EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, JANUARY 31, 2013 BEA 13-3 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: DECEMBER 2012 Personal income increased $352.4 billion, or 2.6 percent, and disposable personal income (DPI) increased $331.3 billion, or 2.7 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $22.6 billion, or 0.2 percent. In November, personal income increased $135.8 billion, or 1.0 percent, DPI increased $125.5 billion, or 1.0 percent, and PCE increased $41.6 billion, or 0.4 percent, based on revised estimates. Real disposable income increased 2.8 percent in December, compared with an increase of 1.3 percent in November. Real PCE increased 0.2 percent, compared with an increase of 0.6 percent. 2012 Aug. Sept. Oct. Nov. Dec. (Percent change from preceding month) Personal income, current dollars 0.1 0.4 0.1 1.0 2.6 Disposable personal income: Current dollars 0.1 0.4 0.1 1.0 2.7 Chained (2005) dollars -0.3 0.1 -0.1 1.3 2.8 Personal consumption expenditures: Current dollars 0.3 0.8 -0.1 0.4 0.2 Chained (2005) dollars 0.0 0.5 -0.2 0.6 0.2 FOOTNOTE.___________ Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. ____________ Personal income in November and December was boosted by accelerated and special dividend payments to persons and by accelerated bonus payments and other irregular pay in private wages and salaries in anticipation of changes in individual income tax rates. Personal income in December was also boosted by lump-sum social security benefit payments. In October, personal income reflected work interruptions caused by Hurricane Sandy. Excluding these special factors, discussed more fully below, DPI increased $44.1 billion, or 0.4 percent, in December, following an increase of $66.5 billion, or 0.6 percent, in November. Wages and salaries Private wage and salary disbursements increased $44.0 billion in December, compared with an increase of $61.4 billion in November. Private wages and salaries was boosted by $30.0 billion (at an annual rate) in December and by $15.0 billion (at an annual rate) in November for accelerated payments of bonuses or other types of irregular pay. This type of irregular payment is not accounted for in the primary monthly source data for wages and salaries. In October, work interruptions caused by Hurricane Sandy reduced wages and salaries by $18.2 billion (at an annual rate). Goods-producing industries' payrolls increased $8.4 billion in December, compared with an increase of $7.5 billion in November; manufacturing payrolls increased $4.8 billion, compared with an increase of $5.2 billion. Services-producing industries' payrolls increased $35.6 billion, compared with an increase of $53.9 billion. Government wage and salary disbursements increased $0.9 billion, compared with an increase of $0.1 billion. Other personal income Supplements to wages and salaries increased $6.4 billion in December, compared with an increase of $7.1 billion in November. Proprietors' income increased $9.3 billion in December, compared with an increase of $12.2 billion in November. Farm proprietors' income increased $1.0 billion, compared with an increase of $1.1 billion. Nonfarm proprietors' income increased $8.2 billion, compared with an increase of $11.2 billion. Rental income of persons increased $2.0 billion in December, compared with an increase of $3.7 billion in November. Personal income receipts on assets (personal interest income plus personal dividend income) increased $286.6 billion, compared with an increase of $51.8 billion. Personal dividend income was boosted by $291.0 billion (at an annual rate) in December and by $25.8 billion (at an annual rate) in November, which reflected accelerated and special dividend payments in anticipation of changes in individual income tax rates. For additional information, see 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 $8.9 billion in December, compared with an increase of $6.9 billion in November. Within personal current transfer receipts in December, government social benefits to persons included retroactive social security benefit payments of $7.0 billion (at an annual rate), resulting from a recalculation of the earnings base underlying the benefits of recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $5.6 billion in December, compared with an increase of $7.5 billion in November. Personal current taxes and disposable personal income Personal current taxes increased $21.1 billion in December, compared with an increase of $10.3 billion in November. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $331.3 billion, or 2.7 percent, in December, compared with an increase of $125.5 billion, or 1.0 percent, in November. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $21.0 billion in December, compared with an increase of $40.2 billion in November. PCE increased $22.6 billion, compared with an increase of $41.6 billion. Personal saving -- DPI less personal outlays -- was $805.2 billion in December, compared with $495.0 billion in November. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 6.5 percent in December, compared with 4.1 percent in November. 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 2.8 percent in December, compared with an increase of 1.3 percent in November. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in December, compared with an increase of 0.6 percent in November. Purchases of durable goods increased 1.3 percent, compared with an increase of 2.9 percent. Purchases of motor vehicles and parts accounted for about half of the increases in December and in November. Purchases of nondurable goods increased 0.3 percent in December, compared with an increase of 0.1 percent in November. Purchases of services increased 0.1 percent, compared with an increase of 0.4 percent. PCE price index -- The price index for PCE decreased less than 0.1 percent in December, compared with a decrease of 0.2 percent in November. The PCE price index, excluding food and energy, increased less than 0.1 percent in December, the same increase as in November. 2012 Personal Income and Outlays Personal income increased 3.5 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 and November. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for October and November -- revised and as published in last month's release -- are shown below. Change from preceding month October November Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 7.5 8.6 0.1 0.1 85.8 135.8 0.6 1.0 Disposable personal income: Current dollars 6.4 6.3 0.1 0.1 74.7 125.5 0.6 1.0 Chained (2005) dollars -7.2 -8.5 -0.1 -0.1 86.5 129.7 0.8 1.3 Personal consumption expenditures: Current dollars -6.6 -9.6 -0.1 -0.1 41.3 41.6 0.4 0.4 Chained (2005) dollars -17.5 -21.3 -0.2 -0.2 56.3 56.2 0.6 0.6 This release includes revised estimates of population, per capita disposable personal income (DPI), and per capita real DPI. The revised population estimates reflect newly available estimates from the Census Bureau for April 2010 through December 2012. BEA population estimates are a mid-month average of Census Bureau data. The revised per capita estimates reflect the revisions to the population estimates. Estimates for the complete revision period are available on BEA's Web site at http://www.bea.gov/iTable/index_nipa.cfm. BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- March 1, 2013 at 8:30 A.M. EST for Personal Income and Outlays for January 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 ________________________ Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,322.3 13,355.9 13,374.4 13,385.4 13,439.3 13,447.9 13,583.7 13,936.1 Compensation of employees, received...... 8,518.2 8,539.7 8,554.8 8,560.5 8,595.6 8,582.5 8,651.2 8,702.4 Wage and salary disbursements.......... 6,840.3 6,858.5 6,869.8 6,872.6 6,902.6 6,887.7 6,949.2 6,994.2 Private industries................... 5,640.6 5,658.7 5,669.2 5,668.7 5,697.4 5,684.8 5,746.2 5,790.2 Goods-producing industries......... 1,158.2 1,166.9 1,171.9 1,162.9 1,167.3 1,163.7 1,171.2 1,179.6 Manufacturing.................... 742.3 750.3 753.9 746.8 749.0 746.2 751.4 756.2 Services-producing industries...... 4,482.4 4,491.8 4,497.3 4,505.8 4,530.1 4,521.1 4,575.0 4,610.6 Trade, transportation, and utilities....................... 1,097.3 1,104.2 1,104.4 1,105.7 1,112.1 1,110.2 1,123.4 1,125.5 Other services-producing industries...................... 3,385.2 3,387.6 3,392.9 3,400.1 3,418.0 3,410.9 3,451.6 3,485.1 Government........................... 