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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, NOVEMBER 30, 2012
BEA 12-54

James Rankin: (202) 606-5301
Kyle Brown: (202) 606-5302

(Personal Income)
(Personal Consumption Expenditures)

piniwd@bea.gov
pce@bea.gov

PERSONAL INCOME AND OUTLAYS: OCTOBER 2012
Personal income increased $0.4 billion, or less than 0.1 percent, and disposable personal income
(DPI) increased $0.8 billion, or less than 0.1 percent, in October, according to the Bureau of Economic
Analysis. Personal consumption expenditures (PCE) decreased $20.2 billion, or 0.2 percent. In
September, personal income increased $47.8 billion, or 0.4 percent, DPI increased $42.1 billion, or 0.4
percent, and PCE increased $84.0 billion, or 0.8 percent, based on revised estimates.
Real disposable income decreased 0.1 percent in October, compared with an increase of less than 0.1
percent in September. Real PCE decreased 0.3 percent, in contrast to an increase of 0.4 percent.
2012
June
July
Aug.
Sept.
(Percent change from preceding month)
Personal income, current dollars
Disposable personal income:
Current dollars
Chained (2005) dollars
Personal consumption expenditures:
Current dollars
Chained (2005) dollars

Oct.

0.3

0.1

0.1

0.4

0.0

0.2
0.2

0.1
0.1

0.1
-0.3

0.4
0.0

0.0
-0.1

0.0
-0.1

0.3
0.3

0.3
0.0

0.8
0.4

-0.2
-0.3

The October estimates of personal income and outlays reflect the effects of Hurricane Sandy, which made
landfall in the United States on October 29. See page 2 for further discussion.
________________________
NOTE. Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-tomonth 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 (2005) dollars.

This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm.
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-2-

The October estimates of personal income and outlays reflect the effects of Hurricane Sandy,
which made landfall in the United States on October 29. The storm affected 24 states, with
particularly severe damage in New York and New Jersey. BEA cannot quantify the total impact of
the storm on personal income and outlays because most of the source data used to estimate these
components reflect the effects of the storm and cannot be separately identified. However, BEA did
make adjustments where source data were not yet available or did not reflect the effects of Sandy.
The largest of these adjustments was for work interruptions, which reduced wages and salaries by
about $18 billion (at an annual rate).

Wages and salaries
Private wage and salary disbursements decreased $17.1 billion in October, in contrast to an
increase of $22.4 billion in September. The October decrease in private wages and salaries reflected
work interruptions caused by Hurricane Sandy, which reduced wages and salaries by $18.2 billion at
an annual rate. Goods-producing industries' payrolls decreased $3.6 billion in October, in contrast to
an increase of $3.9 billion in September; manufacturing payrolls decreased $2.1 billion, in contrast to
an increase of $1.8 billion. Services-producing industries' payrolls decreased $13.5 billion, in contrast
to an increase of $18.3 billion. Government wage and salary disbursements increased $0.1 billion,
compared with an increase of $1.7 billion.

Other personal income
Supplements to wages and salaries increased $1.6 billion in October, compared with an increase
of $4.6 billion in September.
Proprietors' income decreased $2.1 billion in October, in contrast to an increase of $11.6 billion in
September. Farm proprietors' income decreased $1.9 billion, in contrast to an increase of $3.2 billion.
Nonfarm proprietors' income decreased $0.2 billion, in contrast to an increase of $8.4 billion.
Rental income of persons increased $5.5 billion in October, compared with an increase of $9.0
billion in September. Personal income receipts on assets (personal interest income plus personal
dividend income) increased $17.2 billion, in contrast to a decrease of $12.2 billion.
Personal current transfer receipts decreased $6.7 billion, in contrast to an increase of $13.6
billion. Within current transfer receipts, government social benefits to persons for social security
benefits decreased $10.3 billion in October, in contrast to an increase of $13.9 billion in September.
Contributions for government social insurance -- a subtraction in calculating personal income -decreased $1.9 billion in October, in contrast to an increase of $2.9 billion in September.

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-3-

Personal current taxes and disposable personal income
Personal current taxes decreased $0.3 billion in October, in contrast to an increase of $5.7 billion
in September. Disposable personal income (DPI) -- personal income less personal current taxes -increased $0.8 billion, or less than 0.1 percent, in October, compared with an increase of $42.1 billion,
or 0.4 percent, in September.

Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -decreased $18.0 billion in October, in contrast to an increase of $87.3 billion in September. PCE
decreased $20.2 billion, in contrast to an increase of $84.0 billion.
Personal saving -- DPI less personal outlays -- was $410.1 billion in October, compared with
$391.3 billion in September. The personal saving rate -- personal saving as a percentage of
disposable personal income -- was 3.4 percent in October, compared with 3.3 percent in September.
For a comparison of personal saving in BEA’s national income and product accounts with personal
saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to
http://www.bea.gov/national/nipaweb/Nipa-Frb.asp.

