 –13.7 1.5 –0.9 –15.1 –2.5 –12.6 1.8 1.3 44.1 33.0 27.6 26.4 3.3 –0.8 23.0 4.6 18.4 1.1 5.5 51.0 26.3 22.6 20.1 7.4 1.4 12.7 –0.2 12.8 2.6 3.6 78.0 52.4 47.3 46.1 9.2 7.6 37.0 12.4 24.6 1.1 5.1 49.9 22.3 19.0 17.9 –1.5 –2.8 19.3 9.1 10.3 1.2 3.3 58.8 1 32.9 2 29.2 3 27.8 4 7.4 5 5.0 6 20.4 7 1.9 8 18.5 9 1.4 10 3.7 11 2.2 0.8 2.5 2.4 2.2 –0.9 1.9 3.6 2.3 1.2 2.1 3.1 2.2 1.2 1.8 12 1.8 13 –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 1.9 10.6 –20.8 36.7 36.7 –1.7 7.4 –9.1 38.4 –2.5 2.5 0.3 2.2 –57.3 –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 14.7 22.5 67.3 69.6 17.2 15.0 2.1 52.4 –2.5 0.2 0.3 0.0 –45.0 –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 –1.2 2.8 –15.1 7.5 9.8 –13.7 –33.5 19.9 23.5 –2.6 0.3 0.3 0.0 –22.6 4.6 –0.2 4.8 4.1 –7.8 –1.7 –6.1 20.8 20.7 7.7 2.6 15.5 –15.8 0.0 10.6 0.2 10.8 3.3 40.7 –17.2 –22.4 –40.4 –11.8 –28.6 18.0 4.0 1.2 0.2 0.9 58.0 0.4 –0.2 0.6 3.7 7.0 –1.6 8.6 16.8 16.6 0.8 1.7 9.9 –3.4 4.5 3.2 0.1 3.1 7.8 43.4 49.7 45.4 39.4 16.3 23.1 6.0 4.1 0.2 0.3 0.0 –6.3 4.4 –0.2 4.6 4.2 9.3 –1.7 11.0 14.1 14.0 8.2 0.1 5.7 –1.2 –3.0 4.1 0.2 6.5 11.4 66.5 99.5 95.3 44.2 42.8 1.4 51.1 4.0 0.2 0.2 0.0 –33.0 8.0 2.2 5.8 2.4 16.9 4.2 12.6 3.3 3.1 1.4 2.1 –4.6 –1.6 0.5 5.4 0.1 2.8 –0.9 50.8 2.1 2.3 –1.7 –11.1 9.4 4.0 –0.4 0.2 0.1 0.0 48.7 –12.6 –25.5 27.9 12.5 –32.8 –33.8 11.0 26.4 24.7 32.7 38.7 39.7 21.1 23.5 3.4 2.3 1.1 2.2 13.5 4.2 9.4 10.7 10.5 1.1 1.0 0.4 –0.5 0.1 8.6 0.2 4.0 3.2 55.6 18.0 18.3 14.2 9.4 4.8 4.1 –0.4 0.2 0.2 0.0 37.6 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 18.3 44 23.6 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 I Line r 552.5 333.1 288.1 285.1 51.9 28.3 233.2 47.5 185.7 2.9 45.1 390.9 247.8 210.7 213.1 34.9 12.0 178.2 34.0 144.2 –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 76.0 77.0 66.3 57.5 13.5 6.9 44.0 12.6 31.3 8.8 10.7 108.3 1 76.2 2 64.1 3 59.1 4 16.0 5 3.9 6 43.1 7 9.4 8 33.6 9 5.0 10 12.1 11 25.2 19.9 20.0 16.9 2.7 11.8 5.3 1.8 5.5 4.4 5.4 2.2 6.8 4.0 6.4 12 5.6 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 3.2 155.3 160.5 230.4 356.5 351.9 116.2 60.3 55.9 235.8 –0.5 5.0 1.9 3.1 –126.1 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 9.1 20.9 55.1 127.0 124.5 17.5 1.7 15.9 107.1 –0.5 3.0 0.9 2.2 –71.9 283.0 227.0 163.9 85.3 283.4 249.4 –202.7 –240.6 148.5 116.1 52.7 84.9 37.6 20.3 1.0 –13.0 13.9 8.7 0.2 0.7 –0.5 38.3 37.8 15.4 3.4 22.3 –17.1 1.6 12.1 0.5 16.0 19.1 89.2 76.5 69.3 –2.8 –4.1 1.2 72.1 5.5 1.7 0.7 0.9 12.7 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 27.8 44 43.1 45 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 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates Line 2013 Oct. Nov. 2014 Dec. Jan. r Feb. r March Line r April r May 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................................................................................. –0.1 0.2 0.2 0.2 0.3 0.5 0.6 0.3 –0.1 –0.1 –0.2 0.1 0.3 0.4 0.4 0.3 0.4 0.3 0.3 0.2 0.5 0.6 0.6 0.3 0.3 0.2 0.3 0.2 0.4 0.4 0.4 0.2 1 2 3 4 –1.4 0.2 –0.2 0.3 –0.9 –0.1 0.2 0.6 –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 0.3 0.7 –0.4 –0.1 –0.8 0.8 1.0 0.2 0.3 0.0 0.6 0.3 –0.1 1.1 0.7 0.3 0.5 0.3 0.3 0.7 0.5 –0.1 1.4 0.6 0.6 0.7 0.5 0.6 0.4 0.8 0.3 1.6 0.1 0.3 –0.1 0.4 0.2 0.4 0.7 0.3 1.2 0.4 0.3 0.2 0.4 5 6 