EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 28, 2014 BEA 14-14 James Rankin (202)606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: FEBRUARY 2014 Personal income increased $47.7 billion, or 0.3 percent, and disposable personal income (DPI) increased $42.3 billion, or 0.3 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $30.8 billion, or 0.3 percent. In January, personal income increased $41.3 billion, or 0.3 percent, DPI increased $40.3 billion, or 0.3 percent, and PCE increased $20.0 billion, or 0.2 percent, based on revised estimates. Real DPI increased 0.3 percent in February, compared with an increase of 0.2 percent in January. Real PCE increased 0.2 percent in February, compared with an increase of 0.1 percent in January. 2013 2014 Oct. Nov. Dec. Jan. Feb. (Percent change from preceding month) Personal income, current dollars -0.1 0.3 -0.1 0.3 0.3 Disposable personal income: Current dollars -0.2 0.2 -0.1 0.3 0.3 Chained (2009) dollars -0.2 0.1 -0.3 0.2 0.3 Personal consumption expenditures: Current dollars 0.3 0.6 0.1 0.2 0.3 Chained (2009) dollars 0.3 0.5 -0.1 0.1 0.2 FOOTNOTE.________ Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-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. _________________ Wages and salaries Private wages and salaries increased $13.0 billion in February, compared with an increase of $17.2 billion in January. Goods producing industries' payrolls increased $5.2 billion in February and were unchanged in January; manufacturing payrolls decreased $0.3 billion in February, compared with a decrease of $2.8 billion in January. Services-producing industries' payrolls increased $7.8 billion, compared with an increase of $17.3 billion. Government wages and salaries increased $2.0 billion, compared with an increase of $1.2 billion. Other personal income Supplements to wages and salaries increased $2.9 billion in February, compared with an increase of $4.9 billion in January. Proprietors' income increased $7.7 billion in February, compared with an increase of $8.0 billion in January. Farm proprietors' income increased $2.0 billion in February, compared with an increase $2.1 billion in January. Nonfarm proprietors' income increased $5.6 billion in February, compared with an increase of $5.9 billion in January. Rental income of persons increased $3.1 billion in February, compared with an increase of $2.7 billion in January. Personal income receipts on assets (personal interest income plus personal dividend income) increased $2.5 billion, in contrast to a decrease of $13.1 billion. Personal current transfer receipts increased $18.6 billion in February, compared with an increase of $29.9 billion in January. Medicaid benefits increased $11.4 billion in February and $19.3 billion in January, primarily due to expanded coverage under the Affordable Care Act (ACA). For additional information, see the FAQ “How will the Affordable Care Act affect BEA’s measure of personal income and outlays?” at www.bea.gov. These increases in current transfer receipts were partly offset by the impact of the expiration of the Emergency Unemployment Compensation program that reduced unemployment benefit payments $2.5 billion in February and $16.7 billion in January. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.0 billion in February, compared with an increase of $9.6 billion in January. The January estimate reflected increases in both employer and employee contributions for government social insurance. The January estimate of employee contributions for government social insurance was boosted $5.2 billion by increases in the social security taxable wage base (from $113,700 to $117,000), in the monthly premiums paid by participants in the supplementary medical insurance programs and other hospital insurance, and in contributions by the self-employed. The January estimate of employer contributions was boosted $1.7 billion by the increase in the social security taxable wage base. The total contribution of these factors to the January change in contributions for government social insurance was $6.9 billion. Personal current taxes and disposable personal income Personal current taxes increased $5.3 billion in February, compared with an increase of $1.2 billion in January. