EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, AUGUST 1, 2014 BEA 14-35 James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov Kurt Kunze (202) 606-9748 (Revision) Jeannine Aversa (202) 606-2649 (News Media) PERSONAL INCOME AND OUTLAYS: JUNE 2014 REVISED ESTIMATES: 1999 THROUGH MAY 2014 Personal income increased $56.7 billion, or 0.4 percent, and disposable personal income (DPI) increased $51.5 billion, or 0.4 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $51.7 billion, or 0.4 percent. In May, personal income increased $57.4 billion, or 0.4 percent, DPI increased $55.0 billion, or 0.4 percent, and PCE increased $39.8 billion, or 0.3 percent, based on revised estimates. Real DPI increased 0.2 percent in June, the same increase as in May. Real PCE increased 0.2 percent in June, compared with an increase of 0.1 percent in May. 2014 Feb. Mar. Apr. May June (Percent change from preceding month) Personal income, current dollars 0.7 0.7 0.3 0.4 0.4 Disposable personal income: Current dollars 0.7 0.7 0.4 0.4 0.4 Chained (2009) dollars 0.6 0.5 0.2 0.2 0.2 Personal consumption expenditures: Current dollars 0.4 0.8 0.1 0.3 0.4 Chained (2009) dollars 0.4 0.6 -0.1 0.1 0.2 BOX._____________ Annual Revision of the National Income and Product Accounts The estimates released today reflect the results of the annual revision of the national income and product accounts (NIPAs) in conjunction with preliminary estimates for June 2014. In addition to the regular revision of the estimates for the most recent 3 years and for the first 5 months of 2014, select estimates were revised back to January 1999. More information is available in "Preview of the Upcoming Annual NIPA Revision" in the May Survey of Current Business and on BEA's Web site. The August Survey will contain an article describing the annual revision in detail. __________________ 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 $28.9 billion in June, compared with an increase of $28.2 billion in May. Goods-producing industries' payrolls increased $7.6 billion, compared with an increase of $8.6 billion; manufacturing payrolls increased $4.3 billion, compared with an increase of $6.5 billion. Services-producing industries' payrolls increased $21.3 billion, compared with an increase of $19.5 billion. Government wages and salaries increased $1.7 billion, compared with an increase of $1.3 billion. Other personal income Supplements to wages and salaries increased $5.0 billion in June, compared with an increase of $4.2 billion in May. Proprietors' income increased $5.8 billion in June, compared with an increase of $0.1 billion in May. Farm proprietors' income increased $0.2 billion, compared with an increase of $0.3 billion. Nonfarm proprietors' income increased $5.4 billion, in contrast to a decrease of $0.1 billion. Rental income of persons increased $3.5 billion in June, compared with an increase of $3.6 billion in May. Personal income receipts on assets (personal interest income plus personal dividend income) increased $11.9 billion, compared with increased of $8.9 billion. Personal current transfer receipts increased $4.4 billion in June, compared with an increase of $15.3 billion in May. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $4.5 billion in June, compared with an increase of $4.1 billion in May. Personal current taxes and disposable personal income Personal current taxes increased $5.3 billion in June, compared with an increase of $2.5 billion in May. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $51.5 billion, or 0.4 percent, in June, compared with an increase of $55.0 billion, or 0.4 percent, in May. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $51.6 billion in June, compared with an increase of $39.7 billion in May. PCE increased $51.7 billion, compared with an increase of $39.8 billion. Personal saving -- DPI less personal outlays -- was $687.9 billion in June, compared with $688.0 billion in May. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.3 percent in June, the same rate as in May. 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 June, the same increase as in May. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in June, compared with an increase of 0.1 percent in May. Purchases of durable goods increased 0.4 percent, compared with an increase of 1.3 percent. Purchases of nondurable goods increased 0.3 percent, in contrast to a decrease of 0.3 percent. Purchases of services increased 0.1 percent, in contrast to a decrease of less than 0.1 percent. The price index for PCE increased 0.2 percent in June, compared with an increase of 0.3 percent in May. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent. PCE price index: percent change from month one year ago The June price index for PCE increased 1.6 percent from June a year ago. The June PCE price index, excluding food and energy, increased 1.5 percent from June a year ago. BOX.______________ NOTE. BEA acknowledges the special efforts by the Bureau of Labor Statistics with the assistance of 18 state employment offices in providing preliminary data for the first quarter of 2014 from the quarterly census of employment and wages (QCEW). Wage and salary data from the state employment offices of California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Maryland, Massachusetts, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, and Utah were provided. These data have greatly improved the estimates of wages and salaries. __________________ Revision of the Personal Income and Outlays Estimates The revised estimates reflect the results of the annual revision of the national income and product accounts (NIPAs). In addition to the regular revision of estimates for the most recent 3 years and the first quarter of 2014, this “flexible” annual revision results in revisions to current-dollar estimates beginning with the first quarter of 1999. The reference year remains 2009. When the estimates for the reference year (2009) are revised, the levels of the related index numbers and chained-dollar estimates are also revised for the entire historical period; revisions to percent changes before the first quarter of 1999 are small and mostly due to rounding. Revisions to annual estimates of personal income and outlays for 2011 - 2013 are shown in table 12. Revised and previously published monthly estimates of personal income, DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in table 13; revised and previously published annual and quarterly estimates are shown in table 14. Personal income was revised up $10.7 billion, or 0.1 percent, for 2011; was revised up $143.9 billion, or 1.0 percent, for 2012; and was revised up $32.2 billion, or 0.2 percent, for 2013. For 2011, an upward revision to personal interest income was partly offset by downward revisions to nonfarm proprietors’ income and to wages and salaries. For 2012, upward revisions to personal dividend income, to personal interest income, and to nonfarm proprietors’ income were partly offset by downward revisions to supplements to wages and salaries, to rental income of persons, and to personal current transfer receipts. For 2013, upward revisions to personal dividend income, to nonfarm proprietors’ income, and to personal interest income were partly offset by downward revisions to farm proprietors’ income, to personal current transfer receipts, and to wages and salaries. Disposable personal income was revised up $14.0 billion, or 0.1 percent, for 2011; was revised up $138.2 billion, or 1.1 percent, for 2012; and was revised up $28.9 billion, or 0.2 percent, for 2013. The percent change from the preceding year in real DPI was revised up from an increase of 2.4 percent to an increase of 2.5 percent in 2011; was revised up from an increase of 2.0 percent to an increase of 3.0 percent in 2012; and was revised down from an increase of 0.7 percent to a decrease of 0.2 percent in 2013. Personal outlays was revised down $28.9 billion, or 0.3 percent, for 2011; was revised down $70.5 billion, or 0.6 percent, for 2012; and was revised down $17.8 billion, or 0.1 percent, for 2013. Revisions to personal outlays primarily reflected downward revisions to PCE and personal interest payments. The personal saving rate (personal saving as a percentage of disposable personal income) was revised up from 5.7 percent to 6.0 percent for 2011, was revised up from 5.6 percent to 7.2 percent for 2012, and was revised up from 4.5 percent to 4.9 percent for 2013. FOOTNOTE._________ BEA’s plans to undertake “flexible” annual revisions that include revisions for longer periods than the traditional three-year period were described in the June 2008 Survey of Current Business at www.bea.gov/scb. __________________ 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 – August 29, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for July Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,326.5 14,320.0 14,387.3 14,489.5 14,588.1 14,639.1 14,696.5 14,753.2 Compensation of employees................ 8,965.2 8,955.5 9,019.1 9,102.6 9,178.8 9,200.7 9,234.3 9,269.9 Wages and salaries..................... 7,225.8 7,214.1 7,270.3 7,345.8 7,414.6 7,432.4 7,461.9 7,492.4 Private industries................... 6,016.2 6,002.9 6,057.9 6,130.9 6,198.4 6,214.3 6,242.5 6,271.4 Goods-producing industries......... 1,213.8 1,215.0 1,222.7 1,237.7 1,253.0 1,250.9 1,259.5 1,267.1 Manufacturing.................... 756.2 755.3 759.0 766.2 779.0 775.3 781.8 786.1 Services-producing industries...... 4,802.4 4,787.9 4,835.2 4,893.1 4,945.4 4,963.5 4,983.0 5,004.3 Trade, transportation, and utilities....................... 1,138.2 1,135.6 1,139.2 1,145.5 1,161.2 1,169.4 1,171.7 1,173.7 Other services-producing industries...................... 3,664.2 3,652.2 3,696.0 3,747.6 3,784.2 3,794.1 3,811.3 3,830.7 Government........................... 1,209.6 1,211.2 1,212.4 1,215.0 1,216.1 1,218.0 1,219.3 1,221.0 Supplements to wages and salaries...... 1,739.4 1,741.4 1,748.7 1,756.8 1,764.2 1,768.3 1,772.5 1,777.5 Employer contributions for employee pension and insurance funds\1\...... 1,206.8 1,209.3 1,210.9 1,213.7 1,216.4 1,219.4 1,221.8 1,224.7 Employer contributions for government social insurance.................... 532.6 532.1 537.9 543.1 547.8 548.9 550.7 552.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,343.1 1,339.6 1,348.0 1,351.6 1,353.3 1,362.1 1,362.2 1,368.0 Farm................................... 69.9 61.7 59.9 58.1 56.3 56.6 56.9 57.1 Nonfarm................................ 1,273.2 1,277.9 1,288.1 1,293.5 1,297.0 1,305.5 1,305.4 1,310.8 Rental income of persons with capital consumption adjustment.................. 613.6 614.6 618.0 622.3 628.5 632.3 635.9 639.4 Personal income receipts on assets....... 2,094.2 2,091.0 2,084.0 2,089.0 2,098.1 2,110.8 2,119.7 2,131.6 Personal interest income............... 1,263.1 1,266.9 1,264.7 1,262.4 1,260.2 1,263.5 1,266.9 1,270.2 Personal dividend income............... 831.1 824.1 819.4 826.6 838.0 847.3 852.9 861.4 Personal current transfer receipts....... 2,429.9 2,438.3 2,455.1 2,471.3 2,486.3 2,492.7 2,508.0 2,512.4 Government social benefits to persons.. 2,387.3 2,395.7 2,412.3 2,428.3 2,443.0 2,449.2 2,464.2 2,468.4 Social security\2\................... 809.8 813.5 821.1 822.0 830.2 831.4 832.7 835.0 Medicare\3\.......................... 577.4 578.6 581.4 583.2 583.3 585.5 586.5 588.8 Medicaid............................. 449.2 447.5 460.5 468.7 473.6 472.8 475.9 474.0 Unemployment insurance............... 53.6 59.9 44.0 40.6 39.5 37.8 37.2 36.8 Veterans' benefits................... 81.5 81.4 81.3 85.5 83.3 83.6 83.2 83.3 Other................................ 415.9 414.8 424.0 428.2 433.1 438.0 448.7 450.6 Other current transfer receipts, from business (net)........................ 42.6 42.6 42.8 43.1 43.3 43.5 43.8 44.0 Less: Contributions for government social insurance, domestic..................... 1,119.6 1,118.9 1,136.8 1,147.4 1,156.9 1,159.5 1,163.6 1,168.1 Less: Personal current taxes............... 1,691.4 1,695.3 1,697.9 1,712.9 1,726.6 1,724.3 1,726.8 1,732.1 Equals: Disposable personal income......... 12,635.1 12,624.8 12,689.4 12,776.6 12,861.4 12,914.7 12,969.7 13,021.2 Less: Personal outlays..................... 12,088.9 12,101.6 12,081.2 12,132.8 12,226.6 12,242.0 12,281.7 12,333.3 Personal consumption expenditures........ 11,671.5 11,686.3 11,663.9 11,714.4 11,807.1 11,824.1 11,863.9 11,915.6 Goods.................................. 3,894.8 3,889.6 3,851.1 3,888.7 3,932.0 3,944.6 3,965.0 3,998.4 Durable goods........................ 1,276.7 1,248.5 1,237.6 1,253.9 1,295.3 1,288.8 1,304.0 1,310.1 Nondurable goods..................... 2,618.1 2,641.1 2,613.5 2,634.8 2,636.8 2,655.8 2,661.0 2,688.4 Services............................... 