EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 28, 2011
BEA 11-53
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: SEPTEMBER 2011
Personal income increased $17.3 billion, or 0.1 percent, and disposable personal income (DPI)
increased $12.9 billion, or 0.1 percent, in�September, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $68.7 billion, or 0.6 percent. In August, personal
income decreased $13.6 billion, or 0.1 percent, DPI decreased $12.8 billion, or 0.1 percent, and PCE
increased $24.2 billion, or 0.2 percent, based on revised estimates.
Real disposable income decreased 0.1 percent in September, compared with a decrease of 0.4
percent in August. Real PCE increased 0.5 percent, compared with a decrease of less than 0.1 percent.
2011
May June July Aug. Sept.
(Percent change from preceding month)
Personal income, current dollars 0.3 0.2 0.1 -0.1 0.1
Disposable personal income:
Current dollars 0.2 0.1 0.0 -0.1 0.1
Chained (2005) dollars 0.0 0.3 -0.3 -0.4 -0.1
Personal consumption expenditures:
Current dollars 0.2 -0.2 0.9 0.2 0.6
Chained (2005) dollars 0.0 -0.1 0.5 0.0 0.5
Wages and salaries
Private wage and salary disbursements increased $17.9 billion in September, in contrast to a decrease
of $9.8 billion in August. Goods-producing industries' payrolls increased $1.6 billion, in contrast
to a decrease of $3.5 billion; manufacturing payrolls decreased $1.1 billion, compared with a decrease
of $4.3 billion. Services-producing industries' payrolls increased $16.3 billion, in contrast to a
decrease of $6.3 billion. Government wage and salary disbursements decreased $0.7 billion, in contrast
to an increase of $1.3 billion.
Other personal income
Supplements to wages and salaries increased $2.9 billion in September, compared with an increase of
$1.5 billion in August.
Proprietors' income increased $2.3 billion in September, compared with an increase of $8.4 billion
in August. Farm proprietors' income increased $1.3 billion, compared with an increase of $1.2 billion.
Nonfarm proprietors' income increased $1.0 billion, compared with an increase of $7.1 billion.
Rental income of persons increased $5.8 billion in September, compared with an increase of $5.6 billion
in August. Personal income receipts on assets (personal interest income plus personal dividend income)
decreased $9.2 billion, compared with a decrease of $11.5 billion.
Personal current transfer receipts increased $0.6 billion in September, in contrast to a decrease of
$9.7 billion in August. Government social benefits to persons for Medicaid decreased $5.3 billion,
compared with a decrease of $14.2 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- increased
$2.2 billion in September, in contrast to a decrease of $0.7 billion in August.
Personal current taxes and disposable personal income
Personal current taxes increased $4.5 billion in September, in contrast to a decrease of $0.8 billion in August.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $12.9 billion,
or 0.1 percent, in September, in contrast to a decrease of $12.8 billion, or 0.1 percent in August.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased
$72.1 billion in�September, compared with an increase of $27.6 billion in August. PCE increased
$68.7 billion, compared with an increase of $24.2 billion.
Personal saving -- DPI less personal outlays -- was $419.8 billion in September, compared with $479.1 billion in
August. Personal saving as a percentage of disposable personal income was 3.6 percent in September, compared with
4.1 percent in August. 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 -- decreased 0.1 percent in September, compared with a decrease of 0.4 percent in
August.
Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in September, in contrast to a decrease of less than 0.1
percent in August. Purchases of durable goods increased 2.6 percent, in contrast to a decrease of 1.0 percent.
Purchases of motor vehicles and parts accounted for more than half of the increase in September, and more than accounted
for the decrease in August. Purchases of nondurable goods increased 0.5 percent in September, in contrast to a
decrease of 0.1 percent in August. Purchases of services increased 0.1 percent, the same increase as in August.
PCE price index -- The price index for PCE increased 0.2 percent in September, compared with an increase of 0.3 percent
in August. The PCE price index, excluding food and energy, decreased less than 0.1 percent, in contrast to an increase of 0.2 percent.
Revisions
Estimates have been revised for July and August. Changes in personal income, current-dollar and chained (2005) dollar DPI,
and current-dollar and chained (2005) dollar PCE for July and August -- revised and as published in last month's release -- are shown below.
Change from preceding month
July August
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 17.1 6.9 0.1 0.1 -7.3 -13.6 -0.1 -0.1
Disposable personal income:
Current dollars 14.4 3.1 0.1 0.0 -5.0 -12.8 0.0 -0.1
Chained (2005) dollars -24.7 -35.6 -0.2 -0.3 -29.2 -38.1 -0.3 -0.4
Personal consumption expenditures:
Current dollars 76.6 96.0 0.7 0.9 22.7 24.2 0.2 0.2
Chained (2005) dollars 32.8 48.9 0.4 0.5 -3.0 -3.8 0.0 0.0
BEA�s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are
available without charge on BEA�s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free
e-mail summaries of BEA releases and announcements.
