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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 10:00 A.M. EST, TUESDAY, DECEMBER 23, 2014 BEA 14-66 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: NOVEMBER 2014 Personal income increased $54.4 billion, or 0.4 percent, and disposable personal income (DPI) increased $42.4 billion, or 0.3 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $67.9 billion, or 0.6 percent. In October, personal income increased $49.8 billion, or 0.3 percent, DPI increased $39.7 billion, or 0.3 percent, and PCE increased $31.3 billion, or 0.3 percent, based on revised estimates. Real DPI increased 0.5 percent in November, compared with an increase of 0.3 percent in October. Real PCE increased 0.7 percent, compared with an increase of 0.2 percent. The price index for PCE decreased 0.2 percent, in contrast to an increase of less than 0.1 percent. July Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.2 2014 Aug. Sept. Oct. (Percent change from preceding month) 0.3 0.2 0.3 Nov. 0.4 0.2 0.1 0.3 0.3 0.1 0.1 0.3 0.3 0.3 0.5 0.2 0.1 0.6 0.7 0.2 0.2 0.3 0.2 0.6 0.7 ___________________ NOTE. Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Monthto-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2009) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wages and salaries increased $38.7 billion in November, compared with an increase of $24.9 billion in October. Goods-producing industries' payrolls increased $7.3 billion in November, the same increase as in October. Manufacturing payrolls increased $3.9 billion in November, compared with an increase of $4.6 billion in October. Services-producing industries' payrolls increased $31.5 billion, compared with an increase of $17.6 billion. Government wages and salaries increased $1.8 billion, compared with an increase of $1.2 billion. Other personal income Supplements to wages and salaries increased $5.4 billion in November, compared with an increase of $4.3 billion in October. Proprietors' income increased $7.6 billion in November, compared with an increase of $18.8 billion in October. Farm proprietors' income increased $3.2 billion, compared with an increase of $3.3 billion. Nonfarm proprietors' income increased $4.4 billion, compared with an increase of $15.5 billion. Rental income of persons increased $0.5 billion in November, compared with an increase of $0.8 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) increased $5.6 billion, compared with an increase of $3.6 billion. Personal current transfer receipts decreased $0.1 billion, compared with a decrease of $0.5 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $5.3 billion in November, compared with an increase of $3.2 billion in October. Personal current taxes and disposable personal income Personal current taxes increased $12.0 billion in November, compared with an increase of $10.1 