EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, NOVEMBER 30, 2012 BEA 12-54 James Rankin: (202) 606-5301 (Personal Income) piniwd@bea.gov Kyle Brown: (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: OCTOBER 2012 Personal income increased $0.4 billion, or less than 0.1 percent, and disposable personal income (DPI) increased $0.8 billion, or less than 0.1 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $20.2 billion, or 0.2 percent. In September, personal income increased $47.8 billion, or 0.4 percent, DPI increased $42.1 billion, or 0.4 percent, and PCE increased $84.0 billion, or 0.8 percent, based on revised estimates. Real disposable income decreased 0.1 percent in October, compared with an increase of less than 0.1 percent in September. Real PCE decreased 0.3 percent, in contrast to an increase of 0.4 percent. 2012 June July Aug. Sept. Oct. (Percent change from preceding month) Personal income, current dollars 0.3 0.1 0.1 0.4 0.0 Disposable personal income: Current dollars 0.2 0.1 0.1 0.4 0.0 Chained (2005) dollars 0.2 0.1 -0.3 0.0 -0.1 Personal consumption expenditures: Current dollars 0.0 0.3 0.3 0.8 -0.2 Chained (2005) dollars -0.1 0.3 0.0 0.4 -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 October estimates of personal income and outlays reflect the effects of Hurricane Sandy, which made landfall in the United States on October 29. The storm affected 24 states, with particularly severe damage in New York and New Jersey. BEA cannot quantify the total impact of the storm on personal income and outlays because most of the source data used to estimate these components reflect the effects of the storm and cannot be separately identified. However, BEA did make adjustments where source data were not yet available or did not reflect the effects of Sandy. The largest of these adjustments was for work interruptions, which reduced wages and salaries by about $18 billion (at an annual rate). Wages and salaries Private wage and salary disbursements decreased $17.1 billion in October, in contrast to an increase of $22.4 billion in September. The October decrease in private wages and salaries reflected work interruptions caused by Hurricane Sandy, which reduced wages and salaries by $18.2 billion at an annual rate. Goods-producing industries' payrolls decreased $3.6 billion in October, in contrast to an increase of $3.9 billion in September; manufacturing payrolls decreased $2.1 billion, in contrast to an increase of $1.8 billion. Services-producing industries' payrolls decreased $13.5 billion, in contrast to an increase of $18.3 billion. Government wage and salary disbursements increased $0.1 billion, compared with an increase of $1.7 billion. Other personal income Supplements to wages and salaries increased $1.6 billion in October, compared with an increase of $4.6 billion in September. Proprietors' income decreased $2.1 billion in October, in contrast to an increase of $11.6 billion in September. Farm proprietors' income decreased $1.9 billion, in contrast to an increase of $3.2 billion. Nonfarm proprietors' income decreased $0.2 billion, in contrast to an increase of $8.4 billion. Rental income of persons increased $5.5 billion in October, compared with an increase of $9.0 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $17.2 billion, in contrast to a decrease of $12.2 billion. Personal current transfer receipts decreased $6.7 billion, in contrast to an increase of $13.6 billion. Within current transfer receipts, government social benefits to persons for social security benefits decreased $10.3 billion in October, in contrast to an increase of $13.9 billion in September. Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $1.9 billion in October, in contrast to an increase of $2.9 billion in September. Personal current taxes and disposable personal income Personal current taxes decreased $0.3 billion in October, in contrast to an increase of $5.7 billion in September. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $0.8 billion, or less than 0.1 percent, in October, compared with an increase of $42.1 billion, or 0.4 percent, in September. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $18.0 billion in October, in contrast to an increase of $87.3 billion in September. PCE decreased $20.2 billion, in contrast to an increase of $84.0 billion. Personal saving -- DPI less personal outlays -- was $410.1 billion in October, compared with $391.3 billion in September. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.4 percent in October, compared with 3.3 percent in September. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's 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 -- decreased 0.1 percent in October, in contrast to an increase of less than 0.1 percent in September. Real PCE -- PCE adjusted to remove price changes -- decreased 0.3 percent in October, in contrast to an increase of 0.4 percent in September. Purchases of durable goods decreased 1.7 percent, in contrast to an increase of 2.2 percent. Purchases of motor vehicles and parts accounted for most of the decrease in October. Purchases of nondurable goods decreased 0.3 percent in October, in contrast to an increase of 0.3 percent in September. Purchases of services decreased 0.1 percent, in contrast to an increase of 0.2 percent. The price index for PCE increased 0.1 percent in October, compared with an increase of 0.3 percent in September. The PCE price index, excluding food and energy, increased 0.1 percent in October, the same increase as in September. Revisions The revisions to second-quarter estimates of wages and salaries, personal taxes, and contributions for government social insurance reflect the incorporation of newly available second-quarter wage and salary tabulations from the quarterly census of employment and wages (QCEW) from the Bureau of Labor Statistics. Estimates of wages and salaries were revised from April through September. The revision to second-quarter wages and salaries reflects the incorporation of second-quarter QCEW. Revised estimates for July, August, and September reflect extrapolations from the revised second-quarter level of wages. In addition, revisions to August and September reflect revised BLS employment, hours, and earnings data for those months. Estimates for personal income and DPI have been revised for April through September; estimates for PCE have been revised for July through September. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for August and September -- revised and as published in last month's release -- are shown below. Change from preceding month August September Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 17.8 11.2 0.1 0.1 48.1 47.8 0.4 0.4 Disposable personal income: Current dollars 15.1 9.4 0.1 0.1 43.0 42.1 0.4 0.4 Chained (2005) dollars -28.6 -28.2 -0.3 -0.3 -2.3 2.2 0.0 0.0 Personal consumption expenditures: Current dollars 59.9 35.6 0.5 0.3 87.9 84.0 0.8 0.8 Chained (2005) dollars 12.8 -3.2 0.1 0.0 38.9 40.5 0.4 0.4 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 – December 21, 2012 at 8:30 A.M. EST for Personal Income and Outlays for November Release Dates for 2013 December 2012.. January 31 April 2013..May 31 August 2013.....September 27 January 2013... March 1 May 2013....June 27 September 2013..October 31 February 2013.. March 29 June 2013...August 2 October 2013....November 27 March 2013..... April 29 July 2013...August 30 November 2013...December 23 ________________________ NOTE. Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Mar 12 Apr 12\r\ May 12\r\ Jun 12\r\ Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,298.3 13,302.9 13,322.3 13,355.9 13,375.0 13,386.2 13,434.0 13,434.4 Compensation of employees, received...... 8,544.6 8,525.2 8,518.2 8,539.7 8,554.8 8,560.4 8,589.1 8,573.7 Wage and salary disbursements.......... 6,869.4 6,848.9 6,840.3 6,858.5 6,869.8 6,872.6 6,896.6 6,879.6 Private industries................... 5,669.2 5,648.7 5,640.6 5,658.7 5,669.1 5,668.6 5,691.0 5,673.9 Goods-producing industries......... 1,153.0 1,160.2 1,158.2 1,166.9 1,171.9 1,162.9 1,166.8 1,163.2 Manufacturing.................... 729.2 740.3 742.3 750.3 753.9 746.8 748.6 746.5 Services-producing industries...... 4,516.2 4,488.5 4,482.4 4,491.8 4,497.2 4,505.8 4,524.1 4,510.6 Trade, transportation, and utilities....................... 1,088.7 1,093.6 1,097.3 1,104.2 1,104.4 1,105.7 1,111.4 1,109.4 Other services-producing industries...................... 3,427.5 3,394.9 3,385.2 3,387.6 3,392.9 3,400.0 3,412.8 3,401.2 Government........................... 1,200.2 1,200.1 1,199.6 1,199.7 1,200.7 1,203.9 1,205.6 1,205.7 Supplements to wages and salaries...... 1,675.2 1,676.3 1,678.0 1,681.2 1,685.0 1,687.9 1,692.5 1,694.1 Employer contributions for employee pension and insurance funds......... 