EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 1, 2014
BEA 14-19
James Rankin (202)606-5301 (Personal Income) piniwd@bea.gov
Harvey Davis (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov
PERSONAL INCOME AND OUTLAYS: MARCH 2014
Personal income increased $78.4 billion, or 0.5 percent, and disposable personal income (DPI) increased $68.0 billion,
or 0.5 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE)
increased $107.2 billion, or 0.9 percent. In February, personal income increased $54.3 billion, or 0.4 percent,
DPI increased $47.6 billion, or 0.4 percent, and PCE increased $54.7 billion, or 0.5 percent, based on revised estimates.
Real DPI increased 0.3 percent in March, the same increase as in February. Real PCE increased 0.7 percent in March,
compared with an increase of 0.4 percent in February.
2013 2014
Nov. Dec. Jan. Feb. Mar.
(Percent change from preceding month)
Personal income, current dollars 0.3 -0.1 0.4 0.4 0.5
Disposable personal income:
Current dollars 0.2 -0.1 0.4 0.4 0.5
Chained (2009) dollars 0.1 -0.3 0.3 0.3 0.3
Personal consumption expenditures:
Current dollars 0.6 0.1 0.2 0.5 0.9
Chained (2009) dollars 0.5 -0.1 0.1 0.4 0.7
FOOTNOTE.________
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 (2009) dollars.
This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm.
________________
Wages and salaries
Private wages and salaries increased $42.3 billion in March, compared with an increase of $17.4 billion in February.
Goods producing industries' payrolls increased $10.4 billion, compared with an increase of $7.6 billion; manufacturing
payrolls increased $7.0 billion, compared with an increase of $1.6 billion. Services-producing industries' payrolls
increased $31.8 billion, compared with an increase of $9.9 billion. Government wages and salaries increased $0.9 billion,
compared with an increase of $1.9 billion.
Other personal income
Supplements to wages and salaries increased $4.8 billion in March, compared with an increase of $3.3 billion in February.
Proprietors' income increased $9.3 billion in March, compared with an increase of $4.6 billion in February.
Farm proprietors' income increased $2.5 billion, compared with an increase of $2.4 billion. Nonfarm proprietors' income
increased $6.8 billion, compared with an increase of $2.2 billion.
Rental income of persons increased $4.6 billion in March, compared with an increase of $3.3 billion in February.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $6.9 billion,
compared with an increase of $7.0 billion.
Personal current transfer receipts increased $15.5 billion, compared with an increase of $19.4 billion. Medicaid benefits
increased $6.5 billion in March, $11.4 billion in February, and $19.3 billion in January, primarily due to expanded
coverage under the Affordable Care Act.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $5.9 billion
in March, compared with an increase of $2.7 billion in February.
Personal current taxes and disposable personal income
Personal current taxes increased $10.4 billion in March, compared with an increase of $6.7 billion in February.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $68.0 billion, or 0.5 percent,
in March, compared with an increase of $47.6 billion, or 0.4 percent, in February.
Personal outlays and saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $109.7 billion
in March, compared with an increase of $57.2 billion in February. PCE increased $107.2 billion, compared with an
increase of $54.7 billion.
Personal saving -- DPI less personal outlays -- was $487.7 billion in March, compared with $529.4 billion in February.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.8 percent in March,
compared with 4.2 percent in February. For a comparison of personal saving in BEA's national income and product accounts
with personal saving in the Federal Reserve Board's financial accounts of the United States 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 -- increased 0.3 percent in March, the same increase as in February.
Real PCE -- PCE adjusted to remove price changes -- increased 0.7 percent in March, compared with an increase of 0.4 percent
in February. Purchases of durable goods increased 2.7 percent, compared with an increase of 1.3 percent. Purchases of
motor vehicles and parts accounted for more than half of the March increase. Purchases of nondurable goods increased 0.9 percent
in March, compared with an increase of 0.4 percent in February. Purchases of services increased 0.4 percent, compared
with an increase of 0.2 percent.
The price index for PCE increased 0.2 percent in March, compared with an increase of 0.1 percent in February. The PCE
price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent.
Revisions
Estimates have been revised for January and February. Changes in personal income, in current-dollar and chained (2009) dollar DPI,
and in current-dollar and chained (2009) dollar PCE for January and February -- revised and as published in last month's
release -- are shown below.
Change from preceding month
January February
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 41.3 53.7 0.3 0.4 47.7 54.3 0.3 0.4
Disposable personal income:
Current dollars 40.3 49.9 0.3 0.4 42.3 47.6 0.3 0.4
Chained (2009) dollars 24.4 33.2 0.2 0.3 30.5 36.3 0.3 0.3
Personal consumption expenditures:
Current dollars 20.0 26.7 0.2 0.2 30.8 54.7 0.3 0.5
Chained (2009) dollars 6.7 12.7 0.1 0.1 20.4 43.5 0.2 0.4
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 free e-mail
summaries of BEA releases and announcements.
