EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, AUGUST 3, 2015
BEA 15-36
Technical: James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov
Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
Kurt Kunze (202) 606-9748 (Revisions)
Media: Jeannine Aversa (202) 606-2649
PERSONAL INCOME AND OUTLAYS: JUNE 2015
REVISED ESTIMATES: 1976 THROUGH MAY 2015
Personal income increased $68.1 billion, or 0.4 percent, and disposable personal income (DPI)
increased $60.6 billion, or 0.5 percent, in June, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $25.9 billion, or 0.2 percent. In May, personal
income increased $66.3 billion, or 0.4 percent, DPI increased $53.8 billion, or 0.4 percent, and
PCE increased $90.8 billion, or 0.7 percent, based on revised estimates.
Real DPI increased 0.2 percent in June, compared with an increase of 0.1 percent in May.
Real PCE decreased less than 0.1 percent, in contrast to an increase of 0.4 percent.
2015
Feb. Mar. Apr. May June
(Percent change from preceding month)
Personal income, current dollars 0.3 0.0 0.4 0.4 0.4
Disposable personal income:
Current dollars 0.3 0.0 0.4 0.4 0.5
Chained (2009) dollars 0.2 -0.2 0.3 0.1 0.2
Personal consumption expenditures:
Current dollars 0.2 0.5 0.3 0.7 0.2
Chained (2009) dollars 0.0 0.3 0.2 0.4 0.0
BOX.______________
Annual Revision of the National Income and Product Accounts
The estimates released today reflect the results of the annual revision of the national income and product
accounts (NIPAs) in conjunction with preliminary estimates for June 2015. In addition to the regular
revision of the estimates for the most recent 3 years and for the first 5 months of 2015, some series are
revised back to 1976. More information is available in "Preview of the 2015 Annual Revision of the NIPAs"
in the June Survey of Current Business and on BEA's Web site. The August Survey will contain an article
that describes the results.
__________________
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.
__________________
Compensation
Wages and salaries increased $18.3 billion in June, compared with an increase of $32.0 billion in May.
Private wages and salaries increased $16.0 billion in June, compared with an increase of $29.6 billion in May.
Government wages and salaries increased $2.3 billion, compared with an increase of $2.4 billion.
Supplements to wages and salaries increased $4.4 billion in June, compared with an increase of $5.6 billion in May.
Other personal income
Proprietors' income increased $11.0 billion in June, compared with an increase of $7.4 billion in May.
Farm proprietors' income increased $4.3 billion in June, the same increase as in May. Nonfarm proprietors'
income increased $6.7 billion in June, compared with an increase of $3.1 billion in May.
Rental income of persons increased $7.4 billion in June, compared with an increase of $7.7 billion in May.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $20.2 billion,
compared with an increase of $8.4 billion. Personal current transfer receipts increased $8.6 billion, compared
with an increase of $8.9 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $1.8 billion
in June, compared with an increase of $3.8 billion in May.
Personal current taxes and disposable personal income
Personal current taxes increased $7.5 billion in June, compared with an increase of $12.5 billion in May.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $60.6 billion,
or 0.5 percent, in June, compared with an increase of $53.8 billion, or 0.4 percent, in May.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $30.5 billion
in June, compared with an increase of $95.4 billion in May. PCE increased $25.9 billion, compared with an increase
of $90.8 billion.
Personal saving -- DPI less personal outlays -- was $646.3 billion in June, compared with $616.2 billion in May.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.8 percent in June,
compared with 4.6 percent in May. For a comparison of personal saving in BEA's national income and product accounts
with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in
net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp.
Real DPI, real PCE, and price index
Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in June, compared with an increase of 0.1
percent in May.
Real PCE -- PCE adjusted to remove price changes -- decreased less than 0.1 percent in June, in contrast to an increase
of 0.4 percent in May. Purchases of durable goods decreased 1.1 percent, in contrast to an increase of 1.3 percent.
Purchases of motor vehicles and parts accounted for most of the decrease in June. Purchases of nondurable goods decreased
less than 0.1 percent in June, in contrast to an increase of 0.9 percent in May. Purchases of services increased
0.2 percent, compared with an increase of 0.1 percent.
The price index for PCE increased 0.2 percent in June, compared with an increase of 0.3 percent in May.
The PCE price index, excluding food and energy, increased 0.1 percent in June, the same increase as in May.
The June price index for PCE increased 0.3 percent from June a year ago.� The June PCE price index, excluding food
and energy, increased 1.3 percent from June a year ago.
BOX.______________
NOTE. BEA acknowledges the special efforts by the Bureau of Labor Statistics with the assistance of 18 state employment
offices in providing preliminary data for the first quarter of 2015 from the quarterly census of employment and wages (QCEW).
Wage and salary data from the state employment offices of California, Colorado, Connecticut, Delaware, Florida, Georgia,
Illinois, Kansas, Maryland, Massachusetts, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas,
and Utah were provided. These data have greatly improved the estimates of wages and salaries.
__________________
Revisions
Revisions to the personal income and outlays estimates reflect the results of the annual revision of the national income and
product accounts (NIPAs). These revisions, usually made each July, incorporate newly available and more comprehensive source
data, as well as improved estimation methodologies. This year�s revision incorporates a new classification of federal
refundable tax credits, which revised personal income, personal current taxes, government current receipts, and government
current expenditures. The timespan of the revisions is January 1976 through May 2015.
Revisions to annual estimates of personal income and outlays for 2012 through 2014 are shown in table 12. Revised and
previously published monthly estimates of personal income, DPI, PCE, personal saving as a percentage of DPI, real DPI,
and real PCE are shown in table 13; revised and previously published annual and quarterly estimates are shown in table 14.
Personal income was revised up $27.4 billion, or 0.2 percent, for 2012; was revised down $98.5 billion, or 0.7 percent,
for 2013; and was revised down $39.7 billion, or 0.3 percent, for 2014.
o For 2012, upward revisions to personal interest income and to government social benefits to persons were partly offset
by downward revisions to farm proprietors� income, to nonfarm proprietors� income, and to rental income of persons.
o For 2013, downward revisions to nonfarm proprietors� income, to personal dividend income, and to rental income of persons
were partly offset by upward revisions to personal interest income and to government social benefits to persons.
o For 2014, downward revisions to nonfarm proprietors� income, to personal dividend income, and to rental income of persons
were partly offset by upward revisions to personal interest income, to wages and salaries, and to farm proprietors� income.
Disposable personal income was revised up $19.7 billion, or 0.2 percent, for 2012; was revised down $109.5 billion,
or 0.9 percent, for 2013; and was revised down $76.1 billion, or 0.6 percent, for 2014. The percent change from the preceding
year in real DPI was revised up from an increase of 3.0 percent to an increase of 3.2 percent in 2012; was revised down from
an decrease of 0.2 percent to a decrease of 1.4 percent in 2013; and was revised up from an increase of 2.5 percent to an
increase of 2.7 percent in 2014.
Personal outlays was revised down $30.8 billion, or 0.3 percent, for 2012; was revised down $91.4 billion, or 0.8 percent,
for 2013; and was revised down $63.7 billion, or 0.5 percent, for 2014. Revisions to personal outlays primarily reflected
downward revisions to PCE.
The personal saving rate (personal saving as a percentage of disposable personal income) was revised up from 7.2 percent
to 7.6 percent for 2012, was revised down from 4.9 percent to 4.8 percent for 2013, and was revised down from 4.9 percent
to 4.8 percent for 2014.
BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of
Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these
estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments
by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by
registering for our Data Application Programming Interface, or API at www.bea.gov/API/signup/index.cfm.
BEA's news release schedule is available at www.bea.gov/newsreleases/2015rd.htm.