1,162.3 1,164.9 1,167.7 1,170.4 1,173.2 1,176.3 1,179.3 1,182.2 Employer contributions for government social insurance.................... 512.9 511.4 510.3 510.8 511.8 511.6 513.2 511.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,190.4 1,192.3 1,196.5 1,196.0 1,198.1 1,204.0 1,215.6 1,213.5 Farm................................... 51.4 51.9 52.5 53.1 56.3 59.5 62.7 60.8 Nonfarm................................ 1,139.0 1,140.3 1,144.0 1,142.9 1,141.9 1,144.6 1,153.0 1,152.8 Rental income of persons with capital consumption adjustment.................. 451.3 451.7 452.8 454.1 462.2 471.0 480.0 485.5 Personal income receipts on assets....... 1,703.2 1,717.3 1,733.6 1,741.4 1,723.3 1,713.9 1,701.7 1,718.9 Personal interest income............... 994.9 1,000.5 1,006.1 1,011.8 994.3 976.9 959.5 971.9 Personal dividend income............... 708.3 716.8 727.4 729.7 729.0 737.0 742.2 747.0 Personal current transfer receipts....... 2,356.2 2,361.2 2,364.7 2,369.7 2,383.0 2,383.5 2,397.1 2,390.4 Government social benefits to persons.. 2,310.9 2,315.4 2,319.0 2,323.9 2,337.0 2,337.4 2,350.8 2,344.0 Social security\1\................... 758.2 756.8 756.8 764.6 762.1 759.7 773.6 763.3 Medicare\2\.......................... 557.9 556.2 557.4 557.2 564.1 566.4 568.0 566.1 Medicaid............................. 400.3 408.1 415.7 417.8 421.8 425.2 425.7 428.9 Unemployment insurance............... 91.0 89.5 83.6 78.4 78.0 74.4 72.4 70.6 Veterans' benefits................... 70.7 71.1 71.9 71.6 73.8 74.7 73.6 75.1 Other................................ 432.8 433.8 433.7 434.3 437.3 437.0 437.6 440.1 Other current transfer receipts, from business (net)........................ 45.4 45.8 45.7 45.8 46.0 46.1 46.3 46.4 Less: Contributions for government social insurance, domestic..................... 947.4 944.8 943.5 945.0 946.5 946.6 949.5 947.6 Less: Personal current taxes............... 1,460.6 1,461.6 1,464.1 1,470.0 1,472.4 1,474.2 1,479.9 1,479.6 Equals: Disposable personal income......... 11,837.7 11,841.3 11,858.2 11,885.9 11,902.6 11,912.0 11,954.1 11,954.9 Less: Personal outlays..................... 11,400.8 11,423.6 11,400.7 11,394.1 11,436.5 11,475.5 11,562.8 11,544.8 Personal consumption expenditures........ 11,054.1 11,080.3 11,061.7 11,059.5 11,098.0 11,133.6 11,217.6 11,197.4 Goods.................................. 3,780.2 3,769.3 3,734.1 3,721.0 3,741.5 3,786.1 3,846.7 3,818.5 Durable goods........................ 1,207.1 1,202.0 1,199.1 1,199.7 1,202.9 1,214.1 1,237.9 1,214.7 Nondurable goods..................... 2,573.1 2,567.3 2,535.0 2,521.3 2,538.6 2,572.0 2,608.8 2,603.9 Services............................... 7,273.9 7,311.0 7,327.6 7,338.4 7,356.5 7,347.5 7,370.9 7,378.8 Personal interest payments\3\............ 180.4 175.8 171.2 166.7 169.8 172.9 176.0 178.0 Personal current transfer payments....... 166.3 167.5 167.7 168.0 168.7 169.0 169.2 169.4 To government.......................... 90.8 91.1 91.3 91.6 91.8 92.1 92.3 92.5 To the rest of the world (net)......... 75.5 76.4 76.4 76.4 76.9 76.9 76.9 76.9 Equals: Personal saving.................... 436.8 417.7 457.5 491.8 466.1 436.5 391.3 410.1 Personal saving as a percentage of disposable personal income.............. 3.7 3.5 3.9 4.1 3.9 3.7 3.3 3.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,465.6 9,463.9 9,496.6 9,513.5 9,512.8 9,488.5 9,486.5 9,480.7 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,240.4 10,242.0 10,277.2 10,292.6 10,300.9 10,272.7 10,274.9 10,262.7 Per capita: Current dollars...................... 37,747 37,737 37,768 37,833 37,861 37,865 37,973 37,951 Chained (2005) dollars............... 32,653 32,640 32,733 32,762 32,766 32,654 32,639 32,579 Population (midperiod, thousands)\5\..... 313,610 313,788 313,972 314,168 314,376 314,589 314,802 315,009 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 II 11 III 11 IV 11 I 12 II 12\r\ III 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,321.9 12,947.3 12,938.9 12,976.3 13,017.4 13,227.1 13,327.0 13,398.4 Compensation of employees, received...... 7,970.0 8,295.2 8,286.4 8,318.1 8,340.1 8,495.7 8,527.7 8,568.1 Wage and salary disbursements.......... 6,404.6 6,661.3 6,656.2 6,678.1 6,692.4 6,825.9 6,849.2 6,879.6 Private industries................... 5,213.3 5,466.0 5,458.8 5,480.4 5,499.9 5,626.8 5,649.4 5,676.3 Goods-producing industries......... 1,057.5 1,108.6 1,107.9 1,116.4 1,107.4 1,144.0 1,161.8 1,167.2 Manufacturing.................... 