Real DPI, real PCE and price index
Real DPI -- DPI adjusted to remove price changes -- decreased 0.1 percent in October, in contrast
to an increase of less than 0.1 percent in September.
Real PCE -- PCE adjusted to remove price changes -- decreased 0.3 percent in October, in
contrast to an increase of 0.4 percent in September. Purchases of durable goods decreased 1.7
percent, in contrast to an increase of 2.2 percent. Purchases of motor vehicles and parts accounted for
most of the decrease in October. Purchases of nondurable goods decreased 0.3 percent in October, in
contrast to an increase of 0.3 percent in September. Purchases of services decreased 0.1 percent, in
contrast to an increase of 0.2 percent.
The price index for PCE increased 0.1 percent in October, compared with an increase of 0.3
percent in September. The PCE price index, excluding food and energy, increased 0.1 percent in
October, the same increase as in September.

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-4-

Revisions
The revisions to second-quarter estimates of wages and salaries, personal taxes, and
contributions for government social insurance reflect the incorporation of newly available secondquarter wage and salary tabulations from the quarterly census of employment and wages (QCEW)
from the Bureau of Labor Statistics.
Estimates of wages and salaries were revised from April through September. The revision to
second-quarter wages and salaries reflects the incorporation of second-quarter QCEW. Revised
estimates for July, August, and September reflect extrapolations from the revised second-quarter level
of wages. In addition, revisions to August and September reflect revised BLS employment, hours,
and earnings data for those months.
Estimates for personal income and DPI have been revised for April through September; estimates
for PCE have been revised for July through September. Changes in personal income, current-dollar
and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for August and
September -- revised and as published in last month's release -- are shown below.

Change from preceding month
August
Previous Revised
(Billions of dollars)

Personal Income:
Current dollars

September

Previous Revised
(Percent)

Previous Revised
(Billions of dollars)

Previous Revised
(Percent)

17.8

11.2

0.1

0.1

48.1

47.8

0.4

0.4

15.1
-28.6

9.4
-28.2

0.1
-0.3

0.1
-0.3

43.0
-2.3

42.1
2.2

0.4
0.0

0.4
0.0

Personal consumption expenditures:
Current dollars
59.9
Chained (2005) dollars
12.8

35.6
-3.2

0.5
0.1

0.3
0.0

87.9
38.9

84.0
40.5

0.8
0.4

0.8
0.4

Disposable personal income:
Current dollars
Chained (2005) dollars

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-5-

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 receive free e-mail summaries of BEA releases and
announcements.

*

*

*

Next release – December 21, 2012 at 8:30 A.M. EST for
Personal Income and Outlays for November

Release Dates for 2013
December 2012.. January 31
January 2013….. March 1
February 2013… March 29
March 2013…… April 29

April 2013…May 31
May 2013… June 27
June 2013… August 2
July 2013…. August 30

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August 2013…… September 27
September 2013.. October 31
October 2013….. November 27
November 2013.. December 23

Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]
Seasonally adjusted at annual rates
Line

1 Personal income.......................................................................................
2 Compensation of employees, received...............................................
3
Wage and salary disbursements ......................................................
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
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 1 ................................................................................
24
Medicare 2 ........................................................................................
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 3 ..................................................................
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 (2005) dollars 4.....................................................................
Disposable personal income:
46
Total, billions of chained (2005) dollars 4 .............................................
Per capita:
47
Current dollars ..................................................................................
48
Chained (2005) dollars .....................................................................
49 Population (midperiod, thousands) 5 .......................................................

2012

Line

March

April r

May r

June r

July r

Aug. r

Sept. r

Oct. p

13,298.3
8,544.6
6,869.4
5,669.2
1,153.0
729.2
4,516.2
1,088.7
3,427.5
1,200.2
1,675.2
1,162.3
512.9

13,302.9
8,525.2
6,848.9
5,648.7
1,160.2
740.3
4,488.5
1,093.6
3,394.9
1,200.1
1,676.3
1,164.9
511.4

13,322.3
8,518.2
6,840.3
5,640.6
1,158.2
742.3
4,482.4
1,097.3
3,385.2
1,199.6
1,678.0
1,167.7
510.3

13,355.9
8,539.7
6,858.5
5,658.7
1,166.9
750.3
4,491.8
1,104.2
3,387.6
1,199.7
1,681.2
1,170.4
510.8

13,375.0
8,554.8
6,869.8
5,669.1
1,171.9
753.9
4,497.2
1,104.4
3,392.9
1,200.7
1,685.0
1,173.2
511.8

13,386.2
8,560.4
6,872.6
5,668.6
1,162.9
746.8
4,505.8
1,105.7
3,400.0
1,203.9
1,687.9
1,176.3
511.6

13,434.0
8,589.1
6,896.6
5,691.0
1,166.8
748.6
4,524.1
1,111.4
3,412.8
1,205.6
1,692.5
1,179.3
513.2

13,434.4
8,573.7
6,879.6
5,673.9
1,163.2
746.5
4,510.6
1,109.4
3,401.2
1,205.7
1,694.1
1,182.2
511.8

1
2
3
4
5
6
7
8
9
10
11
12
13

1,190.4
51.4
1,139.0
451.3
1,703.2
994.9
708.3
2,356.2
2,310.9
758.2
557.9
400.3
91.0
70.7
432.8
45.4
947.4
1,460.6
11,837.7
11,400.8
11,054.1
3,780.2
1,207.1
2,573.1
7,273.9
180.4
166.3
90.8
75.5
436.8
3.7

