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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 1, 2012 BEA 12-21 James Rankin: (202) 606-5301 Harvey Davis: (202) 606-5302 (Personal Income) (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: APRIL 2012 Personal income increased $31.7 billion, or 0.2 percent, and disposable personal income (DPI) increased $22.0 billion, or 0.2 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $31.8 billion, or 0.3 percent. In March, personal income increased $52.2 billion, or 0.4 percent, DPI increased $45.9 billion, or 0.4 percent, and PCE increased $25.4 billion, or 0.2 percent, based on revised estimates. Real disposable income increased 0.2 percent in April, the same increase as in March. Real PCE increased 0.3 percent in April, compared with an increase of less than 0.1 percent in March. 2011 Dec. Personal income, current dollars Disposable personal income: Current dollars Chained (2005) dollars Personal consumption expenditures: Current dollars Chained (2005) dollars 2012 Jan. Feb. Mar. Apr. (Percent change from preceding month) 0.3 0.3 0.3 0.4 0.2 0.3 0.2 0.2 0.0 0.3 0.0 0.4 0.2 0.2 0.2 0.2 0.1 0.4 0.2 0.9 0.6 0.2 0.0 0.3 0.3 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for October through December 2011 (fourth quarter). These estimates reflect the incorporation of newly available fourth-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. ________________________ NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Monthto-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- -2- Wages and salaries Private wage and salary disbursements increased $12.9 billion in April, compared with an increase of $17.6 billion in March. Goods-producing industries' payrolls increased $7.2 billion, compared with an increase of $0.2 billion; manufacturing payrolls increased $4.3 billion, in contrast to a decrease of $0.2 billion. Services-producing industries' payrolls increased $5.7 billion, compared with an increase of $17.4 billion. Government wage and salary disbursements were unchanged in April; government wages and salaries increased $0.8 billion in March. Other personal income Supplements to wages and salaries increased $2.6 billion in April, compared with an increase of $2.5 billion in March. Proprietors' income increased $4.0 billion in April, compared with an increase of $5.1 billion in March. Farm proprietors' income increased $0.9 billion, compared with an increase of $0.2 billion. Nonfarm proprietors' income increased $3.0 billion, compared with an increase of $4.9 billion. Rental income of persons increased $4.3 billion in April, compared with an increase of $4.9 billion in March. Personal income receipts on assets (personal interest income plus personal dividend income) increased $8.7 billion, compared with an increase of $12.1 billion. Personal current transfer receipts increased $1.1 billion in April, compared with an increase of $11.6 billion in March. Within current transfer receipts, government social benefits to persons for social security decreased $1.1 billion, in contrast to an increase of $6.6 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $1.9 billion in April, compared with an increase of $2.3 billion in March. Personal current taxes and disposable personal income Personal current taxes increased $9.7 billion in April, compared with an increase of $6.3 billion in March. Disposable personal income (DPI) -- personal income less personal current taxes -increased $22.0 billion, or 0.2 percent, in April, compared with an increase of $45.9 billion, or 0.4 percent in March. -more- -3- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $30.3 billion in April, compared with an increase of $29.5 billion in March. PCE increased $31.8 billion, compared with an increase of $25.4 billion. Personal saving -- DPI less personal outlays -- was $403.4 billion in April, compared with $411.7 billion in March. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.4 percent in April, compared with 3.5 percent in March. 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 0.2 percent in April, the same increase as in March. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in April, compared with an increase of less than 0.1 percent in March. Purchases of durable goods increased 0.8 percent, in contrast to a decrease of 1.2 percent. Purchases of nondurable goods increased 0.2 percent, compared with an increase of 0.4 percent. Purchases of services increased 0.2 percent, compared with an increase of 0.1 percent. PCE price index -- The price index for PCE increased less than 0.1 percent in April, compared with an increase of 0.2 percent in March. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent. -more- -4- Revisions Estimates for personal income and DPI have been revised for October through March; estimates for PCE have been revised for January through March. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for February and March -- revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from October through March. The revision to fourth-quarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of the fourth-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for January, February, and March reflect extrapolations from the revised fourth-quarter level of wages. In addition, revisions to February and March reflect revised BLS employment, hours, and earnings data for those months. Change from preceding month February Previous Revised (Billions of dollars) March Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars 39.6 44.5 0.3 0.3 50.3 52.2 0.4 0.4 Disposable personal income: Current dollars Chained (2005) dollars 29.4 -7.5 36.0 -1.7 0.2 -0.1 0.3 0.0 42.5 15.5 45.9 19.2 0.4 0.2 0.4 0.2 Personal consumption expenditures: Current dollars 93.7 Chained (2005) dollars 50.5 100.9 56.8 0.9 0.5 0.9 0.6 29.6 5.8 25.4 2.6 0.3 0.1 0.2 0.0 -more- -5- Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays covering January 2009 through May 2012 will be released along with estimates for June 2012 on July 31. The August Survey of Current Business will contain an article that describes the annual revision in detail. 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 – June 29, 2012 at 8:30 A.M. EDT for Personal Income and Outlays for May -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2011 September Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... Employer contributions for government social insurance ........... Proprietors’ income with inventory valuation and capital consumption adjustments.......................................................... Farm .............................................................................................. Nonfarm......................................................................................... Rental income of persons with capital consumption adjustment ................................................................................... Personal income receipts on assets ............................................. Personal interest income ............................................................... Personal dividend income.............................................................. Personal current transfer receipts ................................................ Government social benefits to persons ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Personal saving as a percentage of disposable personal income .......................................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 .......................................................... Disposable personal income: Total, billions of chained (2005) dollars 4 ....................................... Per capita: Current dollars............................................................................ Chained (2005) dollars ............................................................... Population (midperiod, thousands) 5................................................. October r 2012 November r December r January r February r March r April p 13,088.8 8,381.7 6,763.3 5,574.2 1,124.8 712.1 4,449.4 1,068.3 3,381.1 1,189.1 1,618.4 13,102.5 8,387.9 6,766.0 5,577.1 1,123.3 710.0 4,453.8 1,070.3 3,383.5 1,188.9 1,621.9 13,085.8 8,361.6 6,739.9 5,550.9 1,112.2 701.2 4,438.7 1,067.3 3,371.4 1,189.0 1,621.7 13,128.9 8,377.9 6,753.8 5,564.6 1,119.7 705.8 4,444.9 1,067.9 3,377.0 1,189.2 1,624.1 13,169.7 8,416.1 6,783.6 5,591.8 1,128.8 713.2 4,463.0 1,071.1 3,391.8 1,191.8 1,632.5 13,214.2 8,445.1 6,809.4 5,616.9 1,132.2 715.5 4,484.7 1,075.8 3,408.8 1,192.5 1,635.6 13,266.4 8,465.9 6,827.8 5,634.5 1,132.4 715.3 4,502.1 1,075.2 3,426.9 1,193.3 1,638.1 13,298.1 8,481.4 6,840.7 5,647.4 1,139.6 719.6 4,507.8 1,078.3 3,429.5 1,193.3 1,640.7 1,114.5 503.9 1,117.8 504.0 1,119.6 502.1 1,121.4 502.7 1,123.5 509.0 1,125.0 510.6 1,126.7 511.5 1,128.2 512.5 1,115.9 68.1 1,047.8 1,118.8 65.4 1,053.4 1,118.6 62.7 1,055.9 1,121.7 60.0 1,061.6 1,125.5 60.2 1,065.3 1,130.9 60.3 1,070.6 1,136.0 60.5 1,075.5 1,140.0 61.4 1,078.5 412.0 1,781.8 981.8 799.9 2,335.1 2,295.8 717.7 559.5 409.9 102.3 65.7 440.7 39.3 419.4 1,785.2 979.3 805.8 2,329.3 2,289.7 718.3 557.0 410.2 100.3 65.1 438.9 39.6 427.3 1,785.1 976.8 808.3 2,327.9 2,288.3 719.5 555.0 411.7 97.9 64.2 440.0 39.6 434.9 1,788.8 974.3 814.5 2,342.0 2,302.4 729.1 553.9 412.6 102.2 63.5 441.0 39.5 440.2 1,794.7 980.2 814.5 2,339.6 2,300.2 749.4 552.5 409.9 97.4 66.6 424.5 39.4 445.7 1,802.8 986.2 816.7 2,339.5 2,300.1 752.0 553.4 409.2 93.7 66.7 425.2 39.3 450.6 1,814.9 992.1 822.8 2,351.1 2,311.8 758.6 555.5 410.0 92.8 69.4 425.5 39.3 454.9 1,823.6 992.5 831.1 2,352.2 2,312.7 757.5 554.5 412.8 90.5 70.0 427.3 39.6 937.7 1,413.4 11,675.4 11,173.1 10,840.6 3,700.4 1,176.7 2,523.7 7,140.2 160.7 171.9 98.1 73.8 502.2 938.0 1,417.2 11,685.3 11,192.6 10,861.7 3,714.3 1,191.0 2,523.3 7,147.4 158.7 172.2 98.7 73.6 492.7 934.7 1,416.9 11,668.9 11,196.4 10,867.0 3,709.2 1,191.9 2,517.3 7,157.8 156.7 172.8 99.2 73.6 472.6 936.3 1,424.2 11,704.7 11,214.1 10,886.2 3,706.8 1,201.8 2,505.0 7,179.4 154.7 173.3 99.7 73.6 490.5 946.4 1,440.2 11,729.5 11,265.0 10,933.8 3,747.1 1,220.5 2,526.5 7,186.7 158.4 172.8 100.4 72.5 464.5 949.8 1,448.7 11,765.5 11,370.2 11,034.7 3,805.3 1,246.4 2,558.9 7,229.4 162.1 173.4 100.9 72.5 395.3 952.1 1,455.0 11,811.4 11,399.7 11,060.1 3,812.5 1,229.6 2,582.9 7,247.6 165.8 173.8 101.3 72.5 411.7 954.0 1,464.7 11,833.4 11,430.0 11,091.9 3,816.3 1,237.3 2,579.0 7,275.6 163.9 174.2 101.7 72.5 403.4 4.3 4.2 4.0 4.2 4.0 3.4 3.5 3.4 9,387.7 9,404.0 9,382.4 9,401.3 9,416.7 9,425.0 9,441.1 9,466.0 10,192.3 10,200.1 10,176.9 10,201.1 10,198.7 10,197.0 10,216.2 10,233.6 37,356 32,611 312,542 37,363 32,615 312,747 37,289 32,521 312,932 37,382 32,580 313,109 37,441 32,555 313,278 37,537 32,533 313,440 37,663 32,576 313,611 37,711 32,613 313,790 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2011. 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] Seasonally adjusted at annual rates 2010 2011 r 2010 2011 IV Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... Employer contributions for government social insurance ........... Proprietors’ income with inventory valuation and capital consumption adjustments.......................................................... Farm .............................................................................................. Nonfarm......................................................................................... Rental income of persons with capital consumption adjustment ................................................................................... Personal income receipts on assets ............................................. Personal interest income ............................................................... Personal dividend income.............................................................. Personal current transfer receipts ................................................ Government social benefits to persons ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Personal saving as a percentage of disposable personal income .......................................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 .......................................................... Disposable personal income: Total, billions of chained (2005) dollars 4 ....................................... Per capita: Current dollars............................................................................ Chained (2005) dollars ............................................................... Population (midperiod, thousands) 5................................................. I II 2012 III IV r Ir 12,373.5 7,971.4 6,408.2 5,217.4 1,059.2 674.2 4,158.2 1,006.0 3,152.2 1,190.8 1,563.1 12,991.2 8,276.6 6,668.2 5,477.9 1,106.1 703.9 4,371.8 1,052.0 3,319.8 1,190.3 1,608.4 12,577.6 8,050.8 6,477.0 5,288.4 1,070.8 685.5 4,217.6 1,016.1 3,201.5 1,188.6 1,573.7 12,846.9 8,172.5 6,578.2 5,387.1 1,092.3 700.4 4,294.7 1,034.4 3,260.3 1,191.1 1,594.4 12,955.3 8,219.7 6,617.1 5,425.2 1,096.9 700.4 4,328.3 1,043.1 3,285.1 1,191.9 1,602.7 13,056.8 8,338.3 6,724.3 5,535.0 1,116.6 709.0 4,418.4 1,062.1 3,356.3 1,189.3 1,614.0 13,105.7 8,375.8 6,753.2 5,564.2 1,118.4 705.7 4,445.8 1,068.5 3,377.3 1,189.0 1,622.6 13,216.8 8,442.4 6,806.9 5,614.4 1,131.1 714.7 4,483.3 1,074.1 3,409.2 1,192.5 1,635.4 1,089.9 473.2 1,111.0 497.4 1,096.8 476.9 1,103.0 491.4 1,108.7 494.0 1,112.6 501.3 1,119.6 503.0 1,125.1 510.4 1,036.4 52.2 984.2 1,108.9 65.9 1,043.0 1,081.5 60.1 1,021.4 1,095.6 66.1 1,029.5 1,106.5 67.3 1,039.2 1,113.7 67.5 1,046.2 1,119.7 62.7 1,057.0 1,130.8 60.3 1,070.5 350.2 1,721.2 1,003.4 717.7 2,281.2 2,242.9 690.2 518.4 405.4 138.7 57.9 432.4 38.3 403.9 1,790.0 998.1 791.9 2,336.2 2,296.8 713.5 553.7 424.3 107.4 63.4 434.6 39.5 354.8 1,743.5 989.6 753.9 2,341.2 2,301.9 699.9 535.3 439.8 128.7 59.4 438.7 39.3 385.0 1,777.2 1,004.7 772.5 2,328.1 2,288.6 703.1 547.8 432.1 117.5 61.3 426.9 39.5 396.9 1,802.3 1,015.9 786.4 2,347.3 2,307.9 712.2 553.9 437.4 108.8 62.8 432.7 39.4 406.3 1,794.2 994.8 799.4 2,336.6 2,297.2 716.3 557.8 416.4 103.0 65.0 438.6 39.4 427.2 1,786.3 976.8 809.5 2,333.1 2,293.5 722.3 555.3 411.5 100.1 64.3 440.0 39.6 445.5 1,804.2 986.2 818.0 2,343.4 2,304.1 753.3 553.8 409.7 94.7 67.6 425.1 39.3 986.8 1,193.9 11,179.7 10,586.9 10,245.5 3,387.0 1,085.5 2,301.5 6,858.5 173.4 168.0 95.1 72.9 592.8 924.4 1,397.7 11,593.5 11,055.1 10,726.0 3,646.6 1,162.9 2,483.7 7,079.4 157.8 171.3 97.7 73.6 538.5 994.1 1,240.9 11,336.7 10,748.6 10,417.1 3,483.4 1,124.7 2,358.7 6,933.7 162.7 168.9 96.5 72.5 588.1 911.5 1,365.9 11,481.0 10,902.1 10,571.7 3,592.2 1,154.5 2,437.8 6,979.4 160.3 170.1 96.6 73.5 578.9 917.4 1,396.2 11,559.2 11,002.6 10,676.0 3,622.7 1,143.8 2,478.9 7,053.3 155.9 170.7 97.1 73.5 556.5 932.4 1,409.1 11,647.7 11,114.6 10,784.5 3,661.2 1,158.3 2,503.0 7,123.2 158.4 171.6 97.8 73.8 533.1 936.3 1,419.4 11,686.3 11,201.0 10,871.6 3,710.1 1,194.9 2,515.2 7,161.5 156.7 172.8 99.2 73.6 485.3 949.4 1,448.0 11,768.8 11,344.9 11,009.5 3,788.3 1,232.2 2,556.1 7,221.2 162.1 173.3 100.9 72.5 423.9 5.3 4.6 5.2 5.0 4.8 4.6 4.2 3.6 9,083.0 9,358.9 9,166.7 9,329.8 9,332.9 9,377.3 9,395.8 9,427.6 10,061.6 10,183.3 10,152.0 10,183.2 10,169.7 10,188.6 10,192.7 10,203.9 36,090 32,481 309,774 37,154 32,635 312,040 36,491 32,678 310,670 36,895 32,724 311,184 37,082 32,625 311,717 37,293 32,621 312,330 37,345 32,572 312,929 37,547 32,554 313,443 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2011. 