* * *
Next release - May 30, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for April
Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
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Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\p\
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Personal income............................ 14,229.9 14,290.7 14,282.1 14,319.7 14,309.8 14,363.5 14,417.8 14,496.2
Compensation of employees................ 8,895.8 8,923.1 8,940.1 8,986.3 8,978.4 9,009.9 9,032.5 9,080.6
Wages and salaries..................... 7,169.9 7,193.6 7,207.5 7,248.8 7,239.4 7,265.6 7,284.9 7,328.1
Private industries................... 5,981.2 5,996.6 6,009.8 6,049.4 6,038.2 6,063.2 6,080.6 6,122.9
Goods-producing industries......... 1,192.1 1,195.0 1,196.9 1,208.2 1,209.8 1,213.1 1,220.7 1,231.1
Manufacturing.................... 748.6 750.7 751.8 758.0 757.3 756.5 758.1 765.1
Services-producing industries...... 4,789.2 4,801.7 4,813.0 4,841.1 4,828.3 4,850.1 4,860.0 4,891.8
Trade, transportation, and
utilities....................... 1,132.9 1,133.2 1,136.4 1,142.8 1,141.7 1,144.3 1,142.6 1,152.7
Other services-producing
industries...................... 3,656.3 3,668.4 3,676.6 3,698.3 3,686.6 3,705.8 3,717.4 3,739.1
Government........................... 1,188.7 1,197.0 1,197.6 1,199.4 1,201.2 1,202.3 1,204.2 1,205.1
Supplements to wages and salaries...... 1,725.9 1,729.5 1,732.6 1,737.5 1,739.0 1,744.4 1,747.7 1,752.5
Employer contributions for employee
pension and insurance funds\1\...... 1,193.1 1,195.2 1,197.4 1,199.9 1,202.1 1,204.0 1,206.2 1,208.3
Employer contributions for government
social insurance.................... 532.8 534.3 535.2 537.6 536.9 540.4 541.5 544.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,358.6 1,382.1 1,363.5 1,358.8 1,353.1 1,365.0 1,369.6 1,378.9
Farm................................... 128.3 148.1 125.4 112.9 100.3 102.8 105.2 107.7
Nonfarm................................ 1,230.3 1,234.1 1,238.0 1,245.9 1,252.8 1,262.2 1,264.4 1,271.2
Rental income of persons with capital
consumption adjustment.................. 596.0 601.2 602.5 603.2 603.9 606.6 609.9 614.5
Personal income receipts on assets....... 2,028.7 2,032.2 2,029.1 2,031.0 2,030.3 2,021.9 2,028.9 2,035.8
Personal interest income............... 1,234.2 1,233.1 1,237.1 1,241.1 1,245.1 1,244.4 1,243.8 1,243.1
Personal dividend income............... 794.6 799.0 792.0 789.9 785.2 777.5 785.2 792.7
Personal current transfer receipts....... 2,460.6 2,465.1 2,462.1 2,460.9 2,463.9 2,490.5 2,509.9 2,525.4
Government social benefits to persons.. 2,415.7 2,420.0 2,416.9 2,415.6 2,418.4 2,444.8 2,464.1 2,479.4
Social security\2\................... 803.9 804.1 803.5 809.7 813.4 821.1 821.9 830.1
Medicare\3\.......................... 596.6 599.8 597.5 596.9 596.8 599.4 601.1 601.2
Medicaid............................. 440.2 440.3 438.2 437.1 435.1 454.4 465.8 472.3
Unemployment insurance............... 62.4 59.6 60.3 58.8 61.5 45.7 42.3 41.2
Veterans' benefits................... 81.1 83.4 83.5 83.0 82.6 82.6 87.1 84.1
Other................................ 431.5 432.9 433.9 430.0 429.0 441.7 445.9 450.5
Other current transfer receipts, from
business (net)........................ 44.9 45.0 45.2 45.3 45.5 45.7 45.8 46.0
Less: Contributions for government social
insurance, domestic..................... 1,109.8 1,113.0 1,115.2 1,120.6 1,119.7 1,130.3 1,133.0 1,138.9
Less: Personal current taxes............... 1,656.7 1,657.2 1,668.1 1,682.9 1,686.1 1,690.0 1,696.7 1,707.1
Equals: Disposable personal income......... 12,573.2 12,633.6 12,614.0 12,636.8 12,623.6 12,673.5 12,721.1 12,789.1
Less: Personal outlays..................... 11,951.1 11,993.3 12,030.0 12,097.3 12,104.8 12,134.5 12,191.7 12,301.4
Personal consumption expenditures........ 11,538.4 11,575.8 11,612.5 11,682.1 11,691.9 11,718.6 11,773.3 11,880.5
Goods.................................. 3,912.8 3,925.1 3,923.4 3,940.6 3,926.9 3,895.5 3,919.8 3,972.8
Durable goods........................ 1,285.2 1,269.4 1,276.8 1,291.8 1,258.3 1,250.3 1,263.8 1,296.6
Nondurable goods..................... 2,627.7 2,655.7 2,646.6 2,648.7 2,668.6 2,645.1 2,656.0 2,676.2
Services............................... 7,625.6 7,650.7 7,689.1 7,741.5 7,765.0 7,823.1 7,853.5 7,907.7
Personal interest payments\4\............ 248.8 253.3 250.8 248.3 245.7 247.9 250.2 252.4
Personal current transfer payments....... 163.9 164.2 166.7 166.9 167.2 168.0 168.3 168.5
To government.......................... 90.7 91.0 91.3 91.6 91.9 92.1 92.4 92.6
To the rest of the world (net)......... 73.2 73.2 75.4 75.4 75.4 75.9 75.9 75.9
Equals: Personal saving.................... 622.1 640.2 584.0 539.5 518.8 538.9 529.4 487.7
Personal saving as a percentage of
disposable personal income.............. 4.9 5.1 4.6 4.3 4.1 4.3 4.2 3.8
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2009) dollars\5\............... 10,960.5 11,000.6 10,989.4 11,017.7 10,987.1 11,000.2 11,025.1 11,062.9
Disposable personal income:
Total, billions of chained (2009)
dollars\5\............................ 11,709.1 11,752.1 11,727.7 11,740.5 11,708.5 11,741.7 11,778.0 11,819.1
Per capita:
Current dollars...................... 39,694 39,857 39,770 39,820 39,757 39,894 40,024 40,216
Chained (2009) dollars............... 36,966 37,076 36,976 36,995 36,875 36,961 37,056 37,166
Population (midperiod, thousands)\6\..... 316,753 316,972 317,171 317,351 317,520 317,681 317,840 318,006
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p Preliminary
r Revised
1. Includes actual employer contributions and actuarially imputed employer
contributions to reflect benefits accrued by defined benefit pension plan
participants through service to employers in the current period.
