EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 29, 2013
BEA 13-14
James Rankin: (202)606-5301 (Personal Income) piniwd@bea.gov
Harvey Davis: (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov
PERSONAL INCOME AND OUTLAYS: FEBRUARY 2013
Personal income increased $143.2 billion, or 1.1 percent, and disposable personal income (DPI)
increased $127.8 billion, or 1.1 percent, in February, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $77.2 billion, or 0.7 percent. In January,
personal income decreased $513.5 billion, or 3.7 percent, DPI decreased $498.3 billion, or 4.0 percent,
and PCE increased $40.8 billion, or 0.4 percent, based on revised estimates.
Real disposable income increased 0.7 percent in February, in contrast to a decrease of 4.0 percent
in January. Real PCE increased 0.3 percent in February, the same increase as in January.
2012 2013
Oct. Nov. Dec. Jan. Feb.
(Percent change from preceding month)
Personal income, current dollars 0.0 1.1 2.6 -3.7 1.1
Disposable personal income:
Current dollars 0.0 1.0 2.7 -4.0 1.1
Chained (2005) dollars -0.2 1.2 2.7 -4.0 0.7
Personal consumption expenditures:
Current dollars 0.0 0.3 0.2 0.4 0.7
Chained (2005) dollars -0.2 0.5 0.2 0.3 0.3
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 (2005) dollars.
This news release is available on BEA�s Web site at www.bea.gov/newsreleases/rels.htm.
_________________
The January change in disposable personal income (DPI) mainly reflected the effect of special factors, such
as the expiration of the �payroll tax holiday� and the acceleration of bonuses and personal dividends to
December in anticipation of changes in individual tax rates. Excluding these special factors and others,
which are discussed more fully below, DPI increased $46.8 billion in February, or 0.4 percent, after
increasing $15.8 billion, or 0.1 percent, in January.
Wages and salaries
Private wage and salary disbursements increased $42.4 billion in February, in contrast to a decrease
of $42.7 billion in January. The February and January levels of private wages and salaries were reduced
by $15.0 billion (at an annual rate), reflecting the impact of accelerated bonuses in anticipation of
changes to individual income tax rates. Goods-producing industries' payrolls increased $13.5 billion,
in contrast to a decrease of $3.9 billion; manufacturing payrolls increased $8.5 billion, in contrast
to a decrease of $3.5 billion. Services-producing industries' payrolls increased $28.9 billion, in
contrast to a decrease of $38.8 billion.
Government wage and salary disbursements increased $0.7 billion in February, the same increase as in January.
Pay raises for military personnel added $1.9 billion to government payrolls in January.
Other personal income
Supplements to wages and salaries increased $6.2 billion in February, compared with an increase of $6.0 billion in January.
Proprietors' income increased $12.6 billion in February, compared with an increase of $9.5 billion in January.
Farm proprietors' income increased $4.8 billion, compared with an increase of $4.9 billion. Nonfarm proprietors'
income increased $7.7 billion, compared with an increase of $4.6 billion.
Rental income of persons increased $9.9 billion in February, compared with an increase of $9.4 billion in January.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $68.9 billion,
in contrast to a decrease of $375.2 billion. The level of personal dividend income was reduced $81.0 billion in
January (at an annual rate), after a boost of $291.0 billion in December, reflecting accelerated and special
dividend distributions paid in December; these adjustments reflected the impact of expected changes to individual
income tax rates. For additional information, see the FAQ on �How would special and accelerated dividends affect
the national income and product accounts in the fourth quarter 2012?� at www.bea.gov.
Personal current transfer receipts increased $9.0 billion in February, compared with an increase of $5.7 billion in January.
The January estimates of current transfer receipts reflected 1.7-percent cost-of-living adjustments to social
security benefits and to several other federal transfer payment programs; together, these changes added $15.2 billion
to the January increase.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $6.4 billion
in February, compared with an increase of $126.8 billion in January. The January estimate reflected increases
in both employer and employee contributions for government social insurance. The January estimate of employee
contributions for government social insurance reflected the expiration of the �payroll tax holiday,� that increased
the social security contribution rate for employees and self-employed workers by 2.0 percentage points, or $114.1 billion
at an annual rate. For additional information, see FAQ on �How did the expiration of the payroll tax holiday
affect personal income for January 2013?� at www.bea.gov. The January estimate of employee contributions for
government social insurance also reflected an increase in the monthly premiums paid by participants in the
supplementary medical insurance program, in the hospital insurance provisions of the Patient Protection and
Affordable Care Act, and in the social security taxable wage base; together, these changes added $12.9 billion
to January. Employer contributions were boosted $5.9 billion in January, which reflected increases in the social
security taxable wage base (from $110,100 to $113,700), in the tax rates paid by employers to state unemployment
insurance, and in employer contributions for the federal unemployment tax and for pension guaranty. The total
contribution of special factors to the January change in contributions for government social insurance was $132.9 billion.
Personal current taxes and disposable personal income
Personal current taxes increased $15.4 billion in February, in contrast to a decrease of $15.2 billion in January.
Payments of final settlements and back taxes less refunds in federal net nonwithheld income taxes reduced the January
change by $3.4 billion. Indexation provisions of current tax law reduced federal withheld income taxes by $1.4 billion
in January. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $127.8 billion,
or 1.1 percent, in February, in contrast to a decrease of $498.3 billion, or 4.0 percent in January.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $79.4 billion
in�February, compared with an increase of $42.8 billion in January. PCE increased $77.2 billion, compared with an
increase of $40.8 billion.
