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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, FEBRUARY 28, 2011 BEA 11-8 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: JANUARY 2011 Personal income increased $133.2 billion, or 1.0 percent, and disposable personal income (DPI) increased $78.3 billion, or 0.7 percent, in January, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $23.7 billion, or 0.2 percent. In December, personal income increased $56.6 billion, or 0.4 percent, DPI increased $48.5 billion, or 0.4 percent, and PCE increased $56.5 billion, or 0.5 percent, based on revised estimates. Real disposable income increased 0.4 percent in January, compared with an increase of 0.1 percent in December. Real PCE decreased 0.1 percent, in contrast to an increase of 0.3 percent. 2010 Sept. Oct. Nov. Dec. (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 2011 Jan. 0.0 0.5 0.3 0.4 1.0 -0.1 -0.1 0.4 0.2 0.3 0.2 0.4 0.1 0.7 0.4 0.3 0.2 0.7 0.5 0.3 0.2 0.5 0.3 0.2 -0.1 ________________________ 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- The January change in disposable personal income (DPI) was affected by two large special factors. Reduced employee contributions for government social insurance, which reflected provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, boosted personal income in January by reducing the employee social security contribution rates (employee contributions for government social insurance are a subtraction in the calculation of personal income). The January change in DPI was affected by the expiration of the Making Work Pay provisions of the American Recovery and Reinvestment Act of 2009, which boosted personal current taxes and reduced DPI (personal current taxes are a subtraction in the calculation of DPI). Excluding these two special factors, which are discussed more fully below, DPI increased $11.4 billion, or 0.1 percent, in January, following an increase of $48.5 billion, or 0.4 percent, in December. -more- -3- Wages and salaries Private wage and salary disbursements increased $14.8 billion in January, compared with an increase of $20.8 billion in December. Goods-producing industries' payrolls increased $10.0 billion, compared with an increase of $2.5 billion; manufacturing payrolls increased $7.0 billion, compared with an increase of $2.6 billion. Services-producing industries' payrolls increased $4.8 billion, compared with an increase of $18.2 billion. Government wage and salary disbursements increased $1.9 billion, compared with an increase of $1.0 billion. Other personal income Employer contributions for employee pension and insurance funds increased $3.4 billion in January, compared with an increase of $2.7 billion in December. Employer contributions for government social insurance increased $8.6 billion in January, compared with an increase of $1.1 billion in December. The January increase was boosted by $7.5 billion reflecting an increase in the tax rates paid by employers to state unemployment funds. (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.) Proprietors' income increased $3.9 billion in January, compared with an increase of $8.2 billion in December. Farm proprietors' income increased $1.6 billion, compared with an increase of $1.5 billion. Nonfarm proprietors' income increased $2.3 billion, compared with an increase of $6.6 billion. Rental