* * *
Next release � August 28, 2015 at 8:30 A.M. EDT for Personal Income and Outlays for July
Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------Seasonally adjusted at annual rates-------------------------
--------2014-------- ------------------------------2015------------------------------
Nov. Dec. Jan. Feb. March April May June\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 14,965.6 15,014.2 15,044.8 15,090.2 15,088.8 15,152.7 15,219.0 15,287.1
Compensation of employees............... 9,443.4 9,461.9 9,478.3 9,482.0 9,485.4 9,508.5 9,546.1 9,568.8
Wages and salaries.................... 7,650.1 7,664.2 7,676.6 7,676.9 7,677.0 7,695.7 7,727.7 7,746.0
Private industries.................. 6,401.8 6,414.4 6,422.9 6,420.2 6,418.0 6,434.5 6,464.1 6,480.1
Goods-producing industries........ 1,297.9 1,295.3 1,294.2 1,287.9 1,286.5 1,285.1 1,285.6 1,284.2
Manufacturing................... 799.5 797.3 796.3 792.6 791.0 790.3 790.9 789.9
Services-producing industries..... 5,103.9 5,119.1 5,128.7 5,132.2 5,131.5 5,149.4 5,178.6 5,195.9
Trade, transportation, and
utilities...................... 1,205.9 1,211.8 1,209.7 1,212.2 1,208.0 1,211.8 1,217.3 1,217.8
Other services-producing
industries..................... 3,897.9 3,907.2 3,919.0 3,920.1 3,923.5 3,937.6 3,961.2 3,978.1
Government.......................... 1,248.2 1,249.8 1,253.7 1,256.7 1,259.0 1,261.1 1,263.5 1,265.9
Supplements to wages and salaries..... 1,793.4 1,797.7 1,801.7 1,805.1 1,808.4 1,812.9 1,818.5 1,822.9
Employer contributions for employee
pension and insurance funds\1\..... 1,236.2 1,239.6 1,243.1 1,246.8 1,250.5 1,254.2 1,258.0 1,261.7
Employer contributions for
government social insurance........ 557.2 558.1 558.7 558.3 557.9 558.6 560.4 561.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,374.8 1,385.6 1,375.6 1,367.4 1,365.2 1,370.6 1,378.0 1,389.0
Farm.................................. 75.9 76.6 68.5 60.5 52.5 56.8 61.0 65.3
Nonfarm............................... 1,298.9 1,309.1 1,307.1 1,306.9 1,312.8 1,313.8 1,317.0 1,323.7
Rental income of persons with capital
consumption adjustment................. 628.1 631.1 633.2 636.9 640.8 647.7 655.4 662.8
Personal income receipts on assets...... 2,132.0 2,136.7 2,132.8 2,165.8 2,138.0 2,165.1 2,173.5 2,193.7
Personal interest income.............. 1,290.4 1,291.1 1,286.8 1,282.6 1,278.3 1,295.8 1,313.2 1,330.6
Personal dividend income.............. 841.5 845.6 846.0 883.2 859.7 869.3 860.3 863.1
Personal current transfer receipts...... 2,566.7 2,580.1 2,610.3 2,623.2 2,643.9 2,647.2 2,656.2 2,664.7
Government social benefits to
persons.............................. 2,524.6 2,538.0 2,568.0 2,580.8 2,601.4 2,604.5 2,613.3 2,621.6
Social security\2\.................. 841.7 850.0 859.8 859.6 865.4 867.7 871.8 868.9
Medicare\3\......................... 605.3 606.8 608.2 609.8 611.5 613.3 615.3 617.4
Medicaid............................ 506.2 505.3 517.2 525.0 529.5 529.5 531.9 539.0
Unemployment insurance.............. 31.7 35.4 35.3 35.3 34.6 33.1 32.9 33.5
Veterans' benefits.................. 86.6 87.6 89.7 90.3 92.3 93.6 93.3 95.3
Other............................... 453.1 452.9 457.7 460.9 468.1 467.4 468.1 467.5
Other current transfer receipts, from
business (net)....................... 42.1 42.1 42.2 42.4 42.6 42.7 42.9 43.1
Less: Contributions for government
social insurance, domestic............. 1,179.5 1,181.1 1,185.5 1,185.1 1,184.5 1,186.4 1,190.2 1,192.0
Less: Personal current taxes.............. 1,842.5 1,850.9 1,896.5 1,899.1 1,901.5 1,914.5 1,927.0 1,934.6
Equals: Disposable personal income........ 13,123.1 13,163.4 13,148.2 13,191.0 13,187.4 13,238.1 13,291.9 13,352.5
Less: Personal outlays.................... 12,516.6 12,509.9 12,456.8 12,479.5 12,540.3 12,580.4 12,675.7 12,706.2
Personal consumption expenditures....... 12,075.2 12,067.6 12,018.6 12,042.7 12,105.0 12,138.7 12,229.5 12,255.3
Goods................................. 3,993.5 3,952.5 3,884.8 3,881.1 3,938.7 3,930.4 3,996.3 3,989.2
Durable goods....................... 1,311.4 1,300.3 1,297.9 1,292.2 1,315.3 1,320.6 1,335.4 1,318.1
Nondurable goods.................... 2,682.1 2,652.2 2,586.9 2,588.8 2,623.4 2,609.8 2,660.9 2,671.1
Services.............................. 8,081.7 8,115.1 8,133.8 8,161.7 8,166.3 8,208.3 8,233.2 8,266.1
Personal interest payments\4\........... 263.4 264.3 262.8 261.3 259.8 264.3 268.7 273.2
Personal current transfer payments...... 178.0 178.0 175.5 175.5 175.5 177.4 177.5 177.7
To government......................... 95.9 95.9 97.0 97.0 97.0 97.1 97.2 97.3
To the rest of the world (net)........ 82.2 82.2 78.5 78.5 78.5 80.3 80.3 80.3
Equals: Personal saving................... 606.5 653.5 691.4 711.6 647.0 657.8 616.2 646.3
Personal saving as a percentage of
disposable personal income............. 4.6 5.0 5.3 5.4 4.9 5.0 4.6 4.8
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 11,338.8 11,396.9 11,450.8 11,461.5 11,416.2 11,466.6 11,483.2 11,511.0
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 12,001.1 12,065.3 12,108.1 12,127.2 12,097.2 12,138.5 12,149.7 12,176.8
Per capita:
Current dollars..................... 40,996 41,099 41,030 41,142 41,108 41,243 41,387 41,549
Chained (2009) dollars.............. 37,491 37,671 37,785 37,824 37,710 37,817 37,830 37,891
Population (midperiod, thousands)\6\.... 320,107 320,284 320,450 320,621 320,797 320,975 321,162 321,365
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined
benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal
old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital
insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized
population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the
annual and quarterly estimates are averages of the monthly estimates.
Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
2013 2014 --------------Seasonally adjusted at annual rates--------------
-------------------2014------------------- --------2015--------
I II III IV I II
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 14,068.4 14,694.2 14,433.5 14,612.8 14,774.8 14,955.7 15,074.6 15,219.6
Compensation of employees............... 8,839.7 9,248.9 9,103.7 9,177.3 9,289.9 9,424.9 9,481.9 9,541.2
Wages and salaries.................... 7,114.4 7,477.8 7,350.0 7,414.5 7,513.9 7,632.6 7,676.8 7,723.1
Private industries.................. 5,906.8 6,240.5 6,126.6 6,180.3 6,270.7 6,384.4 6,420.3 6,459.6
Goods-producing industries........ 1,190.1 1,260.9 1,233.6 1,250.4 1,266.6 1,292.9 1,289.5 1,285.0
Manufacturing................... 746.8 780.9 770.5 775.1 781.4 796.5 793.3 790.4
Services-producing industries..... 4,716.7 4,979.7 4,892.9 4,930.0 5,004.1 5,091.5 5,130.8 5,174.6
Trade, transportation, and
utilities...................... 1,118.5 1,175.5 1,153.8 1,165.7 1,179.2 1,203.3 1,210.0 1,215.6
Other services-producing
industries..................... 3,598.2 3,804.2 3,739.2 3,764.3 3,825.0 3,888.2 3,920.8 3,959.0
Government.......................... 1,207.6 1,237.2 1,223.4 1,234.2 1,243.2 1,248.2 1,256.5 1,263.5
Supplements to wages and salaries..... 1,725.3 1,771.2 1,753.7 1,762.7 1,776.0 1,792.3 1,805.1 1,818.1
Employer contributions for employee
pension and insurance funds\1\..... 1,197.8 1,224.0 1,213.1 1,219.4 1,227.1 1,236.3 1,246.8 1,258.0
Employer contributions for
government social insurance........ 527.5 547.2 540.5 543.3 548.9 556.0 558.3 560.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,285.1 1,346.7 1,304.8 1,346.3 1,357.8 1,377.9 1,369.4 1,379.2
Farm.................................. 88.8 78.1 71.7 88.8 77.2 74.8 60.5 61.0
Nonfarm............................... 1,196.3 1,268.6 1,233.0 1,257.5 1,280.6 1,303.0 1,308.9 1,318.1
Rental income of persons with capital
consumption adjustment................. 563.4 610.8 591.0 605.5 618.4 628.4 637.0 655.3
Personal income receipts on assets...... 2,060.4 2,117.5 2,102.7 2,121.8 2,115.0 2,130.6 2,145.5 2,177.5
Personal interest income.............. 1,271.3 1,302.0 1,320.2 1,310.0 1,288.1 1,289.8 1,282.6 1,313.2
Personal dividend income.............. 789.0 815.5 782.5 811.9 826.8 840.8 863.0 864.3
Personal current transfer receipts...... 2,426.6 2,529.2 2,476.0 2,513.1 2,556.5 2,571.0 2,625.8 2,656.0
Government social benefits to
persons.............................. 2,385.5 2,487.2 2,434.2 2,471.1 2,514.4 2,528.9 2,583.4 2,613.1
Social security\2\.................. 799.0 834.6 824.5 833.2 837.2 843.8 861.6 869.5
Medicare\3\......................... 574.6 597.8 589.5 595.6 600.8 605.3 609.8 615.3
Medicaid............................ 439.7 487.4 463.0 473.6 505.9 507.1 523.9 533.4
Unemployment insurance.............. 62.3 35.8 39.7 36.0 34.6 32.9 35.0 33.1
Veterans' benefits.................. 79.1 83.7 82.0 82.3 83.8 86.7 90.7 94.1
Other............................... 430.8 447.9 435.5 450.5 452.2 453.3 462.2 467.6
Other current transfer receipts, from
business (net)....................... 41.2 42.0 41.8 42.0 42.1 42.1 42.4 42.9
Less: Contributions for government
social insurance, domestic............. 1,106.8 1,159.0 1,144.5 1,151.2 1,162.9 1,177.2 1,185.1 1,189.6
Less: Personal current taxes.............. 1,672.8 1,780.2 1,736.0 1,754.1 1,792.0 1,838.8 1,899.1 1,925.4
Equals: Disposable personal income........ 12,395.6 12,913.9 12,697.5 12,858.7 12,982.7 13,116.8 13,175.5 13,294.2
Less: Personal outlays.................... 11,805.7 12,293.7 12,060.3 12,235.2 12,377.0 12,502.5 12,492.2 12,654.1
Personal consumption expenditures....... 11,392.3 11,865.9 11,640.3 11,813.0 11,949.1 12,061.4 12,055.5 12,207.8
Goods................................. 3,836.8 3,948.4 3,874.7 3,951.5 3,987.4 3,980.1 3,901.5 3,972.0
Durable goods....................... 1,237.8 1,280.2 1,243.1 1,279.1 1,295.1 1,303.5 1,301.8 1,324.7
Nondurable goods.................... 2,598.9 2,668.2 2,631.6 2,672.4 2,692.2 2,676.6 2,599.7 2,647.3
Services.............................. 7,555.5 7,917.5 7,765.6 7,861.5 7,961.7 8,081.3 8,153.9 8,235.9
Personal interest payments\4\........... 244.2 254.2 249.0 250.5 254.3 263.1 261.3 268.7
Personal current transfer payments...... 169.3 173.6 170.9 171.7 173.6 178.0 175.5 177.5
To government......................... 92.6 95.3 94.4 95.2 95.7 95.9 97.0 97.2
To the rest of the world (net)........ 76.6 78.3 76.5 76.5 77.9 82.2 78.5 80.3
Equals: Personal saving................... 589.9 620.2 637.2 623.5 605.7 614.3 683.3 640.1
Personal saving as a percentage of
disposable personal income............. 4.8 4.8 5.0 4.8 4.7 4.7 5.2 4.8
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 10,822.3 11,149.8 11,017.0 11,089.0 11,164.6 11,329.0 11,442.8 11,486.9
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 11,523.1 11,836.3 11,698.8 11,784.7 11,863.1 11,998.7 12,110.8 12,155.0
Per capita:
Current dollars..................... 39,123 40,461 39,893 40,331 40,638 40,977 41,094 41,393
Chained (2009) dollars.............. 36,369 37,084 36,755 36,962 37,134 37,484 37,773 37,846
Population (midperiod, thousands)\6\.... 316,839 319,173 318,288 318,833 319,470 320,100 320,623 321,167
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------Seasonally adjusted at annual rates-------------------------
--------2014-------- ------------------------------2015------------------------------
Nov. Dec. Jan. Feb. March April May June\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 78.3 48.6 30.6 45.4 -1.3 63.8 66.3 68.1
Compensation of employees............... 74.0 18.5 16.4 3.7 3.4 23.1 37.6 22.7
Wages and salaries.................... 66.4 14.1 12.4 0.3 0.1 18.6 32.0 18.3
Private industries.................. 64.7 12.6 8.5 -2.7 -2.2 16.6 29.6 16.0
Goods-producing industries........ 12.4 -2.6 -1.2 -6.2 -1.5 -1.4 0.5 -1.4
Manufacturing................... 6.9 -2.1 -1.0 -3.7 -1.6 -0.7 0.5 -1.0
Services-producing industries..... 52.2 15.2 9.6 3.5 -0.7 17.9 29.1 17.3
Trade, transportation, and
utilities...................... 13.8 5.9 -2.1 2.4 -4.1 3.7 5.6 0.5
Other services-producing
industries..................... 38.4 9.3 11.7 1.1 3.4 14.2 23.6 16.9
Government.......................... 1.7 1.6 3.9 3.0 2.3 2.1 2.4 2.3
Supplements to wages and salaries..... 7.7 4.3 4.0 3.4 3.3 4.5 5.6 4.4
Employer contributions for employee
pension and insurance funds\1\..... 3.3 3.4 3.4 3.7 3.8 3.7 3.8 3.7
Employer contributions for
government social insurance........ 4.4 0.9 0.6 -0.3 -0.5 0.7 1.8 0.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1.5 10.8 -10.0 -8.2 -2.2 5.3 7.4 11.0
Farm.................................. 3.8 0.7 -8.0 -8.0 -8.0 4.3 4.3 4.3
Nonfarm............................... -2.3 10.2 -1.9 -0.2 5.8 1.1 3.1 6.7
Rental income of persons with capital
