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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, NOVEMBER 26, 2014 BEA 14-60 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: OCTOBER 2014 Personal income increased $32.9 billion, or 0.2 percent, and disposable personal income (DPI) increased $23.4 billion, or 0.2 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $27.3 billion, or 0.2 percent. In September, personal income increased $24.6 billion, or 0.2 percent, DPI increased $17.2 billion, or 0.1 percent, and PCE increased $4.1 billion, or less than 0.1 percent, based on revised estimates. Real DPI increased 0.1 percent in October, the same increase as in September. Real PCE increased 0.2 percent in October, in contrast to a decrease of less than 0.1 percent in September. June Personal income, current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars 0.4 2014 July Aug. Sept. (Percent change from preceding month) 0.3 0.4 0.2 Oct. 0.2 0.4 0.2 0.2 0.1 0.3 0.3 0.1 0.1 0.2 0.1 0.5 0.3 0.1 0.0 0.5 0.6 0.0 0.0 0.2 0.2 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for April through June 2014 (second quarter). These estimates reflect the incorporation of the most recently available second-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. ___________________ 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 $18.8 billion in October, compared with an increase of $13.9 billion in September. Goods-producing industries' payrolls increased $7.2 billion, compared with an increase of $2.4 billion; manufacturing payrolls increased $4.4 billion, compared with an increase of $0.7 billion. Services-producing industries' payrolls increased $11.6 billion, compared with an increase of $11.3 billion. Government wages and salaries increased $1.4 billion, compared with an increase of $1.8 billion. Other personal income Supplements to wages and salaries increased $3.8 billion in October, compared with an increase of $3.9 billion in September. Proprietors' income increased $7.4 billion in October, in contrast to a decrease of $1.6 billion in September. Farm proprietors' income decreased $1.2 billion, compared with a decrease of $10.1 billion. Nonfarm proprietors' income increased $8.6 billion, compared with an increase of $8.5 billion. Rental income of persons increased $2.5 billion in October, compared with an increase of $4.2 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $3.1 billion, in contrast to a decrease of $0.1 billion. Personal current transfer receipts decreased $1.8 billion, in contrast to an increase of $4.8 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $2.4 billion in October, compared with an increase of $2.1 billion in September. Personal current taxes and disposable personal income Personal current taxes increased $9.4 billion in October, compared with an increase of $7.4 billion in September. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $23.4 billion, or 0.2 percent, in October, compared with an increase of $17.2 billion, or 0.1 percent, in September. -more- -3- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $26.3 billion in October, compared with an increase of $8.7 billion in September. PCE increased $27.3 billion, compared with an increase of $4.1 billion. Personal saving -- DPI less personal outlays -- was $651.2 billion in October, compared with $654.0 billion in September. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.0 percent in October, the same as 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 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 0.1 percent in October, the same increase as in September. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in October, in contrast to a decrease of less than 0.1 percent in September. Purchases of durable goods decreased 0.1 percent, compared with a decrease of 1.0 percent. Purchases of motor vehicles and parts more than accounted for the decrease in durable goods in both October and September. Purchases of nondurable goods increased 0.5 percent in October, in contrast to a decrease of 0.3 percent in September. Purchases of services increased 0.1 percent, compared with an increase of 0.2 percent. The price index for PCE increased 0.1 percent in October, the same increase as in September. The PCE price index, excluding food and energy, increased 0.2 percent in October, compared with an increase of 0.1 percent in September. The October price index for PCE increased 1.4 percent from October a year ago. The October PCE price index, excluding food and energy, increased 1.6 percent from October a year ago. -more- -4- Revisions 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, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for August and September -revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from April through September. The revision to second-quarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of second-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for July, August, and September reflect extrapolation 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. Change from preceding month August Previous Revised (Billions of dollars) Personal income: Current dollars Disposable personal income: Current dollars Chained (2009) dollars Personal consumption expenditures: Current dollars Chained (2009) dollars September Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) 50.7 53.3 0.3 0.4 22.7 24.6 0.2 0.2 37.5 40.3 39.2 41.4 0.3 0.3 0.3 0.3 15.7 5.4 17.2 6.4 0.1 0.0 0.1 0.1 58.7 59.4 63.3 63.2 0.5 0.5 0.5 0.6 -19.0 -25.8 4.1 -5.0 -0.2 -0.2 0.0 0.0 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 – December 23, 2014 at 10:00 A.M. EST for Personal Income and Outlays for November 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 March 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...................................................... April r May r June r Line July r Aug. r Sept. r Oct. p 14,572.6 14,607.6 14,657.0 14,716.8 14,757.5 14,810.8 14,835.4 14,868.3 1 9,161.2 9,147.9 9,156.0 9,174.6 9,200.5 9,246.8 9,266.3 9,290.3 2 7,398.1 7,383.0 7,388.7 7,403.5 7,425.3 7,466.0 7,481.6 7,501.8 3 6,181.9 6,164.8 6,168.7 6,182.7 6,202.6 6,241.5 6,255.4 6,274.2 4 1,251.2 1,247.2 1,254.5 1,261.8 1,261.3 1,268.4 1,270.8 1,278.0 5 779.6 770.8 773.7 776.6 774.5 778.4 779.1 783.5 6 4,930.7 4,917.5 4,914.2 4,920.9 4,941.3 4,973.2 4,984.5 4,996.1 7 1,166.0 1,167.5 1,164.5 1,162.9 1,164.6 1,170.0 1,170.1 1,174.3 8 3,764.7 3,750.1 3,749.7 3,758.0 3,776.7 3,803.2 3,814.4 3,821.8 9 1,216.1 1,218.3 1,220.0 1,220.8 1,222.7 1,224.5 1,226.3 1,227.7 10 1,763.1 1,764.9 1,767.3 1,771.1 1,775.2 1,780.8 1,784.7 1,788.5 11 1,216.4 546.7 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 1,233.5 551.2 1,236.3 12 552.2 13 1,353.3 1,369.9 1,378.9 1,394.0 1,394.5 1,384.2 1,382.6 1,390.0 14 56.3 64.8 73.4 81.9 71.8 61.7 51.6 50.4 15 1,297.0 1,305.0 1,305.5 1,312.2 1,322.7 1,322.5 1,331.0 1,339.6 16 628.5 632.1 635.4 638.7 642.4 648.1 652.3 654.8 17 2,098.1 2,115.6 2,126.0 2,139.5 2,139.2 2,138.0 2,137.9 2,141.0 18 1,260.2 1,265.1 1,270.0 1,274.9 1,270.9 1,266.9 1,262.9 1,260.7 19 838.0 850.5 855.9 864.6 868.3 871.0 875.0 880.2 20 2,486.3 2,495.1 2,514.4 2,525.9 2,539.7 2,558.1 2,562.9 2,561.1 21 2,443.0 2,451.5 2,470.7 2,481.9 2,495.4 2,513.6 2,518.1 2,516.1 22 830.2 831.4 832.7 835.0 833.8 838.2 839.3 839.7 23 583.3 585.3 585.9 587.5 588.4 590.9 593.2 590.9 24 473.6 475.2 483.2 489.0 502.4 513.7 514.9 512.9 25 39.5 37.8 37.2 36.8 35.6 35.6 34.2 34.0 26 83.3 83.6 83.2 83.3 85.2 84.4 84.2 86.4 27 433.1 438.3 448.5 450.3 450.0 450.9 452.3 452.2 28 43.3 43.5 43.8 44.0 44.3 44.5 44.8 45.1 29 1,154.8 1,152.9 1,153.7 1,155.9 1,158.8 1,164.4 1,166.5 1,168.9 30 1,723.6 1,715.9 