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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, NOVEMBER 23, 2011 BEA 11-56 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: OCTOBER 2011 Personal income increased $48.1 billion, or 0.4 percent, and disposable personal income (DPI) increased $30.2 billion, or 0.3 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $8.2 billion, or 0.1 percent. In September, personal income increased $15.5 billion, or 0.1 percent, DPI increased $7.8 billion, or 0.1 percent, and PCE increased $74.5 billion, or 0.7 percent, based on revised estimates. Real disposable income increased 0.3 percent in October, in contrast to a decrease of 0.1 percent in September. Real PCE increased 0.1 percent, compared with an increase of 0.5 percent. 2011 June July Aug. Sept. (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 Oct. 0.1 0.1 -0.1 0.1 0.4 0.1 0.2 0.0 -0.3 -0.1 -0.4 0.1 -0.1 0.3 0.3 -0.2 -0.1 0.9 0.5 0.2 -0.1 0.7 0.5 0.1 0.1 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for April through June 2011 (second quarter). These estimates reflect newly available second-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 $33.6 billion in October, compared with an increase of $28.2 billion in September. Goods-producing industries' payrolls increased $6.3 billion, compared with an increase of $5.6 billion; manufacturing payrolls increased $6.4 billion, compared with an increase of $2.4 billion. Services-producing industries' payrolls increased $27.3 billion, compared with an increase of $22.6 billion. Government wage and salary disbursements decreased $0.4 billion, compared with a decrease of $1.9 billion. -more- -3- Other personal income Supplements to wages and salaries increased $4.1 billion in October, compared with an increase of $3.2 billion in September. Proprietors' income decreased $3.1 billion in October, compared with a decrease of $0.3 billion in September. Farm proprietors' income decreased $5.1 billion, in contrast to an increase of $0.4 billion. Nonfarm proprietors' income increased $2.0 billion, in contrast to a decrease of $0.7 billion. Rental income of persons increased $3.2 billion in October, compared with an increase of $5.7 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $8.3 billion, in contrast to a decrease of $14.3 billion. Personal current transfer receipts increased $6.9 billion in October, in contrast to a decrease of $1.8 billion in September. Within current transfer receipts, government social benefits to persons for Medicaid increased $8.2 billion, in contrast to a decrease of $4.4 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $4.5 billion in October, compared with an increase of $3.4 billion in September. Personal current taxes and disposable personal income Personal current taxes increased $17.8 billion in October, compared with an increase of $7.8 billion in September. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $30.2 billion, or 0.3 percent, in October, compared with an increase of $7.8 billion, or 0.1 percent, in September. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $6.9 billion in October, compared with an increase of $77.9 billion in September. PCE increased $8.2 billion, compared with an increase of $74.5 billion. Personal saving -- DPI less personal outlays -- was $400.2 billion in October, compared with $376.9 billion in September. Personal saving as a percentage of disposable personal income was 3.5 percent in October, compared with 3.3 percent in September. 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. -more- -4- Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in October, in contrast to a decrease of 0.1 percent in September. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in October, compared with an increase of 0.5 percent in September. Purchases of durable goods increased 0.9 percent, compared with an increase of 3.3 percent. Purchases of nondurable goods increased 0.2 percent, compared with an increase of 0.4 percent. Purchases of services decreased less than 0.1 percent, in contrast to an increase of 0.1 percent. PCE price index -- The price index for PCE decreased 0.1 percent in October, in contrast to an increase of 0.2 percent in September. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of less than 0.1 percent. Revisions Estimates of personal income have been revised for April through September; estimates for PCE have been revised for July through September. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for August and September -- revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from April through September. The revisions to second-quarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of the second-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for July, August, and September reflect extrapolations from the revised second-quarter level of wages. In addition, revisions to August and September reflect revised BLS employment, hours, and earnings data. Change from preceding month August Previous Revised (Billions of dollars) September Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars -13.6 -11.3 -0.1 -0.1 17.3 15.5 0.1 0.1 Disposable personal income: Current dollars Chained (2005) dollars -12.8 -38.1 -11.5 -36.4 -0.1 -0.4 -0.1 -0.4 12.9 -5.6 7.8 -11.0 0.1 -0.1 0.1 -0.1 Personal consumption expenditures: Current dollars 24.2 Chained (2005) dollars -3.8 17.9 -8.8 0.2 0.0 0.2 -0.1 68.7 44.3 74.5 48.4 0.6 0.5 0.7 0.5 -more- -5- 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 – December 23, 2011 at 8:30 A.M. EST for Personal Income and Outlays for November Release Dates for 2012 December 2011.. January 30 January 2012….. March 1 February 2012… March 30 March 2012…… April 30 April 2012…June 1 May 2012… June 29 June 2012… July 31 July 2012…. August 30 -more- August 2012…… September 28 September 2012.. October 29 October 2012….. November 30 November 2012.. December 21 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2011 March 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................................................. April r May r June r July r August r September r October p 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 12,938.7 8,217.3 6,616.5 5,424.0 1,098.1 702.2 4,325.8 1,045.8 3,280.0 1,192.5 1,600.8 12,957.2 8,222.7 6,619.6 5,427.5 1,097.9 701.3 4,329.6 1,041.3 3,288.3 1,192.1 1,603.1 12,970.1 8,219.3 6,615.1 5,424.0 1,094.7 697.5 4,329.4 1,042.3 3,287.1 1,191.1 1,604.2 12,977.6 8,243.4 6,637.5 5,448.5 1,100.5 703.0 4,348.0 1,044.0 3,304.0 1,189.0 1,605.8 12,966.3 8,237.9 6,630.4 5,440.6 1,098.2 700.2 4,342.4 1,039.6 3,302.8 1,189.8 1,607.5 12,981.8 8,267.5 6,656.7 5,468.8 1,103.8 702.6 4,365.0 1,045.9 3,319.2 1,187.9 1,610.7 13,029.9 8,304.7 6,689.9 5,502.4 1,110.1 709.0 4,392.3 1,053.1 3,339.3 1,187.5 1,614.8 1,105.0 494.1 1,106.9 493.9 1,108.7 494.3 1,110.4 493.7 1,110.8 495.1 1,112.6 494.9 1,114.4 496.3 1,116.2 498.6 1,103.1 69.2 1,033.9 1,105.9 68.3 1,037.6 1,106.6 67.3 1,039.3 1,107.2 66.4 1,040.7 1,109.9 66.8 1,043.1 1,117.7 67.2 1,050.5 1,117.4 67.6 1,049.8 1,114.3 62.5 1,051.8 400.3 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 1,791.8 1,011.1 780.6 2,342.7 2,303.2 713.1 553.1 433.3 110.8 63.1 429.8 39.4 396.8 1,802.6 1,015.9 786.7 2,346.4 2,307.0 