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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 30, 2012 BEA 12-12 James Rankin: (202) 606-5301 Kyle Brown: (202) 606-5302 (Personal Income) (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: FEBRUARY 2012 Personal income increased $28.2 billion, or 0.2 percent, and disposable personal income (DPI) increased $18.9 billion, or 0.2 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $86.0 billion, or 0.8 percent. In January, personal income increased $26.5 billion, or 0.2 percent, DPI increased $5.0 billion, or less than 0.1 percent, and PCE increased $40.9 billion, or 0.4 percent, based on revised estimates. Real disposable income decreased 0.1 percent in February, compared with a decrease of 0.2 percent in January. Real PCE increased 0.5 percent, compared with an increase of 0.2 percent. 2011 2012 Oct. Nov. Dec. Jan. (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2005) dollars Personal consumption expenditures: Current dollars Chained (2005) dollars Feb. 0.4 0.1 0.4 0.2 0.2 0.3 0.3 0.0 -0.1 0.4 0.3 0.0 -0.2 0.2 -0.1 0.2 0.2 0.0 0.0 0.2 0.1 0.4 0.2 0.8 0.5 ________________________ NOTE. -- 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. -more- -2- Compensation of employees Private wage and salary disbursements increased $17.8 billion in February, compared with an increase of $22.1 billion in January. Goods-producing industries' payrolls increased $1.3 billion, compared with an increase of $9.6 billion; manufacturing payrolls increased $1.5 billion, compared with an increase of $7.6 billion. Services-producing industries' payrolls increased $16.5 billion, compared with an increase of $12.4 billion. Government wage and salary disbursements decreased $0.2 billion in February, in contrast to an increase of $2.0 billion in January. Pay raises for military personnel added $1.8 billion to government payrolls in January. Employer contributions for employee pension and insurance funds increased $1.5 billion in February, compared with an increase of $2.1 billion in January. Employer contributions for government social insurance increased $1.1 billion in February, compared with an increase of $5.8 billion in January. The January change reflected an increase in the social security taxable wage base (from $106,800 to $110,100) and in the tax rate paid by employers to state unemployment insurance; together, these changes added $4.1 billion to January. (Changes in employer contributions for government social insurance do not affect personal income, because employer contributions for government social insurance are also included in total contributions for government social insurance, which is a subtraction in the calculation of personal income.) Other personal income Proprietors' income increased $2.2 billion in February, compared with an increase of $1.3 billion in January. Farm proprietors' income decreased $0.2 billion, compared with a decrease of $0.1 billion. Nonfarm proprietors' income increased $2.4 billion, compared with an increase of $1.5 billion. Rental income of persons increased $3.5 billion in February, compared with an increase of $3.2 billion in January. Personal income receipts on assets (personal interest income plus personal dividend income) increased $1.7 billion, in contrast to a decrease of $2.3 billion. -more- -3- Personal current transfer receipts increased $3.0 billion in February, compared with