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] Seasonally adjusted at annual rates 2011 September Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... Employer contributions for government social insurance ........... Proprietors’ income with inventory valuation and capital consumption adjustments.......................................................... Farm .............................................................................................. Nonfarm......................................................................................... Rental income of persons with capital consumption adjustment ................................................................................... Personal income receipts on assets ............................................. Personal interest income ............................................................... Personal dividend income.............................................................. Personal current transfer receipts ................................................ Government social benefits to persons ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ................................................................ Disposable personal income, billions of chained (2005) dollars 4..... October r 2012 November r December r January r February r March r April p 39.7 52.8 48.0 48.7 10.4 4.9 38.2 8.3 29.9 –0.7 4.9 13.7 6.2 2.7 2.9 –1.5 –2.1 4.4 2.0 2.4 –0.2 3.5 –16.7 –26.3 –26.1 –26.2 –11.1 –8.8 –15.1 –3.0 –12.1 0.1 –0.2 43.1 16.3 13.9 13.7 7.5 4.6 6.2 0.6 5.6 0.2 2.4 40.8 38.2 29.8 27.2 9.1 7.4 18.1 3.2 14.8 2.6 8.4 44.5 29.0 25.8 25.1 3.4 2.3 21.7 4.7 17.0 0.7 3.1 52.2 20.8 18.4 17.6 0.2 –0.2 17.4 –0.6 18.1 0.8 2.5 31.7 15.5 12.9 12.9 7.2 4.3 5.7 3.1 2.6 0.0 2.6 1.9 3.0 3.3 0.1 1.8 –1.9 1.8 0.6 2.1 6.3 1.5 1.6 1.7 0.9 1.5 1.0 –0.3 0.6 –0.9 2.9 –2.7 5.6 –0.2 –2.7 2.5 3.1 –2.7 5.7 3.8 0.2 3.7 5.4 0.1 5.3 5.1 0.2 4.9 4.0 0.9 3.0 5.8 –12.9 –13.0 0.0 0.7 0.8 1.6 1.4 –3.9 0.2 0.3 1.2 0.0 7.4 3.4 –2.5 5.9 –5.8 –6.1 0.6 –2.5 0.3 –2.0 –0.6 –1.8 0.3 7.9 –0.1 –2.5 2.5 –1.4 –1.4 1.2 –2.0 1.5 –2.4 –0.9 1.1 0.0 7.6 3.7 –2.5 6.2 14.1 14.1 9.6 –1.1 0.9 4.3 –0.7 1.0 –0.1 5.3 5.9 5.9 0.0 –2.4 –2.2 20.3 –1.4 –2.7 –4.8 3.1 –16.5 –0.1 5.5 8.1 6.0 2.2 –0.1 –0.1 2.6 0.9 –0.7 –3.7 0.1 0.7 –0.1 4.9 12.1 5.9 6.1 11.6 11.7 6.6 2.1 0.8 –0.9 2.7 0.3 0.0 4.3 8.7 0.4 8.3 1.1 0.9 –1.1 –1.0 2.8 –2.3 0.6 1.8 0.3 6.3 7.4 32.3 79.6 77.2 60.3 33.2 27.1 16.8 2.3 0.3 0.3 0.0 –47.4 0.3 3.8 9.9 19.5 21.1 13.9 14.3 –0.4 7.2 –2.0 0.3 0.6 –0.2 –9.5 –3.3 –0.3 –16.4 3.8 5.3 –5.1 0.9 –6.0 10.4 –2.0 0.6 0.5 0.0 –20.1 1.6 7.3 35.8 17.7 19.2 –2.4 9.9 –12.3 21.6 –2.0 0.5 0.5 0.0 17.9 10.1 16.0 24.8 50.9 47.6 40.3 18.7 21.5 7.3 3.7 –0.5 0.7 –1.1 –26.0 3.4 8.5 36.0 105.2 100.9 58.2 25.9 32.4 42.7 3.7 0.6 0.5 0.0 –69.2 2.3 6.3 45.9 29.5 25.4 7.2 –16.8 24.0 18.2 3.7 0.4 0.4 0.0 16.4 1.9 9.7 22.0 30.3 31.8 3.8 7.7 –3.9 28.0 –1.9 0.4 0.4 0.0 –8.3 18.5 11.3 16.3 7.8 –21.6 –23.2 18.9 24.2 15.4 –2.4 8.3 –1.7 16.1 19.2 24.9 17.4 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2011. 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] Seasonally adjusted at annual rates 2010 2011 r 2010 2011 IV Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... Employer contributions for government social insurance ........... Proprietors’ income with inventory valuation and capital consumption adjustments.......................................................... Farm .............................................................................................. Nonfarm......................................................................................... Rental income of persons with capital consumption adjustment ................................................................................... Personal income receipts on assets ............................................. Personal interest income ............................................................... Personal dividend income.............................................................. Personal current transfer receipts ................................................ Government social benefits to persons ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ................................................................ Disposable personal income, billions of chained (2005) dollars 4..... I II 2012 III IV r Ir 443.3 170.0 137.9 122.4 –4.2 13.3 126.5 16.4 110.2 15.5 32.0 617.7 305.2 260.0 260.5 46.9 29.7 213.6 46.0 167.6 –0.5 45.3 124.4 28.6 22.5 23.7 0.3 3.3 23.4 0.2 23.2 –1.3 6.0 269.3 121.7 101.2 98.7 21.5 14.9 77.1 18.3 58.8 2.5 20.7 108.4 47.2 38.9 38.1 4.6 0.0 33.6 8.7 24.8 0.8 8.3 101.5 118.6 107.2 109.8 19.7 8.6 90.1 19.0 71.2 –2.6 11.3 48.9 37.5 28.9 29.2 1.8 –3.3 27.4 6.4 21.0 –0.3 8.6 111.1 66.6 53.7 50.2 12.7 9.0 37.5 5.6 31.9 3.5 12.8 16.8 15.2 21.1 24.2 4.8 1.2 6.2 14.5 5.7 2.6 3.9 7.3 7.0 1.7 5.5 7.4 95.2 13.0 82.2 72.5 13.7 58.8 24.5 1.8 22.7 14.1 6.0 8.1 10.9 1.2 9.7 7.2 0.2 7.0 6.0 –4.8 10.8 11.1 –2.4 13.5 44.3 13.5 –105.5 118.9 143.1 143.0 25.7 24.6 31.3 8.1 6.4 47.0 0.1 53.7 68.8 –5.3 74.2 55.0 53.9 23.3 35.3 18.9 –31.3 5.5 2.2 1.2 2.0 20.1 5.7 14.5 51.8 50.5 6.0 13.9 34.6 –7.1 0.4 2.6 1.4 30.2 33.7 15.1 18.6 –13.1 –13.3 3.2 12.5 –7.7 –11.2 1.9 –11.8 0.2 11.9 25.1 11.2 13.9 19.2 19.3 9.1 6.1 5.3 –8.7 1.5 5.8 –0.1 9.4 –8.1 –21.1 13.0 –10.7 –10.7 4.1 3.9 –21.0 –5.8 2.2 5.9 0.0 20.9 –7.9 –18.0 10.1 –3.5 –3.7 6.0 –2.5 –4.9 –2.9 –0.7 1.4 0.2 18.3 17.9 9.4 8.5 10.3 10.6 31.0 –1.5 –1.8 –5.4 3.3 –14.9 –0.3 22.7 52.5 390.9 350.6 379.4 189.5 55.9 133.7 189.8 –40.3 11.5 6.0 5.5 40.2 –62.4 203.8 413.8 468.2 480.5 259.6 77.4 182.2 220.9 –15.6 3.3 2.6 0.7 –54.3 2.6 28.1 96.3 133.8 140.5 96.9 37.2 59.7 43.6 –5.4 –1.2 0.7 –1.8 –37.5 –82.6 125.0 144.3 153.5 154.6 108.8 29.8 79.1 45.7 –2.4 1.2 0.1 1.0 –9.2 5.9 30.3 78.2 100.5 104.3 30.5 –10.7 41.1 73.9 –4.4 0.6 0.5 0.0 –22.4 15.0 12.9 88.5 112.0 108.5 38.5 14.5 24.1 69.9 2.5 0.9 0.7 0.3 –23.4 3.9 10.3 38.6 86.4 87.1 48.9 36.6 12.2 38.3 –1.7 1.2 1.4 –0.2 –47.8 13.1 28.6 82.5 143.9 137.9 78.2 37.3 40.9 59.7 5.4 0.5 1.7 –1.1 –61.4 113.3 178.9 275.9 121.7 21.0 37.6 163.1 31.2 3.1 –13.5 44.4 18.9 18.5 4.1 31.8 11.2 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2011. 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) Seasonally adjusted at monthly rates 2011 September October r 2012 November r December r January r February r March r April p Based on current-dollar measures Personal income.......................................................................... Compensation of employees, received ...................................... Wage and salary disbursements ............................................ Supplements to wages and salaries....................................... Proprietors’ income with inventory valuation and capital consumption adjustments....................................................... Rental income of persons with capital consumption adjustment Personal income receipts on assets .......................................... Personal interest income ........................................................ Personal dividend income....................................................... Personal current transfer receipts .............................................. Less: Contributions for government social insurance, domestic Less: Personal current taxes ..................................................... Equals: Disposable personal income........................................ Addenda: Personal consumption expenditures .......................................... Goods ..................................................................................... Durable goods ..................................................................... Nondurable goods ............................................................... Services.................................................................................. 