EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 29, 2012
BEA 12-30
James Rankin:(202) 606-5301 (Personal Income) piniwd@bea.gov
Kyle Brown: (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
PERSONAL INCOME AND OUTLAYS: MAY 2012
Personal income increased $25.4 billion, or 0.2 percent, and disposable personal income (DPI)
increased $18.5 billion, or 0.2 percent, in May, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) decreased $4.7 billion, or less than 0.1 percent. In April,
personal income increased $29.4 billion, or 0.2 percent, DPI increased $19.5 billion, or 0.2 percent,
and PCE increased $16.2 billion, or 0.1 percent, based on revised estimates.
Real disposable income increased 0.3 percent in May, compared with an increase of 0.1 percent
in April. Real PCE increased 0.1 percent in May, the same increase as in April.
2012
Jan. Feb. Mar. Apr. May
(Percent change from preceding month)
Personal income, current dollars 0.4 0.4 0.4 0.2 0.2
Disposable personal income:
Current dollars 0.3 0.4 0.4 0.2 0.2
Chained (2005) dollars 0.0 0.0 0.2 0.1 0.3
Personal consumption expenditures:
Current dollars 0.4 1.0 0.1 0.1 0.0
Chained (2005) dollars 0.2 0.6 -0.2 0.1 0.1
Wages and salaries
Private wage and salary disbursements increased $1.1 billion in May, compared with an increase
of $5.3 billion in April. Goods-producing industries' payrolls decreased $7.0 billion, in contrast
to an increase of $5.6 billion; manufacturing payrolls decreased $4.5 billion, in contrast to an
increase of $3.2 billion. Services-producing industries' payrolls increased $8.3 billion, in contrast
to a decrease of $0.4 billion. Government wage and salary disbursements increased $0.3 billion,
compared with an increase of $0.4 billion.
Other personal income
Supplements to wages and salaries increased $1.6 billion in May, compared with an increase of $2.0 billion in April.
Proprietors' income increased $4.9 billion in May, compared with an increase of $3.2 billion in April.
Farm proprietors' income increased $1.5 billion, compared with an increase of $1.6 billion. Nonfarm proprietors' income
increased $3.3 billion, compared with an increase of $1.7 billion.
Rental income of persons increased $4.1 billion in May, compared with an increase of $3.8 billion in April.
Personal income receipts on assets (personal interest income plus personal dividend income) increased $12.7 billion,
compared with an increase of $16.4 billion. Personal current transfer receipts increased $1.2 billion, in
contrast to a decrease of $0.8 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased $0.4 billion
in May, compared with an increase of $0.8 billion in April.
Personal current taxes and disposable personal income
Personal current taxes increased $6.9 billion in May, compared with an increase of $9.9 billion in April.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $18.5 billion,
or 0.2 percent, in May, compared with an increase of $19.5 billion, or 0.2 percent, in April.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased
$7.0 billion in May, in contrast to an increase of $13.9 billion in April. PCE decreased $4.7 billion,
in contrast to an increase of $16.2 billion.
Personal saving -- DPI less personal outlays -- was $464.3 billion in May, compared with $438.8 billion
in April. The personal saving rate -- personal saving as a percentage of disposable personal income -- was
3.9 percent in May, compared with 3.7 percent in April. For a comparison of personal saving in BEA�s
national income and product accounts with personal saving in the Federal Reserve Board's flow of funds
accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp.
Real DPI, real PCE and price index
Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in May, compared with an
increase of 0.1 percent in April.
Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in May, the same increase
as in April. Purchases of durable goods decreased 0.4 percent, compared with a decrease of 0.1 percent.
Purchases of nondurable goods increased 0.3 percent, compared with an increase of 0.1 percent.
Purchases of services increased 0.2 percent in May, the same increase as in April.
PCE price index -- The price index for PCE decreased 0.2 percent in May, compared with an increase of
less than 0.1 percent in April. The PCE price index, excluding food and energy, increased 0.1 percent in
May, the same increase as in April.
Revisions
Estimates have been revised for January through April. Changes in personal income, current-dollar and
chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for March and April -- revised
and as published in last month's release -- are shown below.
Change from preceding month
March April
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 52.2 53.8 0.4 0.4 31.7 29.4 0.2 0.2
Disposable personal income:
Current dollars 45.9 48.0 0.4 0.4 22.0 19.5 0.2 0.2
Chained (2005) dollars 19.2 17.2 0.2 0.2 17.4 14.6 0.2 0.1
Personal consumption expenditures:
Current dollars 25.4 8.2 0.2 0.1 31.8 16.2 0.3 0.1
Chained (2005) dollars 2.6 -15.5 0.0 -0.2 26.1 11.8 0.3 0.1
Annual Revision of the National Income and Product Accounts
As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal
income and outlays covering January 2009 through May 2012 will be released along with estimates for June 2012 on
July 31. The August Survey of Current Business will contain an article that describes the annual revision in detail.
