EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, MARCH 1, 2012 BEA 12-06 James Rankin: (202)606-5301 (Personal Income) piniwd@bea.gov Kyle Brown: (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: JANUARY 2012 Personal income increased $37.4 billion, or 0.3 percent, and disposable personal income (DPI) increased $14.1 billion, or 0.1 percent, in January, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $23.2 billion, or 0.2 percent. In December, personal income increased $60.2 billion, or 0.5 percent, DPI increased $48.3 billion, or 0.4 percent, and PCE increased $3.2 billion, or less than 0.1 percent, based on revised estimates. Real disposable income decreased 0.1 percent in January, in contrast to an increase of 0.3 percent in December. Real PCE increased less than 0.1 percent, in contrast to a decrease of less than 0.1 percent. 2011 2012 Sept. Oct. Nov. Dec. Jan. (Percent change from preceding month) Personal income, current dollars 0.3 0.4 0.0 0.5 0.3 Disposable personal income: Current dollars 0.3 0.3 0.0 0.4 0.1 Chained (2005) dollars 0.1 0.3 -0.1 0.3 -0.1 Personal consumption expenditures: Current dollars 0.7 0.2 0.1 0.0 0.2 Chained (2005) dollars 0.5 0.2 0.0 0.0 0.0 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2011 (third quarter). These estimates reflect the incorporation of newly available third-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. The January change in disposable personal income was affected by several special factors. Personal income in January was boosted by pay raises for federal military personnel and cost-of-living adjustments to government social security benefits. Personal income in January was reduced by the expiration of refundable tax credits within “other” government social benefits to persons, by annual adjustments to personal contributions for government social insurance (a subtraction in the calculation of personal income), and by lump-sum social security benefit payments that had boosted December personal income. Personal current taxes, which are a subtraction in the calculation of DPI, were boosted in January by federal net nonwithheld income taxes. Excluding these special factors, which are discussed more fully below, DPI increased $19.4 billion, or 0.2 percent, in January, following an increase of $41.3 billion, or 0.4 percent, in December. Wages and salaries Private wage and salary disbursements increased $25.5 billion in January, compared with an increase of $29.9 billion in December. Goods-producing industries' payrolls increased $10.0 billion, compared with an increase of $13.5 billion; manufacturing payrolls increased $7.9 billion, compared with an increase of $8.5 billion. Services-producing industries' payrolls increased $15.5 billion, compared with an increase of $16.5 billion. Government wage and salary disbursements increased $1.5 billion, in contrast to a decrease of $0.1 billion. Pay raises for military personnel added $1.8 billion to government payrolls in January. Other personal income Employer contributions for employee pension and insurance funds increased $2.0 billion in January, compared with an increase of $1.8 billion in December. Employer contributions for government social insurance increased $5.8 billion in January, compared with an increase of $1.8 billion in December. The January increase reflected increases in the social security taxable wage base (from $106,800 to $110,100) and in the tax rate paid by employers to state unemployment insurance; together, these changes added $4.1 billion to the January increase. (Changes in employer contributions for government social insurance do not affect personal income, because employer contributions for government social insurance are also included in total contributions for government social insurance, which is a subtraction in the calculation of personal income.) Proprietors' income increased $4.8 billion in January, compared with an increase of $2.4 billion in December. Farm proprietors' income increased $1.8 billion, in contrast to a decrease of $2.7 billion. Nonfarm proprietors' income increased $3.0 billion, compared with an increase of $5.1 billion. Rental income of persons increased $4.1 billion in January, compared with an increase of $7.1 billion in December. Personal income receipts on assets (personal interest income plus personal dividend income) increased $6.7 billion, compared with an increase of $7.2 billion. Personal current transfer receipts decreased $3.6 billion in January, in contrast to an increase of $13.8 billion in December. Within personal current transfer receipts, “other” government social benefits to persons decreased $14.9 billion in January, in contrast to an increase of $1.5 billion in December. The January change in “other” government social benefits to persons reflected a decrease