* * *
Next release � November 23, 2011 at 8:30 A.M. EST for Personal Income and Outlays for October
Release Dates for 2012
December 2011...January 30 April 2012..June 1 August 2012.....September 28
January 2012....March 1 May 2012 ...June 29 September 2012..October 29
February 2012...March 30 June 2012...July 31 October 2012....November 30
March 2012......April 30 July 2012...August 30 November 2012...December 21
________________________
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.
Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars; months seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\p\
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Personal income............................ 12,850.6 12,909.7 12,962.2 12,997.2 13,018.5 13,025.4 13,011.8 13,029.1
Compensation of employees, received...... 8,177.6 8,213.9 8,244.2 8,268.4 8,274.7 8,300.0 8,292.9 8,313.1
Wage and salary disbursements.......... 6,582.9 6,614.8 6,641.6 6,662.3 6,666.8 6,690.3 6,681.7 6,699.0
Private industries................... 5,391.9 5,422.8 5,449.1 5,470.2 5,475.7 5,500.3 5,490.5 5,508.4
Goods-producing industries......... 1,090.2 1,099.4 1,105.6 1,110.5 1,109.9 1,115.9 1,112.4 1,114.0
Manufacturing.................... 698.0 705.9 709.3 713.2 711.9 717.5 713.2 712.1
Services-producing industries...... 4,301.6 4,323.4 4,343.5 4,359.7 4,365.8 4,384.4 4,378.1 4,394.4
Trade, transportation, and
utilities....................... 1,035.5 1,042.5 1,051.4 1,050.7 1,053.7 1,055.6 1,051.9 1,055.9
Other services-producing
industries...................... 3,266.1 3,280.8 3,292.1 3,309.0 3,312.0 3,328.8 3,326.2 3,338.5
Government........................... 1,191.0 1,192.0 1,192.5 1,192.1 1,191.1 1,190.0 1,191.3 1,190.6
Supplements to wages and salaries...... 1,594.7 1,599.1 1,602.6 1,606.1 1,607.9 1,609.7 1,611.2 1,614.1
Employer contributions for employee
pension and insurance funds......... 1,103.0 1,105.0 1,106.9 1,108.7 1,110.4 1,110.8 1,112.7 1,114.6
Employer contributions for government
social insurance.................... 491.7 494.1 495.7 497.4 497.4 498.8 498.5 499.4
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,097.1 1,103.1 1,105.9 1,106.6 1,107.2 1,110.7 1,119.1 1,121.4
Farm................................... 66.1 69.2 68.3 67.3 66.4 67.7 68.9 70.2
Nonfarm................................ 1,031.1 1,033.9 1,037.6 1,039.3 1,040.7 1,043.1 1,050.2 1,051.2
Rental income of persons with capital
consumption adjustment.................. 384.9 400.3 398.3 396.8 395.7 401.1 406.7 412.5
Personal income receipts on assets....... 1,780.2 1,779.2 1,791.8 1,802.6 1,812.6 1,805.0 1,793.5 1,784.3
Personal interest income............... 1,004.7 1,006.4 1,011.1 1,015.9 1,020.7 1,007.2 993.8 980.3
Personal dividend income............... 775.4 772.8 780.6 786.7 791.9 797.7 799.8 804.0
Personal current transfer receipts....... 2,322.9 2,330.1 2,342.7 2,346.4 2,352.7 2,336.0 2,326.3 2,326.9
Government social benefits to persons.. 2,284.0 2,290.7 2,303.2 2,307.0 2,313.3 2,296.4 2,287.0 2,287.6
Social security\1\................... 701.4 705.1 713.1 711.4 712.1 715.2 716.1 717.7
Medicare\2\.......................... 547.9 551.1 553.1 553.9 554.7 555.8 558.1 559.5
Medicaid............................. 430.7 429.0 433.3 438.5 440.5 421.4 407.2 401.9
Unemployment insurance............... 116.4 114.5 110.8 106.4 109.3 104.7 102.1 104.1
Veterans' benefits................... 60.6 62.4 63.1 61.8 63.6 64.0 65.4 65.7
Other................................ 427.0 428.6 429.8 435.0 433.3 435.3 438.1 438.7
Other current transfer receipts, from
business (net)........................ 38.9 39.3 39.4 39.4 39.3 39.6 39.3 39.3
Less: Contributions for government social
insurance, domestic..................... 912.1 916.8 920.5 923.7 924.3 927.5 926.8 929.0
Less: Personal current taxes............... 1,367.1 1,377.7 1,391.5 1,403.0 1,408.9 1,412.7 1,411.9 1,416.4
Equals: Disposable personal income......... 11,483.5 11,532.1 11,570.8 11,594.2 11,609.6 11,612.7 11,599.9 11,612.8
