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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 25, 2015 BEA 15-30 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: MAY 2015 Personal income increased $79.0 billion, or 0.5 percent, and disposable personal income (DPI) increased $65.5 billion, or 0.5 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $105.9 billion, or 0.9 percent. In April, personal income increased $69.6 billion, or 0.5 percent, DPI increased $57.0 billion, or 0.4 percent, and PCE increased $8.5 billion, or 0.1 percent, based on revised estimates. Real DPI increased 0.2 percent in May, compared with an increase of 0.4 percent in April. Real PCE increased 0.6 percent, compared with an increase of less than 0.1 percent. Jan. Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.3 2015 Feb. Mar. Apr. (Percent change from preceding month) 0.4 0.0 0.5 May 0.5 0.2 0.6 0.4 0.3 0.0 -0.2 0.4 0.4 0.5 0.2 -0.3 0.2 0.2 0.0 0.6 0.5 0.1 0.0 0.9 0.6 ___________________ 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 $37.1 billion in May, compared with an increase of $21.6 billion in April. Private wages and salaries increased $34.8 billion, compared with an increase of $19.4 billion. Government wages and salaries increased $2.4 billion, compared with an increase of $2.1 billion. Supplements to wages and salaries increased $5.7 billion in May, compared with an increase of $4.5 billion in April. Other personal income Proprietors' income increased $10.5 billion in May, compared with an increase of $4.4 billion in April. Farm proprietors' income increased $3.9 billion in May, the same increase as in April. Nonfarm proprietors' income increased $6.5 billion in May, compared with an increase of $0.5 billion in April. Rental income of persons increased $5.4 billion in May, compared with an increase of $5.0 billion in April. Personal income receipts on assets (personal interest income plus personal dividend income) increased $22.8 billion, compared with an increase of $30.4 billion. Personal current transfer receipts increased $2.4 billion in May, compared with an increase of $6.2 billion in April. Contributions for government social insurance -- a subtraction in calculating personal income -increased $4.8 billion in May, compared with an increase of $2.6 billion in April. Personal current taxes and disposable personal income Personal current taxes increased $13.5 billion in May, compared with an increase of $12.6 billion in April. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $65.5 billion, or 0.5 percent, in May, compared with an increase of $57.0 billion, or 0.4 percent, in April. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $106.9 billion in May, compared with an increase of $9.5 billion in April. PCE increased $105.9 billion, compared with an increase of $8.5 billion. Personal saving -- DPI less personal outlays -- was $685.5 billion in May, compared with $726.9 billion in April. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.1 percent in May, compared with 5.4 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. -more- -3- Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in May, compared with an increase of 0.4 percent in April. Real PCE -- PCE adjusted to remove price changes -- increased 0.6 percent in May, compared with an increase of less than 0.1 percent in April. Purchases of durable goods increased 2.3 percent, in contrast to a decrease of 0.1 percent. Purchases of motor vehicles and parts accounted for about half of the increase in May, and more than accounted for the decrease in April. Purchases of nondurable goods increased 0.9 percent in May, in contrast to a decrease of 0.3 percent in April. Purchases of services increased 0.2 percent in May, the same increase as in April. The price index for PCE increased 0.3 percent in May, compared with an increase of less than 0.1 percent in April. The PCE price index, excluding food and energy, increased 0.1 percent in May, the same increase as in April. The May price index for PCE increased 0.2 percent from May a year ago. The May PCE price index, excluding food and energy, increased 1.2 percent from May a year ago. 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 4.0 6.0 0.0 0.0 59.4 69.6 0.4 0.5 0.5 -18.8 1.8 -21.2 0.0 -0.2 0.0 -0.2 48.8 41.8 57.0 47.7 0.4 0.3 0.4 0.4 65.6 42.8 78.0 50.9 0.5 0.4 0.6 0.5 -2.6 -5.2 8.5 3.5 0.0 0.0 0.1 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, 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. The June Survey of Current Business contains 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 at www.bea.gov/API/signup/index.cfm. BEA's news release schedule is available at www.bea.gov/newsreleases/2015rd.htm. * * * Next release – August 3, 2015 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 2014 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. 2015 Dec. Jan. r Feb. r March Line r April r May p 14,915.9 14,984.3 15,037.7 15,089.1 15,152.4 15,158.4 15,228.0 15,307.0 1 9,338.6 9,412.7 9,431.2 9,482.5 9,508.4 9,522.7 9,548.9 9,591.7 2 7,546.8 7,613.5 7,628.1 7,671.3 7,692.3 7,702.7 7,724.3 7,761.4 3 6,318.9 6,383.9 6,396.8 6,436.9 6,455.6 6,464.5 6,483.9 6,518.7 4 1,286.8 1,300.5 1,298.5 1,306.8 1,307.1 1,309.1 1,309.7 1,310.7 5 789.1 796.5 794.8 799.4 799.5 799.9 800.4 801.0 6 5,032.1 5,083.5 5,098.3 5,130.1 5,148.5 5,155.4 5,174.2 5,207.9 7 1,188.8 1,203.2 1,209.3 1,214.9 1,222.4 1,220.8 1,225.7 1,233.6 8 3,843.3 3,880.3 3,889.0 3,915.2 3,926.1 3,934.6 3,948.5 3,974.3 9 1,227.9 1,229.6 1,231.2 1,234.4 1,236.7 1,238.2 1,240.3 1,242.7 10 1,791.9 1,799.2 1,803.1 1,811.2 1,816.1 1,820.1 1,824.6 1,830.3 11 1,236.5 555.4 1,239.4 559.9 1,242.4 560.7 1,246.5 564.8 1,250.3 565.9 1,253.8 566.2 1,257.3 567.3 1,260.6 12 569.7 13 1,400.7 1,396.2 1,410.5 1,398.1 1,389.7 1,390.1 1,394.5 1,405.0 14 56.5 60.7 65.0 57.0 49.1 41.2 45.1 49.0 15 1,344.2 1,335.5 1,345.5 1,341.0 1,340.6 1,348.9 1,349.4 1,355.9 16 653.2 655.1 659.6 661.1 664.2 667.7 672.7 678.1 17 2,141.2 2,146.3 2,149.1 2,142.4 2,172.4 2,141.5 2,171.9 2,194.7 18 1,261.1 1,259.9 1,258.8 1,251.8 1,244.9 1,237.9 1,256.4 1,275.0 19 880.0 886.3 890.4 890.6 927.5 903.6 915.5 919.7 20 2,557.2 2,557.9 2,572.9 2,598.7 2,613.9 2,633.4 2,639.6 2,642.0 21 2,512.1 2,512.5 2,527.3 