674.1 706.6 707.0 710.1 701.0 723.1 744.3 749.8 Services-producing industries...... 4,155.8 4,357.4 4,351.0 4,364.0 4,392.5 4,482.7 4,487.6 4,509.0 Trade, transportation, and utilities....................... 1,005.5 1,050.1 1,046.8 1,054.2 1,056.6 1,083.3 1,098.4 1,107.2 Other services-producing industries...................... 3,150.3 3,307.3 3,304.2 3,309.9 3,335.9 3,399.4 3,389.2 3,401.9 Government........................... 1,191.3 1,195.3 1,197.4 1,197.7 1,192.5 1,199.1 1,199.8 1,203.4 Supplements to wages and salaries...... 1,565.4 1,633.9 1,630.2 1,640.0 1,647.7 1,669.8 1,678.5 1,688.5 Employer contributions for employee pension and insurance funds......... 1,097.3 1,139.0 1,135.4 1,144.2 1,151.5 1,159.6 1,167.7 1,176.2 Employer contributions for government social insurance.................... 468.1 494.9 494.8 495.8 496.2 510.2 510.8 512.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,103.4 1,157.3 1,154.7 1,161.4 1,165.3 1,184.3 1,194.9 1,205.9 Farm................................... 44.3 54.6 52.6 55.3 54.4 52.3 52.5 59.5 Nonfarm................................ 1,059.1 1,102.8 1,102.1 1,106.1 1,110.9 1,132.1 1,142.4 1,146.5 Rental income of persons with capital consumption adjustment.................. 349.2 409.7 404.7 413.8 430.3 445.3 452.8 471.1 Personal income receipts on assets....... 1,598.3 1,685.1 1,692.4 1,689.1 1,684.6 1,696.4 1,730.8 1,713.0 Personal interest income............... 1,016.6 1,008.8 1,025.3 1,004.4 988.0 991.8 1,006.1 976.9 Personal dividend income............... 581.7 676.3 667.1 684.7 696.6 704.6 724.6 736.0 Personal current transfer receipts....... 2,284.3 2,319.2 2,319.9 2,314.7 2,319.9 2,348.0 2,365.2 2,387.9 Government social benefits to persons.. 2,236.9 2,274.3 2,274.8 2,270.4 2,276.0 2,302.7 2,319.5 2,341.7 Social security\1\................... 690.2 713.3 712.0 716.0 721.9 753.2 759.4 765.1 Medicare\2\.......................... 515.3 545.1 543.1 549.1 553.1 555.9 556.9 566.2 Medicaid............................. 396.6 403.9 408.7 396.1 392.0 397.6 413.9 424.2 Unemployment insurance............... 138.9 108.0 108.8 103.0 100.9 94.2 83.8 74.9 Veterans' benefits................... 57.9 63.3 62.4 64.9 64.7 68.8 71.5 74.0 Other................................ 438.1 440.8 439.8 441.3 443.5 433.0 433.9 437.3 Other current transfer receipts, from business (net)........................ 47.4 44.9 45.1 44.3 43.9 45.3 45.8 46.1 Less: Contributions for government social insurance, domestic..................... 983.3 919.3 919.2 920.8 922.8 942.6 944.4 947.6 Less: Personal current taxes............... 1,194.8 1,398.0 1,396.6 1,403.8 1,419.1 1,450.8 1,465.2 1,475.5 Equals: Disposable personal income......... 11,127.1 11,549.3 11,542.3 11,572.6 11,598.3 11,776.4 11,861.8 11,922.9 Less: Personal outlays..................... 10,560.4 11,059.9 11,015.1 11,120.9 11,205.6 11,348.7 11,406.1 11,491.6 Personal consumption expenditures........ 10,215.7 10,729.0 10,684.9 10,791.2 10,873.8 11,007.2 11,067.2 11,149.8 Goods.................................. 3,364.9 3,624.8 3,604.3 3,643.6 3,690.0 3,755.9 3,741.5 3,791.4 Durable goods........................ 1,079.4 1,146.4 1,131.8 1,144.8 1,175.1 1,204.6 1,200.3 1,218.3 Nondurable goods..................... 2,285.5 2,478.4 2,472.4 2,498.7 2,515.0 2,551.3 2,541.2 2,573.1 Services............................... 6,850.9 7,104.2 7,080.6 7,147.6 7,183.8 7,251.3 7,325.7 7,358.3 Personal interest payments\3\............ 183.8 168.0 167.8 167.3 167.0 175.4 171.2 172.9 Personal current transfer payments....... 160.9 162.8 162.4 162.4 164.8 166.1 167.7 169.0 To government.......................... 87.4 88.9 88.6 89.1 89.8 90.5 91.3 92.0 To the rest of the world (net)......... 73.5 73.9 73.8 73.3 75.1 75.5 76.4 76.9 Equals: Personal saving.................... 566.7 489.4 527.2 451.6 392.7 427.7 455.7 431.3 Personal saving as a percentage of disposable personal income.............. 5.1 4.2 4.6 3.9 3.4 3.6 3.8 3.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,035.8 9,340.0 9,345.2 9,328.6 9,335.4 9,435.7 9,491.3 9,495.8 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,016.5 10,149.7 10,157.8 10,125.6 10,121.5 10,213.9 10,270.6 10,282.7 Per capita: Current dollars...................... 35,920 37,012 37,028 37,052 37,064 37,571 37,779 37,900 Chained (2005) dollars............... 32,335 32,527 32,587 32,420 32,345 32,586 32,711 32,686 Population (midperiod, thousands)\5\..... 