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $42.3 billion, or 0.3 percent, in February, compared with an increase of $40.3 billion, or 0.3 percent, in January. Personal outlays and savings Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $33.8 billion in February, compared with an increase of $23.1 billion in January. PCE increased $30.8 billion in February, compared with an increase of $20.0 billion in January. Personal saving -- DPI less personal outlays -- was $544.5 billion in February, compared with $535.9 billion in January. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.3 percent in February, compared with 4.2 percent in January. 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 0.3 percent in February, compared with an increase of 0.2 percent in January. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in February, compared with an increase of 0.1 percent in January. Purchases of durable goods increased 0.1 percent, in contrast to a decrease of 0.4 percent. Purchases of nondurable goods increased 0.3 percent, in contrast to a decrease of 0.9 percent. Purchases of services increased 0.2 percent, compared with an increase of 0.5 percent. An increase in health care services reflects an additional $13.0 billion in February and $20.0 billion in January for the estimated effect of the ACA on demand for these services. The preliminary monthly source data used to estimate health care services do not reflect the effects of the ACA. Information on Medicaid benefits and on ACA insurance exchange enrollments, as well as other related information was used to prepare the estimates of consumer spending on these services. The price index for PCE increased 0.1 percent in February, the same increase as in January. The PCE price index, excluding food and energy, increased 0.1 percent in February, the same increase as in January. 2013 Personal Income and Outlays Personal income increased 2.8 percent in 2013 (that is, from the 2012 annual level to the 2013 annual level), compared with an increase of 4.2 percent in 2012. DPI increased 1.9 percent, compared with an increase of 3.9 percent. PCE increased 3.2 percent, compared with an increase of 4.1 percent. Real DPI increased 0.7 percent in 2013, compared with an increase of 2.0 percent in 2012. Real PCE increased 2.0 percent, compared with an increase of 2.2 percent. Revisions Estimates have been revised for October 2013 through January 2014. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for December and January -- revised and as published in last month's release -- are shown below. Change from preceding month December January Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars -5.5 -9.9 0.0 -0.1 43.9 41.3 0.3 0.3 Disposable personal income: Current dollars -9.7 -13.2 -0.1 -0.1 45.2 40.3 0.4 0.3 Chained (2009) dollars -28.6 -32.0 -0.2 -0.3 29.9 24.4 0.3 0.2 Personal consumption expenditures: Current dollars 6.5 9.8 0.1 0.1 48.1 20.0 0.4 0.2 Chained (2009) dollars -12.1 -9.2 -0.1 -0.1 33.5 6.7 0.3 0.1 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 - May 1, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for March Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\r\ Jan 14\r\ Feb 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,155.3 14,229.9 14,290.7 14,282.1 14,319.7 14,309.8 14,351.1 14,398.8 Compensation of employees................ 8,846.0 8,895.8 8,923.1 8,940.1 8,986.3 8,978.4 9,001.7 9,019.5 Wages and salaries..................... 7,125.0 7,169.9 7,193.6 7,207.5 7,248.8 7,239.4 7,257.8 7,272.7 Private industries................... 5,938.8 5,981.2 5,996.6 6,009.8 6,049.4 6,038.2 6,055.4 6,068.4 Goods-producing industries......... 1,184.7 1,192.1 1,195.0 1,196.9 1,208.2 1,209.8 1,209.8 1,215.0 Manufacturing.................... 742.5 748.6 750.7 751.8 758.0 757.3 754.5 754.2 Services-producing industries...... 4,754.1 4,789.2 4,801.7 4,813.0 4,841.1 4,828.3 4,845.6 4,853.4 Trade, transportation, and utilities....................... 1,123.2 1,132.9 1,133.2 1,136.4 1,142.8 1,141.7 1,143.4 1,141.9 Other services-producing industries...................... 3,630.9 3,656.3 3,668.4 3,676.6 3,698.3 3,686.6 3,702.3 3,711.5 Government........................... 1,186.2 1,188.7 1,197.0 1,197.6 1,199.4 1,201.2 1,202.4 1,204.4 Supplements to wages and salaries...... 1,721.1 1,725.9 1,729.5 1,732.6 1,737.5 1,739.0 1,743.9 1,746.8 Employer contributions for employee pension and insurance funds\1\...... 1,190.8 1,193.1 1,195.2 1,197.4 1,199.9 1,202.1 1,204.1 1,206.3 Employer contributions for government social insurance.................... 