7,776.7 7,796.7 7,812.8 7,825.7 7,875.1 7,879.6 7,898.9 7,917.2 Personal interest payments\4\............ 250.8 248.3 249.0 249.8 250.5 250.1 249.7 249.3 Personal current transfer payments....... 166.7 167.0 168.3 168.6 169.0 167.7 168.0 168.4 To government.......................... 92.2 92.5 92.9 93.3 93.6 93.9 94.3 94.6 To the rest of the world (net)......... 74.5 74.5 75.4 75.4 75.4 73.8 73.8 73.8 Equals: Personal saving.................... 546.2 523.2 608.2 643.9 634.8 672.8 688.0 687.9 Personal saving as a percentage of disposable personal income.............. 4.3 4.1 4.8 5.0 4.9 5.2 5.3 5.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 11,040.2 11,008.2 11,044.0 11,115.0 11,175.5 11,194.0 11,203.8 11,227.4 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,725.6 11,696.6 11,744.8 11,816.4 11,877.0 11,902.1 11,921.8 11,943.2 Per capita: Current dollars...................... 39,814 39,760 39,944 40,198 40,444 40,590 40,739 40,876 Chained (2009) dollars............... 36,948 36,837 36,970 37,177 37,348 37,407 37,448 37,492 Population (midperiod, thousands)\6\..... 317,351 317,520 317,681 317,840 318,006 318,178 318,357 318,553 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary 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 I 13 II 13 III 13 IV 13 I 14 II 14 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,887.7 14,166.9 13,977.2 14,131.3 14,247.4 14,311.7 14,488.3 14,696.3 Compensation of employees................ 8,606.5 8,844.8 8,734.4 8,826.3 8,871.6 8,946.8 9,100.2 9,235.0 Wages and salaries..................... 6,932.1 7,124.7 7,034.1 7,110.9 7,145.3 7,208.5 7,343.6 7,462.2 Private industries................... 5,733.8 5,916.6 5,826.8 5,901.4 5,939.7 5,998.5 6,129.1 6,242.8 Goods-producing industries......... 1,157.1 1,195.3 1,180.8 1,193.0 1,196.8 1,210.6 1,237.8 1,259.2 Manufacturing.................... 734.4 747.6 743.0 746.0 747.2 754.1 768.1 781.0 Services-producing industries...... 4,576.7 4,721.3 4,646.0 4,708.4 4,742.9 4,787.9 4,891.3 4,983.6 Trade, transportation, and utilities....................... 1,094.0 1,121.3 1,110.6 1,117.2 1,122.7 1,134.9 1,148.7 1,171.6 Other services-producing industries...................... 3,482.7 3,600.0 3,535.4 3,591.2 3,620.2 3,653.0 3,742.6 3,812.0 Government........................... 1,198.3 1,208.1 1,207.3 1,209.6 1,205.6 1,210.0 1,214.5 1,219.4 Supplements to wages and salaries...... 1,674.4 1,720.1 1,700.3 1,715.4 1,726.2 1,738.3 1,756.6 1,772.8 Employer contributions for employee pension and insurance funds\1\...... 1,160.5 1,193.9 1,180.1 1,190.0 1,198.8 1,206.8 1,213.6 1,222.0 Employer contributions for government social insurance.................... 513.9 526.1 520.2 525.4 527.5 531.5 542.9 550.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,260.2 1,336.6 1,327.8 1,330.0 1,345.9 1,342.7 1,351.0 1,364.1 Farm................................... 72.3 83.2 92.2 83.6 86.8 70.1 58.1 56.9 Nonfarm................................ 1,187.9 1,253.5 1,235.6 1,246.5 1,259.2 1,272.6 1,292.9 1,307.2 Rental income of persons with capital consumption adjustment.................. 533.0 595.8 575.0 590.8 604.2 613.3 622.9 635.9 Personal income receipts on assets....... 2,088.6 2,079.7 2,035.9 2,081.9 2,106.9 2,094.2 2,090.4 2,120.7 Personal interest income............... 1,255.9 1,255.2 1,245.5 1,253.5 1,258.5 1,263.2 1,262.4 1,266.9 Personal dividend income............... 832.7 824.5 790.4 828.4 848.4 831.0 828.0 853.9 Personal current transfer receipts....... 2,350.7 2,414.5 2,394.8 2,404.5 2,426.6 2,432.3 2,470.9 2,504.4 Government social benefits to persons.. 2,307.6 2,372.2 2,352.9 2,362.2 2,384.0 2,389.7 2,427.8 2,460.6 Social security\2\................... 762.1 799.0 789.8 795.0 802.5 808.9 824.5 833.0 Medicare\3\.......................... 555.2 572.4 571.4 567.7 573.0 577.3 582.6 586.9 Medicaid............................. 417.2 441.1 428.2 437.4 450.0 448.7 467.6 474.2 Unemployment insurance............... 83.6 62.2 68.9 64.5 59.3 56.1 41.4 37.3 Veterans' benefits................... 70.1 79.0 75.9 78.6 80.1 81.6 83.4 83.4 Other................................ 419.3 418.5 418.7 419.0 419.1 417.1 428.4 445.8 Other current transfer receipts, from business (net)........................ 43.1 42.3 41.9 42.3 42.5 42.6 43.1 43.8 Less: Contributions for government social insurance, domestic..................... 951.2 1,104.5 1,090.7 1,102.1 1,107.8 1,117.5 1,147.0 1,163.7 Less: Personal current taxes............... 1,503.7 1,661.8 1,636.8 1,660.6 1,661.5 1,688.1 1,712.5 1,727.7 Equals: Disposable personal income......... 12,384.0 12,505.1 12,340.4 12,470.7 12,585.8 12,623.7 12,775.8 12,968.5 Less: Personal outlays..................... 11,487.9 11,897.1 11,760.6 11,823.9 11,933.1 12,070.8 12,146.9 12,285.7 Personal consumption expenditures........ 11,083.1 11,484.3 11,351.1 11,414.3 11,518.7 11,653.3 11,728.5 11,867.9 Goods.................................. 3,741.9 3,851.2 3,832.2 3,821.0 3,865.3 3,886.1 3,890.6 3,969.3 Durable goods........................ 1,192.1 1,249.3 1,237.8 1,245.4 1,252.4 1,261.5 1,262.3 1,301.0 Nondurable goods..................... 2,549.8 2,601.9 2,594.4 2,575.6 2,612.9 2,624.6 2,628.4 2,668.4 Services............................... 7,341.3 7,633.2 7,518.9 7,593.2 7,653.4 7,767.2 7,837.8 7,898.6 Personal interest payments\4\............ 241.6 247.1 243.5 243.4 250.8 250.8 249.8 249.7 Personal current transfer payments....... 163.1 165.6 166.0 166.2 163.6 166.7 168.6 168.0 To government.......................... 90.0 91.4 90.8 91.0 91.5 92.2 93.3 94.3 To the rest of the world (net)......... 73.1 74.3 75.2 75.3 72.2 74.5 75.4 73.8 Equals: Personal saving.................... 896.2 608.1 579.8 646.9 652.8 552.9 629.0 682.9 Personal saving as a percentage of disposable personal income.............. 7.2 4.9 4.7 5.2 5.2 4.4 4.9 5.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,877.6 10,949.5 10,829.8 10,952.3 10,994.3 11,021.2 11,111.5 11,208.4 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,676.2 11,650.8 11,538.6 11,647.0 11,705.9 11,711.7 11,812.7 11,922.3 Per capita: Current dollars...................... 39,409 39,515 39,099 39,447 39,734 39,779 40,196 40,735 Chained (2009) dollars............... 37,156 36,815 36,558 36,841 36,956 36,905 37,165 37,449 Population (midperiod, thousands)\6\..... 314,246 316,465 315,620 316,140 316,754 317,347 317,842 318,362 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 37.7 -6.5 67.3 102.2 98.6 51.0 57.4 56.7 Compensation of employees................ 