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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, AUGUST 29, 2011 BEA 11-43 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: JULY 2011 Personal income increased $42.4 billion, or 0.3 percent, and disposable personal income (DPI) increased $32.5 billion, or 0.3 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $88.4 billion, or 0.8 percent. In June, personal income increased $27.7 billion, or 0.2 percent, DPI increased $22.6 billion, or 0.2 percent, and PCE decreased $14.3 billion, or 0.1 percent, based on revised estimates. Real disposable income decreased 0.1 percent in July, in contrast to an increase of 0.3 percent in June. Real PCE increased 0.5 percent, compared with a decrease of less than 0.1 percent. 2011 Mar. Apr. May June (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 July 0.5 0.4 0.3 0.2 0.3 0.4 0.0 0.4 0.1 0.2 0.1 0.2 0.3 0.3 -0.1 0.6 0.2 0.2 -0.1 0.1 0.0 -0.1 0.0 0.8 0.5 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2011 (first quarter). These estimates reflect newly available first-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. ________________________ NOTE. Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. 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- Wages and salaries Private wage and salary disbursements increased $24.3 billion in July, compared with an increase of $8.9 billion in June. Goods-producing industries' payrolls increased $3.7 billion, in contrast to a decrease of $0.3 billion; manufacturing payrolls increased $3.6 billion, in contrast to a decrease of $0.9 billion. Services-producing industries' payrolls increased $20.5 billion, compared with an increase of $9.2 billion. Government wage and salary disbursements decreased $0.1 billion in July; government wage and salary disbursements were unchanged in June. -more- -3- Other personal income Supplements to wages and salaries increased $3.7 billion in July, compared with an increase of $2.1 billion in June. Proprietors' income increased $3.2 billion in July, compared with an increase of $0.9 billion in June. Farm proprietors' income decreased $0.5 billion, compared with a decrease of $0.9 billion. Nonfarm proprietors' income increased $3.7 billion, compared with an increase of $1.9 billion. Rental income of persons increased $5.0 billion in July, in contrast to a decrease of $1.2 billion in June. Personal income receipts on assets (personal interest income plus personal dividend income) increased $7.5 billion, compared with an increase of $10.5 billion. Personal current transfer receipts increased $2.2 billion, compared with an increase of $7.6 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $3.5 billion in July, compared with an increase of $1.1 billion in June. Personal current taxes and disposable personal income Personal current taxes increased $9.9 billion in July, compared with an increase of $5.1 billion in June. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $32.5 billion, or 0.3 percent, in July, compared with an increase of $22.6 billion, or 0.2 percent in June. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $88.4 billion in July, in contrast to a decrease of $16.8 billion in June. PCE increased $88.4 billion, in contrast to a decrease of $14.3 billion. Personal saving -- DPI less personal outlays -- was $582.8 billion in July, compared with $638.6 billion in June. Personal saving as a percentage of disposable personal income was 5.0 percent in July, compared with 5.5 percent in June. 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 July, in contrast to an increase of 0.3 percent in June. Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in July, in contrast to a decrease of less than 0.1 percent in June. Purchases of durable goods increased 2.0 percent, in contrast to a decrease of 1.3 percent. Purchases of motor vehicles and parts accounted for most of the increase in July and for most of the decrease in June. Purchases of nondurable goods decreased 0.3 percent in July, in contrast to an increase of 0.4 percent in June. Purchases of services increased 0.5 percent, compared with an increase of 0.1 percent. PCE price index -- The price index for PCE increased 0.4 percent in July, in contrast to a decrease of 0.1 percent in June. The PCE price index, excluding food and energy, increased 0.2 percent, the same increase as in June. -more- -5- Revisions Estimates of personal income have been revised for January through June; estimates for PCE have been revised for April through June. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for May and June -- revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from January through June. The revisions to firstquarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of the first-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for April, May, and June reflect extrapolations from the revised first-quarter level of wages. In addition, revisions to May and June reflect revised BLS employment, hours, and earnings data for May and June. Change from preceding month May Previous Revised (Billions of dollars) June Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars 23.2 34.7 0.2 0.3 18.7 27.7 0.1 0.2 Disposable personal income: Current dollars Chained (2005) dollars 17.6 -1.4 26.3 5.6 0.2 0.0 0.2 0.1 16.3 31.9 22.6 32.9 0.1 0.3 0.2 0.3 Personal consumption expenditures: Current dollars 5.9 Chained (2005) dollars -10.2 14.8 -3.1 0.1 -0.1 0.1 0.0 -21.9 -3.2 -14.3 -0.6 -0.2 0.0 -0.1 0.0 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 – September 30, 2011 at 8:30 A.M. EDT for Personal Income and Outlays for August -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2010 2011 December 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................................................. January r February r March r April r May r June r July p 12,625.0 8,056.8 6,481.4 5,293.0 