EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, NOVEMBER 26, 2014 BEA 14-60 James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov Jeannine Aversa (202) 606-2649 (News Media) PERSONAL INCOME AND OUTLAYS: OCTOBER 2014 Personal income increased $32.9 billion, or 0.2 percent, and disposable personal income (DPI) increased $23.4 billion, or 0.2 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $27.3 billion, or 0.2 percent. In September, personal income increased $24.6 billion, or 0.2 percent, DPI increased $17.2 billion, or 0.1 percent, and PCE increased $4.1 billion, or less than 0.1 percent, based on revised estimates. Real DPI increased 0.1 percent in October, the same increase as in September. Real PCE increased 0.2 percent in October, in contrast to a decrease of less than 0.1 percent in September. 2014 June July Aug. Sept. Oct. (Percent change from preceding month) Personal income, current dollars 0.4 0.3 0.4 0.2 0.2 Disposable personal income: Current dollars 0.4 0.2 0.3 0.1 0.2 Chained (2009) dollars 0.2 0.1 0.3 0.1 0.1 Personal consumption expenditures: Current dollars 0.5 0.1 0.5 0.0 0.2 Chained (2009) dollars 0.3 0.0 0.6 0.0 0.2 BOX.______________ This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for April through June 2014 (second quarter).  These estimates reflect the incorporation of the most recently available second-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. __________________ 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 $18.8 billion in October, compared with an increase of $13.9 billion in September. Goods-producing industries' payrolls increased $7.2 billion, compared with an increase of $2.4 billion; manufacturing payrolls increased $4.4 billion, compared with an increase of $0.7 billion. Services-producing industries' payrolls increased $11.6 billion, compared with an increase of $11.3 billion. Government wages and salaries increased $1.4 billion, compared with an increase of $1.8 billion. Other personal income Supplements to wages and salaries increased $3.8 billion in October, compared with an increase of $3.9 billion in September. Proprietors' income increased $7.4 billion in October, in contrast to a decrease of $1.6 billion in September. Farm proprietors' income decreased $1.2 billion, compared with a decrease of $10.1 billion. Nonfarm proprietors' income increased $8.6 billion, compared with an increase of $8.5 billion. Rental income of persons increased $2.5 billion in October, compared with an increase of $4.2 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $3.1 billion, in contrast to a decrease of $0.1 billion. Personal current transfer receipts decreased $1.8 billion, in contrast to an increase of $4.8 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.4 billion in October, compared with an increase of $2.1 billion in September. Personal current taxes and disposable personal income Personal current taxes increased $9.4 billion in October, compared with an increase of $7.4 billion in September. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $23.4 billion, or 0.2 percent, in October, compared with an increase of $17.2 billion, or 0.1 percent, in September. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $26.3 billion in October, compared with an increase of $8.7 billion in September. PCE increased $27.3 billion, compared with an increase of $4.1 billion. Personal saving -- DPI less personal outlays -- was $651.2 billion in October, compared with $654.0 billion in September. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.0 percent in October, the same as in September. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in October, the same increase as in September. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in October, in contrast to a decrease of less than 0.1 percent in September. Purchases of durable goods decreased 0.1 percent, compared with a decrease of 1.0 percent. Purchases of motor vehicles and parts more than accounted for the decrease in durable goods in both October and September. Purchases of nondurable goods increased 0.5 percent in October, in contrast to a decrease of 0.3 percent in September. Purchases of services increased 0.1 percent, compared with an increase of 0.2 percent. The price index for PCE increased 0.1 percent in October, the same increase as in September. The PCE price index, excluding food and energy, increased 0.2 percent in October, compared with an increase of 0.1 percent in September. The October price index for PCE increased 1.4 percent from October a year ago. The October PCE price index, excluding food and energy, increased 1.6 percent from October a year ago. Revisions Estimates for personal income and DPI have been revised for April through September; estimates for PCE have been revised for July through September. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for August and September -- revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from April through September. The revision to second-quarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of second-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for July, August, and September reflect extrapolation from the revised second-quarter level of wages. In addition, revisions to August and September reflect revised BLS employment, hours, and earnings data for those months. Change from preceding month August September Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars 50.7 53.3 0.3 0.4 22.7 24.6 0.2 0.2 Disposable personal income: Current dollars 37.5 39.2 0.3 0.3 15.7 17.2 0.1 0.1 Chained (2009) dollars 40.3 41.4 0.3 0.3 5.4 6.4 0.0 0.1 Personal consumption expenditures: Current dollars 58.7 63.3 0.5 0.5 -19.0 4.1 -0.2 0.0 Chained (2009) dollars 59.4 63.2 0.5 0.6 -25.8 -5.0 -0.2 0.0 BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to free e-mail summaries of BEA releases and announcements. * * * Next release – December 23, 2014 at 10:00 A.M. EST for Personal Income and Outlays for November Release Dates for 2015 December 2014....February 2 April 2015..June 1 August 2015.....September 28 January 2015.....March 2 May 2015....June 25 September 2015..October 30 February 2015....March 30 June 2015...August 3 October 2015....November 25 March 2015.......April 30 July 2015...August 28 November 2015...December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Mar 14 Apr 14\r\ May 14\r\ Jun 14\r\ Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,572.6 14,607.6 14,657.0 14,716.8 14,757.5 14,810.8 14,835.4 14,868.3 Compensation of employees................ 9,161.2 9,147.9 9,156.0 9,174.6 9,200.5 9,246.8 9,266.3 9,290.3 Wages and salaries..................... 7,398.1 7,383.0 7,388.7 7,403.5 7,425.3 7,466.0 7,481.6 7,501.8 Private industries................... 6,181.9 6,164.8 6,168.7 6,182.7 6,202.6 6,241.5 6,255.4 6,274.2 Goods-producing industries......... 1,251.2 1,247.2 1,254.5 1,261.8 1,261.3 1,268.4 1,270.8 1,278.0 Manufacturing.................... 779.6 770.8 773.7 776.6 774.5 778.4 779.1 783.5 Services-producing industries...... 4,930.7 4,917.5 4,914.2 4,920.9 4,941.3 4,973.2 4,984.5 4,996.1 Trade, transportation, and utilities....................... 1,166.0 1,167.5 1,164.5 1,162.9 1,164.6 1,170.0 1,170.1 1,174.3 Other services-producing industries...................... 3,764.7 3,750.1 3,749.7 3,758.0 3,776.7 3,803.2 3,814.4 3,821.8 Government........................... 1,216.1 1,218.3 1,220.0 1,220.8 1,222.7 1,224.5 1,226.3 1,227.7 Supplements to wages and salaries...... 1,763.1 1,764.9 1,767.3 1,771.1 1,775.2 1,780.8 1,784.7 1,788.5 Employer contributions for employee pension and insurance funds\1\...... 1,216.4 1,219.5 1,221.9 1,224.7 1,227.6 1,230.5 1,233.5 1,236.3 Employer contributions for government social insurance.................... 546.7 545.4 545.4 546.4 547.6 550.3 551.2 552.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,353.3 1,369.9 1,378.9 1,394.0 1,394.5 1,384.2 1,382.6 1,390.0 Farm................................... 56.3 64.8 73.4 81.9 71.8 61.7 51.6 50.4 Nonfarm................................ 1,297.0 1,305.0 1,305.5 1,312.2 1,322.7 1,322.5 1,331.0 1,339.6 Rental income of persons with capital consumption adjustment.................. 628.5 632.1 635.4 638.7 642.4 648.1 652.3 654.8 Personal income receipts on assets....... 2,098.1 2,115.6 2,126.0 2,139.5 2,139.2 2,138.0 2,137.9 2,141.0 Personal interest income............... 