an increase of $1.6 billion in January. Within current transfer receipts, there were large, offsetting changes to government social benefit programs. “Other” government social benefits to persons increased $1.3 billion, in contrast to a decrease of $15.8 billion; the January change was reduced $13.6 billion reflecting the expiration of the Making Work Pay refundable tax credit. Offsetting these changes, government social benefits for social security increased $2.9 billion in February, compared to an increase of $20.3 billion in January; the January change was boosted by a 3.6-percent cost-of-living adjustment (COLAs) to social security benefits. Contributions for government social insurance -- a subtraction in calculating personal income -increased $2.4 billion in February, compared with an increase of $9.3 billion in January. The January increase reflected increases in both employer and personal contributions for government social insurance. As noted above, employer contributions were boosted $4.1 billion in January by increases in unemployment-insurance tax rates and in the social security taxable wage base. The January increase in personal contributions for government social insurance reflected increases in the monthly premiums paid by participants in the supplementary medical insurance program (Medicare B) and in the social security taxable wage base; together, these changes added $1.6 billion to January. Personal current taxes and disposable personal income Personal current taxes increased $9.2 billion in February, compared with an increase of $21.6 billion in January. Federal net nonwithheld income taxes (payments of estimated taxes plus final settlements less refunds) boosted January by $11.8 billion, based on the Office of Tax Analysis projections of higher final settlements and higher refunds for 2012. Disposable personal income (DPI) -personal income less personal current taxes -- increased $18.9 billion, or 0.2 percent, in February, compared with an increase of $5.0 billion, or less than 0.1 percent, in January. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $89.8 billion in February, compared with an increase of $44.8 billion in January. PCE increased $86.0 billion, compared with an increase of $40.9 billion. Personal saving -- DPI less personal outlays -- was $438.7 billion in February, compared with $509.5 billion in January. The personal saving rate -- personal saving as a percentage of disposable income -- was 3.7 percent in February, compared with 4.3 percent in January. 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 www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.1 percent in February, compared with a decrease of 0.2 percent in January. Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in February, compared with an increase of 0.2 percent in January. Purchases of durable goods increased 1.6 percent, compared with an increase of 1.4 percent. Purchases of motor vehicles and parts accounted for most of the increase in February. Purchases of nondurable goods increased 0.1 percent in February, compared with an increase of 0.3 percent in January. Purchases of services increased 0.4 percent, in contrast to a decrease of 0.1 percent. PCE price index -- The price index for PCE increased 0.3 percent in February, compared with an increase of 0.2 percent in January. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent. 2011 Personal Income and Outlays Personal income increased 5.1 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.7 percent in 2010. DPI increased 3.8 percent, compared with an increase of 3.6 percent. PCE increased 4.7 percent, compared with an increase of 3.8 percent. Real DPI increased 1.3 percent in 2011, compared with an increase of 1.8 percent in 2010. Real PCE increased 2.2 percent, compared with an increase of 2.0 percent. -more- -5- Revisions Estimates have been revised for October 2011 through January 2012. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for December and January -- revised and as published in last month's release -- are shown below. Change from preceding month December Previous Revised (Billions of dollars) January Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars 60.2 55.6 0.5 0.4 37.4 26.5 0.3 0.2 Disposable personal income: Current dollars Chained (2005) dollars 48.3 35.5 45.8 33.0 0.4 0.3 0.4 0.3 14.1 -6.6 5.0 -18.8 0.1 -0.1 0.0 -0.2 Personal consumption expenditures: Current dollars Chained (2005) dollars 3.2 -3.4 19.2 10.2 0.0 0.0 0.2 0.1 23.2 2.7 40.9 14.3 0.2 0.0 0.4 0.2 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 – April 30, 2012 at 8:30 A.M. EDT for Personal Income and Outlays for March -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2011 July 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................................................. August September 2012 October r November r December r January r February p 13,032.5 8,304.3 6,694.4 5,505.3 1,110.8 707.8 4,394.6 1,058.1 3,336.5 1,189.0 1,609.9 13,049.1 8,328.9 6,715.3 5,525.5 1,114.4 707.2 4,411.2 1,060.0 3,351.2 1,189.8 1,613.5 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 13,138.6 8,429.1 6,804.5 5,615.7 1,133.7 717.6 4,482.0 1,077.9 3,404.0 1,188.9 1,624.6 13,146.1 8,430.5 6,804.3 5,615.2 1,129.4 713.9 4,485.8 1,080.2 3,405.6 1,189.0 1,626.3 13,201.7 8,461.2 6,831.5 5,642.3 1,140.7 721.3 4,501.7 1,083.4 3,418.2 1,189.2 1,629.7 13,228.2 8,493.3 6,855.6 5,664.4 1,150.3 728.9 4,514.1 1,087.1 3,426.9 1,191.2 1,637.6 13,256.4 8,513.3 6,873.2 5,682.2 1,151.6 730.4 4,530.6 1,089.6 3,441.0 1,191.0 1,640.2 1,110.8 499.2 1,112.6 500.9 1,114.5 503.9 1,117.8 506.8 1,119.6 506.7 1,121.4 508.3 1,123.5 514.1 1,125.0 515.2 1,109.1 67.0 1,042.1 1,116.2 67.5 1,048.7 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 1,123.0 59.9 1,063.1 1,125.2 59.7 1,065.5 400.8 1,806.0 1,007.7 798.3 2,340.3 2,300.7 715.2 555.8 425.4 104.7 64.0 435.6 39.6 406.2 1,794.7 994.8 799.9 2,334.4 2,295.0 716.1 558.1 413.8 102.1 65.4 439.5 39.3 412.0 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 39.5 438.1 1,786.5 974.1 812.3 2,343.6 2,304.2 749.4 552.5 413.1 97.4 66.6 425.2 39.3 441.6 1,788.2 973.9 814.2 2,346.6 2,307.3 752.3 553.4 414.5 94.0 66.7 426.5 39.3 928.1 1,407.8 11,624.6 11,077.0 10,749.4 3,643.3 1,154.6 2,488.6 7,106.2 156.2 171.4 97.5 73.8 547.6 931.4 1,406.0 11,643.1 11,093.5 10,763.4 3,640.1 1,143.5 2,496.6 7,123.4 158.4 171.6 97.8 73.8 549.6 937.7 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 73.8 502.2 943.3 1,424.1 11,714.4 11,192.6 10,861.7 3,714.3 1,191.0 2,523.3 7,147.4 158.7 172.2 98.7 73.6 521.8 943.3 1,428.4 11,717.7 11,196.4 10,867.0 3,709.2 1,191.9 2,517.3 7,157.8 156.7 172.8 99.2 73.6 521.3 946.8 1,438.2 11,763.5 11,214.1 10,886.2 3,706.8 1,201.8 2,505.0 7,179.4 154.7 173.3 99.7 73.6 549.4 956.1 1,459.8 11,768.5 11,258.9 10,927.1 3,740.6 1,219.0 2,521.6 7,186.6 157.9 