Personal saving -- DPI less personal outlays -- was $310.9 billion in February, compared with $262.5 billion in January.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 2.6 percent in February,
compared with 2.2 percent in January. 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
http://www.bea.gov/national/nipaweb/Nipa-Frb.asp.
Real DPI, real PCE and price index
Real DPI -- DPI adjusted to remove price changes -- increased 0.7 percent in February, in contrast to a decrease of 4.0 percent
in January.
Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in February, the same increase as in January.
Purchases of durable goods increased 0.1 percent in February, compared with an increase of 0.4 percent in January.
Purchases of nondurable goods increased 0.5 percent in February, the same increase as in January. Purchases of services
increased 0.3 percent in February, compared with an increase of 0.2 percent in January.
PCE price index -- The price index for PCE increased 0.4 percent in February, compare with an increase of less than 0.1 percent
in January. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent.
2012 Personal Income and Outlays
Personal income increased 3.6 percent in 2012 (that is, from the 2011 annual level to the 2012 annual level), compared with an
increase of 5.1 percent in 2011. DPI increased 3.3 percent, compared with an increase of 3.8 percent. PCE increased 3.6 percent,
compared with an increase of 5.0 percent.
Real DPI increased 1.5 percent in 2012, compared with an increase of 1.3 percent in 2011. Real PCE increased 1.9 percent,
compared with an increase of 2.5 percent.
Revisions
Estimates have been revised for October 2012 through January 2013. Changes in personal income, current-dollar and
chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for December and January -- revised and
as published in last month's release -- are shown below.
Change from preceding month
December January
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal Income:
Current dollars 353.4 357.9 2.6 2.6 -505.5 -513.5 -3.6 -3.7
Disposable personal income:
Current dollars 325.7 329.3 2.7 2.7 -491.4 -498.3 -4.0 -4.0
Chained (2005) dollars 281.7 282.8 2.7 2.7 -424.6 -431.8 -4.0 -4.0
Personal consumption expenditures:
Current dollars 14.8 18.8 0.1 0.2 18.2 40.8 0.2 0.4
Chained (2005) dollars 14.2 16.0 0.1 0.2 13.6 31.6 0.1 0.3
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 - April 29, 2013 at 8:30 A.M. EDT for Personal Income and Outlays for March
_________________________
Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
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Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\r\ Jan 13\r\ Feb 13\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 13,376.9 13,395.7 13,446.0 13,452.4 13,597.6 13,955.5 13,442.0 13,585.2
Compensation of employees, received...... 8,557.7 8,572.1 8,603.2 8,588.7 8,670.3 8,727.4 8,691.4 8,740.6
Wage and salary disbursements.......... 6,872.5 6,883.4 6,909.7 6,893.4 6,967.1 7,017.3 6,975.4 7,018.5
Private industries................... 5,671.8 5,679.5 5,704.5 5,690.1 5,763.7 5,813.0 5,770.3 5,812.7
Goods-producing industries......... 1,167.9 1,158.2 1,160.3 1,154.3 1,165.3 1,175.6 1,171.7 1,185.2
Manufacturing.................... 751.0 744.0 743.6 740.1 746.5 753.3 749.8 758.3
Services-producing industries...... 4,503.9 4,521.2 4,544.2 4,535.8 4,598.4 4,637.4 4,598.6 4,627.5
Trade, transportation, and
utilities....................... 1,100.8 1,104.9 1,109.9 1,109.4 1,124.2 1,127.6 1,129.7 1,138.1
Other services-producing
industries...................... 3,403.1 3,416.3 3,434.3 3,426.4 3,474.2 3,509.9 3,468.9 3,489.4
Government........................... 1,200.7 1,203.9 1,205.2 1,203.4 1,203.4 1,204.4 1,205.1 1,205.8
Supplements to wages and salaries...... 1,685.2 1,688.7 1,693.5 1,695.2 1,703.3 1,710.0 1,716.0 1,722.2
Employer contributions for employee
pension and insurance funds......... 1,173.2 1,176.3 1,179.3 1,182.2 1,185.0 1,188.0 1,191.2 1,194.1
Employer contributions for government
social insurance.................... 512.0 512.4 514.2 513.1 518.3 522.0 524.9 528.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,197.9 1,203.6 1,214.8 1,216.0 1,225.9 1,232.1 1,241.6 1,254.2
Farm................................... 56.2 59.4 62.6 61.6 60.7 59.7 64.6 69.4
Nonfarm................................ 1,141.7 1,144.2 1,152.2 1,154.4 1,165.3 1,172.4 1,177.0 1,184.7
Rental income of persons with capital
consumption adjustment.................. 462.1 470.9 479.9 480.1 481.9 482.5 491.9 501.8
Personal income receipts on assets....... 1,723.0 1,713.8 1,701.7 1,728.1 1,783.3 2,064.6 1,689.4 1,758.3
Personal interest income............... 993.6 975.3 957.1 977.2 997.2 1,017.2 1,004.9 992.6