of $13.6 billion due to the expiration of the Making Work Pay refundable tax credits. Government social benefits for Medicaid decreased $7.8 billion in January, in contrast to an increase of $0.2 billion in December. Government social benefits for social security increased $20.3 billion in January, compared to an increase of $9.6 billion in December. The January change reflected 3.6-percent cost-of-living adjustments (COLAs) to social security benefits and to several other federal transfer payment programs. Together, these COLAs added $30.2 billion to the January increase in government social benefits to persons. Partly offsetting the effects of the COLAs on social security benefits was a reduction in lump-sum payments, which had added $7.1 billion to December benefit payments; the December benefit payments resulted from a recalculation of the earnings base underlying the benefits for recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $9.6 billion in January, compared with an increase of $3.8 billion in December. The January increase reflected increases in both employer and personal contributions for government social insurance. As noted above, employer contributions were boosted $4.1 billion in January by increases in unemployment-insurance tax rates and in the social security taxable wage base. The January increase in personal contributions for government social insurance reflected increases in the monthly premiums paid by participants in the supplementary medical insurance program (Medicare B) and in the social security taxable wage base; together, these changes added $1.6 billion to the January increase. Personal current taxes and disposable personal income Personal current taxes increased $23.2 billion in January, compared with an increase of $11.8 billion in December. Federal net nonwithheld income taxes (payments of estimated taxes plus final settlements less refunds) boosted the January change $11.8 billion, based on the Office of Tax Analysis projections of higher final settlements and higher refunds for 2012. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $14.1 billion, or 0.1 percent, in January, compared with an increase of $48.3 billion, or 0.4 percent in December. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $25.7 billion in January, in contrast to a decrease of $0.6 billion in December. PCE increased $23.2 billion, compared with an increase of $3.2 billion. Personal saving -- DPI less personal outlays -- was $540.6 billion in January, compared with $552.1 billion in December. The personal saving rate -- personal saving as a percentage of disposable income -- was 4.6 percent in January, compared with 4.7 percent in December. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts 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 -- decreased 0.1 percent in January, in contrast to an increase of 0.3 percent in December. Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in January, in contrast to a decrease of less than 0.1 percent in December. Purchases of durable goods increased 0.9 percent, compared with an increase of 0.7 percent. Purchases of motor vehicles and parts accounted for most of the increases in January and in December. Purchases of nondurable goods increased less than 0.1 percent in January, in contrast to a decrease of 0.5 percent in December. Purchases of services decreased 0.1 percent, in contrast to an increase of less than 0.1 percent. PCE price index -- The price index for PCE increased 0.2 percent in January, compared with an increase of 0.1 percent in December. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. 2011 Personal Income and Outlays Personal income increased 5.1 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.7 percent in 2010. DPI increased 3.8 percent, compared with an increase of 3.6 percent. PCE increased 4.7 percent, compared with an increase of 3.8 percent. Real DPI increased 1.3 percent in 2011, compared with an increase of 1.8 percent in 2010. Real PCE increased 2.2 percent, compared with an increase of 2.0 percent. Revisions Estimates of personal income and DPI have been revised for July through December; estimates for PCE have been revised for October through December. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for November and December -- revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from July through December. The revision to third-quarter wages and salaries reflected the incorporation of the most recently available BLS tabulations of the third-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for October, November, and December reflect extrapolations from the revised third-quarter level of wages. In addition, revisions to November and December reflect revised BLS employment, hours, and earnings data. Change from preceding month November December Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 7.4 4.9 0.1 0.0 61.3 60.2 0.5 0.5 Disposable personal income: Current dollars -4.1 -2.4 0.0 0.0 47.1 48.3 0.4 0.4 Chained (2005) dollars -3.1 -11.2 0.0 -0.1 34.2 35.5 0.3 0.3 Personal consumption expenditures: Current dollars 11.4 9.0 0.1 0.1 -2.0 3.2 0.0 0.0 Chained (2005) dollars 10.4 -0.6 0.1 0.0 -8.1 -3.4 -0.1 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 receive free e-mail summaries of BEA releases and announcements. * * * Next release – March 30, 2012 at 8:30 A.M. EDT for Personal Income and Outlays for February ________________________ NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\r\ Oct 11\r\ Nov 11\r\ Dec 11\r\ Jan 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,970.1 13,032.5 13,049.1 13,088.8 13,135.5 13,140.4 13,200.6 13,238.0 Compensation of employees, received...... 8,219.3 8,304.3 8,328.9 8,381.7 8,429.3 8,430.7 8,464.1 8,499.0 Wage and salary disbursements.......... 6,615.1 6,694.4 6,715.3 6,763.3 6,804.6 6,804.4 6,834.2 6,861.2 Private industries................... 5,424.0 5,505.3 5,525.5 5,574.2 5,615.8 5,615.4 5,645.3 5,670.8 Goods-producing industries......... 1,094.7 1,110.8 1,114.4 1,124.8 1,133.7 1,129.4 1,142.9 1,152.9 Manufacturing.................... 697.5 707.8 707.2 712.1 717.6 713.9 722.4 730.3 Services-producing industries...... 4,329.4 4,394.6 4,411.2 4,449.4 4,482.1 4,485.9 4,502.4 4,517.9 Trade, transportation, and utilities....................... 1,042.3 1,058.1 1,060.0 1,068.3 1,077.9 1,080.2 1,084.4 1,088.8 Other services-producing industries...................... 3,287.1 3,336.5 3,351.2 3,381.1 3,404.2 3,405.8 3,418.0 3,429.1 Government........................... 1,191.1 1,189.0 1,189.8 1,189.1 1,188.9 1,189.0 1,188.9 1,190.4 Supplements to wages and salaries...... 1,604.2 1,609.9 1,613.5 1,618.4 1,624.6 1,626.3 1,629.8 1,637.8 Employer contributions for employee pension and insurance funds......... 1,110.4 1,110.8 1,112.6 1,114.5 1,117.8 1,119.6 1,121.4 1,123.4 Employer contributions for government social insurance.................... 493.7 499.2 500.9 503.9 506.8 506.7 508.5 514.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,107.2 1,109.1 1,116.2 1,115.9 1,118.5 1,118.5 1,120.9 1,125.7 Farm................................... 66.4 67.0 67.5 68.1 65.4 62.7 60.0 61.8 Nonfarm................................ 1,040.7 1,042.1 1,048.7 1,047.8 1,053.1 1,055.8 1,060.9 1,063.9 Rental income of persons with capital consumption adjustment.................. 395.7 400.8 406.2 412.0 418.8 426.2 433.3 437.4 Personal income receipts on assets....... 1,812.6 1,806.0 1,794.7 1,781.8 1,785.1 1,784.0 1,791.2 1,797.9 Personal interest income............... 1,020.7 1,007.7 994.8 981.8 978.1 974.4 970.6 974.4 Personal dividend income............... 791.9 798.3 799.9 799.9 807.0 809.6 820.6 823.5 Personal current transfer receipts....... 2,352.7 2,340.3 2,334.4 2,335.1 2,327.1 2,324.5 2,338.3 2,334.7 Government social benefits to persons.. 2,313.3 2,300.7 2,295.0 2,295.8 2,287.5 2,284.9 2,298.7 2,295.3 Social security\1\................... 712.1 715.2 716.1 717.7 718.3 719.5 729.1 749.4 Medicare\2\.......................... 554.7 555.8 558.1 559.5 557.0 555.0 553.9 552.5 Medicaid............................. 440.5 425.4 413.8 409.9 408.1 408.3 408.5 400.7 Unemployment insurance............... 109.3 104.7 102.1 102.3 100.1 97.9 102.2 99.5 Veterans' benefits................... 63.6 64.0 65.4 65.7 65.1 64.2 63.5 66.6 Other................................ 433.3 435.6 439.5 440.7 438.9 440.0 441.5 426.6 Other current transfer receipts, from business (net)........................ 39.3 39.6 39.3 39.3 39.6 39.6 39.5 39.3 Less: Contributions for government social insurance, domestic..................... 917.3 928.1 931.4 937.7 943.2 943.3 947.1 956.7 Less: Personal current taxes............... 1,403.2 1,407.8 1,406.0 1,413.4 1,428.7 1,436.1 1,447.9 1,471.1 Equals: Disposable personal income......... 11,566.9 11,624.6 11,643.1 11,675.4 11,706.8 11,704.4 11,752.7 11,766.8 Less: Personal outlays..................... 10,993.2 11,077.0 11,093.5 11,173.1 11,196.0 11,201.2 11,200.6 11,226.3 Personal consumption expenditures........ 10,668.4 10,749.4 10,763.4 10,840.6 10,866.5 10,875.5 10,878.7 10,901.9 Goods.................................. 3,595.6 3,643.3 3,640.1 3,700.4 3,713.6 3,708.1 3,695.1 3,716.6 Durable goods........................ 1,129.3 1,154.6 1,143.5 1,176.7 1,190.4 1,190.8 1,196.9 1,207.9 Nondurable goods..................... 2,466.3 2,488.6 2,496.6 2,523.7 2,523.3 2,517.3 2,498.2 2,508.7 Services............................... 7,072.8 7,106.2 7,123.4 7,140.2 7,152.9 7,167.4 7,183.6 7,185.3 Personal interest payments\3\............ 154.0 156.2 158.4 160.7 156.4 152.1 147.8 149.5 Personal current transfer payments....... 