1,192.3
51.9
1,140.3
451.7
1,717.3
1,000.5
716.8
2,361.2
2,315.4
756.8
556.2
408.1
89.5
71.1
433.8
45.8
944.8
1,461.6
11,841.3
11,423.6
11,080.3
3,769.3
1,202.0
2,567.3
7,311.0
175.8
167.5
91.1
76.4
417.7
3.5

1,196.5
52.5
1,144.0
452.8
1,733.6
1,006.1
727.4
2,364.7
2,319.0
756.8
557.4
415.7
83.6
71.9
433.7
45.7
943.5
1,464.1
11,858.2
11,400.7
11,061.7
3,734.1
1,199.1
2,535.0
7,327.6
171.2
167.7
91.3
76.4
457.5
3.9

1,196.0
53.1
1,142.9
454.1
1,741.4
1,011.8
729.7
2,369.7
2,323.9
764.6
557.2
417.8
78.4
71.6
434.3
45.8
945.0
1,470.0
11,885.9
11,394.1
11,059.5
3,721.0
1,199.7
2,521.3
7,338.4
166.7
168.0
91.6
76.4
491.8
4.1

1,198.1
56.3
1,141.9
462.2
1,723.3
994.3
729.0
2,383.0
2,337.0
762.1
564.1
421.8
78.0
73.8
437.3
46.0
946.5
1,472.4
11,902.6
11,436.5
11,098.0
3,741.5
1,202.9
2,538.6
7,356.5
169.8
168.7
91.8
76.9
466.1
3.9

1,204.0
59.5
1,144.6
471.0
1,713.9
976.9
737.0
2,383.5
2,337.4
759.7
566.4
425.2
74.4
74.7
437.0
46.1
946.6
1,474.2
11,912.0
11,475.5
11,133.6
3,786.1
1,214.1
2,572.0
7,347.5
172.9
169.0
92.1
76.9
436.5
3.7

1,215.6
62.7
1,153.0
480.0
1,701.7
959.5
742.2
2,397.1
2,350.8
773.6
568.0
425.7
72.4
73.6
437.6
46.3
949.5
1,479.9
11,954.1
11,562.8
11,217.6
3,846.7
1,237.9
2,608.8
7,370.9
176.0
169.2
92.3
76.9
391.3
3.3

1,213.5
60.8
1,152.8
485.5
1,718.9
971.9
747.0
2,390.4
2,344.0
763.3
566.1
428.9
70.6
75.1
440.1
46.4
947.6
1,479.6
11,954.9
11,544.8
11,197.4
3,818.5
1,214.7
2,603.9
7,378.8
178.0
169.4
92.5
76.9
410.1
3.4

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
44

9,465.6

9,463.9

9,496.6

9,513.5

9,512.8

9,488.5

9,486.5

9,480.7 45

10,240.4

10,242.0

10,277.2

10,292.6

10,300.9

10,272.7

10,274.9

10,262.7 46

37,747
32,653
313,610

37,737
32,640
313,788

37,768
32,733
313,972

37,833
32,762
314,168

37,861
32,766
314,376

37,865
32,654
314,589

37,973
32,639
314,802

37,951 47
32,579 48
315,009 49

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.
1. 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.
2. 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.
3. Consists of nonmortgage interest paid by households.
4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
5. 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

2010

2011

2011
II

1 Personal income.......................................................................................
2 Compensation of employees, received...............................................
3
Wage and salary disbursements ......................................................
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
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 1 ................................................................................
24
Medicare 2 ........................................................................................
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 3 ..................................................................
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 (2005) dollars 4.....................................................................
Disposable personal income:
46
Total, billions of chained (2005) dollars 4 .............................................
Per capita:
47
Current dollars ..................................................................................
48
Chained (2005) dollars .....................................................................
49 Population (midperiod, thousands) 5 .......................................................

III

2012
IV

I

II r

Line
III r

12,321.9
7,970.0
6,404.6
5,213.3
1,057.5
674.1
4,155.8
1,005.5
3,150.3
1,191.3
1,565.4
1,097.3
468.1

12,947.3
8,295.2
6,661.3
5,466.0
1,108.6
706.6
4,357.4
1,050.1
3,307.3
1,195.3
1,633.9
1,139.0
494.9

12,938.9
8,286.4
6,656.2
5,458.8
1,107.9
707.0
4,351.0
1,046.8
3,304.2
1,197.4
1,630.2
1,135.4
494.8

12,976.3
8,318.1
6,678.1
5,480.4
1,116.4
710.1
4,364.0
1,054.2
3,309.9
1,197.7
1,640.0
1,144.2
495.8

13,017.4
8,340.1
6,692.4
5,499.9
1,107.4
701.0
4,392.5
1,056.6
3,335.9
1,192.5
1,647.7
1,151.5
496.2

13,227.1
8,495.7
6,825.9
5,626.8
1,144.0
723.1
4,482.7
1,083.3
3,399.4
1,199.1
1,669.8
1,159.6
510.2

13,327.0
8,527.7
6,849.2
5,649.4
1,161.8
744.3
4,487.6
1,098.4
3,389.2
1,199.8
1,678.5
1,167.7
510.8

