EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, MARCH 30, 2015 BEA 15-14 Technical: James Rankin (202)606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov Media: Jeannine Aversa (202)606-2649 PERSONAL INCOME AND OUTLAYS: FEBRUARY 2015 Personal income increased $58.6 billion, or 0.4 percent, and disposable personal income (DPI) increased $54.2 billion, or 0.4 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $11.8 billion, or 0.1 percent. In January, personal income increased $61.8 billion, or 0.4 percent, DPI increased $61.5 billion, or 0.5 percent, and PCE decreased $28.5 billion, or 0.2 percent, based on revised estimates. Real DPI increased 0.2 percent in February, compared with an increase of 0.9 percent in January. Real PCE decreased 0.1 percent, in contrast to an increase of 0.2 percent. 2014 2015 Oct. Nov. Dec. Jan. Feb. (Percent change from preceding month) Personal income, current dollars 0.4 0.4 0.3 0.4 0.4 Disposable personal income: Current dollars 0.3 0.3 0.3 0.5 0.4 Chained (2009) dollars 0.2 0.5 0.5 0.9 0.2 Personal consumption expenditures: Current dollars 0.4 0.4 -0.2 -0.2 0.1 Chained (2009) dollars 0.4 0.5 0.1 0.2 -0.1 FOOTNOTE._________ NOTE. 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. __________________ Compensation Wages and salaries increased $23.9 billion in February, compared with an increase of $47.3 billion in January. Private wages and salaries increased $21.9 billion, compared with an increase of $44.2 billion. Government wages and salaries increased $2.1 billion, compared with an increase of $3.1 billion. Pay raises for federal civilian personnel added an additional $0.6 billion to the change in government payrolls in February; pay raises for federal civilian and military personnel added $2.2 billion to government payrolls in January. Supplements to wages and salaries increased $5.2 billion in February, compared with an increase of $8.4 billion in January. Other personal income Proprietors' income decreased $7.0 billion in February, compared with a decrease of $11.7 billion in January. Farm proprietors' income decreased $6.3 billion, compared with a decrease of $6.4 billion. Nonfarm proprietors' income decreased $0.7 billion, compared with a decrease of $5.3 billion. Rental income of persons increased $3.9 billion in February, compared with an increase of $1.8 billion in January. Personal income receipts on assets (personal interest income plus personal dividend income) increased $19.7 billion, in contrast to a decrease of $4.1 billion. Personal dividend income increased $25.3 billion, compared with an increase of $1.6 billion. Personal current transfer receipts increased $15.9 billion in February, compared with an increase of $28.7 billion in January. In January, a 1.7-percent cost-of-living adjustment to social security benefits and several other federal transfer payment programs added $16.7 billion. Also in January, other government social benefits was boosted $5.3 billion, primarily reflecting health insurance premium subsidies paid in the form of tax credits to enrollees of the Affordable Care Act exchanges. For additional information, see the FAQ on “How will the Affordable Care Act affect BEA’s measure of personal income and outlays?” at www.bea.gov. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.0 billion in February, compared with an increase of $8.5 billion in January. Personal current taxes and disposable personal income Personal current taxes increased $4.4 billion in February, compared with an increase of $0.3 billion in January. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $54.2 billion, or 0.4 percent, in February, compared with an increase of $61.5 billion, or 0.5 percent, in January. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $14.2 billion in February, in contrast to a decrease of $25.4 billion in January. PCE increased $11.8 billion, in contrast to a decrease of $28.5 billion. Personal saving -- DPI less personal outlays -- was $768.6 billion in February, compared with $728.7 billion in January. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.8 percent in February, compared with 5.5 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 0.2 percent in February, compared with an increase of 0.9 percent in January. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in February, in contrast to an increase of 0.2 percent in January. Purchases of durable goods decreased 1.1 percent, in contrast to an increase of 0.7 percent. Purchases of motor vehicles and parts accounted for most of the decrease in February. Purchases of nondurable goods increased less than 0.1 percent in February, in contrast to a decrease of 0.1 percent in January. Purchases of services increased 0.1 percent, compared with an increase of 0.2 percent. The price index for PCE increased 0.2 percent in February, in contrast to a decrease of 0.4 percent in January. The PCE price index, excluding food and energy, increased 0.1 percent in February, the same increase as in January. The February price index for PCE increased 0.3 percent from February a year ago.  The February PCE price index, excluding food and energy, increased 1.4 percent from February a year ago. 2014 Personal Income and Outlays Personal income increased 4.0 percent in 2014 (that is, from the 2013 annual level to the 2014 annual level), compared with an increase of 2.0 percent in 2013. DPI increased 3.8 percent, compared with an increase of 1.0 percent. PCE increased 3.9 percent, compared with an increase of 3.6 percent. Real DPI increased 2.5 percent in 2014, in contrast to a decrease of 0.2 percent in 2013. Real PCE increased 2.5 percent, compared with an increase of 2.4 percent. Revisions Estimates have been revised for October 2014 through January 2015. 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 45.3 48.9 0.3 0.3 50.8 61.8 0.3 0.4 Disposable personal income: Current dollars 37.3 40.3 0.3 0.3 52.6 61.5 0.4 0.5 Chained (2009) dollars 62.1 65.3 0.5 0.5 103.4 109.8 0.9 0.9 Personal consumption expenditures: Current dollars -35.7 -20.2 -0.3 -0.2 -18.9 -28.5 -0.2 -0.2 Chained (2009) dollars -7.3 7.5 -0.1 0.1 32.9 22.3 0.3 0.2 BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API. (www.bea.gov/API/signup/index.cfm). BEA's news release schedule is available at www.bea.gov/newsreleases/2015rd.htm. * * * Next release – April 30, 2015 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 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\r\ Jan 15\r\ Feb 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,762.7 14,821.0 14,850.0 14,902.1 14,961.6 15,010.5 15,072.3 15,130.9 Compensation of employees................ 9,214.5 9,271.2 9,296.3 9,322.9 9,386.7 9,400.0 9,455.7 9,484.8 Wages and salaries..................... 7,438.4 7,488.7 7,509.5 7,532.0 7,589.3 7,599.0 7,646.3 7,670.2 Private industries................... 6,215.6 6,264.3 6,282.7 6,304.2 6,359.7 6,367.8 6,412.0 6,433.9 Goods-producing industries......... 1,262.6 1,270.6 1,273.5 1,280.2 1,289.6 1,285.5 1,294.7 1,295.5 Manufacturing.................... 775.2 779.6 781.1 784.9 789.5 786.4 791.9 792.3 Services-producing industries...... 4,953.0 4,993.7 5,009.2 5,024.0 5,070.1 5,082.3 5,117.3 5,138.3 Trade, transportation, and utilities....................... 1,169.4 1,178.9 1,180.1 1,183.6 1,194.5 1,199.0 1,206.6 1,213.4 Other services-producing industries...................... 3,783.7 3,814.8 3,829.1 3,840.4 3,875.5 3,883.3 3,910.8 3,924.9 Government........................... 1,222.7 1,224.5 1,226.8 1,227.9 1,229.6 1,231.2 1,234.3 1,236.4 Supplements to wages and salaries...... 1,776.1 1,782.4 1,786.8 1,790.8 1,797.5 1,801.0 1,809.4 1,814.6 Employer contributions for employee pension and insurance funds\1\...... 1,227.6 1,230.5 1,233.5 1,236.5 1,239.4 1,242.4 1,246.5 1,250.2 Employer contributions for government social insurance.................... 548.6 551.9 553.3 554.4 558.1 558.6 563.0 564.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,393.7 1,383.3 1,382.3 1,400.7 1,396.2 1,410.5 1,398.8 1,391.8 Farm................................... 72.0 62.2 52.3 56.5 60.7 65.0 58.6 52.3 Nonfarm................................ 1,321.6 1,321.1 1,330.0 1,344.2 1,335.5 1,345.5 1,340.2 1,339.5 Rental income of persons with capital consumption adjustment.................. 642.0 647.2 650.8 653.2 655.1 659.6 661.4 665.3 Personal income receipts on assets....... 2,139.2 2,137.8 2,137.8 2,141.2 2,146.3 2,149.1 2,145.0 2,164.7 Personal interest income............... 1,270.7 1,266.5 1,262.3 1,261.1 1,259.9 1,258.8 1,253.1 1,247.4 Personal dividend income............... 