170.9 171.4 171.6 171.9 173.1 173.7 174.2 174.8 To government.......................... 97.3 97.5 97.8 98.1 98.7 99.2 99.7 100.4 To the rest of the world (net)......... 73.5 73.8 73.8 73.8 74.5 74.5 74.5 74.5 Equals: Personal saving.................... 573.7 547.6 549.6 502.2 510.8 503.1 552.1 540.6 Personal saving as a percentage of disposable personal income.............. 5.0 4.7 4.7 4.3 4.4 4.3 4.7 4.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,343.5 9,374.9 9,369.2 9,387.7 9,434.5 9,432.7 9,467.0 9,485.1 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,179.1 10,192.5 10,181.0 10,192.3 10,218.7 10,207.5 10,243.0 10,236.4 Per capita: Current dollars...................... 37,084 37,244 37,278 37,356 37,432 37,402 37,535 37,560 Chained (2005) dollars............... 32,635 32,656 32,597 32,611 32,674 32,619 32,714 32,675 Population (midperiod, thousands)\5\..... 311,908 312,117 312,330 312,542 312,747 312,932 313,109 313,279 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011\r\ III 10 IV 10 I 11 II 11 III 11\r\ IV 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,373.5 13,004.5 12,453.2 12,577.6 12,846.9 12,955.3 13,056.8 13,158.8 Compensation of employees, received...... 7,971.4 8,293.0 8,022.2 8,050.8 8,172.5 8,219.7 8,338.3 8,441.3 Wage and salary disbursements.......... 6,408.2 6,683.5 6,454.5 6,477.0 6,578.2 6,617.1 6,724.3 6,814.4 Private industries................... 5,217.4 5,493.2 5,264.7 5,288.4 5,387.1 5,425.2 5,535.0 5,625.5 Goods-producing industries......... 1,059.2 1,110.3 1,070.5 1,070.8 1,092.3 1,096.9 1,116.6 1,135.4 Manufacturing.................... 674.2 706.9 682.2 685.5 700.4 700.4 709.0 718.0 Services-producing industries...... 4,158.2 4,382.9 4,194.2 4,217.6 4,294.7 4,328.3 4,418.4 4,490.1 Trade, transportation, and utilities....................... 1,006.0 1,055.1 1,015.9 1,016.1 1,034.4 1,043.1 1,062.1 1,080.8 Other services-producing industries...................... 3,152.2 3,327.8 3,178.3 3,201.5 3,260.3 3,285.1 3,356.3 3,409.3 Government........................... 1,190.8 1,190.3 1,189.9 1,188.6 1,191.1 1,191.9 1,189.3 1,188.9 Supplements to wages and salaries...... 1,563.1 1,609.5 1,567.7 1,573.7 1,594.4 1,602.7 1,614.0 1,626.9 Employer contributions for employee pension and insurance funds......... 1,089.9 1,111.0 1,092.0 1,096.8 1,103.0 1,108.7 1,112.6 1,119.6 Employer contributions for government social insurance.................... 473.2 498.5 475.7 476.9 491.4 494.0 501.3 507.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,036.4 1,108.8 1,057.0 1,081.5 1,095.6 1,106.5 1,113.7 1,119.3 Farm................................... 52.2 65.9 58.3 60.1 66.1 67.3 67.5 62.7 Nonfarm................................ 984.2 1,042.9 998.7 1,021.4 1,029.5 1,039.2 1,046.2 1,056.6 Rental income of persons with capital consumption adjustment.................. 350.2 403.6 352.8 354.8 385.0 396.9 406.3 426.1 Personal income receipts on assets....... 1,721.2 1,790.1 1,723.4 1,743.5 1,777.2 1,802.3 1,794.2 1,786.7 Personal interest income............... 1,003.4 997.5 983.9 989.6 1,004.7 1,015.9 994.8 974.4 Personal dividend income............... 717.7 792.7 739.4 753.9 772.5 786.4 799.4 812.4 Personal current transfer receipts....... 2,281.2 2,335.5 2,289.4 2,341.2 2,328.1 2,347.3 2,336.6 2,329.9 Government social benefits to persons.. 2,242.9 2,296.0 2,251.4 2,301.9 2,288.6 2,307.9 2,297.2 2,290.4 Social security\1\................... 690.2 713.5 693.9 699.9 703.1 712.2 716.3 722.3 Medicare\2\.......................... 518.4 553.7 521.4 535.3 547.8 553.9 557.8 555.3 Medicaid............................. 405.4 423.5 405.2 439.8 432.1 437.4 416.4 408.3 Unemployment insurance............... 138.7 107.3 135.8 128.7 117.5 108.8 103.0 100.1 Veterans' benefits................... 57.9 63.4 59.0 59.4 61.3 62.8 65.0 64.3 Other................................ 432.4 434.6 436.1 438.7 426.9 432.7 438.6 440.1 Other current transfer receipts, from business (net)........................ 38.3 39.5 37.9 39.3 39.5 39.4 39.4 39.6 Less: Contributions for government social insurance, domestic..................... 986.8 926.5 991.5 994.1 911.5 917.4 932.4 944.6 Less: Personal current taxes............... 1,193.9 1,402.2 1,212.8 1,240.9 1,365.9 1,396.2 1,409.1 1,437.6 Equals: Disposable personal income......... 11,179.7 11,602.3 11,240.4 11,336.7 11,481.0 11,559.2 11,647.7 11,721.3 Less: Personal outlays..................... 10,586.9 11,054.6 10,614.8 10,748.6 10,902.1 11,002.6 11,114.6 11,199.3 Personal consumption expenditures........ 10,245.5 10,726.4 10,276.6 10,417.1 10,571.7 10,676.0 10,784.5 10,873.6 Goods.................................. 3,387.0 3,645.5 3,386.5 3,483.4 3,592.2 3,622.7 3,661.2 3,705.6 Durable goods........................ 1,085.5 1,162.3 1,087.5 1,124.7 1,154.5 1,143.8 1,158.3 1,192.7 Nondurable goods..................... 