2,553.1 2,568.0 2,587.3 2,593.2 2,595.3 22 839.7 841.9 850.3 859.9 859.4 865.2 867.4 871.9 23 591.1 590.3 593.3 595.6 599.2 597.3 603.9 606.1 24 506.5 504.9 507.2 515.5 523.1 529.7 526.8 523.2 25 34.0 34.0 34.1 33.9 33.9 33.2 32.4 31.8 26 86.2 86.7 87.4 88.6 89.3 90.2 91.2 90.3 27 454.6 454.8 455.0 459.6 463.0 471.7 471.4 472.0 28 45.1 45.3 45.6 45.6 45.9 46.2 46.4 46.7 29 1,175.0 1,183.9 1,185.7 1,193.6 1,196.2 1,197.1 1,199.7 1,204.5 30 1,781.6 1,802.3 1,811.7 1,841.4 1,847.4 1,851.6 1,864.2 1,877.7 31 13,134.2 13,182.0 13,225.9 13,247.7 13,305.0 13,306.8 13,363.8 13,429.3 32 12,536.3 12,582.3 12,562.3 12,525.0 12,546.4 12,627.4 12,636.9 12,743.8 33 12,096.4 12,142.2 12,122.0 12,084.3 12,102.7 12,180.7 12,189.2 12,295.1 34 4,018.7 4,026.9 3,978.4 3,914.4 3,902.6 3,967.7 3,950.9 4,029.9 35 1,321.9 1,342.1 1,323.0 1,324.2 1,310.5 1,340.6 1,341.9 1,371.0 36 2,696.7 2,684.7 2,655.4 2,590.2 2,592.1 2,627.1 2,609.0 2,658.9 37 8,077.8 8,115.4 8,143.7 8,169.9 8,200.2 8,213.0 8,238.3 8,265.2 38 265.3 265.2 265.1 268.0 271.0 274.0 275.0 276.1 39 174.5 174.9 175.2 172.7 172.7 172.7 172.7 172.6 40 95.9 96.2 96.6 97.7 97.8 97.8 97.8 97.7 41 78.6 78.6 78.6 74.9 74.9 74.9 74.9 74.9 42 598.0 599.8 663.6 722.7 758.6 679.4 726.9 685.5 43 4.6 4.5 5.0 5.5 5.7 5.1 5.4 5.1 44 11,317.6 11,397.7 11,459.6 11,537.2 11,562.1 11,528.0 11,581.9 11,616.0 45 12,027.9 12,090.7 12,159.4 12,236.7 12,268.9 12,247.7 12,295.4 12,317.1 46 41,056 37,598 319,909 41,180 37,771 320,107 41,294 37,964 320,284 41,341 38,186 320,450 41,498 38,266 320,621 41,480 38,179 320,797 41,635 38,306 320,975 41,815 47 38,352 48 321,163 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 I Line r 14,166.9 14,733.9 14,311.7 14,484.7 14,660.5 14,811.2 14,979.3 15,133.3 1 8,844.8 9,227.6 8,946.8 9,096.2 9,159.5 9,260.7 9,394.2 9,504.6 2 7,124.7 7,451.6 7,208.5 7,339.8 7,391.7 7,478.9 7,596.1 7,688.8 3 5,916.6 6,229.5 5,998.5 6,125.3 6,172.1 6,254.2 6,366.6 6,452.3 4 1,195.3 1,264.2 1,210.6 1,238.0 1,254.5 1,268.9 1,295.2 1,307.7 5 747.6 778.8 754.1 769.5 773.7 778.6 793.5 799.6 6 4,721.3 4,965.4 4,787.9 4,887.3 4,917.5 4,985.3 5,071.3 5,144.7 7 1,121.3 1,174.1 1,134.9 1,154.9 1,165.0 1,176.1 1,200.4 1,219.4 8 3,600.0 3,791.3 3,653.0 3,732.4 3,752.6 3,809.2 3,870.9 3,925.3 9 1,208.1 1,222.1 1,210.0 1,214.5 1,219.7 1,224.7 1,229.6 1,236.4 10 1,720.1 1,776.0 1,738.3 1,756.4 1,767.8 1,781.8 1,798.1 1,815.8 11 1,193.9 526.1 1,226.4 549.6 1,206.8 531.5 1,213.6 542.8 1,222.0 545.7 1,230.5 551.3 1,239.4 558.7 1,250.2 12 565.6 13 1,336.6 1,380.2 1,342.7 1,351.0 1,381.0 1,386.4 1,402.5 1,392.6 14 83.2 63.6 70.1 58.1 73.4 62.2 60.7 49.1 15 1,253.5 1,316.6 1,272.6 1,292.9 1,307.6 1,324.2 1,341.7 1,343.5 16 595.8 640.2 613.3 622.9 635.4 646.7 656.0 664.3 17 2,079.7 2,125.3 2,094.2 2,090.4 2,127.0 2,138.3 2,145.5 2,152.1 18 1,255.2 1,264.7 1,263.2 1,262.4 1,270.0 1,266.5 1,259.9 1,244.9 19 824.5 860.6 831.0 828.0 857.0 871.8 885.6 907.2 20 2,414.5 2,522.7 2,432.3 2,470.9 2,511.8 2,545.3 2,562.7 2,615.3 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 22 799.0 834.6 808.9 824.5 833.0 837.1 844.0 861.5 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 