consumption adjustment................. 2.0 2.9 2.2 3.6 3.9 6.9 7.7 7.4
Personal income receipts on assets...... 8.8 4.7 -3.8 32.9 -27.8 27.1 8.4 20.2
Personal interest income.............. 2.5 0.6 -4.2 -4.2 -4.2 17.4 17.4 17.4
Personal dividend income.............. 6.3 4.1 0.4 37.2 -23.5 9.7 -9.0 2.8
Personal current transfer receipts...... 0.5 13.4 30.1 13.0 20.7 3.3 8.9 8.6
Government social benefits to
persons.............................. 0.5 13.4 30.0 12.8 20.5 3.2 8.7 8.4
Social security\2\.................. 2.1 8.3 9.8 -0.2 5.8 2.3 4.1 -2.9
Medicare\3\......................... 1.4 1.5 1.5 1.5 1.7 1.8 2.0 2.2
Medicaid............................ -3.6 -0.9 11.9 7.7 4.6 -0.1 2.4 7.2
Unemployment insurance.............. 0.3 3.7 -0.1 0.0 -0.7 -1.5 -0.2 0.6
Veterans' benefits.................. 0.8 1.0 2.1 0.5 2.0 1.3 -0.3 2.0
Other............................... -0.6 -0.2 4.8 3.2 7.2 -0.7 0.7 -0.6
Other current transfer receipts, from
business (net)....................... 0.0 0.0 0.2 0.2 0.2 0.2 0.2 0.2
Less: Contributions for government
social insurance, domestic............. 8.5 1.6 4.4 -0.4 -0.6 1.9 3.8 1.8
Less: Personal current taxes.............. 19.3 8.4 45.7 2.6 2.4 13.1 12.5 7.5
Equals: Disposable personal income........ 59.0 40.3 -15.1 42.8 -3.7 50.7 53.8 60.6
Less: Personal outlays.................... 35.6 -6.7 -53.1 22.7 60.8 40.0 95.4 30.5
Personal consumption expenditures....... 33.8 -7.6 -49.0 24.1 62.3 33.6 90.8 25.9
Goods................................. -0.8 -41.0 -67.8 -3.7 57.7 -8.3 65.9 -7.1
Durable goods....................... 12.4 -11.1 -2.4 -5.7 23.1 5.2 14.8 -17.2
Nondurable goods.................... -13.3 -29.9 -65.4 2.0 34.6 -13.6 51.1 10.1
Services.............................. 34.6 33.4 18.7 27.9 4.6 42.0 24.9 33.0
Personal interest payments\4\........... 1.8 0.8 -1.5 -1.5 -1.5 4.5 4.5 4.5
Personal current transfer payments...... 0.0 0.0 -2.6 0.0 0.0 1.9 0.1 0.1
To government......................... 0.0 0.0 1.1 0.0 0.0 0.1 0.1 0.1
To the rest of the world (net)........ 0.0 0.0 -3.7 0.0 0.0 1.9 0.0 0.0
Equals: Personal saving................... 23.4 47.0 37.9 20.1 -64.5 10.7 -41.6 30.1
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 87.4 58.1 53.9 10.7 -45.3 50.4 16.6 27.8
Disposable personal income, billions of
chained (2009) dollars\5\.............. 71.2 64.2 42.7 19.2 -30.0 41.2 11.2 27.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined
benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal
old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital
insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
2013 2014 --------------Seasonally adjusted at annual rates--------------
-------------------2014------------------- --------2015--------
I II III IV I II
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 153.3 625.8 212.8 179.2 162.0 180.9 118.9 145.0
Compensation of employees............... 229.8 409.3 137.8 73.6 112.6 135.0 57.0 59.2
Wages and salaries.................... 184.1 363.4 126.3 64.5 99.4 118.7 44.2 46.3
Private industries.................. 174.7 333.8 120.0 53.8 90.4 113.7 35.9 39.3
Goods-producing industries........ 34.6 70.8 27.2 16.7 16.2 26.3 -3.4 -4.6
Manufacturing................... 12.5 34.0 16.3 4.6 6.3 15.0 -3.2 -2.9
Services-producing industries..... 140.1 263.0 92.9 37.1 74.2 87.4 39.3 43.8
Trade, transportation, and
utilities...................... 25.9 57.0 19.0 11.9 13.5 24.1 6.7 5.7
Other services-producing
industries..................... 114.3 206.0 73.8 25.1 60.7 63.3 32.6 38.2
Government.......................... 9.4 29.6 6.2 10.8 9.0 5.0 8.3 7.0
Supplements to wages and salaries..... 45.6 45.9 11.5 9.0 13.3 16.3 12.8 13.0
Employer contributions for employee
pension and insurance funds\1\..... 32.5 26.2 5.1 6.3 7.7 9.1 10.5 11.2
Employer contributions for
government social insurance........ 13.1 19.7 6.5 2.8 5.6 7.1 2.3 1.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 43.7 61.6 20.4 41.5 11.5 20.1 -8.4 9.8
Farm.................................. 27.2 -10.6 -5.4 17.1 -11.6 -2.3 -14.3 0.5
Nonfarm............................... 16.5 72.2 25.8 24.5 23.1 22.4 5.9 9.2
Rental income of persons with capital
consumption adjustment................. 38.1 47.4 11.6 14.6 12.9 10.0 8.5 18.3
Personal income receipts on assets...... -63.4 57.1 35.9 19.2 -6.9 15.6 14.9 31.9
Personal interest income.............. -17.5 30.7 39.1 -10.2 -21.8 1.7 -7.3 30.6
Personal dividend income.............. -45.9 26.5 -3.2 29.4 15.0 13.9 22.2 1.3
Personal current transfer receipts...... 60.3 102.5 29.6 37.1 43.4 14.5 54.8 30.3
Government social benefits to
persons.............................. 61.9 101.7 29.4 36.9 43.3 14.5 54.5 29.7
Social security\2\.................. 36.9 35.6 15.7 8.7 4.0 6.6 17.9 7.9
Medicare\3\......................... 18.2 23.2 6.9 6.1 5.2 4.5 4.5 5.5
Medicaid............................ 22.4 47.7 14.5 10.5 32.3 1.2 16.9 9.5
Unemployment insurance.............. -21.5 -26.5 -16.9 -3.7 -1.3 -1.8 2.2 -1.9
Veterans' benefits.................. 8.9 4.7 1.2 0.3 1.5 2.9 4.1 3.3
Other............................... -3.2 17.1 8.0 15.0 1.6 1.1 9.0 5.4
Other current transfer receipts, from
business (net)....................... -1.6 0.8 0.3 0.2 0.1 0.0 0.3 0.5
Less: Contributions for government
social insurance, domestic............. 155.2 52.2 22.6 6.7 11.6 14.3 7.9 4.5
Less: Personal current taxes.............. 161.4 107.5 40.0 18.0 38.0 46.8 60.2 26.3
Equals: Disposable personal income........ -8.1 518.3 172.8 161.2 124.0 134.1 58.7 118.6
Less: Personal outlays.................... 348.7 488.0 85.9 174.9 141.8 125.6 -10.3 161.9
Personal consumption expenditures....... 341.7 473.7 83.4 172.7 136.1 112.3 -5.9 152.4
Goods................................. 97.7 111.7 9.9 76.8 35.9 -7.2 -78.6 70.4
Durable goods....................... 45.9 42.4 0.3 36.0 16.0 8.4 -1.7 22.9
Nondurable goods.................... 51.7 69.3 9.6 40.8 19.8 -15.6 -76.9 47.6
Services.............................. 244.0 362.0 73.5 96.0 100.2 119.6 72.7 81.9
Personal interest payments\4\........... 3.5 10.1 1.3 1.5 3.8 8.8 -1.8 7.5
Personal current transfer payments...... 3.5 4.3 1.2 0.8 1.9 4.5 -2.6 2.1
To government......................... 1.6 2.7 1.0 0.8 0.5 0.2 1.1 0.2
To the rest of the world (net)........ 1.9 1.6 0.2 0.0 1.4 4.3 -3.7 1.9
Equals: Personal saving................... -356.8 30.3 86.9 -13.7 -17.8 8.6 69.0 -43.2
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... -60.3 327.5 125.5 72.0 75.5 164.4 113.8 44.1
Disposable personal income, billions of
chained (2009) dollars\5\.............. -165.2 313.2 113.1 85.9 78.4 135.6 112.1 44.2
-----------------------------------------------------------------------------------------------------------------------------------
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)
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------Seasonally adjusted at monthly rates-------------------------