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 - July 31, 2012 at 8:30 A.M. EDT for Personal Income and Outlays for June
________________________
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-
Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\r\ Apr 12\r\ May 12\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 13,102.5 13,085.8 13,128.9 13,176.9 13,226.3 13,280.1 13,309.5 13,334.9
Compensation of employees, received...... 8,387.9 8,361.6 8,377.9 8,416.6 8,445.5 8,464.7 8,472.4 8,475.3
Wage and salary disbursements.......... 6,766.0 6,739.9 6,753.8 6,784.1 6,809.9 6,826.7 6,832.4 6,833.8
Private industries................... 5,577.1 5,550.9 5,564.6 5,592.3 5,617.4 5,633.1 5,638.4 5,639.5
Goods-producing industries......... 1,123.3 1,112.2 1,119.7 1,128.8 1,132.2 1,130.9 1,136.5 1,129.5
Manufacturing.................... 710.0 701.2 705.8 713.2 715.5 714.3 717.5 713.0
Services-producing industries...... 4,453.8 4,438.7 4,444.9 4,463.4 4,485.1 4,502.2 4,501.8 4,510.1
Trade, transportation, and
utilities....................... 1,070.3 1,067.3 1,067.9 1,071.1 1,075.8 1,074.6 1,076.9 1,080.3
Other services-producing
industries...................... 3,383.5 3,371.4 3,377.0 3,392.3 3,409.3 3,427.6 3,424.9 3,429.7
Government........................... 1,188.9 1,189.0 1,189.2 1,191.8 1,192.5 1,193.6 1,194.0 1,194.3
Supplements to wages and salaries...... 1,621.9 1,621.7 1,624.1 1,632.5 1,635.6 1,638.0 1,640.0 1,641.6
Employer contributions for employee
pension and insurance funds......... 1,117.8 1,119.6 1,121.4 1,123.5 1,125.0 1,126.7 1,128.2 1,129.7
Employer contributions for government
social insurance.................... 504.0 502.1 502.7 509.0 510.6 511.3 511.8 511.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,118.8 1,118.6 1,121.7 1,126.4 1,132.3 1,137.3 1,140.5 1,145.4
Farm................................... 65.4 62.7 60.0 60.2 60.3 60.5 62.1 63.6
Nonfarm................................ 1,053.4 1,055.9 1,061.6 1,066.2 1,072.0 1,076.8 1,078.5 1,081.8
Rental income of persons with capital
consumption adjustment.................. 419.4 427.3 434.9 440.1 445.6 450.5 454.3 458.4
Personal income receipts on assets....... 1,785.2 1,785.1 1,788.8 1,796.1 1,805.8 1,819.4 1,835.8 1,848.5
Personal interest income............... 979.3 976.8 974.3 981.6 988.8 996.1 1,004.0 1,012.0
Personal dividend income............... 805.8 808.3 814.5 814.6 817.0 823.4 831.8 836.5
Personal current transfer receipts....... 2,329.3 2,327.9 2,342.0 2,344.1 2,346.8 2,360.0 2,359.2 2,360.4
Government social benefits to persons.. 2,289.7 2,288.3 2,302.4 2,304.7 2,307.5 2,320.7 2,319.6 2,321.0
Social security\1\................... 718.3 719.5 729.1 749.4 752.0 758.6 757.3 756.9
Medicare\2\.......................... 557.0 555.0 553.9 552.5 553.4 555.5 554.5 557.2
Medicaid............................. 410.2 411.7 412.6 414.4 416.7 419.0 420.7 424.4
Unemployment insurance............... 100.3 97.9 102.2 97.4 93.7 92.8 90.3 84.3
Veterans' benefits................... 65.1 64.2 63.5 66.6 66.7 69.4 70.0 70.7
Other................................ 438.9 440.0 441.0 424.5 425.1 425.4 426.7 427.5
Other current transfer receipts, from
business (net)........................ 39.6 39.6 39.5 39.4 39.3 39.3 39.6 39.4
Less: Contributions for government social
insurance, domestic..................... 938.0 934.7 936.3 946.4 949.8 951.9 952.7 953.1
Less: Personal current taxes............... 1,417.2 1,416.9 1,424.2 1,440.0 1,448.2 1,454.0 1,463.9 1,470.8
Equals: Disposable personal income......... 11,685.3 11,668.9 11,704.7 11,736.9 11,778.1 11,826.1 11,845.6 11,864.1
Less: Personal outlays..................... 11,192.6 11,196.4 11,214.1 11,267.7 11,379.3 11,392.9 11,406.8 11,399.8
Personal consumption expenditures........ 10,861.7 10,867.0 10,886.2 10,933.7 11,039.9 11,048.1 11,064.3 11,059.6
Goods.................................. 3,714.3 3,709.2 3,706.8 3,747.4 3,806.0 3,801.7 3,792.0 3,765.8
Durable goods........................ 1,191.0 1,191.9 1,201.8 1,220.4 1,246.3 1,225.1 1,222.5 1,217.9
Nondurable goods..................... 2,523.3 2,517.3 2,505.0 2,527.0 2,559.7 2,576.6 2,569.5 2,547.9
Services............................... 7,147.4 7,157.8 7,179.4 7,186.3 7,233.9 7,246.4 7,272.3 7,293.8