89.4 27 418.5 445.0 417.1 428.4 445.7 451.2 454.8 464.8 28 42.3 44.2 42.6 43.1 43.8 44.5 45.3 45.9 29 1,104.5 1,162.1 1,117.5 1,146.6 1,154.2 1,166.1 1,181.5 1,195.6 30 1,661.8 1,743.9 1,688.1 1,711.8 1,715.3 1,750.1 1,798.6 1,846.8 31 12,505.1 12,990.0 12,623.7 12,772.9 12,945.2 13,061.2 13,180.7 13,286.5 32 11,897.1 12,357.5 12,070.8 12,146.9 12,289.6 12,433.0 12,560.3 12,566.3 33 11,484.3 11,930.3 11,653.3 11,728.5 11,870.7 12,002.0 12,120.2 12,122.6 34 3,851.2 3,968.7 3,886.1 3,890.6 3,964.5 4,011.5 4,008.0 3,928.2 35 1,249.3 1,302.5 1,261.5 1,262.3 1,298.4 1,320.2 1,329.0 1,325.1 36 2,601.9 2,666.2 2,624.6 2,628.4 2,666.1 2,691.3 2,679.0 2,603.1 37 7,633.2 7,961.7 7,767.2 7,837.8 7,906.2 7,990.4 8,112.3 8,194.4 38 247.1 256.8 250.8 249.8 251.3 260.9 265.2 271.0 39 165.6 170.3 166.7 168.6 167.5 170.2 174.9 172.7 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 74.9 42 608.1 632.6 552.9 626.1 655.6 628.1 620.4 720.2 43 4.9 4.9 4.4 4.9 5.1 4.8 4.7 5.4 44 10,949.5 11,227.3 11,021.2 11,108.2 11,168.1 11,241.5 11,391.6 11,542.4 45 11,650.8 11,943.3 11,711.7 11,810.1 11,900.4 11,970.3 12,092.6 12,251.0 46 39,468 36,772 316,839 40,699 37,420 319,173 39,726 36,856 317,765 40,130 37,105 318,288 40,602 37,325 318,833 40,884 37,469 319,470 41,177 37,778 320,100 41,440 47 38,210 48 320,623 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 2014 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. 2015 Dec. Jan. r Feb. r March Line r April r May p 65.9 42.3 37.3 36.2 13.3 8.0 22.9 8.7 14.2 1.1 5.1 68.4 74.1 66.7 65.0 13.7 7.4 51.4 14.4 37.0 1.7 7.3 53.4 18.5 14.6 12.9 –2.0 –1.7 14.8 6.1 8.7 1.6 3.9 51.4 51.3 43.2 40.1 8.3 4.6 31.8 5.6 26.2 3.2 8.1 63.3 25.9 21.0 18.7 0.3 0.1 18.4 7.5 10.9 2.3 4.9 6.0 14.3 10.4 8.9 2.0 0.4 6.9 –1.6 8.5 1.5 4.0 69.6 26.2 21.6 19.4 0.6 0.5 18.8 4.9 13.9 2.1 4.5 79.0 1 42.8 2 37.1 3 34.8 4 1.0 5 0.6 6 33.7 7 7.9 8 25.8 9 2.4 10 5.7 11 3.0 2.1 2.9 4.5 3.0 0.8 4.1 4.1 3.8 1.1 3.5 0.3 3.5 1.1 3.3 12 2.4 13 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 4.7 18.1 47.7 55.8 51.8 7.5 0.5 6.9 44.4 –0.1 4.0 0.3 3.7 –8.0 –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 8.9 20.7 47.8 46.0 45.8 8.2 20.2 –12.0 37.6 –0.1 0.4 0.3 0.0 1.8 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 1.8 9.4 43.9 –20.0 –20.2 –48.5 –19.1 –29.3 28.3 –0.1 0.3 0.4 0.0 63.8 –12.4 –8.0 –4.5 1.5 –6.7 –7.0 0.2 25.8 25.8 9.6 2.3 8.3 –0.2 1.2 4.6 0.0 7.9 29.7 21.8 –37.3 –37.7 –64.0 1.2 –65.2 26.2 2.9 –2.5 1.1 –3.7 59.1 –8.4 –7.9 –0.4 3.1 30.0 –6.9 36.9 15.2 14.9 –0.5 3.6 7.6 0.0 0.7 3.4 0.3 2.6 6.0 57.3 21.4 18.4 –11.8 –13.7 1.9 30.3 3.0 0.0 0.1 0.0 35.9 0.4 –7.9 8.3 3.5 –30.9 –7.0 –23.9 19.5 19.3 5.8 –1.9 6.6 –0.7 0.9 8.7 0.3 0.9 4.2 1.8 81.0 78.0 65.1 30.1 35.0 12.8 3.0 0.0 0.0 0.0 –79.2 4.4 3.9 0.5 5.0 30.4 18.5 11.9 6.2 5.9 2.2 6.6 –2.9 –0.8 1.0 –0.3 0.2 2.6 12.6 57.0 9.5 8.5 –16.8 1.3 –18.1 25.3 1.0 0.0 0.0 0.0 47.5 51.3 38.1 80.1 62.8 61.9 68.7 77.6 77.3 24.9 32.2 –34.1 –21.2 53.9 47.7 10.5 3.9 6.5 5.4 22.8 18.6 4.2 2.4 2.1 4.5 2.2 –3.6 –0.6 –0.9 0.6 0.3 4.8 13.5 65.5 106.9 105.9 79.0 29.1 49.9 26.9 1.1 –0.1 –0.1 0.0 –41.4 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 