1,199.6 1,199.7 1,200.7 1,203.9 1,205.2 1,202.9 1,203.0 1,203.9 Supplements to wages and salaries...... 1,678.0 1,681.2 1,685.0 1,687.9 1,692.9 1,694.8 1,701.9 1,708.3 Employer contributions for employee pension and insurance funds......... 1,167.7 1,170.4 1,173.2 1,176.3 1,179.3 1,182.1 1,185.0 1,188.1 Employer contributions for government social insurance.................... 510.3 510.8 511.8 511.6 513.6 512.6 516.9 520.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,196.5 1,196.0 1,197.9 1,203.6 1,214.8 1,216.2 1,228.4 1,237.7 Farm................................... 52.5 53.1 56.2 59.4 62.6 63.6 64.7 65.7 Nonfarm................................ 1,144.0 1,142.9 1,141.7 1,144.2 1,152.2 1,152.6 1,163.8 1,172.0 Rental income of persons with capital consumption adjustment.................. 452.8 454.1 462.1 470.9 479.9 481.8 485.5 487.5 Personal income receipts on assets....... 1,733.6 1,741.4 1,723.0 1,713.8 1,701.7 1,724.3 1,776.1 2,062.7 Personal interest income............... 1,006.1 1,011.8 993.6 975.3 957.1 975.6 994.0 1,012.4 Personal dividend income............... 727.4 729.7 729.5 738.5 744.6 748.7 782.1 1,050.3 Personal current transfer receipts....... 2,364.7 2,369.7 2,383.0 2,383.3 2,397.6 2,392.0 2,398.9 2,407.8 Government social benefits to persons.. 2,319.0 2,323.9 2,337.0 2,337.2 2,351.3 2,345.5 2,352.3 2,361.1 Social security\1\................... 756.8 764.6 762.1 759.7 773.6 763.3 768.0 773.3 Medicare\2\.......................... 557.4 557.2 564.1 566.4 568.0 566.1 565.2 568.3 Medicaid............................. 415.7 417.8 421.8 425.2 425.7 430.2 433.9 436.1 Unemployment insurance............... 83.6 78.4 78.0 74.4 72.4 70.7 71.7 67.5 Veterans' benefits................... 71.9 71.6 73.8 74.7 73.6 75.1 74.4 74.5 Other................................ 433.7 434.3 437.3 436.8 438.1 440.2 439.0 441.5 Other current transfer receipts, from business (net)........................ 45.7 45.8 46.0 46.1 46.3 46.4 46.6 46.7 Less: Contributions for government social insurance, domestic..................... 943.5 945.0 946.5 946.6 950.3 948.8 956.3 961.9 Less: Personal current taxes............... 1,464.1 1,470.0 1,472.2 1,473.5 1,480.0 1,482.3 1,492.6 1,513.7 Equals: Disposable personal income......... 11,858.2 11,885.9 11,902.2 11,912.0 11,959.3 11,965.6 12,091.1 12,422.4 Less: Personal outlays..................... 11,400.7 11,394.1 11,440.2 11,477.4 11,566.4 11,555.9 11,596.1 11,617.1 Personal consumption expenditures........ 11,061.7 11,059.5 11,102.6 11,137.2 11,223.4 11,213.8 11,255.4 11,278.0 Goods.................................. 3,734.1 3,721.0 3,741.6 3,785.8 3,850.2 3,831.8 3,835.8 3,844.2 Durable goods........................ 1,199.1 1,199.7 1,202.8 1,214.3 1,239.5 1,225.2 1,258.3 1,270.7 Nondurable goods..................... 2,535.0 2,521.3 2,538.8 2,571.5 2,610.7 2,606.6 2,577.5 2,573.5 Services............................... 7,327.6 7,338.4 7,361.1 7,351.4 7,373.3 7,382.0 7,419.6 7,433.8 Personal interest payments\3\............ 171.2 166.7 169.1 171.6 174.1 172.5 170.8 169.2 Personal current transfer payments....... 167.7 168.0 168.4 168.6 168.8 169.6 169.8 170.0 To government.......................... 91.3 91.6 91.8 92.1 92.3 92.5 92.7 92.9 To the rest of the world (net)......... 76.4 76.4 76.6 76.6 76.6 77.1 77.1 77.1 Equals: Personal saving.................... 457.5 491.8 462.0 434.5 392.9 409.8 495.0 805.2 Personal saving as a percentage of disposable personal income.............. 3.9 4.1 3.9 3.6 3.3 3.4 4.1 6.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,496.6 9,513.5 9,512.0 9,487.8 9,491.6 9,491.0 9,622.0 9,921.9 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,277.2 10,292.6 10,300.2 10,272.4 10,280.4 10,271.9 10,401.6 10,691.4 Per capita: Current dollars...................... 37,770 37,835 37,863 37,868 37,993 37,988 38,364 39,393 Chained (2005) dollars............... 32,734 32,763 32,766 32,656 32,659 32,611 33,004 33,904 Population (midperiod, thousands)\5\..... 313,957 314,150 314,353 314,562 314,777 314,981 315,165 315,342 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 III 11 IV 11 I 12 II 12 III 12 IV 12 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,947.3 13,402.4 12,976.3 13,017.4 13,227.1 13,327.0 13,399.7 13,655.9 Compensation of employees, received...... 