Personal dividend income............... 729.5 738.5 744.6 750.9 786.1 1,047.4 684.5 765.7
Personal current transfer receipts....... 2,383.0 2,383.3 2,397.6 2,389.1 2,394.7 2,413.7 2,419.4 2,428.4
Government social benefits to persons.. 2,337.0 2,337.2 2,351.3 2,342.7 2,348.2 2,367.0 2,372.4 2,381.2
Social security\1\................... 762.1 759.7 773.6 763.3 768.0 781.7 785.0 789.3
Medicare\2\.......................... 564.1 566.4 568.0 566.9 567.5 572.9 576.8 581.8
Medicaid............................. 421.8 425.2 425.7 425.1 425.4 425.8 420.6 419.4
Unemployment insurance............... 78.0 74.4 72.4 70.7 71.7 69.8 67.2 65.7
Veterans' benefits................... 73.8 74.7 73.6 75.1 74.4 74.5 77.0 78.8
Other................................ 437.3 436.8 438.1 441.7 441.1 442.3 445.8 446.2
Other current transfer receipts, from
business (net)........................ 46.0 46.1 46.3 46.4 46.6 46.7 47.0 47.2
Less: Contributions for government social
insurance, domestic..................... 946.9 948.0 951.1 949.5 958.5 964.9 1,091.7 1,098.1
Less: Personal current taxes............... 1,472.7 1,475.4 1,481.3 1,487.6 1,508.1 1,536.7 1,521.5 1,536.9
Equals: Disposable personal income......... 11,904.2 11,920.3 11,964.7 11,964.8 12,089.5 12,418.8 11,920.5 12,048.3
Less: Personal outlays..................... 11,440.2 11,477.4 11,566.4 11,562.7 11,597.1 11,615.2 11,658.0 11,737.4
Personal consumption expenditures........ 11,102.6 11,137.2 11,223.4 11,219.9 11,255.1 11,273.9 11,314.7 11,391.9
Goods.................................. 3,741.6 3,785.8 3,850.2 3,834.6 3,843.2 3,850.5 3,861.8 3,910.1
Durable goods........................ 1,202.8 1,214.3 1,239.5 1,225.4 1,259.3 1,271.3 1,277.3 1,276.9
Nondurable goods..................... 2,538.8 2,571.5 2,610.7 2,609.1 2,583.9 2,579.2 2,584.6 2,633.1
Services............................... 7,361.1 7,351.4 7,373.3 7,385.3 7,411.9 7,423.4 7,452.8 7,481.8
Personal interest payments\3\............ 169.1 171.6 174.1 173.4 172.6 171.9 174.1 176.3
Personal current transfer payments....... 168.4 168.6 168.8 169.5 169.4 169.4 169.3 169.2
To government.......................... 91.8 92.1 92.3 92.3 92.3 92.2 92.1 92.1
To the rest of the world (net)......... 76.6 76.6 76.6 77.1 77.1 77.1 77.1 77.1
Equals: Personal saving.................... 464.1 442.8 398.3 402.2 492.4 803.6 262.5 310.9
Personal saving as a percentage of
disposable personal income.............. 3.9 3.7 3.3 3.4 4.1 6.5 2.2 2.6
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2005) dollars\4\............... 9,514.1 9,496.6 9,497.4 9,495.1 9,628.1 9,919.2 9,469.6 9,547.8
Disposable personal income:
Total, billions of chained (2005)
dollars\4\............................ 10,301.9 10,279.6 10,285.1 10,268.9 10,390.1 10,672.9 10,241.1 10,310.7
Per capita:
Current dollars...................... 37,869 37,895 38,010 37,986 38,359 39,382 37,782 38,167
Chained (2005) dollars............... 32,772 32,679 32,674 32,602 32,967 33,846 32,459 32,663
Population (midperiod, thousands)\5\..... 314,353 314,562 314,777 314,981 315,165 315,341 315,507 315,669
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p Preliminary
r Revised
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]
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2011 2012\r\ III 11 IV 11 I 12 II 12 III 12 IV 12\r\
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Personal income............................ 12,947.3 13,407.2 12,976.3 13,017.4 13,227.1 13,327.0 13,406.2 13,668.5
Compensation of employees, received...... 8,295.2 8,565.8 8,318.1 8,340.1 8,495.7 8,527.7 8,577.6 8,662.1
Wage and salary disbursements.......... 6,661.3 6,880.7 6,678.1 6,692.4 6,825.9 6,849.2 6,888.5 6,959.3
Private industries................... 5,466.0 5,679.2 5,480.4 5,499.9 5,626.8 5,649.4 5,685.3 5,755.6
Goods-producing industries......... 1,108.6 1,158.3 1,116.4 1,107.4 1,144.0 1,161.8 1,162.1 1,165.1
Manufacturing.................... 706.6 740.0 710.1 701.0 723.1 744.3 746.2 746.6
Services-producing industries...... 4,357.4 4,521.0 4,364.0 4,392.5 4,482.7 4,487.6 4,523.1 4,590.5
Trade, transportation, and
utilities....................... 1,050.1 1,101.8 1,054.2 1,056.6 1,083.3 1,098.4 1,105.2 1,120.4
Other services-producing
industries...................... 3,307.3 3,419.2 3,309.9 3,335.9 3,399.4 3,389.2 3,417.9 3,470.2
Government........................... 1,195.3 1,201.5 1,197.7 1,192.5 1,199.1 1,199.8 1,203.3 1,203.7
Supplements to wages and salaries...... 1,633.9 1,685.1 1,640.0 1,647.7 1,669.8 1,678.5 1,689.1 1,702.8
Employer contributions for employee
pension and insurance funds......... 1,139.0 1,172.1 1,144.2 1,151.5 1,159.6 1,167.7 1,176.2 1,185.1