--------2014-------- ------------------------------2015------------------------------
Nov. Dec. Jan. Feb. March April May June\p\
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 0.5 0.3 0.2 0.3 0.0 0.4 0.4 0.4
Compensation of employees............... 0.8 0.2 0.2 0.0 0.0 0.2 0.4 0.2
Wages and salaries.................... 0.9 0.2 0.2 0.0 0.0 0.2 0.4 0.2
Supplements to wages and salaries..... 0.4 0.2 0.2 0.2 0.2 0.2 0.3 0.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 0.1 0.8 -0.7 -0.6 -0.2 0.4 0.5 0.8
Rental income of persons with capital
consumption adjustment................. 0.3 0.5 0.3 0.6 0.6 1.1 1.2 1.1
Personal income receipts on assets...... 0.4 0.2 -0.2 1.5 -1.3 1.3 0.4 0.9
Personal interest income.............. 0.2 0.0 -0.3 -0.3 -0.3 1.4 1.3 1.3
Personal dividend income.............. 0.8 0.5 0.0 4.4 -2.7 1.1 -1.0 0.3
Personal current transfer receipts...... 0.0 0.5 1.2 0.5 0.8 0.1 0.3 0.3
Less: Contributions for government
social insurance, domestic............. 0.7 0.1 0.4 0.0 -0.1 0.2 0.3 0.2
Less: Personal current taxes.............. 1.1 0.5 2.5 0.1 0.1 0.7 0.7 0.4
Equals: Disposable personal income........ 0.5 0.3 -0.1 0.3 0.0 0.4 0.4 0.5
Addenda:
Personal consumption expenditures....... 0.3 -0.1 -0.4 0.2 0.5 0.3 0.7 0.2
Goods................................. 0.0 -1.0 -1.7 -0.1 1.5 -0.2 1.7 -0.2
Durable goods....................... 1.0 -0.8 -0.2 -0.4 1.8 0.4 1.1 -1.3
Nondurable goods.................... -0.5 -1.1 -2.5 0.1 1.3 -0.5 2.0 0.4
Services.............................. 0.4 0.4 0.2 0.3 0.1 0.5 0.3 0.4
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... 0.8 0.5 0.5 0.1 -0.4 0.4 0.1 0.2
Real disposable personal income......... 0.6 0.5 0.4 0.2 -0.2 0.3 0.1 0.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters)
-----------------------------------------------------------------------------------------------------------------------------------
2013 2014 --------------Seasonally adjusted at annual rates--------------
-------------------2014------------------- --------2015--------
I II III IV I II
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 1.1 4.4 6.1 5.1 4.5 5.0 3.2 3.9
Compensation of employees............... 2.7 4.6 6.3 3.3 5.0 5.9 2.4 2.5
Wages and salaries.................... 2.7 5.1 7.2 3.6 5.5 6.5 2.3 2.4
Supplements to wages and salaries..... 2.7 2.7 2.7 2.1 3.0 3.7 2.9 2.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 3.5 4.8 6.5 13.4 3.5 6.1 -2.4 2.9
Rental income of persons with capital
consumption adjustment................. 7.2 8.4 8.2 10.2 8.8 6.6 5.5 12.0
Personal income receipts on assets...... -3.0 2.8 7.1 3.7 -1.3 3.0 2.8 6.1
Personal interest income.............. -1.4 2.4 12.8 -3.1 -6.5 0.5 -2.2 9.9
Personal dividend income.............. -5.5 3.4 -1.6 15.9 7.6 6.9 11.0 0.6
Personal current transfer receipts...... 2.5 4.2 4.9 6.1 7.1 2.3 8.8 4.7
Less: Contributions for government
social insurance, domestic............. 16.3 4.7 8.3 2.4 4.1 5.0 2.7 1.5
Less: Personal current taxes.............. 10.7 6.4 9.8 4.2 9.0 10.9 13.8 5.7
Equals: Disposable personal income........ -0.1 4.2 5.6 5.2 3.9 4.2 1.8 3.7
Addenda:
Personal consumption expenditures....... 3.1 4.2 2.9 6.1 4.7 3.8 -0.2 5.2
Goods................................. 2.6 2.9 1.0 8.2 3.7 -0.7 -7.7 7.4
Durable goods....................... 3.9 3.4 0.1 12.1 5.1 2.6 -0.5 7.2
Nondurable goods.................... 2.0 2.7 1.5 6.3 3.0 -2.3 -11.0 7.5
Services.............................. 3.3 4.8 3.9 5.0 5.2 6.1 3.6 4.1
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... -0.6 3.0 4.7 2.6 2.8 6.0 4.1 1.6
Real disposable personal income......... -1.4 2.7 4.0 3.0 2.7 4.7 3.8 1.5
-----------------------------------------------------------------------------------------------------------------------------------
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
--------2014-------- ------------------------------2015------------------------------
Nov. Dec. Jan. Feb. March April May June\p\
-----------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars,
seasonally adjusted at annual rates
Personal consumption expenditures......... 11,042.8 11,061.0 11,067.8 11,071.5 11,104.4 11,130.3 11,178.5 11,176.3
Goods................................... 3,804.8 3,802.0 3,798.4 3,783.1 3,829.7 3,827.3 3,866.6 3,851.6
Durable goods......................... 1,432.4 1,427.5 1,427.2 1,418.5 1,445.7 1,449.1 1,467.4 1,451.3
Nondurable goods...................... 2,397.3 2,398.7 2,395.5 2,388.3 2,409.6 2,404.5 2,426.4 2,425.7
Services................................ 7,238.8 7,259.1 7,269.2 7,286.9 7,276.1 7,303.5 7,314.2 7,325.8
Change from preceding period in billions
of chained (2009) dollars, seasonally
adjusted at annual rates
Personal consumption expenditures......... 46.8 18.2 6.8 3.7 32.8 26.0 48.2 -2.2
Goods................................... 32.1 -2.8 -3.6 -15.4 46.6 -2.4 39.4 -15.0
Durable goods......................... 21.9 -4.9 -0.3 -8.7 27.2 3.4 18.3 -16.2
Nondurable goods...................... 12.2 1.4 -3.1 -7.2 21.2 -5.1 21.9 -0.7
Services................................ 15.6 20.4 10.0 17.7 -10.8 27.4 10.7 11.6
Percent change from preceding period in
chained (2009) dollars, seasonally
adjusted at monthly rates
Personal consumption expenditures......... 0.4 0.2 0.1 0.0 0.3 0.2 0.4 0.0
Goods................................... 0.9 -0.1 -0.1 -0.4 1.2 -0.1 1.0 -0.4
Durable goods......................... 1.6 -0.3 0.0 -0.6 1.9 0.2 1.3 -1.1
Nondurable goods...................... 0.5 0.1 -0.1 -0.3 0.9 -0.2 0.9 0.0
Services................................ 0.2 0.3 0.1 0.2 -0.1 0.4 0.1 0.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
-----------------------------------------------------------------------------------------------------------------------------------
2013 2014 --------------Seasonally adjusted at annual rates--------------
-------------------2014------------------- --------2015--------
I II III IV I II
-----------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars
Personal consumption expenditures......... 10,590.4 10,875.7 10,724.7 10,826.3 10,918.6 11,033.3 11,081.2 11,161.7
Goods................................... 3,612.8 3,731.2 3,658.3 3,718.0 3,755.2 3,793.2 3,803.7 3,848.5
Durable goods......................... 1,307.6 1,384.1 1,333.2 1,377.2 1,402.5 1,423.5 1,430.4 1,455.9
Nondurable goods...................... 2,319.8 2,367.8 2,341.3 2,361.0 2,375.2 2,393.7 2,397.8 2,418.8
Services................................ 6,977.0 7,144.6 7,065.7 7,108.5 7,163.8 7,240.4 7,277.4 7,314.5
Change from preceding period in billions
of chained (2009) dollars
Personal consumption expenditures......... 177.2 285.3 34.4 101.6 92.3 114.7 48.0 80.5
Goods................................... 108.5 118.4 10.3 59.7 37.2 38.0 10.5 44.8
Durable goods......................... 71.4 76.5 8.6 44.0 25.2 21.0 7.0 25.5
Nondurable goods...................... 42.3 48.0 2.4 19.7 14.2 18.5 4.1 21.0