1,071.0 687.1 4,222.0 1,017.6 3,204.4 1,188.4 1,575.4 12,780.3 8,126.2 6,536.8 5,346.5 1,087.4 697.5 4,259.2 1,025.3 3,233.9 1,190.2 1,589.4 12,850.6 8,177.6 6,582.9 5,391.9 1,090.2 698.0 4,301.6 1,035.5 3,266.1 1,191.0 1,594.7 12,909.7 8,213.9 6,614.8 5,422.8 1,099.4 705.9 4,323.4 1,042.5 3,280.8 1,192.0 1,599.1 12,962.5 8,244.2 6,641.6 5,449.1 1,105.6 709.3 4,343.5 1,051.4 3,292.1 1,192.5 1,602.6 12,997.2 8,268.4 6,662.3 5,470.2 1,110.5 713.2 4,359.7 1,050.7 3,309.0 1,192.1 1,606.1 13,024.9 8,279.4 6,671.2 5,479.1 1,110.2 712.3 4,368.9 1,055.0 3,314.0 1,192.1 1,608.2 13,067.3 8,307.3 6,695.4 5,503.4 1,113.9 715.9 4,389.4 1,059.4 3,330.0 1,192.0 1,611.9 1,098.6 476.8 1,100.9 488.5 1,103.0 491.7 1,105.0 494.1 1,106.9 495.7 1,108.7 497.4 1,110.5 497.7 1,112.5 499.4 1,085.7 59.9 1,025.7 1,086.6 63.0 1,023.6 1,097.1 66.1 1,031.1 1,103.1 69.2 1,033.9 1,105.0 68.3 1,036.7 1,105.1 67.3 1,037.7 1,106.0 66.4 1,039.6 1,109.2 65.9 1,043.3 354.7 1,766.8 1,001.5 765.3 2,355.6 2,316.8 705.6 540.7 447.2 124.6 59.6 439.0 38.8 369.7 1,772.2 1,003.1 769.1 2,331.2 2,291.1 702.8 544.3 436.5 121.5 61.0 424.9 40.1 384.9 1,780.2 1,004.7 775.4 2,322.9 2,284.0 701.4 547.9 430.7 116.4 60.6 427.0 38.9 400.3 1,779.2 1,006.4 772.8 2,330.1 2,290.7 705.1 551.1 429.0 114.5 62.4 428.6 39.3 398.3 1,792.6 1,011.8 780.8 2,342.9 2,303.4 713.1 553.2 433.4 110.8 63.1 429.8 39.4 396.9 1,803.8 1,017.2 786.6 2,346.7 2,307.3 711.4 553.9 438.7 106.4 61.8 435.0 39.4 395.7 1,814.3 1,022.6 791.7 2,354.3 2,315.0 712.1 554.7 440.8 109.2 63.6 434.7 39.3 400.7 1,821.8 1,022.1 799.7 2,356.5 2,316.9 715.2 555.8 438.3 106.9 64.0 436.7 39.6 994.5 1,247.6 11,377.3 10,786.3 10,456.1 3,502.5 1,127.6 2,374.8 6,953.6 161.2 169.0 96.6 72.5 591.0 905.7 1,352.8 11,427.5 10,828.8 10,498.0 3,546.0 1,139.9 2,406.1 6,952.0 160.8 170.0 96.6 73.5 598.6 912.1 1,367.1 11,483.5 10,908.1 10,577.7 3,603.3 1,162.6 2,440.7 6,974.4 160.3 170.1 96.6 73.5 575.4 916.8 1,377.7 11,532.1 10,969.3 10,639.2 3,627.4 1,161.0 2,466.4 7,011.9 159.8 170.2 96.7 73.5 562.8 920.5 1,387.2 11,575.3 10,990.0 10,661.9 3,646.9 1,157.7 2,489.2 7,015.1 157.2 170.9 96.9 74.0 585.3 923.7 1,395.6 11,601.6 11,002.3 10,676.7 3,625.3 1,144.2 2,481.1 7,051.3 154.5 171.1 97.1 74.0 599.4 924.8 1,400.7 11,624.2 10,985.5 10,662.4 3,600.9 1,131.1 2,469.8 7,061.5 151.8 171.3 97.3 74.0 638.6 928.3 1,410.6 11,656.7 11,073.9 10,750.8 3,640.4 1,152.9 2,487.5 7,110.4 151.5 171.6 97.5 74.0 582.8 5.2 5.2 5.0 4.9 5.1 5.2 5.5 5.0 9,178.4 9,305.0 9,337.7 9,346.8 9,351.8 9,362.9 9,392.5 9,393.1 10,168.7 10,176.3 10,185.5 10,188.3 10,193.4 10,199.0 10,231.9 10,222.6 36,543 32,660 311,345 36,683 32,666 311,521 36,842 32,678 311,696 36,977 32,668 311,870 37,095 32,666 312,049 37,156 32,664 312,240 37,204 32,748 312,440 37,282 32,695 312,665 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2011. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2009 2010 2010 I 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................................................. II 2011 III IV I r II r 11,930.2 7,801.4 6,270.3 5,095.0 1,063.4 660.9 4,031.7 989.6 3,042.0 1,175.3 1,531.1 12,373.5 7,971.4 6,408.2 5,217.4 1,059.2 674.2 4,158.2 1,006.0 3,152.2 1,190.8 1,563.1 12,137.7 7,852.5 6,301.6 5,113.0 1,036.9 655.3 4,076.0 987.4 3,088.7 1,188.6 1,550.9 12,325.6 7,960.0 6,399.8 5,203.5 1,058.6 673.6 4,144.9 1,004.5 3,140.4 1,196.3 1,560.2 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 12,994.9 8,264.0 6,658.4 5,466.2 1,108.8 711.6 4,357.4 1,052.3 3,305.0 1,192.2 1,605.6 1,073.1 458.0 1,089.9 473.2 1,083.4 467.5 1,087.6 472.6 1,092.0 475.7 1,096.8 476.9 1,103.0 491.4 1,108.7 496.9 941.2 39.2 902.0 1,036.4 52.2 984.2 981.7 44.6 937.1 1,025.6 45.8 979.7 1,057.0 58.3 998.7 1,081.5 60.1 1,021.4 1,095.6 66.1 1,029.5 1,105.4 67.3 1,038.0 305.9 1,707.7 1,108.9 598.8 2,138.1 2,099.9 664.5 493.8 374.1 130.6 51.5 385.4 38.2 350.2 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 38.3 344.1 1,693.3 1,026.1 667.2 2,242.1 2,204.1 678.6 505.6 386.6 152.8 55.8 424.8 38.0 349.1 1,724.5 1,014.1 710.4 2,252.1 2,214.1 688.3 511.5 389.8 137.4 57.3 429.9 38.0 352.8 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 39.5 397.0 1,803.6 1,017.2 786.4 2,348.0 2,308.6 712.2 553.9 437.6 108.8 62.8 433.2 39.4 964.1 1,141.4 10,788.8 10,236.3 9,866.1 3,197.5 1,029.6 2,167.8 6,668.7 213.7 156.5 89.1 67.4 552.6 986.8 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 72.9 592.8 976.0 1,146.4 10,991.3 10,457.2 10,103.7 3,338.1 1,058.0 2,280.1 6,765.6 188.3 165.2 93.4 71.9 534.1 985.7 1,175.4 11,150.2 10,527.0 10,184.8 3,340.1 1,071.7 2,268.3 6,844.7 174.4 167.8 94.8 72.9 623.3 991.5 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 73.5 578.9 923.0 1,394.5 11,600.4 10,992.6 10,667.0 3,624.4 1,144.3 2,480.0 7,042.6 154.5 171.1 97.1 74.0 607.8 5.1 5.3 4.9 5.6 5.6 5.2 5.0 5.2 8,969.7 9,083.0 8,933.4 9,086.5 9,145.7 9,166.7 9,329.8 9,369.1 9,882.7 10,061.6 9,922.5 10,057.8 10,114.4 10,152.0 10,183.2 10,208.1 35,088 32,141 307,483 36,051 32,446 310,106 35,557 32,099 309,120 36,001 32,473 309,724 36,208 32,581 310,438 36,436 32,628 311,140 36,834 32,670 311,696 37,152 32,693 312,243 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2011. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2010 2011 December 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..... January r February r March r April r May r June r July p 63.2 15.3 13.2 12.6 1.5 2.9 11.2 4.8 6.4 0.6 2.1 155.3 69.4 55.4 53.5 16.4 10.4 37.2 7.7 29.5 1.8 14.0 70.3 51.4 46.1 45.4 2.8 0.5 42.4 10.2 32.2 0.8 5.3 59.1 36.3 31.9 30.9 9.2 7.9 21.8 7.0 14.7 1.0 4.4 52.8 30.3 26.8 26.3 6.2 3.4 20.1 8.9 11.3 0.5 3.5 34.7 24.2 20.7 21.1 4.9 3.9 16.2 –0.7 16.9 –0.4 3.5 27.7 11.0 8.9 8.9 –0.3 –0.9 9.2 4.3 5.0 0.0 2.1 42.4 27.9 24.2 24.3 3.7 3.6 20.5 4.4 16.0 –0.1 3.7 1.9 0.3 2.3 11.7 2.1 3.2 2.0 2.4 1.9 1.6 1.8 1.7 1.8 0.3 2.0 1.7 4.7 –0.2 4.7 0.9 3.1 –2.1 10.5 3.1 7.5 6.0 3.1 2.8 1.9 –0.9 2.8 0.1 –1.0 1.0 0.9 –0.9 1.9 3.2 –0.5 3.7 –0.2 28.2 12.2 16.0 16.7 17.0 8.9 5.5 6.0 –3.2 0.7 –1.0 –0.3 15.0 5.4 1.6 3.8 –24.4 –25.7 –2.8 3.6 –10.7 –3.1 1.4 –14.1 1.3 15.2 8.0 1.6 6.3 –8.3 –7.1 –1.4 3.6 –5.8 –5.1 –0.4 2.1 –1.2 15.4 –1.0 1.7 –2.6 7.2 6.7 3.7 3.2 –1.7 –1.9 1.8 1.6 0.4 –2.0 13.4 5.4 8.0 12.8 12.7 8.0 2.1 4.4 –3.7 0.7 1.2 0.1 –1.4 11.2 5.4 5.8 3.8 3.9 –1.7 0.7 5.3 –4.4 –1.3 5.2 0.0 –1.2 10.5 5.4 5.1 7.6 7.7 0.7 0.8 2.1 2.8 1.8 –0.3 –0.1 5.0 7.5 –0.5 8.0 2.2 1.9 3.1 1.1 –2.5 –2.3 0.4 2.0 0.3 1.3 7.7 55.4 36.9 38.4 21.1 4.5 16.5 17.3 –1.5 0.1 0.1 0.0 18.5 –88.8 105.2 50.2 42.5 41.9 43.5 12.3 31.3 –1.6 –0.4 1.0 0.0 1.0 7.6 6.4 14.3 56.0 79.3 79.7 57.3 22.7 34.6 22.4 –0.5 0.1 0.0 0.0 –23.2 4.7 10.6 48.6 61.2 61.5 24.1 –1.6 25.7 37.5 –0.5 0.1 0.1 0.0 –12.6 3.7 9.5 43.2 20.7 22.7 19.5 –3.3 22.8 3.2 –2.6 0.7 0.2 0.5 22.5 3.2 8.4 26.3 12.3 14.8 –21.6 –13.5 –8.1 36.2 –2.7 0.2 0.2 0.0 14.1 1.1 5.1 22.6 –16.8 –14.3 –24.4 –13.1 –11.3 10.2 –2.7 0.2 0.2 0.0 39.2 3.5 9.9 32.5 88.4 88.4 39.5 21.8 17.7 48.9 –0.3 0.3 0.2 0.0 –55.8 18.6 24.1 126.6 7.6 32.7 9.2 9.1 2.8 5.0 5.1 11.1 5.6 29.6 32.9 0.6 –9.3 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2011. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2009 2010 2010 I 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..... II 2011 III IV I r II r –530.0 –271.9 –280.6 –311.8 –144.3 –80.0 –167.3 –60.1 –107.3 31.2 8.6 443.3 170.0 137.9 122.4 –4.2 13.3 126.5 16.4 110.2 15.5 32.0 199.5 48.1 30.2 20.8 –4.1 –0.8 24.8 3.6 21.3 9.4 17.9 187.9 107.5 98.2 90.5 21.7 18.3 68.9 17.1 51.7 7.7 9.3 127.6 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 20.7 148.0 91.5 80.2 79.1 16.5 11.2 62.7 17.9 44.7 1.1 11.2 20.7 –12.1 16.8 15.2 7.2 10.7 4.2 5.1 4.4 3.1 4.8 1.2 6.2 14.5 5.7 5.5 –156.7 –12.6 –144.1 95.2 13.0 82.2 33.2 3.2 30.1 43.9 1.2 42.6 31.4 12.5 19.0 24.5 1.8 22.7 14.1 6.0 8.1 9.8 1.2 8.5 74.3 –457.7 –273.1 –184.6 258.9 257.5 59.0 32.2 35.9 79.7 6.5 44.3 1.4 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 18.2 57.3 –11.9 69.2 57.2 57.5 2.9 2.9 8.6 4.1 2.0 37.1 –0.3 5.0 31.2 –12.0 43.2 10.0 10.0 9.7 5.9 3.2 –15.4 1.5 5.1 0.0 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 12.0 26.4 12.5 13.9 19.9 20.0 9.1 6.1 5.5 –8.7 1.5 6.3 –0.1 –23.2 –294.3 –235.7 –195.9 –169.4 –184.2 –79.3 –105.0 14.9 –31.9 5.5 4.2 1.2 –39.7 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 14.5 20.0 179.6 106.0 113.7 68.1 19.2 49.0 45.5 –11.8 4.1 1.9 2.3 73.6 9.7 29.0 158.9 69.8 81.1 2.0 13.7 –11.8 79.1 –13.9 2.6 1.4 1.0 89.2 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 11.5 28.6 119.4 90.5 95.3 32.2 –10.2 42.2 63.2 –5.8 1.0 0.5 0.5 28.9 –742.6 –236.8 113.3 178.9 87.9 117.1 153.1 135.3 59.2 56.6 21.0 37.6 163.1 31.2 39.3 24.9 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2011. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2010 2011 December January r February r March r April r May r June r July 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 0.2 0.2 0.1 1.2 0.9 0.9 0.9 0.6 0.6 0.7 0.3 0.5 0.4 0.5 0.3 0.4 0.4 0.4 0.2 0.3 0.3 0.3 0.2 0.2 0.1 0.1 0.1 0.3 0.3 0.4 0.2 0.4 –0.1 1.6 1.2 2.1 0.7 0.1 0.6 0.5 0.1 4.2 0.3 0.2 0.5 –1.0 –8.9 8.4 0.4 1.0 4.1 0.4 0.2 0.8 –0.4 0.7 1.1 0.5 0.5 4.0 –0.1 0.2 –0.3 0.3 0.5 0.8 0.4 0.2 –0.5 0.8 0.5 1.0 0.5 0.4 0.7 0.4 0.0 –0.4 0.6 0.5 0.7 0.2 0.4 0.6 0.2 0.1 –0.3 0.6 0.5 0.6 0.3 0.1 0.4 0.2 0.3 1.3 0.4 –0.1 1.0 0.1 0.4 0.7 0.3 0.4 0.6 0.4 0.7 0.2 0.4 1.2 1.1 1.3 0.0 0.8 1.6 2.0 1.4 0.3 0.6 0.7 –0.1 1.1 0.5 0.2 0.5 –0.3 0.9 0.0 0.1 –0.6 –1.2 –0.3 0.5 –0.1 –0.7 –1.1 –0.5 0.1 0.8 1.1 1.9 0.7 0.7 0.1 0.1 0.3 0.3 0.0 –0.1 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. 0.2 0.2 1.4 0.1 0.4 0.1 0.1 0.0 0.1 0.1 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2011. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2009 2010 2010 I II 2011 III Ir IV II 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.................................................................................. –4.3 –3.4 –4.3 0.6 3.7 2.2 2.2 2.1 6.9 2.5 1.9 4.8 6.3 5.6 6.4 2.4 4.2 3.2 3.5 1.9 4.1 1.4 1.4 1.6 8.8 6.2 6.4 5.4 4.7 4.6 5.0 2.9 –14.3 32.1 –21.1 –19.8 –23.6 13.8 –2.3 –20.5 –2.1 10.1 14.5 0.8 –9.5 19.9 6.7 2.4 4.6 3.6 14.8 24.3 14.8 –4.5 55.0 10.9 6.2 7.3 6.8 19.1 5.9 7.6 –4.6 28.5 1.8 4.0 10.5 5.9 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 3.6 13.1 6.1 5.1 7.4 3.5 5.1 8.6 4.2 –1.7 –5.4 –7.1 –4.6 0.2 3.8 5.9 5.4 6.2 2.8 4.6 8.6 7.6 9.1 2.7 3.2 0.2 5.3 –2.0 4.8 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 3.7 3.6 –3.5 7.1 3.7 0.2 1.5 1.8 1.2 0.4 1.0 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. –7.6 –2.3 1.3 1.8 1.0 4.9 1.7 5.6 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2011. 0.7 2.3 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2010 December 2011 January February April r March May r June r July p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,345.3 3,311.1 1,249.8 2,066.2 6,039.2 9,348.6 3,327.0 1,262.8 2,070.8 6,027.8 9,382.1 3,355.3 1,285.2 2,079.3 6,034.2 9,399.5 3,351.0 1,284.1 2,076.2 6,055.2 9,389.0 3,347.8 1,277.2 2,078.7 6,047.9 9,385.9 3,328.3 1,260.9 2,073.2 6,063.1 9,385.3 3,322.3 1,244.1 2,080.6 6,068.1 9,428.2 3,335.8 1,268.9 2,074.1 6,097.4 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 10.9 1.0 9.9 –7.0 9.6 3.3 15.9 13.0 4.6 –11.4 33.5 28.3 22.4 8.5 6.4 17.4 –4.3 –1.1 –3.1 21.0 –10.5 –3.2 –6.9 2.5 –7.3 –3.1 –19.5 –16.3 –5.5 15.2 –0.6 –6.0 –16.8 7.4 5.0 42.9 13.5 24.8 –6.5 29.3 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.1 0.0 0.8 –0.3 0.2 0.0 0.5 1.0 0.2 –0.2 0.4 0.8 1.8 0.4 0.1 0.2 –0.1 –0.1 –0.1 0.3 –0.1 –0.1 –0.5 0.1 –0.1 0.0 –0.6 –1.3 –0.3 0.3 0.0 –0.2 –1.3 0.4 0.1 0.5 0.4 2.0 –0.3 0.5 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 2010 I II 2011 III IV I II r 9,328.4 3,306.0 1,242.4 2,067.4 6,027.5 9,376.7 3,344.4 1,277.4 2,075.4 6,039.1 9,386.7 3,332.8 1,260.8 2,077.5 6,059.7 48.3 38.4 35.0 8.0 11.6 10.0 –11.6 –16.6 2.1 20.6 2.1 4.7 11.7 1.6 0.8 0.4 –1.4 –5.1 0.4 1.4 