income of persons increased $6.5 billion in January, compared with an increase of $1.9 billion in December. Personal income receipts on assets (personal interest income plus personal dividend income) increased $10.3 billion, compared with an increase of $21.1 billion. Personal current transfer receipts decreased $11.2 billion, in contrast to an increase of $2.4 billion. The January decrease in personal current transfer receipts reflected a decrease of $8.9 billion to the Earned Income Credit based on federal budget projections. Contributions for government social insurance -- a subtraction in calculating personal income -decreased $94.9 billion in January, in contrast to an increase of $2.5 billion in December. The January decrease reflected decreases in personal contributions for government social insurance and increases in employer contributions. The January decrease in personal contributions for government social insurance reflected the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which temporarily decreased the social security contribution rate for employees and selfemployed workers by 2.0 percentage points for 2011, or $105.4 billion at an annual rate. As noted above, employer contributions were boosted $7.5 billion in January by increases in the unemployment-insurance rate. -more- -4- Personal current taxes and disposable personal income Personal current taxes increased $55.0 billion in January, compared with an increase of $8.0 billion in December. Expiration of the Making Work Pay Credit provision of the American Recovery and Reinvestment Act of 2009 boosted federal withheld income taxes by $38.6 billion in January. Federal net nonwithheld income taxes (payments of estimated taxes plus final settlements less refunds) boosted the January change by $11.3 billion, based on the Office of Tax Analysis projections of higher final settlement and refunds for 2010. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $78.3 billion, or 0.7 percent, in January, compared with an increase of $48.5 billion, or 0.4 percent in December. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $22.1 billion in January, compared with an increase of $54.4 billion in December. PCE increased $23.7 billion, compared with an increase of $56.5 billion. Personal saving -- DPI less personal outlays -- was $677.1 billion in January, compared with $620.9 billion in December. Personal saving as a percentage of disposable personal income was 5.8 percent in January, compared with 5.4 percent in December. 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 0.4 percent in January, compared with an increase of 0.1 percent in December. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in January, in contrast to an increase of 0.3 percent in December. Purchases of durable goods increased 0.3 percent, compared with an increase of 1.2 percent. Purchases of motor vehicles and parts accounted for most of the increase in durable goods in January and in December. Purchases of nondurable goods decreased 0.2 percent in January, in contrast to an increase of 0.1 percent in December. Purchases of services decreased 0.1 percent, in contrast to an increase of 0.2 percent. PCE price index -- The price index for PCE increased 0.3 percent in January, the same increase as in December. The PCE price index, excluding food and energy in January, increased 0.1 