309,774 312,040 311,717 312,330 312,929 313,443 313,976 314,589 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. 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] ----------------------------------------------------------------------------------------------------------------------------------- Mar 12 Apr 12\r\ May 12\r\ Jun 12\r\ Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 63.6 4.6 19.4 33.6 19.1 11.2 47.8 .4 Compensation of employees, received...... 42.9 -19.4 -7.0 21.5 15.1 5.6 28.7 -15.4 Wage and salary disbursements.......... 37.9 -20.5 -8.6 18.2 11.3 2.8 24.0 -17.0 Private industries................... 37.1 -20.5 -8.1 18.1 10.4 -.5 22.4 -17.1 Goods-producing industries......... 7.4 7.2 -2.0 8.7 5.0 -9.0 3.9 -3.6 Manufacturing.................... 5.7 11.1 2.0 8.0 3.6 -7.1 1.8 -2.1 Services-producing industries...... 29.8 -27.7 -6.1 9.4 5.4 8.6 18.3 -13.5 Trade, transportation, and utilities....................... 2.3 4.9 3.7 6.9 .2 1.3 5.7 -2.0 Other services-producing industries...................... 27.5 -32.6 -9.7 2.4 5.3 7.1 12.8 -11.6 Government........................... .8 -.1 -.5 .1 1.0 3.2 1.7 .1 Supplements to wages and salaries...... 5.0 1.1 1.7 3.2 3.8 2.9 4.6 1.6 Employer contributions for employee pension and insurance funds......... 2.8 2.6 2.8 2.7 2.8 3.1 3.0 2.9 Employer contributions for government social insurance.................... 2.3 -1.5 -1.1 .5 1.0 -.2 1.6 -1.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.8 1.9 4.2 -.5 2.1 5.9 11.6 -2.1 Farm................................... -.9 .5 .6 .6 3.2 3.2 3.2 -1.9 Nonfarm................................ 2.7 1.3 3.7 -1.1 -1.0 2.7 8.4 -.2 Rental income of persons with capital consumption adjustment.................. 6.0 .4 1.1 1.3 8.1 8.8 9.0 5.5 Personal income receipts on assets....... 7.4 14.1 16.3 7.8 -18.1 -9.4 -12.2 17.2 Personal interest income............... 3.1 5.6 5.6 5.7 -17.5 -17.4 -17.4 12.4 Personal dividend income............... 4.3 8.5 10.6 2.3 -.7 8.0 5.2 4.8 Personal current transfer receipts....... 9.7 5.0 3.5 5.0 13.3 .5 13.6 -6.7 Government social benefits to persons.. 9.7 4.5 3.6 4.9 13.1 .4 13.4 -6.8 Social security\1\................... 6.1 -1.4 .0 7.8 -2.5 -2.4 13.9 -10.3 Medicare\2\.......................... 2.2 -1.7 1.2 -.2 6.9 2.3 1.6 -1.9 Medicaid............................. 2.6 7.8 7.6 2.1 4.0 3.4 .5 3.2 Unemployment insurance............... -3.1 -1.5 -5.9 -5.2 -.4 -3.6 -2.0 -1.8 Veterans' benefits................... 2.2 .4 .8 -.3 2.2 .9 -1.1 1.5 Other................................ -.3 1.0 -.1 .6 3.0 -.3 .6 2.5 Other current transfer receipts, from business (net)........................ .1 .4 -.1 .1 .2 .1 .2 .1 Less: Contributions for government social insurance, domestic..................... 4.2 -2.6 -1.3 1.5 1.5 .1 2.9 -1.9 Less: Personal current taxes............... 8.6 1.0 2.5 5.9 2.4 1.8 5.7 -.3 Equals: Disposable personal income......... 55.0 3.6 16.9 27.7 16.7 9.4 42.1 .8 Less: Personal outlays..................... 33.6 22.8 -22.9 -6.6 42.4 39.0 87.3 -18.0 Personal consumption expenditures........ 28.3 26.2 -18.6 -2.2 38.5 35.6 84.0 -20.2 Goods.................................. 14.5 -10.9 -35.2 -13.1 20.5 44.6 60.6 -28.2 Durable goods........................ -1.7 -5.1 -2.9 .6 3.2 11.2 23.8 -23.2 Nondurable goods..................... 16.2 -5.8 -32.3 -13.7 17.3 33.4 36.8 -4.9 Services............................... 13.8 37.1 16.6 10.8 18.1 -9.0 23.4 7.9 Personal interest payments\3\............ 5.0 -4.6 -4.6 -4.5 3.1 3.1 3.1 2.0 Personal current transfer payments....... .2 1.2 .2 .3 .7 .3 .2 .2 To government.......................... .3 .3 .2 .3 .2 .3 .2 .2 To the rest of the world (net)......... .0 .9 .0 .0 .5 .0 .0 .0 Equals: Personal saving.................... 21.4 -19.1 39.8 34.3 -25.7 -29.6 -45.2 18.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 24.8 -1.7 32.7 16.9 -.7 -24.3 -2.0 -5.8 Disposable personal income, billions of chained (2005) dollars\4\............ 24.0 1.6 35.2 15.4 8.3 -28.2 2.2 -12.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 II 11 III 11 IV 11 I 12 II 12\r\ III 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 454.9 625.4 82.4 37.4 41.1 209.7 99.9 71.4 Compensation of employees, received...... 175.6 325.2 50.1 31.7 22.0 155.6 32.0 40.4 Wage and salary disbursements.......... 134.3 256.7 37.7 21.9 14.3 133.5 23.3 30.4 Private industries................... 