Personal interest payments\3\............ 158.7 156.7 154.7 159.6 164.5 169.4 166.8 164.1
Personal current transfer payments....... 172.2 172.8 173.3 174.4 174.9 175.4 175.7 176.1
To government.......................... 98.7 99.2 99.7 100.4 100.9 101.3 101.7 102.1
To the rest of the world (net)......... 73.6 73.6 73.6 74.0 74.0 74.0 74.0 74.0
Equals: Personal saving.................... 492.7 472.6 490.5 469.2 398.8 433.1 438.8 464.3
Personal saving as a percentage of
disposable personal income.............. 4.2 4.0 4.2 4.0 3.4 3.7 3.7 3.9
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2005) dollars\4\............... 9,404.0 9,382.4 9,401.3 9,417.4 9,426.4 9,439.1 9,463.1 9,501.7
Disposable personal income:
Total, billions of chained (2005)
dollars\4\............................ 10,200.1 10,176.9 10,201.1 10,203.3 10,205.0 10,222.2 10,236.8 10,271.9
Per capita:
Current dollars...................... 37,363 37,289 37,382 37,465 37,577 37,709 37,750 37,787
Chained (2005) dollars............... 32,615 32,521 32,580 32,570 32,558 32,595 32,623 32,716
Population (midperiod, thousands)\5\..... 312,747 312,932 313,109 313,278 313,440 313,611 313,790 313,976
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
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; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2010 2011 IV 10 I 11 II 11 III 11 IV 11 I 12\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 12,373.5 12,991.2 12,577.6 12,846.9 12,955.3 13,056.8 13,105.7 13,227.8
Compensation of employees, received...... 7,971.4 8,276.6 8,050.8 8,172.5 8,219.7 8,338.3 8,375.8 8,442.3
Wage and salary disbursements.......... 6,408.2 6,668.2 6,477.0 6,578.2 6,617.1 6,724.3 6,753.2 6,806.9
Private industries................... 5,217.4 5,477.9 5,288.4 5,387.1 5,425.2 5,535.0 5,564.2 5,614.2
Goods-producing industries......... 1,059.2 1,106.1 1,070.8 1,092.3 1,096.9 1,116.6 1,118.4 1,130.6
Manufacturing.................... 674.2 703.9 685.5 700.4 700.4 709.0 705.7 714.3
Services-producing industries...... 4,158.2 4,371.8 4,217.6 4,294.7 4,328.3 4,418.4 4,445.8 4,483.6
Trade, transportation, and
utilities....................... 1,006.0 1,052.0 1,016.1 1,034.4 1,043.1 1,062.1 1,068.5 1,073.9
Other services-producing
industries...................... 3,152.2 3,319.8 3,201.5 3,260.3 3,285.1 3,356.3 3,377.3 3,409.7
Government........................... 1,190.8 1,190.3 1,188.6 1,191.1 1,191.9 1,189.3 1,189.0 1,192.7
Supplements to wages and salaries...... 1,563.1 1,608.4 1,573.7 1,594.4 1,602.7 1,614.0 1,622.6 1,635.4
Employer contributions for employee
pension and insurance funds......... 1,089.9 1,111.0 1,096.8 1,103.0 1,108.7 1,112.6 1,119.6 1,125.1
Employer contributions for government
social insurance.................... 473.2 497.4 476.9 491.4 494.0 501.3 503.0 510.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,036.4 1,108.9 1,081.5 1,095.6 1,106.5 1,113.7 1,119.7 1,132.0
Farm................................... 52.2 65.9 60.1 66.1 67.3 67.5 62.7 60.3
Nonfarm................................ 984.2 1,043.0 1,021.4 1,029.5 1,039.2 1,046.2 1,057.0 1,071.7
Rental income of persons with capital
consumption adjustment.................. 350.2 403.9 354.8 385.0 396.9 406.3 427.2 445.4
Personal income receipts on assets....... 1,721.2 1,790.0 1,743.5 1,777.2 1,802.3 1,794.2 1,786.3 1,807.1
Personal interest income............... 1,003.4 998.1 989.6 1,004.7 1,015.9 994.8 976.8 988.8
Personal dividend income............... 717.7 791.9 753.9 772.5 786.4 799.4 809.5 818.3
Personal current transfer receipts....... 2,281.2 2,336.2 2,341.2 2,328.1 2,347.3 2,336.6 2,333.1 2,350.3
Government social benefits to persons.. 2,242.9 2,296.8 2,301.9 2,288.6 2,307.9 2,297.2 2,293.5 2,311.0
Social security\1\................... 690.2 713.5 699.9 703.1 712.2 716.3 722.3 753.3
Medicare\2\.......................... 518.4 553.7 535.3 547.8 553.9 557.8 555.3 553.8
Medicaid............................. 405.4 424.3 439.8 432.1 437.4 416.4 411.5 416.7
Unemployment insurance............... 138.7 107.4 128.7 117.5 108.8 103.0 100.1 94.7
Veterans' benefits................... 57.9 63.4 59.4 61.3 62.8 65.0 64.3 67.6
Other................................ 432.4 434.6 438.7 426.9 432.7 438.6 440.0 425.0
Other current transfer receipts, from
business (net)........................ 38.3 39.5 39.3 39.5 39.4 39.4 39.6 39.3
