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- 1 table attached within 3 images, used the data to answer below

- What was Disposable Personal Income (DPI) for the fourth quarter of 2014

- What percentage of Real GDP is Disposable Personal Income?

- Is the economy operating above or below equilibrium? (i.e., are Aggregate Expenditures above or below Aggregate Output?)

- What conclusion can you draw from this information

2013 2014 2015 Line Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Personal income 14,001.2 14,135.0 14,232.0 14,356.2 14,639.3 14,890.8 15,120.0 15,316.8 15,526.6 15,671.3 15,806.4 15,892.6 N Compensation of employees 8,731.7 8,818.7 8,844.7 8,941.7 9,113.0 9,171.3 9,279.6 9,432.5 9,563.8 9,666.2 9,751.7 9,816.0 3 Wages and salaries 7,043.0 7,102.1 7,112.0 7,195.6 7,357.4 7,408.2 7,502.0 7,633.3 7,746.2 7,830.8 7,903.0 7,958.0 14 Private industries 5,836.6 5,895.3 5,907.2 5,981.6 6,135.6 6,177.6 6,260.5 6,379.6 6,483.0 6,557.8 6,622.8 6,671.3 un Government 1,206.4 1,206.8 1,204.8 1,214.0 1,221.9 1,230.6 1,241.5 1,253.7 1,263.2 1,273.0 1,280.2 1,286.7 16 Supplements to wages and salaries 1,688.7 1,716.6 1,732.7 1,746.2 1,755.6 1,763.1 1,777.6 1,799.2 1,817.7 1,835.4 1,848.7 1,858.0 Employer contributions for 7 employee pension and 1,168.4 1,190.7 1,205.9 1,214.0 1,216.1 1,221.3 1,229.9 1,242.5 1,256.2 1,267.9 1,276.3 1,281.9 insurance funds Employer contributions for 8 520.4 525.9 526.8 532.1 539.5 541.8 547.7 556.7 561.5 567.5 572.4 576.1 government social insurance Proprietors' income with inventory 9 valuation and capital consumption 1,388.3 1,411.8 1,412.5 1,401.7 1,413.4 1,452.7 1,468.3 1,456.6 1,437.1 1,413.5 1,425.3 1,416.0 adjustments 10 Farm 94.1 95.3 94.3 69.6 68.3 79.0 66.1 65.9 56.7 56.7 57.9 53.7 11 Nonfarm 1,294.2 1,316.5 1,318.2 1,332.0 1,345.1 1,373.6 1,402.2 1,390.7 1,380.4 1,356.8 1,367.4 1,362.3 Rental income of persons with capital 12 537.9 550.2 564.6 575.2 588.4 599.2 609.9 621.0 622.1 648.9 660.1 665.1 consumption adjustment 13 Personal income receipts on assets 2,030.5 2,041.1 2,082.0 2,111.6 2,190.1 2,285.3 2,350.1 2,383.4 2,448.5 2,461.4 2,480.9 2,497.8 14 Personal interest income 1,273.4 1,261.0 1,272.4 1,285.2 1,315.6 1,340.8 1,365.2 1,374.5 1,402.2 1,439.2 1,456.8 1,458.2 15 Personal dividend income 757.1 780.1 809.7 826.4 874.5 944.5 984.9 1,008.9 1,046.3 1,022.2 1,024.2 1,039.5 16 Personal current transfer receipts 2,403.5 2,416.2 2,434.5 2,443.2 2,474.1 2,526.8 2,568.2 2,597.1 2,644.0 2,682.3 2,699.1 2,716.1 17 Government social benefits to 2,365.7 2,378.3 2,396.0 2,403.7 2,433.2 2,484.5 2,524.6 2,552.1 2,597.7 2,633.9 2,647.8 2,661.2 persons 18 Social security 790.0 795.2 802.3 808.6 824.8 831.7 836.5 845.6 861.8 868.5 873.9 882.92013 2014 2015 Line Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 19 Medicare 570.3 567.1 