13,398.4
8,568.1
6,879.6
5,676.3
1,167.2
749.8
4,509.0
1,107.2
3,401.9
1,203.4
1,688.5
1,176.2
512.2

1
2
3
4
5
6
7
8
9
10
11
12
13

1,103.4
44.3
1,059.1
349.2
1,598.3
1,016.6
581.7
2,284.3
2,236.9
690.2
515.3
396.6
138.9
57.9
438.1
47.4
983.3
1,194.8
11,127.1
10,560.4
10,215.7
3,364.9
1,079.4
2,285.5
6,850.9
183.8
160.9
87.4
73.5
566.7
5.1

1,157.3
54.6
1,102.8
409.7
1,685.1
1,008.8
676.3
2,319.2
2,274.3
713.3
545.1
403.9
108.0
63.3
440.8
44.9
919.3
1,398.0
11,549.3
11,059.9
10,729.0
3,624.8
1,146.4
2,478.4
7,104.2
168.0
162.8
88.9
73.9
489.4
4.2

1,154.7
52.6
1,102.1
404.7
1,692.4
1,025.3
667.1
2,319.9
2,274.8
712.0
543.1
408.7
108.8
62.4
439.8
45.1
919.2
1,396.6
11,542.3
11,015.1
10,684.9
3,604.3
1,131.8
2,472.4
7,080.6
167.8
162.4
88.6
73.8
527.2
4.6

1,161.4
55.3
1,106.1
413.8
1,689.1
1,004.4
684.7
2,314.7
2,270.4
716.0
549.1
396.1
103.0
64.9
441.3
44.3
920.8
1,403.8
11,572.6
11,120.9
10,791.2
3,643.6
1,144.8
2,498.7
7,147.6
167.3
162.4
89.1
73.3
451.6
3.9

1,165.3
54.4
1,110.9
430.3
1,684.6
988.0
696.6
2,319.9
2,276.0
721.9
553.1
392.0
100.9
64.7
443.5
43.9
922.8
1,419.1
11,598.3
11,205.6
10,873.8
3,690.0
1,175.1
2,515.0
7,183.8
167.0
164.8
89.8
75.1
392.7
3.4

1,184.3
52.3
1,132.1
445.3
1,696.4
991.8
704.6
2,348.0
2,302.7
753.2
555.9
397.6
94.2
68.8
433.0
45.3
942.6
1,450.8
11,776.4
11,348.7
11,007.2
3,755.9
1,204.6
2,551.3
7,251.3
175.4
166.1
90.5
75.5
427.7
3.6

1,194.9
52.5
1,142.4
452.8
1,730.8
1,006.1
724.6
2,365.2
2,319.5
759.4
556.9
413.9
83.8
71.5
433.9
45.8
944.4
1,465.2
11,861.8
11,406.1
11,067.2
3,741.5
1,200.3
2,541.2
7,325.7
171.2
167.7
91.3
76.4
455.7
3.8

1,205.9
59.5
1,146.5
471.1
1,713.0
976.9
736.0
2,387.9
2,341.7
765.1
566.2
424.2
74.9
74.0
437.3
46.1
947.6
1,475.5
11,922.9
11,491.6
11,149.8
3,791.4
1,218.3
2,573.1
7,358.3
172.9
169.0
92.0
76.9
431.3
3.6

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

9,035.8

9,340.0

9,345.2

9,328.6

9,335.4

9,435.7

9,491.3

9,495.8 45

10,016.5

10,149.7

10,157.8

10,125.6

10,121.5

10,213.9

10,270.6

10,282.7 46

35,920
32,335
309,774

37,012
32,527
312,040

37,028
32,587
311,717

37,052
32,420
312,330

37,064
32,345
312,929

37,571
32,586
313,443

37,779
32,711
313,976

37,900 47
32,686 48
314,589 49

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.
1. 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.
2. 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.
3. Consists of nonmortgage interest paid by households.
4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
5. 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

2012
March

1 Personal income ....................................................................................
2 Compensation of employees, received ............................................
3
Wage and salary disbursements....................................................
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
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 1 .............................................................................
24
Medicare 2 ......................................................................................
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 3 ................................................................
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 (2005) dollars 4 ....................................................................
45 Disposable personal income, billions of chained (2005) dollars 4 ........

April r

May r

June r

Line
July r

Aug. r

Sept. r

Oct. p

63.6
42.9
37.9
37.1
7.4
5.7
29.8
2.3
27.5
0.8
5.0
2.8
2.3

4.6
–19.4
–20.5
–20.5
7.2
11.1
–27.7
4.9
–32.6
–0.1
1.1
2.6
–1.5

19.4
–7.0
–8.6
–8.1
–2.0
2.0
–6.1
3.7
–9.7
–0.5
1.7
2.8
–1.1

33.6
21.5
18.2
18.1
8.7
8.0
9.4
6.9
2.4
0.1
3.2
2.7
0.5

19.1
15.1
11.3
10.4
5.0
3.6
5.4
0.2
5.3
1.0
3.8
2.8
1.0

11.2
5.6
2.8
–0.5
–9.0
–7.1
8.6
1.3
7.1
3.2
2.9
3.1
–0.2

47.8
28.7
24.0
22.4
3.9
1.8
18.3
5.7
12.8
1.7
4.6
3.0
1.6

0.4
–15.4
–17.0
–17.1
–3.6
–2.1
–13.5
–2.0
–11.6
0.1
1.6
2.9
–1.4

1
2
3
4
5
6
7
8
9
10
11
12
13

1.8
–0.9
2.7
6.0
7.4
3.1
4.3
9.7
9.7
6.1
2.2
2.6
–3.1
2.2
–0.3
0.1
4.2
8.6
55.0
33.6
28.3
14.5
–1.7
16.2
13.8
5.0
0.2
0.3
0.0
21.4