1,260.2 1,265.1 1,270.0 1,274.9 1,270.9 1,266.9 1,262.9 1,260.7 Personal dividend income............... 838.0 850.5 855.9 864.6 868.3 871.0 875.0 880.2 Personal current transfer receipts....... 2,486.3 2,495.1 2,514.4 2,525.9 2,539.7 2,558.1 2,562.9 2,561.1 Government social benefits to persons.. 2,443.0 2,451.5 2,470.7 2,481.9 2,495.4 2,513.6 2,518.1 2,516.1 Social security\2\................... 830.2 831.4 832.7 835.0 833.8 838.2 839.3 839.7 Medicare\3\.......................... 583.3 585.3 585.9 587.5 588.4 590.9 593.2 590.9 Medicaid............................. 473.6 475.2 483.2 489.0 502.4 513.7 514.9 512.9 Unemployment insurance............... 39.5 37.8 37.2 36.8 35.6 35.6 34.2 34.0 Veterans' benefits................... 83.3 83.6 83.2 83.3 85.2 84.4 84.2 86.4 Other................................ 433.1 438.3 448.5 450.3 450.0 450.9 452.3 452.2 Other current transfer receipts, from business (net)........................ 43.3 43.5 43.8 44.0 44.3 44.5 44.8 45.1 Less: Contributions for government social insurance, domestic..................... 1,154.8 1,152.9 1,153.7 1,155.9 1,158.8 1,164.4 1,166.5 1,168.9 Less: Personal current taxes............... 1,723.6 1,715.9 1,713.8 1,716.1 1,728.0 1,742.1 1,749.5 1,758.9 Equals: Disposable personal income......... 12,849.0 12,891.7 12,943.2 13,000.7 13,029.5 13,068.7 13,085.9 13,109.3 Less: Personal outlays..................... 12,226.6 12,243.3 12,283.2 12,342.2 12,355.3 12,423.2 12,431.9 12,458.2 Personal consumption expenditures........ 11,807.1 11,825.2 11,864.3 11,922.6 11,929.4 11,992.7 11,996.8 12,024.1 Goods.................................. 3,932.0 3,942.2 3,956.4 3,994.9 3,997.6 4,025.1 4,002.0 4,004.7 Durable goods........................ 1,295.3 1,287.5 1,300.4 1,307.4 1,305.6 1,333.1 1,318.6 1,316.5 Nondurable goods..................... 2,636.8 2,654.8 2,656.0 2,687.6 2,692.1 2,692.0 2,683.4 2,688.2 Services............................... 7,875.1 7,883.0 7,907.9 7,927.7 7,931.8 7,967.7 7,994.8 8,019.5 Personal interest payments\4\............ 250.5 250.9 251.3 251.8 256.1 260.4 264.7 263.3 Personal current transfer payments....... 169.0 167.2 167.5 167.9 169.8 170.1 170.4 170.8 To government.......................... 93.6 93.9 94.3 94.6 94.9 95.3 95.6 95.9 To the rest of the world (net)......... 75.4 73.3 73.3 73.3 74.9 74.9 74.9 74.9 Equals: Personal saving.................... 622.4 648.4 660.1 658.4 674.3 645.5 654.0 651.2 Personal saving as a percentage of disposable personal income.............. 4.8 5.0 5.1 5.1 5.2 4.9 5.0 5.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 11,161.2 11,161.5 11,161.8 11,181.0 11,196.0 11,233.1 11,242.4 11,267.9 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,865.4 11,879.5 11,897.7 11,923.8 11,939.8 11,981.2 11,987.6 12,002.3 Per capita: Current dollars...................... 40,405 40,517 40,656 40,812 40,876 40,971 40,997 41,044 Chained (2009) dollars............... 37,312 37,336 37,372 37,431 37,457 37,562 37,556 37,578 Population (midperiod, thousands)\6\..... 318,006 318,178 318,357 318,552 318,759 318,976 319,195 319,394 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 II 13 III 13 IV 13 I 14 II 14\r\ III 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,887.7 14,166.9 14,131.3 14,247.4 14,311.7 14,484.7 14,660.5 14,801.2 Compensation of employees................ 8,606.5 8,844.8 8,826.3 8,871.6 8,946.8 9,096.2 9,159.5 9,237.9 Wages and salaries..................... 6,932.1 7,124.7 7,110.9 7,145.3 7,208.5 7,339.8 7,391.7 7,457.7 Private industries................... 5,733.8 5,916.6 5,901.4 5,939.7 5,998.5 6,125.3 6,172.1 6,233.2 Goods-producing industries......... 1,157.1 1,195.3 1,193.0 1,196.8 1,210.6 1,238.0 1,254.5 1,266.8 Manufacturing.................... 734.4 747.6 746.0 747.2 754.1 769.5 773.7 777.3 Services-producing industries...... 4,576.7 4,721.3 4,708.4 4,742.9 4,787.9 4,887.3 4,917.5 4,966.3 Trade, transportation, and utilities....................... 1,094.0 1,121.3 1,117.2 1,122.7 1,134.9 1,154.9 1,165.0 1,168.2 Other services-producing industries...................... 3,482.7 3,600.0 3,591.2 3,620.2 3,653.0 3,732.4 3,752.6 3,798.1 Government........................... 1,198.3 1,208.1 1,209.6 1,205.6 1,210.0 1,214.5 1,219.7 1,224.5 Supplements to wages and salaries...... 