percent, compared with an increase of less than 0.1 percent in December. -more- -5- 2010 Personal Income and Outlays Personal income increased 3.0 percent in 2010 (that is, from the 2009 annual level to the 2010 annual level), in contrast to a decrease of 1.7 percent in 2009. DPI increased 3.1 percent, compared with an increase of 0.7 percent. PCE increased 3.5 percent, in contrast to a decrease of 1.0 percent. Real DPI increased 1.4 percent in 2010, compared with an increase of 0.6 percent in 2009. Real PCE increased 1.8 percent, in contrast to a decrease of 1.2 percent. Revisions Estimates for personal income and DPI have been revised for July through December; estimates for PCE have been revised for October through December. Changes in personal income, currentdollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for November and December -- revised and as published in last month's release -- are shown below. For July through September, the revisions to wages and salaries reflect the incorporation of newly available BLS tabulations of third-quarter private wages and salaries from the quarterly census of employment and wages. Change from preceding month November Previous Revised (Billions of dollars) December Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars 44.9 33.0 0.4 0.3 54.5 56.6 0.4 0.4 Disposable personal income: Current dollars Chained (2005) dollars 39.0 24.9 28.9 17.4 0.3 0.2 0.3 0.2 47.3 10.4 48.5 15.3 0.4 0.1 0.4 0.1 Personal consumption expenditures: Current dollars 35.4 Chained (2005) dollars 22.6 34.4 23.1 0.3 0.2 0.3 0.2 69.5 33.0 56.5 25.0 0.7 0.4 0.5 0.3 -more- -6- This news release also presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2010 (third quarter). These estimates reflect newly available third-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. 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 – March 28, 2011 at 8:30 A.M. EDT for Personal Income and Outlays for February. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2010 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 ........................................... Old-age, survivors, disability, and health insurance benefits ........ Government unemployment insurance 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 1 .............................................................. 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 2 ................................................................ Disposable personal income: Total, billions of chained (2005) dollars 2 ......................................... Per capita: Current dollars.............................................................................. Chained (2005) dollars ................................................................. Population (midperiod, thousands) 3................................................... r r 2011 r r r r January p June July 12,540.0 7,984.8 6,400.4 5,207.0 1,054.2 673.1 4,152.9 1,006.2 3,146.6 1,193.4 1,584.4 12,558.8 8,016.7 6,428.2 5,236.3 1,061.7 679.3 4,174.6 1,014.1 3,160.5 1,191.9 1,588.5 12,615.3 8,040.9 6,448.0 5,264.0 1,068.8 682.3 4,195.2 1,017.6 3,177.6 1,184.0 1,592.9 12,612.3 8,050.9 6,455.0 5,275.0 1,070.5 684.4 4,204.6 1,020.3 3,184.3 1,179.9 1,595.9 12,674.5 8,092.4 6,491.3 5,307.1 1,072.1 685.1 4,235.0 1,028.3 3,206.7 1,184.1 1,601.2 12,707.5 8,092.8 6,489.1 5,305.1 1,071.5 683.9 4,233.6 1,027.0 3,206.6 