2. 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.
3. 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.
4. Consists of nonmortgage interest paid by households.
5. The current-dollar measure is deflated by the implicit price deflator for
personal consumption expenditures.
6. 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; quarters seasonally adjusted at annual rates]
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2012 2013 IV 12 I 13 II 13 III 13 IV 13 I 14
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Personal income............................ 13,743.8 14,135.3 14,073.1 13,925.9 14,086.2 14,225.3 14,303.8 14,425.8
Compensation of employees................ 8,611.6 8,860.1 8,787.4 8,748.3 8,835.5 8,888.3 8,968.3 9,041.0
Wages and salaries..................... 6,926.8 7,138.2 7,086.6 7,040.4 7,117.6 7,162.8 7,231.9 7,292.8
Private industries................... 5,729.4 5,943.2 5,887.2 5,844.5 5,923.6 5,972.2 6,032.5 6,088.9
Goods-producing industries......... 1,154.0 1,189.1 1,167.0 1,173.8 1,187.1 1,190.6 1,205.0 1,221.6
Manufacturing.................... 735.4 747.8 740.5 742.1 745.9 747.3 755.7 759.9
Services-producing industries...... 4,575.4 4,754.1 4,720.3 4,670.7 4,736.4 4,781.6 4,827.5 4,867.3
Trade, transportation, and
utilities....................... 1,093.7 1,127.1 1,114.2 1,115.2 1,123.2 1,129.8 1,140.3 1,146.5
Other services-producing
industries...................... 3,481.7 3,626.9 3,606.1 3,555.5 3,613.2 3,651.9 3,687.2 3,720.8
Government........................... 1,197.3 1,195.0 1,199.3 1,195.8 1,194.1 1,190.6 1,199.4 1,203.9
Supplements to wages and salaries...... 1,684.9 1,721.9 1,700.9 1,707.9 1,717.8 1,725.5 1,736.4 1,748.2
Employer contributions for employee
pension and insurance funds\1\...... 1,170.6 1,190.6 1,176.8 1,182.1 1,187.6 1,193.0 1,199.8 1,206.2
Employer contributions for government
social insurance.................... 514.3 531.3 524.0 525.8 530.2 532.4 536.6 542.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,224.9 1,348.8 1,247.5 1,334.6 1,341.5 1,360.7 1,358.5 1,371.2
Farm................................... 75.4 127.6 74.5 137.0 129.0 131.7 112.9 105.2
Nonfarm................................ 1,149.6 1,221.2 1,173.0 1,197.6 1,212.5 1,229.0 1,245.6 1,265.9
Rental income of persons with capital
consumption adjustment.................. 541.2 590.6 555.4 574.9 587.7 596.6 603.2 610.3
Personal income receipts on assets....... 1,958.5 1,997.7 2,062.8 1,935.8 1,994.0 2,030.7 2,030.1 2,028.9
Personal interest income............... 1,211.6 1,229.2 1,218.4 1,215.8 1,225.6 1,234.2 1,241.1 1,243.8
Personal dividend income............... 746.9 768.5 844.3 720.0 768.4 796.5 789.0 785.1
Personal current transfer receipts....... 2,358.3 2,444.3 2,388.0 2,426.0 2,430.9 2,458.0 2,462.3 2,508.6
Government social benefits to persons.. 2,316.8 2,399.7 2,347.9 2,382.0 2,386.5 2,413.1 2,417.0 2,462.8
Social security\2\................... 762.2 799.0 770.2 789.8 794.9 802.4 808.9 824.3
Medicare\3\.......................... 560.8 592.3 577.2 589.3 586.3 596.5 597.1 600.5
Medicaid............................. 417.1 431.2 425.1 423.7 426.1 438.4 436.8 464.2
Unemployment insurance............... 84.2 66.2 75.3 73.9 68.5 62.2 60.2 43.1
Veterans' benefits................... 70.2 80.4 73.3 76.8 80.0 81.6 83.0 84.6
Other................................ 422.5 430.6 426.8 428.6 430.8 432.0 431.0 446.0
Other current transfer receipts, from
business (net)........................ 41.4 44.6 40.1 44.0 44.4 44.9 45.3 45.8
Less: Contributions for government social
insurance, domestic..................... 950.7 1,106.1 967.9 1,093.7 1,103.3 1,109.0 1,118.5 1,134.1
Less: Personal current taxes............... 1,498.0 1,658.6 1,552.8 1,629.0 1,668.8 1,657.6 1,679.0 1,697.9