1,674.4 1,720.1 1,715.4 1,726.2 1,738.3 1,756.4 1,767.8 1,780.2 Employer contributions for employee pension and insurance funds\1\...... 1,160.5 1,193.9 1,190.0 1,198.8 1,206.8 1,213.6 1,222.0 1,230.5 Employer contributions for government social insurance.................... 513.9 526.1 525.4 527.5 531.5 542.8 545.7 549.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,260.2 1,336.6 1,330.0 1,345.9 1,342.7 1,351.0 1,381.0 1,387.1 Farm................................... 72.3 83.2 83.6 86.8 70.1 58.1 73.4 61.7 Nonfarm................................ 1,187.9 1,253.5 1,246.5 1,259.2 1,272.6 1,292.9 1,307.6 1,325.4 Rental income of persons with capital consumption adjustment.................. 533.0 595.8 590.8 604.2 613.3 622.9 635.4 647.6 Personal income receipts on assets....... 2,088.6 2,079.7 2,081.9 2,106.9 2,094.2 2,090.4 2,127.0 2,138.4 Personal interest income............... 1,255.9 1,255.2 1,253.5 1,258.5 1,263.2 1,262.4 1,270.0 1,266.9 Personal dividend income............... 832.7 824.5 828.4 848.4 831.0 828.0 857.0 871.4 Personal current transfer receipts....... 2,350.7 2,414.5 2,404.5 2,426.6 2,432.3 2,470.9 2,511.8 2,553.6 Government social benefits to persons.. 2,307.6 2,372.2 2,362.2 2,384.0 2,389.7 2,427.8 2,468.0 2,509.0 Social security\2\................... 762.1 799.0 795.0 802.5 808.9 824.5 833.0 837.1 Medicare\3\.......................... 555.2 572.4 567.7 573.0 577.3 582.6 586.2 590.8 Medicaid............................. 417.2 441.1 437.4 450.0 448.7 467.6 482.5 510.3 Unemployment insurance............... 83.6 62.2 64.5 59.3 56.1 41.4 37.2 35.1 Veterans' benefits................... 70.1 79.0 78.6 80.1 81.6 83.4 83.4 84.6 Other................................ 419.3 418.5 419.0 419.1 417.1 428.4 445.7 451.1 Other current transfer receipts, from business (net)........................ 43.1 42.3 42.3 42.5 42.6 43.1 43.8 44.5 Less: Contributions for government social insurance, domestic..................... 951.2 1,104.5 1,102.1 1,107.8 1,117.5 1,146.6 1,154.2 1,163.2 Less: Personal current taxes............... 1,503.7 1,661.8 1,660.6 1,661.5 1,688.1 1,711.8 1,715.3 1,739.9 Equals: Disposable personal income......... 12,384.0 12,505.1 12,470.7 12,585.8 12,623.7 12,772.9 12,945.2 13,061.4 Less: Personal outlays..................... 11,487.9 11,897.1 11,823.9 11,933.1 12,070.8 12,146.9 12,289.6 12,403.4 Personal consumption expenditures........ 11,083.1 11,484.3 11,414.3 11,518.7 11,653.3 11,728.5 11,870.7 11,973.0 Goods.................................. 3,741.9 3,851.2 3,821.0 3,865.3 3,886.1 3,890.6 3,964.5 4,008.2 Durable goods........................ 1,192.1 1,249.3 1,245.4 1,252.4 1,261.5 1,262.3 1,298.4 1,319.1 Nondurable goods..................... 2,549.8 2,601.9 2,575.6 2,612.9 2,624.6 2,628.4 2,666.1 2,689.1 Services............................... 7,341.3 7,633.2 7,593.2 7,653.4 7,767.2 7,837.8 7,906.2 7,964.7 Personal interest payments\4\............ 241.6 247.1 243.4 250.8 250.8 249.8 251.3 260.4 Personal current transfer payments....... 163.1 165.6 166.2 163.6 166.7 168.6 167.5 170.1 To government.......................... 90.0 91.4 91.0 91.5 92.2 93.3 94.3 95.3 To the rest of the world (net)......... 73.1 74.3 75.3 72.2 74.5 75.4 73.3 74.9 Equals: Personal saving.................... 896.2 608.1 646.9 652.8 552.9 626.1 655.6 657.9 Personal saving as a percentage of disposable personal income.............. 7.2 4.9 5.2 5.2 4.4 4.9 5.1 5.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,877.6 10,949.5 10,952.3 10,994.3 11,021.2 11,108.2 11,168.1 11,223.8 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,676.2 11,650.8 11,647.0 11,705.9 11,711.7 11,810.1 11,900.4 11,969.5 Per capita: Current dollars...................... 39,409 39,515 39,447 39,734 39,779 40,186 40,662 40,948 Chained (2009) dollars............... 37,156 36,815 36,841 36,956 36,905 37,157 37,380 37,525 Population (midperiod, thousands)\6\..... 314,246 316,465 316,140 316,754 317,347 317,842 318,362 318,977 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Mar 14 Apr 14\r\ May 14\r\ Jun 14\r\ Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 89.7 35.0 49.4 59.8 40.7 53.3 24.6 32.9 Compensation of employees................ 