1,184.1 1,603.6 12,764.1 8,118.4 6,510.9 5,325.9 1,074.0 686.5 4,251.8 1,033.5 3,218.4 1,185.1 1,607.4 12,897.3 8,147.0 6,527.7 5,340.7 1,084.0 693.5 4,256.6 1,033.7 3,222.9 1,187.0 1,619.4 1,105.5 479.0 1,107.8 480.8 1,110.2 482.7 1,112.8 483.1 1,115.6 485.5 1,118.1 485.5 1,120.8 486.6 1,124.2 495.2 1,048.3 40.3 1,008.0 299.6 1,917.3 1,205.6 711.8 2,293.8 2,256.5 1,208.6 136.1 911.9 37.2 1,003.9 1,152.0 11,388.0 10,668.1 10,288.8 3,361.2 1,069.5 2,291.7 6,927.6 206.5 172.8 100.6 72.2 719.8 6.3 1,050.5 44.4 1,006.1 301.2 1,902.8 1,190.1 712.7 2,295.2 2,257.8 1,219.5 123.2 915.1 37.4 1,007.6 1,170.7 11,388.2 10,696.2 10,322.1 3,384.0 1,081.2 2,302.7 6,938.1 201.8 172.3 101.2 71.1 692.0 6.1 1,061.3 48.5 1,012.8 303.6 1,888.0 1,174.7 713.3 2,332.5 2,295.2 1,221.5 150.5 923.3 37.3 1,011.0 1,178.9 11,436.4 10,743.2 10,373.2 3,421.8 1,081.8 2,340.0 6,951.4 197.1 172.9 101.8 71.1 693.2 6.1 1,066.7 52.6 1,014.1 306.7 1,878.5 1,159.3 719.2 2,321.5 2,284.5 1,229.5 133.3 921.6 37.0 1,012.0 1,185.1 11,427.3 10,769.6 10,403.6 3,453.0 1,100.5 2,352.5 6,950.6 192.5 173.5 102.4 71.1 657.7 5.8 1,074.1 54.0 1,020.1 307.9 1,891.3 1,172.8 718.6 2,325.6 2,286.2 1,229.8 128.7 927.7 39.3 1,016.9 1,200.7 11,473.7 10,843.5 10,478.0 3,512.5 1,136.2 2,376.3 6,965.5 190.0 175.5 102.7 72.8 630.2 5.5 1,080.4 55.5 1,025.0 309.4 1,909.0 1,186.3 722.7 2,332.6 2,294.0 1,228.9 131.1 934.1 38.6 1,016.7 1,205.0 11,502.6 10,875.8 10,512.4 3,520.3 1,128.9 2,391.4 6,992.2 187.5 175.8 103.0 72.8 626.8 5.4 1,088.6 57.0 1,031.6 311.3 1,930.1 1,199.8 730.3 2,335.0 2,296.6 1,239.2 123.4 934.0 38.4 1,019.2 1,213.0 11,551.1 10,930.2 10,568.9 3,556.2 1,138.6 2,417.5 7,012.8 185.1 176.2 103.3 72.8 620.9 5.4 1,092.5 58.6 1,033.9 317.8 1,940.4 1,201.9 738.5 2,323.8 2,285.2 1,240.7 123.0 921.5 38.7 924.3 1,268.0 11,629.4 10,952.3 10,592.6 3,581.8 1,142.7 2,439.0 7,010.8 183.2 176.4 103.6 72.8 677.1 5.8 9,250.8 9,249.9 9,252.5 9,253.9 9,286.3 9,301.9 9,325.1 9,426.9 10,281.6 10,263.4 10,290.6 10,275.9 10,295.6 10,313.0 10,328.3 10,368.3 36,742 33,172 309,946 36,714 33,088 310,185 36,839 33,149 310,439 36,780 33,074 310,691 36,902 33,113 310,927 36,968 33,145 311,149 37,101 33,173 311,345 37,329 33,281 311,535 August September October November December p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. 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 2009 2010 r 2009 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 ............................................ Old-age, survivors, disability, and health insurance benefits ......... Government unemployment insurance 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 1 ............................................................... 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 2 ................................................................. Disposable personal income: Total, billions of chained (2005) dollars 2 .......................................... Per capita: Current dollars............................................................................... Chained (2005) dollars .................................................................. Population (midperiod, thousands) 3.................................................... 