711.4 553.9 438.5 106.4 61.8 435.0 39.4 395.7 1,812.6 1,020.7 791.9 2,352.7 2,313.3 712.1 554.7 440.5 109.3 63.6 433.3 39.3 400.8 1,805.0 1,006.9 798.1 2,338.9 2,299.2 715.2 555.8 423.9 104.7 64.0 435.6 39.6 406.3 1,792.4 993.1 799.3 2,331.9 2,292.5 716.1 558.1 411.4 102.1 65.4 439.4 39.3 412.0 1,778.1 979.4 798.7 2,330.1 2,290.8 717.7 559.5 407.0 102.3 65.7 438.6 39.3 415.2 1,786.4 985.6 800.8 2,337.0 2,297.4 718.3 558.8 415.2 99.9 65.1 440.0 39.6 916.8 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 73.5 562.8 917.1 1,387.9 11,550.8 10,998.0 10,669.6 3,647.1 1,157.7 2,489.4 7,022.5 157.9 170.5 96.9 73.5 552.8 918.0 1,397.4 11,559.7 11,016.7 10,690.1 3,625.5 1,144.4 2,481.1 7,064.7 155.9 170.6 97.1 73.5 543.0 917.3 1,403.2 11,566.9 10,993.2 10,668.4 3,595.6 1,129.3 2,466.3 7,072.8 154.0 170.9 97.3 73.5 573.7 920.3 1,407.3 11,570.3 11,090.4 10,761.9 3,643.5 1,154.6 2,488.9 7,118.4 157.1 171.4 97.5 73.9 479.9 919.8 1,407.5 11,558.8 11,111.8 10,779.8 3,639.5 1,142.5 2,497.0 7,140.3 160.3 171.7 97.8 73.9 447.0 923.2 1,415.3 11,566.6 11,189.7 10,854.3 3,697.3 1,175.9 2,521.4 7,157.0 163.4 172.0 98.1 73.9 376.9 927.7 1,433.1 11,596.8 11,196.6 10,862.5 3,701.9 1,185.4 2,516.5 7,160.7 161.8 172.3 98.4 73.9 400.2 4.9 4.8 4.7 5.0 4.1 3.9 3.3 3.5 9,346.8 9,329.4 9,325.9 9,343.5 9,328.2 9,300.2 9,299.0 9,339.8 10,188.3 10,170.1 10,160.0 10,179.1 10,145.0 10,108.6 10,097.6 10,129.2 36,977 32,668 311,870 37,016 32,591 312,049 37,022 32,539 312,240 37,021 32,579 312,440 37,007 32,448 312,654 36,943 32,308 312,878 36,942 32,250 313,101 37,012 32,328 313,327 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second 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 II Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... Employer contributions for government social insurance ........... Proprietors’ income with inventory valuation and capital consumption adjustments.......................................................... Farm .............................................................................................. Nonfarm......................................................................................... Rental income of persons with capital consumption adjustment ................................................................................... Personal income receipts on assets ............................................. Personal interest income ............................................................... Personal dividend income.............................................................. Personal current transfer receipts ................................................ Government social benefits to persons ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Personal saving as a percentage of disposable personal income .......................................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 .......................................................... Disposable personal income: Total, billions of chained (2005) dollars 4 ....................................... Per capita: Current dollars............................................................................ Chained (2005) dollars ............................................................... Population (midperiod, thousands) 5................................................. 