66.0 -13.3 8.1 18.6 25.9 46.3 19.5 24.0 Wages and salaries..................... 59.3 -15.1 5.7 14.8 21.8 40.7 15.6 20.2 Private industries................... 58.0 -17.1 3.9 14.0 19.9 38.9 13.9 18.8 Goods-producing industries......... 13.7 -4.0 7.3 7.3 -.5 7.1 2.4 7.2 Manufacturing.................... 12.1 -8.8 2.9 2.9 -2.1 3.9 .7 4.4 Services-producing industries...... 44.3 -13.2 -3.3 6.7 20.4 31.9 11.3 11.6 Trade, transportation, and utilities....................... 14.6 1.5 -3.0 -1.6 1.7 5.4 .1 4.2 Other services-producing industries...................... 29.7 -14.6 -.4 8.3 18.7 26.5 11.2 7.4 Government........................... 1.1 2.2 1.7 .8 1.9 1.8 1.8 1.4 Supplements to wages and salaries...... 6.7 1.8 2.4 3.8 4.1 5.6 3.9 3.8 Employer contributions for employee pension and insurance funds\1\...... 2.7 3.1 2.4 2.8 2.9 2.9 3.0 2.8 Employer contributions for government social insurance.................... 4.0 -1.3 .0 1.0 1.2 2.7 .9 1.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.7 16.6 9.0 15.1 .5 -10.3 -1.6 7.4 Farm................................... -1.8 8.5 8.6 8.5 -10.1 -10.1 -10.1 -1.2 Nonfarm................................ 3.5 8.0 .5 6.7 10.5 -.2 8.5 8.6 Rental income of persons with capital consumption adjustment.................. 6.2 3.6 3.3 3.3 3.7 5.7 4.2 2.5 Personal income receipts on assets....... 9.1 17.5 10.4 13.5 -.3 -1.2 -.1 3.1 Personal interest income............... -2.2 4.9 4.9 4.9 -4.0 -4.0 -4.0 -2.2 Personal dividend income............... 11.4 12.5 5.4 8.7 3.7 2.7 4.0 5.2 Personal current transfer receipts....... 15.0 8.8 19.3 11.5 13.8 18.4 4.8 -1.8 Government social benefits to persons.. 14.7 8.5 19.2 11.2 13.5 18.2 4.5 -2.0 Social security\2\................... 8.2 1.2 1.3 2.3 -1.2 4.4 1.1 .4 Medicare\3\.......................... .1 2.0 .6 1.6 .9 2.5 2.3 -2.3 Medicaid............................. 4.9 1.6 8.0 5.8 13.4 11.3 1.2 -2.0 Unemployment insurance............... -1.1 -1.7 -.6 -.4 -1.2 .0 -1.4 -.2 Veterans' benefits................... -2.2 .3 -.4 .1 1.9 -.8 -.2 2.2 Other................................ 4.9 5.2 10.2 1.8 -.3 .9 1.4 -.1 Other current transfer receipts, from business (net)........................ .2 .2 .3 .2 .3 .2 .3 .3 Less: Contributions for government social insurance, domestic..................... 8.3 -1.9 .8 2.2 2.9 5.6 2.1 2.4 Less: Personal current taxes............... 12.0 -7.7 -2.1 2.3 11.9 14.1 7.4 9.4 Equals: Disposable personal income......... 77.7 42.7 51.5 57.5 28.8 39.2 17.2 23.4 Less: Personal outlays..................... 93.8 16.7 39.9 59.0 13.1 67.9 8.7 26.3 Personal consumption expenditures........ 92.7 18.1 39.1 58.3 6.8 63.3 4.1 27.3 Goods.................................. 43.3 10.2 14.2 38.5 2.7 27.5 -23.1 2.7 Durable goods........................ 41.4 -7.8 12.9 7.0 -1.8 27.5 -14.5 -2.1 Nondurable goods..................... 2.0 18.0 1.2 31.6 4.5 -.1 -8.6 4.8 Services............................... 49.4 7.9 24.9 19.8 4.1 35.9 27.1 24.7 Personal interest payments\4\............ .7 .4 .4 .5 4.3 4.3 4.3 -1.4 Personal current transfer payments....... .4 -1.8 .3 .4 1.9 .3 .3 .4 To government.......................... .3 .3 .4 .3 .3 .4 .3 .3 To the rest of the world (net)......... .0 -2.1 .0 .0 1.6 .0 .0 .0 Equals: Personal saving.................... -16.2 26.0 11.7 -1.7 15.9 -28.8 8.5 -2.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 52.3 .3 .3 19.2 15.0 37.1 9.3 25.5 Disposable personal income, billions of chained (2009) dollars\5\............ 53.9 14.1 18.2 26.1 16.0 41.4 6.4 14.7 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 II 13 III 13 IV 13 I 14 II 14\r\ III 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 685.7 279.2 154.1 116.1 64.3 173.0 175.8 140.7 Compensation of employees................ 337.5 238.3 91.9 45.3 75.2 149.4 63.3 78.4 Wages and salaries..................... 298.9 192.6 76.8 34.4 63.2 131.3 51.9 66.0 Private industries................... 295.4 182.8 74.6 38.3 58.8 126.8 46.8 61.1 Goods-producing industries......... 56.3 38.2 12.2 3.8 13.8 27.4 16.5 12.3 Manufacturing.................... 27.7 13.2 3.0 1.2 6.9 15.4 4.2 3.6 Services-producing industries...... 239.1 144.6 62.4 34.5 45.0 99.4 30.2 48.8 Trade, transportation, and utilities....................... 