1.9
0.5
1.3
0.4
14.1
5.6
8.5
5.0
4.5
–1.4
–1.7
7.8
–1.5
0.4
1.0
0.4
–2.6
1.0
3.6
22.8
26.2
–10.9
–5.1
–5.8
37.1
–4.6
1.2
0.3
0.9
–19.1

4.2
0.6
3.7
1.1
16.3
5.6
10.6
3.5
3.6
0.0
1.2
7.6
–5.9
0.8
–0.1
–0.1
–1.3
2.5
16.9
–22.9
–18.6
–35.2
–2.9
–32.3
16.6
–4.6
0.2
0.2
0.0
39.8

–0.5
0.6
–1.1
1.3
7.8
5.7
2.3
5.0
4.9
7.8
–0.2
2.1
–5.2
–0.3
0.6
0.1
1.5
5.9
27.7
–6.6
–2.2
–13.1
0.6
–13.7
10.8
–4.5
0.3
0.3
0.0
34.3

2.1
3.2
–1.0
8.1
–18.1
–17.5
–0.7
13.3
13.1
–2.5
6.9
4.0
–0.4
2.2
3.0
0.2
1.5
2.4
16.7
42.4
38.5
20.5
3.2
17.3
18.1
3.1
0.7
0.2
0.5
–25.7

5.9
3.2
2.7
8.8
–9.4
–17.4
8.0
0.5
0.4
–2.4
2.3
3.4
–3.6
0.9
–0.3
0.1
0.1
1.8
9.4
39.0
35.6
44.6
11.2
33.4
–9.0
3.1
0.3
0.3
0.0
–29.6

11.6
3.2
8.4
9.0
–12.2
–17.4
5.2
13.6
13.4
13.9
1.6
0.5
–2.0
–1.1
0.6
0.2
2.9
5.7
42.1
87.3
84.0
60.6
23.8
36.8
23.4
3.1
0.2
0.2
0.0
–45.2

–2.1
–1.9
–0.2
5.5
17.2
12.4
4.8
–6.7
–6.8
–10.3
–1.9
3.2
–1.8
1.5
2.5
0.1
–1.9
–0.3
0.8
–18.0
–20.2
–28.2
–23.2
–4.9
7.9
2.0
0.2
0.2
0.0
18.8

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

24.8
24.0

–1.7
1.6

32.7
35.2

16.9
15.4

–0.7
8.3

–24.3
–28.2

–2.0
2.2

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.
1. 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.
2. 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.
3. Consists of nonmortgage interest paid by households.
4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.

–5.8 44
–12.2 45

Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2010

2011

2011
II

1 Personal income ....................................................................................
2 Compensation of employees, received ............................................
3
Wage and salary disbursements....................................................
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
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 1 .............................................................................
24
Medicare 2 ......................................................................................
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 3 ................................................................
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 (2005) dollars 4 ....................................................................
45 Disposable personal income, billions of chained (2005) dollars 4 ........

III

2012
IV

I

II r

Line
III r

454.9
175.6
134.3
118.2
–5.8
12.6
124.0
16.4
107.6
16.1
41.4
30.1
11.2

625.4
325.2
256.7
252.7
51.1
32.5
201.6
44.6
157.0
4.0
68.5
41.7
26.8

82.4
50.1
37.7
34.1
5.3
–1.3
28.9
3.7
25.1
3.6
12.4
10.4
2.1

37.4
31.7
21.9
21.6
8.5
3.1
13.0
7.4
5.7
0.3
9.8
8.8
1.0

41.1
22.0
14.3
19.5
–9.0
–9.1
28.5
2.4
26.0
–5.2
7.7
7.3
0.4

209.7
155.6
133.5
126.9
36.6
22.1
90.2
26.7
63.5
6.6
22.1
8.1
14.0

99.9
32.0
23.3
22.6
17.8
21.2
4.9
15.1
–10.2
0.7
8.7
8.1
0.6

71.4
40.4
30.4
26.9
5.4
5.5
21.4
8.8
12.7
3.6
10.0
8.5
1.4

1
2
3
4
5
6
7
8
9
10
11
12
13

124.0
4.4
119.6
59.5
–28.2
–76.7
48.5
144.2
136.4
25.7
20.8
27.4
7.7
6.4
48.4
7.8
20.2
50.2
404.7
346.1
369.8
170.5
49.8
120.7
199.4
–33.3
9.6
2.2
7.4
58.5

53.9
10.3
43.7
60.5
86.8
–7.8
94.6
34.9
37.4
23.1
29.8
7.3
–30.9
5.4
2.7
–2.5
–64.0
203.2
422.2
499.5
513.3
259.9
67.0
192.9
253.3
–15.8
1.9
1.5
0.4
–77.3