2010 IV I II III r IV r 12,174.9 7,806.7 6,274.1 5,100.5 1,064.0 661.5 4,036.6 990.5 3,046.1 1,173.6 1,532.6 12,544.6 7,991.3 6,405.3 5,218.2 1,056.5 673.1 4,161.7 1,010.1 3,151.6 1,187.1 1,586.1 12,164.0 7,798.7 6,263.9 5,088.3 1,046.7 649.8 4,041.6 986.9 3,054.7 1,175.6 1,534.8 12,239.0 7,831.4 6,284.9 5,110.0 1,046.1 658.3 4,064.0 988.2 3,075.7 1,174.9 1,546.5 12,350.3 7,858.1 6,291.4 5,105.9 1,032.2 652.6 4,073.7 988.0 3,085.8 1,185.5 1,566.7 12,517.1 7,969.9 6,388.8 5,195.7 1,054.3 672.4 4,141.4 1,005.4 3,136.0 1,193.1 1,581.1 12,595.5 8,036.2 6,443.7 5,258.5 1,067.0 682.0 4,191.4 1,017.3 3,174.1 1,185.3 1,592.4 12,715.3 8,101.2 6,497.1 5,312.7 1,072.5 685.2 4,240.2 1,029.6 3,210.6 1,184.4 1,604.1 1,072.0 460.6 1,106.8 479.2 1,074.0 460.8 1,084.0 462.5 1,095.8 470.9 1,103.1 478.0 1,110.3 482.2 1,118.2 485.9 1,011.9 30.5 981.5 274.0 1,919.7 1,222.3 697.4 2,132.8 2,096.8 1,164.5 128.6 803.7 36.0 970.3 1,140.0 11,034.9 10,379.6 10,001.3 3,230.7 1,026.5 2,204.2 6,770.6 216.8 161.4 95.0 66.5 655.3 5.9 1,055.3 44.9 1,010.3 301.2 1,906.4 1,193.7 712.6 2,294.8 2,257.4 1,213.9 136.6 906.9 37.4 1,004.4 1,167.1 11,377.5 10,721.8 10,350.6 3,426.7 1,089.3 2,337.4 6,923.9 198.6 172.5 100.8 71.7 655.7 5.8 1,006.4 28.0 978.4 279.1 1,891.1 1,213.3 677.8 2,159.3 2,123.4 1,172.6 145.0 805.9 35.8 970.6 1,117.0 11,047.0 10,423.6 10,040.7 3,276.1 1,045.2 2,231.0 6,764.6 220.9 161.9 95.6 66.3 623.4 5.6 1,022.1 36.2 985.9 282.8 1,889.2 1,205.8 683.4 2,188.2 2,152.5 1,188.8 143.4 820.2 35.8 974.8 1,117.2 11,121.7 10,505.7 10,131.5 3,312.9 1,043.9 2,269.0 6,818.6 207.8 166.4 97.0 69.5 616.0 5.5 1,030.7 36.8 994.0 292.7 1,911.1 1,208.7 702.4 2,245.5 2,208.9 1,191.3 146.1 871.5 36.6 987.8 1,134.7 11,215.6 10,603.9 10,230.8 3,380.0 1,060.7 2,319.3 6,850.9 203.8 169.2 98.5 70.7 611.8 5.5 1,049.7 38.9 1,010.8 298.8 1,914.4 1,205.3 709.2 2,286.1 2,249.1 1,208.1 136.8 904.2 37.0 1,001.9 1,149.1 11,368.0 10,663.7 10,285.4 3,377.5 1,074.1 2,303.4 6,907.9 206.0 172.3 100.1 72.2 704.3 6.2 1,059.5 48.5 1,011.0 303.8 1,889.7 1,174.7 715.0 2,316.4 2,279.2 1,223.5 135.7 920.0 37.2 1,010.2 1,178.2 11,417.3 10,736.3 10,366.3 3,419.6 1,087.8 2,331.8 6,946.7 197.1 172.9 101.8 71.1 681.0 6.0 1,081.0 55.5 1,025.6 309.5 1,910.2 1,186.3 723.8 2,331.1 2,292.3 1,232.6 127.7 931.9 38.8 1,017.6 1,206.2 11,509.1 10,883.2 10,519.8 3,529.6 1,134.6 2,395.1 6,990.1 187.5 175.8 103.0 72.8 626.0 5.4 9,191.1 9,223.7 9,128.7 9,109.7 9,111.7 9,226.6 9,252.1 9,304.4 10,099.8 10,238.5 10,079.7 10,080.4 10,113.3 10,251.9 10,276.6 10,312.3 35,888 32,847 307,483 36,689 33,016 310,106 35,888 32,746 307,815 36,049 32,673 308,521 36,282 32,717 309,120 36,704 33,100 309,724 36,778 33,103 310,438 36,990 33,144 311,140 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. 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 2010 June 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 ........................................... Old-age, survivors, disability, and health insurance benefits ........ Government unemployment insurance 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 1 .............................................................. 