8,295.2 8,559.8 8,318.1 8,340.1 8,495.7 8,527.7 8,570.3 8,645.4 Wage and salary disbursements.......... 6,661.3 6,875.1 6,678.1 6,692.4 6,825.9 6,849.2 6,881.7 6,943.7 Private industries................... 5,466.0 5,673.7 5,480.4 5,499.9 5,626.8 5,649.4 5,678.4 5,740.4 Goods-producing industries......... 1,108.6 1,161.2 1,116.4 1,107.4 1,144.0 1,161.8 1,167.4 1,171.5 Manufacturing.................... 706.6 742.1 710.1 701.0 723.1 744.3 749.9 751.3 Services-producing industries...... 4,357.4 4,512.6 4,364.0 4,392.5 4,482.7 4,487.6 4,511.1 4,568.9 Trade, transportation, and utilities....................... 1,050.1 1,102.2 1,054.2 1,056.6 1,083.3 1,098.4 1,107.4 1,119.7 Other services-producing industries...................... 3,307.3 3,410.4 3,309.9 3,335.9 3,399.4 3,389.2 3,403.7 3,449.2 Government........................... 1,195.3 1,201.4 1,197.7 1,192.5 1,199.1 1,199.8 1,203.3 1,203.3 Supplements to wages and salaries...... 1,633.9 1,684.6 1,640.0 1,647.7 1,669.8 1,678.5 1,688.6 1,701.7 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.................... 494.9 512.5 495.8 496.2 510.2 510.8 512.4 516.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,157.3 1,203.0 1,161.4 1,165.3 1,184.3 1,194.9 1,205.4 1,227.4 Farm................................... 54.6 57.2 55.3 54.4 52.3 52.5 59.4 64.7 Nonfarm................................ 1,102.8 1,145.8 1,106.1 1,110.9 1,132.1 1,142.4 1,146.0 1,162.8 Rental income of persons with capital consumption adjustment.................. 409.7 463.5 413.8 430.3 445.3 452.8 471.0 484.9 Personal income receipts on assets....... 1,685.1 1,748.6 1,689.1 1,684.6 1,696.4 1,730.8 1,712.8 1,854.4 Personal interest income............... 1,008.8 991.8 1,004.4 988.0 991.8 1,006.1 975.3 994.0 Personal dividend income............... 676.3 756.8 684.7 696.6 704.6 724.6 737.5 860.4 Personal current transfer receipts....... 2,319.2 2,375.2 2,314.7 2,319.9 2,348.0 2,365.2 2,388.0 2,399.6 Government social benefits to persons.. 2,274.3 2,329.3 2,270.4 2,276.0 2,302.7 2,319.5 2,341.8 2,353.0 Social security\1\................... 713.3 761.5 716.0 721.9 753.2 759.4 765.1 768.2 Medicare\2\.......................... 545.1 561.4 549.1 553.1 555.9 556.9 566.2 566.5 Medicaid............................. 403.9 417.3 396.1 392.0 397.6 413.9 424.2 433.4 Unemployment insurance............... 108.0 80.7 103.0 100.9 94.2 83.8 74.9 70.0 Veterans' benefits................... 63.3 72.3 64.9 64.7 68.8 71.5 74.0 74.7 Other................................ 440.8 436.1 441.3 443.5 433.0 433.9 437.4 440.2 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..................... 919.3 947.6 920.8 922.8 942.6 944.4 947.8 955.7 Less: Personal current taxes............... 1,398.0 1,471.9 1,403.8 1,419.1 1,450.8 1,465.2 1,475.2 1,496.2 Equals: Disposable personal income......... 11,549.3 11,930.6 11,572.6 11,598.3 11,776.4 11,861.8 11,924.5 12,159.7 Less: Personal outlays..................... 11,059.9 11,459.8 11,120.9 11,205.6 11,348.7 11,406.1 11,494.7 11,589.7 Personal consumption expenditures........ 10,729.0 11,119.5 10,791.2 10,873.8 11,007.2 11,067.2 11,154.4 11,249.1 Goods.................................. 3,624.8 3,781.8 3,643.6 3,690.0 3,755.9 3,741.5 3,792.5 3,837.3 Durable goods........................ 1,146.4 1,218.8 1,144.8 1,175.1 1,204.6 1,200.3 1,218.9 1,251.4 Nondurable goods..................... 2,478.4 2,563.0 2,498.7 2,515.0 2,551.3 2,541.2 2,573.6 2,585.9 Services............................... 7,104.2 7,337.7 7,147.6 7,183.8 7,251.3 7,325.7 7,361.9 7,411.8 Personal interest payments\3\............ 168.0 172.3 167.3 167.0 175.4 171.2 171.6 170.8 Personal current transfer payments....... 162.8 168.1 162.4 164.8 166.1 167.7 168.6 169.8 To government.......................... 88.9 91.7 89.1 89.8 90.5 91.3 92.0 92.7 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.................... 489.4 470.8 451.6 392.7 427.7 455.7 429.8 570.0 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 9,525.7 9,328.6 9,335.4 9,435.7 9,491.3 9,497.0 9,678.2 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,149.7 10,306.0 10,125.6 10,121.5 10,213.9 10,270.6 10,284.2 10,454.8 Per capita: Current dollars...................... 