Equals: Disposable personal income......... 12,245.8 12,476.7 12,520.4 12,296.9 12,417.4 12,567.7 12,624.8 12,727.9
Less: Personal outlays..................... 11,558.4 11,914.9 11,696.2 11,794.9 11,837.0 11,950.4 12,077.4 12,209.2
Personal consumption expenditures........ 11,149.6 11,501.5 11,285.5 11,379.2 11,427.1 11,537.7 11,662.2 11,790.8
Goods.................................. 3,769.7 3,885.9 3,826.1 3,851.8 3,848.5 3,912.8 3,930.3 3,929.4
Durable goods........................ 1,202.7 1,263.0 1,230.7 1,244.8 1,257.5 1,274.0 1,275.7 1,270.2
Nondurable goods..................... 2,567.0 2,622.9 2,595.4 2,607.0 2,591.0 2,638.8 2,654.7 2,659.1
Services............................... 7,379.9 7,615.7 7,459.4 7,527.4 7,578.6 7,624.8 7,731.9 7,861.4
Personal interest payments\4\............ 248.4 247.9 247.3 250.4 244.3 248.8 248.3 250.2
Personal current transfer payments....... 160.4 165.4 163.4 165.3 165.6 163.9 166.9 168.3
To government.......................... 88.5 90.4 89.0 89.4 89.9 90.7 91.6 92.3
To the rest of the world (net)......... 71.9 75.0 74.4 75.9 75.7 73.2 75.4 75.9
Equals: Personal saving.................... 687.4 561.8 824.1 502.0 580.4 617.3 547.4 518.7
Personal saving as a percentage of
disposable personal income.............. 5.6 4.5 6.6 4.1 4.7 4.9 4.3 4.1
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2009) dollars\5\............... 10,740.1 10,904.6 10,959.6 10,756.9 10,905.4 10,958.1 10,998.1 11,029.4
Disposable personal income:
Total, billions of chained (2009)
dollars\5\............................ 11,551.6 11,637.4 11,743.0 11,502.4 11,618.5 11,703.4 11,725.6 11,779.6
Per capita:
Current dollars...................... 38,969 39,425 39,731 38,961 39,278 39,677 39,782 40,045
Chained (2009) dollars............... 36,760 36,773 37,265 36,444 36,751 36,948 36,949 37,061
Population (midperiod, thousands)\6\..... 314,246 316,465 315,125 315,620 316,140 316,754 317,347 317,842
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1. Includes actual employer contributions and actuarially imputed employer
contributions to reflect benefits accrued by defined benefit pension plan
participants through service to employers in the current period.
2. 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.
3. 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.
4. Consists of nonmortgage interest paid by households.
5. The current-dollar measure is deflated by the implicit price deflator for
personal consumption expenditures.
6. 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; months seasonally adjusted at annual rates]
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Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\p\
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Personal income............................ 74.6 60.8 -8.6 37.6 -9.9 53.7 54.3 78.4
Compensation of employees................ 49.8 27.3 17.0 46.2 -7.9 31.5 22.6 48.1
Wages and salaries..................... 44.9 23.7 13.9 41.3 -9.4 26.2 19.3 43.2
Private industries................... 42.4 15.4 13.2 39.6 -11.2 25.0 17.4 42.3
Goods-producing industries......... 7.4 2.9 1.9 11.3 1.6 3.3 7.6 10.4
Manufacturing.................... 6.1 2.1 1.1 6.2 -.7 -.8 1.6 7.0
Services-producing industries...... 35.1 12.5 11.3 28.1 -12.8 21.8 9.9 31.8
Trade, transportation, and
utilities....................... 9.7 .3 3.2 6.4 -1.1 2.6 -1.7 10.1
Other services-producing
industries...................... 25.4 12.1 8.2 21.7 -11.7 19.2 11.6 21.7
Government........................... 2.5 8.3 .6 1.8 1.8 1.1 1.9 .9
Supplements to wages and salaries...... 4.8 3.6 3.1 4.9 1.5 5.4 3.3 4.8
Employer contributions for employee
pension and insurance funds\1\...... 2.3 2.1 2.2 2.5 2.2 1.9 2.2 2.1
Employer contributions for government