Less: Contributions for government social
insurance, domestic..................... 986.8 924.4 994.1 911.5 917.4 932.4 936.3 949.3
Less: Personal current taxes............... 1,193.9 1,397.7 1,240.9 1,365.9 1,396.2 1,409.1 1,419.4 1,447.4
Equals: Disposable personal income......... 11,179.7 11,593.5 11,336.7 11,481.0 11,559.2 11,647.7 11,686.3 11,780.4
Less: Personal outlays..................... 10,586.9 11,055.1 10,748.6 10,902.1 11,002.6 11,114.6 11,201.0 11,346.6
Personal consumption expenditures........ 10,245.5 10,726.0 10,417.1 10,571.7 10,676.0 10,784.5 10,871.6 11,007.2
Goods.................................. 3,387.0 3,646.6 3,483.4 3,592.2 3,622.7 3,661.2 3,710.1 3,785.1
Durable goods........................ 1,085.5 1,162.9 1,124.7 1,154.5 1,143.8 1,158.3 1,194.9 1,230.6
Nondurable goods..................... 2,301.5 2,483.7 2,358.7 2,437.8 2,478.9 2,503.0 2,515.2 2,554.4
Services............................... 6,858.5 7,079.4 6,933.7 6,979.4 7,053.3 7,123.2 7,161.5 7,222.2
Personal interest payments\3\............ 173.4 157.8 162.7 160.3 155.9 158.4 156.7 164.5
Personal current transfer payments....... 168.0 171.3 168.9 170.1 170.7 171.6 172.8 174.9
To government.......................... 95.1 97.7 96.5 96.6 97.1 97.8 99.2 100.9
To the rest of the world (net)......... 72.9 73.6 72.5 73.5 73.5 73.8 73.6 74.0
Equals: Personal saving.................... 592.8 538.5 588.1 578.9 556.5 533.1 485.3 433.7
Personal saving as a percentage of
disposable personal income.............. 5.3 4.6 5.2 5.0 4.8 4.6 4.2 3.7
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2005) dollars\4\............... 9,083.0 9,358.9 9,166.7 9,329.8 9,332.9 9,377.3 9,395.8 9,427.6
Disposable personal income:
Total, billions of chained (2005)
dollars\4\............................ 10,061.6 10,183.3 10,152.0 10,183.2 10,169.7 10,188.6 10,192.7 10,210.1
Per capita:
Current dollars...................... 36,090 37,154 36,491 36,895 37,082 37,293 37,345 37,584
Chained (2005) dollars............... 32,481 32,635 32,678 32,724 32,625 32,621 32,572 32,574
Population (midperiod, thousands)\5\..... 309,774 312,040 310,670 311,184 311,717 312,330 312,929 313,443
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
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; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\r\ Apr 12\r\ May 12\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 13.7 -16.7 43.1 48.0 49.4 53.8 29.4 25.4
Compensation of employees, received...... 6.2 -26.3 16.3 38.7 28.9 19.2 7.7 2.9
Wage and salary disbursements.......... 2.7 -26.1 13.9 30.3 25.8 16.8 5.7 1.4
Private industries................... 2.9 -26.2 13.7 27.7 25.1 15.7 5.3 1.1
Goods-producing industries......... -1.5 -11.1 7.5 9.1 3.4 -1.3 5.6 -7.0
Manufacturing.................... -2.1 -8.8 4.6 7.4 2.3 -1.2 3.2 -4.5
Services-producing industries...... 4.4 -15.1 6.2 18.5 21.7 17.1 -.4 8.3
Trade, transportation, and
utilities....................... 2.0 -3.0 .6 3.2 4.7 -1.2 2.3 3.4
Other services-producing
industries...................... 2.4 -12.1 5.6 15.3 17.0 18.3 -2.7 4.8
Government........................... -.2 .1 .2 2.6 .7 1.1 .4 .3
Supplements to wages and salaries...... 3.5 -.2 2.4 8.4 3.1 2.4 2.0 1.6
Employer contributions for employee
pension and insurance funds......... 3.3 1.8 1.8 2.1 1.5 1.7 1.5 1.5
Employer contributions for government
social insurance.................... .1 -1.9 .6 6.3 1.6 .7 .5 .1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 2.9 -.2 3.1 4.7 5.9 5.0 3.2 4.9
Farm................................... -2.7 -2.7 -2.7 .2 .1 .2 1.6 1.5
Nonfarm................................ 5.6 2.5 5.7 4.6 5.8 4.8 1.7 3.3
Rental income of persons with capital
consumption adjustment.................. 7.4 7.9 7.6 5.2 5.5 4.9 3.8 4.1
Personal income receipts on assets....... 3.4 -.1 3.7 7.3 9.7 13.6 16.4 12.7
Personal interest income............... -2.5 -2.5 -2.5 7.3 7.2 7.3 7.9 8.0
Personal dividend income............... 5.9 2.5 6.2 .1 2.4 6.4 8.4 4.7
Personal current transfer receipts....... -5.8 -1.4 14.1 2.1 2.7 13.2 -.8 1.2
Government social benefits to persons.. -6.1 -1.4 14.1 2.3 2.8 13.2 -1.1 1.4
Social security\1\................... .6 1.2 9.6 20.3 2.6 6.6 -1.3 -.4
Medicare\2\.......................... -2.5 -2.0 -1.1 -1.4 .9 2.1 -1.0 2.7