37,013 37,962 37,054 37,065 37,573 37,781 37,908 38,582 Chained (2005) dollars............... 32,527 32,793 32,421 32,346 32,588 32,713 32,694 33,173 Population (midperiod, thousands)\5\..... 312,036 314,278 312,319 312,917 313,425 313,960 314,564 315,162 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 19.4 33.6 18.5 11.0 53.9 8.6 135.8 352.4 Compensation of employees, received...... -7.0 21.5 15.1 5.7 35.1 -13.1 68.7 51.2 Wage and salary disbursements.......... -8.6 18.2 11.3 2.8 30.0 -14.9 61.5 45.0 Private industries................... -8.1 18.1 10.5 -.5 28.7 -12.6 61.4 44.0 Goods-producing industries......... -2.0 8.7 5.0 -9.0 4.4 -3.6 7.5 8.4 Manufacturing.................... 2.0 8.0 3.6 -7.1 2.2 -2.8 5.2 4.8 Services-producing industries...... -6.1 9.4 5.5 8.5 24.3 -9.0 53.9 35.6 Trade, transportation, and utilities....................... 3.7 6.9 .2 1.3 6.4 -1.9 13.2 2.1 Other services-producing industries...................... -9.7 2.4 5.3 7.2 17.9 -7.1 40.7 33.5 Government........................... -.5 .1 1.0 3.2 1.3 -2.3 .1 .9 Supplements to wages and salaries...... 1.7 3.2 3.8 2.9 5.0 1.9 7.1 6.4 Employer contributions for employee pension and insurance funds......... 2.8 2.7 2.8 3.1 3.0 2.8 2.9 3.1 Employer contributions for government social insurance.................... -1.1 .5 1.0 -.2 2.0 -1.0 4.3 3.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 4.2 -.5 1.9 5.7 11.2 1.4 12.2 9.3 Farm................................... .6 .6 3.1 3.2 3.2 1.0 1.1 1.0 Nonfarm................................ 3.7 -1.1 -1.2 2.5 8.0 .4 11.2 8.2 Rental income of persons with capital consumption adjustment.................. 1.1 1.3 8.0 8.8 9.0 1.9 3.7 2.0 Personal income receipts on assets....... 16.3 7.8 -18.4 -9.2 -12.1 22.6 51.8 286.6 Personal interest income............... 5.6 5.7 -18.2 -18.3 -18.2 18.5 18.4 18.4 Personal dividend income............... 10.6 2.3 -.2 9.0 6.1 4.1 33.4 268.2 Personal current transfer receipts....... 3.5 5.0 13.3 .3 14.3 -5.6 6.9 8.9 Government social benefits to persons.. 3.6 4.9 13.1 .2 14.1 -5.8 6.8 8.8 Social security\1\................... .0 7.8 -2.5 -2.4 13.9 -10.3 4.7 5.3 Medicare\2\.......................... 1.2 -.2 6.9 2.3 1.6 -1.9 -.9 3.1 Medicaid............................. 7.6 2.1 4.0 3.4 .5 4.5 3.7 2.2 Unemployment insurance............... -5.9 -5.2 -.4 -3.6 -2.0 -1.7 1.0 -4.2 Veterans' benefits................... .8 -.3 2.2 .9 -1.1 1.5 -.7 .1 Other................................ -.1 .6 3.0 -.5 1.3 2.1 -1.2 2.5 Other current transfer receipts, from business (net)........................ -.1 .1 .2 .1 .2 .1 .2 .1 Less: Contributions for government social insurance, domestic..................... -1.3 1.5 1.5 .1 3.7 -1.5 7.5 5.6 Less: Personal current taxes............... 2.5 5.9 2.2 1.3 6.5 2.3 10.3 21.1 Equals: Disposable personal income......... 16.9 27.7 16.3 9.8 47.3 6.3 125.5 331.3 Less: Personal outlays..................... -22.9 -6.6 46.1 37.2 89.0 -10.5 40.2 21.0 Personal consumption expenditures........ -18.6 -2.2 43.1 34.6 86.2 -9.6 41.6 22.6 Goods.................................. -35.2 -13.1 20.6 44.2 64.4 -18.4 4.0 8.4 Durable goods........................ -2.9 .6 3.1 11.5 25.2 -14.3 33.1 12.4 Nondurable goods..................... -32.3 -13.7 17.5 32.7 39.2 -4.1 -29.1 -4.0 Services............................... 16.6 10.8 22.7 -9.7 21.9 8.7 37.6 14.2 Personal interest payments\3\............ -4.6 -4.5 2.4 2.5 2.5 -1.6 -1.7 -1.6 Personal current transfer payments....... .2 .3 .4 .2 .2 .8 .2 .2 To government.......................... .2 .3 .2 .3 .2 .2 .2 .2 To the rest of the world (net)......... .0 .0 .2 .0 .0 .5 .0 .0 Equals: Personal saving.................... 39.8 34.3 -29.8 -27.5 -41.6 16.9 85.2 310.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 32.7 16.9 -1.5 -24.2 3.8 -.6 131.0 299.9 Disposable personal income, billions of chained (2005) dollars\4\............ 35.2 15.4 7.6 -27.8 8.0 -8.5 129.7 289.8 ----------------------------------------------------------------------------------------------------------------------------------- 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 III 11 IV 11 I 12 II 12 III 12 IV 12 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 625.4 455.1 37.4 41.1 209.7 99.9 72.7 256.2 Compensation of employees, received...... 