Services................................ 68.9 167.6 24.0 42.9 55.3 76.5 37.0 37.1
Percent change from preceding period in
chained (2009) dollars
Personal consumption expenditures......... 1.7 2.7 1.3 3.8 3.5 4.3 1.8 2.9
Goods................................... 3.1 3.3 1.1 6.7 4.1 4.1 1.1 4.8
Durable goods......................... 5.8 5.9 2.6 13.9 7.5 6.1 2.0 7.3
Nondurable goods...................... 1.9 2.1 0.4 3.4 2.4 3.1 0.7 3.6
Services................................ 1.0 2.4 1.4 2.4 3.1 4.3 2.1 2.1
-----------------------------------------------------------------------------------------------------------------------------------
Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
--------2014-------- ------------------------------2015------------------------------
Nov. Dec. Jan. Feb. March April May June\p\
-----------------------------------------------------------------------------------------------------------------------------------
Chain-type price indexes (2009=100),
seasonally adjusted
Personal consumption expenditures (PCE)... 109.352 109.103 108.594 108.776 109.015 109.063 109.405 109.658
Goods................................... 104.953 103.952 102.269 102.587 102.845 102.692 103.350 103.568
Durable goods......................... 91.531 91.070 90.926 91.085 90.968 91.114 90.983 90.810
Nondurable goods...................... 111.879 110.566 107.984 108.394 108.873 108.541 109.668 110.119
Services................................ 111.650 111.797 111.901 112.011 112.240 112.394 112.570 112.842
Addenda:
PCE excluding food and energy........... 108.519 108.535 108.589 108.732 108.952 109.098 109.239 109.401
Food\1\................................. 110.960 111.184 110.903 111.012 110.684 110.494 110.451 110.768
Energy goods and services\2\............ 120.359 114.206 102.491 103.597 105.107 103.602 108.444 110.356
Market-based PCE\3\..................... 108.363 108.085 107.464 107.646 107.844 107.928 108.257 108.467
Market-based PCE excluding food and
energy\3\.............................. 107.246 107.265 107.270 107.407 107.576 107.777 107.874 107.974
Percent change from preceding period in
price indexes, seasonally adjusted at
monthly rates
Personal consumption expenditures (PCE)... -0.1 -0.2 -0.5 0.2 0.2 0.0 0.3 0.2
Goods................................... -0.9 -1.0 -1.6 0.3 0.3 -0.1 0.6 0.2
Durable goods......................... -0.6 -0.5 -0.2 0.2 -0.1 0.2 -0.1 -0.2
Nondurable goods...................... -1.0 -1.2 -2.3 0.4 0.4 -0.3 1.0 0.4
Services................................ 0.2 0.1 0.1 0.1 0.2 0.1 0.2 0.2
Addenda:
PCE excluding food and energy........... 0.1 0.0 0.0 0.1 0.2 0.1 0.1 0.1
Food\1\................................. 0.3 0.2 -0.3 0.1 -0.3 -0.2 0.0 0.3
Energy goods and services\2\............ -4.4 -5.1 -10.3 1.1 1.5 -1.4 4.7 1.8
Market-based PCE\3\..................... -0.2 -0.3 -0.6 0.2 0.2 0.1 0.3 0.2
Market-based PCE excluding food and
energy\3\.............................. 0.0 0.0 0.0 0.1 0.2 0.2 0.1 0.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and
beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity and gas services.
3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price
measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final
consumption expenditures of nonprofit institutions serving households.
Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
--------2014-------- ------------------------------2015------------------------------
Nov. Dec. Jan. Feb. March April May June\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................ 3.5 4.0 4.0 3.6 3.0 3.2 3.2 3.0
Personal consumption expenditures......... 3.2 3.2 3.8 3.2 3.0 3.0 3.4 2.9
Goods................................... 4.2 4.0 5.3 3.2 3.4 3.1 4.3 3.1
Durable goods......................... 7.4 8.1 9.9 6.5 5.6 5.9 6.7 4.5
Nondurable goods...................... 2.6 2.1 3.2 1.7 2.4 1.8 3.1 2.5
Services................................ 2.7 2.8 3.1 3.1 2.8 3.0 2.9 2.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
--------2014-------- ------------------------------2015------------------------------
Nov. Dec. Jan. Feb. March April May June\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures
(PCE)................................ 1.2 0.8 0.2 0.3 0.3 0.1 0.2 0.3
Goods..................................... -0.8 -1.9 -3.5 -3.1 -2.8 -3.2 -2.7 -2.7
Durable goods........................... -2.5 -2.6 -2.7 -2.3 -2.3 -2.2 -1.9 -2.0
Nondurable goods........................ 0.0 -1.5 -3.9 -3.6 -3.1 -3.8 -3.1 -3.0
Services.................................. 2.2 2.1 2.0 2.0 1.8 1.8 1.7 1.9
Addenda:
PCE excluding food and energy........... 1.4 1.4 1.3 1.3 1.3 1.3 1.3 1.3
Food\1\................................. 2.8 3.0 2.7 2.4 1.7 1.3 0.7 1.0
Energy goods and services\2\............ -5.4 -11.7 -21.3 -20.1 -18.9 -20.1 -16.9 -15.9
Market-based PCE\3\..................... 0.9 0.5 -0.2 -0.1 -0.1 -0.2 -0.1 0.0
Market-based PCE excluding food and
energy\3\.............................. 1.2 1.1 1.0 1.1 1.1 1.1 1.1 1.0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and
beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity and gas services.
3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price
measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final
consumption expenditures of nonprofit institutions serving households.
Table 12. Revisions to Personal Income and Its Disposition
----------------------------------------------------------------------------------------------------------------------------------------------------------------
----------------------------Billions of dollars---------------------------- ----Revisions as a percentage of----
----------Revised estimates---------- --Revisions to previously published-- -------- previously published--------
2012 2013 2014 2012 2013 2014 2012 2013 2014
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 13,915.1 14,068.4 14,694.2 27.4 -98.5 -39.7 0.2 -0.7 -0.3
Compensation of employees............... 8,609.9 8,839.7 9,248.9 3.4 -5.1 21.3 0.0 -0.1 0.2
Wages and salaries.................... 6,930.3 7,114.4 7,477.8 -1.8 -10.3 26.1 0.0 -0.1 0.4
Private industries.................. 5,732.0 5,906.8 6,240.5 -1.8 -9.8 11.0 0.0 -0.2 0.2
Goods-producing industries........ 1,155.5 1,190.1 1,260.9 -1.6 -5.2 -3.3 -0.1 -0.4 -0.3
Manufacturing................... 734.3 746.8 780.9 -0.1 -0.7 2.0 0.0 -0.1 0.3
Services-producing industries..... 4,576.5 4,716.7 4,979.7 -0.2 -4.6 14.3 0.0 -0.1 0.3
Trade, transportation, and
utilities...................... 1,092.6 1,118.5 1,175.5 -1.3 -2.9 1.4 -0.1 -0.3 0.1
Other services-producing
industries..................... 3,483.9 3,598.2 3,804.2 1.2 -1.8 12.9 0.0 0.0 0.3
Government.......................... 1,198.2 1,207.6 1,237.2 0.0 -0.5 15.1 0.0 0.0 1.2
Supplements to wages and salaries..... 1,679.6 1,725.3 1,771.2 5.2 5.2 -4.8 0.3 0.3 -0.3