Medicaid............................. .3 1.5 .9 1.8 2.3 2.3 1.7 3.7
Unemployment insurance............... -2.0 -2.4 4.3 -4.8 -3.7 -.9 -2.5 -6.0
Veterans' benefits................... -.6 -.9 -.7 3.1 .1 2.7 .6 .7
Other................................ -1.8 1.1 1.0 -16.5 .6 .3 1.3 .8
Other current transfer receipts, from
business (net)........................ .3 .0 -.1 -.1 -.1 .0 .3 -.2
Less: Contributions for government social
insurance, domestic..................... .3 -3.3 1.6 10.1 3.4 2.1 .8 .4
Less: Personal current taxes............... 3.8 -.3 7.3 15.8 8.2 5.8 9.9 6.9
Equals: Disposable personal income......... 9.9 -16.4 35.8 32.2 41.2 48.0 19.5 18.5
Less: Personal outlays..................... 19.5 3.8 17.7 53.6 111.6 13.6 13.9 -7.0
Personal consumption expenditures........ 21.1 5.3 19.2 47.5 106.2 8.2 16.2 -4.7
Goods.................................. 13.9 -5.1 -2.4 40.6 58.6 -4.3 -9.7 -26.2
Durable goods........................ 14.3 .9 9.9 18.6 25.9 -21.2 -2.6 -4.6
Nondurable goods..................... -.4 -6.0 -12.3 22.0 32.7 16.9 -7.1 -21.6
Services............................... 7.2 10.4 21.6 6.9 47.6 12.5 25.9 21.5
Personal interest payments\3\............ -2.0 -2.0 -2.0 4.9 4.9 4.9 -2.6 -2.7
Personal current transfer payments....... .3 .6 .5 1.1 .5 .5 .3 .4
To government.......................... .6 .5 .5 .7 .5 .4 .4 .4
To the rest of the world (net)......... -.2 .0 .0 .4 .0 .0 .0 .0
Equals: Personal saving.................... -9.5 -20.1 17.9 -21.3 -70.4 34.3 5.7 25.5
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2005) dollars\4\....................... 16.3 -21.6 18.9 16.1 9.0 12.7 24.0 38.6
Disposable personal income, billions
of chained (2005) dollars\4\............ 7.8 -23.2 24.2 2.2 1.7 17.2 14.6 35.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
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; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2010 2011 IV 10 I 11 II 11 III 11 IV 11 I 12\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ 443.3 617.7 124.4 269.3 108.4 101.5 48.9 122.1
Compensation of employees, received...... 170.0 305.2 28.6 121.7 47.2 118.6 37.5 66.5
Wage and salary disbursements.......... 137.9 260.0 22.5 101.2 38.9 107.2 28.9 53.7
Private industries................... 122.4 260.5 23.7 98.7 38.1 109.8 29.2 50.0
Goods-producing industries......... -4.2 46.9 .3 21.5 4.6 19.7 1.8 12.2
Manufacturing.................... 13.3 29.7 3.3 14.9 .0 8.6 -3.3 8.6
Services-producing industries...... 126.5 213.6 23.4 77.1 33.6 90.1 27.4 37.8
Trade, transportation, and
utilities....................... 16.4 46.0 .2 18.3 8.7 19.0 6.4 5.4
Other services-producing
industries...................... 110.2 167.6 23.2 58.8 24.8 71.2 21.0 32.4
Government........................... 15.5 -.5 -1.3 2.5 .8 -2.6 -.3 3.7
Supplements to wages and salaries...... 32.0 45.3 6.0 20.7 8.3 11.3 8.6 12.8
Employer contributions for employee
pension and insurance funds......... 16.8 21.1 4.8 6.2 5.7 3.9 7.0 5.5
Employer contributions for government
social insurance.................... 15.2 24.2 1.2 14.5 2.6 7.3 1.7 7.3
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 95.2 72.5 24.5 14.1 10.9 7.2 6.0 12.3
Farm................................... 13.0 13.7 1.8 6.0 1.2 .2 -4.8 -2.4
Nonfarm................................ 82.2 58.8 22.7 8.1 9.7 7.0 10.8 14.7
Rental income of persons with capital
consumption adjustment.................. 44.3 53.7 2.0 30.2 11.9 9.4 20.9 18.2
Personal income receipts on assets....... 13.5 68.8 20.1 33.7 25.1 -8.1 -7.9 20.8
Personal interest income............... -105.5 -5.3 5.7 15.1 11.2 -21.1 -18.0 12.0
Personal dividend income............... 118.9 74.2 14.5 18.6 13.9 13.0 10.1 8.8
Personal current transfer receipts....... 143.1 55.0 51.8 -13.1 19.2 -10.7 -3.5 17.2
Government social benefits to persons.. 143.0 53.9 50.5 -13.3 19.3 -10.7 -3.7 17.5
Social security\1\................... 25.7 23.3 6.0 3.2 9.1 4.1 6.0 31.0
Medicare\2\.......................... 24.6 35.3 13.9 12.5 6.1 3.9 -2.5 -1.5
Medicaid............................. 31.3 18.9 34.6 -7.7 5.3 -21.0 -4.9 5.2
Unemployment insurance............... 8.1 -31.3 -7.1 -11.2 -8.7 -5.8 -2.9 -5.4
Veterans' benefits................... 6.4 5.5 .4 1.9 1.5 2.2 -.7 3.3