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -increased $42.4 billion, or 0.3 percent, in November, compared with an increase of $39.7 billion, or 0.3 percent, in October. -more- -3- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $67.7 billion in November, compared with an increase of $31.2 billion in October. PCE increased $67.9 billion, compared with an increase of $31.3 billion. Personal saving -- DPI less personal outlays -- was $576.5 billion in November, compared with $601.7 billion in October. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.4 percent in November, compared with 4.6 percent in October. 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 0.5 percent in November, compared with an increase of 0.3 percent in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.7 percent in November, compared with an increase of 0.2 percent in October. Purchases of durable goods increased 2.3 percent, compared with an increase of 0.4 percent. Purchases of motor vehicles and parts accounted for about half of the increase in November. Purchases of nondurable goods increased 1.0 percent in November, compared with an increase of 0.1 percent in October. Purchases of services increased 0.4 percent, compared with an increase of 0.2 percent. The price index for PCE decreased 0.2 percent in November, in contrast to an increase of less than 0.1 percent in October. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared within an increase of 0.2 percent. The November price index for PCE increased 1.2 percent from November a year ago. The November PCE price index, excluding food and energy, increased 1.4 percent from November a year ago. -more- -4- Revisions Estimates have been revised for July through October. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for September and October -- revised and as published in last month's release -- are shown below. Change from preceding month September October 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 24.6 25.9 0.2 0.2 32.9 49.8 0.2 0.3 17.2 6.4 17.9 7.8 0.1 0.1 0.1 0.1 23.4 14.7 39.7 30.5 0.2 0.1 0.3 0.3 4.1 -5.0 27.6 17.5 0.0 0.0 0.2 0.2 27.3 19.0 31.3 23.3 0.2 0.2 0.3 0.2 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 – February 2, 2015 at 8:30 A.M. EST for Personal Income and Outlays for December Release Dates for 2015 December 2014.. February 2 January 2015….. March 2 February 2015… March 30 March 2015…… April 30 April 2015…June 1 May 2015… June 25 June 2015… August 3 July 2015…. August 28 -more- August 2015…… September 28 September 2015.. October 30 October 2015….. November 25 November 2015.. December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates Line 2014 April 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...................................................... May June July r Line Aug. r Sept. r Oct. r Nov. p 14,607.6 14,657.0 14,716.8 14,750.6 14,799.9 14,825.8 14,875.6 