Employer contributions for employee
pension and insurance funds\1\..... 1,165.3 1,197.8 1,224.0 4.8 3.9 -2.4 0.4 0.3 -0.2
Employer contributions for
government social insurance........ 514.3 527.5 547.2 0.4 1.3 -2.4 0.1 0.2 -0.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,241.4 1,285.1 1,346.7 -18.8 -51.5 -33.5 -1.5 -3.9 -2.4
Farm.................................. 61.6 88.8 78.1 -10.7 5.6 14.5 -14.9 6.7 22.8
Nonfarm............................... 1,179.8 1,196.3 1,268.6 -8.1 -57.1 -48.1 -0.7 -4.6 -3.6
Rental income of persons with capital
consumption adjustment................. 525.3 563.4 610.8 -7.6 -32.4 -29.4 -1.4 -5.4 -4.6
Personal income receipts on assets...... 2,123.8 2,060.4 2,117.5 35.2 -19.3 -7.8 1.7 -0.9 -0.4
Personal interest income.............. 1,288.8 1,271.3 1,302.0 32.9 16.2 37.3 2.6 1.3 3.0
Personal dividend income.............. 834.9 789.0 815.5 2.3 -35.5 -45.1 0.3 -4.3 -5.2
Personal current transfer receipts...... 2,366.3 2,426.6 2,529.2 15.6 12.1 6.5 0.7 0.5 0.3
Government social benefits to
persons.............................. 2,323.6 2,385.5 2,487.2 16.0 13.3 8.7 0.7 0.6 0.4
Other current transfer receipts, from
business (net)....................... 42.7 41.2 42.0 -0.4 -1.2 -2.2 -0.9 -2.8 -5.0
Less: Contributions for government
social insurance, domestic............. 951.6 1,106.8 1,159.0 0.4 2.3 -3.2 0.0 0.2 -0.3
Less: Personal current taxes.............. 1,511.4 1,672.8 1,780.2 7.7 11.0 36.3 0.5 0.7 2.1
Equals: Disposable personal income........ 12,403.7 12,395.6 12,913.9 19.7 -109.5 -76.1 0.2 -0.9 -0.6
Less: Personal outlays.................... 11,457.0 11,805.7 12,293.7 -30.8 -91.4 -63.7 -0.3 -0.8 -0.5
Personal consumption expenditures....... 11,050.6 11,392.3 11,865.9 -32.5 -92.1 -64.4 -0.3 -0.8 -0.5
Goods................................. 3,739.1 3,836.8 3,948.4 -2.8 -14.4 -20.2 -0.1 -0.4 -0.5
Durable goods....................... 1,191.9 1,237.8 1,280.2 -0.2 -11.5 -22.3 0.0 -0.9 -1.7
Nondurable goods.................... 2,547.2 2,598.9 2,668.2 -2.6 -3.0 2.0 -0.1 -0.1 0.1
Services.............................. 7,311.5 7,555.5 7,917.5 -29.7 -77.6 -44.2 -0.4 -1.0 -0.6
Personal interest payments\2\........... 240.6 244.2 254.2 -1.0 -2.9 -2.6 -0.4 -1.2 -1.0
Personal current transfer payments...... 165.8 169.3 173.6 2.7 3.6 3.2 1.6 2.2 1.9
To government......................... 91.1 92.6 95.3 1.1 1.3 0.5 1.2 1.4 0.6
To the rest of the world (net)........ 74.7 76.6 78.3 1.5 2.3 2.7 2.1 3.2 3.6
Equals: Personal saving................... 946.7 589.9 620.2 50.5 -18.1 -12.4 --- --- ---
Personal saving as a percentage of
disposable personal income............. 7.6 4.8 4.8 0.4 -0.1 -0.1 --- --- ---
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\3\...................... 10,882.7 10,822.3 11,149.8 5.1 -127.1 -77.5 0.0 -1.2 -0.7
Disposable personal income:
Total, billions of chained (2009)
dollars\3\........................... 11,688.3 11,523.1 11,836.3 12.1 -127.7 -107.0 0.1 -1.1 -0.9
Per capita:
Current dollars..................... 39,440 39,123 40,461 63 -345 -237 0.2 -0.9 -0.6
Chained (2009) dollars.............. 37,165 36,369 37,084 39 -403 -335 0.1 -1.1 -0.9
Population (midperiod, thousands)\4\.... 314,499 316,839 319,173 0 0 0 0 0 0
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1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan
participants through service to employers in the current period.
2. Consists of nonmortgage interest paid by households.
3. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
4. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. 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 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)
-------------------------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------2012--------------------------------------------- -----2013-----
Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.
-------------------------------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
Change from preceding period in
billions of dollars:
Personal income.................... 94.7 108.1 69.6 56.2 4.0 31.0 -27.3 28.6 117.8 120.8 175.7 371.2 -788.9 74.5
Previously published............. 139.7 105.3 63.0 42.2 -5.1 28.8 -23.0 26.5 121.6 116.9 190.9 396.3 -741.1 121.8
Disposable personal income......... 118.5 94.3 60.0 49.1 4.0 24.5 -29.0 19.5 97.4 109.7 152.4 329.8 -817.6 67.9
Previously published............. 120.3 88.7 54.0 40.5 -3.6 21.0 -28.9 14.8 100.2 104.7 166.2 356.2 -761.1 101.6
Personal consumption expenditures 78.3 70.4 11.3 30.2 -7.1 -12.9 37.5 20.0 76.1 13.8 17.0 24.8 45.4 58.5
Previously published............. 78.2 73.7 15.1 35.9 -1.2 3.5 42.4 30.0 74.8 20.2 22.9 22.4 58.0 68.3
Personal saving as a percentage of
disposable personal income.......... 6.6 6.7 7.0 7.2 7.3 7.6 7.1 7.1 7.2 7.8 8.8 11.0 4.6 4.6
Previously published............... 6.6 6.7 6.9 7.0 7.0 7.1 6.6 6.4 6.5 7.1 8.2 10.5 4.5 4.7
Percent change from preceding period
for current-dollar measures
Personal income...................... 0.7 0.8 0.5 0.4 0.0 0.2 -0.2 0.2 0.9 0.9 1.2 2.6 -5.4 0.5
Previously published............... 1.0 0.8 0.5 0.3 0.0 0.2 -0.2 0.2 0.9 0.8 1.4 2.8 -5.1 0.9
Disposable personal income........... 1.0 0.8 0.5 0.4 0.0 0.2 -0.2 0.2 0.8 0.9 1.2 2.6 -6.3 0.6
Previously published............... 1.0 0.7 0.4 0.3 0.0 0.2 -0.2 0.1 0.8 0.8 1.3 2.8 -5.8 0.8
Personal consumption expenditures.... 0.7 0.6 0.1 0.3 -0.1 -0.1 0.3 0.2 0.7 0.1 0.2 0.2 0.4 0.5
Previously published............... 0.7 0.7 0.1 0.3 0.0 0.0 0.4 0.3 0.7 0.2 0.2 0.2 0.5 0.6
Percent change from preceding period
for chained-dollar measures
Real disposable personal income...... 0.7 0.6 0.3 0.3 0.1 0.2 -0.3 -0.2 0.5 0.6 1.3 2.6 -6.4 0.2
Previously published............... 0.7 0.5 0.2 0.2 0.0 0.1 -0.3 -0.2 0.5 0.6 1.4 2.8 -5.9 0.5
Real personal consumption
expenditures........................ 0.4 0.4 -0.1 0.1 0.0 -0.1 0.3 -0.2 0.4 -0.2 0.3 0.2 0.3 0.1
Previously published............... 0.5 0.5 -0.1 0.2 0.0 0.0 0.4 0.0 0.4 -0.1 0.3 0.2 0.4 0.3
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Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)
-------------------------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------2013------------------------------------- -------------2014-------------
March April May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. March April
-------------------------------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
Change from preceding period in
billions of dollars:
Personal income.................... 23.0 17.6 86.8 54.9 -5.8 52.5 49.0 -20.9 63.0 39.6 82.3 85.2 79.1 37.5
Previously published............. 42.6 22.4 63.1 62.0 -6.7 63.2 54.6 -16.1 37.7 -6.4 78.6 84.3 89.7 35.0
Disposable personal income......... 11.6 -2.5 73.8 51.3 10.2 52.0 45.2 -27.1 46.9 29.7 66.6 71.7 68.8 37.8
Previously published............. 33.7 15.8 58.8 57.2 4.2 56.2 47.5 -25.1 23.9 -10.3 73.8 72.8 77.6 42.8