530.2 532.8 534.3 535.2 537.6 536.9 539.8 540.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,341.3 1,358.6 1,382.1 1,363.5 1,358.8 1,353.1 1,361.1 1,368.8 Farm................................... 118.7 128.3 148.1 125.4 112.9 100.3 102.4 104.4 Nonfarm................................ 1,222.7 1,230.3 1,234.1 1,238.0 1,245.9 1,252.8 1,258.7 1,264.3 Rental income of persons with capital consumption adjustment.................. 592.5 596.0 601.2 602.5 603.2 603.9 606.6 609.7 Personal income receipts on assets....... 2,031.3 2,028.7 2,032.2 2,029.1 2,031.0 2,030.3 2,017.2 2,019.7 Personal interest income............... 1,235.2 1,234.2 1,233.1 1,237.1 1,241.1 1,245.1 1,241.2 1,237.3 Personal dividend income............... 796.0 794.6 799.0 792.0 789.9 785.2 776.0 782.4 Personal current transfer receipts....... 2,448.3 2,460.6 2,465.1 2,462.1 2,460.9 2,463.9 2,493.8 2,512.4 Government social benefits to persons.. 2,403.6 2,415.7 2,420.0 2,416.9 2,415.6 2,418.4 2,448.2 2,466.6 Social security\2\................... 799.1 803.9 804.1 803.5 809.7 813.4 821.1 821.9 Medicare\3\.......................... 593.0 596.6 599.8 597.5 596.9 596.8 599.4 601.1 Medicaid............................. 434.5 440.2 440.3 438.2 437.1 435.1 454.4 465.8 Unemployment insurance............... 64.7 62.4 59.6 60.3 58.8 61.5 45.7 42.1 Veterans' benefits................... 80.5 81.1 83.4 83.5 83.0 82.6 82.6 87.1 Other................................ 431.7 431.5 432.9 433.9 430.0 429.0 445.1 448.6 Other current transfer receipts, from business (net)........................ 44.7 44.9 45.0 45.2 45.3 45.5 45.7 45.8 Less: Contributions for government social insurance, domestic..................... 1,104.1 1,109.8 1,113.0 1,115.2 1,120.6 1,119.7 1,129.3 1,131.3 Less: Personal current taxes............... 1,659.0 1,656.7 1,657.2 1,668.1 1,682.9 1,686.1 1,687.3 1,692.6 Equals: Disposable personal income......... 12,496.4 12,573.2 12,633.6 12,614.0 12,636.8 12,623.6 12,663.9 12,706.2 Less: Personal outlays..................... 11,906.7 11,951.1 11,993.3 12,030.0 12,097.3 12,104.8 12,127.9 12,161.7 Personal consumption expenditures........ 11,498.8 11,538.4 11,575.8 11,612.5 11,682.1 11,691.9 11,711.9 11,742.7 Goods.................................. 3,900.5 3,912.8 3,925.1 3,923.4 3,940.6 3,926.9 3,897.3 3,902.5 Durable goods........................ 1,267.3 1,285.2 1,269.4 1,276.8 1,291.8 1,258.3 1,252.3 1,250.0 Nondurable goods..................... 2,633.1 2,627.7 2,655.7 2,646.6 2,648.7 2,668.6 2,645.0 2,652.4 Services............................... 7,598.3 7,625.6 7,650.7 7,689.1 7,741.5 7,765.0 7,814.6 7,840.2 Personal interest payments\4\............ 244.3 248.8 253.3 250.8 248.3 245.7 248.5 251.2 Personal current transfer payments....... 163.6 163.9 164.2 166.7 166.9 167.2 167.5 167.8 To government.......................... 90.4 90.7 91.0 91.3 91.6 91.9 92.2 92.4 To the rest of the world (net)......... 73.2 73.2 73.2 75.4 75.4 75.4 75.4 75.4 Equals: Personal saving.................... 589.6 622.1 640.2 584.0 539.5 518.8 535.9 544.5 Personal saving as a percentage of disposable personal income.............. 4.7 4.9 5.1 4.6 4.3 4.1 4.2 4.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,913.1 10,960.5 11,000.6 10,989.4 11,017.7 10,987.1 10,985.7 11,004.5 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,648.9 11,709.1 11,752.1 11,727.7 11,740.5 11,708.5 11,732.9 11,763.4 Per capita: Current dollars...................... 39,478 39,694 39,857 39,770 39,820 39,757 39,863 39,977 Chained (2009) dollars............... 36,801 36,966 37,076 36,976 36,995 36,875 36,933 37,010 Population (midperiod, thousands)\6\..... 316,537 316,753 316,972 317,171 317,351 317,520 317,682 317,842 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013\r\ III 12 IV 12 I 13 II 13 III 13 IV 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,743.8 14,135.3 13,701.6 14,073.1 13,925.9 14,086.2 14,225.3 14,303.8 Compensation of employees................ 8,611.6 8,860.1 8,591.0 8,787.4 8,748.3 8,835.5 8,888.3 8,968.3 Wages and salaries..................... 6,926.8 7,138.2 6,904.7 7,086.6 7,040.4 7,117.6 7,162.8 7,231.9 Private industries................... 5,729.4 5,943.2 5,709.7 5,887.2 5,844.5 5,923.6 5,972.2 6,032.5 Goods-producing industries......... 1,154.0 1,189.1 1,146.7 1,167.0 1,173.8 1,187.1 1,190.6 1,205.0 Manufacturing.................... 