social insurance.................... 2.6 1.5 .9 2.4 -.7 3.5 1.1 2.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 17.3 23.5 -18.6 -4.7 -5.7 11.9 4.6 9.3
Farm................................... 9.6 19.8 -22.7 -12.5 -12.6 2.5 2.4 2.5
Nonfarm................................ 7.6 3.8 3.9 7.9 6.9 9.4 2.2 6.8
Rental income of persons with capital
consumption adjustment.................. 3.5 5.2 1.3 .7 .7 2.7 3.3 4.6
Personal income receipts on assets....... -2.6 3.5 -3.1 1.9 -.7 -8.4 7.0 6.9
Personal interest income............... -1.0 -1.1 4.0 4.0 4.0 -.7 -.6 -.7
Personal dividend income............... -1.4 4.4 -7.0 -2.1 -4.7 -7.7 7.7 7.5
Personal current transfer receipts....... 12.3 4.5 -3.0 -1.2 3.0 26.6 19.4 15.5
Government social benefits to persons.. 12.1 4.3 -3.1 -1.3 2.8 26.4 19.3 15.3
Social security\2\................... 4.8 .2 -.6 6.2 3.7 7.7 .8 8.2
Medicare\3\.......................... 3.6 3.2 -2.3 -.6 -.1 2.6 1.7 .1
Medicaid............................. 5.7 .1 -2.1 -1.1 -2.0 19.3 11.4 6.5
Unemployment insurance............... -2.3 -2.8 .7 -1.5 2.7 -15.8 -3.4 -1.1
Veterans' benefits................... .6 2.3 .1 -.5 -.4 .0 4.5 -3.0
Other................................ -.2 1.4 1.0 -3.9 -1.0 12.7 4.2 4.6
Other current transfer receipts, from
business (net)........................ .2 .1 .2 .1 .2 .2 .1 .2
Less: Contributions for government social
insurance, domestic..................... 5.7 3.2 2.2 5.4 -.9 10.6 2.7 5.9
Less: Personal current taxes............... -2.3 .5 10.9 14.8 3.2 3.9 6.7 10.4
Equals: Disposable personal income......... 76.8 60.4 -19.6 22.8 -13.2 49.9 47.6 68.0
Less: Personal outlays..................... 44.4 42.2 36.7 67.3 7.5 29.7 57.2 109.7
Personal consumption expenditures........ 39.6 37.4 36.7 69.6 9.8 26.7 54.7 107.2
Goods.................................. 12.3 12.3 -1.7 17.2 -13.7 -31.4 24.3 53.0
Durable goods........................ 17.9 -15.8 7.4 15.0 -33.5 -8.0 13.5 32.8
Nondurable goods..................... -5.4 28.0 -9.1 2.1 19.9 -23.5 10.9 20.2
Services............................... 27.3 25.1 38.4 52.4 23.5 58.1 30.4 54.2
Personal interest payments\4\............ 4.5 4.5 -2.5 -2.5 -2.6 2.2 2.3 2.2
Personal current transfer payments....... .3 .3 2.5 .2 .3 .8 .3 .2
To government.......................... .3 .3 .3 .3 .3 .2 .3 .2
To the rest of the world (net)......... .0 .0 2.2 .0 .0 .5 .0 .0
Equals: Personal saving.................... 32.5 18.1 -56.2 -44.5 -20.7 20.1 -9.5 -41.7
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\....................... 47.4 40.1 -11.2 28.3 -30.6 13.1 24.9 37.8
Disposable personal income, billions
of chained (2009) dollars\5\............ 60.2 43.0 -24.4 12.8 -32.0 33.2 36.3 41.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Includes actual employer contributions and actuarially imputed employer
contributions to reflect benefits accrued by defined benefit pension plan
participants through service to employers in the current period.
2. 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.
3. 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.
4. Consists of nonmortgage interest paid by households.
5. 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; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2012 2013 IV 12 I 13 II 13 III 13 IV 13 I 14
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 552.5 391.5 371.5 -147.2 160.3 139.1 78.5 122.0
Compensation of employees................ 333.1 248.5 196.4 -39.1 87.2 52.8 80.0 72.7
Wages and salaries..................... 288.1 211.4 181.9 -46.2 77.2 45.2 69.1 60.9
Private industries................... 285.1 213.8 177.5 -42.7 79.1 48.6 60.3 56.4
Goods-producing industries......... 51.9 35.1 20.3 6.8 13.3 3.5 14.4 16.6
Manufacturing.................... 28.3 12.4 8.2 1.6 3.8 1.4 8.4 4.2
Services-producing industries...... 233.2 178.7 157.3 -49.6 65.7 45.2 45.9 39.8