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 2 .................................................................. Disposable personal income, billions of chained (2005) dollars 2 ....... July r August r 2011 September r October r November r December r January p 7.2 –1.0 –3.3 –0.8 –8.7 –6.5 8.0 –1.0 8.9 –2.5 2.3 18.8 31.9 27.8 29.3 7.5 6.2 21.7 7.9 13.9 –1.5 4.1 56.5 24.2 19.8 27.7 7.1 3.0 20.6 3.5 17.1 –7.9 4.4 –3.0 10.0 7.0 11.0 1.7 2.1 9.4 2.7 6.7 –4.1 3.0 62.2 41.5 36.3 32.1 1.6 0.7 30.4 8.0 22.4 4.2 5.3 33.0 0.4 –2.2 –2.0 –0.6 –1.2 –1.4 –1.3 –0.1 0.0 2.4 56.6 25.6 21.8 20.8 2.5 2.6 18.2 6.5 11.8 1.0 3.8 133.2 28.6 16.8 14.8 10.0 7.0 4.8 0.2 4.5 1.9 12.0 2.4 0.0 2.3 1.8 2.4 1.9 2.6 0.4 2.8 2.4 2.5 0.0 2.7 1.1 3.4 8.6 –3.4 1.4 –4.7 0.8 2.3 0.3 2.1 8.4 8.1 0.7 –1.0 8.5 0.2 0.0 0.2 7.0 –2.3 –3.3 –13.6 –5.1 –8.4 10.3 0.5 0.5 0.5 0.0 9.2 2.2 4.1 –1.9 1.6 –14.5 –15.5 0.9 1.4 1.3 10.9 –12.9 3.2 0.2 3.7 18.7 0.2 28.1 33.3 22.8 11.7 11.0 10.5 –4.7 –0.5 0.6 –1.1 –27.8 10.8 4.1 6.7 2.4 –14.8 –15.4 0.6 37.3 37.4 2.0 27.3 8.2 –0.1 3.4 8.2 48.2 47.0 51.1 37.8 0.6 37.3 13.3 –4.7 0.6 0.6 0.0 1.2 5.4 4.1 1.3 3.1 –9.5 –15.4 5.9 –11.0 –10.7 8.0 –17.2 –1.7 –0.3 1.0 6.2 –9.1 26.4 30.4 31.2 18.7 12.5 –0.8 –4.6 0.6 0.6 0.0 –35.5 7.4 1.4 6.0 1.2 12.8 13.5 –0.6 4.1 1.7 0.3 –4.6 6.1 2.3 4.9 15.6 46.4 73.9 74.4 59.5 35.7 23.8 14.9 –2.5 2.0 0.3 1.7 –27.5 6.3 1.5 4.9 1.5 17.7 13.5 4.1 7.0 7.8 –0.9 2.4 6.4 –0.7 –0.2 4.3 28.9 32.3 34.4 7.8 –7.3 15.1 26.7 –2.5 0.3 0.3 0.0 –3.4 8.2 1.5 6.6 1.9 21.1 13.5 7.6 2.4 2.6 10.3 –7.7 –0.1 –0.2 2.5 8.0 48.5 54.4 56.5 35.9 9.7 26.1 20.6 –2.4 0.4 0.3 0.0 –5.9 3.9 1.6 2.3 6.5 10.3 2.1 8.2 –11.2 –11.4 1.5 –0.4 –12.5 0.3 –94.9 55.0 78.3 22.1 23.7 25.6 4.1 21.5 –2.0 –1.9 0.2 0.3 0.0 56.2 10.6 19.2 –0.9 –18.2 2.6 27.2 1.4 –14.7 32.4 19.7 15.6 17.4 23.2 15.3 101.8 40.0 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. 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 2009 2010 r 2009 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 .......................................... Old-age, survivors, disability, and health insurance benefits ....... Government unemployment insurance 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 1 ............................................................. 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 2 ................................................................. Disposable personal income, billions of chained (2005) dollars 2 ...... 2010 IV I III r II IV r –216.2 –259.1 –284.9 –314.6 –143.6 –79.7 –170.8 –60.4 –110.5 29.6 25.8 369.7 184.6 131.2 117.7 –7.5 11.6 125.1 19.6 105.5 13.5 53.5 –39.4 –20.3 –23.8 –23.1 –16.3 –9.3 –6.9 –3.0 –3.8 –0.6 3.4 75.0 32.7 21.0 21.7 –0.6 8.5 22.4 1.3 21.0 –0.7 11.7 111.3 26.7 6.5 –4.1 –13.9 –5.7 9.7 –0.2 10.1 10.6 20.2 166.8 111.8 97.4 89.8 22.1 19.8 67.7 17.4 50.2 7.6 14.4 78.4 66.3 54.9 62.8 12.7 9.6 50.0 11.9 38.1 –7.8 11.3 119.8 65.0 53.4 54.2 5.5 3.2 48.8 12.3 36.5 –0.9 11.7 35.4 –9.5 34.8 18.6 4.1 –0.7 10.0 1.7 11.8 8.4 7.3 7.1 7.2 4.2 7.9 3.7 –90.1 –20.3 –69.7 52.0 –189.6 –92.4 –97.2 253.6 254.2 96.2 77.9 80.1 –0.7 –16.9 –298.2 82.0 –125.4 –103.2 –148.8 –57.0 –91.8 45.6 –29.4 7.1 5.3 1.9 207.4 43.4 14.4 28.8 27.2 –13.3 –28.6 15.2 162.0 160.6 49.4 8.0 103.2 1.4 34.1 27.1 342.6 342.2 349.3 196.0 62.8 133.2 153.3 –18.2 11.1 5.8 5.2 0.4 5.9 0.0 5.9 9.7 –34.8 –16.2 –18.6 –0.9 –0.7 14.4 17.3 –32.2 –0.3 –1.0 4.5 –43.9 126.2 120.6 100.7 40.5 60.3 19.9 2.5 3.0 1.3 1.7 –170.1 15.7 8.2 7.5 3.7 –1.9 –7.5 5.6 28.9 29.1 16.2 –1.6 14.3 0.0 4.2 0.2 74.7 82.1 90.8 36.8 –1.3 38.0 54.0 –13.1 4.5 1.4 3.2 –7.4 8.6 0.6 8.1 9.9 21.9 2.9 19.0 57.3 56.4 2.5 2.7 51.3 0.8 13.0 17.5 93.9 98.2 99.3 67.1 16.8 50.3 32.3 –4.0 2.8 1.5 1.2 –4.2 19.0 2.1 16.8 6.1 3.3 –3.4 6.8 40.6 40.2 16.8 –9.3 32.7 0.4 14.1 14.4 152.4 59.8 54.6 –2.5 13.4 –15.9 57.0 2.2 3.1 1.6 1.5 92.5 9.8 9.6 0.2 5.0 –24.7 –30.6 5.8 30.3 30.1 15.4 –1.1 15.8 0.2 8.3 29.1 49.3 72.6 80.9 42.1 13.7 28.4 38.8 –8.9 0.6 1.7 –1.1 –23.3 21.5 7.0 14.6 5.7 20.5 11.6 8.8 14.7 13.1 9.1 –8.0 11.9 1.6 7.4 28.0 91.8 146.9 153.5 110.0 46.8 63.3 43.4 –9.6 2.9 1.2 1.7 –55.0 –447.4 56.9 32.6 138.7 –101.5 –113.3 –19.0 0.7 2.0 32.9 114.9 138.6 25.5 24.7 52.3 35.7 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. 