2,301.5 2,483.1 2,299.0 2,358.7 2,437.8 2,478.9 2,503.0 2,512.9 Services............................... 6,858.5 7,081.0 6,890.1 6,933.7 6,979.4 7,053.3 7,123.2 7,168.0 Personal interest payments\3\............ 173.4 156.7 168.1 162.7 160.3 155.9 158.4 152.1 Personal current transfer payments....... 168.0 171.5 170.1 168.9 170.1 170.7 171.6 173.7 To government.......................... 95.1 97.7 95.8 96.5 96.6 97.1 97.8 99.2 To the rest of the world (net)......... 72.9 73.8 74.3 72.5 73.5 73.5 73.8 74.5 Equals: Personal saving.................... 592.8 547.6 625.6 588.1 578.9 556.5 533.1 522.0 Personal saving as a percentage of disposable personal income.............. 5.3 4.7 5.6 5.2 5.0 4.8 4.6 4.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,083.0 9,371.2 9,145.7 9,166.7 9,329.8 9,332.9 9,377.3 9,444.8 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,061.6 10,190.9 10,114.4 10,152.0 10,183.2 10,169.7 10,188.6 10,223.1 Per capita: Current dollars...................... 36,090 37,182 36,251 36,491 36,895 37,082 37,293 37,457 Chained (2005) dollars............... 32,481 32,659 32,620 32,678 32,724 32,625 32,621 32,669 Population (midperiod, thousands)\5\..... 309,774 312,040 310,070 310,670 311,184 311,717 312,330 312,930 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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] ----------------------------------------------------------------------------------------------------------------------------------- Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\r\ Oct 11\r\ Nov 11\r\ Dec 11\r\ Jan 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12.9 62.4 16.6 39.7 46.7 4.9 60.2 37.4 Compensation of employees, received...... -3.4 85.0 24.6 52.8 47.6 1.4 33.4 34.9 Wage and salary disbursements.......... -4.5 79.3 20.9 48.0 41.3 -.2 29.8 27.0 Private industries................... -3.5 81.3 20.2 48.7 41.6 -.4 29.9 25.5 Goods-producing industries......... -3.2 16.1 3.6 10.4 8.9 -4.3 13.5 10.0 Manufacturing.................... -3.8 10.3 -.6 4.9 5.5 -3.7 8.5 7.9 Services-producing industries...... -.2 65.2 16.6 38.2 32.7 3.8 16.5 15.5 Trade, transportation, and utilities....................... 1.0 15.8 1.9 8.3 9.6 2.3 4.2 4.4 Other services-producing industries...................... -1.2 49.4 14.7 29.9 23.1 1.6 12.2 11.1 Government........................... -1.0 -2.1 .8 -.7 -.2 .1 -.1 1.5 Supplements to wages and salaries...... 1.1 5.7 3.6 4.9 6.2 1.7 3.5 8.0 Employer contributions for employee pension and insurance funds......... 1.7 .4 1.8 1.9 3.3 1.8 1.8 2.0 Employer contributions for government social insurance.................... -.6 5.5 1.7 3.0 2.9 -.1 1.8 5.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. .6 1.9 7.1 -.3 2.6 .0 2.4 4.8 Farm................................... -.9 .6 .5 .6 -2.7 -2.7 -2.7 1.8 Nonfarm................................ 1.4 1.4 6.6 -.9 5.3 2.7 5.1 3.0 Rental income of persons with capital consumption adjustment.................. -1.1 5.1 5.4 5.8 6.8 7.4 7.1 4.1 Personal income receipts on assets....... 10.0 -6.6 -11.3 -12.9 3.3 -1.1 7.2 6.7 Personal interest income............... 4.8 -13.0 -12.9 -13.0 -3.7 -3.7 -3.8 3.8 Personal dividend income............... 5.2 6.4 1.6 .0 7.1 2.6 11.0 2.9 Personal current transfer receipts....... 6.3 -12.4 -5.9 .7 -8.0 -2.6 13.8 -3.6 Government social benefits to persons.. 6.3 -12.6 -5.7 .8 -8.3 -2.6 13.8 -3.4 Social security\1\................... .7 3.1 .9 1.6 .6 1.2 9.6 20.3 Medicare\2\.......................... .8 1.1 2.3 1.4 -2.5 -2.0 -1.1 -1.4 Medicaid............................. 2.0 -15.1 -11.6 -3.9 -1.8 .2 .2 -7.8 Unemployment insurance............... 2.9 -4.6 -2.6 .2 -2.2 -2.2 4.3 -2.7 Veterans' benefits................... 1.8 .4 1.4 .3 -.6 -.9 -.7 3.1 Other................................ -1.7 2.3 3.9 1.2 -1.8 1.1 1.5 -14.9 Other current transfer receipts, from business (net)........................ -.1 .3 -.3 .0 .3 .0 -.1 -.2 Less: Contributions for government social insurance, domestic..................... -.7 10.8 3.3 6.3 5.5 .1 3.8 9.6 Less: Personal current taxes............... 5.8 4.6 -1.8 7.4 15.3 7.4 11.8 23.2 Equals: Disposable personal income......... 7.2 57.7 18.5 32.3 31.4 -2.4 48.3 14.1 Less: Personal outlays..................... -23.5 83.8 16.5 79.6 22.9 5.2 -.6 25.7 Personal consumption expenditures........ -21.7 81.0 14.0 77.2 25.9 9.0 3.2 23.2 Goods.................................. -29.9 47.7 -3.2 60.3 13.2 -5.5 -13.0 21.5 Durable goods........................ -15.1 25.3 -11.1 33.2 13.7 .4 6.1 11.0 Nondurable goods..................... -14.8 22.3 8.0 27.1 -.4 -6.0 -19.1 10.5 Services............................... 8.1 33.4 17.2 16.8 12.7 14.5 16.2 1.7 Personal interest payments\3\............ -1.9 2.2 2.2 2.3 -4.3 -4.3 -4.3 1.7 Personal current transfer payments....... .3 .5 .2 .3 1.2 .6 .5 .6 To government.......................... .2 .2 .3 .3 .6 .5 .5 .7 To the rest of the world (net)......... .0 .3 .0 .0 .7 .0 .0 .0 Equals: Personal saving.................... 30.7 -26.1 2.0 -47.4 8.6 -7.7 49.0 -11.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 17.6 31.4 -5.7 18.5 46.8 -1.8 34.3 18.1 Disposable personal income, billions of chained (2005) dollars\4\............ 19.1 13.4 -11.5 11.3 26.4 -11.2 35.5 -6.6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. 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] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011\r\ III 10 IV 10 I 11 II 11 III 11\r\ IV 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 443.3 631.0 127.6 124.4 269.3 108.4 101.5 102.0 Compensation of employees, received...... 170.0 321.6 62.2 28.6 121.7 47.2 118.6 103.0 Wage and salary disbursements.......... 137.9 275.3 54.7 22.5 101.2 38.9 107.2 90.1 Private industries................... 122.4 275.8 61.2 23.7 98.7 38.1 109.8 90.5 Goods-producing industries......... -4.2 51.1 11.9 .3 21.5 4.6 19.7 18.8 Manufacturing.................... 13.3 32.7 8.6 3.3 14.9 .0 8.6 9.0 Services-producing industries...... 126.5 224.7 49.3 23.4 77.1 33.6 90.1 71.7 Trade, transportation, and utilities....................... 16.4 49.1 11.4 .2 18.3 8.7 19.0 18.7 Other services-producing industries...................... 110.2 175.6 37.9 23.2 58.8 24.8 71.2 53.0 Government........................... 15.5 -.5 -6.4 -1.3 2.5 .8 -2.6 -.4 Supplements to wages and salaries...... 32.0 46.4 7.5 6.0 20.7 8.3 11.3 12.9 Employer contributions for employee pension and insurance funds......... 16.8 21.1 4.4 4.8 6.2 5.7 3.9 7.0 Employer contributions for government social insurance.................... 15.2 25.3 3.1 1.2 14.5 2.6 7.3 6.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 95.2 72.4 31.4 24.5 14.1 10.9 7.2 5.6 Farm................................... 13.0 13.7 12.5 1.8 6.0 1.2 .2 -4.8 Nonfarm................................ 82.2 58.7 19.0 22.7 8.1 9.7 7.0 10.4 Rental income of persons with capital consumption adjustment.................. 44.3 53.4 3.7 2.0 30.2 11.9 9.4 19.8 Personal income receipts on assets....... 13.5 68.9 -1.1 20.1 33.7 25.1 -8.1 -7.5 Personal interest income............... -105.5 -5.9 -30.2 5.7 15.1 11.2 -21.1 -20.4 Personal dividend income............... 118.9 75.0 29.0 14.5 18.6 13.9 13.0 13.0 Personal current transfer receipts....... 143.1 54.3 37.3 51.8 -13.1 19.2 -10.7 -6.7 Government social benefits to persons.. 143.0 53.1 37.3 50.5 -13.3 19.3 -10.7 -6.8 Social security\1\................... 25.7 23.3 5.6 6.0 3.2 9.1 4.1 6.0 Medicare\2\.......................... 24.6 35.3 9.9 13.9 12.5 6.1 3.9 -2.5 Medicaid............................. 31.3 18.1 15.4 34.6 -7.7 5.3 -21.0 -8.1 Unemployment insurance............... 8.1 -31.4 -1.6 -7.1 -11.2 -8.7 -5.8 -2.9 Veterans' benefits................... 6.4 5.5 1.7 .4 1.9 1.5 2.2 -.7 Other................................ 47.0 2.2 6.2 2.6 -11.8 5.8 5.9 1.5 Other current transfer receipts, from business (net)........................ .1 1.2 -.1 1.4 .2 -.1 .0 .2 Less: Contributions for government social insurance, domestic..................... 22.7 -60.3 5.8 2.6 -82.6 5.9 15.0 12.2 Less: Personal current taxes............... 52.5 208.3 37.4 28.1 125.0 30.3 12.9 28.5 Equals: Disposable personal income......... 390.9 422.6 90.2 96.3 144.3 78.2 88.5 73.6 Less: Personal outlays..................... 350.6 467.7 87.8 133.8 153.5 100.5 112.0 84.7 Personal consumption expenditures........ 379.4 480.9 91.8 140.5 154.6 104.3 108.5 89.1 Goods.................................. 189.5 258.5 46.4 96.9 108.8 30.5 38.5 44.4 Durable goods........................ 55.9 76.8 15.8 37.2 29.8 -10.7 14.5 34.4 Nondurable goods..................... 133.7 181.6 30.7 59.7 79.1 41.1 24.1 9.9 Services............................... 189.8 222.5 45.4 43.6 45.7 73.9 69.9 44.8 Personal interest payments\3\............ -40.3 -16.7 -6.3 -5.4 -2.4 -4.4 2.5 -6.3 Personal current transfer payments....... 11.5 3.5 2.3 -1.2 1.2 .6 .9 2.1 To government.......................... 6.0 2.6 1.0 .7 .1 .5 .7 1.4 To the rest of the world (net)......... 5.5 .9 1.4 -1.8 1.0 .0 .3 .7 Equals: Personal saving.................... 40.2 -45.2 2.3 -37.5 -9.2 -22.4 -23.4 -11.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 113.3 288.2 59.2 21.0 163.1 3.1 44.4 67.5 Disposable personal income, billions of chained (2005) dollars\4\............ 178.9 129.3 56.6 37.6 31.2 -13.5 18.9 34.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. 