45.4 -9.7 63.6 83.5 76.2 21.9 33.6 35.6 Wages and salaries..................... 40.2 -11.7 56.2 75.5 68.8 17.8 29.5 30.5 Private industries................... 39.7 -13.3 55.0 73.0 67.5 15.9 28.2 28.9 Goods-producing industries......... 10.8 1.2 7.7 15.0 15.3 -2.1 8.6 7.6 Manufacturing.................... 5.4 -.9 3.7 7.2 12.8 -3.7 6.5 4.3 Services-producing industries...... 28.9 -14.5 47.3 57.9 52.3 18.1 19.5 21.3 Trade, transportation, and utilities....................... 7.3 -2.6 3.6 6.3 15.7 8.2 2.3 2.0 Other services-producing industries...................... 21.6 -12.0 43.8 51.6 36.6 9.9 17.2 19.4 Government........................... .5 1.6 1.2 2.6 1.1 1.9 1.3 1.7 Supplements to wages and salaries...... 5.2 2.0 7.3 8.1 7.4 4.1 4.2 5.0 Employer contributions for employee pension and insurance funds\1\...... 2.6 2.5 1.6 2.8 2.7 3.0 2.4 2.9 Employer contributions for government social insurance.................... 2.6 -.5 5.8 5.2 4.7 1.1 1.8 2.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. -2.4 -3.5 8.4 3.6 1.7 8.8 .1 5.8 Farm................................... -8.9 -8.2 -1.8 -1.8 -1.8 .3 .3 .2 Nonfarm................................ 6.6 4.7 10.2 5.4 3.5 8.5 -.1 5.4 Rental income of persons with capital consumption adjustment.................. 2.0 1.0 3.4 4.3 6.2 3.8 3.6 3.5 Personal income receipts on assets....... -3.1 -3.2 -7.0 5.0 9.1 12.7 8.9 11.9 Personal interest income............... 3.5 3.8 -2.2 -2.3 -2.2 3.3 3.4 3.3 Personal dividend income............... -6.7 -7.0 -4.7 7.2 11.4 9.3 5.6 8.5 Personal current transfer receipts....... 1.3 8.4 16.8 16.2 15.0 6.4 15.3 4.4 Government social benefits to persons.. 1.3 8.4 16.6 16.0 14.7 6.2 15.0 4.2 Social security\2\................... 6.3 3.7 7.6 .9 8.2 1.2 1.3 2.3 Medicare\3\.......................... 1.3 1.2 2.8 1.8 .1 2.2 1.0 2.3 Medicaid............................. -.2 -1.7 13.0 8.2 4.9 -.8 3.1 -1.9 Unemployment insurance............... -1.1 6.3 -15.9 -3.4 -1.1 -1.7 -.6 -.4 Veterans' benefits................... -.3 -.1 -.1 4.2 -2.2 .3 -.4 .1 Other................................ -4.6 -1.1 9.2 4.2 4.9 4.9 10.7 1.9 Other current transfer receipts, from business (net)........................ .0 .0 .2 .3 .2 .2 .3 .2 Less: Contributions for government social insurance, domestic..................... 5.6 -.7 17.9 10.6 9.5 2.6 4.1 4.5 Less: Personal current taxes............... 13.8 3.9 2.6 15.0 13.7 -2.3 2.5 5.3 Equals: Disposable personal income......... 23.9 -10.3 64.6 87.2 84.8 53.3 55.0 51.5 Less: Personal outlays..................... 67.1 12.7 -20.4 51.6 93.8 15.4 39.7 51.6 Personal consumption expenditures........ 69.4 14.8 -22.4 50.5 92.7 17.0 39.8 51.7 Goods.................................. 20.8 -5.2 -38.5 37.6 43.3 12.6 20.4 33.4 Durable goods........................ 17.3 -28.2 -10.9 16.3 41.4 -6.5 15.2 6.1 Nondurable goods..................... 3.5 23.0 -27.6 21.3 2.0 19.0 5.2 27.4 Services............................... 48.6 20.0 16.1 12.9 49.4 4.5 19.3 18.3 Personal interest payments\4\............ -2.5 -2.5 .7 .8 .7 -.4 -.4 -.4 Personal current transfer payments....... .3 .3 1.3 .3 .4 -1.3 .3 .4 To government.......................... .3 .3 .4 .4 .3 .3 .4 .3 To the rest of the world (net)......... .0 .0 .9 .0 .0 -1.6 .0 .0 Equals: Personal saving.................... -43.2 -23.0 85.0 35.7 -9.1 38.0 15.2 -.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 24.7 -32.0 35.8 71.0 60.5 18.5 9.8 23.6 Disposable personal income, billions of chained (2009) dollars\5\............ 12.6 -29.0 48.2 71.6 60.6 25.1 19.7 21.4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary 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 I 13 II 13 III 13 IV 13 I 14 II 14 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 685.7 279.2 -317.9 154.1 116.1 64.3 176.6 208.0 Compensation of employees................ 337.5 238.3 -48.1 91.9 45.3 75.2 153.4 134.8 Wages and salaries..................... 298.9 192.6 -53.3 76.8 34.4 63.2 135.1 118.6 Private industries................... 295.4 182.8 -57.6 74.6 38.3 58.8 130.6 113.7 Goods-producing industries......... 56.3 38.2 8.2 12.2 3.8 13.8 27.2 21.4 Manufacturing.................... 27.7 13.2 3.1 3.0 1.2 6.9 14.0 12.9 Services-producing industries...... 239.1 144.6 -65.8 62.4 34.5 45.0 103.4 92.3 Trade, transportation, and utilities....................... 49.5 27.3 .5 6.6 5.5 12.2 13.8 22.9 Other services-producing industries...................... 189.6 117.3 -66.3 55.8 29.0 32.8 89.6 69.4 Government........................... 3.5 9.8 4.3 2.3 -4.0 4.4 4.5 4.9 Supplements to wages and salaries...... 38.5 45.7 5.2 15.1 10.8 12.1 18.3 16.2 Employer contributions for employee pension and insurance funds\1\...... 18.5 33.4 8.6 9.9 8.8 8.0 6.8 8.4 Employer contributions for government social insurance.................... 20.0 12.2 -3.3 5.2 2.1 4.0 11.4 7.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 116.5 76.4 35.5 2.2 15.9 -3.2 8.3 13.1 Farm................................... -3.2 10.9 19.0 -8.6 3.2 -16.7 -12.0 -1.2 Nonfarm................................ 119.8 65.6 16.5 10.9 12.7 13.4 20.3 14.3 Rental income of persons with capital consumption adjustment.................. 47.7 62.8 23.3 15.8 13.4 9.1 9.6 13.0 Personal income receipts on assets....... 174.7 -8.9 -230.0 46.0 25.0 -12.7 -3.8 30.3 Personal interest income............... 24.3 -.7 -12.3 8.0 5.0 4.7 -.8 4.5 Personal dividend income............... 150.5 -8.2 -217.7 38.0 20.0 -17.4 -3.0 25.9 Personal current transfer receipts....... 42.8 63.8 23.1 9.7 22.1 5.7 38.6 33.5 Government social benefits to persons.. 49.9 64.6 22.6 9.3 21.8 5.7 38.1 32.8 Social security\2\................... 48.8 36.9 18.9 5.2 7.5 6.4 15.6 8.5 Medicare\3\.......................... 19.2 17.2 7.2 -3.7 5.3 4.3 5.3 4.3 Medicaid............................. 11.5 23.9 1.9 9.2 12.6 -1.3 18.9 6.6 Unemployment insurance............... -23.6 -21.4 -5.5 -4.4 -5.2 -3.2 -14.7 -4.1 Veterans' benefits................... 6.8 8.9 3.0 2.7 1.5 1.5 1.8 .0 Other................................ -13.0 -.8 -2.9 .3 .1 -2.0 11.3 17.4 Other current transfer receipts, from business (net)........................ -7.1 -.8 .5 .4 .2 .1 .5 .7 Less: Contributions for government social insurance, domestic..................... 33.4 153.3 121.8 11.4 5.7 9.7 29.5 16.7 Less: Personal current taxes............... 