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 2010 July r June August r 2011 September r October r November r December r January 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................................................................................... 0.1 0.0 –0.1 0.1 0.2 0.4 0.4 0.3 0.4 0.3 0.3 0.3 0.0 0.1 0.1 0.2 0.5 0.5 0.6 0.3 0.3 0.0 0.0 0.2 0.4 0.3 0.3 0.2 1.0 0.4 0.3 0.7 –0.3 0.3 0.1 0.0 0.3 0.4 0.0 0.0 0.1 0.2 0.5 –0.8 –1.3 0.1 0.1 0.4 1.6 0.0 1.0 0.8 –0.8 –1.3 0.1 1.6 0.3 0.7 0.4 0.5 1.0 –0.5 –1.3 0.8 –0.5 0.1 0.5 –0.1 0.7 0.4 0.7 1.2 –0.1 0.2 0.5 1.3 0.4 0.6 0.5 0.9 1.2 0.6 0.3 0.0 0.4 0.3 0.8 0.6 1.1 1.1 1.0 0.1 0.2 0.7 0.4 0.4 2.1 0.5 0.2 1.1 –0.5 –9.3 4.5 0.7 0.0 –0.4 –0.5 –0.4 0.1 0.3 0.7 1.1 0.5 0.2 0.5 1.1 0.1 1.6 0.2 0.3 0.9 1.7 0.5 0.0 0.7 1.7 3.2 1.0 0.2 0.3 0.2 –0.6 0.6 0.4 0.5 1.0 0.9 1.1 0.3 0.2 0.7 0.4 0.9 0.0 0.2 0.2 0.2 0.1 1.1 0.4 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts .......... Real disposable personal income ............................................... 0.1 0.2 0.0 –0.2 0.0 0.3 0.0 –0.1 0.3 0.2 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2009 2010 r 2009 III 2010 IV I III r II IV r 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.................................................................................. –1.7 –3.2 –4.3 1.7 3.0 2.4 2.1 3.5 –1.3 –1.0 –1.5 0.9 2.5 1.7 1.3 3.1 3.7 1.4 0.4 5.3 5.5 5.8 6.3 3.7 2.5 3.4 3.5 2.9 3.9 3.3 3.4 3.0 –8.2 23.4 –9.0 –7.0 –12.2 13.5 –1.7 –20.7 0.7 4.3 9.9 –0.7 –2.3 2.2 7.6 3.5 2.4 3.1 2.4 15.3 –7.0 –5.2 –10.2 –0.2 –0.4 1.6 –1.6 6.4 5.4 –0.4 –2.5 3.3 5.5 1.7 0.1 2.7 3.4 14.7 4.7 1.0 11.6 10.9 5.4 6.4 3.4 7.6 8.7 0.7 –1.1 3.9 7.4 5.9 5.2 5.5 3.8 6.9 –5.1 –9.8 3.4 5.4 3.3 10.5 1.7 8.4 7.7 4.4 4.0 5.0 2.6 3.0 9.9 3.3 –1.0 –4.4 –5.3 –4.0 0.7 3.5 6.1 6.1 6.0 2.3 5.0 13.3 17.1 11.6 1.2 3.7 4.6 –0.5 7.0 3.2 4.0 8.3 6.6 9.2 1.9 2.1 –0.3 5.1 –2.7 3.4 3.2 5.1 5.2 5.0 2.3 6.1 13.5 18.3 11.3 2.5 1.3 5.6 0.3 1.0 0.6 1.4 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. –4.6 0.6 0.4 1.4 –1.1 –4.4 –0.2 0.0 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 0.0 1.3 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2010 June July August 2011 September October r November r December r January p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,289.3 3,222.3 1,156.2 2,064.4 6,066.9 9,302.6 3,231.9 1,172.0 2,060.4 6,071.0 9,333.9 3,254.3 1,172.2 2,081.2 6,080.9 9,355.4 3,279.4 1,193.6 2,087.1 6,078.7 9,402.1 3,323.2 1,235.2 2,094.1 6,083.8 9,425.2 3,329.3 1,230.4 2,103.7 6,100.6 9,450.2 3,343.5 1,245.2 2,105.0 6,111.7 9,443.9 3,341.8 1,249.1 2,100.3 6,107.2 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 8.8 0.5 –2.0 2.1 8.0 13.3 9.6 15.8 –4.0 4.1 31.3 22.4 0.2 20.8 9.9 21.5 25.1 21.4 5.9 –2.2 46.7 43.8 41.6 7.0 5.1 23.1 6.1 –4.8 9.6 16.8 25.0 14.2 14.8 1.3 11.1 –6.3 –1.7 3.9 –4.7 –4.5 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.1 0.0 –0.2 0.1 0.1 0.1 0.3 1.4 –0.2 0.1 0.3 0.7 0.0 1.0 0.2 0.2 0.8 1.8 0.3 0.0 0.5 1.3 3.5 0.3 0.1 0.2 0.2 –0.4 0.5 0.3 0.3 0.4 1.2 0.1 0.2 –0.1 –0.1 0.3 –0.2 –0.1 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2009 2010 r 2009 III 2010 IV I IV r II III 9,275.7 3,222.6 1,157.8 2,063.4 6,053.4 9,330.6 3,255.2 1,179.3 2,076.2 6,076.9 9,425.9 3,332.0 1,236.9 2,100.9 6,098.7 54.9 32.6 21.5 12.8 23.5 95.3 76.8 57.6 24.7 21.8 2.4 4.1 7.6 2.5 1.6 4.1 9.8 21.0 4.8 1.4 Billions of chained (2005) dollars Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... 