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] ----------------------------------------------------------------------------------------------------------------------------------- Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\r\ Oct 11\r\ Nov 11\r\ Dec 11\r\ Jan 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .1 .5 .1 .3 .4 .0 .5 .3 Compensation of employees, received...... .0 1.0 .3 .6 .6 .0 .4 .4 Wage and salary disbursements.......... -.1 1.2 .3 .7 .6 .0 .4 .4 Supplements to wages and salaries...... .1 .4 .2 .3 .4 .1 .2 .5 Proprietors' income with inventory valuation and capital consumption adjustments............................. .1 .2 .6 .0 .2 .0 .2 .4 Rental income of persons with capital consumption adjustment.................. -.3 1.3 1.4 1.4 1.7 1.8 1.7 .9 Personal income receipts on assets....... .6 -.4 -.6 -.7 .2 -.1 .4 .4 Personal interest income............... .5 -1.3 -1.3 -1.3 -.4 -.4 -.4 .4 Personal dividend income............... .7 .8 .2 .0 .9 .3 1.4 .4 Personal current transfer receipts....... .3 -.5 -.3 .0 -.3 -.1 .6 -.2 Less: Contributions for government social insurance, domestic..................... -.1 1.2 .4 .7 .6 .0 .4 1.0 Less: Personal current taxes............... .4 .3 -.1 .5 1.1 .5 .8 1.6 Equals: Disposable personal income......... .1 .5 .2 .3 .3 .0 .4 .1 Addenda: Personal consumption expenditures........ -.2 .8 .1 .7 .2 .1 .0 .2 Goods.................................. -.8 1.3 -.1 1.7 .4 -.1 -.4 .6 Durable goods........................ -1.3 2.2 -1.0 2.9 1.2 .0 .5 .9 Nondurable goods..................... -.6 .9 .3 1.1 .0 -.2 -.8 .4 Services............................... .1 .5 .2 .2 .2 .2 .2 .0 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .2 .3 -.1 .2 .5 .0 .4 .2 Real disposable personal income.......... .2 .1 -.1 .1 .3 -.1 .3 -.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011\r\ III 10 IV 10 I 11 II 11 III 11\r\ IV 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 3.7 5.1 4.2 4.1 8.8 3.4 3.2 3.2 Compensation of employees, received...... 2.2 4.0 3.2 1.4 6.2 2.3 5.9 5.0 Wage and salary disbursements.......... 2.2 4.3 3.5 1.4 6.4 2.4 6.6 5.5 Supplements to wages and salaries...... 2.1 3.0 1.9 1.6 5.4 2.1 2.8 3.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.1 7.0 12.8 9.6 5.3 4.0 2.6 2.0 Rental income of persons with capital consumption adjustment.................. 14.5 15.2 4.3 2.4 38.6 13.0 9.8 20.9 Personal income receipts on assets....... .8 4.0 -.3 4.7 8.0 5.8 -1.8 -1.6 Personal interest income............... -9.5 -.6 -11.4 2.3 6.3 4.5 -8.1 -8.0 Personal dividend income............... 19.9 10.4 17.4 8.1 10.2 7.4 6.8 6.7 Personal current transfer receipts....... 6.7 2.4 6.8 9.4 -2.2 3.3 -1.8 -1.1 Less: Contributions for government social insurance, domestic..................... 2.4 -6.1 2.4 1.1 -29.3 2.6 6.7 5.3 Less: Personal current taxes............... 4.6 17.4 13.4 9.6 46.8 9.2 3.7 8.3 Equals: Disposable personal income......... 3.6 3.8 3.3 3.5 5.2 2.8 3.1 2.6 Addenda: Personal consumption expenditures........ 3.8 4.7 3.7 5.6 6.1 4.0 4.1 3.3 Goods.................................. 5.9 7.6 5.7 11.9 13.1 3.4 4.3 4.9 Durable goods........................ 5.4 7.1 6.0 14.4 11.0 -3.7 5.2 12.4 Nondurable goods..................... 6.2 7.9 5.5 10.8 14.1 6.9 3.9 1.6 Services............................... 2.8 3.2 2.7 2.6 2.7 4.3 4.0 2.5 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 1.3 3.2 2.6 .9 7.3 .1 1.9 2.9 Real disposable personal income.......... 1.8 1.3 2.3 1.5 1.2 -.5 .7 1.4 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jun 11 Jul 11 Aug 11 Sep 11 Oct 11\r\ Nov 11\r\ Dec 11\r\ Jan 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,388.4 9,425.1 9,411.8 9,463.5 9,485.2 9,484.6 9,481.2 9,483.9 Goods.................................... 3,317.3 3,338.6 3,321.9 3,367.8 3,386.6 3,383.3 3,379.3 3,389.0 Durable goods.......................... 1,242.1 1,270.8 1,260.4 1,302.2 1,318.1 1,322.1 1,332.0 1,343.5 Nondurable goods....................... 2,077.7 2,075.1 2,067.8 2,078.1 2,083.3 2,077.3 2,066.4 2,066.6 Services................................. 6,075.7 6,091.8 6,094.5 6,102.0 6,105.6 6,108.1 6,108.6 6,102.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -7.3 36.7 -13.3 51.7 21.7 -.6 -3.4 2.7 Goods.................................... -11.1 21.3 -16.7 45.9 18.8 -3.3 -4.0 9.7 Durable goods.......................... -19.0 28.7 -10.4 41.8 15.9 4.0 9.9 11.5 Nondurable goods....................... 4.5 -2.6 -7.3 10.3 5.2 -6.0 -10.9 .2 Services................................. 3.1 16.1 2.7 7.5 3.6 2.5 .5 -6.4 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.1 .4 -.1 .5 .2 .0 .0 .0 Goods.................................... -.3 .6 -.5 1.4 .6 -.1 -.1 .3 Durable goods.......................... -1.5 2.3 -.8 3.3 1.2 .3 .7 .9 Nondurable goods....................... .2 -.1 -.4 .5 .2 -.3 -.5 .0 Services................................. .1 .3 .0 .1 .1 .0 .0 -.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] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011\r\ III 10 IV 10 I 11 II 11 III 11 IV 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,220.9 9,421.7 9,247.1 9,328.4 9,376.7 9,392.7 9,433.5 9,483.7 Goods.................................... 