735.4 747.8 732.3 740.5 742.1 745.9 747.3 755.7 Services-producing industries...... 4,575.4 4,754.1 4,563.0 4,720.3 4,670.7 4,736.4 4,781.6 4,827.5 Trade, transportation, and utilities....................... 1,093.7 1,127.1 1,090.0 1,114.2 1,115.2 1,123.2 1,129.8 1,140.3 Other services-producing industries...................... 3,481.7 3,626.9 3,473.0 3,606.1 3,555.5 3,613.2 3,651.9 3,687.2 Government........................... 1,197.3 1,195.0 1,195.1 1,199.3 1,195.8 1,194.1 1,190.6 1,199.4 Supplements to wages and salaries...... 1,684.9 1,721.9 1,686.2 1,700.9 1,707.9 1,717.8 1,725.5 1,736.4 Employer contributions for employee pension and insurance funds\1\...... 1,170.6 1,190.6 1,174.1 1,176.8 1,182.1 1,187.6 1,193.0 1,199.8 Employer contributions for government social insurance.................... 514.3 531.3 512.2 524.0 525.8 530.2 532.4 536.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,224.9 1,348.8 1,220.0 1,247.5 1,334.6 1,341.5 1,360.7 1,358.5 Farm................................... 75.4 127.6 75.3 74.5 137.0 129.0 131.7 112.9 Nonfarm................................ 1,149.6 1,221.2 1,144.7 1,173.0 1,197.6 1,212.5 1,229.0 1,245.6 Rental income of persons with capital consumption adjustment.................. 541.2 590.6 546.7 555.4 574.9 587.7 596.6 603.2 Personal income receipts on assets....... 1,958.5 1,997.7 1,926.9 2,062.8 1,935.8 1,994.0 2,030.7 2,030.1 Personal interest income............... 1,211.6 1,229.2 1,203.7 1,218.4 1,215.8 1,225.6 1,234.2 1,241.1 Personal dividend income............... 746.9 768.5 723.2 844.3 720.0 768.4 796.5 789.0 Personal current transfer receipts....... 2,358.3 2,444.3 2,364.4 2,388.0 2,426.0 2,430.9 2,458.0 2,462.3 Government social benefits to persons.. 2,316.8 2,399.7 2,323.8 2,347.9 2,382.0 2,386.5 2,413.1 2,417.0 Social security\2\................... 762.2 799.0 764.8 770.2 789.8 794.9 802.4 808.9 Medicare\3\.......................... 560.8 592.3 564.0 577.2 589.3 586.3 596.5 597.1 Medicaid............................. 417.1 431.2 421.5 425.1 423.7 426.1 438.4 436.8 Unemployment insurance............... 84.2 66.2 78.7 75.3 73.9 68.5 62.2 60.2 Veterans' benefits................... 70.2 80.4 71.3 73.3 76.8 80.0 81.6 83.0 Other................................ 422.5 430.6 423.5 426.8 428.6 430.8 432.0 431.0 Other current transfer receipts, from business (net)........................ 41.4 44.6 40.6 40.1 44.0 44.4 44.9 45.3 Less: Contributions for government social insurance, domestic..................... 950.7 1,106.1 947.4 967.9 1,093.7 1,103.3 1,109.0 1,118.5 Less: Personal current taxes............... 1,498.0 1,658.6 1,496.4 1,552.8 1,629.0 1,668.8 1,657.6 1,679.0 Equals: Disposable personal income......... 12,245.8 12,476.7 12,205.1 12,520.4 12,296.9 12,417.4 12,567.7 12,624.8 Less: Personal outlays..................... 11,558.4 11,914.9 11,601.0 11,696.2 11,794.9 11,837.0 11,950.4 12,077.4 Personal consumption expenditures........ 11,149.6 11,501.5 11,193.6 11,285.5 11,379.2 11,427.1 11,537.7 11,662.2 Goods.................................. 3,769.7 3,885.9 3,784.9 3,826.1 3,851.8 3,848.5 3,912.8 3,930.3 Durable goods........................ 1,202.7 1,263.0 1,206.5 1,230.7 1,244.8 1,257.5 1,274.0 1,275.7 Nondurable goods..................... 2,567.0 2,622.9 2,578.4 2,595.4 2,607.0 2,591.0 2,638.8 2,654.7 Services............................... 7,379.9 7,615.7 7,408.7 7,459.4 7,527.4 7,578.6 7,624.8 7,731.9 Personal interest payments\4\............ 248.4 247.9 250.7 247.3 250.4 244.3 248.8 248.3 Personal current transfer payments....... 160.4 165.4 156.7 163.4 165.3 165.6 163.9 166.9 To government.......................... 88.5 90.4 88.8 89.0 89.4 89.9 90.7 91.6 To the rest of the world (net)......... 71.9 75.0 67.9 74.4 75.9 75.7 73.2 75.4 Equals: Personal saving.................... 687.4 561.8 604.1 824.1 502.0 580.4 617.3 547.4 Personal saving as a percentage of disposable personal income.............. 5.6 4.5 4.9 6.6 4.1 4.7 4.9 4.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,740.1 10,904.6 10,676.2 10,959.6 10,756.9 10,905.4 10,958.1 10,998.1 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,551.6 11,637.4 11,493.6 11,743.0 11,502.4 11,618.5 11,703.4 11,725.6 Per capita: Current dollars...................... 38,969 39,425 38,804 39,731 38,961 39,278 39,677 39,782 Chained (2009) dollars............... 36,760 36,773 36,542 37,265 36,444 36,751 36,948 36,949 Population (midperiod, thousands)\6\..... 