1,713.8 1,716.1 1,728.0 1,742.1 1,749.5 1,758.9 31 12,849.0 12,891.7 12,943.2 13,000.7 13,029.5 13,068.7 13,085.9 13,109.3 32 12,226.6 12,243.3 12,283.2 12,342.2 12,355.3 12,423.2 12,431.9 12,458.2 33 11,807.1 11,825.2 11,864.3 11,922.6 11,929.4 11,992.7 11,996.8 12,024.1 34 3,932.0 3,942.2 3,956.4 3,994.9 3,997.6 4,025.1 4,002.0 4,004.7 35 1,295.3 1,287.5 1,300.4 1,307.4 1,305.6 1,333.1 1,318.6 1,316.5 36 2,636.8 2,654.8 2,656.0 2,687.6 2,692.1 2,692.0 2,683.4 2,688.2 37 7,875.1 7,883.0 7,907.9 7,927.7 7,931.8 7,967.7 7,994.8 8,019.5 38 250.5 250.9 251.3 251.8 256.1 260.4 264.7 263.3 39 169.0 167.2 167.5 167.9 169.8 170.1 170.4 170.8 40 93.6 93.9 94.3 94.6 94.9 95.3 95.6 95.9 41 75.4 73.3 73.3 73.3 74.9 74.9 74.9 74.9 42 622.4 648.4 660.1 658.4 674.3 645.5 654.0 651.2 43 4.8 5.0 5.1 5.1 5.2 4.9 5.0 5.0 44 11,161.2 11,161.5 11,161.8 11,181.0 11,196.0 11,233.1 11,242.4 11,267.9 45 11,865.4 11,879.5 11,897.7 11,923.8 11,939.8 11,981.2 11,987.6 12,002.3 46 40,405 37,312 318,006 40,517 37,336 318,178 40,656 37,372 318,357 40,812 37,431 318,552 40,876 37,457 318,759 40,971 37,562 318,976 40,997 37,556 319,195 41,044 47 37,578 48 319,394 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 2014. 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 r Line III r 13,887.7 14,166.9 14,131.3 14,247.4 14,311.7 14,484.7 14,660.5 14,801.2 1 8,606.5 8,844.8 8,826.3 8,871.6 8,946.8 9,096.2 9,159.5 9,237.9 2 6,932.1 7,124.7 7,110.9 7,145.3 7,208.5 7,339.8 7,391.7 7,457.7 3 5,733.8 5,916.6 5,901.4 5,939.7 5,998.5 6,125.3 6,172.1 6,233.2 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 5 734.4 747.6 746.0 747.2 754.1 769.5 773.7 777.3 6 4,576.7 4,721.3 4,708.4 4,742.9 4,787.9 4,887.3 4,917.5 4,966.3 7 1,094.0 1,121.3 1,117.2 1,122.7 1,134.9 1,154.9 1,165.0 1,168.2 8 3,482.7 3,600.0 3,591.2 3,620.2 3,653.0 3,732.4 3,752.6 3,798.1 9 1,198.3 1,208.1 1,209.6 1,205.6 1,210.0 1,214.5 1,219.7 1,224.5 10 1,674.4 1,720.1 1,715.4 1,726.2 1,738.3 1,756.4 1,767.8 1,780.2 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 12 549.7 13 1,260.2 1,336.6 1,330.0 1,345.9 1,342.7 1,351.0 1,381.0 1,387.1 14 72.3 83.2 83.6 86.8 70.1 58.1 73.4 61.7 15 1,187.9 1,253.5 1,246.5 1,259.2 1,272.6 1,292.9 1,307.6 1,325.4 16 533.0 595.8 590.8 604.2 613.3 622.9 635.4 647.6 17 2,088.6 2,079.7 2,081.9 2,106.9 2,094.2 2,090.4 2,127.0 2,138.4 18 1,255.9 1,255.2 1,253.5 1,258.5 1,263.2 1,262.4 1,270.0 1,266.9 19 832.7 824.5 828.4 848.4 831.0 828.0 857.0 871.4 20 2,350.7 2,414.5 2,404.5 2,426.6 2,432.3 2,470.9 2,511.8 2,553.6 21 2,307.6 2,372.2 2,362.2 2,384.0 2,389.7 2,427.8 2,468.0 2,509.0 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 24 417.2 441.1 437.4 450.0 448.7 467.6 482.5 510.3 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 27 419.3 418.5 419.0 419.1 417.1 428.4 445.7 451.1 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 1,163.2 30 1,503.7 1,661.8 1,660.6 1,661.5 1,688.1 1,711.8 1,715.3 1,739.9 31 12,384.0 12,505.1 12,470.7 12,585.8 12,623.7 12,772.9 12,945.2 13,061.4 32 11,487.9 11,897.1 11,823.9 11,933.1 12,070.8 12,146.9 12,289.6 12,403.4 33 11,083.1 11,484.3 11,414.3 11,518.7 11,653.3 11,728.5 11,870.7 11,973.0 34 3,741.9 3,851.2 3,821.0 3,865.3 3,886.1 3,890.6 3,964.5 4,008.2 35 1,192.1 1,249.3 1,245.4 1,252.4 1,261.5 1,262.3 1,298.4 1,319.1 36 2,549.8 2,601.9 2,575.6 2,612.9 2,624.6 2,628.4 2,666.1 2,689.1 37 7,341.3 7,633.2 7,593.2 7,653.4 7,767.2 7,837.8 7,906.2 7,964.7 38 241.6 247.1 243.4 250.8 250.8 249.8 251.3 260.4 39 163.1 165.6 166.2 163.6 166.7 168.6 167.5 170.1 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 42 896.2 608.1 646.9 652.8 552.9 626.1 655.6 657.9 43 7.2 4.9 5.2 5.2 4.4 4.9 5.1 5.0 44 10,877.6 10,949.5 10,952.3 10,994.3 11,021.2 11,108.2 11,168.1 11,223.8 45 11,676.2 11,650.8 11,647.0 11,705.9 11,711.7 11,810.1 11,900.4 11,969.5 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 40,948 47 37,525 48 318,977 49 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. 