868.5 871.3 875.5 880.0 886.3 890.4 892.0 917.3 Personal current transfer receipts....... 2,533.9 2,549.0 2,553.1 2,557.2 2,557.9 2,572.9 2,601.6 2,617.5 Government social benefits to persons.. 2,489.6 2,504.5 2,508.3 2,512.1 2,512.5 2,527.3 2,556.0 2,571.7 Social security\2\................... 833.8 838.2 839.3 839.7 841.9 850.3 861.2 860.9 Medicare\3\.......................... 588.4 590.9 593.2 591.1 590.3 593.3 595.6 599.2 Medicaid............................. 496.6 504.5 504.9 506.5 504.9 507.2 515.5 523.4 Unemployment insurance............... 35.6 35.6 34.2 34.0 34.0 34.1 33.9 34.0 Veterans' benefits................... 85.2 84.4 84.2 86.2 86.7 87.4 88.5 89.3 Other................................ 450.0 450.9 452.5 454.6 454.8 455.0 461.2 465.0 Other current transfer receipts, from business (net)........................ 44.3 44.5 44.8 45.1 45.3 45.6 45.6 45.9 Less: Contributions for government social insurance, domestic..................... 1,160.6 1,167.5 1,170.3 1,173.0 1,180.5 1,181.7 1,190.2 1,193.2 Less: Personal current taxes............... 1,734.1 1,752.6 1,763.5 1,778.9 1,797.8 1,806.4 1,806.7 1,811.1 Equals: Disposable personal income......... 13,028.6 13,068.4 13,086.5 13,123.2 13,163.8 13,204.1 13,265.6 13,319.8 Less: Personal outlays..................... 12,370.6 12,448.0 12,480.5 12,536.3 12,582.3 12,562.3 12,536.9 12,551.1 Personal consumption expenditures........ 11,944.4 12,017.0 12,044.6 12,096.4 12,142.2 12,122.0 12,093.5 12,105.3 Goods.................................. 3,998.0 4,025.4 4,011.2 4,018.7 4,026.9 3,978.4 3,917.5 3,913.7 Durable goods........................ 1,305.7 1,333.6 1,321.4 1,321.9 1,342.1 1,323.0 1,328.2 1,314.5 Nondurable goods..................... 2,692.3 2,691.8 2,689.8 2,696.7 2,684.7 2,655.4 2,589.2 2,599.3 Services............................... 7,946.4 7,991.6 8,033.4 8,077.8 8,115.4 8,143.7 8,176.0 8,191.5 Personal interest payments\4\............ 256.3 260.9 265.4 265.3 265.2 265.1 267.0 269.0 Personal current transfer payments....... 169.9 170.2 170.5 174.5 174.9 175.2 176.4 176.9 To government.......................... 94.9 95.3 95.6 95.9 96.2 96.6 97.7 98.3 To the rest of the world (net)......... 74.9 74.9 74.9 78.6 78.6 78.6 78.6 78.6 Equals: Personal saving.................... 658.1 620.4 606.0 586.9 581.5 641.8 728.7 768.6 Personal saving as a percentage of disposable personal income.............. 5.1 4.7 4.6 4.5 4.4 4.9 5.5 5.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 11,206.5 11,251.5 11,266.3 11,305.0 11,376.9 11,434.6 11,515.2 11,534.7 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,939.4 11,981.7 11,989.8 12,017.7 12,074.0 12,139.3 12,249.1 12,278.1 Per capita: Current dollars...................... 40,811 40,906 40,934 41,022 41,123 41,226 41,397 41,544 Chained (2009) dollars............... 37,399 37,505 37,504 37,566 37,719 37,902 38,225 38,295 Population (midperiod, thousands)\6\..... 319,243 319,471 319,696 319,909 320,107 320,284 320,450 320,621 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014\r\ III 13 IV 13 I 14 II 14 III 14 IV 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,166.9 14,728.6 14,247.4 14,311.7 14,484.7 14,660.5 14,811.2 14,958.1 Compensation of employees................ 8,844.8 9,221.6 8,871.6 8,946.8 9,096.2 9,159.5 9,260.7 9,369.9 Wages and salaries..................... 7,124.7 7,446.0 7,145.3 7,208.5 7,339.8 7,391.7 7,478.9 7,573.4 Private industries................... 5,916.6 6,223.9 5,939.7 5,998.5 6,125.3 6,172.1 6,254.2 6,343.9 Goods-producing industries......... 1,195.3 1,261.6 1,196.8 1,210.6 1,238.0 1,254.5 1,268.9 1,285.1 Manufacturing.................... 747.6 777.2 747.2 754.1 769.5 773.7 778.6 786.9 Services-producing industries...... 4,721.3 4,962.2 4,742.9 4,787.9 4,887.3 4,917.5 4,985.3 5,058.8 Trade, transportation, and utilities....................... 1,121.3 1,172.1 1,122.7 1,134.9 1,154.9 1,165.0 1,176.1 1,192.4 Other services-producing industries...................... 3,600.0 3,790.1 3,620.2 3,653.0 3,732.4 3,752.6 3,809.2 3,866.4 Government........................... 1,208.1 1,222.1 1,205.6 1,210.0 1,214.5 1,219.7 1,224.7 1,229.6 Supplements to wages and salaries...... 1,720.1 1,775.6 1,726.2 1,738.3 1,756.4 1,767.8 1,781.8 1,796.4 Employer contributions for employee pension and insurance funds\1\...... 