314,246 316,465 314,532 315,125 315,620 316,140 316,754 317,347 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\r\ Jan 14\r\ Feb 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 16.9 74.6 60.8 -8.6 37.6 -9.9 41.3 47.7 Compensation of employees................ -26.9 49.8 27.3 17.0 46.2 -7.9 23.3 17.8 Wages and salaries..................... -26.4 44.9 23.7 13.9 41.3 -9.4 18.4 14.9 Private industries................... -19.5 42.4 15.4 13.2 39.6 -11.2 17.2 13.0 Goods-producing industries......... -9.7 7.4 2.9 1.9 11.3 1.6 .0 5.2 Manufacturing.................... -6.7 6.1 2.1 1.1 6.2 -.7 -2.8 -.3 Services-producing industries...... -9.8 35.1 12.5 11.3 28.1 -12.8 17.3 7.8 Trade, transportation, and utilities....................... -3.3 9.7 .3 3.2 6.4 -1.1 1.7 -1.5 Other services-producing industries...................... -6.5 25.4 12.1 8.2 21.7 -11.7 15.7 9.2 Government........................... -6.9 2.5 8.3 .6 1.8 1.8 1.2 2.0 Supplements to wages and salaries...... -.3 4.8 3.6 3.1 4.9 1.5 4.9 2.9 Employer contributions for employee pension and insurance funds\1\...... 1.6 2.3 2.1 2.2 2.5 2.2 2.0 2.2 Employer contributions for government social insurance.................... -2.0 2.6 1.5 .9 2.4 -.7 2.9 .6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 15.5 17.3 23.5 -18.6 -4.7 -5.7 8.0 7.7 Farm................................... 9.7 9.6 19.8 -22.7 -12.5 -12.6 2.1 2.0 Nonfarm................................ 5.9 7.6 3.8 3.9 7.9 6.9 5.9 5.6 Rental income of persons with capital consumption adjustment.................. 2.3 3.5 5.2 1.3 .7 .7 2.7 3.1 Personal income receipts on assets....... 16.1 -2.6 3.5 -3.1 1.9 -.7 -13.1 2.5 Personal interest income............... -1.1 -1.0 -1.1 4.0 4.0 4.0 -3.9 -3.9 Personal dividend income............... 17.0 -1.4 4.4 -7.0 -2.1 -4.7 -9.2 6.4 Personal current transfer receipts....... 6.5 12.3 4.5 -3.0 -1.2 3.0 29.9 18.6 Government social benefits to persons.. 6.4 12.1 4.3 -3.1 -1.3 2.8 29.8 18.4 Social security\2\................... -2.3 4.8 .2 -.6 6.2 3.7 7.7 .8 Medicare\3\.......................... 3.6 3.6 3.2 -2.3 -.6 -.1 2.6 1.7 Medicaid............................. 7.6 5.7 .1 -2.1 -1.1 -2.0 19.3 11.4 Unemployment insurance............... -1.9 -2.3 -2.8 .7 -1.5 2.7 -15.8 -3.6 Veterans' benefits................... -1.1 .6 2.3 .1 -.5 -.4 .0 4.5 Other................................ .4 -.2 1.4 1.0 -3.9 -1.0 16.1 3.5 Other current transfer receipts, from business (net)........................ .2 .2 .1 .2 .1 .2 .2 .1 Less: Contributions for government social insurance, domestic..................... -3.4 5.7 3.2 2.2 5.4 -.9 9.6 2.0 Less: Personal current taxes............... -22.4 -2.3 .5 10.9 14.8 3.2 1.2 5.3 Equals: Disposable personal income......... 39.4 76.8 60.4 -19.6 22.8 -13.2 40.3 42.3 Less: Personal outlays..................... 25.1 44.4 42.2 36.7 67.3 7.5 23.1 33.8 Personal consumption expenditures........ 22.8 39.6 37.4 36.7 69.6 9.8 20.0 30.8 Goods.................................. 20.2 12.3 12.3 -1.7 17.2 -13.7 -29.6 5.2 Durable goods........................ -.1 17.9 -15.8 7.4 15.0 -33.5 -6.0 -2.3 Nondurable goods..................... 20.2 -5.4 28.0 -9.1 2.1 19.9 -23.6 7.4 Services............................... 2.6 27.3 25.1 38.4 52.4 23.5 49.6 25.6 Personal interest payments\4\............ 4.5 4.5 4.5 -2.5 -2.5 -2.6 2.8 2.7 Personal current transfer payments....... -2.2 .3 .3 2.5 .2 .3 .3 .3 To government.......................... .3 .3 .3 .3 .3 .3 .3 .2 To the rest of the world (net)......... -2.5 .0 .0 2.2 .0 .0 .0 .0 Equals: Personal saving.................... 14.2 32.5 18.1 -56.2 -44.5 -20.7 17.1 8.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... -.5 47.4 40.1 -11.2 28.3 -30.6 -1.4 18.8 Disposable personal income, billions of chained (2009) dollars\5\............ 25.9 60.2 43.0 -24.4 12.8 -32.0 24.4 30.5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013\r\ III 12 IV 12 I 13 II 13 III 13 IV 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 552.5 391.5 49.8 371.5 -147.2 160.3 139.1 78.5 Compensation of employees................ 333.1 248.5 37.2 196.4 -39.1 87.2 52.8 80.0 Wages and salaries..................... 288.1 211.4 31.2 181.9 -46.2 77.2 45.2 69.1 Private industries................... 285.1 213.8 31.7 177.5 -42.7 79.1 48.6 60.3 Goods-producing industries......... 51.9 35.1 -6.5 20.3 6.8 13.3 3.5 14.4 Manufacturing.................... 