118.2 252.7 34.1 21.6 19.5 126.9 22.6 26.9 Goods-producing industries......... -5.8 51.1 5.3 8.5 -9.0 36.6 17.8 5.4 Manufacturing.................... 12.6 32.5 -1.3 3.1 -9.1 22.1 21.2 5.5 Services-producing industries...... 124.0 201.6 28.9 13.0 28.5 90.2 4.9 21.4 Trade, transportation, and utilities....................... 16.4 44.6 3.7 7.4 2.4 26.7 15.1 8.8 Other services-producing industries...................... 107.6 157.0 25.1 5.7 26.0 63.5 -10.2 12.7 Government........................... 16.1 4.0 3.6 .3 -5.2 6.6 .7 3.6 Supplements to wages and salaries...... 41.4 68.5 12.4 9.8 7.7 22.1 8.7 10.0 Employer contributions for employee pension and insurance funds......... 30.1 41.7 10.4 8.8 7.3 8.1 8.1 8.5 Employer contributions for government social insurance.................... 11.2 26.8 2.1 1.0 .4 14.0 .6 1.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 124.0 53.9 6.7 6.7 3.9 19.0 10.6 11.0 Farm................................... 4.4 10.3 -3.4 2.7 -.9 -2.1 .2 7.0 Nonfarm................................ 119.6 43.7 10.1 4.0 4.8 21.2 10.3 4.1 Rental income of persons with capital consumption adjustment.................. 59.5 60.5 14.7 9.1 16.5 15.0 7.5 18.3 Personal income receipts on assets....... -28.2 86.8 18.1 -3.3 -4.5 11.8 34.4 -17.8 Personal interest income............... -76.7 -7.8 7.8 -20.9 -16.4 3.8 14.3 -29.2 Personal dividend income............... 48.5 94.6 10.2 17.6 11.9 8.0 20.0 11.4 Personal current transfer receipts....... 144.2 34.9 -2.6 -5.2 5.2 28.1 17.2 22.7 Government social benefits to persons.. 136.4 37.4 -1.2 -4.4 5.6 26.7 16.8 22.2 Social security\1\................... 25.7 23.1 8.9 4.0 5.9 31.3 6.2 5.7 Medicare\2\.......................... 20.8 29.8 8.0 6.0 4.0 2.8 1.0 9.3 Medicaid............................. 27.4 7.3 -10.1 -12.6 -4.1 5.6 16.3 10.3 Unemployment insurance............... 7.7 -30.9 -10.3 -5.8 -2.1 -6.7 -10.4 -8.9 Veterans' benefits................... 6.4 5.4 1.2 2.5 -.2 4.1 2.7 2.5 Other................................ 48.4 2.7 1.1 1.5 2.2 -10.5 .9 3.4 Other current transfer receipts, from business (net)........................ 7.8 -2.5 -1.4 -.8 -.4 1.4 .5 .3 Less: Contributions for government social insurance, domestic..................... 20.2 -64.0 4.7 1.6 2.0 19.8 1.8 3.2 Less: Personal current taxes............... 50.2 203.2 24.1 7.2 15.3 31.7 14.4 10.3 Equals: Disposable personal income......... 404.7 422.2 58.2 30.3 25.7 178.1 85.4 61.1 Less: Personal outlays..................... 346.1 499.5 117.0 105.8 84.7 143.1 57.4 85.5 Personal consumption expenditures........ 369.8 513.3 118.6 106.3 82.6 133.4 60.0 82.6 Goods.................................. 170.5 259.9 42.9 39.3 46.4 65.9 -14.4 49.9 Durable goods........................ 49.8 67.0 -2.1 13.0 30.3 29.5 -4.3 18.0 Nondurable goods..................... 120.7 192.9 44.9 26.3 16.3 36.3 -10.1 31.9 Services............................... 199.4 253.3 75.7 67.0 36.2 67.5 74.4 32.6 Personal interest payments\3\............ -33.3 -15.8 -2.3 -.5 -.3 8.4 -4.2 1.7 Personal current transfer payments....... 9.6 1.9 .7 .0 2.4 1.3 1.6 1.3 To government.......................... 2.2 1.5 .3 .5 .7 .7 .8 .7 To the rest of the world (net)......... 7.4 .4 .3 -.5 1.8 .4 .9 .5 Equals: Personal saving.................... 58.5 -77.3 -58.7 -75.6 -58.9 35.0 28.0 -24.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 112.4 304.2 -7.1 -16.6 6.8 100.3 55.6 4.5 Disposable personal income, billions of chained (2005) dollars\4\............ 179.8 133.2 -37.9 -32.2 -4.1 92.4 56.7 12.1 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. 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] ----------------------------------------------------------------------------------------------------------------------------------- Mar 12 Apr 12\r\ May 12\r\ Jun 12\r\ Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .5 .0 .1 .3 .1 .1 .4 .0 Compensation of employees, received...... .5 -.2 -.1 .3 .2 .1 .3 -.2 Wage and salary disbursements.......... .6 -.3 -.1 .3 .2 .0 .3 -.2 Supplements to wages and salaries...... .3 .1 .1 .2 .2 .2 .3 .1 Proprietors' income with inventory valuation and capital consumption adjustments............................. .2 .2 .4 .0 .2 .5 1.0 -.2 Rental income of persons with capital consumption adjustment.................. 