Trade, transportation, and
utilities....................... 47.5 33.4 24.2 1.0 8.0 6.6 10.5 6.2
Other services-producing
industries...................... 185.7 145.2 133.1 -50.6 57.7 38.7 35.3 33.6
Government........................... 2.9 -2.3 4.2 -3.5 -1.7 -3.5 8.8 4.5
Supplements to wages and salaries...... 45.1 37.0 14.7 7.0 9.9 7.7 10.9 11.8
Employer contributions for employee
pension and insurance funds\1\...... 25.2 20.0 2.7 5.3 5.5 5.4 6.8 6.4
Employer contributions for government
social insurance.................... 19.9 17.0 11.8 1.8 4.4 2.2 4.2 5.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 69.8 123.9 27.5 87.1 6.9 19.2 -2.2 12.7
Farm................................... 2.8 52.2 -.8 62.5 -8.0 2.7 -18.8 -7.7
Nonfarm................................ 67.0 71.6 28.3 24.6 14.9 16.5 16.6 20.3
Rental income of persons with capital
consumption adjustment.................. 56.8 49.4 8.7 19.5 12.8 8.9 6.6 7.1
Personal income receipts on assets....... 73.9 39.2 135.9 -127.0 58.2 36.7 -.6 -1.2
Personal interest income............... 7.5 17.6 14.7 -2.6 9.8 8.6 6.9 2.7
Personal dividend income............... 66.4 21.6 121.1 -124.3 48.4 28.1 -7.5 -3.9
Personal current transfer receipts....... 51.4 86.0 23.6 38.0 4.9 27.1 4.3 46.3
Government social benefits to persons.. 56.5 82.9 24.1 34.1 4.5 26.6 3.9 45.8
Social security\2\................... 48.9 36.8 5.4 19.6 5.1 7.5 6.5 15.4
Medicare\3\.......................... 23.8 31.5 13.2 12.1 -3.0 10.2 .6 3.4
Medicaid............................. 11.6 14.1 3.6 -1.4 2.4 12.3 -1.6 27.4
Unemployment insurance............... -23.4 -18.0 -3.4 -1.4 -5.4 -6.3 -2.0 -17.1
Veterans' benefits................... 6.9 10.2 2.0 3.5 3.2 1.6 1.4 1.6
Other................................ -11.2 8.1 3.3 1.8 2.2 1.2 -1.0 15.0
Other current transfer receipts, from
business (net)........................ -5.3 3.2 -.5 3.9 .4 .5 .4 .5
Less: Contributions for government social
insurance, domestic..................... 32.5 155.4 20.5 125.8 9.6 5.7 9.5 15.6
Less: Personal current taxes............... 94.0 160.6 56.4 76.2 39.8 -11.2 21.4 18.9
Equals: Disposable personal income......... 458.4 230.9 315.3 -223.5 120.5 150.3 57.1 103.1
Less: Personal outlays..................... 439.3 356.5 95.2 98.7 42.1 113.4 127.0 131.8
Personal consumption expenditures........ 437.8 351.9 91.9 93.7 47.9 110.6 124.5 128.6
Goods.................................. 167.0 116.2 41.2 25.7 -3.3 64.3 17.5 -.9
Durable goods........................ 72.8 60.3 24.2 14.1 12.7 16.5 1.7 -5.5
Nondurable goods..................... 94.2 55.9 17.0 11.6 -16.0 47.8 15.9 4.4
Services............................... 270.8 235.8 50.7 68.0 51.2 46.2 107.1 129.5
Personal interest payments\4\............ .4 -.5 -3.4 3.1 -6.1 4.5 -.5 1.9
Personal current transfer payments....... 1.0 5.0 6.7 1.9 .3 -1.7 3.0 1.4
To government.......................... 3.2 1.9 .2 .4 .5 .8 .9 .7
To the rest of the world (net)......... -2.2 3.1 6.5 1.5 -.2 -2.5 2.2 .5
Equals: Personal saving.................... 19.2 -125.6 220.0 -322.1 78.4 36.9 -69.9 -28.7
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\....................... 283.0 164.5 283.4 -202.7 148.5 52.7 40.0 31.3
Disposable personal income, billions
of chained (2009) dollars\5\............ 227.0 85.8 249.4 -240.6 116.1 84.9 22.2 54.0
-----------------------------------------------------------------------------------------------------------------------------------
1. Includes actual employer contributions and actuarially imputed employer
contributions to reflect benefits accrued by defined benefit pension plan
participants through service to employers in the current period.
2. 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.
3. 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.