325.2 264.6 31.7 22.0 155.6 32.0 42.6 75.1 Wage and salary disbursements.......... 256.7 213.8 21.9 14.3 133.5 23.3 32.5 62.0 Private industries................... 252.7 207.7 21.6 19.5 126.9 22.6 29.0 62.0 Goods-producing industries......... 51.1 52.6 8.5 -9.0 36.6 17.8 5.6 4.1 Manufacturing.................... 32.5 35.5 3.1 -9.1 22.1 21.2 5.6 1.4 Services-producing industries...... 201.6 155.2 13.0 28.5 90.2 4.9 23.5 57.8 Trade, transportation, and utilities....................... 44.6 52.1 7.4 2.4 26.7 15.1 9.0 12.3 Other services-producing industries...................... 157.0 103.1 5.7 26.0 63.5 -10.2 14.5 45.5 Government........................... 4.0 6.1 .3 -5.2 6.6 .7 3.5 .0 Supplements to wages and salaries...... 68.5 50.7 9.8 7.7 22.1 8.7 10.1 13.1 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 17.6 1.0 .4 14.0 .6 1.6 4.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 53.9 45.7 6.7 3.9 19.0 10.6 10.5 22.0 Farm................................... 10.3 2.6 2.7 -.9 -2.1 .2 6.9 5.3 Nonfarm................................ 43.7 43.0 4.0 4.8 21.2 10.3 3.6 16.8 Rental income of persons with capital consumption adjustment.................. 60.5 53.8 9.1 16.5 15.0 7.5 18.2 13.9 Personal income receipts on assets....... 86.8 63.5 -3.3 -4.5 11.8 34.4 -18.0 141.6 Personal interest income............... -7.8 -17.0 -20.9 -16.4 3.8 14.3 -30.8 18.7 Personal dividend income............... 94.6 80.5 17.6 11.9 8.0 20.0 12.9 122.9 Personal current transfer receipts....... 34.9 56.0 -5.2 5.2 28.1 17.2 22.8 11.6 Government social benefits to persons.. 37.4 55.0 -4.4 5.6 26.7 16.8 22.3 11.2 Social security\1\................... 23.1 48.2 4.0 5.9 31.3 6.2 5.7 3.1 Medicare\2\.......................... 29.8 16.3 6.0 4.0 2.8 1.0 9.3 .3 Medicaid............................. 7.3 13.4 -12.6 -4.1 5.6 16.3 10.3 9.2 Unemployment insurance............... -30.9 -27.3 -5.8 -2.1 -6.7 -10.4 -8.9 -4.9 Veterans' benefits................... 5.4 9.0 2.5 -.2 4.1 2.7 2.5 .7 Other................................ 2.7 -4.7 1.5 2.2 -10.5 .9 3.5 2.8 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 28.3 1.6 2.0 19.8 1.8 3.4 7.9 Less: Personal current taxes............... 203.2 73.9 7.2 15.3 31.7 14.4 10.0 21.0 Equals: Disposable personal income......... 422.2 381.3 30.3 25.7 178.1 85.4 62.7 235.2 Less: Personal outlays..................... 499.5 399.9 105.8 84.7 143.1 57.4 88.6 95.0 Personal consumption expenditures........ 513.3 390.5 106.3 82.6 133.4 60.0 87.2 94.7 Goods.................................. 259.9 157.0 39.3 46.4 65.9 -14.4 51.0 44.8 Durable goods........................ 67.0 72.4 13.0 30.3 29.5 -4.3 18.6 32.5 Nondurable goods..................... 192.9 84.6 26.3 16.3 36.3 -10.1 32.4 12.3 Services............................... 253.3 233.5 67.0 36.2 67.5 74.4 36.2 49.9 Personal interest payments\3\............ -15.8 4.3 -.5 -.3 8.4 -4.2 .4 -.8 Personal current transfer payments....... 1.9 5.3 .0 2.4 1.3 1.6 .9 1.2 To government.......................... 1.5 2.8 .5 .7 .7 .8 .7 .7 To the rest of the world (net)......... .4 2.5 -.5 1.8 .4 .9 .2 .5 Equals: Personal saving.................... -77.3 -18.6 -75.6 -58.9 35.0 28.0 -25.9 140.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 304.2 185.7 -16.6 6.8 100.3 55.6 5.7 181.2 Disposable personal income, billions of chained (2005) dollars\4\............ 133.2 156.3 -32.2 -4.1 92.4 56.7 13.6 170.6 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .1 .3 .1 .1 .4 .1 1.0 2.6 Compensation of employees, received...... -.1 .3 .2 .1 .4 -.2 .8 .6 Wage and salary disbursements.......... -.1 .3 .2 .0 .4 -.2 .9 .6 Supplements to wages and salaries...... .1 .2 .2 .2 .3 .1 .4 .4 Proprietors' income with inventory valuation and capital consumption adjustments............................. .4 .0 .2 .5 .9 .1 1.0 .8 Rental income of persons with capital consumption adjustment.................. .2 .3 1.8 1.9 1.9 .4 .8 .4 Personal income receipts on assets....... .9 .5 -1.1 -.5 -.7 1.3 3.0 16.1 Personal interest income............... .6 .6 -1.8 -1.8 -1.9 1.9 1.9 1.9 Personal dividend income............... 