103.1 158.1 71.4 23.8 .9 26.6 24.4 15.2 Equals: Disposable personal income......... 582.6 121.1 -389.3 130.3 115.1 37.9 152.1 192.7 Less: Personal outlays..................... 397.7 409.2 131.4 63.3 109.2 137.7 76.1 138.8 Personal consumption expenditures........ 393.8 401.2 128.5 63.2 104.4 134.6 75.2 139.4 Goods.................................. 145.4 109.3 43.4 -11.2 44.3 20.8 4.5 78.7 Durable goods........................ 66.8 57.2 21.7 7.6 7.0 9.1 .8 38.7 Nondurable goods..................... 78.7 52.1 21.6 -18.8 37.3 11.7 3.8 40.0 Services............................... 248.5 291.9 85.1 74.3 60.2 113.8 70.6 60.8 Personal interest payments\4\............ .2 5.5 3.5 -.1 7.4 .0 -1.0 -.1 Personal current transfer payments....... 3.6 2.5 -.6 .2 -2.6 3.1 1.9 -.6 To government.......................... 4.5 1.4 -.1 .2 .5 .7 1.1 1.0 To the rest of the world (net)......... -1.0 1.2 -.6 .1 -3.1 2.3 .9 -1.6 Equals: Personal saving.................... 185.1 -288.1 -520.7 67.1 5.9 -99.9 76.1 53.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 417.5 71.9 -347.7 122.5 42.0 26.9 90.3 96.9 Disposable personal income, billions of chained (2009) dollars\5\............ 345.0 -25.4 -394.8 108.4 58.9 5.8 101.0 109.6 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .3 .0 .5 .7 .7 .3 .4 .4 Compensation of employees................ .5 -.1 .7 .9 .8 .2 .4 .4 Wages and salaries..................... .6 -.2 .8 1.0 .9 .2 .4 .4 Supplements to wages and salaries...... .3 .1 .4 .5 .4 .2 .2 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. -.2 -.3 .6 .3 .1 .6 .0 .4 Rental income of persons with capital consumption adjustment.................. .3 .2 .6 .7 1.0 .6 .6 .5 Personal income receipts on assets....... -.1 -.2 -.3 .2 .4 .6 .4 .6 Personal interest income............... .3 .3 -.2 -.2 -.2 .3 .3 .3 Personal dividend income............... -.8 -.8 -.6 .9 1.4 1.1 .7 1.0 Personal current transfer receipts....... .1 .3 .7 .7 .6 .3 .6 .2 Less: Contributions for government social insurance, domestic..................... .5 -.1 1.6 .9 .8 .2 .4 .4 Less: Personal current taxes............... .8 .2 .2 .9 .8 -.1 .1 .3 Equals: Disposable personal income......... .2 -.1 .5 .7 .7 .4 .4 .4 Addenda: Personal consumption expenditures........ .6 .1 -.2 .4 .8 .1 .3 .4 Goods.................................. .5 -.1 -1.0 1.0 1.1 .3 .5 .8 Durable goods........................ 1.4 -2.2 -.9 1.3 3.3 -.5 1.2 .5 Nondurable goods..................... .1 .9 -1.0 .8 .1 .7 .2 1.0 Services............................... .6 .3 .2 .2 .6 .1 .2 .2 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .2 -.3 .3 .6 .5 .2 .1 .2 Real disposable personal income.......... .1 -.2 .4 .6 .5 .2 .2 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 I 13 II 13 III 13 IV 13 I 14 II 14 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.2 2.0 -8.6 4.5 3.3 1.8 5.0 5.9 Compensation of employees................ 4.1 2.8 -2.2 4.3 2.1 3.4 7.0 6.1 Wages and salaries..................... 4.5 2.8 -3.0 4.4 1.9 3.6 7.7 6.6 Supplements to wages and salaries...... 2.4 2.7 1.2 3.6 2.6 2.8 4.3 3.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.2 6.1 11.5 .7 4.9 -1.0 2.5 3.9 Rental income of persons with capital consumption adjustment.................. 9.8 11.8 18.0 11.5 9.4 6.1 6.4 8.6 Personal income receipts on assets....... 9.1 -.4 -34.8 9.3 4.9 -2.4 -.7 5.9 Personal interest income............... 2.0 -.1 -3.8 2.6 1.6 1.5 -.2 1.4 Personal dividend income............... 22.0 -1.0 -62.2 20.7 10.0 -7.9 -1.5 13.1 Personal current transfer receipts....... 1.9 2.7 3.9 1.6 3.7 .9 6.5 5.5 Less: Contributions for government social insurance, domestic..................... 3.6 16.1 60.6 4.3 2.1 3.5 11.0 6.0 Less: Personal current taxes............... 7.4 10.5 19.5 5.9 .2 6.6 5.9 3.6 Equals: Disposable personal income......... 4.9 1.0 -11.7 4.3 3.7 1.2 4.9 6.2 Addenda: Personal consumption expenditures........ 3.7 3.6 4.7 2.2 3.7 4.8 2.6 4.8 Goods.................................. 4.0 2.9 4.7 -1.2 4.7 2.2 .5 8.3 Durable goods........................ 5.9 4.8 7.3 2.5 2.3 3.0 .2 12.8 Nondurable goods..................... 3.2 2.0 3.4 -2.9 5.9 1.8 .6 6.2 Services............................... 3.5 4.0 4.7 4.0 3.2 6.1 3.7 3.1 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 4.0 .7 -11.9 4.6 1.5 1.0 3.3 3.5 Real disposable personal income.......... 3.0 -.2 -12.6 3.8 2.0 .2 3.5 3.8 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,831.4 10,827.1 10,795.6 10,834.0 10,903.3 10,897.0 10,905.3 10,929.1 Goods.................................... 3,680.7 3,671.9 3,637.0 3,675.3 3,722.6 3,723.0 3,732.2 3,745.9 Durable goods.......................... 1,360.3 1,335.3 1,325.4 1,345.4 1,394.2 1,386.1 1,404.2 1,410.4 Nondurable goods....................... 2,339.7 2,352.3 2,327.6 2,347.0 2,351.2 2,358.2 2,352.0 2,359.8 Services................................. 7,150.2 7,154.6 7,157.2 7,158.0 7,180.8 7,174.3 7,173.7 7,183.9 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 55.6 -4.3 -31.5 38.4 69.3 -6.3 8.3 23.8 Goods.................................... 26.5 -8.8 -34.9 38.3 47.3 .4 9.2 13.7 Durable goods.......................... 22.4 -25.0 -9.9 20.0 48.8 -8.1 18.1 6.2 Nondurable goods....................... 6.2 12.6 -24.7 19.4 4.2 7.0 -6.2 7.8 Services................................. 29.3 4.4 2.6 .8 22.8 -6.5 -.6 10.2 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .5 .0 -.3 .4 .6 -.1 .1 .2 Goods.................................... .7 -.2 -1.0 1.1 1.3 .0 .2 .4 Durable goods.......................... 1.7 -1.8 -.7 1.5 3.6 -.6 1.3 .4 Nondurable goods....................... .3 .5 -1.1 .8 .2 .3 -.3 .3 Services................................. .4 .1 .0 .0 .3 -.1 .0 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 I 13 II 13 III 13 IV 13 I 14 II 14 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,449.7 10,699.7 10,613.7 10,660.4 10,713.3 10,811.4 10,844.3 10,910.5 Goods.................................... 3,506.5 3,626.0 3,593.7 3,605.2 3,636.1 3,669.0 3,678.3 3,733.7 Durable goods.......................... 1,235.7 1,319.0 1,295.7 1,310.0 1,325.9 1,344.5 1,355.0 1,400.2 Nondurable goods....................... 2,280.1 2,322.6 2,311.7 2,310.5 2,326.4 2,341.8 2,341.9 2,356.7 Services................................. 6,942.4 7,073.1 7,019.3 7,054.5 7,076.6 7,141.9 7,165.4 7,177.3 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 186.2 250.0 93.1 46.7 52.9 98.1 32.9 66.2 Goods.................................... 