4. Consists of nonmortgage interest paid by households.
5. 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)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .5 .4 -.1 .3 -.1 .4 .4 .5
Compensation of employees................ .6 .3 .2 .5 -.1 .4 .3 .5
Wages and salaries..................... .6 .3 .2 .6 -.1 .4 .3 .6
Supplements to wages and salaries...... .3 .2 .2 .3 .1 .3 .2 .3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1.3 1.7 -1.4 -.3 -.4 .9 .3 .7
Rental income of persons with capital
consumption adjustment.................. .6 .9 .2 .1 .1 .4 .5 .8
Personal income receipts on assets....... -.1 .2 -.2 .1 .0 -.4 .3 .3
Personal interest income............... -.1 -.1 .3 .3 .3 -.1 -.1 -.1
Personal dividend income............... -.2 .6 -.9 -.3 -.6 -1.0 1.0 1.0
Personal current transfer receipts....... .5 .2 -.1 .0 .1 1.1 .8 .6
Less: Contributions for government social
insurance, domestic..................... .5 .3 .2 .5 -.1 .9 .2 .5
Less: Personal current taxes............... -.1 .0 .7 .9 .2 .2 .4 .6
Equals: Disposable personal income......... .6 .5 -.2 .2 -.1 .4 .4 .5
Addenda:
Personal consumption expenditures........ .3 .3 .3 .6 .1 .2 .5 .9
Goods.................................. .3 .3 .0 .4 -.3 -.8 .6 1.4
Durable goods........................ 1.4 -1.2 .6 1.2 -2.6 -.6 1.1 2.6
Nondurable goods..................... -.2 1.1 -.3 .1 .7 -.9 .4 .8
Services............................... .4 .3 .5 .7 .3 .7 .4 .7
----------------------------------------------------------------------------------------
Based on chained (2009) dollar measures
----------------------------------------------------------------------------------------
Real personal income excluding current
transfer receipts....................... .4 .4 -.1 .3 -.3 .1 .2 .3
Real disposable personal income.......... .5 .4 -.2 .1 -.3 .3 .3 .3
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2012 2013 IV 12 I 13 II 13 III 13 IV 13 I 14
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 4.2 2.8 11.3 -4.1 4.7 4.0 2.2 3.5
Compensation of employees................ 4.0 2.9 9.5 -1.8 4.0 2.4 3.6 3.3
Wages and salaries..................... 4.3 3.1 11.0 -2.6 4.5 2.6 3.9 3.4
Supplements to wages and salaries...... 2.7 2.2 3.5 1.7 2.3 1.8 2.5 2.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 6.0 10.1 9.3 31.0 2.1 5.9 -.7 3.8
Rental income of persons with capital
consumption adjustment.................. 11.7 9.1 6.5 14.8 9.2 6.2 4.5 4.8
Personal income receipts on assets....... 3.9 2.0 31.3 -22.4 12.6 7.6 -.1 -.3
Personal interest income............... .6 1.4 5.0 -.9 3.3 2.8 2.3 .9
Personal dividend income............... 9.8 2.9 85.8 -47.1 29.7 15.5 -3.7 -2.0
Personal current transfer receipts....... 2.2 3.6 4.0 6.5 .8 4.5 .7 7.7
Less: Contributions for government social
insurance, domestic..................... 3.5 16.3 8.9 63.0 3.5 2.1 3.5 5.7
Less: Personal current taxes............... 6.7 10.7 15.9 21.1 10.1 -2.7 5.3 4.6
Equals: Disposable personal income......... 3.9 1.9 10.7 -7.0 4.0 4.9 1.8 3.3
Addenda:
Personal consumption expenditures........ 4.1 3.2 3.3 3.4 1.7 3.9 4.4 4.5
Goods.................................. 4.6 3.1 4.4 2.7 -.3 6.9 1.8 -.1
Durable goods........................ 6.4 5.0 8.3 4.7 4.1 5.4 .5 -1.7
Nondurable goods..................... 3.8 2.2 2.7 1.8 -2.4 7.6 2.4 .7
Services............................... 3.8 3.2 2.8 3.7 2.8 2.5 5.7 6.9
----------------------------------------------------------------------------------------
Based on chained (2009) dollar measures
----------------------------------------------------------------------------------------
Real personal income excluding current
transfer receipts....................... 2.7 1.5 11.0 -7.2 5.6 1.9 1.5 1.1
Real disposable personal income.......... 2.0 .7 9.0 -7.9 4.1 3.0 .8 1.9
-----------------------------------------------------------------------------------------------------------------------------------
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2009) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 10,745.4 10,768.2 10,796.5 10,853.5 10,844.3 10,857.0 10,900.5 10,979.4
Goods.................................... 3,679.2 3,691.8 3,696.7 3,719.4 3,702.4 3,674.1 3,700.3 3,753.8
Durable goods.......................... 1,361.7 1,345.4 1,355.1 1,374.5 1,343.7 1,336.7 1,354.3 1,390.3
Nondurable goods....................... 2,336.8 2,362.3 2,358.8 2,364.0 2,373.7 2,352.8 2,362.9 2,383.4
Services................................. 7,065.6 7,076.0 7,099.4 7,133.7 7,141.2 7,181.3 7,198.7 7,225.0
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2009) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 26.5 22.8 28.3 57.0 -9.2 12.7 43.5 78.9
Goods.................................... 10.1 12.6 4.9 22.7 -17.0 -28.3 26.2 53.5
Durable goods.......................... 23.0 -16.3 9.7 19.4 -30.8 -7.0 17.6 36.0
Nondurable goods....................... -9.8 25.5 -3.5 5.2 9.7 -20.9 10.1 20.5
Services................................. 16.3 10.4 23.4 34.3 7.5 40.1 17.4 26.3
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2009) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .2 .2 .3 .5 -.1 .1 .4 .7
Goods.................................... .3 .3 .1 .6 -.5 -.8 .7 1.4
Durable goods.......................... 1.7 -1.2 .7 1.4 -2.2 -.5 1.3 2.7
Nondurable goods....................... -.4 1.1 -.1 .2 .4 -.9 .4 .9
Services................................. .2 .1 .3 .5 .1 .6 .2 .4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2012 2013 IV 12 I 13 II 13 III 13 IV 13 I 14