173.9 100.4 73.6 509.5 958.5 1,469.0 11,787.4 11,348.7 11,013.1 3,783.8 1,238.3 2,545.5 7,229.3 161.1 174.5 100.9 73.6 438.7 4.7 4.7 4.3 4.5 4.4 4.7 4.3 3.7 9,374.9 9,369.2 9,387.7 9,435.4 9,434.9 9,464.7 9,465.1 9,457.6 10,192.5 10,181.0 10,192.3 10,225.6 10,219.4 10,252.4 10,233.6 10,218.3 37,244 32,656 312,117 37,278 32,597 312,330 37,356 32,611 312,542 37,457 32,696 312,747 37,445 32,657 312,932 37,570 32,744 313,109 37,566 32,666 313,278 37,606 32,600 313,441 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] Seasonally adjusted at annual rates 2010 2011 r 2010 III 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................................................. 2011 IV I II IV r III 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 13,005.3 8,292.7 6,683.2 5,492.9 1,110.1 706.9 4,382.8 1,055.0 3,327.8 1,190.3 1,609.5 12,453.2 8,022.2 6,454.5 5,264.7 1,070.5 682.2 4,194.2 1,015.9 3,178.3 1,189.9 1,567.7 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 13,162.1 8,440.3 6,813.4 5,624.4 1,134.6 717.6 4,489.8 1,080.5 3,409.3 1,189.0 1,626.9 1,089.9 473.2 1,111.0 498.5 1,092.0 475.7 1,096.8 476.9 1,103.0 491.4 1,108.7 494.0 1,112.6 501.3 1,119.6 507.3 1,036.4 52.2 984.2 1,108.9 65.9 1,043.0 1,057.0 58.3 998.7 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 1,057.0 350.2 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 39.5 352.8 1,723.4 983.9 739.4 2,289.4 2,251.4 693.9 521.4 405.2 135.8 59.0 436.1 37.9 354.8 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 39.6 986.8 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 72.9 592.8 926.4 1,400.3 11,604.9 11,055.1 10,726.0 3,646.6 1,162.9 2,483.7 7,079.4 157.8 171.3 97.7 73.6 549.8 991.5 1,212.8 11,240.4 10,614.8 10,276.6 3,386.5 1,087.5 2,299.0 6,890.1 168.1 170.1 95.8 74.3 625.6 994.1 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 73.8 533.1 944.5 1,430.2 11,731.9 11,201.0 10,871.6 3,710.1 1,194.9 2,515.2 7,161.5 156.7 172.8 99.2 73.6 530.8 5.3 4.7 5.6 5.2 5.0 4.8 4.6 4.5 9,083.0 9,371.3 9,145.7 9,166.7 9,329.8 9,332.9 9,377.3 9,445.0 10,061.6 10,193.4 10,114.4 10,152.0 10,183.2 10,169.7 10,188.6 10,232.4 36,090 32,481 309,774 37,191 32,667 312,040 36,251 32,620 310,070 36,491 32,678 310,670 36,895 32,724 311,184 37,082 32,625 311,717 37,293 32,621 312,330 37,491 32,699 312,929 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 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2011 July 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..... August September 2012 October r November r December r January r February p 62.4 85.0 79.3 81.3 16.1 10.3 65.2 15.8 49.4 –2.1 5.7 16.6 24.6 20.9 20.2 3.6 –0.6 16.6 1.9 14.7 0.8 3.6 39.7 52.8 48.0 48.7 10.4 4.9 38.2 8.3 29.9 –0.7 4.9 49.8 47.4 41.2 41.5 8.9 5.5 32.6 9.6 22.9 –0.2 6.2 7.5 1.4 –0.2 –0.5 –4.3 –3.7 3.8 2.3 1.6 0.1 1.7 55.6 30.7 27.2 27.1 11.3 7.4 15.9 3.2 12.6 0.2 3.4 26.5 32.1 24.1 22.1 9.6 7.6 12.4 3.7 8.7 2.0 7.9 28.2 20.0 17.6 17.8 1.3 1.5 16.5 2.5 14.1 –0.2 2.6 0.4 5.5 1.8 1.7 1.9 3.0 3.3 2.9 1.8 –0.1 1.8 1.6 2.1 5.8 1.5 1.1 1.9 0.6 1.4 7.1 0.5 6.6 –0.3 0.6 –0.9 2.9 –2.7 5.6 –0.2 –2.7 2.5 3.1 –2.7 5.7 1.3 –0.1 1.5 2.2 –0.2 2.4 5.1 –6.6 –13.0 6.4 –12.4 –12.6 3.1 1.1 –15.1 –4.6 0.4 2.3 0.3 5.4 –11.3 –12.9 1.6 –5.9 –5.7 0.9 2.3 –11.6 –2.6 1.4 3.9 –0.3 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 3.2 –2.3 –0.2 –2.2 1.6 1.8 20.3 –1.4 0.5 –4.8 3.1 –15.8 –0.2 3.5 1.7 –0.2 1.9 3.0 3.1 2.9 0.9 1.4 –3.4 0.1 1.3 0.0 10.8 4.6 57.7 