Personal consumption expenditures 2.7 -12.6 40.2 46.6 20.1 13.3 64.3 37.8 63.1 35.9 -42.1 83.4 74.8 48.8
Previously published............. 7.4 -5.6 33.8 55.3 22.3 26.9 48.0 42.5 69.3 14.9 -22.4 50.5 92.7 18.1
Personal saving as a percentage of
disposable personal income.......... 4.7 4.7 5.0 5.1 5.0 5.2 5.0 4.5 4.4 4.3 5.1 5.0 4.9 4.8
Previously published............... 4.9 5.1 5.2 5.3 5.1 5.3 5.2 4.7 4.3 4.1 4.9 5.0 4.8 5.0
Percent change from preceding period
for current-dollar measures
Personal income...................... 0.2 0.1 0.6 0.4 0.0 0.4 0.3 -0.1 0.4 0.3 0.6 0.6 0.5 0.3
Previously published............... 0.3 0.2 0.4 0.4 0.0 0.4 0.4 -0.1 0.3 0.0 0.5 0.6 0.6 0.2
Disposable personal income........... 0.1 0.0 0.6 0.4 0.1 0.4 0.4 -0.2 0.4 0.2 0.5 0.6 0.5 0.3
Previously published............... 0.3 0.1 0.5 0.5 0.0 0.4 0.4 -0.2 0.2 -0.1 0.6 0.6 0.6 0.3
Personal consumption expenditures.... 0.0 -0.1 0.4 0.4 0.2 0.1 0.6 0.3 0.5 0.3 -0.4 0.7 0.6 0.4
Previously published............... 0.1 0.0 0.3 0.5 0.2 0.2 0.4 0.4 0.6 0.1 -0.2 0.4 0.8 0.2
Percent change from preceding period
for chained-dollar measures
Real disposable personal income...... 0.2 0.1 0.5 0.2 0.0 0.3 0.3 -0.3 0.3 0.1 0.4 0.5 0.3 0.1
Previously published............... 0.4 0.2 0.4 0.2 -0.1 0.4 0.3 -0.3 0.1 -0.2 0.5 0.5 0.5 0.1
Real personal consumption
expenditures........................ 0.1 0.0 0.2 0.2 0.1 0.0 0.5 0.2 0.5 0.1 -0.5 0.7 0.4 0.2
Previously published............... 0.1 0.1 0.2 0.2 0.1 0.2 0.3 0.3 0.5 0.0 -0.3 0.4 0.6 -0.1
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Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)
-----------------------------------------------------------------------------------------------------------------------------------------------
-----------------------------2014----------------------------- -----------------2015-----------------
May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. March April May
-----------------------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
Change from preceding period in
billions of dollars:
Personal income.................... 53.4 74.9 39.2 64.9 35.3 67.3 78.3 48.6 30.6 45.4 -1.3 63.8 66.3
Previously published............. 49.4 59.8 46.0 58.3 28.9 65.9 68.5 53.3 51.5 63.3 5.9 69.6 79.0
Disposable personal income......... 48.3 64.5 26.7 46.1 22.4 51.1 59.0 40.3 -15.1 42.8 -3.7 50.7 53.8
Previously published............. 51.5 57.4 28.0 39.8 18.1 47.7 47.8 43.9 21.8 57.3 1.8 57.0 65.5
Personal consumption expenditures 35.3 68.2 23.1 73.3 20.7 54.1 33.8 -7.6 -49.0 24.1 62.3 33.6 90.8
Previously published............. 39.1 58.3 21.7 72.6 27.6 51.9 45.8 -20.2 -37.8 18.5 78.0 8.5 105.9
Personal saving as a percentage of
disposable personal income.......... 4.9 4.8 4.8 4.6 4.6 4.5 4.6 5.0 5.3 5.4 4.9 5.0 4.6
Previously published............... 5.1 5.1 5.1 4.7 4.6 4.6 4.5 5.0 5.5 5.7 5.1 5.4 5.1
Percent change from preceding period
for current-dollar measures
Personal income...................... 0.4 0.5 0.3 0.4 0.2 0.5 0.5 0.3 0.2 0.3 0.0 0.4 0.4
Previously published............... 0.3 0.4 0.3 0.4 0.2 0.4 0.5 0.4 0.3 0.4 0.0 0.5 0.5
Disposable personal income........... 0.4 0.5 0.2 0.4 0.2 0.4 0.5 0.3 -0.1 0.3 0.0 0.4 0.4
Previously published............... 0.4 0.4 0.2 0.3 0.1 0.4 0.4 0.3 0.2 0.4 0.0 0.4 0.5
Personal consumption expenditures.... 0.3 0.6 0.2 0.6 0.2 0.5 0.3 -0.1 -0.4 0.2 0.5 0.3 0.7
Previously published............... 0.3 0.5 0.2 0.6 0.2 0.4 0.4 -0.2 -0.3 0.2 0.6 0.1 0.9
Percent change from preceding period
for chained-dollar measures
Real disposable personal income...... 0.2 0.4 0.1 0.4 0.1 0.4 0.6 0.5 0.4 0.2 -0.2 0.3 0.1
Previously published............... 0.2 0.2 0.1 0.4 0.1 0.3 0.5 0.6 0.6 0.3 -0.2 0.4 0.2
Real personal consumption
expenditures........................ 0.1 0.4 0.1 0.6 0.1 0.4 0.4 0.2 0.1 0.0 0.3 0.2 0.4
Previously published............... 0.1 0.3 0.1 0.7 0.2 0.4 0.5 0.1 0.2 0.0 0.5 0.0 0.6
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Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters)
-------------------------------------------------------------------------------------------------------------------------------------------------------
2012 2013 2014 ---------------------------Seasonally adjusted at annual rates---------------------------
-----------2012----------- -----------2013----------- -----------2014----------- 2015
I II III IV I II III IV I II III IV I
-------------------------------------------------------------------------------------------------------------------------------------------------------
Change from preceding period in
billions of dollars:
Personal income.................... 660.6 153.3 625.8 264.0 151.7 53.0 449.7 -425.6 133.9 111.1 84.5 212.8 179.2 162.0 180.9 118.9
Previously published............. 685.7 279.2 567.0 304.9 125.4 52.7 466.2 -317.9 154.1 116.0 64.4 173.0 175.7 150.8 168.0 154.0
Disposable personal income......... 602.4 -8.1 518.3 265.1 131.3 34.1 392.7 -497.9 94.1 118.7 61.6 172.8 161.2 124.0 134.1 58.7
Previously published............. 582.7 121.1 484.9 261.1 110.6 27.1 405.9 -389.3 130.3 115.1 37.8 149.3 172.3 116.0 119.5 105.8
Personal consumption expenditures 361.3 341.7 473.7 128.4 52.1 65.3 90.7 107.5 51.0 94.9 139.2 83.4 172.7 136.1 112.3 -5.9
Previously published............. 393.8 401.2 446.0 131.8 70.9 89.2 102.8 128.6 63.1 104.4 134.7 75.1 142.3 131.3 118.3 2.4
Personal saving as a percentage of
disposable personal income.......... 7.6 4.8 4.8 6.8 7.4 7.1 9.2 4.6 4.9 5.1 4.4 5.0 4.8 4.7 4.7 5.2
Previously published............... 7.2 4.9 4.9 6.7 7.0 6.5 8.6 4.7 5.2 5.2 4.4 4.9 5.1 4.8 4.7 5.4
Percent change from preceding period
for current-dollar measures
Personal income...................... 5.0 1.1 4.4 8.1 4.5 1.5 13.6 -11.4 3.9 3.2 2.4 6.1 5.1 4.5 5.0 3.2
Previously published............... 5.2 2.0 4.0 9.5 3.7 1.5 14.2 -8.6 4.5 3.3 1.8 4.9 4.9 4.2 4.6 4.2
Disposable personal income........... 5.1 -0.1 4.2 9.2 4.4 1.1 13.3 -14.7 3.1 3.9 2.0 5.6 5.2 3.9 4.2 1.8
Previously published............... 4.9 1.0 3.9 9.1 3.7 0.9 13.8 -11.7 4.3 3.7 1.2 4.8 5.5 3.6 3.7 3.2
Personal consumption expenditures.... 3.4 3.1 4.2 4.8 1.9 2.4 3.3 3.9 1.8 3.4 5.0 2.9 6.1 4.7 3.8 -0.2
Previously published............... 3.7 3.6 3.9 5.0 2.6 3.3 3.8 4.7 2.2 3.7 4.8 2.6 4.9 4.5 4.0 0.1
Percent change from preceding period
for chained-dollar measures
Real disposable personal income...... 3.2 -1.4 2.7 6.7 3.1 -0.2 10.9 -15.9 2.7 2.2 0.6 4.0 3.0 2.7 4.7 3.8
Previously published............... 3.0 -0.2 2.5 6.8 2.3 -0.4 11.8 -12.6 3.8 2.0 0.2 3.4 3.1 2.4 4.1 5.3
Real personal consumption
expenditures........................ 1.5 1.7 2.7 2.4 0.7 1.1 1.1 2.5 1.4 1.7 3.5 1.3 3.8 3.5 4.3 1.8
Previously published............... 1.8 2.4 2.5 2.8 1.3 1.9 1.9 3.6 1.8 2.0 3.7 1.2 2.5 3.2 4.4 2.1
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