573.7 580.2 587.5 595.6 604.0 612.8 622.4 631.5 639.5 646.4 20 Medicaid 424.8 438.4 448.2 448.6 459.5 481.5 507.2 515.3 523.6 537.9 540.4 541.8 21 Unemployment insurance 69.0 64.8 59.1 57.1 39.0 35.8 34.0 33.0 32.9 32.4 32.5 32.4 22 Veterans' benefits 76.5 78.4 80.5 80.9 81.4 83.3 85.0 87.0 90.2 92.5 93.6 94.0 23 Other 435.2 434.3 432.2 428.2 441.0 456.7 457.9 458.4 466.8 471.2 467.9 463.8 24 Other current transfer receipts, 37.8 37.9 38.5 39.5 40.9 42.2 43.6 45.0 46.4 48.5 51.3 54.9 from business (net) Less: Contributions for government social 25 1,090.6 1,103.1 1,106.3 1,117.2 1,139.8 1,144.5 1,156.1 1,173.8 1, 188.9 1,200.9 1,210.9 1,218.3 insurance, domestic 26 Less: Personal current taxes 1,650.0 1,682.5 1,674.9 1,698.1 1,744.8 1,758.4 1,798.6 1,836.5 1,904.6 1,943.0 1,947.3 1,964.9 27 Equals: Disposable personal income 12,351.2 12,452.5 12,557.1 12,658.0 12,894.5 13,132.4 13,321.4 13,480.3 13,622.1 13,728.3 13,859.1 13,927.7 28 Less: Personal outlays 11,609.9 11,626.4 11,717.7 11,866.1 11,975.9 12,164.2 12,331.4 12,473.3 12,535.5 12,701.9 12,842.5 12,902.6 29 Personal consumption expenditures 11,223.2 11,239.6 11,330.9 11,475.1 11,574.2 11,756.9 11,915.4 12,044.5 12,099.1 12,255.5 12,389.3 12,446.0 30 Personal interest payments* 230.5 228.9 228.5 230.2 236.5 239.3 244.6 254.7 255.9 263.1 268.1 271.5 31 Personal current transfer payments 156.2 157.9 158.2 160.7 165.1 167.9 171.5 174.0 180.5 183.2 185.0 185.1 32 To government 86.6 86.8 87.5 88.9 90.9 92.6 94.2 95.7 99.4 100.7 101.6 101.9 33 To the rest of the world (net) 69.6 71.1 70.6 71.9 74.2 75.3 77.2 78.3 81.0 82.5 83.5 83.2 34 Equals: Personal saving 741.3 826.1 839.5 792.0 918.6 968.2 989.9 1,007.1 1,086.6 1,026.5 1,016.6 1,025.1 35 Personal saving as a percentage of 6.0 6.6 6.7 6.3 7.1 7.4 7.4 7.5 8.0 7.5 7.3 7.4 disposable personal income Addenda: Personal income excluding current 36 transfer receipts, billions of chained 11,485.1 11,596.4 11,627.3 11,693.5 11,885.4 12,022.2 12,172.0 12,350.6 12,562.3 12,604.0 12,686.1 12,762.9 (2012) dollars Disposable personal income:Disposable personal income: 37 Total, billions of chained (2012) dollars 12,231.3 12,322.4 12,375.9 12,424.8 12,597.9 12,769.3 12,918.3 13,089.1 13,283.4 13,321.4 13,413.7 13,490.5 Per capita: 38 Current dollars 39,143 39,404 39,659 39,900 40,579 41,259 41,770 42,184 42,561 42,824 43,147 43,276 39 Chained (2012) dollars 38,763 38,993 39,087 39,165 39,646 40,119 40,506 40,960 41,503 41,554 41,761 41,918 40 Population (midperiod, thousands) 315,539 316,020 316,626 317,244 317,760 318,287 318,921 319,557 320,058 320,578 321,205 321,831 Percent change from preceding period: 41 Disposable personal income, -13.9 3.3 3.4 3.3 7.7 7.6 5.9 4.9 4.3 3.2 3.9 2.0 current dollars 42 Disposable personal income, -15.1 3.0 1.7 1.6 5.7 5.6 4.8 5.4 6.1 1.1 2.8 2.3 chained (2012) dollars