83.8 81.0 47.7 25.3 22.3 33.4 2.2 0.5 0.2 0.3 –26.1 3.3 –1.8 18.5 16.5 14.0 –3.2 –11.1 8.0 17.2 2.2 0.2 0.3 0.0 2.0 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 5.6 10.7 39.0 19.5 21.1 13.9 14.3 –0.4 7.2 –2.0 0.3 0.6 –0.2 19.6 0.0 4.3 3.3 3.8 5.3 –5.1 0.9 –6.0 10.4 –2.0 0.6 0.5 0.0 –0.5 3.5 9.8 45.8 17.7 19.2 –2.4 9.9 –12.3 21.6 –2.0 0.5 0.5 0.0 28.1 9.3 21.6 5.0 44.8 40.9 33.8 17.2 16.6 7.2 3.2 0.6 0.7 0.0 –39.9 2.4 9.2 18.9 89.8 86.0 43.2 19.3 23.9 42.7 3.2 0.6 0.5 0.0 –70.8 31.4 13.4 –5.7 –11.5 18.5 11.3 47.7 33.3 –0.5 –6.2 29.8 33.0 0.4 –18.8 –7.5 –15.3 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] Seasonally adjusted at annual rates 2010 2011 r 2010 III 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..... 2011 IV I II IV r III 443.3 170.0 137.9 122.4 –4.2 13.3 126.5 16.4 110.2 15.5 32.0 631.8 321.3 275.0 275.5 50.9 32.7 224.6 49.0 175.6 –0.5 46.4 127.6 62.2 54.7 61.2 11.9 8.6 49.3 11.4 37.9 –6.4 7.5 124.4 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 11.3 105.3 102.0 89.1 89.4 18.0 8.6 71.4 18.4 53.0 –0.3 12.9 16.8 15.2 21.1 25.3 4.4 3.1 4.8 1.2 6.2 14.5 5.7 2.6 3.9 7.3 7.0 6.0 95.2 13.0 82.2 72.5 13.7 58.8 31.4 12.5 19.0 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 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 3.7 –1.1 –30.2 29.0 37.3 37.3 5.6 9.9 15.4 –1.6 1.7 6.2 –0.1 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 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 –60.4 206.4 425.2 468.2 480.5 259.6 77.4 182.2 220.9 –15.6 3.3 2.6 0.7 –43.0 5.8 37.4 90.2 87.8 91.8 46.4 15.8 30.7 45.4 –6.3 2.3 1.0 1.4 2.3 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 12.1 21.1 84.2 86.4 87.1 48.9 36.6 12.2 38.3 –1.7 1.2 1.4 –0.2 –2.3 113.3 178.9 288.3 131.8 59.2 56.6 21.0 37.6 163.1 31.2 3.1 –13.5 44.4 18.9 67.7 43.8 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 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2011 July August 2012 October r September November r December r January r February 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.................................................................................. 0.5 1.0 1.2 0.4 0.1 0.3 0.3 0.2 0.3 0.6 0.7 0.3 0.4 0.6 0.6 0.4 0.1 0.0 0.0 0.1 0.4 0.4 0.4 0.2 0.2 0.4 0.4 0.5 0.2 0.2 0.3 0.2 0.2 1.3 –0.4 –1.3 0.8 –0.5 1.2 0.3 0.5 0.6 1.4 –0.6 –1.3 0.2 –0.3 0.4 –0.1 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 0.6 0.8 0.3 0.0 1.9 0.0 –0.3 0.3 –0.1 0.0 0.3 0.0 0.3 1.8 0.2 –0.3 0.8 0.6 0.4 0.7 0.4 0.1 0.7 –0.1 0.0 –0.3 0.1 1.0 1.5 0.0 0.2 0.8 0.1 0.0 0.2 0.1 0.2 0.6 0.2 0.8 1.3 2.2 0.9 0.5 0.1 –0.1 –1.0 0.3 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 0.9 1.4 0.7 0.1 0.8 1.2 1.6 0.9 0.6 0.3 0.3 0.0 –0.2 –0.1 –0.1 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. 0.3 0.1 –0.1 –0.1 0.2 0.1 0.5 0.3 0.0 –0.1 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2010 2011 r 2010 III 2011 IV I II IV r III 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 5.1 4.0 4.3 3.0 4.2 3.2 3.5 1.9 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 3.3 5.0 5.4 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 –6.1 17.3 3.8 12.8 4.3 –0.3 –11.4 17.4 6.8 2.4 13.4 3.3 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 5.3 6.1 2.9 3.8 5.9 5.4 6.2 2.8 4.7 7.7 7.1 7.9 3.2 3.7 5.7 6.0 5.5 2.7 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 0.1 –0.5 1.9 0.7 2.9 1.7 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. r Revised 1.3 1.8 3.2 