14,930.0 1 9,147.9 9,156.0 9,174.6 9,200.6 9,246.9 9,268.6 9,299.0 9,345.0 2 7,383.0 7,388.7 7,403.5 7,425.4 7,466.1 7,483.7 7,509.8 7,550.4 3 6,164.8 6,168.7 6,182.7 6,202.7 6,241.6 6,256.9 6,281.8 6,320.5 4 1,247.2 1,254.5 1,261.8 1,261.3 1,268.4 1,270.9 1,278.2 1,285.5 5 770.8 773.7 776.6 774.5 778.4 779.7 784.3 788.2 6 4,917.5 4,914.2 4,920.9 4,941.4 4,973.3 4,986.0 5,003.6 5,035.1 7 1,167.5 1,164.5 1,162.9 1,164.6 1,170.0 1,170.7 1,174.7 1,182.0 8 3,750.1 3,749.7 3,758.0 3,776.8 3,803.3 3,815.4 3,828.8 3,853.1 9 1,218.3 1,220.0 1,220.8 1,222.7 1,224.5 1,226.8 1,228.0 1,229.8 10 1,764.9 1,767.3 1,771.1 1,775.2 1,780.8 1,784.9 1,789.2 1,794.6 11 1,219.5 545.4 1,221.9 545.4 1,224.7 546.4 1,227.6 547.6 1,230.5 550.3 1,233.5 551.4 1,236.4 552.8 1,239.2 12 555.4 13 1,369.9 1,378.9 1,394.0 1,393.7 1,383.3 1,382.3 1,401.1 1,408.7 14 64.8 73.4 81.9 72.0 62.2 52.3 55.6 58.8 15 1,305.0 1,305.5 1,312.2 1,321.6 1,321.1 1,330.0 1,345.5 1,349.9 16 632.1 635.4 638.7 642.0 647.2 650.8 651.6 652.1 17 2,115.6 2,126.0 2,139.5 2,139.2 2,137.8 2,137.8 2,141.4 2,147.0 18 1,265.1 1,270.0 1,274.9 1,270.7 1,266.5 1,262.3 1,260.3 1,258.4 19 850.5 855.9 864.6 868.5 871.3 875.5 881.0 888.7 20 2,495.1 2,514.4 2,525.9 2,533.9 2,549.0 2,553.1 2,552.6 2,552.5 21 2,451.5 2,470.7 2,481.9 2,489.6 2,504.5 2,508.3 2,507.5 2,507.2 22 831.4 832.7 835.0 833.8 838.2 839.3 839.7 841.8 23 585.3 585.9 587.5 588.4 590.9 593.2 590.9 589.8 24 475.2 483.2 489.0 496.6 504.5 504.9 504.5 501.8 25 37.8 37.2 36.8 35.6 35.6 34.2 34.0 34.0 26 83.6 83.2 83.3 85.2 84.4 84.2 86.4 86.7 27 438.3 448.5 450.3 450.0 450.9 452.5 452.0 453.2 28 43.5 43.8 44.0 44.3 44.5 44.8 45.1 45.3 29 1,152.9 1,153.7 1,155.9 1,158.8 1,164.4 1,166.8 1,170.0 1,175.3 30 1,715.9 1,713.8 1,716.1 1,729.5 1,744.0 1,752.0 1,762.1 1,774.1 31 12,891.7 12,943.2 13,000.7 13,021.1 13,055.9 13,073.8 13,113.5 13,155.9 32 12,243.3 12,283.2 12,342.2 12,370.6 12,448.0 12,480.5 12,511.7 12,579.4 33 11,825.2 11,864.3 11,922.6 11,944.4 12,017.0 12,044.6 12,075.9 12,143.8 34 3,942.2 3,956.4 3,994.9 3,998.0 4,025.4 4,011.2 4,008.8 4,031.3 35 1,287.5 1,300.4 1,307.4 1,305.7 1,333.6 1,321.4 1,325.8 1,347.5 36 2,654.8 2,656.0 2,687.6 2,692.3 2,691.8 2,689.8 2,683.0 2,683.8 37 7,883.0 7,907.9 7,927.7 7,946.4 7,991.6 8,033.4 8,067.1 8,112.5 38 250.9 251.3 251.8 256.3 260.9 265.4 265.0 264.5 39 167.2 167.5 167.9 169.9 170.2 170.5 170.8 171.2 40 93.9 94.3 94.6 94.9 95.3 95.6 95.9 96.2 41 73.3 73.3 73.3 74.9 74.9 74.9 74.9 74.9 42 648.4 660.1 658.4 650.6 607.9 593.3 601.7 576.5 43 5.0 5.1 5.1 5.0 4.7 4.5 4.6 4.4 44 11,161.5 11,161.8 11,181.0 11,195.4 11,232.1 11,244.2 11,284.7 11,354.2 45 11,879.5 11,897.7 11,923.8 11,932.5 11,970.3 11,978.1 12,008.6 12,068.2 46 40,517 37,336 318,178 40,656 37,372 318,357 40,812 37,431 318,552 40,849 37,434 318,759 40,931 37,527 318,976 40,959 37,526 319,195 41,057 37,598 319,394 41,167 47 37,763 48 319,574 