1.5 .3 .0 1.2 .8 .6 4.5 34.3 Personal current transfer receipts....... .1 .2 .6 .0 .6 -.2 .3 .4 Less: Contributions for government social insurance, domestic..................... -.1 .2 .2 .0 .4 -.2 .8 .6 Less: Personal current taxes............... .2 .4 .1 .1 .4 .2 .7 1.4 Equals: Disposable personal income......... .1 .2 .1 .1 .4 .1 1.0 2.7 Addenda: Personal consumption expenditures........ -.2 .0 .4 .3 .8 -.1 .4 .2 Goods.................................. -.9 -.4 .6 1.2 1.7 -.5 .1 .2 Durable goods........................ -.2 .1 .3 1.0 2.1 -1.2 2.7 1.0 Nondurable goods..................... -1.3 -.5 .7 1.3 1.5 -.2 -1.1 -.2 Services............................... .2 .1 .3 -.1 .3 .1 .5 .2 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .3 .2 .0 -.3 .0 .0 1.4 3.1 Real disposable personal income.......... .3 .2 .1 -.3 .1 -.1 1.3 2.8 ----------------------------------------------------------------------------------------------------------------------------------- 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 III 11 IV 11 I 12 II 12 III 12 IV 12 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.1 3.5 1.2 1.3 6.6 3.1 2.2 7.9 Compensation of employees, received...... 4.1 3.2 1.5 1.1 7.7 1.5 2.0 3.6 Wage and salary disbursements.......... 4.0 3.2 1.3 .9 8.2 1.4 1.9 3.7 Supplements to wages and salaries...... 4.4 3.1 2.4 1.9 5.5 2.1 2.4 3.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 4.9 3.9 2.4 1.3 6.7 3.6 3.6 7.5 Rental income of persons with capital consumption adjustment.................. 17.3 13.1 9.4 16.9 14.7 7.0 17.0 12.4 Personal income receipts on assets....... 5.4 3.8 -.8 -1.0 2.8 8.4 -4.1 37.4 Personal interest income............... -.8 -1.7 -7.9 -6.4 1.5 5.9 -11.7 7.9 Personal dividend income............... 16.3 11.9 10.9 7.2 4.6 11.9 7.3 85.2 Personal current transfer receipts....... 1.5 2.4 -.9 .9 4.9 3.0 3.9 2.0 Less: Contributions for government social insurance, domestic..................... -6.5 3.1 .7 .9 8.8 .8 1.4 3.4 Less: Personal current taxes............... 17.0 5.3 2.1 4.4 9.2 4.0 2.8 5.8 Equals: Disposable personal income......... 3.8 3.3 1.1 .9 6.3 2.9 2.1 8.1 Addenda: Personal consumption expenditures........ 5.0 3.6 4.0 3.1 5.0 2.2 3.2 3.4 Goods.................................. 7.7 4.3 4.4 5.2 7.3 -1.5 5.6 4.8 Durable goods........................ 6.2 6.3 4.7 11.0 10.4 -1.4 6.3 11.1 Nondurable goods..................... 8.4 3.4 4.3 2.6 5.9 -1.6 5.2 1.9 Services............................... 3.7 3.3 3.8 2.0 3.8 4.2 2.0 2.7 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 3.4 2.0 -.7 .3 4.4 2.4 .2 7.8 Real disposable personal income.......... 1.3 1.5 -1.3 -.2 3.7 2.2 .5 6.8 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,586.9 9,577.0 9,608.2 9,604.3 9,647.8 9,626.5 9,682.7 9,706.4 Goods.................................... 3,410.3 3,402.6 3,420.6 3,432.5 3,465.9 3,447.7 3,483.1 3,504.5 Durable goods.......................... 1,333.2 1,335.8 1,343.5 1,358.7 1,389.8 1,376.5 1,416.5 1,434.4 Nondurable goods....................... 2,094.3 2,085.4 2,096.0 2,095.6 2,103.0 2,096.2 2,099.2 2,105.4 Services................................. 6,181.6 6,179.0 6,192.8 6,177.9 6,189.5 6,185.5 6,207.5 6,210.8 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 3.1 -9.9 31.2 -3.9 43.5 -21.3 56.2 23.7 Goods.................................... -5.0 -7.7 18.0 11.9 33.4 -18.2 35.4 21.4 Durable goods.......................... -3.6 2.6 7.7 15.2 31.1 -13.3 40.0 17.9 Nondurable goods....................... -1.9 -8.9 10.6 -.4 7.4 -6.8 3.0 6.2 Services................................. 7.7 -2.6 13.8 -14.9 11.6 -4.0 22.0 3.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .0 -.1 .3 .0 .5 -.2 .6 .2 Goods.................................... -.1 -.2 .5 .3 1.0 -.5 1.0 .6 Durable goods.......................... -.3 .2 .6 1.1 2.3 -1.0 2.9 1.3 Nondurable goods....................... -.1 -.4 .5 .0 .4 -.3 .1 .3 Services................................. .1 .0 .2 -.2 .2 -.1 .4 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 III 11 IV 11 I 12 II 12 III 12 IV 12 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,428.8 9,605.3 9,441.9 9,489.3 9,546.8 9,582.5 9,620.1 9,671.9 Goods.................................... 3,331.0 3,433.5 3,323.5 3,367.9 3,406.6 3,409.4 3,439.7 3,478.4 Durable goods.......................... 1,262.6 1,361.1 1,258.6 1,300.1 1,336.1 1,335.3 1,364.0 1,409.1 Nondurable goods....................... 