0.3 0.6 0.7 0.3 0.1 0.1 0.0 0.2 –0.1 –0.3 –0.4 0.0 0.3 0.2 0.2 0.1 0.3 0.5 0.4 0.5 0.3 0.3 0.4 0.2 0.4 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.0 1.4 –0.7 –1.3 0.0 0.0 0.7 0.5 0.3 0.3 1.8 0.2 –0.3 0.7 –0.2 0.0 0.3 0.1 0.0 1.9 0.0 –0.3 0.3 –0.1 –0.4 0.0 –0.1 0.3 1.8 0.2 –0.3 0.8 0.6 0.2 0.5 0.3 0.3 1.2 0.3 0.6 0.0 –0.1 1.1 1.1 0.2 0.5 1.3 0.5 0.6 0.3 0.0 0.4 0.6 0.3 0.5 1.1 0.7 0.6 0.8 0.5 0.2 0.4 0.4 0.3 1.0 0.5 0.0 1.0 0.0 0.2 0.7 0.2 0.7 1.7 2.9 1.1 0.2 0.2 0.4 1.2 0.0 0.1 0.0 –0.1 0.1 –0.2 0.1 0.2 –0.1 0.8 –0.5 0.3 0.4 1.1 1.6 0.9 0.1 0.9 1.6 2.1 1.3 0.6 0.2 0.2 –1.4 0.9 0.3 0.3 0.1 0.6 –0.2 0.4 0.1 0.0 0.2 0.2 0.3 0.2 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. 0.2 0.1 0.2 0.1 –0.2 –0.2 0.2 0.2 0.2 0.0 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2011. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2010 2011 r 2010 2011 IV I II 2012 IV r III Ir Based on current-dollar measures Personal income.......................................................................... Compensation of employees, received ...................................... Wage and salary disbursements ............................................ Supplements to wages and salaries....................................... Proprietors’ income with inventory valuation and capital consumption adjustments....................................................... Rental income of persons with capital consumption adjustment Personal income receipts on assets .......................................... Personal interest income ........................................................ Personal dividend income....................................................... Personal current transfer receipts .............................................. Less: Contributions for government social insurance, domestic Less: Personal current taxes ..................................................... Equals: Disposable personal income........................................ Addenda: Personal consumption expenditures .......................................... Goods ..................................................................................... Durable goods ..................................................................... Nondurable goods ............................................................... Services.................................................................................. 3.7 2.2 2.2 2.1 5.0 3.8 4.1 2.9 4.1 1.4 1.4 1.6 8.8 6.2 6.4 5.4 3.4 2.3 2.4 2.1 3.2 5.9 6.6 2.8 1.5 1.8 1.7 2.1 3.4 3.2 3.2 3.2 10.1 14.5 0.8 –9.5 19.9 6.7 2.4 4.6 3.6 7.0 15.3 4.0 –0.5 10.3 2.4 –6.3 17.1 3.7 9.6 2.4 4.7 2.3 8.1 9.4 1.1 9.6 3.5 5.3 38.6 8.0 6.3 10.2 –2.2 –29.3 46.8 5.2 4.0 13.0 5.8 4.5 7.4 3.3 2.6 9.2 2.8 2.6 9.8 –1.8 –8.1 6.8 –1.8 6.7 3.7 3.1 2.2 22.2 –1.7 –7.0 5.2 –0.6 1.7 3.0 1.3 4.0 18.3 4.1 3.9 4.3 1.8 5.7 8.3 2.9 3.8 5.9 5.4 6.2 2.8 4.7 7.7 7.1 7.9 3.2 5.6 11.9 14.4 10.8 2.6 6.1 13.1 11.0 14.1 2.7 4.0 3.4 –3.7 6.9 4.3 4.1 4.3 5.2 3.9 4.0 3.3 5.4 13.3 2.0 2.2 5.2 8.7 13.1 6.7 3.4 1.9 0.7 0.8 0.2 1.4 0.4 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. 1.3 1.8 3.0 1.2 0.9 1.5 7.3 1.2 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2011. 