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 March 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 .......... April r May r June r Line July r Aug. r Sept. r Oct. p 89.7 66.0 59.3 58.0 13.7 12.1 44.3 14.6 29.7 1.1 6.7 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 40.7 25.9 21.8 19.9 –0.5 –2.1 20.4 1.7 18.7 1.9 4.1 53.3 46.3 40.7 38.9 7.1 3.9 31.9 5.4 26.5 1.8 5.6 24.6 19.5 15.6 13.9 2.4 0.7 11.3 0.1 11.2 1.8 3.9 32.9 1 24.0 2 20.2 3 18.8 4 7.2 5 4.4 6 11.6 7 4.2 8 7.4 9 1.4 10 3.8 11 2.7 4.0 3.1 –1.3 2.4 0.0 2.8 1.0 2.9 1.2 2.9 2.7 3.0 0.9 2.8 12 1.0 13 1.7 –1.8 3.5 6.2 9.1 –2.2 11.4 15.0 14.7 8.2 0.1 4.9 –1.1 –2.2 4.9 0.2 8.3 12.0 77.7 93.8 92.7 43.3 41.4 2.0 49.4 0.7 0.4 0.3 0.0 –16.2 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 0.5 –10.1 10.5 3.7 –0.3 –4.0 3.7 13.8 13.5 –1.2 0.9 13.4 –1.2 1.9 –0.3 0.3 2.9 11.9 28.8 13.1 6.8 2.7 –1.8 4.5 4.1 4.3 1.9 0.3 1.6 15.9 –10.3 –10.1 –0.2 5.7 –1.2 –4.0 2.7 18.4 18.2 4.4 2.5 11.3 0.0 –0.8 0.9 0.2 5.6 14.1 39.2 67.9 63.3 27.5 27.5 –0.1 35.9 4.3 0.3 0.4 0.0 –28.8 –1.6 –10.1 8.5 4.2 –0.1 –4.0 4.0 4.8 4.5 1.1 2.3 1.2 –1.4 –0.2 1.4 0.3 2.1 7.4 17.2 8.7 4.1 –23.1 –14.5 –8.6 27.1 4.3 0.3 0.3 0.0 8.5 52.3 53.9 0.3 14.1 0.3 18.2 19.2 26.1 15.0 16.0 37.1 41.4 9.3 6.4 7.4 –1.2 8.6 2.5 3.1 –2.2 5.2 –1.8 –2.0 0.4 –2.3 –2.0 –0.2 2.2 –0.1 0.3 2.4 9.4 23.4 26.3 27.3 2.7 –2.1 4.8 24.7 –1.4 0.4 0.3 0.0 –2.8 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 25.5 44 14.7 45 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. 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 I II r Line 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 11.4 140.7 1 78.4 2 66.0 3 61.1 4 12.3 5 3.6 6 48.8 7 3.2 8 45.5 9 4.8 10 12.4 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 4.0 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 6.1 –11.7 17.8 12.2 11.4 –3.1 14.4 41.8 41.0 4.1 4.6 27.8 –2.1 1.2 5.4 0.7 9.0 24.6 116.2 113.8 102.3 43.7 20.7 23.0 58.5 9.1 2.6 1.0 1.6 2.3 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 55.7 44 69.1 45 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. 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 March April r May r June r Line July r Aug. r Sept. r Oct. 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................................................................................. 0.6 0.7 0.8 0.4 0.2 –0.1 –0.2 0.1 0.3 0.1 0.1 0.1 0.4 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.4 0.5 0.5 0.3 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.2 1 2 3 4 0.1 1.0 0.4 –0.2 1.4 0.6 0.7 0.7 0.6 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 0.6 0.0 –0.3 0.4 0.5 0.2 0.7 0.2 –0.7 0.9 –0.1 –0.3 0.3 0.7 0.5 0.8 0.3 –0.1 0.7 0.0 –0.3 0.5 0.2 0.2 0.4 0.1 0.5 0.4 0.1 –0.2 0.6 –0.1 0.2 0.5 0.2 5 6 7 8 9 10 11 12 13 0.8 1.1 3.3 0.1 0.6 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 0.1 0.1 –0.1 0.2 0.1 0.5 0.7 2.1 0.0 0.5 0.0 –0.6 –1.1 –0.3 0.3 0.2 0.1 –0.2 0.2 0.3 14 15 16 17 18 0.2 0.2 0.1 0.1 0.3 0.3 0.1 0.1 Based on chained (2009) dollar measures 19 20 Real personal income excluding current transfer receipts ........ Real disposable personal income............................................. 0.5 0.5 0.0 0.1 0.0 0.2 0.2 19 0.1 20 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. 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 r 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 3.9 3.5 3.6 2.8 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 1.8 7.9 2.1 –1.0 6.9 6.8 3.2 5.9 3.6 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 3.5 4.5 6.5 3.5 3.0 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............................................. 4.0 3.0 0.7 –0.2 4.6 3.8 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. 