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2009) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 10,517.6 10,727.9 10,584.8 10,644.0 10,691.9 10,744.2 10,831.5 10,912.3
Goods.................................... 3,534.1 3,659.4 3,579.2 3,611.9 3,639.6 3,680.0 3,706.1 3,709.4
Durable goods.......................... 1,246.7 1,333.3 1,285.2 1,303.5 1,323.2 1,348.6 1,357.8 1,360.5
Nondurable goods....................... 2,296.8 2,342.0 2,306.7 2,322.2 2,331.7 2,348.6 2,365.5 2,366.4
Services................................. 6,982.7 7,067.7 7,004.7 7,031.1 7,051.5 7,063.6 7,124.8 7,201.7
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2009) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 226.3 210.3 43.8 59.2 47.9 52.3 87.3 80.8
Goods.................................... 114.2 125.3 32.5 32.7 27.7 40.4 26.1 3.3
Durable goods.......................... 89.6 86.6 31.8 18.3 19.7 25.4 9.2 2.7
Nondurable goods....................... 30.8 45.2 3.7 15.5 9.5 16.9 16.9 .9
Services................................. 111.6 85.0 11.3 26.4 20.4 12.1 61.2 76.9
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2009) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 2.2 2.0 1.7 2.3 1.8 2.0 3.3 3.0
Goods.................................... 3.3 3.5 3.7 3.7 3.1 4.5 2.9 .4
Durable goods.......................... 7.7 6.9 10.5 5.8 6.2 7.9 2.8 .8
Nondurable goods....................... 1.4 2.0 .6 2.7 1.6 2.9 2.9 .1
Services................................. 1.6 1.2 .6 1.5 1.2 .7 3.5 4.4
-----------------------------------------------------------------------------------------------------------------------------------
Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2009=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 107.382 107.502 107.560 107.636 107.818 107.937 108.009 108.210
Goods.................................... 106.349 106.322 106.135 105.948 106.066 106.025 105.931 105.834
Durable goods.......................... 94.366 94.344 94.212 93.975 93.636 93.525 93.301 93.243
Nondurable goods....................... 112.451 112.420 112.203 112.046 112.425 112.425 112.406 112.288
Services................................. 107.926 108.123 108.308 108.522 108.737 108.940 109.097 109.451
Addenda:
PCE excluding food and energy............ 106.084 106.177 106.305 106.427 106.514 106.625 106.714 106.900
Food\1\.................................. 108.084 107.965 107.988 107.937 108.041 108.015 108.303 108.791
Energy goods and services\2\............. 129.012 130.065 128.820 128.221 130.336 130.846 130.243 130.241
Market-based PCE\3\...................... 107.251 107.346 107.376 107.432 107.598 107.706 107.770 107.950
Market-based PCE excluding food
and energy\3\........................... 105.736 105.797 105.902 106.007 106.062 106.158 106.241 106.401
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes, seasonally
adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .1 .1 .1 .1 .2 .1 .1 .2
Goods.................................... .0 .0 -.2 -.2 .1 .0 -.1 -.1
Durable goods.......................... -.3 .0 -.1 -.3 -.4 -.1 -.2 -.1
Nondurable goods....................... .2 .0 -.2 -.1 .3 .0 .0 -.1
Services................................. .1 .2 .2 .2 .2 .2 .1 .3
Addenda:
PCE excluding food and energy............ .1 .1 .1 .1 .1 .1 .1 .2
Food\1\.................................. .2 -.1 .0 .0 .1 .0 .3 .5
Energy goods and services\2\............. -.2 .8 -1.0 -.5 1.6 .4 -.5 .0
Market-based PCE\3\...................... .1 .1 .0 .1 .2 .1 .1 .2
Market-based PCE excluding food
and energy\3\........................... .1 .1 .1 .1 .1 .1 .1 .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
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
-----------------------------------------------------------------------------------------------------------------------------------
Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 2.0 2.2 1.8 .6 -2.7 2.8 2.2 2.2
Personal consumption expenditures.......... 2.1 1.9 2.3 2.5 2.3 2.3 2.4 2.9
Goods.................................... 3.9 3.5 3.9 3.8 3.0 2.0 2.4 3.7
Durable goods.......................... 8.9 5.9 7.3 6.5 3.2 2.8 3.8 6.5
Nondurable goods....................... 1.6 2.4 2.3 2.5 2.9 1.7 1.7 2.4
Services................................. 1.2 1.1 1.4 1.8 1.9 2.4 2.4 2.4
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 1.1 .9 .8 1.0 1.2 1.2 .9 1.1
Goods.................................... -.4 -1.0 -1.3 -.7 -.4 -.2 -1.1 -.6
Durable goods.......................... -2.0 -1.8 -1.8 -1.9 -2.0 -2.2 -2.3 -2.2
Nondurable goods....................... .4 -.6 -1.0 -.2 .4 .7 -.5 .1
Services................................. 1.9 1.9 1.9 1.9 1.9 1.9 1.9 2.1
Addenda:
PCE excluding food and energy............ 1.2 1.2 1.1 1.2 1.2 1.1 1.1 1.2
Food\1\.................................. 1.2 1.2 1.0 .7 .6 .6 .7 1.1
Energy goods and services\2\............. -.1 -3.3 -4.3 -1.3 1.2 3.5 -2.4 .2
Market-based PCE\3\...................... 1.1 .8 .7 1.0 1.1 1.1 .7 1.0
Market-based PCE excluding food
and energy\3\........................... 1.2 1.1 1.1 1.2 1.2 1.0 1.0 1.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises
consumption; food services, which include purchased meals and
beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity
and gas services.
3. Market-based PCE is a supplemental measure that is based on household
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.