94.7 119.5 51.4 11.5 30.9 32.9 9.3 55.4 Durable goods.......................... 84.2 83.3 26.0 14.3 15.9 18.6 10.5 45.2 Nondurable goods....................... 16.9 42.5 26.7 -1.2 15.9 15.4 .1 14.8 Services................................. 91.0 130.7 41.8 35.2 22.1 65.3 23.5 11.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.8 2.4 3.6 1.8 2.0 3.7 1.2 2.5 Goods.................................... 2.8 3.4 5.9 1.3 3.5 3.7 1.0 6.2 Durable goods.......................... 7.3 6.7 8.5 4.5 4.9 5.7 3.2 14.0 Nondurable goods....................... .7 1.9 4.8 -.2 2.8 2.7 .0 2.5 Services................................. 1.3 1.9 2.4 2.0 1.3 3.7 1.3 .7 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 107.759 107.938 108.046 108.129 108.292 108.511 108.793 109.029 Goods.................................... 105.812 105.926 105.883 105.803 105.622 105.950 106.238 106.740 Durable goods.......................... 93.844 93.493 93.368 93.182 92.893 92.971 92.858 92.877 Nondurable goods....................... 111.897 112.277 112.282 112.263 112.147 112.618 113.139 113.924 Services................................. 108.767 108.980 109.165 109.332 109.672 109.835 110.114 110.212 Addenda: PCE excluding food and energy............ 106.619 106.705 106.802 106.906 107.057 107.250 107.460 107.615 Food\1\.................................. 107.881 107.983 107.953 108.242 108.733 109.061 109.706 109.728 Energy goods and services\2\............. 127.207 129.323 129.834 129.178 129.040 129.563 130.627 132.806 Market-based PCE\3\...................... 107.387 107.551 107.653 107.716 107.893 108.112 108.361 108.614 Market-based PCE excluding food and energy\3\........................... 106.014 106.068 106.157 106.243 106.408 106.597 106.759 106.921 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .2 .1 .1 .2 .2 .3 .2 Goods.................................... -.2 .1 .0 -.1 -.2 .3 .3 .5 Durable goods.......................... -.3 -.4 -.1 -.2 -.3 .1 -.1 .0 Nondurable goods....................... -.1 .3 .0 .0 -.1 .4 .5 .7 Services................................. .2 .2 .2 .2 .3 .1 .3 .1 Addenda: PCE excluding food and energy............ .1 .1 .1 .1 .1 .2 .2 .1 Food\1\.................................. .0 .1 .0 .3 .5 .3 .6 .0 Energy goods and services\2\............. -.4 1.7 .4 -.5 -.1 .4 .8 1.7 Market-based PCE\3\...................... .1 .2 .1 .1 .2 .2 .2 .2 Market-based PCE excluding food and energy\3\........................... .1 .1 .1 .1 .2 .2 .2 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. -1.3 -4.2 2.2 2.4 2.5 2.5 2.3 2.3 Personal consumption expenditures.......... 2.9 2.7 1.9 2.0 2.5 2.4 2.3 2.3 Goods.................................... 3.9 3.1 1.2 2.1 3.8 3.8 3.4 3.5 Durable goods.......................... 6.8 3.5 2.0 3.6 8.2 6.6 7.2 6.8 Nondurable goods....................... 2.5 2.9 .8 1.4 1.8 2.5 1.6 2.0 Services................................. 2.4 2.4 2.3 2.0 1.9 1.7 1.8 1.7 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.0 1.2 1.2 1.0 1.2 1.5 1.7 1.6 Goods.................................... -1.0 -.5 -.5 -1.2 -.8 .1 .4 .4 Durable goods.......................... -2.0 -2.2 -2.3 -2.5 -2.6 -2.3 -2.3 -2.2 Nondurable goods....................... -.5 .3 .4 -.6 .1 1.2 1.7 1.7 Services................................. 2.1 2.1 2.1 2.1 2.2 2.2 2.3 2.2 Addenda: PCE excluding food and energy............ 1.3 1.3 1.2 1.2 1.3 1.4 1.5 1.5 Food\1\.................................. .7 .6 .6 .7 1.0 1.2 2.0 1.8 Energy goods and services\2\............. -2.6 .5 1.8 -2.8 .4 3.3 3.3 3.1 Market-based PCE\3\...................... .9 1.1 1.1 .7 1.0 1.4 1.5 1.5 Market-based PCE excluding food and energy\3\........................... 1.2 1.2 1.0 1.0 1.1 1.3 1.4 1.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 12. Revisions to Personal Income and Its Disposition ------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ------------------------ ------------------------ Revisions as a Revised Revisions to percentage of estimates previously previously published published ------------------------ ------------------------ ------------------------ 2011 2012 2013 2011 2012 2013 2011 2012 2013 ------------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,202.0 13,887.7 14,166.9 10.7 143.9 32.2 .1 1.0 .2 Compensation of employees................ 8,269.0 8,606.5 8,844.8 -9.5 -5.1 -14.6 -.1 -.1 -.2 Wages and salaries..................... 6,633.2 6,932.1 7,124.7 -5.5 5.3 -12.8 -.1 .1 -.2 Private industries................... 5,438.4 5,733.8 5,916.6 -5.9 4.4 -25.9 -.1 .1 -.4 Goods-producing industries......... 1,100.8 1,157.1 1,195.3 -1.3 3.1 6.4 -.1 .3 .5 Manufacturing.................... 706.7 734.4 747.6 -.4 -1.0 .2 -.1 -.1 .0 Services-producing industries...... 4,337.6 4,576.7 4,721.3 -4.6 1.3 -32.3 -.1 .0 -.7 Trade, transportation, and utilities....................... 1,044.5 1,094.0 1,121.3 -1.7 .3 -6.4 -.2 .0 -.6 Other services-producing industries...................... 3,293.1 3,482.7 3,600.0 -2.9 1.0 -25.9 -.1 .0 -.7 Government........................... 1,194.8 1,198.3 1,208.1 .4 1.0 13.1 .0 .1 1.1 Supplements to wages and salaries...... 1,635.9 1,674.4 1,720.1 -3.9 -10.5 -1.8 -.2 -.6 -.1 Employer contributions for employee pension and insurance funds\1\...... 1,142.0 1,160.5 1,193.9 -3.4 -10.1 3.3 -.3 -.9 .3 Employer contributions for government social insurance.................... 493.9 513.9 526.1 -.5 -.4 -5.1 -.1 -.1 -1.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,143.7 1,260.2 1,336.6 -11.4 35.3 -12.2 -1.0 2.9 -.9 Farm................................... 75.5 72.3 83.2 2.9 -3.1 -44.4 4.0 -4.1 -34.8 Nonfarm................................ 1,068.1 1,187.9 1,253.5 -14.5 38.3 32.3 -1.3 3.3 2.6 Rental income of persons with capital consumption adjustment.................. 485.3 533.0 595.8 .9 -8.2 5.2 .2 -1.5 .9 Personal income receipts on assets....... 1,913.9 2,088.6 2,079.7 29.3 130.1 82.0 1.6 6.6 4.1 Personal interest income............... 1,231.6 1,255.9 1,255.2 27.5 44.3 26.0 2.3 3.7 2.1 Personal dividend income............... 682.2 832.7 824.5 1.7 85.8 56.0 .2 11.5 7.3 Personal current transfer receipts....... 2,307.9 2,350.7 2,414.5 1.0 -7.6 -29.8 .0 -.3 -1.2 Government social benefits to persons.. 2,257.7 2,307.6 2,372.2 -2.6 -9.2 -27.5 -.1 -.4 -1.1 Other current transfer receipts, from business (net)........................ 