Other................................ 47.0 2.2 2.6 -11.8 5.8 5.9 1.4 -15.0
Other current transfer receipts, from
business (net)........................ .1 1.2 1.4 .2 -.1 .0 .2 -.3
Less: Contributions for government social
insurance, domestic..................... 22.7 -62.4 2.6 -82.6 5.9 15.0 3.9 13.0
Less: Personal current taxes............... 52.5 203.8 28.1 125.0 30.3 12.9 10.3 28.0
Equals: Disposable personal income......... 390.9 413.8 96.3 144.3 78.2 88.5 38.6 94.1
Less: Personal outlays..................... 350.6 468.2 133.8 153.5 100.5 112.0 86.4 145.6
Personal consumption expenditures........ 379.4 480.5 140.5 154.6 104.3 108.5 87.1 135.6
Goods.................................. 189.5 259.6 96.9 108.8 30.5 38.5 48.9 75.0
Durable goods........................ 55.9 77.4 37.2 29.8 -10.7 14.5 36.6 35.7
Nondurable goods..................... 133.7 182.2 59.7 79.1 41.1 24.1 12.2 39.2
Services............................... 189.8 220.9 43.6 45.7 73.9 69.9 38.3 60.7
Personal interest payments\3\............ -40.3 -15.6 -5.4 -2.4 -4.4 2.5 -1.7 7.8
Personal current transfer payments....... 11.5 3.3 -1.2 1.2 .6 .9 1.2 2.1
To government.......................... 6.0 2.6 .7 .1 .5 .7 1.4 1.7
To the rest of the world (net)......... 5.5 .7 -1.8 1.0 .0 .3 -.2 .4
Equals: Personal saving.................... 40.2 -54.3 -37.5 -9.2 -22.4 -23.4 -47.8 -51.6
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2005) dollars\4\....................... 113.3 275.9 21.0 163.1 3.1 44.4 18.5 31.8
Disposable personal income, billions
of chained (2005) dollars\4\............ 178.9 121.7 37.6 31.2 -13.5 18.9 4.1 17.4
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
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)
[Months seasonally adjusted at monthly rates]
-----------------------------------------------------------------------------------------------------------------------------------
Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\r\ Apr 12\r\ May 12\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .1 -.1 .3 .4 .4 .4 .2 .2
Compensation of employees, received...... .1 -.3 .2 .5 .3 .2 .1 .0
Wage and salary disbursements.......... .0 -.4 .2 .4 .4 .2 .1 .0
Supplements to wages and salaries...... .2 .0 .1 .5 .2 .1 .1 .1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. .3 .0 .3 .4 .5 .4 .3 .4
Rental income of persons with capital
consumption adjustment.................. 1.8 1.9 1.8 1.2 1.3 1.1 .8 .9
Personal income receipts on assets....... .2 .0 .2 .4 .5 .8 .9 .7
Personal interest income............... -.3 -.3 -.3 .7 .7 .7 .8 .8
Personal dividend income............... .7 .3 .8 .0 .3 .8 1.0 .6
Personal current transfer receipts....... -.2 -.1 .6 .1 .1 .6 .0 .1
Less: Contributions for government social
insurance, domestic..................... .0 -.4 .2 1.1 .4 .2 .1 .0
Less: Personal current taxes............... .3 .0 .5 1.1 .6 .4 .7 .5
Equals: Disposable personal income......... .1 -.1 .3 .3 .4 .4 .2 .2
Addenda:
Personal consumption expenditures........ .2 .0 .2 .4 1.0 .1 .1 .0
Goods.................................. .4 -.1 -.1 1.1 1.6 -.1 -.3 -.7
Durable goods........................ 1.2 .1 .8 1.5 2.1 -1.7 -.2 -.4
Nondurable goods..................... .0 -.2 -.5 .9 1.3 .7 -.3 -.8
Services............................... .1 .1 .3 .1 .7 .2 .4 .3
----------------------------------------------------------------------------------------
Based on chained (2005) dollar measures
----------------------------------------------------------------------------------------
Real personal income excluding current
transfer receipts....................... .2 -.2 .2 .2 .1 .1 .3 .4
Real disposable personal income.......... .1 -.2 .2 .0 .0 .2 .1 .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]
-----------------------------------------------------------------------------------------------------------------------------------
2010 2011 IV 10 I 11 II 11 III 11 IV 11 I 12\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ 3.7 5.0 4.1 8.8 3.4 3.2 1.5 3.8
Compensation of employees, received...... 2.2 3.8 1.4 6.2 2.3 5.9 1.8 3.2
Wage and salary disbursements.......... 2.2 4.1 1.4 6.4 2.4 6.6 1.7 3.2
Supplements to wages and salaries...... 2.1 2.9 1.6 5.4 2.1 2.8 2.1 3.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 10.1 7.0 9.6 5.3 4.0 2.6 2.2 4.5
Rental income of persons with capital