2.0 19 2.3 20 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2014 Line March April May July r June Aug. r Sept. r Oct. p 10,994.8 3,792.1 1,445.8 2,374.2 7,204.4 10,989.8 3,771.8 1,431.0 2,367.3 7,218.9 11,008.8 3,784.1 1,429.3 2,380.2 7,225.8 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.................................................................................... 10,903.3 3,722.6 1,394.2 2,351.2 7,180.8 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 10,931.6 3,749.2 1,412.9 2,360.8 7,183.2 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.................................................................................... 69.3 47.3 48.8 4.2 22.8 –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 –3.4 2.5 0.6 1.8 –5.8 63.2 42.9 32.9 13.4 21.2 –5.0 –20.3 –14.8 –6.9 14.5 19.0 6 12.3 7 –1.7 8 12.9 9 6.9 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.................................................................................... 0.6 1.3 3.6 0.2 0.3 –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 0.0 0.1 0.0 0.1 –0.1 0.6 1.1 2.3 0.6 0.3 0.0 –0.5 –1.0 –0.3 0.2 0.2 0.3 –0.1 0.5 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 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 10,972.1 3,771.0 1,429.9 2,367.5 7,202.2 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 59.5 6 39.4 7 29.5 8 12.9 9 20.8 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 2.2 4.3 8.7 2.2 1.2 11 12 13 14 15 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2014 Line March April May June July r Aug. r Sept. r Oct. 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 ...................... 108.292 105.622 92.893 112.147 109.672 108.523 105.937 92.933 112.619 109.861 108.790 106.158 92.638 113.141 110.151 109.034 106.624 92.562 113.927 110.280 109.130 106.623 92.391 114.030 110.425 109.078 106.141 92.193 113.383 110.599 109.165 106.098 92.135 113.350 110.753 109.225 105.826 92.095 112.941 110.988 1 2 3 4 5 107.057 108.733 129.040 107.893 106.408 107.263 109.061 129.570 108.098 106.580 107.457 109.706 130.632 108.348 106.742 107.621 109.728 132.811 108.613 106.920 107.729 110.017 132.377 108.718 107.040 107.815 110.397 128.841 108.604 107.074 107.948 110.575 127.838 108.669 107.190 108.140 6 110.573 7 125.331 8 108.679 9 107.342 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 –0.2 –0.3 –0.1 0.3 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 0.0 –0.1 0.0 0.1 0.1 –0.3 0.0 –0.4 0.2 11 12 13 14 15 0.1 0.5 –0.1 0.2 0.2 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 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 March 1 Disposable personal income .................................................... 2 Personal consumption expenditures ....................................... 3 Goods ....................................................................................... 4 Durable goods ....................................................................... 5 Nondurable goods ................................................................. 6 Services.................................................................................... 2.4 2.5 3.8 8.2 1.8 1.9 April r May r 2.3 2.4 3.8 6.5 2.4 1.7 2.1 2.3 3.2 7.2 1.4 1.9 June r July r 2.1 2.4 3.5 7.0 1.9 1.8 2.4 2.3 3.3 7.0 1.5 1.7 Aug. r 2.3 2.7 4.4 8.4 2.6 1.8 Sept. r 2.1 2.3 3.4 8.2 1.2 1.7 Oct. p 2.5 2.2 3.6 6.8 2.0 1.5 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 2014. 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 March April May June July r Aug. r Sept. r Oct. p Line 1 2 3 4 5 1.2 –0.8 –2.6 0.1 2.2 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 2.3 1.5 –0.2 –2.3 0.9 2.3 1.4 –0.1 –2.3 1.0 2.2 1.4 –0.2 –2.2 0.8 2.3 1.3 1.0 0.4 1.0 1.1 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 1.6 6 2.5 7 –1.9 8 1.3 9 1.4 10 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
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