1,193.9 1,226.4 1,198.8 1,206.8 1,213.6 1,222.0 1,230.5 1,239.4 Employer contributions for government social insurance.................... 526.1 549.2 527.5 531.5 542.8 545.7 551.3 557.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,336.6 1,380.2 1,345.9 1,342.7 1,351.0 1,381.0 1,386.4 1,402.5 Farm................................... 83.2 63.6 86.8 70.1 58.1 73.4 62.2 60.7 Nonfarm................................ 1,253.5 1,316.6 1,259.2 1,272.6 1,292.9 1,307.6 1,324.2 1,341.7 Rental income of persons with capital consumption adjustment.................. 595.8 640.2 604.2 613.3 622.9 635.4 646.7 656.0 Personal income receipts on assets....... 2,079.7 2,125.3 2,106.9 2,094.2 2,090.4 2,127.0 2,138.3 2,145.5 Personal interest income............... 1,255.2 1,264.7 1,258.5 1,263.2 1,262.4 1,270.0 1,266.5 1,259.9 Personal dividend income............... 824.5 860.6 848.4 831.0 828.0 857.0 871.8 885.6 Personal current transfer receipts....... 2,414.5 2,522.7 2,426.6 2,432.3 2,470.9 2,511.8 2,545.3 2,562.7 Government social benefits to persons.. 2,372.2 2,478.5 2,384.0 2,389.7 2,427.8 2,468.0 2,500.8 2,517.3 Social security\2\................... 799.0 834.6 802.5 808.9 824.5 833.0 837.1 844.0 Medicare\3\.......................... 572.4 587.8 573.0 577.3 582.6 586.2 590.8 591.6 Medicaid............................. 441.1 489.6 450.0 448.7 467.6 482.5 502.0 506.2 Unemployment insurance............... 62.2 36.9 59.3 56.1 41.4 37.2 35.1 34.0 Veterans' benefits................... 79.0 84.5 80.1 81.6 83.4 83.4 84.6 86.8 Other................................ 418.5 445.0 419.1 417.1 428.4 445.7 451.2 454.8 Other current transfer receipts, from business (net)........................ 42.3 44.2 42.5 42.6 43.1 43.8 44.5 45.3 Less: Contributions for government social insurance, domestic..................... 1,104.5 1,161.3 1,107.8 1,117.5 1,146.6 1,154.2 1,166.1 1,178.4 Less: Personal current taxes............... 1,661.8 1,742.9 1,661.5 1,688.1 1,711.8 1,715.3 1,750.1 1,794.4 Equals: Disposable personal income......... 12,505.1 12,985.8 12,585.8 12,623.7 12,772.9 12,945.2 13,061.2 13,163.7 Less: Personal outlays..................... 11,897.1 12,357.5 11,933.1 12,070.8 12,146.9 12,289.6 12,433.0 12,560.3 Personal consumption expenditures........ 11,484.3 11,930.3 11,518.7 11,653.3 11,728.5 11,870.7 12,002.0 12,120.2 Goods.................................. 3,851.2 3,968.7 3,865.3 3,886.1 3,890.6 3,964.5 4,011.5 4,008.0 Durable goods........................ 1,249.3 1,302.5 1,252.4 1,261.5 1,262.3 1,298.4 1,320.2 1,329.0 Nondurable goods..................... 2,601.9 2,666.2 2,612.9 2,624.6 2,628.4 2,666.1 2,691.3 2,679.0 Services............................... 7,633.2 7,961.7 7,653.4 7,767.2 7,837.8 7,906.2 7,990.4 8,112.3 Personal interest payments\4\............ 247.1 256.8 250.8 250.8 249.8 251.3 260.9 265.2 Personal current transfer payments....... 165.6 170.3 163.6 166.7 168.6 167.5 170.2 174.9 To government.......................... 91.4 94.8 91.5 92.2 93.3 94.3 95.3 96.2 To the rest of the world (net)......... 74.3 75.6 72.2 74.5 75.4 73.3 74.9 78.6 Equals: Personal saving.................... 608.1 628.3 652.8 552.9 626.1 655.6 628.1 603.4 Personal saving as a percentage of disposable personal income.............. 4.9 4.8 5.2 4.4 4.9 5.1 4.8 4.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,949.5 11,222.4 10,994.3 11,021.2 11,108.2 11,168.1 11,241.5 11,372.1 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,650.8 11,939.4 11,705.9 11,711.7 11,810.1 11,900.4 11,970.3 12,077.0 Per capita: Current dollars...................... 39,468 40,686 39,686 39,726 40,130 40,602 40,884 41,124 Chained (2009) dollars............... 36,772 37,407 36,911 36,856 37,105 37,325 37,469 37,729 Population (midperiod, thousands)\6\..... 316,839 319,173 317,136 317,765 318,288 318,833 319,470 320,100 ----------------------------------------------------------------------------------------------------------------------------------- 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 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\r\ Jan 15\r\ Feb 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 45.9 58.3 29.0 52.1 59.5 48.9 61.8 58.6 Compensation of employees................ 39.9 56.7 25.1 26.6 63.8 13.3 55.7 29.1 Wages and salaries..................... 34.9 50.3 20.8 22.5 57.3 9.7 47.3 23.9 Private industries................... 