consumption adjustment.................. 14.5 15.3 2.4 38.6 13.0 9.8 22.2 18.2
Personal income receipts on assets....... .8 4.0 4.7 8.0 5.8 -1.8 -1.7 4.7
Personal interest income............... -9.5 -.5 2.3 6.3 4.5 -8.1 -7.0 5.0
Personal dividend income............... 19.9 10.3 8.1 10.2 7.4 6.8 5.2 4.4
Personal current transfer receipts....... 6.7 2.4 9.4 -2.2 3.3 -1.8 -.6 3.0
Less: Contributions for government social
insurance, domestic..................... 2.4 -6.3 1.1 -29.3 2.6 6.7 1.7 5.7
Less: Personal current taxes............... 4.6 17.1 9.6 46.8 9.2 3.7 3.0 8.1
Equals: Disposable personal income......... 3.6 3.7 3.5 5.2 2.8 3.1 1.3 3.3
Addenda:
Personal consumption expenditures........ 3.8 4.7 5.6 6.1 4.0 4.1 3.3 5.1
Goods.................................. 5.9 7.7 11.9 13.1 3.4 4.3 5.4 8.3
Durable goods........................ 5.4 7.1 14.4 11.0 -3.7 5.2 13.3 12.5
Nondurable goods..................... 6.2 7.9 10.8 14.1 6.9 3.9 2.0 6.4
Services............................... 2.8 3.2 2.6 2.7 4.3 4.0 2.2 3.4
----------------------------------------------------------------------------------------
Based on chained (2005) dollar measures
----------------------------------------------------------------------------------------
Real personal income excluding current
transfer receipts....................... 1.3 3.0 .9 7.3 .1 1.9 .8 1.4
Real disposable personal income.......... 1.8 1.2 1.5 1.2 -.5 .7 .2 .7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\r\ Apr 12\r\ May 12\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2005) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 9,481.2 9,477.5 9,487.7 9,505.1 9,565.3 9,549.8 9,561.6 9,575.3
Goods.................................... 3,387.3 3,384.3 3,390.1 3,416.9 3,450.4 3,436.0 3,437.0 3,439.9
Durable goods.......................... 1,318.8 1,323.3 1,337.4 1,357.4 1,386.8 1,364.8 1,363.6 1,357.8
Nondurable goods....................... 2,083.4 2,077.3 2,072.1 2,081.6 2,090.1 2,093.2 2,095.1 2,101.9
Services................................. 6,101.1 6,100.2 6,104.9 6,096.8 6,124.3 6,122.6 6,133.1 6,143.9
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2005) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 17.7 -3.7 10.2 17.4 60.2 -15.5 11.8 13.7
Goods.................................... 19.5 -3.0 5.8 26.8 33.5 -14.4 1.0 2.9
Durable goods.......................... 16.6 4.5 14.1 20.0 29.4 -22.0 -1.2 -5.8
Nondurable goods....................... 5.3 -6.1 -5.2 9.5 8.5 3.1 1.9 6.8
Services................................. -.9 -.9 4.7 -8.1 27.5 -1.7 10.5 10.8
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2005) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .2 .0 .1 .2 .6 -.2 .1 .1
Goods.................................... .6 -.1 .2 .8 1.0 -.4 .0 .1
Durable goods.......................... 1.3 .3 1.1 1.5 2.2 -1.6 -.1 -.4
Nondurable goods....................... .3 -.3 -.3 .5 .4 .1 .1 .3
Services................................. .0 .0 .1 -.1 .5 .0 .2 .2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2010 2011 IV 10 I 11 II 11 III 11 IV 11 I 12\r\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2005) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 9,220.9 9,421.3 9,328.4 9,376.7 9,392.7 9,433.5 9,482.1 9,540.1
Goods.................................... 3,230.7 3,351.4 3,306.0 3,344.4 3,331.2 3,342.7 3,387.2 3,434.4
Durable goods.......................... 1,188.3 1,285.4 1,242.4 1,277.4 1,260.2 1,277.8 1,326.5 1,369.7
Nondurable goods....................... 2,041.3 2,075.8 2,067.4 2,075.4 2,076.6 2,073.7 2,077.6 2,088.3
Services................................. 5,991.8 6,076.1 6,027.5 6,039.1 6,067.0 6,096.1 6,102.1 6,114.6
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2005) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 183.4 200.4 81.3 48.3 16.0 40.8 48.6 58.0
Goods.................................... 132.7 120.7 65.2 38.4 -13.2 11.5 44.5 47.2
Durable goods.......................... 80.0 97.1 48.3 35.0 -17.2 17.6 48.7 43.2
Nondurable goods....................... 57.9 34.5 21.6 8.0 1.2 -2.9 3.9 10.7
Services................................. 56.3 84.3 19.4 11.6 27.9 29.1 6.0 12.5
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2005) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 2.0 2.2 3.6 2.1 .7 1.7 2.1 2.5