50.2 43.1 42.3 3.5 1.7 -2.3 7.5 4.1 -5.2 Less: Contributions for government social insurance, domestic..................... 917.8 951.2 1,104.5 -.4 .5 -1.5 .0 .1 -.1 Less: Personal current taxes............... 1,400.6 1,503.7 1,661.8 -3.4 5.7 3.3 -.2 .4 .2 Equals: Disposable personal income......... 11,801.4 12,384.0 12,505.1 14.0 138.2 28.9 .1 1.1 .2 Less: Personal outlays..................... 11,090.2 11,487.9 11,897.1 -28.9 -70.5 -17.8 -.3 -.6 -.1 Personal consumption expenditures........ 10,689.3 11,083.1 11,484.3 -22.5 -66.5 -17.2 -.2 -.6 -.1 Goods.................................. 3,596.5 3,741.9 3,851.2 -6.2 -27.8 -34.7 -.2 -.7 -.9 Durable goods........................ 1,125.3 1,192.1 1,249.3 -4.6 -10.6 -13.7 -.4 -.9 -1.1 Nondurable goods..................... 2,471.1 2,549.8 2,601.9 -1.7 -17.2 -21.0 -.1 -.7 -.8 Services............................... 7,092.8 7,341.3 7,633.2 -16.3 -38.6 17.5 -.2 -.5 .2 Personal interest payments\2\............ 241.4 241.6 247.1 -6.6 -6.8 -.8 -2.7 -2.7 -.3 Personal current transfer payments....... 159.5 163.1 165.6 .1 2.7 .2 .1 1.7 .1 To government.......................... 85.5 90.0 91.4 .2 1.5 1.0 .2 1.7 1.1 To the rest of the world (net)......... 74.1 73.1 74.3 .0 1.2 -.7 .0 1.7 -.9 Equals: Personal saving.................... 711.1 896.2 608.1 42.9 208.8 46.8 ..... ..... ..... Personal saving as a percentage of disposable personal income.............. 6.0 7.2 4.9 .3 1.6 .4 ..... ..... ..... Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\3\............... 10,460.1 10,877.6 10,949.5 3.0 137.5 45.5 .0 1.3 .4 Disposable personal income: Total, billions of chained (2009) dollars\3\............................ 11,331.2 11,676.2 11,650.8 6.6 124.6 13.9 .1 1.1 .1 Per capita: Current dollars...................... 37,821 39,409 39,515 45 440 91 .1 1.1 .2 Chained (2009) dollars............... 36,314 37,156 36,815 21 396 43 .1 1.1 .1 Population (midperiod, thousands)\4\..... 312,034 314,246 316,465 0 0 0 .0 .0 .0 ------------------------------------------------------------------------------------------------------------------------------------- 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. Consists of nonmortgage interest paid by households. 3. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 4. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continues ---------------------------------------------------------------------------------------------------------------------------------------------------- Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 ---------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------------- Change from preceding period in billions of dollars: Personal income................... 197.9 71.6 32.6 24.7 37.1 66.3 85.7 21.9 -13.0 13.7 3.5 109.3 139.7 105.2 Previously published............ 203.3 72.5 31.4 27.6 39.4 59.0 77.3 14.2 -12.5 .1 -9.8 89.1 114.2 88.3 Disposable personal income........ 85.9 64.2 27.1 20.4 31.9 54.8 70.2 18.9 -14.9 17.7 4.8 93.1 120.3 88.7 Previously published............ 90.8 62.7 22.9 20.9 31.9 49.0 65.1 13.8 -12.5 6.9 -7.5 73.9 94.2 70.6 Personal consumption expenditures. 38.6 37.7 71.1 41.1 28.5 23.3 50.7 18.5 45.0 37.0 1.1 -1.4 78.2 73.7 Previously published............ 32.1 47.1 77.1 37.7 31.5 29.0 52.9 24.9 50.1 46.0 17.1 3.6 65.5 86.4 Personal saving as a percentage of disposable personal income...... 6.2 6.4 6.0 5.9 5.9 6.1 6.3 6.2 5.7 5.5 5.6 6.4 6.6 6.7 Previously published.............. 6.3 6.4 5.9 5.7 5.7 5.9 6.0 5.8 5.3 5.0 4.8 5.4 5.6 5.4 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Personal income..................... 1.5 .6 .2 .2 .3 .5 .6 .2 -.1 .1 .0 .8 1.0 .8 Previously published.............. 1.6 .6 .2 .2 .3 .4 .6 .1 -.1 .0 -.1 .7 .9 .7 Disposable personal income.......... .7 .6 .2 .2 .3 .5 .6 .2 -.1 .1 .0 .8 1.0 .7 Previously published.............. .8 .5 .2 .2 .3 .4 .6 .1 -.1 .1 -.1 .6 .8 .6 Personal consumption expenditures... .4 .4 .7 .4 .3 .2 .5 .2 .4 .3 .0 .0 .7 .7 Previously published.............. .3 .4 .7 .4 .3 .3 .5 .2 .5 .4 .2 .0 .6 .8 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Real disposable personal income..... .5 .3 -.1 -.3 -.1 .4 .4 -.1 -.3 .1 -.1 .8 .7 .5 Previously published.............. .6 .3 -.2 -.1 .0 .3 .4 -.1 -.3 .0 -.2 .6 .5 .3 Real personal consumption expenditures....................... .1 .1 .3 .0 -.1 .2 .3 -.1 .3 .3 -.1 .0 .5 .5 Previously published.............. .1 .2 .4 .0 .0 .2 .3 .0 .3 .4 .0 .0 .4 .5 ---------------------------------------------------------------------------------------------------------------------------------------------------- Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Continues ---------------------------------------------------------------------------------------------------------------------------------------------------- Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 ---------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates ---------------------------------------------------------------------------------------------------------------- Change from preceding period in billions of dollars: Personal income................... 63.0 42.2 -5.2 28.9 -23.1 26.6 121.6 117.0 190.8 396.3 -741.1 121.8 42.6 22.4 Previously published............ 48.3 30.5 -3.7 40.8 -11.2 13.2 78.5 57.0 168.6 436.3 -628.5 177.6 47.5 15.1 Disposable personal income........ 54.0 40.5 -3.6 20.9 -28.9 14.8 100.2 104.7 166.1 356.2 -761.1 101.6 33.7 15.8 Previously published............ 38.6 26.9 -2.1 34.0 -12.1 4.4 61.5 46.5 143.7 391.4 -650.5 158.0 38.5 .5 Personal consumption expenditures. 15.1 35.9 -1.2 3.5 42.3 30.0 74.8 20.3 22.9 22.4 58.0 68.2 7.4 -5.5 Previously published............ 26.9 34.5 -6.7 13.1 44.5 24.1 79.1 11.7 23.7 10.8 20.8 75.7 21.9 -26.6 Personal saving as a percentage of disposable personal income...... 6.9 7.0 7.0 7.1 6.6 6.4 6.5 7.1 8.2 10.5 4.5 4.7 4.9 5.1 Previously published.............. 