32.9 48.7 18.4 21.5 55.5 8.1 44.2 21.9 Goods-producing industries......... .8 8.0 2.9 6.7 9.4 -4.1 9.2 .8 Manufacturing.................... -1.4 4.4 1.5 3.8 4.6 -3.1 5.5 .4 Services-producing industries...... 32.1 40.7 15.5 14.8 46.1 12.2 35.0 21.0 Trade, transportation, and utilities....................... 6.5 9.5 1.2 3.5 10.9 4.5 7.6 6.8 Other services-producing industries...................... 25.7 31.1 14.3 11.3 35.1 7.8 27.5 14.1 Government........................... 1.9 1.8 2.3 1.1 1.7 1.6 3.1 2.1 Supplements to wages and salaries...... 5.0 6.3 4.4 4.0 6.7 3.5 8.4 5.2 Employer contributions for employee pension and insurance funds\1\...... 2.9 2.9 3.0 3.0 2.9 3.0 4.1 3.7 Employer contributions for government social insurance.................... 2.2 3.3 1.4 1.1 3.7 .5 4.4 1.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. -.3 -10.4 -1.0 18.4 -4.5 14.3 -11.7 -7.0 Farm................................... -9.9 -9.8 -9.9 4.2 4.2 4.3 -6.4 -6.3 Nonfarm................................ 9.4 -.5 8.9 14.2 -8.7 10.0 -5.3 -.7 Rental income of persons with capital consumption adjustment.................. 3.3 5.2 3.6 2.4 1.9 4.5 1.8 3.9 Personal income receipts on assets....... -.3 -1.4 .0 3.4 5.1 2.8 -4.1 19.7 Personal interest income............... -4.2 -4.2 -4.2 -1.2 -1.2 -1.1 -5.7 -5.7 Personal dividend income............... 3.9 2.8 4.2 4.5 6.3 4.1 1.6 25.3 Personal current transfer receipts....... 8.0 15.1 4.1 4.1 .7 15.0 28.7 15.9 Government social benefits to persons.. 7.7 14.9 3.8 3.8 .4 14.8 28.7 15.7 Social security\2\................... -1.2 4.4 1.1 .4 2.2 8.4 10.9 -.3 Medicare\3\.......................... .9 2.5 2.3 -2.1 -.8 3.0 2.3 3.6 Medicaid............................. 7.6 7.9 .4 1.6 -1.6 2.3 8.3 7.9 Unemployment insurance............... -1.2 .0 -1.4 -.2 .0 .1 -.2 .1 Veterans' benefits................... 1.9 -.8 -.2 2.0 .5 .7 1.1 .8 Other................................ -.3 .9 1.6 2.1 .2 .2 6.2 3.8 Other current transfer receipts, from business (net)........................ .3 .2 .3 .3 .2 .3 .0 .3 Less: Contributions for government social insurance, domestic..................... 4.7 6.9 2.8 2.7 7.5 1.2 8.5 3.0 Less: Personal current taxes............... 18.0 18.5 10.9 15.4 18.9 8.6 .3 4.4 Equals: Disposable personal income......... 27.9 39.8 18.1 36.7 40.6 40.3 61.5 54.2 Less: Personal outlays..................... 28.4 77.4 32.5 55.8 46.0 -20.0 -25.4 14.2 Personal consumption expenditures........ 21.8 72.6 27.6 51.8 45.8 -20.2 -28.5 11.8 Goods.................................. 3.1 27.4 -14.2 7.5 8.2 -48.5 -60.9 -3.8 Durable goods........................ -1.7 27.9 -12.2 .5 20.2 -19.1 5.2 -13.7 Nondurable goods..................... 4.7 -.5 -2.0 6.9 -12.0 -29.3 -66.2 10.1 Services............................... 18.7 45.2 41.8 44.4 37.6 28.3 32.3 15.5 Personal interest payments\4\............ 4.5 4.6 4.5 -.1 -.1 -.1 1.9 2.0 Personal current transfer payments....... 2.0 .3 .3 4.0 .4 .3 1.2 .5 To government.......................... .3 .4 .3 .3 .3 .4 1.1 .6 To the rest of the world (net)......... 1.6 .0 .0 3.7 .0 .0 .0 .0 Equals: Personal saving.................... -.3 -37.7 -14.4 -19.1 -5.4 60.3 86.9 39.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 25.5 45.0 14.8 38.7 71.9 57.7 80.6 19.5 Disposable personal income, billions of chained (2009) dollars\5\............ 15.6 42.3 8.1 27.9 56.3 65.3 109.8 29.0 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014\r\ III 13 IV 13 I 14 II 14 III 14 IV 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 279.2 561.7 116.1 64.3 173.0 175.8 150.7 146.9 Compensation of employees................ 238.3 376.8 45.3 75.2 149.4 63.3 101.2 109.2 Wages and salaries..................... 192.6 321.3 34.4 63.2 131.3 51.9 87.2 94.5 Private industries................... 182.8 307.3 38.3 58.8 126.8 46.8 82.1 89.7 Goods-producing industries......... 38.2 66.3 3.8 13.8 27.4 16.5 14.4 16.2 Manufacturing.................... 13.2 29.6 1.2 6.9 15.4 4.2 4.9 8.3 Services-producing industries...... 144.6 240.9 34.5 45.0 99.4 30.2 67.8 73.5 Trade, transportation, and utilities....................... 27.3 50.8 5.5 12.2 20.0 10.1 11.1 16.3 Other services-producing industries...................... 117.3 190.1 29.0 32.8 79.4 20.2 56.6 57.2 Government........................... 