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 2013 II 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 ..................................................... III 2014 IV I II Line III r 13,887.7 14,166.9 14,131.3 14,247.4 14,311.7 14,484.7 14,660.5 14,792.1 1 8,606.5 8,844.8 8,826.3 8,871.6 8,946.8 9,096.2 9,159.5 9,238.7 2 6,932.1 7,124.7 7,110.9 7,145.3 7,208.5 7,339.8 7,391.7 7,458.4 3 5,733.8 5,916.6 5,901.4 5,939.7 5,998.5 6,125.3 6,172.1 6,233.7 4 1,157.1 1,195.3 1,193.0 1,196.8 1,210.6 1,238.0 1,254.5 1,266.8 5 734.4 747.6 746.0 747.2 754.1 769.5 773.7 777.6 6 4,576.7 4,721.3 4,708.4 4,742.9 4,787.9 4,887.3 4,917.5 4,966.9 7 1,094.0 1,121.3 1,117.2 1,122.7 1,134.9 1,154.9 1,165.0 1,168.4 8 3,482.7 3,600.0 3,591.2 3,620.2 3,653.0 3,732.4 3,752.6 3,798.5 9 1,198.3 1,208.1 1,209.6 1,205.6 1,210.0 1,214.5 1,219.7 1,224.7 10 1,674.4 1,720.1 1,715.4 1,726.2 1,738.3 1,756.4 1,767.8 1,780.3 11 1,160.5 513.9 1,193.9 526.1 1,190.0 525.4 1,198.8 527.5 1,206.8 531.5 1,213.6 542.8 1,222.0 545.7 1,230.5 12 549.8 13 1,260.2 1,336.6 1,330.0 1,345.9 1,342.7 1,351.0 1,381.0 1,386.4 14 72.3 83.2 83.6 86.8 70.1 58.1 73.4 62.2 15 1,187.9 1,253.5 1,246.5 1,259.2 1,272.6 1,292.9 1,307.6 1,324.2 16 533.0 595.8 590.8 604.2 613.3 622.9 635.4 646.7 17 2,088.6 2,079.7 2,081.9 2,106.9 2,094.2 2,090.4 2,127.0 2,138.3 18 1,255.9 1,255.2 1,253.5 1,258.5 1,263.2 1,262.4 1,270.0 1,266.5 19 832.7 824.5 828.4 848.4 831.0 828.0 857.0 871.8 20 2,350.7 2,414.5 2,404.5 2,426.6 2,432.3 2,470.9 2,511.8 2,545.3 21 2,307.6 2,372.2 2,362.2 2,384.0 2,389.7 2,427.8 2,468.0 2,500.8 22 762.1 799.0 795.0 802.5 808.9 824.5 833.0 837.1 23 555.2 572.4 567.7 573.0 577.3 582.6 586.2 590.8 24 417.2 441.1 437.4 450.0 448.7 467.6 482.5 502.0 25 83.6 62.2 64.5 59.3 56.1 41.4 37.2 35.1 26 70.1 79.0 78.6 80.1 81.6 83.4 83.4 84.6 27 419.3 418.5 419.0 419.1 417.1 428.4 445.7 451.2 28 43.1 42.3 42.3 42.5 42.6 43.1 43.8 44.5 29 951.2 1,104.5 1,102.1 1,107.8 1,117.5 1,146.6 1,154.2 1,163.3 30 1,503.7 1,661.8 1,660.6 1,661.5 1,688.1 1,711.8 1,715.3 1,741.8 31 12,384.0 12,505.1 12,470.7 12,585.8 12,623.7 12,772.9 12,945.2 13,050.3 32 11,487.9 11,897.1 11,823.9 11,933.1 12,070.8 12,146.9 12,289.6 12,433.0 33 11,083.1 11,484.3 11,414.3 11,518.7 11,653.3 11,728.5 11,870.7 12,002.0 34 3,741.9 3,851.2 3,821.0 3,865.3 3,886.1 3,890.6 3,964.5 4,011.5 35 1,192.1 1,249.3 1,245.4 1,252.4 1,261.5 1,262.3 1,298.4 1,320.2 36 2,549.8 2,601.9 2,575.6 2,612.9 2,624.6 2,628.4 2,666.1 2,691.3 37 7,341.3 7,633.2 7,593.2 7,653.4 7,767.2 7,837.8 7,906.2 7,990.4 38 241.6 247.1 243.4 250.8 250.8 249.8 251.3 260.9 39 163.1 165.6 166.2 163.6 166.7 168.6 167.5 170.2 40 90.0 91.4 91.0 91.5 92.2 93.3 94.3 95.3 41 73.1 74.3 75.3 72.2 74.5 75.4 73.3 74.9 42 896.2 608.1 646.9 652.8 552.9 626.1 655.6 617.2 43 7.2 4.9 5.2 5.2 4.4 4.9 5.1 4.7 44 10,877.6 10,949.5 10,952.3 10,994.3 11,021.2 11,108.2 11,168.1 11,223.9 45 11,676.2 11,650.8 11,647.0 11,705.9 