5.4 5.3 5.4 5.6 5.1 4.9 4.8 5.0 5.9 8.7 3.6 4.2 4.3 4.6 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Personal income..................... .5 .3 .0 .2 -.2 .2 .9 .8 1.4 2.8 -5.1 .9 .3 .2 Previously published.............. .4 .2 .0 .3 -.1 .1 .6 .4 1.2 3.1 -4.4 1.3 .3 .1 Disposable personal income.......... .4 .3 .0 .2 -.2 .1 .8 .8 1.3 2.8 -5.8 .8 .3 .1 Previously published.............. .3 .2 .0 .3 -.1 .0 .5 .4 1.2 3.1 -5.1 1.3 .3 .0 Personal consumption expenditures... .1 .3 .0 .0 .4 .3 .7 .2 .2 .2 .5 .6 .1 .0 Previously published.............. .2 .3 -.1 .1 .4 .2 .7 .1 .2 .1 .2 .7 .2 -.2 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------------------------------- Real disposable personal income..... .2 .2 .0 .1 -.3 -.2 .5 .6 1.4 2.8 -5.9 .5 .4 .2 Previously published.............. .1 .2 .0 .1 -.1 -.3 .2 .2 1.3 3.1 -5.1 .9 .4 .3 Real personal consumption expenditures....................... -.1 .2 .0 .0 .4 .0 .4 -.1 .3 .2 .4 .3 .1 .1 Previously published.............. .0 .3 .0 .0 .4 -.1 .4 -.1 .3 .1 .1 .3 .3 .0 ---------------------------------------------------------------------------------------------------------------------------------------------------- Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)--Table Ends -------------------------------------------------------------------------------------------------------------------------------------------- May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 -------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates -------------------------------------------------------------------------------------------------------- Change from preceding period in billions of dollars: Personal income................... 63.1 62.0 -6.7 63.2 54.6 -16.0 37.7 -6.5 67.3 102.2 98.6 51.0 57.4 Previously published............ 56.4 50.1 16.9 74.6 60.8 -10.1 37.1 -12.2 44.1 51.0 78.0 49.9 58.8 Disposable personal income........ 58.7 57.2 4.2 56.1 47.5 -25.0 23.9 -10.3 64.6 87.2 84.8 53.3 55.0 Previously published............ 43.7 37.6 39.4 76.8 60.4 -20.8 22.5 -15.1 40.7 43.4 66.5 50.8 55.6 Personal consumption expenditures. 33.8 55.3 22.3 26.9 48.0 42.5 69.4 14.8 -22.4 50.5 92.7 17.0 39.8 Previously published............ 20.6 63.0 22.8 39.6 37.4 36.7 69.6 9.8 -22.4 45.4 95.3 2.3 18.3 Personal saving as a percentage of disposable personal income...... 5.2 5.3 5.1 5.3 5.2 4.7 4.3 4.1 4.8 5.0 4.9 5.2 5.3 Previously published.............. 4.8 4.6 4.7 4.9 5.1 4.6 4.3 4.1 4.5 4.5 4.2 4.5 4.8 -------------------------------------------------------------------------------------------------------- Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates -------------------------------------------------------------------------------------------------------- Personal income..................... .4 .4 .0 .4 .4 -.1 .3 .0 .5 .7 .7 .3 .4 Previously published.............. .4 .4 .1 .5 .4 -.1 .3 -.1 .3 .4 .5 .3 .4 Disposable personal income.......... .5 .5 .0 .4 .4 -.2 .2 -.1 .5 .7 .7 .4 .4 Previously published.............. .4 .3 .3 .6 .5 -.2 .2 -.1 .3 .3 .5 .4 .4 Personal consumption expenditures... .3 .5 .2 .2 .4 .4 .6 .1 -.2 .4 .8 .1 .3 Previously published.............. .2 .6 .2 .3 .3 .3 .6 .1 -.2 .4 .8 .0 .2 -------------------------------------------------------------------------------------------------------- Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates -------------------------------------------------------------------------------------------------------- Real disposable personal income..... .4 .2 -.1 .4 .3 -.3 .1 -.2 .4 .6 .5 .2 .2 Previously published.............. .3 -.1 .2 .5 .4 -.2 .1 -.3 .2 .3 .3 .2 .2 Real personal consumption expenditures....................... .2 .2 .1 .2 .3 .3 .5 .0 -.3 .4 .6 -.1 .1 Previously published.............. .1 .2 .1 .2 .2 .3 .5 -.1 -.3 .3 .6 -.2 -.1 -------------------------------------------------------------------------------------------------------------------------------------------- Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters) [Quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 ---------------------------------------------------------------------------------------------------------------------------------------------------- Change from preceding period in billions of dollars: Personal income................... 772.7 685.7 279.2 356.5 117.1 152.6 51.0 304.9 125.4 52.8 466.2 -317.9 154.1 116.1 64.3 176.6 Previously published............ 756.1 552.5 390.9 359.9 118.6 135.1 19.6 245.4 103.2 49.8 371.5 -147.2 160.3 139.1 76.0 108.3 Disposable personal income........ 563.5 582.6 121.1 226.5 99.5 124.9 48.3 261.1 110.6 27.2 405.9 -389.3 130.3 115.1 37.9 152.1 Previously published............ 543.7 458.4 230.4 226.8 94.7 113.5 22.7 200.9 86.2 33.2 315.3 -223.5 120.5 150.3 55.1 89.2 Personal consumption expenditures. 487.1 393.8 401.2 130.3 127.9 103.1 73.4 131.8 70.9 89.2 102.8 128.5 63.2 104.4 134.6 75.2 Previously published............ 509.9 437.8 351.9 130.8 135.5 116.0 100.3 140.2 81.1 93.4 91.9 93.7 47.9 110.6 124.5 69.3 Personal saving as a percentage of disposable personal income...... 6.0 7.2 4.9 6.2 6.0 6.1 5.8 6.7 7.0 6.5 8.6 4.7 5.2 5.2 4.4 4.9 Previously published.............. 5.7 5.6 4.5 6.2 5.8 5.7 5.0 5.4 5.5 4.9 6.6 4.1 4.7 4.9 4.3 4.4 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for current-dollar measures ---------------------------------------------------------------------------------------------------------------- Personal income..................... 6.2 5.2 2.0 11.7 3.6 4.7 1.5 9.5 3.7 1.5 14.2 -8.6 4.5 3.3 1.8 5.0 Previously published.............. 6.1 4.2 2.8 11.9 3.7 4.2 .6 7.6 3.1 1.5 11.3 -4.1 4.7 4.0 2.2 3.1 Disposable personal income.......... 5.0 4.9 1.0 8.2 3.5 4.3 1.6 9.1 3.7 .9 13.8 -11.7 4.3 3.7 1.2 4.9 Previously published.............. 4.8 3.9 1.9 8.2 3.3 3.9 .8 6.9 2.9 1.1 10.7 -7.0 4.0 4.9 1.8 2.9 Personal consumption expenditures... 4.8 3.7 3.6 5.1 4.9 3.9 2.8 5.0 2.6 3.3 3.8 4.7 2.2 3.7 4.8 2.6 Previously published.............. 5.0 4.1 3.2 5.1 5.2 4.4 3.8 5.3 3.0 3.4 3.3 3.4 1.7 3.9 4.4 2.4 ---------------------------------------------------------------------------------------------------------------- Percent change from preceding period for chained-dollar measures ---------------------------------------------------------------------------------------------------------------- Real disposable personal income..... 2.5 3.0 -.2 5.0 -.6 2.1 .2 6.8 2.3 -.4 11.8 -12.6 3.8 2.0 .2 3.5 Previously published.............. 2.4 2.0 .7 5.0 -.4 1.6 -.6 4.6 1.8 -.6 9.0 -7.9 4.1 3.0 .7 1.5 Real personal consumption expenditures....................... 2.3 1.8 2.4 2.0 .8 1.8 1.4 2.8 1.3 1.9 1.9 3.6 1.8 2.0 3.7 1.2 Previously published.............. 2.5 2.2 2.0 2.1 1.5 2.1 2.4 2.9 1.9 1.7 1.7 2.3 1.8 2.0 3.3 1.0 ----------------------------------------------------------------------------------------------------------------------------------------------------