Goods.................................... 4.3 3.7 8.3 4.7 -1.6 1.4 5.4 5.7
Durable goods.......................... 7.2 8.2 17.2 11.7 -5.3 5.7 16.1 13.7
Nondurable goods....................... 2.9 1.7 4.3 1.6 .2 -.5 .8 2.1
Services................................. .9 1.4 1.3 .8 1.9 1.9 .4 .8
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\r\ Apr 12\r\ May 12\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2005=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 114.563 114.664 114.742 115.033 115.419 115.693 115.720 115.505
Goods.................................... 109.658 109.602 109.345 109.674 110.308 110.650 110.331 109.480
Durable goods.......................... 90.288 90.053 89.843 89.892 89.849 89.746 89.630 89.676
Nondurable goods....................... 121.123 121.184 120.899 121.403 122.473 123.101 122.654 121.230
Services................................. 117.152 117.340 117.604 117.874 118.120 118.357 118.577 118.718
Addenda:
PCE excluding food and energy............ 112.353 112.514 112.685 112.975 113.148 113.366 113.526 113.659
Food\1\.................................. 120.208 120.153 120.439 120.608 120.585 120.740 120.861 120.727
Energy goods and services\2\............. 143.784 143.034 141.058 141.501 146.533 148.038 145.404 138.661
Market-based PCE\3\...................... 114.462 114.554 114.627 114.884 115.276 115.517 115.503 115.276
Market-based PCE excluding food
and energy\3\........................... 111.886 112.046 112.225 112.475 112.624 112.795 112.928 113.100
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes, seasonally
adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .0 .1 .1 .3 .3 .2 .0 -.2
Goods.................................... -.2 -.1 -.2 .3 .6 .3 -.3 -.8
Durable goods.......................... -.1 -.3 -.2 .1 .0 -.1 -.1 .1
Nondurable goods....................... -.3 .1 -.2 .4 .9 .5 -.4 -1.2
Services................................. .1 .2 .2 .2 .2 .2 .2 .1
Addenda:
PCE excluding food and energy............ .1 .1 .2 .3 .2 .2 .1 .1
Food\1\.................................. .2 .0 .2 .1 .0 .1 .1 -.1
Energy goods and services\2\............. -1.7 -.5 -1.4 .3 3.6 1.0 -1.8 -4.6
Market-based PCE\3\...................... .0 .1 .1 .2 .3 .2 .0 -.2
Market-based PCE excluding food
and energy\3\........................... .1 .1 .2 .2 .1 .2 .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
-----------------------------------------------------------------------------------------------------------------------------------
Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\r\ Apr 12\r\ May 12\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. .6 .3 .3 .3 .2 .3 .7 1.1
Personal consumption expenditures.......... 1.9 1.5 1.5 1.7 2.0 1.6 1.8 1.9
Goods.................................... 2.7 2.2 2.4 2.7 2.8 2.5 2.7 3.4
Durable goods.......................... 6.6 6.7 7.0 7.5 7.9 6.3 6.8 7.7
Nondurable goods....................... 1.0 .2 .3 .5 .5 .8 .8 1.4
Services................................. 1.5 1.2 1.1 1.1 1.5 1.1 1.3 1.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Oct 11 Nov 11 Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\r\ Apr 12\r\ May 12\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 2.7 2.7 2.5 2.4 2.4 2.2 1.9 1.5
Goods.................................... 4.3 4.2 3.4 2.9 2.7 2.2 1.3 .5
Durable goods.......................... -.5 -.6 -.4 -.4 -.7 -.7 -1.1 -1.2
Nondurable goods....................... 6.6 6.5 5.2 4.5 4.3 3.6 2.4 1.3
Services................................. 1.9 2.0 2.1 2.2 2.2 2.2 2.2 2.0
Addenda:
PCE excluding food and energy............ 1.7 1.8 1.9 2.0 2.0 2.0 2.0 1.8
Food\1\.................................. 5.2 5.1 5.3 4.7 3.9 3.1 2.8 2.3
Energy goods and services\2\............. 15.4 14.6 8.6 6.5 6.5 3.7 -.4 -3.8
Market-based PCE\3\...................... 2.9 2.9 2.7 2.6 2.5 2.2 1.9 1.5
Market-based PCE excluding food
and energy\3\........................... 1.7 1.8 2.0 2.1 2.0 2.0 2.0 1.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises
consumption; food services, which include purchased meals and
beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity
and gas services.
3. Market-based PCE is a supplemental measure that is based on household
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.