11,711.7 11,810.1 11,900.4 11,960.3 46 39,409 37,156 314,246 39,515 36,815 316,465 39,447 36,841 316,140 39,734 36,956 316,754 39,779 36,905 317,347 40,186 37,157 317,842 40,662 37,380 318,362 40,913 47 37,496 48 318,977 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 April 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 .......... May June July r Line Aug. r Sept. r Oct. r Nov. p 35.0 –13.3 –15.1 –17.1 –4.0 –8.8 –13.2 1.5 –14.6 2.2 1.8 49.4 8.1 5.7 3.9 7.3 2.9 –3.3 –3.0 –0.4 1.7 2.4 59.8 18.6 14.8 14.0 7.3 2.9 6.7 –1.6 8.3 0.8 3.8 33.8 26.0 21.9 20.0 –0.5 –2.1 20.5 1.7 18.8 1.9 4.1 49.3 46.3 40.7 38.9 7.1 3.9 31.9 5.4 26.5 1.8 5.6 25.9 21.7 17.6 15.3 2.5 1.3 12.7 0.7 12.1 2.3 4.1 49.8 30.4 26.1 24.9 7.3 4.6 17.6 4.0 13.4 1.2 4.3 54.4 1 46.0 2 40.6 3 38.7 4 7.3 5 3.9 6 31.5 7 7.3 8 24.3 9 1.8 10 5.4 11 3.1 –1.3 2.4 0.0 2.8 1.0 2.9 1.2 2.9 2.7 3.0 1.1 2.9 1.4 2.8 12 2.6 13 16.6 8.5 8.0 3.6 17.5 4.9 12.5 8.8 8.5 1.2 2.0 1.6 –1.7 0.3 5.2 0.2 –1.9 –7.7 42.7 16.7 18.1 10.2 –7.8 18.0 7.9 0.4 –1.8 0.3 –2.1 26.0 9.0 8.6 0.5 3.3 10.4 4.9 5.4 19.3 19.2 1.3 0.6 8.0 –0.6 –0.4 10.2 0.3 0.8 –2.1 51.5 39.9 39.1 14.2 12.9 1.2 24.9 0.4 0.3 0.4 0.0 11.7 15.1 8.5 6.7 3.3 13.5 4.9 8.7 11.5 11.2 2.3 1.6 5.8 –0.4 0.1 1.8 0.2 2.2 2.3 57.5 59.0 58.3 38.5 7.0 31.6 19.8 0.5 0.4 0.3 0.0 –1.7 –0.3 –9.9 9.4 3.3 –0.3 –4.2 3.9 8.0 7.7 –1.2 0.9 7.6 –1.2 1.9 –0.3 0.3 2.9 13.4 20.4 28.4 21.8 3.1 –1.7 4.7 18.7 4.5 2.0 0.3 1.6 –7.8 –10.4 –9.8 –0.5 5.2 –1.4 –4.2 2.8 15.1 14.9 4.4 2.5 7.9 0.0 –0.8 0.9 0.2 5.6 14.5 34.8 77.4 72.6 27.4 27.9 –0.5 45.2 4.6 0.3 0.4 0.0 –42.7 –1.0 –9.9 8.9 3.6 0.0 –4.2 4.2 4.1 3.8 1.1 2.3 0.4 –1.4 –0.2 1.6 0.3 2.4 8.0 17.9 32.5 27.6 –14.2 –12.2 –2.0 41.8 4.5 0.3 0.3 0.0 –14.6 18.8 3.3 15.5 0.8 3.6 –2.0 5.5 –0.5 –0.8 0.4 –2.3 –0.4 –0.2 2.2 –0.5 0.3 3.2 10.1 39.7 31.2 31.3 –2.4 4.4 –6.8 33.7 –0.4 0.3 0.3 0.0 8.4 0.3 14.1 0.3 18.2 19.2 26.1 14.4 8.7 36.7 37.8 12.1 7.8 40.5 30.5 7.6 3.2 4.4 0.5 5.6 –1.9 7.7 –0.1 –0.3 2.1 –1.1 –2.7 0.0 0.3 1.2 0.2 5.3 12.0 42.4 67.7 67.9 22.5 21.7 0.8 45.4 –0.5 0.4 0.3 0.0 –25.2 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 69.5 44 59.6 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 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.......... 2012 2013 2013 II III 2014 IV Line I II III r 685.7 337.5 298.9 295.4 56.3 27.7 239.1 49.5 189.6 3.5 38.5 279.2 238.3 192.6 182.8 38.2 13.2 144.6 27.3 117.3 9.8 45.7 154.1 91.9 76.8 74.6 12.2 3.0 62.4 6.6 55.8 2.3 15.1 116.1 45.3 34.4 38.3 3.8 1.2 34.5 5.5 29.0 –4.0 10.8 64.3 75.2 63.2 58.8 13.8 6.9 45.0 12.2 32.8 4.4 12.1 173.0 149.4 131.3 126.8 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 11.4 131.6 1 79.2 2 66.7 3 61.6 4 12.3 5 3.9 6 49.4 7 3.4 8 45.9 9 5.0 10 12.5 11 18.5 20.0 33.4 12.2 9.9 5.2 8.8 2.1 8.0 4.0 6.8 11.3 8.4 2.9 8.5 12 4.1 13 116.5 –3.2 119.8 47.7 174.7 24.3 150.5 42.8 49.9 48.8 19.2 11.5 –23.6 6.8 –13.0 –7.1 33.4 103.1 582.6 397.7 393.8 