34.1 44 21.7 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 r 279.2 238.3 192.6 182.8 38.2 13.2 144.6 27.3 117.3 9.8 45.7 567.0 382.8 326.9 312.9 68.9 31.2 244.1 52.8 191.3 14.0 55.9 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 14.0 168.1 133.5 117.2 112.4 26.3 14.9 86.0 24.3 61.7 4.9 16.3 154.0 1 110.4 2 92.7 3 85.7 4 12.5 5 6.1 6 73.4 7 19.0 8 54.4 9 6.8 10 17.7 11 33.4 12.2 32.5 23.5 8.0 4.0 6.8 11.3 8.4 2.9 8.5 5.6 8.9 7.4 10.8 12 6.9 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 57.6 82.1 484.9 460.4 446.0 117.5 53.2 64.3 328.5 9.7 4.7 3.4 1.3 24.5 –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 15.4 48.5 119.5 127.3 118.2 –3.5 8.8 –12.3 121.9 4.3 4.7 0.9 3.7 –7.7 –9.9 –11.6 1.8 8.3 6.6 –15.0 21.6 52.6 52.2 17.5 5.7 16.6 –0.3 2.6 10.0 0.6 14.1 48.2 105.8 6.0 2.4 –79.8 –3.9 –75.9 82.1 5.8 –2.2 1.6 –3.7 99.8 71.9 –25.4 277.8 292.5 26.9 5.8 87.0 98.4 59.9 90.3 73.4 69.9 150.1 122.3 150.8 44 158.4 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 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 2014 Oct. Nov. 2015 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................................................................................. 0.4 0.5 0.5 0.3 0.5 0.8 0.9 0.4 0.4 0.2 0.2 0.2 0.3 0.5 0.6 0.4 0.4 0.3 0.3 0.3 0.0 0.2 0.1 0.2 0.5 0.3 0.3 0.3 0.5 0.4 0.5 0.3 1 2 3 4 1.3 0.4 0.2 –0.1 0.5 0.2 0.4 1.0 0.4 –0.3 0.3 0.2 –0.1 0.7 0.0 0.8 1.2 0.4 1.0 0.7 0.1 –0.1 0.5 0.6 0.2 0.5 0.3 –0.9 0.2 –0.3 –0.6 0.0 1.0 0.7 1.6 0.2 –0.6 0.5 1.4 –0.6 4.1 0.6 0.2 0.3 0.4 0.0 0.5 –1.4 –0.6 –2.6 0.7 0.1 0.2 0.0 0.3 0.7 1.4 1.5 1.3 0.2 0.2 0.7 0.4 0.7 0.8 1.0 1.5 0.5 0.1 0.4 0.7 0.5 5 6 7 8 9 10 11 12 13 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 –1.6 0.1 –2.5 0.3 0.2 –0.3 –1.0 0.1 0.4 0.6 1.7 2.3 1.4 0.2 0.1 –0.4 0.1 –0.7 0.3 0.9 2.0 2.2 1.9 0.3 14 15 16 17 18 0.7 0.6 0.2 0.3 –0.3 –0.2 0.5 0.4 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.5 0.3 0.7 0.5 0.5 0.6 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 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................................................................................. 2.0 2.8 2.8 2.7 4.0 4.3 4.6 3.3 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 4.6 5.9 6.4 3.7 4.2 4.8 5.0 4.0 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 5.2 4.9 3.9 –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 5.4 11.6 3.7 –2.8 5.2 1.2 –4.7 10.1 8.5 4.9 11.2 3.2 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 –7.7 –1.2 –10.9 4.1 14 15 16 17 18 3.2 3.4 2.2 3.1 2.7 2.4 5.5 4.1 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. r Revised 0.7 –0.2 2.5 2.5 1.0 0.2 5.4 19 5.3 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2014 Line Oct. Nov. 2015 Dec. Jan. r Feb. r Line March r April r May p 11,211.2 3,856.5 1,475.7 2,410.1 7,356.4 11,214.7 3,847.0 1,474.9 2,401.7 7,368.6 11,276.9 3,900.2 1,509.1 2,423.5 7,380.0 Billions of chained (2009) dollars, seasonally adjusted at annual rates 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 11,077.5 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 11,162.0 3,825.9 1,458.2 2,395.8 7,336.6 11,160.3 3,802.6 1,440.5 2,388.5 7,356.5 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.................................................................................... 