0.1 –0.5 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2011 September October 2012 November December January r February r March r April p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,463.5 3,367.8 1,302.2 2,078.1 6,102.0 9,481.2 3,387.3 1,318.8 2,083.4 6,101.1 9,477.5 3,384.3 1,323.3 2,077.3 6,100.2 9,487.7 3,390.1 1,337.4 2,072.1 6,104.9 9,506.9 3,416.6 1,357.5 2,081.2 6,098.8 9,563.7 3,449.8 1,386.9 2,089.5 6,123.3 9,566.3 3,445.7 1,369.8 2,098.3 6,129.7 9,592.4 3,459.0 1,380.1 2,102.8 6,142.7 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 51.7 45.9 41.8 10.3 7.5 17.7 19.5 16.6 5.3 –0.9 –3.7 –3.0 4.5 –6.1 –0.9 10.2 5.8 14.1 –5.2 4.7 19.2 26.5 20.1 9.1 –6.1 56.8 33.2 29.4 8.3 24.5 2.6 –4.1 –17.1 8.8 6.4 26.1 13.3 10.3 4.5 13.0 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.5 1.4 3.3 0.5 0.1 0.2 0.6 1.3 0.3 0.0 0.0 –0.1 0.3 –0.3 0.0 0.1 0.2 1.1 –0.3 0.1 0.2 0.8 1.5 0.4 –0.1 0.6 1.0 2.2 0.4 0.4 0.0 –0.1 –1.2 0.4 0.1 0.3 0.4 0.8 0.2 0.2 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2010 2011 2010 2011 IV I II 2012 III IV Ir 9,433.5 3,342.7 1,277.8 2,073.7 6,096.1 9,482.1 3,387.2 1,326.5 2,077.6 6,102.1 9,545.6 3,437.4 1,371.4 2,089.7 6,117.2 48.6 44.5 48.7 3.9 6.0 63.5 50.2 44.9 12.1 15.1 2.1 5.4 16.1 0.8 0.4 2.7 6.1 14.3 2.3 1.0 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,220.9 3,230.7 1,188.3 2,041.3 5,991.8 9,421.3 3,351.4 1,285.4 2,075.8 6,076.1 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 183.4 132.7 80.0 57.9 56.3 200.4 120.7 97.1 34.5 84.3 9,328.4 3,306.0 1,242.4 2,067.4 6,027.5 9,376.7 3,344.4 1,277.4 2,075.4 6,039.1 9,392.7 3,331.2 1,260.2 2,076.6 6,067.0 Change from preceding period in billions of chained (2005) dollars 81.3 65.2 48.3 21.6 19.4 48.3 38.4 35.0 8.0 11.6 16.0 –13.2 –17.2 1.2 27.9 40.8 11.5 17.6 –2.9 29.1 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... r Revised 2.0 4.3 7.2 2.9 0.9 2.2 3.7 8.2 1.7 1.4 3.6 8.3 17.2 4.3 1.3 2.1 4.7 11.7 1.6 0.8 0.7 –1.6 –5.3 0.2 1.9 1.7 1.4 5.7 –0.5 1.9 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2011 September October 2012 November December January r February r March r April p Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... 114.554 109.879 90.340 121.447 117.017 114.563 109.658 90.288 121.123 117.152 114.664 109.602 90.053 121.184 117.340 114.742 109.345 89.843 120.899 117.604 115.013 109.675 89.892 121.404 117.842 115.386 110.309 89.849 122.475 118.068 115.619 110.651 89.746 123.105 118.240 115.637 110.332 89.632 122.655 118.447 112.222 119.942 146.341 114.485 111.774 112.353 120.208 143.784 114.462 111.886 112.514 120.153 143.034 114.554 112.046 112.685 120.439 141.058 114.627 112.225 112.951 120.608 141.499 114.871 112.460 113.110 120.585 146.539 115.261 112.606 113.281 120.740 148.060 115.501 112.775 113.432 120.861 145.400 115.490 112.913 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... 0.2 0.3 –0.4 0.6 0.1 0.0 –0.2 –0.1 –0.3 0.1 0.1 –0.1 –0.3 0.1 0.2 0.1 –0.2 –0.2 –0.2 0.2 0.2 0.3 0.1 0.4 0.2 0.3 0.6 0.0 0.9 0.2 0.2 0.3 –0.1 0.5 0.1 0.0 –0.3 –0.1 –0.4 0.2 0.0 0.5 2.1 0.2 0.0 0.1 0.2 –1.7 0.0 0.1 0.1 0.0 –0.5 0.1 0.1 0.2 0.2 –1.4 0.1 0.2 0.2 0.1 0.3 0.2 0.2 0.1 0.0 3.6 0.3 0.1 0.2 0.1 1.0 0.2 0.2 0.1 0.1 –1.8 0.0 0.1 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 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 2011 September Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.8 2.1 3.2 7.8 1.1 1.5 October r 2012 November r 0.6 1.9 2.7 6.6 1.0 1.5 0.3 1.5 2.2 6.7 0.2 1.2 December r January r 0.3 1.5 2.4 7.0 0.3 1.1 0.2 1.7 2.7 7.5 0.5 1.2 February r March r 0.1 1.9 2.8 7.9 0.5 1.5 April p 0.3 1.8 2.8 6.7 1.1 1.2 0.6 2.1 3.3 8.1 1.2 1.5 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2011. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2011 September Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... October 2012 November December January r February r March r April p 2.9 4.9 –0.7 7.6 2.0 2.7 4.3 –0.5 6.6 1.9 2.7 4.2 –0.6 6.5 2.0 2.5 3.4 –0.4 5.2 2.1 2.4 2.9 –0.4 4.5 2.2 2.3 2.7 –0.7 4.3 2.1 2.1 2.2 –0.7 3.6 2.1 1.8 1.3 –1.1 2.4 2.1 1.6 5.1 20.7 3.1 1.6 1.7 5.2 15.4 2.9 1.7 1.8 5.1 14.6 2.9 1.8 1.9 5.3 8.6 2.7 2.0 1.9 4.7 6.5 2.6 2.0 1.9 3.9 6.5 2.4 2.0 2.0 3.1 3.8 2.2 2.0 1.9 2.8 –0.4 1.8 1.9 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 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.
@FedFRASER