Employer contributions for government
social insurance.................... 494.9 512.9 495.8 496.2 510.2 510.8 512.9 517.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,157.3 1,202.3 1,161.4 1,165.3 1,184.3 1,194.9 1,205.4 1,224.7
Farm................................... 54.6 56.2 55.3 54.4 52.3 52.5 59.4 60.7
Nonfarm................................ 1,102.8 1,146.1 1,106.1 1,110.9 1,132.1 1,142.4 1,146.0 1,164.0
Rental income of persons with capital
consumption adjustment.................. 409.7 462.6 413.8 430.3 445.3 452.8 471.0 481.5
Personal income receipts on assets....... 1,685.1 1,749.7 1,689.1 1,684.6 1,696.4 1,730.8 1,712.8 1,858.7
Personal interest income............... 1,008.8 992.6 1,004.4 988.0 991.8 1,006.1 975.3 997.2
Personal dividend income............... 676.3 757.0 684.7 696.6 704.6 724.6 737.5 861.5
Personal current transfer receipts....... 2,319.2 2,375.1 2,314.7 2,319.9 2,348.0 2,365.2 2,388.0 2,399.2
Government social benefits to persons.. 2,274.3 2,329.2 2,270.4 2,276.0 2,302.7 2,319.5 2,341.8 2,352.6
Social security\1\................... 713.3 762.2 716.0 721.9 753.2 759.4 765.1 771.0
Medicare\2\.......................... 545.1 562.0 549.1 553.1 555.9 556.9 566.2 569.1
Medicaid............................. 403.9 415.3 396.1 392.0 397.6 413.9 424.2 425.4
Unemployment insurance............... 108.0 80.9 103.0 100.9 94.2 83.8 74.9 70.7
Veterans' benefits................... 63.3 72.3 64.9 64.7 68.8 71.5 74.0 74.7
Other................................ 440.8 436.5 441.3 443.5 433.0 433.9 437.4 441.7
Other current transfer receipts, from
business (net)........................ 44.9 45.9 44.3 43.9 45.3 45.8 46.1 46.6
Less: Contributions for government social
insurance, domestic..................... 919.3 948.3 920.8 922.8 942.6 944.4 948.7 957.6
Less: Personal current taxes............... 1,398.0 1,475.8 1,403.8 1,419.1 1,450.8 1,465.2 1,476.5 1,510.8
Equals: Disposable personal income......... 11,549.3 11,931.4 11,572.6 11,598.3 11,776.4 11,861.8 11,929.7 12,157.7
Less: Personal outlays..................... 11,059.9 11,460.3 11,120.9 11,205.6 11,348.7 11,406.1 11,494.7 11,591.7
Personal consumption expenditures........ 10,729.0 11,119.6 10,791.2 10,873.8 11,007.2 11,067.2 11,154.4 11,249.6
Goods.................................. 3,624.8 3,783.2 3,643.6 3,690.0 3,755.9 3,741.5 3,792.5 3,842.8
Durable goods........................ 1,146.4 1,218.9 1,144.8 1,175.1 1,204.6 1,200.3 1,218.9 1,252.0
Nondurable goods..................... 2,478.4 2,564.2 2,498.7 2,515.0 2,551.3 2,541.2 2,573.6 2,590.8
Services............................... 7,104.2 7,336.5 7,147.6 7,183.8 7,251.3 7,325.7 7,361.9 7,406.9
Personal interest payments\3\............ 168.0 172.7 167.3 167.0 175.4 171.2 171.6 172.6
Personal current transfer payments....... 162.8 168.0 162.4 164.8 166.1 167.7 168.6 169.4
To government.......................... 88.9 91.5 89.1 89.8 90.5 91.3 92.0 92.3
To the rest of the world (net)......... 73.9 76.4 73.3 75.1 75.5 76.4 76.6 77.1
Equals: Personal saving.................... 489.4 471.1 451.6 392.7 427.7 455.7 435.1 566.0
Personal saving as a percentage of
disposable personal income.............. 4.2 3.9 3.9 3.4 3.6 3.8 3.6 4.7
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2005) dollars\4\............... 9,340.0 9,527.8 9,328.6 9,335.4 9,435.7 9,491.3 9,502.6 9,680.8
Disposable personal income:
Total, billions of chained (2005)
dollars\4\............................ 10,149.7 10,304.4 10,125.6 10,121.5 10,213.9 10,270.6 10,288.8 10,444.0
Per capita:
Current dollars...................... 37,013 37,964 37,054 37,065 37,573 37,781 37,925 38,576
Chained (2005) dollars............... 32,527 32,788 32,421 32,346 32,588 32,713 32,708 33,138
Population (midperiod, thousands)\5\..... 312,036 314,278 312,319 312,917 313,425 313,960 314,564 315,162
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r Revised
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]
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Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\r\ Jan 13\r\ Feb 13\p\
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Personal income............................ 21.0 18.8 50.3 6.4 145.2 357.9 -513.5 143.2
Compensation of employees, received...... 18.0 14.4 31.1 -14.5 81.6 57.1 -36.0 49.2
Wage and salary disbursements.......... 14.0 10.9 26.3 -16.3 73.7 50.2 -41.9 43.1
Private industries................... 13.1 7.7 25.0 -14.4 73.6 49.3 -42.7 42.4
Goods-producing industries......... 1.0 -9.7 2.1 -6.0 11.0 10.3 -3.9 13.5
Manufacturing.................... .7 -7.0 -.4 -3.5 6.4 6.8 -3.5 8.5
Services-producing industries...... 12.1 17.3 23.0 -8.4 62.6 39.0 -38.8 28.9
Trade, transportation, and
