EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 31, 2014
BEA 14-53


* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.


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, SEPTEMBER 2014
Personal income increased $22.7 billion, or 0.2 percent, and disposable personal income (DPI) increased $15.7 billion,
or 0.1 percent, in September, according to the Bureau of Economic Analysis.  Personal consumption expenditures (PCE)
decreased $19.0 billion, or 0.2 percent.  In August, personal income increased $50.7 billion, or 0.3 percent, DPI
increased $37.5 billion, or 0.3 percent, and PCE increased $58.7 billion, or 0.5 percent, based on revised estimates.

Real DPI increased less than 0.1 percent in September, compared with an increase of 0.3 percent in August.  Real PCE
decreased 0.2 percent, in contrast to an increase of 0.5 percent.

                                        2014
                                        May             June            July            Aug.            Sept.
                                                       (Percent change from preceding month)
Personal income, current dollars        0.5             0.5             0.3             0.3             0.2
Disposable personal income:
 Current dollars                        0.5             0.5             0.2             0.3             0.1
 Chained (2009) dollars                 0.3             0.3             0.1             0.3             0.0
Personal consumption expenditures:
 Current dollars                        0.3             0.5             0.0             0.5            -0.2
 Chained (2009) dollars                 0.1             0.3             0.0             0.5            -0.2

FOOTNOTE._________
Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month
dollar changes are differences between these published estimates.  Month-to-month percent changes are calculated from
unrounded data and are not annualized.  Real estimates are in chained (2009) dollars.

This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm.
__________________

                                Wages and salaries

Private wages and salaries increased $12.6 billion in September, compared with an increase of $36.3 billion in August.
Goods-producing industries' payrolls increased $0.7 billion, compared with an increase of $4.8 billion; manufacturing
payrolls decreased $0.3 billion, in contrast to an increase of $2.2 billion.  Services-producing industries' payrolls
increased $11.9 billion, compared with an increase of $31.4 billion.  Government wages and salaries increased $1.4 billion,
compared with an increase of $0.9 billion.

                                Other personal income

Supplements to wages and salaries increased $3.5 billion in September, compared with an increase of $5.2 billion in August.

Proprietors' income decreased $0.8 billion in September, compared with a decrease of $9.9 billion in August.  Farm proprietors'
income decreased $9.2 billion in September, the same decrease as in August.  Nonfarm proprietors' income increased $8.4 billion

in September, in contrast to a decrease of $0.7 billion in August.

Rental income of persons increased $1.5 billion in September, compared with an increase of $5.2 billion in August.
Personal income receipts on assets (personal interest income plus personal dividend income) decreased $1.1 billion, compared
with a decrease of $2.5 billion.  Personal current transfer receipts increased $7.5 billion, compared with an increase of $20.7 billion.

Contributions for government social insurance -- a subtraction in calculating personal income -- increased $1.8 billion in
September, compared with an increase of $5.1 billion in August.

                                Personal current taxes and disposable personal income

Personal current taxes increased $7.0 billion in September, compared with an increase of $13.2 billion in August.  Disposable personal
income (DPI) -- personal income less personal current taxes -- increased $15.7 billion, or 0.1 percent, in September, compared
with an increase of $37.5 billion, or 0.3 percent, in August.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $14.5 billion in September,
in contrast to an increase of $63.4 billion in August.  PCE decreased $19.0 billion, in contrast to an increase of $58.7 billion.

Personal saving -- DPI less personal outlays -- was $732.2 billion in September, compared with $702.0 billion in August.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.6 percent in September, compared
with 5.4 percent in August.  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 less than 0.1 percent in September, compared with an increase of 0.3 percent
in August.

Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in September, in contrast to an increase of 0.5 percent in August.
Purchases of durable goods decreased 1.9 percent , in contrast to an increase of 2.3 percent.  Purchases of motor vehicles and parts
accounted for most of the decrease in September, and accounted for most of the increase in August.  Purchases of nondurable goods
decreased 0.3 percent in September, in contrast to an increase of 0.2 percent in August.  Purchases of services increased 0.1 percent,
compared with an increase of 0.4 percent.

The price index for PCE increased 0.1 percent in September, in contrast to a decrease of 0.1 percent in August.  The PCE price index,
excluding food and energy, increased 0.1 percent in September, the same increase as in August.

The September price index for PCE increased 1.4 percent from September a year ago.  The September PCE price index, excluding food and energy,
increased 1.5 percent from September a year ago.

                                Revisions

Estimates have been revised for July and August.  Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in
current-dollar and chained (2009) dollar PCE for July and August -- revised and as published in last month's release -- are shown below.

                                                                Change from preceding month
                                        July                                      August
                                        Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                                       (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal income:
 Current dollars                            35.9      41.6        0.2       0.3       47.3      50.7        0.3       0.3
Disposable personal income:
 Current dollars                            24.6      29.3        0.2       0.2       35.2      37.5        0.3       0.3
 Chained (2009) dollars                     12.0      16.9        0.1       0.1       37.9      40.3        0.3       0.3
Personal consumption expenditures:
 Current dollars                             0.5       4.4        0.0       0.0       57.5      58.7        0.5       0.5
 Chained (2009) dollars                     -9.1      -5.1       -0.1       0.0       57.8      59.4        0.5       0.5

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 -- November 26, 2014 at 8:30 A.M. EST for Personal Income and Outlays for October

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