9,153.9 3,117.4 1,094.6 2,017.4 6,032.7 9,314.4 3,251.3 1,178.2 2,073.5 6,064.6 Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... –111.1 –62.9 –41.8 –23.8 –49.6 160.5 133.9 83.6 56.1 31.9 9,161.6 3,138.2 1,118.3 2,016.9 6,020.7 9,182.9 3,151.8 1,115.1 2,032.3 6,028.7 9,225.4 3,195.4 1,138.9 2,053.5 6,029.6 Change from preceding period in billions of chained (2005) dollars 44.6 54.2 50.1 8.6 –7.0 21.3 13.6 –3.2 15.4 8.0 42.5 43.6 23.8 21.2 0.9 50.3 27.2 18.9 9.9 23.8 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... r Revised –1.2 –2.0 –3.7 –1.2 –0.8 1.8 4.3 7.6 2.8 0.5 2.0 7.2 20.1 1.7 –0.5 0.9 1.7 –1.1 3.1 0.5 1.9 5.7 8.8 4.2 0.1 2.2 3.4 6.8 1.9 1.6 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2010 June July August 2011 September r October November r December r January 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 ........................ 110.762 104.318 92.488 111.016 114.186 110.962 104.713 92.243 111.771 114.282 111.137 105.155 92.273 112.446 114.316 111.207 105.305 92.188 112.728 114.343 111.446 105.705 91.977 113.482 114.493 111.537 105.745 91.739 113.683 114.613 111.841 106.367 91.425 114.854 114.743 112.166 107.189 91.472 116.132 114.796 110.255 113.771 114.081 110.655 110.042 110.299 113.836 117.102 110.923 110.141 110.328 113.919 119.873 111.182 110.243 110.327 114.212 120.838 111.276 110.259 110.394 114.317 124.168 111.495 110.275 110.486 114.369 124.286 111.571 110.349 110.526 114.459 129.377 111.892 110.366 110.662 115.210 132.300 112.201 110.454 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 ........................ –0.1 –0.4 –0.3 –0.5 0.0 0.2 0.4 –0.3 0.7 0.1 0.2 0.4 0.0 0.6 0.0 0.1 0.1 –0.1 0.3 0.0 0.2 0.4 –0.2 0.7 0.1 0.1 0.0 –0.3 0.2 0.1 0.3 0.6 –0.3 1.0 0.1 0.3 0.8 0.1 1.1 0.0 0.1 –0.2 –3.0 –0.1 0.1 0.0 0.1 2.6 0.2 0.1 0.0 0.1 2.4 0.2 0.1 0.0 0.3 0.8 0.1 0.0 0.1 0.1 2.8 0.2 0.0 0.1 0.0 0.1 0.1 0.1 0.0 0.1 4.1 0.3 0.0 0.1 0.7 2.3 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 2010 July r June Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 1.4 1.9 4.2 7.3 2.9 0.7 August r 1.7 1.9 3.9 6.5 2.7 0.9 2.1 1.3 1.9 –0.4 3.1 1.0 2011 September r 2.1 2.3 5.4 10.7 3.0 0.9 October r 2.5 2.5 5.9 12.2 3.2 0.9 November r 2.3 2.7 5.4 10.0 3.3 1.4 December r 2.1 2.7 5.9 10.7 3.7 1.2 January p 2.7 2.8 5.8 11.9 3.0 1.3 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2010 June 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 ....................... July August 2011 September October r November r December r January p 1.4 0.3 –1.7 1.2 1.9 1.5 0.8 –1.4 1.8 1.9 1.4 0.6 –1.0 1.4 1.7 1.3 0.5 –1.4 1.4 1.7 1.2 0.8 –1.8 2.0 1.4 1.1 0.6 –2.0 1.8 1.3 1.2 1.0 –2.2 2.5 1.3 1.2 1.2 –1.9 2.7 1.2 1.4 0.2 3.4 1.1 1.1 1.3 0.7 5.6 1.3 1.1 1.2 0.7 4.0 1.2 1.1 1.1 1.3 4.2 1.2 1.0 0.9 1.3 6.3 1.2 0.8 0.9 1.3 4.0 1.1 0.8 0.8 1.2 7.4 1.2 0.8 0.8 1.7 6.7 1.3 0.8 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