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,037.5 3,098.0 1,108.3 1,983.4 5,935.5 9,220.9 3,230.7 1,188.3 2,041.3 5,991.8 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –174.2 –94.9 –63.5 –35.7 –81.5 183.4 132.7 80.0 57.9 56.3 9,121.2 3,173.3 1,147.5 2,021.1 5,947.4 9,186.9 3,202.9 1,169.3 2,030.8 5,984.3 9,247.1 3,240.8 1,194.1 2,045.8 6,008.1 Change from preceding period in billions of chained (2005) dollars 61.0 48.7 26.7 23.4 14.5 65.7 29.6 21.8 9.7 36.9 60.2 37.9 24.8 15.0 23.8 81.3 65.2 48.3 21.6 19.4 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... r Revised –1.9 –3.0 –5.4 –1.8 –1.4 2.0 4.3 7.2 2.9 0.9 2.7 6.4 9.9 4.8 1.0 2.9 3.8 7.8 1.9 2.5 2.6 4.8 8.8 3.0 1.6 3.6 8.3 17.2 4.3 1.3 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2010 2011 December January February April r March May r June r July 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 ....................... 111.889 105.783 90.203 114.939 115.144 112.299 106.586 90.253 116.199 115.336 112.747 107.396 90.438 117.389 115.584 113.194 108.254 90.394 118.801 115.801 113.560 108.935 90.619 119.755 115.995 113.755 108.929 90.720 119.680 116.302 113.610 108.388 90.896 118.707 116.374 114.031 109.133 90.833 119.938 116.617 110.571 114.400 129.905 111.637 110.066 110.803 115.158 132.887 111.996 110.213 110.974 116.089 137.557 112.514 110.421 111.112 117.106 142.690 112.984 110.539 111.307 117.595 145.968 113.402 110.767 111.593 118.000 144.191 113.584 111.053 111.776 118.170 137.678 113.452 111.301 112.000 118.603 141.600 113.890 111.515 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 ....................... 0.3 0.6 –0.4 1.0 0.1 0.4 0.8 0.1 1.1 0.2 0.4 0.8 0.2 1.0 0.2 0.4 0.8 0.0 1.2 0.2 0.3 0.6 0.2 0.8 0.2 0.2 0.0 0.1 –0.1 0.3 –0.1 –0.5 0.2 –0.8 0.1 0.4 0.7 –0.1 1.0 0.2 0.0 0.1 4.1 0.3 0.0 0.2 0.7 2.3 0.3 0.1 0.2 0.8 3.5 0.5 0.2 0.1 0.9 3.7 0.4 0.1 0.2 0.4 2.3 0.4 0.2 0.3 0.3 –1.2 0.2 0.3 0.2 0.1 –4.5 –0.1 0.2 0.2 0.4 2.8 0.4 0.2 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 2011 December Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 3.2 2.8 5.4 10.2 3.2 1.6 January r 2.8 2.9 5.8 12.0 3.0 1.5 February r March r 2.7 2.9 5.9 12.8 2.8 1.4 April r 2.4 2.6 4.5 9.3 2.3 1.7 May r 1.8 2.4 4.7 9.2 2.6 1.4 June r 1.3 2.1 4.0 7.7 2.2 1.2 July p 1.4 2.0 3.5 6.5 2.1 1.2 1.2 2.3 3.8 7.0 2.3 1.6 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2011. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2010 2011 December 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 ....................... January February March April r May r June r July p 1.4 1.0 –2.5 2.7 1.5 1.5 1.2 –2.3 3.0 1.6 1.8 2.1 –1.8 4.0 1.6 2.0 3.0 –1.8 5.4 1.5 2.3 3.9 –1.4 6.5 1.6 2.6 4.4 –1.0 7.1 1.6 2.6 4.5 –0.5 7.0 1.6 2.8 4.7 –0.2 7.2 1.8 0.9 1.3 8.3 1.2 0.7 1.0 1.8 7.9 1.3 0.8 1.1 2.4 11.9 1.7 0.9 1.0 3.1 16.5 2.1 1.0 1.2 3.3 19.8 2.5 1.1 1.3 3.6 21.9 2.7 1.3 1.4 3.9 20.8 2.8 1.4 1.6 4.3 20.1 2.9 1.5 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