28.3 12.4 -3.4 8.2 1.6 3.8 1.4 8.4 Services-producing industries...... 233.2 178.7 38.2 157.3 -49.6 65.7 45.2 45.9 Trade, transportation, and utilities....................... 47.5 33.4 6.2 24.2 1.0 8.0 6.6 10.5 Other services-producing industries...................... 185.7 145.2 32.0 133.1 -50.6 57.7 38.7 35.3 Government........................... 2.9 -2.3 -.4 4.2 -3.5 -1.7 -3.5 8.8 Supplements to wages and salaries...... 45.1 37.0 5.9 14.7 7.0 9.9 7.7 10.9 Employer contributions for employee pension and insurance funds\1\...... 25.2 20.0 5.0 2.7 5.3 5.5 5.4 6.8 Employer contributions for government social insurance.................... 19.9 17.0 1.0 11.8 1.8 4.4 2.2 4.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 69.8 123.9 2.2 27.5 87.1 6.9 19.2 -2.2 Farm................................... 2.8 52.2 -1.7 -.8 62.5 -8.0 2.7 -18.8 Nonfarm................................ 67.0 71.6 3.9 28.3 24.6 14.9 16.5 16.6 Rental income of persons with capital consumption adjustment.................. 56.8 49.4 8.9 8.7 19.5 12.8 8.9 6.6 Personal income receipts on assets....... 73.9 39.2 -8.4 135.9 -127.0 58.2 36.7 -.6 Personal interest income............... 7.5 17.6 -15.7 14.7 -2.6 9.8 8.6 6.9 Personal dividend income............... 66.4 21.6 7.3 121.1 -124.3 48.4 28.1 -7.5 Personal current transfer receipts....... 51.4 86.0 12.2 23.6 38.0 4.9 27.1 4.3 Government social benefits to persons.. 56.5 82.9 13.3 24.1 34.1 4.5 26.6 3.9 Social security\2\................... 48.9 36.8 4.4 5.4 19.6 5.1 7.5 6.5 Medicare\3\.......................... 23.8 31.5 9.8 13.2 12.1 -3.0 10.2 .6 Medicaid............................. 11.6 14.1 .6 3.6 -1.4 2.4 12.3 -1.6 Unemployment insurance............... -23.4 -18.0 -7.2 -3.4 -1.4 -5.4 -6.3 -2.0 Veterans' benefits................... 6.9 10.2 2.4 2.0 3.5 3.2 1.6 1.4 Other................................ -11.2 8.1 3.2 3.3 1.8 2.2 1.2 -1.0 Other current transfer receipts, from business (net)........................ -5.3 3.2 -1.1 -.5 3.9 .4 .5 .4 Less: Contributions for government social insurance, domestic..................... 32.5 155.4 2.3 20.5 125.8 9.6 5.7 9.5 Less: Personal current taxes............... 94.0 160.6 16.4 56.4 76.2 39.8 -11.2 21.4 Equals: Disposable personal income......... 458.4 230.9 33.2 315.3 -223.5 120.5 150.3 57.1 Less: Personal outlays..................... 439.3 356.5 93.1 95.2 98.7 42.1 113.4 127.0 Personal consumption expenditures........ 437.8 351.9 93.4 91.9 93.7 47.9 110.6 124.5 Goods.................................. 167.0 116.2 46.5 41.2 25.7 -3.3 64.3 17.5 Durable goods........................ 72.8 60.3 17.2 24.2 14.1 12.7 16.5 1.7 Nondurable goods..................... 94.2 55.9 29.2 17.0 11.6 -16.0 47.8 15.9 Services............................... 270.8 235.8 46.9 50.7 68.0 51.2 46.2 107.1 Personal interest payments\4\............ .4 -.5 3.7 -3.4 3.1 -6.1 4.5 -.5 Personal current transfer payments....... 1.0 5.0 -4.1 6.7 1.9 .3 -1.7 3.0 To government.......................... 3.2 1.9 .4 .2 .4 .5 .8 .9 To the rest of the world (net)......... -2.2 3.1 -4.5 6.5 1.5 -.2 -2.5 2.2 Equals: Personal saving.................... 19.2 -125.6 -59.8 220.0 -322.1 78.4 36.9 -69.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 283.0 164.5 -9.3 283.4 -202.7 148.5 52.7 40.0 Disposable personal income, billions of chained (2009) dollars\5\............ 227.0 85.8 -16.6 249.4 -240.6 116.1 84.9 22.2 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\r\ Jan 14\r\ Feb 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .1 .5 .4 -.1 .3 -.1 .3 .3 Compensation of employees................ -.3 .6 .3 .2 .5 -.1 .3 .2 Wages and salaries..................... -.4 .6 .3 .2 .6 -.1 .3 .2 Supplements to wages and salaries...... .0 .3 .2 .2 .3 .1 .3 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.2 1.3 1.7 -1.4 -.3 -.4 .6 .6 Rental income of persons with capital consumption adjustment.................. .4 .6 .9 .2 .1 .1 .4 .5 Personal income receipts on assets....... .8 -.1 .2 -.2 .1 .0 -.6 .1 Personal interest income............... -.1 -.1 -.1 .3 .3 .3 -.3 -.3 Personal dividend income............... 2.2 -.2 .6 -.9 -.3 -.6 -1.2 .8 Personal current transfer receipts....... .3 .5 .2 -.1 .0 .1 1.2 .7 Less: Contributions for government social insurance, domestic..................... -.3 .5 .3 .2 .5 -.1 .9 .2 Less: Personal current taxes............... -1.3 -.1 .0 .7 .9 .2 .1 .3 Equals: Disposable personal income......... .3 .6 .5 -.2 .2 -.1 .3 .3 Addenda: Personal consumption expenditures........ .2 .3 .3 .3 .6 .1 .2 .3 Goods.................................. .5 .3 .3 .0 .4 -.3 -.8 .1 Durable goods........................ .0 1.4 -1.2 .6 1.2 -2.6 -.5 -.2 Nondurable goods..................... .8 -.2 1.1 -.3 .1 .7 -.9 .3 Services............................... .0 .4 .3 .5 .7 .3 .6 .3 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .0 .4 .4 -.1 .3 -.3 .0 .2 Real disposable personal income.......... .2 .5 .4 -.2 .1 -.3 .2 .3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013\r\ III 12 IV 12 I 13 II 13 III 13 IV 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 4.2 2.8 1.5 11.3 -4.1 4.7 4.0 2.2 Compensation of employees................ 4.0 2.9 1.7 9.5 -1.8 4.0 2.4 3.6 Wages and salaries..................... 4.3 3.1 1.8 11.0 -2.6 4.5 2.6 3.9 Supplements to wages and salaries...... 2.7 2.2 1.4 3.5 1.7 2.3 1.8 2.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 6.0 10.1 .7 9.3 31.0 2.1 5.9 -.7 Rental income of persons with capital consumption adjustment.................. 11.7 9.1 6.8 6.5 14.8 9.2 6.2 4.5 Personal income receipts on assets....... 3.9 2.0 -1.7 31.3 -22.4 12.6 7.6 -.1 Personal interest income............... .6 1.4 -5.1 5.0 -.9 3.3 2.8 2.3 Personal dividend income............... 9.8 2.9 4.1 85.8 -47.1 29.7 15.5 -3.7 Personal current transfer receipts....... 2.2 3.6 2.1 4.0 6.5 .8 4.5 .7 Less: Contributions for government social insurance, domestic..................... 3.5 16.3 1.0 8.9 63.0 3.5 2.1 3.5 Less: Personal current taxes............... 6.7 10.7 4.5 15.9 21.1 10.1 -2.7 5.3 Equals: Disposable personal income......... 3.9 1.9 1.1 10.7 -7.0 4.0 4.9 1.8 Addenda: Personal consumption expenditures........ 4.1 3.2 3.4 3.3 3.4 1.7 3.9 4.4 Goods.................................. 4.6 3.1 5.1 4.4 2.7 -.3 6.9 1.8 Durable goods........................ 6.4 5.0 5.9 8.3 4.7 4.1 5.4 .5 Nondurable goods..................... 3.8 2.2 4.7 2.7 1.8 -2.4 7.6 2.4 Services............................... 3.8 3.2 2.6 2.8 3.7 2.8 2.5 5.7 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 2.7 1.5 -.3 11.0 -7.2 5.6 1.9 1.5 Real disposable personal income.......... 2.0 .7 -.6 9.0 -7.9 4.1 3.0 .8 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\r\ Jan 14\r\ Feb 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,718.9 10,745.4 10,768.2 10,796.5 10,853.5 10,844.3 10,851.0 10,871.4 Goods.................................... 3,669.1 3,679.2 3,691.8 3,696.7 3,719.4 3,702.4 3,675.6 3,683.5 Durable goods.......................... 1,338.7 1,361.7 1,345.4 1,355.1 1,374.5 1,343.7 1,338.8 1,339.6 Nondurable goods....................... 2,346.6 2,336.8 2,362.3 2,358.8 2,364.0 2,373.7 2,352.6 2,359.4 Services................................. 7,049.3 7,065.6 7,076.0 7,099.4 7,133.7 7,141.2 7,173.9 7,186.3 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 11.2 26.5 22.8 28.3 57.0 -9.2 6.7 20.4 Goods.................................... 15.5 10.1 12.6 4.9 22.7 -17.0 -26.8 7.9 Durable goods.......................... 4.5 23.0 -16.3 9.7 19.4 -30.8 -4.9 .8 Nondurable goods....................... 11.0 -9.8 25.5 -3.5 5.2 9.7 -21.1 6.8 Services................................. -4.0 16.3 10.4 23.4 34.3 7.5 32.7 12.4 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .1 .2 .2 .3 .5 -.1 .1 .2 Goods.................................... .4 .3 .3 .1 .6 -.5 -.7 .2 Durable goods.......................... .3 1.7 -1.2 .7 1.4 -2.2 -.4 .1 Nondurable goods....................... .5 -.4 1.1 -.1 .2 .4 -.9 .3 Services................................. -.1 .2 .1 .3 .5 .1 .5 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013\r\ III 12 IV 12 I 13 II 13 III 13 IV 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,517.6 10,727.9 10,541.0 10,584.8 10,644.0 10,691.9 10,744.2 10,831.5 Goods.................................... 3,534.1 3,659.4 3,546.7 3,579.2 3,611.9 3,639.6 3,680.0 3,706.1 Durable goods.......................... 1,246.7 1,333.3 1,253.4 1,285.2 1,303.5 1,323.2 1,348.6 1,357.8 Nondurable goods....................... 2,296.8 2,342.0 2,303.0 2,306.7 2,322.2 2,331.7 2,348.6 2,365.5 Services................................. 6,982.7 7,067.7 6,993.4 7,004.7 7,031.1 7,051.5 7,063.6 7,124.8 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 226.3 210.3 44.2 43.8 59.2 47.9 52.3 87.3 Goods.................................... 114.2 125.3 32.0 32.5 32.7 27.7 40.4 26.1 Durable goods.......................... 