1.3 2.6 2.3 0.9 1.5 7.3 1.2 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2011 July August September 2012 October r November r December r January r February p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,425.1 3,338.6 1,270.8 2,075.1 6,091.8 9,411.8 3,321.9 1,260.4 2,067.8 6,094.5 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 9,502.0 3,410.8 1,355.7 2,077.2 6,099.5 9,547.1 3,430.9 1,377.9 2,079.0 6,124.8 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 36.7 21.3 28.7 –2.6 16.1 –13.3 –16.7 –10.4 –7.3 2.7 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 14.3 20.7 18.3 5.1 –5.4 45.1 20.1 22.2 1.8 25.3 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.4 0.6 2.3 –0.1 0.3 –0.1 –0.5 –0.8 –0.4 0.0 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 0.6 1.4 0.3 –0.1 0.5 0.6 1.6 0.1 0.4 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 r 2010 III 2011 IV I IV r II III 9,392.7 3,331.2 1,260.2 2,076.6 6,067.0 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 40.8 11.5 17.6 –2.9 29.1 48.6 44.5 48.7 3.9 6.0 1.7 1.4 5.7 –0.5 1.9 2.1 5.4 16.1 0.8 0.4 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 9,247.1 3,240.8 1,194.1 2,045.8 6,008.1 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 Change from preceding period in billions of chained (2005) dollars 60.2 37.9 24.8 15.0 23.8 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 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 2.6 4.8 8.8 3.0 1.6 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 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2011 July August September 2012 October r November r December r January r February 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 ....................... 114.054 109.130 90.838 119.932 116.654 114.364 109.582 90.705 120.741 116.886 114.554 109.879 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 89.843 120.899 117.604 115.001 109.669 89.895 121.398 117.826 115.359 110.288 89.853 122.444 118.036 112.024 118.603 141.639 113.885 111.507 112.222 119.315 143.359 114.230 111.729 112.222 119.942 146.341 114.485 111.774 112.353 120.208 143.784 114.462 111.886 112.514 120.153 143.034 114.554 112.046 112.685 120.439 141.058 114.627 112.225 112.938 120.609 141.547 114.839 112.424 113.086 120.587 146.578 115.204 112.547 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 ....................... 0.4 0.7 –0.1 1.0 0.2 0.3 0.4 –0.1 0.7 0.2 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 0.4 2.8 0.4 0.2 0.2 0.6 1.2 0.3 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 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 July Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... August 0.9 2.3 3.9 7.1 2.3 1.5 September 0.5 1.7 2.4 6.1 0.7 1.4 2012 October r 0.8 2.1 3.2 7.8 1.1 1.5 0.8 1.9 2.7 6.6 1.0 1.5 November r 0.7 1.5 2.2 6.7 0.2 1.2 December r January r 0.8 1.5 2.4 7.0 0.3 1.1 February p 0.6 1.6 2.5 7.4 0.3 1.2 0.3 1.8 2.3 7.2 0.0 1.5 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2011 July 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 ....................... August September 2012 October r November r December r January r February p 2.8 4.7 –0.2 7.2 1.8 2.9 4.8 –0.5 7.4 1.9 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 –0.6 4.3 2.1 1.6 4.3 20.2 2.9 1.5 1.7 4.8 19.6 3.0 1.6 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 2.5 2.0 1.9 3.9 6.6 2.4 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.