Personal income rose 0.2 percent in October, the same increase as in September. Wages and salaries, the largest component of personal income, rose 0.3 percent in October after rising 0.2 percent in September.
Current-dollar disposable personal income (DPI), after-tax income, rose 0.2 percent in October after rising 0.1 percent in September.
Real DPI, income adjusted for taxes and inflation, increased 0.1 percent in October, the same increase as in September.
Real consumer spending, spending adjusted for price changes, increased 0.2 percent in October after remaining flat in September. Spending on nondurable goods increased 0.5 percent in October after decreasing 0.3 percent in September.
PCE prices increased 0.1 percent in October, the same increase as in September. Excluding food and energy, PCE prices increased 0.2 percent in October after increasing 0.1 percent in September.
Personal saving rate
Personal saving as a percent of DPI was 5.0 percent in October, the same as in September.
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Real gross domestic product (GDP) increased 3.9 percent in the third quarter of 2014, according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.6 percent.
The increase in GDP in the third quarter reflected the following:
- Consumer spending increased 2.2 percent. Spending on goods and services both increased.
- Business investment rose, notably equipment and intellectual property products.
- Federal government spending increased, mainly national defense spending.
- Exports of goods increased, notably industrial supplies and materials.
In contrast, inventory investment declined in the third quarter.
The 0.4 percentage point upward revision to the GDP growth rate was more than accounted for by an upward revision to nonfarm inventory investment, notably in the wholesale trade and retail trade industries. Consumer spending on goods and business investment in equipment also were revised up. Partly offsetting these upward revisions, exports were revised down, and imports were revised up.
For more information, see the technical note.
Corporate profits increased 2.1 percent at a quarterly rate in the third quarter after increasing 8.4 percent in the second quarter.
- Profits of domestic nonfinancial corporations increased 1.8 percent after increasing 11.9 percent.
- Profits of domestic financial corporations increased 4.5 percent after increasing 8.0 percent.
- Profits from the rest of the world increased 0.3 percent after decreasing 0.9 percent.
Over the last 12 months, corporate profits rose 0.4 percent.
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Published November 21, 2014
The BE-13 survey captures information about new investments made when a foreign investor establishes or acquires a U.S. business (either directly, or indirectly through a U.S. business it already owns) or expands an existing U.S. business.
The data collected in the survey will help in assessing the impact of foreign direct investment on the U.S. economy, in advising foreign investors seeking to invest in the United States, and in developing national policy and state programs to attract foreign direct investment.
A response is required from entities subject to the reporting requirements of the BE-13, whether or not they are contacted by BEA. For additional information, including survey forms, instructional videos, and contact information, please visit www.bea.gov/surveys/respondent_be13.htm.