49.5 27.3 6.6 5.5 12.2 20.0 10.1 3.2 Other services-producing industries...................... 189.6 117.3 55.8 29.0 32.8 79.4 20.2 45.5 Government........................... 3.5 9.8 2.3 -4.0 4.4 4.5 5.2 4.8 Supplements to wages and salaries...... 38.5 45.7 15.1 10.8 12.1 18.1 11.4 12.4 Employer contributions for employee pension and insurance funds\1\...... 18.5 33.4 9.9 8.8 8.0 6.8 8.4 8.5 Employer contributions for government social insurance.................... 20.0 12.2 5.2 2.1 4.0 11.3 2.9 4.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 116.5 76.4 2.2 15.9 -3.2 8.3 30.0 6.1 Farm................................... -3.2 10.9 -8.6 3.2 -16.7 -12.0 15.3 -11.7 Nonfarm................................ 119.8 65.6 10.9 12.7 13.4 20.3 14.7 17.8 Rental income of persons with capital consumption adjustment.................. 47.7 62.8 15.8 13.4 9.1 9.6 12.5 12.2 Personal income receipts on assets....... 174.7 -8.9 46.0 25.0 -12.7 -3.8 36.6 11.4 Personal interest income............... 24.3 -.7 8.0 5.0 4.7 -.8 7.6 -3.1 Personal dividend income............... 150.5 -8.2 38.0 20.0 -17.4 -3.0 29.0 14.4 Personal current transfer receipts....... 42.8 63.8 9.7 22.1 5.7 38.6 40.9 41.8 Government social benefits to persons.. 49.9 64.6 9.3 21.8 5.7 38.1 40.2 41.0 Social security\2\................... 48.8 36.9 5.2 7.5 6.4 15.6 8.5 4.1 Medicare\3\.......................... 19.2 17.2 -3.7 5.3 4.3 5.3 3.6 4.6 Medicaid............................. 11.5 23.9 9.2 12.6 -1.3 18.9 14.9 27.8 Unemployment insurance............... -23.6 -21.4 -4.4 -5.2 -3.2 -14.7 -4.2 -2.1 Veterans' benefits................... 6.8 8.9 2.7 1.5 1.5 1.8 .0 1.2 Other................................ -13.0 -.8 .3 .1 -2.0 11.3 17.3 5.4 Other current transfer receipts, from business (net)........................ -7.1 -.8 .4 .2 .1 .5 .7 .7 Less: Contributions for government social insurance, domestic..................... 33.4 153.3 11.4 5.7 9.7 29.1 7.6 9.0 Less: Personal current taxes............... 103.1 158.1 23.8 .9 26.6 23.7 3.5 24.6 Equals: Disposable personal income......... 582.6 121.1 130.3 115.1 37.9 149.2 172.3 116.2 Less: Personal outlays..................... 397.7 409.2 63.3 109.2 137.7 76.1 142.7 113.8 Personal consumption expenditures........ 393.8 401.2 63.2 104.4 134.6 75.2 142.2 102.3 Goods.................................. 145.4 109.3 -11.2 44.3 20.8 4.5 73.9 43.7 Durable goods........................ 66.8 57.2 7.6 7.0 9.1 .8 36.1 20.7 Nondurable goods..................... 78.7 52.1 -18.8 37.3 11.7 3.8 37.7 23.0 Services............................... 248.5 291.9 74.3 60.2 113.8 70.6 68.4 58.5 Personal interest payments\4\............ .2 5.5 -.1 7.4 .0 -1.0 1.5 9.1 Personal current transfer payments....... 3.6 2.5 .2 -2.6 3.1 1.9 -1.1 2.6 To government.......................... 4.5 1.4 .2 .5 .7 1.1 1.0 1.0 To the rest of the world (net)......... -1.0 1.2 .1 -3.1 2.3 .9 -2.1 1.6 Equals: Personal saving.................... 185.1 -288.1 67.1 5.9 -99.9 73.2 29.5 2.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 417.5 71.9 122.5 42.0 26.9 87.0 59.9 55.7 Disposable personal income, billions of chained (2009) dollars\5\............ 345.0 -25.4 108.4 58.9 5.8 98.4 90.3 69.1 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Mar 14 Apr 14\r\ May 14\r\ Jun 14\r\ Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .6 .2 .3 .4 .3 .4 .2 .2 Compensation of employees................ .7 -.1 .1 .2 .3 .5 .2 .3 Wages and salaries..................... .8 -.2 .1 .2 .3 .5 .2 .3 Supplements to wages and salaries...... .4 .1 .1 .2 .2 .3 .2 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .1 1.2 .7 1.1 .0 -.7 -.1 .5 Rental income of persons with capital consumption adjustment.................. 1.0 .6 .5 .5 .6 .9 .7 .4 Personal income receipts on assets....... .4 .8 .5 .6 .0 -.1 .0 .1 Personal interest income............... -.2 .4 .4 .4 -.3 -.3 -.3 -.2 Personal dividend income............... 1.4 1.5 .6 1.0 .4 .3 .5 .6 Personal current transfer receipts....... .6 .4 .8 .5 .5 .7 .2 -.1 Less: Contributions for government social insurance, domestic..................... .7 -.2 .1 .2 .2 .5 .2 .2 Less: Personal current taxes............... .7 -.4 -.1 .1 .7 .8 .4 .5 Equals: Disposable personal income......... .6 .3 .4 .4 .2 .3 .1 .2 Addenda: Personal consumption expenditures........ .8 .2 .3 .5 .1 .5 .0 .2 Goods.................................. 1.1 .3 .4 1.0 .1 .7 -.6 .1 Durable goods........................ 3.3 -.6 1.0 .5 -.1 2.1 -1.1 -.2 Nondurable goods..................... .1 .7 .0 1.2 .2 .0 -.3 .2 Services............................... .6 .1 .3 .2 .1 .5 .3 .3 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .5 .0 .0 .2 .1 .3 .1 .2 Real disposable personal income.......... .5 .1 .2 .2 .1 .3 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 II 13 III 13 IV 13 I 14 II 14\r\ III 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.2 2.0 4.5 3.3 1.8 4.9 4.9 3.9 Compensation of employees................ 4.1 2.8 4.3 2.1 3.4 6.8 2.8 3.5 Wages and salaries..................... 4.5 2.8 4.4 1.9 3.6 7.5 2.9 3.6 Supplements to wages and salaries...... 2.4 2.7 3.6 2.6 2.8 4.2 2.6 2.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.2 6.1 .7 4.9 -1.0 2.5 9.2 1.8 Rental income of persons with capital consumption adjustment.................. 9.8 11.8 11.5 9.4 6.1 6.4 8.2 7.9 Personal income receipts on assets....... 9.1 -.4 9.3 4.9 -2.4 -.7 7.2 2.1 Personal interest income............... 2.0 -.1 2.6 1.6 1.5 -.2 2.4 -1.0 Personal dividend income............... 22.0 -1.0 20.7 10.0 -7.9 -1.5 14.8 6.9 Personal current transfer receipts....... 1.9 2.7 1.6 3.7 .9 6.5 6.8 6.8 Less: Contributions for government social insurance, domestic..................... 3.6 16.1 4.3 2.1 3.5 10.8 2.7 3.2 Less: Personal current taxes............... 7.4 10.5 5.9 .2 6.6 5.7 .8 5.9 Equals: Disposable personal income......... 4.9 1.0 4.3 3.7 1.2 4.8 5.5 3.6 Addenda: Personal consumption expenditures........ 3.7 3.6 2.2 3.7 4.8 2.6 4.9 3.5 Goods.................................. 4.0 2.9 -1.2 4.7 2.2 .5 7.8 4.5 Durable goods........................ 5.9 4.8 2.5 2.3 3.0 .2 12.0 6.5 Nondurable goods..................... 3.2 2.0 -2.9 5.9 1.8 .6 5.9 3.5 Services............................... 3.5 4.0 4.0 3.2 6.1 3.7 3.5 3.0 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 4.0 .7 4.6 1.5 1.0 3.2 2.2 2.0 Real disposable personal income.......... 3.0 -.2 3.8 2.0 .2 3.4 3.1 2.3 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Mar 14 Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,903.3 10,896.7 10,906.0 10,935.0 10,931.6 10,994.8 10,989.8 11,008.8 Goods.................................... 3,722.6 3,721.2 3,726.9 3,746.7 3,749.2 3,792.1 3,771.8 3,784.1 Durable goods.......................... 1,394.2 1,385.2 1,403.6 1,412.3 1,412.9 1,445.8 1,431.0 1,429.3 Nondurable goods....................... 2,351.2 2,357.3 2,347.5 2,359.0 2,360.8 2,374.2 2,367.3 2,380.2 Services................................. 7,180.8 7,175.7 7,179.4 7,189.0 7,183.2 7,204.4 7,218.9 7,225.8 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 69.3 -6.6 9.3 29.0 -3.4 63.2 -5.0 19.0 Goods.................................... 47.3 -1.4 5.7 19.8 2.5 42.9 -20.3 12.3 Durable goods.......................... 48.8 -9.0 18.4 8.7 .6 32.9 -14.8 -1.7 Nondurable goods....................... 4.2 6.1 -9.8 11.5 1.8 13.4 -6.9 12.9 Services................................. 22.8 -5.1 3.7 9.6 -5.8 21.2 14.5 6.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .6 -.1 .1 .3 .0 .6 .0 .2 Goods.................................... 1.3 .0 .2 .5 .1 1.1 -.5 .3 Durable goods.......................... 3.6 -.6 1.3 .6 .0 2.3 -1.0 -.1 Nondurable goods....................... .2 .3 -.4 .5 .1 .6 -.3 .5 Services................................. .3 -.1 .1 .1 -.1 .3 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 II 13 III 13 IV 13 I 14 II 14 III 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,449.7 10,699.7 10,660.4 10,713.3 10,811.4 10,844.3 10,912.6 10,972.1 Goods.................................... 3,506.5 3,626.0 3,605.2 3,636.1 3,669.0 3,678.3 3,731.6 3,771.0 Durable goods.......................... 1,235.7 1,319.0 1,310.0 1,325.9 1,344.5 1,355.0 1,400.4 1,429.9 Nondurable goods....................... 2,280.1 2,322.6 2,310.5 2,326.4 2,341.8 2,341.9 2,354.6 2,367.5 Services................................. 6,942.4 7,073.1 7,054.5 7,076.6 7,141.9 7,165.4 7,181.4 7,202.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 186.2 250.0 46.7 52.9 98.1 32.9 68.3 59.5 Goods.................................... 