3,230.7 3,350.4 3,240.8 3,306.0 3,344.4 3,331.2 3,342.7 3,383.1 Durable goods.......................... 1,188.3 1,284.8 1,194.1 1,242.4 1,277.4 1,260.2 1,277.8 1,324.1 Nondurable goods....................... 2,041.3 2,075.3 2,045.8 2,067.4 2,075.4 2,076.6 2,073.7 2,075.7 Services................................. 5,991.8 6,077.4 6,008.1 6,027.5 6,039.1 6,067.0 6,096.1 6,107.4 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 183.4 200.8 60.2 81.3 48.3 16.0 40.8 50.2 Goods.................................... 132.7 119.7 37.9 65.2 38.4 -13.2 11.5 40.4 Durable goods.......................... 80.0 96.5 24.8 48.3 35.0 -17.2 17.6 46.3 Nondurable goods....................... 57.9 34.0 15.0 21.6 8.0 1.2 -2.9 2.0 Services................................. 56.3 85.6 23.8 19.4 11.6 27.9 29.1 11.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.0 2.2 2.6 3.6 2.1 .7 1.7 2.1 Goods.................................... 4.3 3.7 4.8 8.3 4.7 -1.6 1.4 4.9 Durable goods.......................... 7.2 8.1 8.8 17.2 11.7 -5.3 5.7 15.3 Nondurable goods....................... 2.9 1.7 3.0 4.3 1.6 .2 -.5 .4 Services................................. .9 1.4 1.6 1.3 .8 1.9 1.9 .7 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jun 11 Jul 11 Aug 11 Sep 11 Oct 11\r\ Nov 11\r\ Dec 11\r\ Jan 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 113.637 114.054 114.364 114.554 114.566 114.667 114.742 114.954 Goods.................................... 108.391 109.130 109.582 109.879 109.658 109.602 109.346 109.669 Durable goods.......................... 90.897 90.838 90.705 90.340 90.288 90.053 89.843 89.892 Nondurable goods....................... 118.711 119.932 120.741 121.447 121.124 121.185 120.902 121.399 Services................................. 116.413 116.654 116.886 117.017 117.156 117.344 117.601 117.752 Addenda: PCE excluding food and energy............ 111.804 112.024 112.222 112.222 112.356 112.517 112.684 112.886 Food\1\.................................. 118.171 118.603 119.315 119.942 120.208 120.153 120.439 120.607 Energy goods and services\2\............. 137.723 141.639 143.359 146.341 143.783 143.031 141.064 141.541 Market-based PCE\3\...................... 113.452 113.885 114.230 114.485 114.464 114.553 114.625 114.828 Market-based PCE excluding food and energy\3\........................... 111.299 111.507 111.729 111.774 111.889 112.045 112.223 112.412 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ -.1 .4 .3 .2 .0 .1 .1 .2 Goods.................................... -.5 .7 .4 .3 -.2 -.1 -.2 .3 Durable goods.......................... .2 -.1 -.1 -.4 -.1 -.3 -.2 .1 Nondurable goods....................... -.8 1.0 .7 .6 -.3 .1 -.2 .4 Services................................. .1 .2 .2 .1 .1 .2 .2 .1 Addenda: PCE excluding food and energy............ .2 .2 .2 .0 .1 .1 .1 .2 Food\1\.................................. .1 .4 .6 .5 .2 .0 .2 .1 Energy goods and services\2\............. -4.5 2.8 1.2 2.1 -1.7 -.5 -1.4 .3 Market-based PCE\3\...................... -.1 .4 .3 .2 .0 .1 .1 .2 Market-based PCE excluding food and energy\3\........................... .2 .2 .2 .0 .1 .1 .2 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\r\ Oct 11\r\ Nov 11\r\ Dec 11\r\ Jan 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .8 .9 .5 .8 .8 .6 .7 .6 Personal consumption expenditures.......... 2.0 2.3 1.7 2.1 1.9 1.6 1.5 1.4 Goods.................................... 3.4 3.9 2.4 3.2 2.7 2.2 2.1 1.9 Durable goods.......................... 6.3 7.1 6.1 7.8 6.5 6.6 6.6 6.4 Nondurable goods....................... 1.9 2.3 .7 1.1 1.0 .2 .0 -.2 Services................................. 1.4 1.5 1.4 1.5 1.5 1.3 1.1 1.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jun 11 Jul 11 Aug 11 Sep 11 Oct 11\r\ Nov 11\r\ Dec 11\r\ Jan 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.6 2.8 2.9 2.9 2.7 2.7 2.5 2.4 Goods.................................... 4.5 4.7 4.8 4.9 4.3 4.2 3.4 2.9 Durable goods.......................... -.5 -.2 -.5 -.7 -.5 -.6 -.4 -.4 Nondurable goods....................... 7.0 7.2 7.4 7.6 6.6 6.5 5.2 4.5 Services................................. 1.7 1.8 1.9 2.0 1.9 2.0 2.1 2.1 Addenda: PCE excluding food and energy............ 1.4 1.6 1.7 1.6 1.7 1.8 1.9 1.9 Food\1\.................................. 3.9 4.3 4.8 5.1 5.2 5.1 5.3 4.7 Energy goods and services\2\............. 20.8 20.2 19.6 20.7 15.4 14.6 8.6 6.5 Market-based PCE\3\...................... 2.8 2.9 3.0 3.1 2.9 2.9 2.7 2.5 Market-based PCE excluding food and energy\3\........................... 1.4 1.5 1.6 1.6 1.7 1.8 2.0 2.0 ----------------------------------------------------------------------------------------------------------------------------------- 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.