145.4 66.8 78.7 248.5 0.2 3.6 4.5 –1.0 185.1 76.4 10.9 65.6 62.8 –8.9 –0.7 –8.2 63.8 64.6 36.9 17.2 23.9 –21.4 8.9 –0.8 –0.8 153.3 158.1 121.1 409.2 401.2 109.3 57.2 52.1 291.9 5.5 2.5 1.4 1.2 –288.1 2.2 –8.6 10.9 15.8 46.0 8.0 38.0 9.7 9.3 5.2 –3.7 9.2 –4.4 2.7 0.3 0.4 11.4 23.8 130.3 63.3 63.2 –11.2 7.6 –18.8 74.3 –0.1 0.2 0.2 0.1 67.1 15.9 3.2 12.7 13.4 25.0 5.0 20.0 22.1 21.8 7.5 5.3 12.6 –5.2 1.5 0.1 0.2 5.7 0.9 115.1 109.2 104.4 44.3 7.0 37.3 60.2 7.4 –2.6 0.5 –3.1 5.9 –3.2 –16.7 13.4 9.1 –12.7 4.7 –17.4 5.7 5.7 6.4 4.3 –1.3 –3.2 1.5 –2.0 0.1 9.7 26.6 37.9 137.7 134.6 20.8 9.1 11.7 113.8 0.0 3.1 0.7 2.3 –99.9 8.3 –12.0 20.3 9.6 –3.8 –0.8 –3.0 38.6 38.1 15.6 5.3 18.9 –14.7 1.8 11.3 0.5 29.1 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 29.5 417.5 345.0 71.9 –25.4 122.5 108.4 42.0 58.9 26.9 5.8 87.0 98.4 59.9 90.3 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 9.1 26.5 105.1 143.4 131.3 47.0 21.8 25.2 84.2 9.6 2.7 1.0 1.6 –38.4 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 55.8 44 59.9 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 2014 April May June July r Line Aug. r Sept. r Oct. r Nov. 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................................................................................. 0.2 –0.1 –0.2 0.1 0.3 0.1 0.1 0.1 0.4 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.3 0.5 0.5 0.3 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.4 0.5 0.5 0.3 1 2 3 4 1.2 0.6 0.8 0.4 1.5 0.4 –0.2 –0.4 0.3 0.7 0.5 0.5 0.4 0.6 0.8 0.1 –0.1 0.4 1.1 0.5 0.6 0.4 1.0 0.5 0.2 0.1 0.4 0.0 0.5 0.0 –0.3 0.4 0.3 0.2 0.8 0.2 –0.7 0.8 –0.1 –0.3 0.3 0.6 0.5 0.8 0.3 –0.1 0.6 0.0 –0.3 0.5 0.2 0.2 0.5 0.1 1.4 0.1 0.2 –0.2 0.6 0.0 0.3 0.6 0.3 0.5 0.1 0.3 –0.2 0.9 0.0 0.5 0.7 0.3 5 6 7 8 9 10 11 12 13 0.2 0.3 –0.6 0.7 0.1 0.3 0.4 1.0 0.0 0.3 0.5 1.0 0.5 1.2 0.2 0.2 0.1 –0.1 0.2 0.2 0.6 0.7 2.1 0.0 0.6 0.2 –0.4 –0.9 –0.1 0.5 0.3 –0.1 0.3 –0.3 0.4 0.6 0.6 1.6 0.0 0.6 14 15 16 17 18 0.1 0.1 0.3 0.3 0.1 0.1 0.4 0.3 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.0 0.1 0.0 0.2 0.2 0.2 0.6 19 0.5 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 2013 II III 2014 IV I II Line III 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................................................................................. 5.2 4.1 4.5 2.4 2.0 2.8 2.8 2.7 4.5 4.3 4.4 3.6 3.3 2.1 1.9 2.6 1.8 3.4 3.6 2.8 4.9 6.8 7.5 4.2 4.9 2.8 2.9 2.6 3.6 3.5 3.7 2.9 1 2 3 4 10.2 9.8 9.1 2.0 22.0 1.9 3.6 7.4 4.9 6.1 11.8 –0.4 –0.1 –1.0 2.7 16.1 10.5 1.0 0.7 11.5 9.3 2.6 20.7 1.6 4.3 5.9 4.3 4.9 9.4 4.9 1.6 10.0 3.7 2.1 0.2 3.7 –1.0 6.1 –2.4 1.5 –7.9 0.9 3.5 6.6 1.2 2.5 6.4 –0.7 –0.2 –1.5 6.5 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 3.2 6.3 3.3 5 6 7 8 9 10 11 12 13 3.7 4.0 5.9 3.2 3.5 3.6 2.9 4.8 2.0 4.0 2.2 –1.2 2.5 –2.9 4.0 3.7 4.7 2.3 5.9 3.2 4.8 2.2 3.0 1.8 6.1 2.6 0.5 0.2 0.6 3.7 4.9 7.8 12.0 5.9 3.5 4.5 4.8 6.9 3.8 4.3 14 15 16 17 18 1.5 2.0 1.0 0.2 3.2 3.4 2.2 3.1 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. r Revised 4.0 3.0 0.7 –0.2 4.6 3.8 2.0 19 2.0 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2014 Line April May June July r Aug. r Sept. r Oct. r Nov. p 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.................................................................................... 