utilities....................... -3.4 4.1 5.0 -.5 14.8 3.4 2.1 8.4
Other services-producing
industries...................... 15.5 13.2 18.0 -7.9 47.8 35.7 -41.0 20.5
Government........................... 1.0 3.2 1.3 -1.8 .0 1.0 .7 .7
Supplements to wages and salaries...... 4.0 3.5 4.8 1.7 8.1 6.7 6.0 6.2
Employer contributions for employee
pension and insurance funds......... 2.8 3.1 3.0 2.9 2.8 3.0 3.2 2.9
Employer contributions for government
social insurance.................... 1.2 .4 1.8 -1.1 5.2 3.7 2.9 3.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1.9 5.7 11.2 1.2 9.9 6.2 9.5 12.6
Farm................................... 3.1 3.2 3.2 -1.0 -.9 -1.0 4.9 4.8
Nonfarm................................ -1.2 2.5 8.0 2.2 10.9 7.1 4.6 7.7
Rental income of persons with capital
consumption adjustment.................. 8.0 8.8 9.0 .2 1.8 .6 9.4 9.9
Personal income receipts on assets....... -18.4 -9.2 -12.1 26.4 55.2 281.3 -375.2 68.9
Personal interest income............... -18.2 -18.3 -18.2 20.1 20.0 20.0 -12.3 -12.3
Personal dividend income............... -.2 9.0 6.1 6.3 35.2 261.3 -362.9 81.2
Personal current transfer receipts....... 13.3 .3 14.3 -8.5 5.6 19.0 5.7 9.0
Government social benefits to persons.. 13.1 .2 14.1 -8.6 5.5 18.8 5.4 8.8
Social security\1\................... -2.5 -2.4 13.9 -10.3 4.7 13.7 3.3 4.3
Medicare\2\.......................... 6.9 2.3 1.6 -1.1 .6 5.4 3.9 5.0
Medicaid............................. 4.0 3.4 .5 -.6 .3 .4 -5.2 -1.2
Unemployment insurance............... -.4 -3.6 -2.0 -1.7 1.0 -1.9 -2.6 -1.5
Veterans' benefits................... 2.2 .9 -1.1 1.5 -.7 .1 2.5 1.8
Other................................ 3.0 -.5 1.3 3.6 -.6 1.2 3.5 .4
Other current transfer receipts, from
business (net)........................ .2 .1 .2 .1 .2 .1 .3 .2
Less: Contributions for government social
insurance, domestic..................... 1.9 1.1 3.1 -1.6 9.0 6.4 126.8 6.4
Less: Personal current taxes............... 2.7 2.7 5.9 6.3 20.5 28.6 -15.2 15.4
Equals: Disposable personal income......... 18.3 16.1 44.4 .1 124.7 329.3 -498.3 127.8
Less: Personal outlays..................... 46.1 37.2 89.0 -3.7 34.4 18.1 42.8 79.4
Personal consumption expenditures........ 43.1 34.6 86.2 -3.5 35.2 18.8 40.8 77.2
Goods.................................. 20.6 44.2 64.4 -15.6 8.6 7.3 11.3 48.3
Durable goods........................ 3.1 11.5 25.2 -14.1 33.9 12.0 6.0 -.4
Nondurable goods..................... 17.5 32.7 39.2 -1.6 -25.2 -4.7 5.4 48.5
Services............................... 22.7 -9.7 21.9 12.0 26.6 11.5 29.4 29.0
Personal interest payments\3\............ 2.4 2.5 2.5 -.7 -.8 -.7 2.2 2.2
Personal current transfer payments....... .4 .2 .2 .7 -.1 .0 -.1 -.1
To government.......................... .2 .3 .2 .0 .0 -.1 -.1 .0
To the rest of the world (net)......... .2 .0 .0 .5 .0 .0 .0 .0
Equals: Personal saving.................... -27.7 -21.3 -44.5 3.9 90.2 311.2 -541.1 48.4
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2005) dollars\4\....................... .6 -17.5 .8 -2.3 133.0 291.1 -449.6 78.2
Disposable personal income, billions
of chained (2005) dollars\4\............ 9.3 -22.3 5.5 -16.2 121.2 282.8 -431.8 69.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
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]
-----------------------------------------------------------------------------------------------------------------------------------
2011 2012\r\ III 11 IV 11 I 12 II 12 III 12 IV 12\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 625.4 459.9 37.4 41.1 209.7 99.9 79.2 262.3
Compensation of employees, received...... 325.2 270.6 31.7 22.0 155.6 32.0 49.9 84.5
Wage and salary disbursements.......... 256.7 219.4 21.9 14.3 133.5 23.3 39.3 70.8
Private industries................... 252.7 213.2 21.6 19.5 126.9 22.6 35.9 70.3
Goods-producing industries......... 51.1 49.7 8.5 -9.0 36.6 17.8 .3 3.0
Manufacturing.................... 32.5 33.4 3.1 -9.1 22.1 21.2 1.9 .4
Services-producing industries...... 201.6 163.6 13.0 28.5 90.2 4.9 35.5 67.4
Trade, transportation, and
utilities....................... 44.6 51.7 7.4 2.4 26.7 15.1 6.8 15.2
Other services-producing
industries...................... 157.0 111.9 5.7 26.0 63.5 -10.2 28.7 52.3
Government........................... 4.0 6.2 .3 -5.2 6.6 .7 3.5 .4
Supplements to wages and salaries...... 68.5 51.2 9.8 7.7 22.1 8.7 10.6 13.7
Employer contributions for employee
pension and insurance funds......... 41.7 33.1 8.8 7.3 8.1 8.1 8.5 8.9
Employer contributions for government
social insurance.................... 26.8 18.0 1.0 .4 14.0 .6 2.1 4.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 53.9 45.0 6.7 3.9 19.0 10.6 10.5 19.3
Farm................................... 10.3 1.6 2.7 -.9 -2.1 .2 6.9 1.3