2011 III IV II r I III 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 12,325.6 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 12,955.3 8,219.7 6,617.1 5,425.2 1,096.9 700.4 4,328.3 1,043.1 3,285.1 1,191.9 1,602.7 12,975.2 8,249.6 6,641.6 5,452.6 1,100.8 701.9 4,351.8 1,043.1 3,308.7 1,188.9 1,608.0 1,073.1 458.0 1,089.9 473.2 1,087.6 472.6 1,092.0 475.7 1,096.8 476.9 1,103.0 491.4 1,108.7 494.0 1,112.6 495.4 941.2 39.2 902.0 1,036.4 52.2 984.2 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 1,106.5 67.3 1,039.2 1,115.0 67.2 1,047.8 305.9 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 38.3 349.1 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 39.5 396.9 1,802.3 1,015.9 786.4 2,347.3 2,307.9 712.2 553.9 437.4 108.8 62.8 432.7 39.4 406.4 1,791.8 993.1 798.7 2,333.6 2,294.2 716.3 557.8 414.1 103.0 65.0 437.9 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 72.9 592.8 985.7 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 73.5 578.9 917.4 1,396.2 11,559.2 11,002.6 10,676.0 3,622.7 1,143.8 2,478.9 7,053.3 155.9 170.7 97.1 73.5 556.5 921.1 1,410.0 11,565.2 11,130.6 10,798.7 3,660.1 1,157.7 2,502.4 7,138.6 160.3 171.7 97.8 73.9 434.6 5.1 5.3 5.6 5.6 5.2 5.0 4.8 3.8 8,969.7 9,083.0 9,086.5 9,145.7 9,166.7 9,329.8 9,332.9 9,309.1 9,882.7 10,061.6 10,057.8 10,114.4 10,152.0 10,183.2 10,169.7 10,117.1 35,088 32,141 307,483 36,051 32,446 310,106 36,001 32,473 309,724 36,208 32,581 310,438 36,436 32,628 311,140 36,834 32,670 311,696 37,020 32,570 312,243 36,964 32,335 312,878 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2011. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2011 March 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..... April r May r June r July r August r September r October p 59.1 36.3 31.9 30.9 9.2 7.9 21.8 7.0 14.7 1.0 4.4 29.0 3.4 1.7 1.2 –1.3 –3.7 2.4 3.3 –0.8 0.5 1.7 18.5 5.4 3.1 3.5 –0.2 –0.9 3.8 –4.5 8.3 –0.4 2.3 12.9 –3.4 –4.5 –3.5 –3.2 –3.8 –0.2 1.0 –1.2 –1.0 1.1 7.5 24.1 22.4 24.5 5.8 5.5 18.6 1.7 16.9 –2.1 1.6 –11.3 –5.5 –7.1 –7.9 –2.3 –2.8 –5.6 –4.4 –1.2 0.8 1.7 15.5 29.6 26.3 28.2 5.6 2.4 22.6 6.3 16.4 –1.9 3.2 48.1 37.2 33.2 33.6 6.3 6.4 27.3 7.2 20.1 –0.4 4.1 2.0 2.4 1.9 –0.2 1.8 0.4 1.7 –0.6 0.4 1.4 1.8 –0.2 1.8 1.4 1.8 2.3 6.0 3.1 2.8 2.8 –0.9 3.7 0.7 –1.0 1.7 0.6 –0.9 1.4 2.7 0.4 2.4 7.8 0.4 7.4 –0.3 0.4 –0.7 –3.1 –5.1 2.0 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 12.6 4.7 7.8 12.6 12.5 8.0 2.0 4.3 –3.7 0.7 1.2 0.1 –1.5 10.8 4.8 6.1 3.7 3.8 –1.7 0.8 5.2 –4.4 –1.3 5.2 0.0 –1.1 10.0 4.8 5.2 6.3 6.3 0.7 0.8 2.0 2.9 1.8 –1.7 –0.1 5.1 –7.6 –13.8 6.2 –13.8 –14.1 3.1 1.1 –16.6 –4.6 0.4 2.3 0.3 5.5 –12.6 –13.8 1.2 –7.0 –6.7 0.9 2.3 –12.5 –2.6 1.4 3.8 –0.3 5.7 –14.3 –13.7 –0.6 –1.8 –1.7 1.6 1.4 –4.4 0.2 0.3 –0.8 0.0 3.2 8.3 6.2 2.1 6.9 6.6 0.6 –0.7 8.2 –2.4 –0.6 1.4 0.3 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 0.3 10.2 18.7 28.7 30.4 19.7 –3.3 23.0 10.6 –1.9 0.3 0.2 0.0 –10.0 0.9 9.5 8.9 18.7 20.5 –21.6 –13.3 –8.3 42.2 –2.0 0.1 0.2 0.0 –9.8 –0.7 5.8 7.2 –23.5 –21.7 –29.9 –15.1 –14.8 8.1 –1.9 0.3 0.2 0.0 30.7 3.0 4.1 3.4 97.2 93.5 47.9 25.3 22.6 45.6 3.1 0.5 0.2 0.4 –93.8 –0.5 0.2 –11.5 21.4 17.9 –4.0 –12.1 8.1 21.9 3.2 0.3 0.3 0.0 –32.9 3.4 7.8 7.8 77.9 74.5 57.8 33.4 24.4 16.7 3.1 0.3 0.3 0.0 –70.1 4.5 17.8 30.2 6.9 8.2 4.6 9.5 –4.9 3.7 –1.6 0.3 0.3 0.0 23.3 9.1 2.8 –17.4 –18.2 –3.5 –10.1 17.6 19.1 –15.3 –34.1 –28.0 –36.4 –1.2 –11.0 40.8 31.6 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second 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 II Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... Employer contributions for government social insurance ........... Proprietors’ income with inventory valuation and capital consumption adjustments.......................................................... Farm .............................................................................................. Nonfarm......................................................................................... Rental income of persons with capital consumption adjustment ................................................................................... Personal income receipts on assets ............................................. Personal interest income ............................................................... Personal dividend income.............................................................. Personal current transfer receipts ................................................ Government social benefits to persons ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ................................................................ Disposable personal income, billions of chained (2005) dollars 4..... 2011 III IV II r I III 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 32.0 187.9 107.5 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 20.7 108.4 47.2 38.9 38.1 4.6 0.0 33.6 8.7 24.8 0.8 8.3 19.9 29.9 24.5 27.4 3.9 1.5 23.5 0.0 23.6 –3.0 5.3 20.7 –12.1 16.8 15.2 4.2 5.1 4.4 3.1 4.8 1.2 6.2 14.5 5.7 2.6 3.9 1.4 –156.7 –12.6 –144.1 95.2 13.0 82.2 43.9 1.2 42.6 31.4 12.5 19.0 24.5 1.8 22.7 14.1 6.0 8.1 10.9 1.2 9.7 8.5 –0.1 8.6 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 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 11.9 25.1 11.2 13.9 19.2 19.3 9.1 6.1 5.3 –8.7 1.5 5.8 –0.1 9.5 –10.5 –22.8 12.3 –13.7 –13.7 4.1 3.9 –23.3 –5.8 2.2 5.2 0.0 –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 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 5.9 30.3 78.2 100.5 104.3 30.5 –10.7 41.1 73.9 –4.4 0.6 0.5 0.0 –22.4 3.7 13.8 6.0 128.0 122.7 37.4 13.9 23.5 85.3 4.4 1.0 0.7 0.4 –121.9 –742.6 –236.8 113.3 178.9 153.1 135.3 59.2 56.6 21.0 37.6 163.1 31.2 3.1 –13.5 –23.8 –52.6 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2011. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2011 April r March May r June r July r August r September r October 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 0.4 0.5 0.3 0.2 0.0 0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.0 –0.1 0.1 0.1 0.3 0.3 0.1 –0.1 –0.1 –0.1 0.1 0.1 0.4 0.4 0.2 0.4 0.5 0.5 0.3 0.5 4.0 –0.1 0.2 –0.3 0.3 0.5 0.8 0.4 0.2 –0.5 0.7 0.5 1.0 0.5 0.0 0.7 0.2 0.1 –0.4 0.6 0.5 0.8 0.2 0.1 0.7 0.1 0.1 –0.3 0.6 0.5 0.7 0.3 –0.1 0.4 0.1 0.3 1.3 –0.4 –1.3 0.8 –0.6 0.3 0.3 0.0 0.7 1.4 –0.7 –1.4 0.2 –0.3 –0.1 0.0 –0.1 0.0 1.4 –0.8 –1.4 –0.1 –0.1 0.4 0.6 0.1 –0.3 0.8 0.5 0.6 0.3 0.3 0.5 1.3 0.3 0.6 0.7 –0.1 1.1 0.5 0.3 0.5 –0.3 0.9 0.2 0.2 –0.6 –1.2 –0.3 0.6 –0.2 –0.8 –1.3 –0.6 0.1 0.9 1.3 2.2 0.9 0.6 0.2 –0.1 –1.0 0.3 0.3 0.7 1.6 2.9 1.0 0.2 0.1 0.1 0.8 –0.2 0.1 –0.3 –0.4 0.0 –0.1 0.4 0.3 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. 0.1 0.0 –0.2 –0.2 0.0 –0.1 0.2 0.2 –0.2 –0.3 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second 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 II 2011 III IV II r I III 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 6.3 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 3.4 2.3 2.4 2.1 0.6 1.5 1.5 1.3 –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 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 4.0 13.0 5.8 4.5 7.4 3.3 2.6 9.2 2.8 3.1 9.9 –2.3 –8.7 6.4 –2.3 1.6 4.0 0.2 –1.7 –5.4 –7.1 –4.6 0.2 3.8 5.9 5.4 6.2 2.8 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 4.0 3.4 –3.7 6.9 4.3 4.7 4.2 4.9 3.8 4.9 1.8 1.2 0.0 –0.5 –0.3 –2.1 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 1.7 5.6 0.7 2.3 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2011. 