10,896.7 3,721.2 1,385.2 2,357.3 7,175.7 10,906.0 3,726.9 1,403.6 2,347.5 7,179.4 10,935.0 3,746.7 1,412.3 2,359.0 7,189.0 10,945.8 3,749.6 1,413.1 2,361.1 7,196.8 11,017.7 3,792.4 1,446.4 2,374.1 7,226.7 11,035.2 3,781.6 1,435.2 2,373.1 7,254.2 11,058.5 3,789.1 1,440.6 2,375.7 7,270.0 11,139.7 3,844.5 1,474.3 2,400.1 7,297.3 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.................................................................................... –6.6 –1.4 –9.0 6.1 –5.1 9.3 5.7 18.4 –9.8 3.7 29.0 19.8 8.7 11.5 9.6 10.8 2.9 0.8 2.1 7.8 71.9 42.8 33.3 13.0 29.9 17.5 –10.8 –11.2 –1.0 27.5 23.3 7.5 5.4 2.6 15.8 81.2 6 55.4 7 33.7 8 24.4 9 27.3 10 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates 11 Personal consumption expenditures ....................................... 12 Goods ....................................................................................... 13 Durable goods ....................................................................... 14 Nondurable goods ................................................................. 15 Services.................................................................................... –0.1 0.0 –0.6 0.3 –0.1 0.1 0.2 1.3 –0.4 0.1 0.3 0.5 0.6 0.5 0.1 0.1 0.1 0.1 0.1 0.1 0.7 1.1 2.4 0.6 0.4 0.2 –0.3 –0.8 0.0 0.4 0.2 0.2 0.4 0.1 0.2 0.7 1.5 2.3 1.0 0.4 11 12 13 14 15 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates Line 2012 2013 2013 II 2014 III IV I II Line III r Billions of chained (2009) dollars 1 Personal consumption expenditures ....................................... 2 Goods ....................................................................................... 3 Durable goods ....................................................................... 4 Nondurable goods ................................................................. 5 Services.................................................................................... 10,449.7 3,506.5 1,235.7 2,280.1 6,942.4 10,699.7 3,626.0 1,319.0 2,322.6 7,073.1 10,660.4 3,605.2 1,310.0 2,310.5 7,054.5 10,713.3 3,636.1 1,325.9 2,326.4 7,076.6 10,811.4 3,669.0 1,344.5 2,341.8 7,141.9 10,844.3 3,678.3 1,355.0 2,341.9 7,165.4 10,912.6 3,731.6 1,400.4 2,354.6 7,181.4 98.1 32.9 18.6 15.4 65.3 32.9 9.3 10.5 0.1 23.5 68.3 53.3 45.4 12.7 16.0 3.7 3.7 5.7 2.7 3.7 1.2 1.0 3.2 0.0 1.3 2.5 5.9 14.1 2.2 0.9 10,999.5 3,774.5 1,431.5 2,369.4 7,225.9 1 2 3 4 5 Change from preceding period in billions of chained (2009) dollars 6 Personal consumption expenditures ....................................... 