Nonfarm................................ 43.7 43.3 4.0 4.8 21.2 10.3 3.6 18.0
Rental income of persons with capital
consumption adjustment.................. 60.5 52.9 9.1 16.5 15.0 7.5 18.2 10.5
Personal income receipts on assets....... 86.8 64.6 -3.3 -4.5 11.8 34.4 -18.0 145.9
Personal interest income............... -7.8 -16.2 -20.9 -16.4 3.8 14.3 -30.8 21.9
Personal dividend income............... 94.6 80.7 17.6 11.9 8.0 20.0 12.9 124.0
Personal current transfer receipts....... 34.9 55.9 -5.2 5.2 28.1 17.2 22.8 11.2
Government social benefits to persons.. 37.4 54.9 -4.4 5.6 26.7 16.8 22.3 10.8
Social security\1\................... 23.1 48.9 4.0 5.9 31.3 6.2 5.7 5.9
Medicare\2\.......................... 29.8 16.9 6.0 4.0 2.8 1.0 9.3 2.9
Medicaid............................. 7.3 11.4 -12.6 -4.1 5.6 16.3 10.3 1.2
Unemployment insurance............... -30.9 -27.1 -5.8 -2.1 -6.7 -10.4 -8.9 -4.2
Veterans' benefits................... 5.4 9.0 2.5 -.2 4.1 2.7 2.5 .7
Other................................ 2.7 -4.3 1.5 2.2 -10.5 .9 3.5 4.3
Other current transfer receipts, from
business (net)........................ -2.5 1.0 -.8 -.4 1.4 .5 .3 .5
Less: Contributions for government social
insurance, domestic..................... -64.0 29.0 1.6 2.0 19.8 1.8 4.3 8.9
Less: Personal current taxes............... 203.2 77.8 7.2 15.3 31.7 14.4 11.3 34.3
Equals: Disposable personal income......... 422.2 382.1 30.3 25.7 178.1 85.4 67.9 228.0
Less: Personal outlays..................... 499.5 400.4 105.8 84.7 143.1 57.4 88.6 97.0
Personal consumption expenditures........ 513.3 390.6 106.3 82.6 133.4 60.0 87.2 95.2
Goods.................................. 259.9 158.4 39.3 46.4 65.9 -14.4 51.0 50.3
Durable goods........................ 67.0 72.5 13.0 30.3 29.5 -4.3 18.6 33.1
Nondurable goods..................... 192.9 85.8 26.3 16.3 36.3 -10.1 32.4 17.2
Services............................... 253.3 232.3 67.0 36.2 67.5 74.4 36.2 45.0
Personal interest payments\3\............ -15.8 4.7 -.5 -.3 8.4 -4.2 .4 1.0
Personal current transfer payments....... 1.9 5.2 .0 2.4 1.3 1.6 .9 .8
To government.......................... 1.5 2.6 .5 .7 .7 .8 .7 .3
To the rest of the world (net)......... .4 2.5 -.5 1.8 .4 .9 .2 .5
Equals: Personal saving.................... -77.3 -18.3 -75.6 -58.9 35.0 28.0 -20.6 130.9
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2005) dollars\4\....................... 304.2 187.8 -16.6 6.8 100.3 55.6 11.3 178.2
Disposable personal income, billions
of chained (2005) dollars\4\............ 133.2 154.7 -32.2 -4.1 92.4 56.7 18.2 155.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
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]
-----------------------------------------------------------------------------------------------------------------------------------
Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\r\ Jan 13\r\ Feb 13\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .2 .1 .4 .0 1.1 2.6 -3.7 1.1
Compensation of employees, received...... .2 .2 .4 -.2 1.0 .7 -.4 .6
Wage and salary disbursements.......... .2 .2 .4 -.2 1.1 .7 -.6 .6
Supplements to wages and salaries...... .2 .2 .3 .1 .5 .4 .4 .4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .2 .5 .9 .1 .8 .5 .8 1.0
Rental income of persons with capital
consumption adjustment.................. 1.8 1.9 1.9 .0 .4 .1 1.9 2.0
Personal income receipts on assets....... -1.1 -.5 -.7 1.5 3.2 15.8 -18.2 4.1
Personal interest income............... -1.8 -1.8 -1.9 2.1 2.1 2.0 -1.2 -1.2
Personal dividend income............... .0 1.2 .8 .8 4.7 33.2 -34.6 11.9
Personal current transfer receipts....... .6 .0 .6 -.4 .2 .8 .2 .4
Less: Contributions for government social
insurance, domestic..................... .2 .1 .3 -.2 .9 .7 13.1 .6
Less: Personal current taxes............... .2 .2 .4 .4 1.4 1.9 -1.0 1.0
Equals: Disposable personal income......... .2 .1 .4 .0 1.0 2.7 -4.0 1.1
Addenda:
Personal consumption expenditures........ .4 .3 .8 .0 .3 .2 .4 .7
Goods.................................. .6 1.2 1.7 -.4 .2 .2 .3 1.2
Durable goods........................ .3 1.0 2.1 -1.1 2.8 1.0 .5 .0
Nondurable goods..................... .7 1.3 1.5 -.1 -1.0 -.2 .2 1.9
Services............................... .3 -.1 .3 .2 .4 .2 .4 .4
----------------------------------------------------------------------------------------
Based on chained (2005) dollar measures
----------------------------------------------------------------------------------------
Real personal income excluding current
transfer receipts....................... .0 -.2 .0 .0 1.4 3.0 -4.5 .8
Real disposable personal income.......... .1 -.2 .1 -.2 1.2 2.7 -4.0 .7
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2011 2012\r\ III 11 IV 11 I 12 II 12 III 12 IV 12\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 5.1 3.6 1.2 1.3 6.6 3.1 2.4 8.1