6.7
–3.4
10.1
14.7
18.1
7.8
10.2
–2.6
–1.2
8.9
8.0
–10.1
–10.3
1.2
1.1
–1.4
4.7
24.1
58.2
117.0
118.6
42.9
–2.1
44.9
75.7
–2.3
0.7
0.3
0.3
–58.7

6.7
2.7
4.0
9.1
–3.3
–20.9
17.6
–5.2
–4.4
4.0
6.0
–12.6
–5.8
2.5
1.5
–0.8
1.6
7.2
30.3
105.8
106.3
39.3
13.0
26.3
67.0
–0.5
0.0
0.5
–0.5
–75.6

3.9
–0.9
4.8
16.5
–4.5
–16.4
11.9
5.2
5.6
5.9
4.0
–4.1
–2.1
–0.2
2.2
–0.4
2.0
15.3
25.7
84.7
82.6
46.4
30.3
16.3
36.2
–0.3
2.4
0.7
1.8
–58.9

19.0
–2.1
21.2
15.0
11.8
3.8
8.0
28.1
26.7
31.3
2.8
5.6
–6.7
4.1
–10.5
1.4
19.8
31.7
178.1
143.1
133.4
65.9
29.5
36.3
67.5
8.4
1.3
0.7
0.4
35.0

10.6
0.2
10.3
7.5
34.4
14.3
20.0
17.2
16.8
6.2
1.0
16.3
–10.4
2.7
0.9
0.5
1.8
14.4
85.4
57.4
60.0
–14.4
–4.3
–10.1
74.4
–4.2
1.6
0.8
0.9
28.0

11.0
7.0
4.1
18.3
–17.8
–29.2
11.4
22.7
22.2
5.7
9.3
10.3
–8.9
2.5
3.4
0.3
3.2
10.3
61.1
85.5
82.6
49.9
18.0
31.9
32.6
1.7
1.3
0.7
0.5
–24.4

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

112.4
179.8

304.2
133.2

–7.1
–37.9

–16.6
–32.2

6.8
–4.1

100.3
92.4

55.6
56.7

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.
1. 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.
2. 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.
3. Consists of nonmortgage interest paid by households.
4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.

4.5 44
12.1 45

Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Seasonally adjusted at monthly rates
Line

2012
March

April

r

May

r

June

r

Line
July

r

Aug.

r

r

Sept.

p

Oct.

Based on current-dollar measures
1 Personal income ..........................................................................
2 Compensation of employees, received .......................................
3
Wage and salary disbursements .............................................
4
Supplements to wages and salaries........................................
5 Proprietors’ income with inventory valuation and capital
consumption adjustments........................................................
6 Rental income of persons with capital consumption adjustment
7 Personal income receipts on assets ...........................................
8
Personal interest income .........................................................
9
Personal dividend income .......................................................
10 Personal current transfer receipts...............................................
11 Less: Contributions for government social insurance, domestic
12 Less: Personal current taxes ......................................................
13 Equals: Disposable personal income ........................................
Addenda:
14 Personal consumption expenditures...........................................
15
Goods......................................................................................
16
Durable goods......................................................................
17
Nondurable goods................................................................
18
Services ..................................................................................

0.5
0.5
0.6
0.3

0.0
–0.2
–0.3
0.1

0.1
–0.1
–0.1
0.1

0.3
0.3
0.3
0.2

0.1
0.2
0.2
0.2

0.1
0.1
0.0
0.2

0.4
0.3
0.3
0.3

0.0
–0.2
–0.2
0.1

1
2
3
4

0.2
1.3
0.4
0.3
0.6
0.4
0.4
0.6
0.5

0.2
0.1
0.8
0.6
1.2
0.2
–0.3
0.1
0.0

0.4
0.2
0.9
0.6
1.5
0.1
–0.1
0.2
0.1

0.0
0.3
0.5
0.6
0.3
0.2
0.2
0.4
0.2

0.2
1.8
–1.0
–1.7
–0.1
0.6
0.2
0.2
0.1

0.5
1.9
–0.5
–1.8
1.1
0.0
0.0
0.1
0.1

1.0
1.9
–0.7
–1.8
0.7
0.6
0.3
0.4
0.4

–0.2
1.1
1.0
1.3
0.6
–0.3
–0.2
0.0
0.0

5
6
7
8
9
10
11
12
13

0.3
0.4
–0.1
0.6
0.2

0.2
–0.3
–0.4
–0.2
0.5

–0.2
–0.9
–0.2
–1.3
0.2

0.0
–0.4
0.1
–0.5
0.1

0.3
0.6
0.3
0.7
0.2

0.3
1.2
0.9
1.3
–0.1

0.8
1.6
2.0
1.4
0.3

–0.2
–0.7
–1.9
–0.2
0.1

14
15
16
17
18

0.2
0.2

0.0
0.1

–0.3
–0.3

0.0
0.0

–0.1 19
–0.1 20

Based on chained (2005) dollar measures
19
20

Real personal income excluding current transfer receipts ..........
Real disposable personal income...............................................

0.3
0.2

0.0
0.0

0.3
0.3

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.

Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
Seasonally adjusted at annual rates
Line

2010

2011

2011
II

2012

III

IV

I

II

Line

r

III

r

Based on current-dollar measures
1 Personal income ..........................................................................
2 Compensation of employees, received .......................................
3
Wage and salary disbursements .............................................
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 ..................................................................................

3.8
2.3
2.1
2.7

5.1
4.1
4.0
4.4

2.6
2.5
2.3
3.1

1.2
1.5
1.3
2.4

1.3
1.1
0.9
1.9

6.6
7.7
8.2
5.5

3.1
1.5
1.4
2.1

2.2
1.9
1.8
2.4

1
2
3
4

12.7
20.5
–1.7
–7.0
9.1
6.7
2.1
4.4
3.8

4.9
17.3
5.4
–0.8
16.3
1.5
–6.5
17.0
3.8

2.3
15.9
4.4
3.1
6.4
–0.4
2.1
7.2
2.0

2.4
9.4
–0.8
–7.9
10.9
–0.9
0.7
2.1
1.1

1.3
16.9
–1.0
–6.4
7.2
0.9
0.9
4.4
0.9

6.7
14.7
2.8
1.5
4.6
4.9
8.8
9.2
6.3

3.6
7.0
8.4
5.9
11.9
3.0
0.8
4.0
2.9

3.7
17.1
–4.1
–11.1
6.4
3.9
1.3
2.8
2.1

5
6
7
8
9
10
11
12
13

3.8
5.3
4.8
5.6
3.0

5.0
7.7
6.2
8.4
3.7

4.6
4.9
–0.7
7.6
4.4

4.0
4.4
4.7
4.3
3.8

3.1
5.2
11.0
2.6
2.0

5.0
7.3
10.4
5.9
3.8

2.2
–1.5
–1.4
–1.6
4.2

3.0
5.4
6.1
5.1
1.8

14
15
16
17
18

–0.7
–1.3

0.3
–0.2

4.4
3.7

2.4
2.2

Based on chained (2005) dollar measures
19
20

Real personal income excluding current transfer receipts ..........
Real disposable personal income...............................................

1.3
1.8

3.4
1.3

–0.3
–1.5

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.

0.2 19
0.5 20

Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
2012
Line

March

April

May

June

July r

Aug. r

Sept. r

Oct. p

Line

Billions of chained (2005) dollars, seasonally adjusted at annual rates
1 Personal consumption expenditures .........................................
2 Goods .........................................................................................
3
Durable goods .........................................................................
4
Nondurable goods ...................................................................
5 Services......................................................................................

9,562.5
3,415.1
1,340.2
2,093.5
6,153.3

9,583.8
3,415.3
1,336.8
2,096.2
6,173.9

9,586.9
3,410.3
1,333.2
2,094.3
6,181.6

9,577.0
3,402.6
1,335.8
2,085.4
6,179.0

9,604.6
3,420.6
1,343.6
2,095.9
6,189.3

9,601.4
3,432.9
1,358.5
2,096.0
6,174.8

9,641.9
3,462.9
1,388.0
2,101.6
6,186.4

9,612.4
3,436.1
1,364.7
2,094.4
6,182.6

1
2
3
4
5

Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates
6 Personal consumption expenditures .........................................
7 Goods .........................................................................................
8
Durable goods .........................................................................
9
Nondurable goods ...................................................................
10 Services......................................................................................

2.4
2.7
0.0
2.5
–0.2

21.3
0.2
–3.4
2.7
20.6

3.1
–5.0
–3.6
–1.9
7.7

–9.9
–7.7
2.6
–8.9
–2.6

27.6
18.0
7.8
10.5
10.3

–3.2
12.3
14.9
0.1
–14.5

40.5
30.0
29.5
5.6
11.6

0.0
0.4
1.1
0.0
–0.2

0.4
0.9
2.2
0.3
0.2

–29.5 6
–26.8 7
–23.3 8
–7.2 9
–3.8 10

Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates
11 Personal consumption expenditures .........................................
12 Goods .........................................................................................
13
Durable goods .........................................................................
14
Nondurable goods ...................................................................
15 Services......................................................................................

0.0
0.1
0.0
0.1
0.0

0.2
0.0
–0.3
0.1
0.3

0.0
–0.1
–0.3
–0.1
0.1

–0.1
–0.2
0.2
–0.4
0.0

0.3
0.5
0.6
0.5
0.2

–0.3
–0.8
–1.7
–0.3
–0.1

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

2010

2011

2011
II

III

2012
IV

I

II

Line
III

r

Billions of chained (2005) dollars
1 Personal consumption expenditures .........................................
2 Goods .........................................................................................
3
Durable goods .........................................................................
4
Nondurable goods ...................................................................
5 Services......................................................................................