7 8 9 10 11 12 13 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 –1.0 –0.9 –1.1 0.2 0.4 1.0 1.3 0.9 0.1 0.8 1.1 3.4 0.1 0.7 0.0 0.0 –0.9 0.4 0.1 0.2 0.4 0.7 0.2 0.1 14 15 16 17 18 0.1 0.2 0.2 0.3 0.4 0.3 0.2 0.2 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. –0.1 –0.2 0.3 0.1 –0.3 –0.3 0.2 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 2012 2013 2012 IV 2013 I II 2014 III IV I Line r Based on current-dollar measures 1 Personal income......................................................................... 2 Compensation of employees .................................................... 3 Wages and salaries ............................................................... 4 Supplements to wages and salaries...................................... 5 Proprietors’ income with inventory valuation and capital consumption adjustments...................................................... 6 Rental income of persons with capital consumption adjustment 7 Personal income receipts on assets ......................................... 8 Personal interest income ....................................................... 9 Personal dividend income...................................................... 10 Personal current transfer receipts ............................................. 11 Less: Contributions for government social insurance, domestic 12 Less: Personal current taxes .................................................... 13 Equals: Disposable personal income ...................................... Addenda: 14 Personal consumption expenditures ......................................... 15 Goods.................................................................................... 16 Durable goods.................................................................... 17 Nondurable goods .............................................................. 18 Services................................................................................. 4.2 4.0 4.3 2.7 2.8 2.9 3.0 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 3.5 3.8 2.5 3.1 3.4 3.6 2.8 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 3.3 5.1 1.8 0.3 5.9 0.0 0.2 –0.3 6.4 5.9 4.6 2.9 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 2.4 –0.3 –1.3 0.2 3.8 14 15 16 17 18 –7.2 –7.9 5.6 4.1 1.9 3.0 1.4 0.7 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. r Revised 2.7 2.0 1.5 0.7 11.0 9.0 1.0 19 1.5 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2013 Line Oct. Nov. 2014 Dec. Jan. r Feb. r March r April r May p 10,916.2 3,751.3 1,400.0 2,373.0 7,164.8 10,896.7 3,739.0 1,387.8 2,371.5 7,157.4 10,888.1 3,744.2 1,401.8 2,364.9 7,143.9 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.................................................................................... 10,796.5 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 10,813.1 3,665.7 1,332.6 2,348.3 7,145.9 10,848.3 3,706.2 1,353.3 2,369.3 7,141.3 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.................................................................................... 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 –31.2 –36.7 –11.1 –25.4 4.7 35.2 40.5 20.7 21.0 –4.6 67.9 45.1 46.7 3.7 23.5 –19.5 –12.3 –12.2 –1.5 –7.4 –8.6 6 5.2 7 14.0 8 –6.6 9 –13.5 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.................................................................................... 