1.3 .1 .2 .3 1.8 1.9 1.9 1.1 Personal income receipts on assets....... .4 .8 .9 .5 -1.0 -.5 -.7 1.0 Personal interest income............... .3 .6 .6 .6 -1.7 -1.8 -1.8 1.3 Personal dividend income............... .6 1.2 1.5 .3 -.1 1.1 .7 .6 Personal current transfer receipts....... .4 .2 .1 .2 .6 .0 .6 -.3 Less: Contributions for government social insurance, domestic..................... .4 -.3 -.1 .2 .2 .0 .3 -.2 Less: Personal current taxes............... .6 .1 .2 .4 .2 .1 .4 .0 Equals: Disposable personal income......... .5 .0 .1 .2 .1 .1 .4 .0 Addenda: Personal consumption expenditures........ .3 .2 -.2 .0 .3 .3 .8 -.2 Goods.................................. .4 -.3 -.9 -.4 .6 1.2 1.6 -.7 Durable goods........................ -.1 -.4 -.2 .1 .3 .9 2.0 -1.9 Nondurable goods..................... .6 -.2 -1.3 -.5 .7 1.3 1.4 -.2 Services............................... .2 .5 .2 .1 .2 -.1 .3 .1 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .3 .0 .3 .2 .0 -.3 .0 -.1 Real disposable personal income.......... .2 .0 .3 .2 .1 -.3 .0 -.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 II 11 III 11 IV 11 I 12 II 12\r\ III 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 3.8 5.1 2.6 1.2 1.3 6.6 3.1 2.2 Compensation of employees, received...... 2.3 4.1 2.5 1.5 1.1 7.7 1.5 1.9 Wage and salary disbursements.......... 2.1 4.0 2.3 1.3 .9 8.2 1.4 1.8 Supplements to wages and salaries...... 2.7 4.4 3.1 2.4 1.9 5.5 2.1 2.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 12.7 4.9 2.3 2.4 1.3 6.7 3.6 3.7 Rental income of persons with capital consumption adjustment.................. 20.5 17.3 15.9 9.4 16.9 14.7 7.0 17.1 Personal income receipts on assets....... -1.7 5.4 4.4 -.8 -1.0 2.8 8.4 -4.1 Personal interest income............... -7.0 -.8 3.1 -7.9 -6.4 1.5 5.9 -11.1 Personal dividend income............... 9.1 16.3 6.4 10.9 7.2 4.6 11.9 6.4 Personal current transfer receipts....... 6.7 1.5 -.4 -.9 .9 4.9 3.0 3.9 Less: Contributions for government social insurance, domestic..................... 2.1 -6.5 2.1 .7 .9 8.8 .8 1.3 Less: Personal current taxes............... 4.4 17.0 7.2 2.1 4.4 9.2 4.0 2.8 Equals: Disposable personal income......... 3.8 3.8 2.0 1.1 .9 6.3 2.9 2.1 Addenda: Personal consumption expenditures........ 3.8 5.0 4.6 4.0 3.1 5.0 2.2 3.0 Goods.................................. 5.3 7.7 4.9 4.4 5.2 7.3 -1.5 5.4 Durable goods........................ 4.8 6.2 -.7 4.7 11.0 10.4 -1.4 6.1 Nondurable goods..................... 5.6 8.4 7.6 4.3 2.6 5.9 -1.6 5.1 Services............................... 3.0 3.7 4.4 3.8 2.0 3.8 4.2 1.8 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 1.3 3.4 -.3 -.7 .3 4.4 2.4 .2 Real disposable personal income.......... 1.8 1.3 -1.5 -1.3 -.2 3.7 2.2 .5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Mar 12 Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,562.5 9,583.8 9,586.9 9,577.0 9,604.6 9,601.4 9,641.9 9,612.4 Goods.................................... 3,415.1 3,415.3 3,410.3 3,402.6 3,420.6 3,432.9 3,462.9 3,436.1 Durable goods.......................... 1,340.2 1,336.8 1,333.2 1,335.8 1,343.6 1,358.5 1,388.0 1,364.7 Nondurable goods....................... 2,093.5 2,096.2 2,094.3 2,085.4 2,095.9 2,096.0 2,101.6 2,094.4 Services................................. 6,153.3 6,173.9 6,181.6 6,179.0 6,189.3 6,174.8 6,186.4 6,182.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.4 21.3 3.1 -9.9 27.6 -3.2 40.5 -29.5 Goods.................................... 2.7 .2 -5.0 -7.7 18.0 12.3 30.0 -26.8 Durable goods.......................... .0 -3.4 -3.6 2.6 7.8 14.9 29.5 -23.3 Nondurable goods....................... 2.5 2.7 -1.9 -8.9 10.5 .1 5.6 -7.2 Services................................. -.2 20.6 7.7 -2.6 10.3 -14.5 11.6 -3.8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .0 .2 .0 -.1 .3 .0 .4 -.3 Goods.................................... .1 .0 -.1 -.2 .5 .4 .9 -.8 Durable goods.......................... .0 -.3 -.3 .2 .6 1.1 2.2 -1.7 Nondurable goods....................... .1 .1 -.1 -.4 .5 .0 .3 -.3 Services................................. .0 .3 .1 .0 .2 -.2 .2 -.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 II 11 III 11 IV 11 I 12 II 12 III 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,196.2 9,428.8 9,403.2 9,441.9 9,489.3 9,546.8 9,582.5 9,615.9 Goods.................................... 3,209.1 3,331.0 3,312.2 3,323.5 3,367.9 3,406.6 3,409.4 3,438.8 Durable goods.......................... 1,178.3 1,262.6 1,242.3 1,258.6 1,300.1 1,336.1 1,335.3 1,363.4 Nondurable goods....................... 