9,196.2
3,209.1
1,178.3
2,029.3
5,987.6

9,428.8
3,331.0
1,262.6
2,075.2
6,101.5

9,403.2
3,312.2
1,242.3
2,073.5
6,094.0

9,441.9
3,323.5
1,258.6
2,071.4
6,121.1

9,489.3
3,367.9
1,300.1
2,080.5
6,126.0

9,546.8
3,406.6
1,336.1
2,088.9
6,145.9

9,582.5
3,409.4
1,335.3
2,092.0
6,178.2

47.4
44.4
41.5
9.1
4.9

57.5
38.7
36.0
8.4
19.9

35.7
2.8
–0.8
3.1
32.3

2.0
5.4
13.9
1.8
0.3

2.4
4.7
11.5
1.6
1.3

1.5
0.3
–0.2
0.6
2.1

9,615.9
3,438.8
1,363.4
2,097.9
6,183.5

1
2
3
4
5

Change from preceding period in billions of chained (2005) dollars
6 Personal consumption expenditures .........................................
7 Goods .........................................................................................
8
Durable goods .........................................................................
9
Nondurable goods ...................................................................
10 Services......................................................................................

163.6
110.9
69.2
46.5
57.0

232.6
121.9
84.3
45.9
113.9

22.3
–8.1
–7.1
–1.8
29.2

38.7
11.3
16.3
–2.1
27.1

33.4 6
29.4 7
28.1 8
5.9 9
5.3 10

Percent change from preceding period in chained (2005) dollars
11 Personal consumption expenditures .........................................
12 Goods .........................................................................................
13
Durable goods .........................................................................
14
Nondurable goods ...................................................................
15 Services......................................................................................
r Revised

1.8
3.6
6.2
2.3
1.0

2.5
3.8
7.2
2.3
1.9

1.0
–1.0
–2.3
–0.3
1.9

1.7
1.4
5.4
–0.4
1.8

1.4
3.5
8.7
1.1
0.3

11
12
13
14
15

Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
2012
Line

March

April

May

June

July r

Aug. r

Sept. r

Oct.p

Line

Chain-type price indexes (2005=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 ........................

115.602
110.696
90.065
122.912
118.214

115.618
110.369
89.917
122.473
118.420

115.386
109.499
89.938
121.043
118.541

115.483
109.361
89.809
120.900
118.766

115.552
109.387
89.525
121.121
118.861

115.962
110.297
89.369
122.708
118.994

116.346
111.090
89.181
124.134
119.149

116.492
111.137
89.002
124.328
119.351

1
2
3
4
5

113.313
120.597
147.531
115.530
112.863

113.460
120.716
144.835
115.526
113.007

113.574
120.576
138.079
115.301
113.183

113.774
120.869
135.958
115.396
113.398

113.874
120.862
135.628
115.465
113.501

113.900
120.956
143.466
115.950
113.555

113.969
120.884
150.355
116.392
113.642

114.120 6
121.238 7
150.089 8
116.534 9
113.790 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
–0.1
0.5
0.2

0.0
–0.3
–0.2
–0.4
0.2

–0.2
–0.8
0.0
–1.2
0.1

0.1
–0.1
–0.1
–0.1
0.2

0.1
0.0
–0.3
0.2
0.1

0.4
0.8
–0.2
1.3
0.1

0.3
0.7
–0.2
1.2
0.1

0.1
0.0
–0.2
0.2
0.2

11
12
13
14
15

0.2
0.1
1.0
0.2
0.2

0.1
0.1
–1.8
0.0
0.1

0.1
–0.1
–4.7
–0.2
0.2

0.2
0.2
–1.5
0.1
0.2

0.1
0.0
–0.2
0.1
0.1

0.0
0.1
5.8
0.4
0.0

0.1
–0.1
4.8
0.4
0.1

0.1
0.3
–0.2
0.1
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
2012
Line

March

1 Disposable personal income ......................................................
2 Personal consumption expenditures .........................................
3 Goods .........................................................................................
4
Durable goods .........................................................................
5
Nondurable goods ...................................................................
6 Services......................................................................................

April

0.7
1.6
2.6
6.6
0.7
1.1

r

May

0.7
1.8
2.4
6.5
0.5
1.5

r

June

1.3
1.9
3.0
7.4
1.0
1.4

r

July r

1.3
2.0
3.5
8.6
1.2
1.3

Aug. r
1.5
1.8
3.1
7.3
1.2
1.2

1.5
1.8
3.7
8.9
1.4
0.9

Sept. r

Oct. p

1.6
1.9
3.6
8.8
1.2
1.0

1.2
1.3
2.0
5.5
0.4
1.0

Line
1
2
3
4
5
6

p Preliminary
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.

Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
2012
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 ........................

March

April

May

June

July r

Aug. r

Sept. r

2.2
2.5
–0.8
4.0
2.1

1.9
1.6
–1.2
2.9
2.1

1.5
0.6
–1.3
1.4
2.0

1.5
0.4
–1.6
1.3
2.1

1.3
0.1
–1.8
1.0
2.0

1.4
0.6
–1.8
1.7
1.9

1.6
1.1
–1.6
2.4
1.9

2.0
3.2
5.4
2.3
2.0

1.9
2.9
1.5
2.0
2.0

1.7
2.4
–3.3
1.6
1.9

1.8
2.4
–3.6
1.6
1.9

1.7
2.0
–4.7
1.4
1.8

1.5
1.5
0.0
1.5
1.7

1.6
0.9
3.2
1.7
1.7

Oct. p
1.7
1.3
–1.8
2.8
2.0

Line
1
2
3
4
5

1.6 6
1.0 7
4.8 8
1.8 9
1.7 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.