We implemented the revisions in Data Buffet by these means:
- Archived the pre-revision values in new series with modified mnemonics, e.g., YPM_2014.US. You will not need to activate an archive databank.
- Stored post-revision values in the established series, e.g., YPM.US.
The series reside in the historical catalog (United States » Income » Personal Income » Monthly personal income & outlays) and include, for example:
- YPM.US = Total personal income, (Bil. $, SAAR)
- YPC$M.US = Personal consumption expenditures, (Bil. Ch. 2009 $, SAAR)
- YPTRPM_2014.US = [DISCONTINUED] Personal current transfer payments (pre-revision), (Bil. $, SAAR)
The U.S. Bureau of Labor Statistics (BLS) explained (citation):
The revised estimates reflect the results of the annual revision of the national income and product accounts (NIPAs). In addition to the regular revision of estimates for the most recent 3 years and the first quarter of 2014, this “flexible” annual revision results in revisions to current-dollar estimates beginning with the first quarter of 1999. The reference year remains 2009. When the estimates for the reference year (2009) are revised, the levels of the related index numbers and chained-dollar estimates are also revised for the entire historical period; revisions to percent changes before the first quarter of 1999 are small and mostly due to rounding.
Revisions to annual estimates of personal income and outlays for 2011 - 2013 are shown in table 12. Revised and previously published monthly estimates of personal income, DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in table 13; revised and previously published annual and quarterly estimates are shown in table 14.
Personal income was revised up $10.7 billion, or 0.1 percent, for 2011; was revised up $143.9 billion, or 1.0 percent, for 2012; and was revised up $32.2 billion, or 0.2 percent, for 2013. For 2011, an upward revision to personal interest income was partly offset by downward revisions to nonfarm proprietors’ income and to wages and salaries. For 2012, upward revisions to personal dividend income, to personal interest income, and to nonfarm proprietors’ income were partly offset by downward revisions to supplements to wages and salaries, to rental income of persons, and to personal current transfer receipts. For 2013, upward revisions to personal dividend income, to nonfarm proprietors’ income, and to personal interest income were partly offset by downward revisions to farm proprietors’ income, to personal current transfer receipts, and to wages and salaries.
Disposable personal income was revised up $14.0 billion, or 0.1 percent, for 2011; was revised up $138.2 billion, or 1.1 percent, for 2012; and was revised up $28.9 billion, or 0.2 percent, for 2013. The percent change from the preceding year in real DPI was revised up from an increase of 2.4 percent to an increase of 2.5 percent in 2011; was revised up from an increase of 2.0 percent to an increase of 3.0 percent in 2012; and was revised down from an increase of 0.7 percent to a decrease of 0.2 percent in 2013.
Personal outlays was revised down $28.9 billion, or 0.3 percent, for 2011; was revised down $70.5 billion, or 0.6 percent, for 2012; and was revised down $17.8 billion, or 0.1 percent, for 2013. Revisions to personal outlays primarily reflected downward revisions to PCE and personal interest payments.
The personal saving rate (personal saving as a percentage of disposable personal income) was revised up from 5.7 percent to 6.0 percent for 2011, was revised up from 5.6 percent to 7.2 percent for 2012, and was revised up from 4.5 percent to 4.9 percent for 2013.