94.7 119.5 11.5 30.9 32.9 9.3 53.3 39.4 Durable goods.......................... 84.2 83.3 14.3 15.9 18.6 10.5 45.4 29.5 Nondurable goods....................... 16.9 42.5 -1.2 15.9 15.4 .1 12.7 12.9 Services................................. 91.0 130.7 35.2 22.1 65.3 23.5 16.0 20.8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.8 2.4 1.8 2.0 3.7 1.2 2.5 2.2 Goods.................................... 2.8 3.4 1.3 3.5 3.7 1.0 5.9 4.3 Durable goods.......................... 7.3 6.7 4.5 4.9 5.7 3.2 14.1 8.7 Nondurable goods....................... .7 1.9 -.2 2.8 2.7 .0 2.2 2.2 Services................................. 1.3 1.9 2.0 1.3 3.7 1.3 .9 1.2 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Mar 14 Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 108.292 108.523 108.790 109.034 109.130 109.078 109.165 109.225 Goods.................................... 105.622 105.937 106.158 106.624 106.623 106.141 106.098 105.826 Durable goods.......................... 92.893 92.933 92.638 92.562 92.391 92.193 92.135 92.095 Nondurable goods....................... 112.147 112.619 113.141 113.927 114.030 113.383 113.350 112.941 Services................................. 109.672 109.861 110.151 110.280 110.425 110.599 110.753 110.988 Addenda: PCE excluding food and energy............ 107.057 107.263 107.457 107.621 107.729 107.815 107.948 108.140 Food\1\.................................. 108.733 109.061 109.706 109.728 110.017 110.397 110.575 110.573 Energy goods and services\2\............. 129.040 129.570 130.632 132.811 132.377 128.841 127.838 125.331 Market-based PCE\3\...................... 107.893 108.098 108.348 108.613 108.718 108.604 108.669 108.679 Market-based PCE excluding food and energy\3\........................... 106.408 106.580 106.742 106.920 107.040 107.074 107.190 107.342 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 .2 .2 .2 .1 .0 .1 .1 Goods.................................... -.2 .3 .2 .4 .0 -.5 .0 -.3 Durable goods.......................... -.3 .0 -.3 -.1 -.2 -.2 -.1 .0 Nondurable goods....................... -.1 .4 .5 .7 .1 -.6 .0 -.4 Services................................. .3 .2 .3 .1 .1 .2 .1 .2 Addenda: PCE excluding food and energy............ .1 .2 .2 .2 .1 .1 .1 .2 Food\1\.................................. .5 .3 .6 .0 .3 .3 .2 .0 Energy goods and services\2\............. -.1 .4 .8 1.7 -.3 -2.7 -.8 -2.0 Market-based PCE\3\...................... .2 .2 .2 .2 .1 -.1 .1 .0 Market-based PCE excluding food and energy\3\........................... .2 .2 .2 .2 .1 .0 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Mar 14 Apr 14\r\ May 14\r\ Jun 14\r\ Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.4 2.3 2.1 2.1 2.4 2.3 2.1 2.5 Personal consumption expenditures.......... 2.5 2.4 2.3 2.4 2.3 2.7 2.3 2.2 Goods.................................... 3.8 3.8 3.2 3.5 3.3 4.4 3.4 3.6 Durable goods.......................... 8.2 6.5 7.2 7.0 7.0 8.4 8.2 6.8 Nondurable goods....................... 1.8 2.4 1.4 1.9 1.5 2.6 1.2 2.0 Services................................. 1.9 1.7 1.9 1.8 1.7 1.8 1.7 1.5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2014. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Mar 14 Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.2 1.5 1.7 1.6 1.6 1.5 1.4 1.4 Goods.................................... -.8 .1 .3 .3 .2 -.2 -.1 -.2 Durable goods.......................... -2.6 -2.3 -2.5 -2.6 -2.4 -2.3 -2.3 -2.2 Nondurable goods....................... .1 1.2 1.7 1.7 1.6 .9 1.0 .8 Services................................. 2.2 2.3 2.3 2.3 2.3 2.3 2.2 2.3 Addenda: PCE excluding food and energy............ 1.3 1.4 1.5 1.5 1.5 1.5 1.5 1.6 Food\1\.................................. 1.0 1.2 2.0 1.8 2.0 2.2 2.5 2.5 Energy goods and services\2\............. .4 3.3 3.3 3.1 2.5 .1 -.9 -1.9 Market-based PCE\3\...................... 1.0 1.4 1.5 1.5 1.5 1.3 1.3 1.3 Market-based PCE excluding food and energy\3\........................... 1.1 1.3 1.4 1.3 1.3 1.3 1.3 1.4 ----------------------------------------------------------------------------------------------------------------------------------- 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.