Compensation of employees, received...... 4.1 3.3 1.5 1.1 7.7 1.5 2.4 4.0
Wage and salary disbursements.......... 4.0 3.3 1.3 .9 8.2 1.4 2.3 4.2
Supplements to wages and salaries...... 4.4 3.1 2.4 1.9 5.5 2.1 2.6 3.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 4.9 3.9 2.4 1.3 6.7 3.6 3.6 6.5
Rental income of persons with capital
consumption adjustment.................. 17.3 12.9 9.4 16.9 14.7 7.0 17.0 9.2
Personal income receipts on assets....... 5.4 3.8 -.8 -1.0 2.8 8.4 -4.1 38.7
Personal interest income............... -.8 -1.6 -7.9 -6.4 1.5 5.9 -11.7 9.3
Personal dividend income............... 16.3 11.9 10.9 7.2 4.6 11.9 7.3 86.2
Personal current transfer receipts....... 1.5 2.4 -.9 .9 4.9 3.0 3.9 1.9
Less: Contributions for government social
insurance, domestic..................... -6.5 3.2 .7 .9 8.8 .8 1.8 3.8
Less: Personal current taxes............... 17.0 5.6 2.1 4.4 9.2 4.0 3.1 9.6
Equals: Disposable personal income......... 3.8 3.3 1.1 .9 6.3 2.9 2.3 7.9
Addenda:
Personal consumption expenditures........ 5.0 3.6 4.0 3.1 5.0 2.2 3.2 3.5
Goods.................................. 7.7 4.4 4.4 5.2 7.3 -1.5 5.6 5.4
Durable goods........................ 6.2 6.3 4.7 11.0 10.4 -1.4 6.3 11.3
Nondurable goods..................... 8.4 3.5 4.3 2.6 5.9 -1.6 5.2 2.7
Services............................... 3.7 3.3 3.8 2.0 3.8 4.2 2.0 2.5
----------------------------------------------------------------------------------------
Based on chained (2005) dollar measures
----------------------------------------------------------------------------------------
Real personal income excluding current
transfer receipts....................... 3.4 2.0 -.7 .3 4.4 2.4 .5 7.7
Real disposable personal income.......... 1.3 1.5 -1.3 -.2 3.7 2.2 .7 6.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\r\ Jan 13\r\ Feb 13\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2005) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 9,608.2 9,604.3 9,647.8 9,629.5 9,673.0 9,689.0 9,720.6 9,749.0
Goods.................................... 3,420.6 3,432.5 3,465.9 3,447.8 3,481.8 3,498.7 3,515.2 3,527.3
Durable goods.......................... 1,343.5 1,358.7 1,389.8 1,376.1 1,416.0 1,432.7 1,438.8 1,439.7
Nondurable goods....................... 2,096.0 2,095.6 2,103.0 2,096.7 2,098.4 2,101.4 2,111.9 2,122.0
Services................................. 6,192.8 6,177.9 6,189.5 6,188.4 6,199.2 6,199.3 6,214.7 6,231.2
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2005) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 31.2 -3.9 43.5 -18.3 43.5 16.0 31.6 28.4
Goods.................................... 18.0 11.9 33.4 -18.1 34.0 16.9 16.5 12.1
Durable goods.......................... 7.7 15.2 31.1 -13.7 39.9 16.7 6.1 .9
Nondurable goods....................... 10.6 -.4 7.4 -6.3 1.7 3.0 10.5 10.1
Services................................. 13.8 -14.9 11.6 -1.1 10.8 .1 15.4 16.5
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2005) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .3 .0 .5 -.2 .5 .2 .3 .3
Goods.................................... .5 .3 1.0 -.5 1.0 .5 .5 .3
Durable goods.......................... .6 1.1 2.3 -1.0 2.9 1.2 .4 .1
Nondurable goods....................... .5 .0 .4 -.3 .1 .1 .5 .5
Services................................. .2 -.2 .2 .0 .2 .0 .2 .3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2011 2012\r\ III 11 IV 11 I 12 II 12 III 12 IV 12\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2005) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 9,428.8 9,603.3 9,441.9 9,489.3 9,546.8 9,582.5 9,620.1 9,663.9
Goods.................................... 3,331.0 3,432.9 3,323.5 3,367.9 3,406.6 3,409.4 3,439.7 3,476.1
Durable goods.......................... 1,262.6 1,360.9 1,258.6 1,300.1 1,336.1 1,335.3 1,364.0 1,408.3
Nondurable goods....................... 2,075.2 2,094.5 2,071.4 2,080.5 2,088.9 2,092.0 2,098.2 2,098.8
Services................................. 6,101.5 6,176.6 6,121.1 6,126.0 6,145.9 6,178.2 6,186.7 6,195.6
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2005) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 232.6 174.5 38.7 47.4 57.5 35.7 37.6 43.8
Goods.................................... 121.9 101.9 11.3 44.4 38.7 2.8 30.3 36.4
Durable goods.......................... 84.3 98.3 16.3 41.5 36.0 -.8 28.7 44.3
Nondurable goods....................... 45.9 19.3 -2.1 9.1 8.4 3.1 6.2 .6
Services................................. 113.9 75.1 27.1 4.9 19.9 32.3 8.5 8.9
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2005) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 2.5 1.9 1.7 2.0 2.4 1.5 1.6 1.8