89.6 86.6 24.8 31.8 18.3 19.7 25.4 9.2 Nondurable goods....................... 30.8 45.2 9.1 3.7 15.5 9.5 16.9 16.9 Services................................. 111.6 85.0 12.0 11.3 26.4 20.4 12.1 61.2 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.2 2.0 1.7 1.7 2.3 1.8 2.0 3.3 Goods.................................... 3.3 3.5 3.7 3.7 3.7 3.1 4.5 2.9 Durable goods.......................... 7.7 6.9 8.3 10.5 5.8 6.2 7.9 2.8 Nondurable goods....................... 1.4 2.0 1.6 .6 2.7 1.6 2.9 2.9 Services................................. 1.6 1.2 .7 .6 1.5 1.2 .7 3.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\r\ Jan 14\r\ Feb 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 107.277 107.382 107.502 107.560 107.636 107.818 107.936 108.017 Goods.................................... 106.306 106.349 106.322 106.135 105.948 106.066 106.032 105.944 Durable goods.......................... 94.657 94.366 94.344 94.212 93.975 93.636 93.527 93.305 Nondurable goods....................... 112.214 112.451 112.420 112.203 112.046 112.425 112.434 112.423 Services................................. 107.790 107.926 108.123 108.308 108.522 108.737 108.933 109.101 Addenda: PCE excluding food and energy............ 105.970 106.084 106.177 106.305 106.427 106.514 106.620 106.716 Food\1\.................................. 107.860 108.084 107.965 107.988 107.937 108.041 108.017 108.307 Energy goods and services\2\............. 129.266 129.012 130.065 128.820 128.221 130.336 130.922 130.368 Market-based PCE\3\...................... 107.176 107.251 107.346 107.376 107.432 107.598 107.692 107.760 Market-based PCE excluding food and energy\3\........................... 105.655 105.736 105.797 105.902 106.007 106.062 106.138 106.222 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .1 .1 .1 .1 .2 .1 .1 Goods.................................... .1 .0 .0 -.2 -.2 .1 .0 -.1 Durable goods.......................... -.3 -.3 .0 -.1 -.3 -.4 -.1 -.2 Nondurable goods....................... .3 .2 .0 -.2 -.1 .3 .0 .0 Services................................. .1 .1 .2 .2 .2 .2 .2 .2 Addenda: PCE excluding food and energy............ .1 .1 .1 .1 .1 .1 .1 .1 Food\1\.................................. .1 .2 -.1 .0 .0 .1 .0 .3 Energy goods and services\2\............. .3 -.2 .8 -1.0 -.5 1.6 .4 -.4 Market-based PCE\3\...................... .1 .1 .1 .0 .1 .2 .1 .1 Market-based PCE excluding food and energy\3\........................... .1 .1 .1 .1 .1 .1 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- 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 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 ----------------------------------------------------------------------------------------------------------------------------------- Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\r\ Jan 14\r\ Feb 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.2 2.0 2.2 1.8 .6 -2.7 2.8 2.1 Personal consumption expenditures.......... 1.8 2.1 1.9 2.3 2.5 2.3 2.2 2.1 Goods.................................... 3.9 3.9 3.5 3.9 3.8 3.0 2.1 1.9 Durable goods.......................... 8.0 8.9 5.9 7.3 6.5 3.2 3.0 2.7 Nondurable goods....................... 2.0 1.6 2.4 2.3 2.5 2.9 1.6 1.5 Services................................. .7 1.2 1.1 1.4 1.8 1.9 2.3 2.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\r\ Jan 14\r\ Feb 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.3 1.1 .9 .8 1.0 1.2 1.2 .9 Goods.................................... .3 -.4 -1.0 -1.3 -.7 -.4 -.2 -1.1 Durable goods.......................... -1.8 -2.0 -1.8 -1.8 -1.9 -2.0 -2.2 -2.3 Nondurable goods....................... 1.3 .4 -.6 -1.0 -.2 .4 .7 -.5 Services................................. 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 Addenda: PCE excluding food and energy............ 1.1 1.2 1.2 1.1 1.2 1.2 1.1 1.1 Food\1\.................................. 1.2 1.2 1.2 1.0 .7 .6 .6 .7 Energy goods and services\2\............. 4.8 -.1 -3.3 -4.3 -1.3 1.2 3.5 -2.3 Market-based PCE\3\...................... 1.4 1.1 .8 .7 1.0 1.1 1.1 .7 Market-based PCE excluding food and energy\3\........................... 1.1 1.2 1.1 1.1 1.2 1.2 1.0 .9 ----------------------------------------------------------------------------------------------------------------------------------- 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 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.