7 Goods ....................................................................................... 8 Durable goods ....................................................................... 9 Nondurable goods ................................................................. 10 Services.................................................................................... 186.2 94.7 84.2 16.9 91.0 250.0 119.5 83.3 42.5 130.7 46.7 11.5 14.3 –1.2 35.2 52.9 30.9 15.9 15.9 22.1 86.9 6 42.9 7 31.1 8 14.8 9 44.5 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 1.8 2.8 7.3 0.7 1.3 2.4 3.4 6.7 1.9 1.9 1.8 1.3 4.5 –0.2 2.0 2.0 3.5 4.9 2.8 1.3 3.2 4.7 9.2 2.5 2.5 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2014 Line April May June July r Aug. r Sept. r Oct. r Nov. 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 ...................... 108.523 105.937 92.933 112.619 109.861 108.790 106.158 92.638 113.141 110.151 109.034 106.624 92.562 113.927 110.280 109.125 106.622 92.390 114.029 110.419 109.072 106.142 92.197 113.381 110.589 109.150 106.069 92.062 113.348 110.745 109.203 105.794 92.019 112.936 110.969 109.015 104.856 91.391 111.820 111.175 1 2 3 4 5 107.263 109.061 129.570 108.098 106.580 107.457 109.706 130.632 108.348 106.742 107.621 109.728 132.811 108.613 106.920 107.725 110.017 132.370 108.724 107.047 107.808 110.397 128.827 108.617 107.090 107.932 110.574 127.829 108.688 107.212 108.116 110.573 125.311 108.682 107.348 108.125 6 110.948 7 120.296 8 108.441 9 107.323 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 ...................... 0.2 0.3 0.0 0.4 0.2 0.2 0.2 –0.3 0.5 0.3 0.2 0.4 –0.1 0.7 0.1 0.1 0.0 –0.2 0.1 0.1 0.0 –0.5 –0.2 –0.6 0.2 0.1 –0.1 –0.1 0.0 0.1 0.0 –0.3 0.0 –0.4 0.2 –0.2 –0.9 –0.7 –1.0 0.2 11 12 13 14 15 0.2 0.3 0.4 0.2 0.2 0.2 0.6 0.8 0.2 0.2 0.2 0.0 1.7 0.2 0.2 0.1 0.3 –0.3 0.1 0.1 0.1 0.3 –2.7 –0.1 0.0 0.1 0.2 –0.8 0.1 0.1 0.2 0.0 –2.0 0.0 0.1 0.0 0.3 –4.0 –0.2 0.0 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 April 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... May 2.3 2.4 3.8 6.5 2.4 1.7 June 2.1 2.3 3.2 7.2 1.4 1.9 July 2.1 2.4 3.5 7.0 1.9 1.8 r Aug. r 2.3 2.4 3.3 7.0 1.6 1.9 2.2 2.9 4.4 8.4 2.5 2.1 Sept. r 2.0 2.7 3.7 8.5 1.5 2.2 Oct. r 2.5 2.6 3.7 7.7 1.8 2.1 Nov. p 2.9 2.8 4.4 8.4 2.6 2.1 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 April May June July r Aug. r Sept. r Oct. r Nov. p Line 1 2 3 4 5 1.5 0.1 –2.3 1.2 2.3 1.7 0.3 –2.5 1.7 2.3 1.6 0.3 –2.6 1.7 2.3 1.6 0.2 –2.4 1.6 2.2 1.5 –0.2 –2.3 0.9 2.3 1.4 –0.1 –2.4 1.0 2.2 1.4 –0.2 –2.2 0.8 2.2 1.2 –0.9 –2.6 –0.1 2.2 1.4 1.2 3.3 1.4 1.3 1.5 2.0 3.3 1.5 1.4 1.5 1.8 3.1 1.5 1.3 1.5 2.0 2.5 1.5 1.3 1.5 2.2 0.1 1.3 1.3 1.5 2.5 –0.9 1.3 1.3 1.5 2.5 –1.9 1.3 1.4 1.4 6 2.8 7 –5.4 8 1.0 9 1.2 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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