9.8 14.0 -4.0 4.4 4.5 5.2 5.0 4.9 Supplements to wages and salaries...... 45.7 55.5 10.8 12.1 18.1 11.4 14.0 14.6 Employer contributions for employee pension and insurance funds\1\...... 33.4 32.5 8.8 8.0 6.8 8.4 8.5 8.9 Employer contributions for government social insurance.................... 12.2 23.1 2.1 4.0 11.3 2.9 5.6 5.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 76.4 43.6 15.9 -3.2 8.3 30.0 5.4 16.1 Farm................................... 10.9 -19.6 3.2 -16.7 -12.0 15.3 -11.2 -1.5 Nonfarm................................ 65.6 63.1 12.7 13.4 20.3 14.7 16.6 17.5 Rental income of persons with capital consumption adjustment.................. 62.8 44.4 13.4 9.1 9.6 12.5 11.3 9.3 Personal income receipts on assets....... -8.9 45.6 25.0 -12.7 -3.8 36.6 11.3 7.2 Personal interest income............... -.7 9.5 5.0 4.7 -.8 7.6 -3.5 -6.6 Personal dividend income............... -8.2 36.1 20.0 -17.4 -3.0 29.0 14.8 13.8 Personal current transfer receipts....... 63.8 108.2 22.1 5.7 38.6 40.9 33.5 17.4 Government social benefits to persons.. 64.6 106.3 21.8 5.7 38.1 40.2 32.8 16.5 Social security\2\................... 36.9 35.6 7.5 6.4 15.6 8.5 4.1 6.9 Medicare\3\.......................... 17.2 15.4 5.3 4.3 5.3 3.6 4.6 .8 Medicaid............................. 23.9 48.5 12.6 -1.3 18.9 14.9 19.5 4.2 Unemployment insurance............... -21.4 -25.3 -5.2 -3.2 -14.7 -4.2 -2.1 -1.1 Veterans' benefits................... 8.9 5.5 1.5 1.5 1.8 .0 1.2 2.2 Other................................ -.8 26.5 .1 -2.0 11.3 17.3 5.5 3.6 Other current transfer receipts, from business (net)........................ -.8 1.9 .2 .1 .5 .7 .7 .8 Less: Contributions for government social insurance, domestic..................... 153.3 56.8 5.7 9.7 29.1 7.6 11.9 12.3 Less: Personal current taxes............... 158.1 81.1 .9 26.6 23.7 3.5 34.8 44.3 Equals: Disposable personal income......... 121.1 480.7 115.1 37.9 149.2 172.3 116.0 102.5 Less: Personal outlays..................... 409.2 460.4 109.2 137.7 76.1 142.7 143.4 127.3 Personal consumption expenditures........ 401.2 446.0 104.4 134.6 75.2 142.2 131.3 118.2 Goods.................................. 109.3 117.5 44.3 20.8 4.5 73.9 47.0 -3.5 Durable goods........................ 57.2 53.2 7.0 9.1 .8 36.1 21.8 8.8 Nondurable goods..................... 52.1 64.3 37.3 11.7 3.8 37.7 25.2 -12.3 Services............................... 291.9 328.5 60.2 113.8 70.6 68.4 84.2 121.9 Personal interest payments\4\............ 5.5 9.7 7.4 .0 -1.0 1.5 9.6 4.3 Personal current transfer payments....... 2.5 4.7 -2.6 3.1 1.9 -1.1 2.7 4.7 To government.......................... 1.4 3.4 .5 .7 1.1 1.0 1.0 .9 To the rest of the world (net)......... 1.2 1.3 -3.1 2.3 .9 -2.1 1.6 3.7 Equals: Personal saving.................... -288.1 20.2 5.9 -99.9 73.2 29.5 -27.5 -24.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 71.9 272.9 42.0 26.9 87.0 59.9 73.4 130.6 Disposable personal income, billions of chained (2009) dollars\5\............ -25.4 288.6 58.9 5.8 98.4 90.3 69.9 106.7 ----------------------------------------------------------------------------------------------------------------------------------- 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 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\r\ Jan 15\r\ Feb 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .3 .4 .2 .4 .4 .3 .4 .4 Compensation of employees................ .4 .6 .3 .3 .7 .1 .6 .3 Wages and salaries..................... .5 .7 .3 .3 .8 .1 .6 .3 Supplements to wages and salaries...... .3 .4 .2 .2 .4 .2 .5 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. .0 -.7 -.1 1.3 -.3 1.0 -.8 -.5 Rental income of persons with capital consumption adjustment.................. .5 .8 .6 .4 .3 .7 .3 .6 Personal income receipts on assets....... .0 -.1 .0 .2 .2 .1 -.2 .9 Personal interest income............... -.3 -.3 -.3 -.1 -.1 -.1 -.5 -.5 Personal dividend income............... .4 .3 .5 .5 .7 .5 .2 2.8 Personal current transfer receipts....... .3 .6 .2 .2 .0 .6 1.1 .6 Less: Contributions for government social insurance, domestic..................... .4 .6 .2 .2 .6 .1 .7 .3 Less: Personal current taxes............... 1.0 1.1 .6 .9 1.1 .5 .0 .2 Equals: Disposable personal income......... .2 .3 .1 .3 .3 .3 .5 .4 Addenda: Personal consumption expenditures........ .2 .6 .2 .4 .4 -.2 -.2 .1 Goods.................................. .1 .7 -.4 .2 .2 -1.2 -1.5 -.1 Durable goods........................ -.1 2.1 -.9 .0 1.5 -1.4 .4 -1.0 Nondurable goods..................... .2 .0 -.1 .3 -.4 -1.1 -2.5 .4 Services............................... .2 .6 .5 .6 .5 .3 .4 .2 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .2 .4 .1 .3 .6 .5 .7 .2 Real disposable personal income.......... .1 .4 .1 .2 .5 .5 .9 .2 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014\r\ III 13 IV 13 I 14 II 14 III 14 IV 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 2.0 4.0 3.3 1.8 4.9 4.9 4.2 4.0 Compensation of employees................ 2.8 4.3 2.1 3.4 6.8 2.8 4.5 4.8 Wages and salaries..................... 2.8 4.5 1.9 3.6 7.5 2.9 4.8 5.2 Supplements to wages and salaries...... 2.7 3.2 2.6 2.8 4.2 2.6 3.2 3.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 6.1 3.3 4.9 -1.0 2.5 9.2 1.6 4.7 Rental income of persons with capital consumption adjustment.................. 11.8 7.5 9.4 6.1 6.4 8.2 7.3 5.9 Personal income receipts on assets....... -.4 2.2 4.9 -2.4 -.7 7.2 2.1 1.4 Personal interest income............... -.1 .8 1.6 1.5 -.2 2.4 -1.1 -2.1 Personal dividend income............... -1.0 4.4 10.0 -7.9 -1.5 14.8 7.1 6.5 Personal current transfer receipts....... 2.7 4.5 3.7 .9 6.5 6.8 5.4 2.7 Less: Contributions for government social insurance, domestic..................... 16.1 5.1 2.1 3.5 10.8 2.7 4.2 4.3 Less: Personal current taxes............... 10.5 4.9 .2 6.6 5.7 .8 8.4 10.5 Equals: Disposable personal income......... 1.0 3.8 3.7 1.2 4.8 5.5 3.6 3.2 Addenda: Personal consumption expenditures........ 3.6 3.9 3.7 4.8 2.6 4.9 4.5 4.0 Goods.................................. 2.9 3.1 4.7 2.2 .5 7.8 4.8 -.4 Durable goods........................ 4.8 4.3 2.3 3.0 .2 12.0 6.9 2.7 Nondurable goods..................... 2.0 2.5 5.9 1.8 .6 5.9 3.8 -1.8 Services............................... 4.0 4.3 3.2 6.1 3.7 3.5 4.3 6.2 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .7 2.5 1.5 1.0 3.2 2.2 2.7 4.7 Real disposable personal income.......... -.2 2.5 2.0 .2 3.4 3.1 2.4 3.6 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jul 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\r\ Jan 15\r\ Feb 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,945.8 11,017.7 11,035.2 11,077.5 11,137.0 11,144.5 11,166.8 11,158.6 Goods.................................... 3,749.6 3,792.4 3,781.6 3,794.9 3,836.0 3,826.0 3,830.7 3,817.2 Durable goods.......................... 1,413.1 1,446.4 1,435.2 1,437.2 1,468.2 1,454.5 1,464.1 1,447.9 Nondurable goods....................... 2,361.1 2,374.1 2,373.1 2,383.9 2,397.2 2,399.0 2,395.4 2,396.3 Services................................. 7,196.8 7,226.7 7,254.2 7,283.2 7,302.6 7,319.4 7,336.7 7,341.1 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10.8 71.9 17.5 42.3 59.5 7.5 22.3 -8.2 Goods.................................... 2.9 42.8 -10.8 13.3 41.1 -10.0 4.7 -13.5 Durable goods.......................... .8 33.3 -11.2 2.0 31.0 -13.7 9.6 -16.2 Nondurable goods....................... 2.1 13.0 -1.0 10.8 13.3 1.8 -3.6 .9 Services................................. 7.8 29.9 27.5 29.0 19.4 16.8 17.3 4.4 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .1 .7 .2 .4 .5 .1 .2 -.1 Goods.................................... .1 1.1 -.3 .4 1.1 -.3 .1 -.4 Durable goods.......................... .1 2.4 -.8 .1 2.2 -.9 .7 -1.1 Nondurable goods....................... .1 .6 .0 .5 .6 .1 -.1 .0 Services................................. .1 .4 .4 .4 .3 .2 .2 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014\r\ III 13 IV 13 I 14 II 14 III 14 IV 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,699.7 10,969.0 10,713.3 10,811.4 10,844.3 10,912.6 10,999.5 11,119.6 Goods.................................... 3,626.0 3,750.9 3,636.1 3,669.0 3,678.3 3,731.6 3,774.5 3,819.0 Durable goods.......................... 1,319.0 1,410.0 1,325.9 1,344.5 1,355.0 1,400.4 1,431.5 1,453.3 Nondurable goods....................... 2,322.6 2,364.8 2,326.4 2,341.8 2,341.9 2,354.6 2,369.4 2,393.4 Services................................. 7,073.1 7,218.6 7,076.6 7,141.9 7,165.4 7,181.4 7,225.9 7,301.7 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 250.0 269.3 52.9 98.1 32.9 68.3 86.9 120.1 Goods.................................... 