0.2 1.5 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2011 March April May July r June August r September r October p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,399.5 3,351.0 1,284.1 2,076.2 6,055.2 9,394.2 3,348.0 1,277.3 2,078.8 6,052.7 9,395.7 3,328.4 1,261.1 2,073.2 6,072.6 9,388.4 3,317.3 1,242.1 2,077.7 6,075.7 9,436.2 3,338.7 1,270.7 2,075.3 6,102.5 9,427.4 3,321.3 1,259.3 2,068.2 6,110.2 9,475.8 3,364.9 1,301.3 2,076.2 6,116.7 9,487.9 3,378.4 1,312.7 2,079.9 6,115.9 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 17.4 –4.3 –1.1 –3.1 21.0 –5.3 –3.0 –6.8 2.6 –2.5 1.5 –19.6 –16.2 –5.6 19.9 –7.3 –11.1 –19.0 4.5 3.1 47.8 21.4 28.6 –2.4 26.8 –8.8 –17.4 –11.4 –7.1 7.7 48.4 43.6 42.0 8.0 6.5 12.1 13.5 11.4 3.7 –0.8 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.2 –0.1 –0.1 –0.1 0.3 –0.1 –0.1 –0.5 0.1 0.0 0.0 –0.6 –1.3 –0.3 0.3 –0.1 –0.3 –1.5 0.2 0.1 0.5 0.6 2.3 –0.1 0.4 –0.1 –0.5 –0.9 –0.3 0.1 0.5 1.3 3.3 0.4 0.1 0.1 0.4 0.9 0.2 0.0 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 II 2011 III IV I II III r 9,376.7 3,344.4 1,277.4 2,075.4 6,039.1 9,392.7 3,331.2 1,260.2 2,076.6 6,067.0 9,446.5 3,341.7 1,277.1 2,073.2 6,109.8 16.0 –13.2 –17.2 1.2 27.9 53.8 10.5 16.9 –3.4 42.8 0.7 –1.6 –5.3 0.2 1.9 2.3 1.3 5.5 –0.6 2.9 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 9,186.9 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 9,328.4 3,306.0 1,242.4 2,067.4 6,027.5 Change from preceding period in billions of chained (2005) dollars 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 48.3 38.4 35.0 8.0 11.6 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 2.9 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 2.1 4.7 11.7 1.6 0.8 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2011 March April May July r June August r September r October 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 ....................... 113.194 108.254 90.394 118.801 115.801 113.580 108.935 90.619 119.756 116.026 113.780 108.929 90.720 119.681 116.341 113.637 108.391 90.897 118.711 116.413 114.052 109.130 90.839 119.932 116.651 114.349 109.582 90.706 120.741 116.862 114.551 109.880 90.341 121.447 117.011 114.492 109.578 90.275 120.998 117.086 111.112 117.106 142.690 112.984 110.539 111.329 117.595 145.959 113.402 110.767 111.622 118.000 144.180 113.580 111.049 111.804 118.171 137.723 113.452 111.299 112.022 118.602 141.641 113.895 111.518 112.205 119.314 143.362 114.237 111.737 112.218 119.941 146.339 114.501 111.793 112.297 120.116 143.446 114.374 111.813 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... 0.4 0.8 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 0.3 0.4 –0.1 0.7 0.2 0.2 0.3 –0.4 0.6 0.1 –0.1 –0.3 –0.1 –0.4 0.1 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 0.2 0.6 1.2 0.3 0.2 0.0 0.5 2.1 0.2 0.1 0.1 0.1 –2.0 –0.1 0.0 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2011 April r March Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 2.4 2.6 4.5 9.3 2.3 1.7 May r 1.6 2.5 4.7 9.2 2.6 1.4 June r 0.9 2.2 4.0 7.8 2.2 1.4 July r 0.8 2.0 3.4 6.3 1.9 1.4 August r 0.4 2.4 3.9 7.1 2.4 1.7 –0.2 1.9 2.4 6.0 0.7 1.6 September r –0.2 2.2 3.1 7.7 1.0 1.8 October p –0.1 2.0 2.5 6.1 0.8 1.7 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2011. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2011 March 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 ....................... April May July r June August r September r October p 2.0 3.0 –1.8 5.4 1.5 2.4 3.9 –1.4 6.5 1.6 2.6 4.4 –1.0 7.1 1.7 2.6 4.5 –0.5 7.0 1.7 2.8 4.7 –0.2 7.2 1.8 2.9 4.8 –0.5 7.4 1.9 2.9 4.9 –0.7 7.6 2.0 2.7 4.2 –0.5 6.5 1.9 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 20.2 2.9 1.5 1.7 4.8 19.6 3.0 1.6 1.6 5.1 20.7 3.1 1.6 1.7 5.1 15.1 2.8 1.7 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