Goods.................................... 3.8 3.1 1.4 5.4 4.7 .3 3.6 4.3
Durable goods.......................... 7.2 7.8 5.4 13.9 11.5 -.2 8.9 13.6
Nondurable goods....................... 2.3 .9 -.4 1.8 1.6 .6 1.2 .1
Services................................. 1.9 1.2 1.8 .3 1.3 2.1 .6 .6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\r\ Jan 13\r\ Feb 13\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2005=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 115.556 115.964 116.335 116.518 116.358 116.360 116.402 116.855
Goods.................................... 109.388 110.299 111.095 111.218 110.378 110.054 109.858 110.850
Durable goods.......................... 89.525 89.370 89.180 89.044 88.929 88.726 88.772 88.690
Nondurable goods....................... 121.123 122.711 124.143 124.442 123.137 122.737 122.380 124.086
Services................................. 118.867 118.996 119.129 119.344 119.564 119.749 119.925 120.073
Addenda:
PCE excluding food and energy............ 113.878 113.902 113.955 114.127 114.222 114.274 114.464 114.528
Food\1\.................................. 120.862 120.955 120.884 121.183 121.430 121.677 121.679 121.876
Energy goods and services\2\............. 135.633 143.471 150.360 150.702 145.182 143.848 141.052 149.286
Market-based PCE\3\...................... 115.475 115.959 116.399 116.535 116.307 116.301 116.388 116.959
Market-based PCE excluding food
and energy\3\........................... 113.512 113.565 113.650 113.766 113.820 113.872 114.137 114.277
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes, seasonally
adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .1 .4 .3 .2 -.1 .0 .0 .4
Goods.................................... .0 .8 .7 .1 -.8 -.3 -.2 .9
Durable goods.......................... -.3 -.2 -.2 -.2 -.1 -.2 .1 -.1
Nondurable goods....................... .2 1.3 1.2 .2 -1.0 -.3 -.3 1.4
Services................................. .1 .1 .1 .2 .2 .2 .1 .1
Addenda:
PCE excluding food and energy............ .1 .0 .0 .2 .1 .0 .2 .1
Food\1\.................................. .0 .1 -.1 .2 .2 .2 .0 .2
Energy goods and services\2\............. -.2 5.8 4.8 .2 -3.7 -.9 -1.9 5.8
Market-based PCE\3\...................... .1 .4 .4 .1 -.2 .0 .1 .5
Market-based PCE excluding food
and energy\3\........................... .1 .0 .1 .1 .0 .0 .2 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises
consumption; food services, which include purchased meals and
beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity
and gas services.
3. Market-based PCE is a supplemental measure that is based on household
household expenditures for which there are observable price measures.
It excludes most imputed transactions (for example, financial services
furnished without payment) and the final consumption expenditures of
nonprofit institutions serving households.
Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\r\ Jan 13\r\ Feb 13\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 1.5 1.6 1.7 1.3 2.8 5.4 .6 .9
Personal consumption expenditures.......... 1.9 1.9 1.9 1.5 1.9 2.1 2.1 2.0
Goods.................................... 3.1 3.7 3.7 2.4 3.4 3.9 3.6 3.4
Durable goods.......................... 7.3 8.9 8.9 6.4 9.0 9.5 8.4 7.4
Nondurable goods....................... 1.2 1.4 1.3 .5 .8 1.3 1.4 1.5
Services................................. 1.2 .9 1.1 1.1 1.2 1.1 1.4 1.3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\r\ Jan 13\r\ Feb 13\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 1.3 1.4 1.6 1.8 1.5 1.5 1.3 1.3
Goods.................................... .1 .6 1.1 1.4 .7 .6 .1 .4
Durable goods.......................... -1.8 -1.8 -1.6 -1.7 -1.6 -1.6 -1.6 -1.7
Nondurable goods....................... 1.0 1.7 2.4 2.9 1.8 1.7 1.0 1.5
Services................................. 2.0 1.9 1.9 1.9 2.0 1.9 1.8 1.8
Addenda:
PCE excluding food and energy............ 1.7 1.5 1.5 1.6 1.5 1.4 1.3 1.3
Food\1\.................................. 2.0 1.5 .9 .9 1.2 1.2 1.0 1.2
Energy goods and services\2\............. -4.7 .0 3.2 5.3 1.9 2.4 .1 2.2
Market-based PCE\3\...................... 1.4 1.5 1.7 1.8 1.6 1.5 1.3 1.5
Market-based PCE excluding food
and energy\3\........................... 1.8 1.7 1.7 1.7 1.6 1.4 1.4 1.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises
consumption; food services, which include purchased meals and
beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity
and gas services.
3. Market-based PCE is a supplemental measure that is based on household
household expenditures for which there are observable price measures.
It excludes most imputed transactions (for example, financial services
furnished without payment) and the final consumption expenditures of
nonprofit institutions serving households.