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 17.5 –0.1 3.7 –3.2 17.2 –1.7 –23.3 –17.7 –7.3 19.9 50.9 53.9 35.2 21.6 –0.1 3.5 –9.5 –0.8 –8.4 12.2 62.2 6 53.2 7 34.2 8 21.8 9 11.4 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.................................................................................... 0.4 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 0.0 0.3 –0.1 0.2 0.0 –0.6 –1.2 –0.3 0.3 0.5 1.4 2.4 0.9 0.0 0.0 –0.2 –0.1 –0.3 0.2 0.6 1.4 2.3 0.9 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 2013 2014 2013 IV 2014 I II 2015 III IV I Line r Billions of chained (2009) dollars 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,699.7 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 11,177.9 3,828.4 1,458.1 2,398.2 7,349.8 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 58.3 6 9.4 7 4.8 8 4.8 9 48.1 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 2.4 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 2.1 1.0 1.3 0.8 2.7 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2014 Line Oct. Nov. 2015 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 ...................... 109.201 105.892 91.971 113.121 110.915 109.028 104.970 91.405 111.992 111.135 108.773 103.977 90.949 110.685 111.266 108.265 102.309 90.806 108.110 111.362 108.448 102.629 90.967 108.522 111.473 108.650 102.882 90.839 109.004 111.649 108.693 102.703 90.974 108.634 111.808 109.032 103.324 90.840 109.714 112.000 1 2 3 4 5 108.069 110.640 126.076 108.661 107.272 108.128 110.942 120.484 108.439 107.309 108.135 111.164 114.237 108.156 107.321 108.182 110.890 102.527 107.529 107.311 108.325 111.007 103.707 107.705 107.440 108.505 110.685 105.213 107.889 107.596 108.642 110.499 103.757 107.975 107.796 108.785 6 110.453 7 108.652 8 108.303 9 107.897 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 –0.2 –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 0.2 0.4 0.1 0.2 0.2 –0.1 0.4 0.2 0.0 –0.2 0.1 –0.3 0.1 0.3 0.6 –0.1 1.0 0.2 11 12 13 14 15 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 0.0 –0.2 –10.3 –0.6 0.0 0.1 0.1 1.2 0.2 0.1 0.2 –0.3 1.5 0.2 0.1 0.1 –0.2 –1.4 0.1 0.2 0.1 0.0 4.7 0.3 0.1 16 17 18 19 20 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2014 Line Oct. 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... Nov. 2.7 2.8 3.8 7.4 2.2 2.3 2015 Dec. 3.1 2.8 4.2 7.9 2.5 2.1 4.0 2.9 4.2 8.9 2.0 2.3 Jan. r Feb. 4.1 3.4 5.2 10.0 2.9 2.5 r 3.9 3.0 3.5 7.1 1.8 2.8 March r 3.2 2.8 3.6 5.8 2.5 2.4 April r 3.5 2.9 3.4 6.5 1.9 2.7 May p 3.5 3.4 4.7 7.5 3.2 2.8 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 Oct. Nov. 2015 Dec. Jan. r Feb. r March r April r 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 –2.4 –3.3 2.0 0.3 –2.6 –2.2 –2.8 1.8 0.2 –3.1 –2.1 –3.5 1.8 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 1.4 1.8 –18.5 0.0 1.1 1.3 1.3 –19.9 –0.1 1.1 May p 0.2 –2.7 –1.9 –3.0 1.7 Line 1 2 3 4 5 1.2 6 0.7 7 –16.8 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.