119.5 124.9 30.9 32.9 9.3 53.3 42.9 44.5 Durable goods.......................... 83.3 91.0 15.9 18.6 10.5 45.4 31.1 21.8 Nondurable goods....................... 42.5 42.2 15.9 15.4 .1 12.7 14.8 24.0 Services................................. 130.7 145.5 22.1 65.3 23.5 16.0 44.5 75.8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.4 2.5 2.0 3.7 1.2 2.5 3.2 4.4 Goods.................................... 3.4 3.4 3.5 3.7 1.0 5.9 4.7 4.8 Durable goods.......................... 6.7 6.9 4.9 5.7 3.2 14.1 9.2 6.2 Nondurable goods....................... 1.9 1.8 2.8 2.7 .0 2.2 2.5 4.1 Services................................. 1.9 2.1 1.3 3.7 1.3 .9 2.5 4.3 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jul 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\r\ Jan 15\r\ Feb 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 109.125 109.072 109.150 109.201 109.028 108.773 108.301 108.486 Goods.................................... 106.622 106.142 106.069 105.892 104.970 103.977 102.259 102.524 Durable goods.......................... 92.390 92.197 92.062 91.971 91.405 90.949 90.709 90.776 Nondurable goods....................... 114.029 113.381 113.348 113.121 111.992 110.685 108.087 108.468 Services................................. 110.419 110.589 110.745 110.915 111.135 111.266 111.445 111.588 Addenda: PCE excluding food and energy............ 107.725 107.808 107.932 108.069 108.128 108.135 108.221 108.366 Food\1\.................................. 110.017 110.397 110.574 110.640 110.942 111.164 110.891 111.013 Energy goods and services\2\............. 132.370 128.827 127.829 126.076 120.484 114.237 102.368 103.428 Market-based PCE\3\...................... 108.724 108.617 108.688 108.661 108.439 108.156 107.568 107.735 Market-based PCE excluding food and energy\3\........................... 107.047 107.090 107.212 107.272 107.309 107.321 107.354 107.472 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .0 .1 .0 -.2 -.2 -.4 .2 Goods.................................... .0 -.5 -.1 -.2 -.9 -.9 -1.7 .3 Durable goods.......................... -.2 -.2 -.1 -.1 -.6 -.5 -.3 .1 Nondurable goods....................... .1 -.6 .0 -.2 -1.0 -1.2 -2.3 .4 Services................................. .1 .2 .1 .2 .2 .1 .2 .1 Addenda: PCE excluding food and energy............ .1 .1 .1 .1 .1 .0 .1 .1 Food\1\.................................. .3 .3 .2 .1 .3 .2 -.2 .1 Energy goods and services\2\............. -.3 -2.7 -.8 -1.4 -4.4 -5.2 -10.4 1.0 Market-based PCE\3\...................... .1 -.1 .1 .0 -.2 -.3 -.5 .2 Market-based PCE excluding food and energy\3\........................... .1 .0 .1 .1 .0 .0 .0 .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 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\r\ Jan 15\r\ Feb 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.3 2.3 2.1 2.6 3.0 3.8 4.2 3.9 Personal consumption expenditures.......... 2.4 2.9 2.7 2.8 2.8 2.9 3.4 3.0 Goods.................................... 3.3 4.4 3.7 3.8 4.2 4.2 5.3 3.9 Durable goods.......................... 7.0 8.4 8.5 7.4 7.9 8.9 10.5 7.6 Nondurable goods....................... 1.6 2.5 1.5 2.2 2.5 2.0 2.9 2.1 Services................................. 1.9 2.1 2.2 2.3 2.1 2.3 2.5 2.6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jul 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\r\ Jan 15\r\ Feb 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.6 1.5 1.4 1.4 1.2 .8 .2 .3 Goods.................................... .2 -.2 -.1 -.1 -.8 -1.8 -3.4 -3.1 Durable goods.......................... -2.4 -2.3 -2.4 -2.3 -2.6 -2.7 -2.8 -2.6 Nondurable goods....................... 1.6 .9 1.0 1.0 .1 -1.4 -3.7 -3.4 Services................................. 2.2 2.3 2.2 2.2 2.2 2.1 2.1 2.1 Addenda: PCE excluding food and energy............ 1.5 1.5 1.5 1.5 1.4 1.3 1.3 1.4 Food\1\.................................. 2.0 2.2 2.5 2.5 2.8 2.9 2.7 2.6 Energy goods and services\2\............. 2.5 .1 -.9 -1.3 -5.3 -11.7 -21.2 -19.9 Market-based PCE\3\...................... 1.5 1.3 1.3 1.2 1.0 .6 -.1 .0 Market-based PCE excluding food and energy\3\........................... 1.3 1.3 1.3 1.3 1.2 1.2 1.1 1.2 ----------------------------------------------------------------------------------------------------------------------------------- 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.