2,029.3 2,075.2 2,073.5 2,071.4 2,080.5 2,088.9 2,092.0 2,097.9 Services................................. 5,987.6 6,101.5 6,094.0 6,121.1 6,126.0 6,145.9 6,178.2 6,183.5 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 163.6 232.6 22.3 38.7 47.4 57.5 35.7 33.4 Goods.................................... 110.9 121.9 -8.1 11.3 44.4 38.7 2.8 29.4 Durable goods.......................... 69.2 84.3 -7.1 16.3 41.5 36.0 -.8 28.1 Nondurable goods....................... 46.5 45.9 -1.8 -2.1 9.1 8.4 3.1 5.9 Services................................. 57.0 113.9 29.2 27.1 4.9 19.9 32.3 5.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.8 2.5 1.0 1.7 2.0 2.4 1.5 1.4 Goods.................................... 3.6 3.8 -1.0 1.4 5.4 4.7 .3 3.5 Durable goods.......................... 6.2 7.2 -2.3 5.4 13.9 11.5 -.2 8.7 Nondurable goods....................... 2.3 2.3 -.3 -.4 1.8 1.6 .6 1.1 Services................................. 1.0 1.9 1.9 1.8 .3 1.3 2.1 .3 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Mar 12 Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 115.602 115.618 115.386 115.483 115.552 115.962 116.346 116.492 Goods.................................... 110.696 110.369 109.499 109.361 109.387 110.297 111.090 111.137 Durable goods.......................... 90.065 89.917 89.938 89.809 89.525 89.369 89.181 89.002 Nondurable goods....................... 122.912 122.473 121.043 120.900 121.121 122.708 124.134 124.328 Services................................. 118.214 118.420 118.541 118.766 118.861 118.994 119.149 119.351 Addenda: PCE excluding food and energy............ 113.313 113.460 113.574 113.774 113.874 113.900 113.969 114.120 Food\1\.................................. 120.597 120.716 120.576 120.869 120.862 120.956 120.884 121.238 Energy goods and services\2\............. 147.531 144.835 138.079 135.958 135.628 143.466 150.355 150.089 Market-based PCE\3\...................... 115.530 115.526 115.301 115.396 115.465 115.950 116.392 116.534 Market-based PCE excluding food and energy\3\........................... 112.863 113.007 113.183 113.398 113.501 113.555 113.642 113.790 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 .0 -.2 .1 .1 .4 .3 .1 Goods.................................... .3 -.3 -.8 -.1 .0 .8 .7 .0 Durable goods.......................... -.1 -.2 .0 -.1 -.3 -.2 -.2 -.2 Nondurable goods....................... .5 -.4 -1.2 -.1 .2 1.3 1.2 .2 Services................................. .2 .2 .1 .2 .1 .1 .1 .2 Addenda: PCE excluding food and energy............ .2 .1 .1 .2 .1 .0 .1 .1 Food\1\.................................. .1 .1 -.1 .2 .0 .1 -.1 .3 Energy goods and services\2\............. 1.0 -1.8 -4.7 -1.5 -.2 5.8 4.8 -.2 Market-based PCE\3\...................... .2 .0 -.2 .1 .1 .4 .4 .1 Market-based PCE excluding food and energy\3\........................... .2 .1 .2 .2 .1 .0 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Mar 12 Apr 12\r\ May 12\r\ Jun 12\r\ Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .7 .7 1.3 1.3 1.5 1.5 1.6 1.2 Personal consumption expenditures.......... 1.6 1.8 1.9 2.0 1.8 1.8 1.9 1.3 Goods.................................... 2.6 2.4 3.0 3.5 3.1 3.7 3.6 2.0 Durable goods.......................... 6.6 6.5 7.4 8.6 7.3 8.9 8.8 5.5 Nondurable goods....................... .7 .5 1.0 1.2 1.2 1.4 1.2 .4 Services................................. 1.1 1.5 1.4 1.3 1.2 .9 1.0 1.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Mar 12 Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.2 1.9 1.5 1.5 1.3 1.4 1.6 1.7 Goods.................................... 2.5 1.6 .6 .4 .1 .6 1.1 1.3 Durable goods.......................... -.8 -1.2 -1.3 -1.6 -1.8 -1.8 -1.6 -1.8 Nondurable goods....................... 4.0 2.9 1.4 1.3 1.0 1.7 2.4 2.8 Services................................. 2.1 2.1 2.0 2.1 2.0 1.9 1.9 2.0 Addenda: PCE excluding food and energy............ 2.0 1.9 1.7 1.8 1.7 1.5 1.6 1.6 Food\1\.................................. 3.2 2.9 2.4 2.4 2.0 1.5 .9 1.0 Energy goods and services\2\............. 5.4 1.5 -3.3 -3.6 -4.7 .0 3.2 4.8 Market-based PCE\3\...................... 2.3 2.0 1.6 1.6 1.4 1.5 1.7 1.8 Market-based PCE excluding food and energy\3\........................... 2.0 2.0 1.9 1.9 1.8 1.7 1.7 1.7 ----------------------------------------------------------------------------------------------------------------------------------- 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.