2,075.2 2,094.8 2,071.4 2,080.5 2,088.9 2,092.0 2,098.2 2,100.3 Services................................. 6,101.5 6,178.0 6,121.1 6,126.0 6,145.9 6,178.2 6,186.7 6,201.3 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 232.6 176.5 38.7 47.4 57.5 35.7 37.6 51.8 Goods.................................... 121.9 102.5 11.3 44.4 38.7 2.8 30.3 38.7 Durable goods.......................... 84.3 98.5 16.3 41.5 36.0 -.8 28.7 45.1 Nondurable goods....................... 45.9 19.6 -2.1 9.1 8.4 3.1 6.2 2.1 Services................................. 113.9 76.5 27.1 4.9 19.9 32.3 8.5 14.6 ---------------------------------------------------------------------------------------- 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 2.2 Goods.................................... 3.8 3.1 1.4 5.4 4.7 .3 3.6 4.6 Durable goods.......................... 7.2 7.8 5.4 13.9 11.5 -.2 8.9 13.9 Nondurable goods....................... 2.3 .9 -.4 1.8 1.6 .6 1.2 .4 Services................................. 1.9 1.3 1.8 .3 1.3 2.1 .6 .9 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 115.386 115.483 115.556 115.964 116.335 116.492 116.245 116.192 Goods.................................... 109.499 109.361 109.388 110.299 111.095 111.142 110.125 109.688 Durable goods.......................... 89.938 89.809 89.525 89.370 89.180 89.003 88.829 88.579 Nondurable goods....................... 121.043 120.900 121.123 122.711 124.143 124.345 122.786 122.231 Services................................. 118.541 118.766 118.867 118.996 119.129 119.346 119.528 119.693 Addenda: PCE excluding food and energy............ 113.574 113.774 113.878 113.902 113.955 114.119 114.172 114.187 Food\1\.................................. 120.576 120.869 120.862 120.955 120.884 121.237 121.504 121.825 Energy goods and services\2\............. 138.079 135.958 135.633 143.471 150.360 150.182 143.591 141.718 Market-based PCE\3\...................... 115.301 115.396 115.475 115.959 116.399 116.537 116.220 116.155 Market-based PCE excluding food and energy\3\........................... 113.183 113.398 113.512 113.565 113.650 113.793 113.812 113.821 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ -.2 .1 .1 .4 .3 .1 -.2 .0 Goods.................................... -.8 -.1 .0 .8 .7 .0 -.9 -.4 Durable goods.......................... .0 -.1 -.3 -.2 -.2 -.2 -.2 -.3 Nondurable goods....................... -1.2 -.1 .2 1.3 1.2 .2 -1.3 -.5 Services................................. .1 .2 .1 .1 .1 .2 .2 .1 Addenda: PCE excluding food and energy............ .1 .2 .1 .0 .0 .1 .0 .0 Food\1\.................................. -.1 .2 .0 .1 -.1 .3 .2 .3 Energy goods and services\2\............. -4.7 -1.5 -.2 5.8 4.8 -.1 -4.4 -1.3 Market-based PCE\3\...................... -.2 .1 .1 .4 .4 .1 -.3 -.1 Market-based PCE excluding food and energy\3\........................... .2 .2 .1 .0 .1 .1 .0 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.3 1.3 1.5 1.5 1.7 1.3 3.0 5.6 Personal consumption expenditures.......... 1.9 2.0 1.9 1.9 1.9 1.5 2.0 2.2 Goods.................................... 3.0 3.5 3.1 3.7 3.7 2.4 3.4 4.0 Durable goods.......................... 7.4 8.6 7.3 8.9 8.9 6.4 9.1 9.7 Nondurable goods....................... 1.0 1.2 1.2 1.4 1.3 .5 .9 1.5 Services................................. 1.4 1.3 1.2 .9 1.1 1.0 1.3 1.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12\r\ Nov 12\r\ Dec 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.5 1.5 1.3 1.4 1.6 1.7 1.4 1.3 Goods.................................... .6 .4 .1 .6 1.1 1.3 .4 .3 Durable goods.......................... -1.3 -1.6 -1.8 -1.8 -1.6 -1.8 -1.7 -1.7 Nondurable goods....................... 1.4 1.3 1.0 1.7 2.4 2.8 1.5 1.3 Services................................. 2.0 2.1 2.0 1.9 1.9 1.9 2.0 1.9 Addenda: PCE excluding food and energy............ 1.7 1.8 1.7 1.5 1.5 1.6 1.5 1.4 Food\1\.................................. 2.4 2.4 2.0 1.5 .9 1.0 1.3 1.3 Energy goods and services\2\............. -3.3 -3.6 -4.7 .0 3.2 4.9 .8 .9 Market-based PCE\3\...................... 1.6 1.6 1.4 1.5 1.7 1.9 1.5 1.4 Market-based PCE excluding food and energy\3\........................... 1.9 1.9 1.8 1.7 1.7 1.7 1.6 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.