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Glossary "P"

Paasche. See Paasche price index

Paasche price index. A fixed-weighted price index that is computed as the sum of current-period quantities valued at current-period prices divided by the sum of current-period quantities valued at base-period prices. Related terms: .

PCE. See Personal consumption expenditures (PCE)

Person. See Persons

Personal consumption expenditures. See Personal consumption expenditures (PCE)

Personal consumption expenditures (PCE). The goods and services purchased by persons. Related terms: .

Personal current taxes. Includes taxes paid by persons on income, including realized net capital gains, and on personal property.

Personal current transfer payments. Payments consisting of transfer payments by persons to government and to the rest of the world. Payments to government include donations, fees, and fines paid to Federal, state, and local governments, formerly classified as "personal nontax payments."

Personal current transfer receipts. Consists of income payments to persons for which no current services are performed and net insurance settlements. It is the sum of government social benefits and net current transfer receipts from business.

Personal dividend income. The dividend income received by persons.

Personal income. Income received by persons from all sources. It includes income received from participation in production as well as from government and business transfer payments. It is the sum of compensation of employees (received), supplements to wages and salaries, proprietors' income with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj), rental income of persons with CCAdj, personal income receipts on assets, and personal current transfer receipts, less contributions for government social insurance. Related terms: Local area personal income, State personal income.

Personal income receipts on assets. Personal interest income plus personal dividend income.

Personal interest income. Interest income received by persons from all sources; includes both monetary and imputed interest.

Personal interest payments. Non-mortage interest paid by persons.

Personal outlays. The sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments.

Personal saving. Personal income less the sum of personal outlays and personal current taxes.

Persons. In the national income and product accounts (NIPAs), persons consist of individuals, nonprofit institutions that primarily serve individuals, private noninsured welfare funds, and private trust funds. In the international accounts, persons refer to individuals, corporations, branches, partnerships, associated groups, associations, estates, trusts, organizations, or government entities. Related terms: .

Primary inputs. Capital and labor inputs to production; the related costs include, for example, compensation, profits, and depreciation.

Primary producer. The industry that is the main producer of a particular good or service. Typically, this industry shares the same name as the good or service.

Primary product. The principal good or service produced by an industry, which is used to classify establishments in the Standard Industrial Classification System (SIC) or the North American Industry Classification System (NAICS).

Private remittances. Includes institutional and personal remittances between U.S. private residents and foreign residents. Insitutional remittances includes funds transferred and goods shipped to foreign residents by U.S. religious, charitable, educational, scientific, and similar nonprofit organizations. Personal remittances include remittances in cash between U.S. private residents and foreign residents.

Producers' prices. Commodity transactions in the input-output (I-O) accounts are valued in producers' prices in order to show the relationship between the production of commodities and their purchase by intermediate and final uses. These prices exclude wholesale and retail trade margins and transportation costs, but they include sales and excise taxes collected and remitted by producers. Transportation costs and wholesale and retail trade margins are treated separately as commodities that are produced by industries and purchased by intermediate and final users. Related terms: Intermediate purchases.

Profits from current production. See Corporate profits with IVA and CCAdj

Proprietors' income. Current-production income of sole proprietorships, partnerships, and tax-exempt cooperatives. Excludes dividends, monetary interest received by nonfinancial business, and rental income received by persons not primarily engaged in the real estate business.