0.3 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 –0.3 –1.0 –0.8 –1.1 0.1 0.3 1.1 1.6 0.9 –0.1 0.6 1.2 3.5 0.2 0.3 –0.2 –0.3 –0.9 –0.1 –0.1 –0.1 0.1 1.0 –0.3 –0.2 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 I Line r 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 10,859.2 3,707.7 1,362.0 2,363.5 7,150.7 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 27.7 6 1.6 7 4.2 8 –2.0 9 25.9 10 Percent change from preceding period in chained (2009) dollars 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... r Revised 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 1.0 0.2 1.2 –0.3 1.5 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2013 Line Oct. Nov. 2014 Dec. Jan. r Feb. r March r April r May 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 ...................... 107.560 106.135 94.212 112.203 108.308 107.636 105.948 93.975 112.046 108.522 107.818 106.066 93.636 112.425 108.737 107.923 106.025 93.523 112.426 108.917 107.991 105.928 93.300 112.404 109.071 108.192 105.832 93.242 112.285 109.426 108.407 106.135 93.262 112.753 109.595 108.660 106.368 93.002 113.274 109.859 1 2 3 4 5 106.305 107.988 128.820 107.376 105.902 106.427 107.937 128.221 107.432 106.007 106.514 108.041 130.336 107.598 106.062 106.607 108.014 130.864 107.701 106.152 106.693 108.303 130.235 107.768 106.239 106.882 108.790 130.193 107.949 106.402 107.070 109.116 130.725 108.168 106.592 107.248 6 109.758 7 131.794 8 108.420 9 106.757 10 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates 11 Personal consumption expenditures (PCE) ............................ 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... Addenda: 16 PCE excluding food and energy ............................................... 17 Food 1 ....................................................................................... 18 Energy goods and services 2 .................................................... 19 Market-based PCE 3 ................................................................. 20 Market-based PCE excluding food and energy 3 ...................... 0.1 –0.2 –0.1 –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 0.2 0.3 0.0 0.4 0.2 0.2 0.2 –0.3 0.5 0.2 11 12 13 14 15 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 0.4 0.0 0.2 0.2 0.2 0.3 0.4 0.2 0.2 0.2 0.6 0.8 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 Oct. 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... Nov. 1.8 2.3 3.9 7.3 2.3 1.4 2014 Dec. 0.6 2.5 3.8 6.5 2.5 1.8 Jan. –2.8 2.3 3.0 3.2 2.9 1.9 r Feb. 2.7 1.9 1.8 2.5 1.5 1.9 r 2.1 1.9 2.5 3.7 2.0 1.6 March r 2.0 2.3 3.6 7.2 1.9 1.6 April r 2.0 2.0 3.2 5.5 2.1 1.5 May p 1.9 1.9 2.8 6.1 1.2 1.4 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 Oct. Nov. 2014 Dec. Jan. r Feb. r March r April r 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 0.8 –1.1 –2.3 –0.5 1.9 1.1 –0.7 –2.2 0.1 2.1 1.6 0.5 –1.9 1.7 2.2 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 1.2 1.1 0.2 1.0 1.1 1.4 1.3 5.2 1.6 1.3 May p 1.8 0.9 –2.1 2.4 2.2 Line 1 2 3 4 5 1.5 6 2.1 7 5.8 8 1.7 9 1.4 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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