Less: Personal outlays..................... 10,908.1 10,969.3 10,998.0 11,016.7 10,993.2 11,093.3 11,120.9 11,193.0
Personal consumption expenditures........ 10,577.7 10,639.2 10,669.6 10,690.1 10,668.4 10,764.4 10,788.6 10,857.3
Goods.................................. 3,603.3 3,627.4 3,647.1 3,625.5 3,595.6 3,643.3 3,644.9 3,696.9
Durable goods........................ 1,162.6 1,161.0 1,157.7 1,144.4 1,129.3 1,154.2 1,141.4 1,166.1
Nondurable goods..................... 2,440.7 2,466.4 2,489.4 2,481.1 2,466.3 2,489.1 2,503.5 2,530.8
Services............................... 6,974.4 7,011.9 7,022.5 7,064.7 7,072.8 7,121.1 7,143.7 7,160.4
Personal interest payments\3\............ 160.3 159.8 157.9 155.9 154.0 157.1 160.2 163.3
Personal current transfer payments....... 170.1 170.2 170.5 170.6 170.9 171.8 172.1 172.4
To government.......................... 96.6 96.7 96.9 97.1 97.3 97.5 97.8 98.1
To the rest of the world (net)......... 73.5 73.5 73.5 73.5 73.5 74.3 74.3 74.3
Equals: Personal saving.................... 575.4 562.8 572.8 577.5 616.3 519.4 479.1 419.8
Personal saving as a percentage of
disposable personal income.............. 5.0 4.9 5.0 5.0 5.3 4.5 4.1 3.6
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2005) dollars\4\............... 9,337.7 9,346.8 9,350.1 9,361.1 9,386.1 9,371.4 9,343.3 9,342.5
Disposable personal income:
Total, billions of chained (2005)
dollars\4\............................ 10,185.5 10,188.3 10,187.6 10,190.2 10,216.6 10,181.0 10,142.9 10,137.3
Per capita:
Current dollars...................... 36,842 36,977 37,080 37,132 37,158 37,142 37,075 37,088
Chained (2005) dollars............... 32,678 32,668 32,648 32,636 32,700 32,563 32,418 32,376
Population (midperiod, thousands)\5\..... 311,696 311,870 312,049 312,240 312,440 312,654 312,878 313,113
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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]
-----------------------------------------------------------------------------------------------------------------------------------
2009 2010 II 10 III 10 IV 10 I 11 II 11 III 11
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Personal income............................ 11,930.2 12,373.5 12,325.6 12,453.2 12,577.6 12,846.9 12,992.6 13,022.1
Compensation of employees, received...... 7,801.4 7,971.4 7,960.0 8,022.2 8,050.8 8,172.5 8,262.4 8,302.0
Wage and salary disbursements.......... 6,270.3 6,408.2 6,399.8 6,454.5 6,477.0 6,578.2 6,656.9 6,690.4
Private industries................... 5,095.0 5,217.4 5,203.5 5,264.7 5,288.4 5,387.1 5,465.0 5,499.7
Goods-producing industries......... 1,063.4 1,059.2 1,058.6 1,070.5 1,070.8 1,092.3 1,108.7 1,114.1
Manufacturing.................... 660.9 674.2 673.6 682.2 685.5 700.4 711.5 714.3
Services-producing industries...... 4,031.7 4,158.2 4,144.9 4,194.2 4,217.6 4,294.7 4,356.3 4,385.6
Trade, transportation, and
utilities....................... 989.6 1,006.0 1,004.5 1,015.9 1,016.1 1,034.4 1,051.9 1,054.5
Other services-producing
industries...................... 3,042.0 3,152.2 3,140.4 3,178.3 3,201.5 3,260.3 3,304.4 3,331.2
Government........................... 1,175.3 1,190.8 1,196.3 1,189.9 1,188.6 1,191.1 1,191.9 1,190.6
Supplements to wages and salaries...... 1,531.1 1,563.1 1,560.2 1,567.7 1,573.7 1,594.4 1,605.5 1,611.6
Employer contributions for employee
pension and insurance funds......... 1,073.1 1,089.9 1,087.6 1,092.0 1,096.8 1,103.0 1,108.7 1,112.7
Employer contributions for government
social insurance.................... 458.0 473.2 472.6 475.7 476.9 491.4 496.9 498.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 941.2 1,036.4 1,025.6 1,057.0 1,081.5 1,095.6 1,106.5 1,117.1
Farm................................... 39.2 52.2 45.8 58.3 60.1 66.1 67.3 68.9
Nonfarm................................ 902.0 984.2 979.7 998.7 1,021.4 1,029.5 1,039.2 1,048.2
Rental income of persons with capital
consumption adjustment.................. 305.9 350.2 349.1 352.8 354.8 385.0 396.9 406.8
Personal income receipts on assets....... 1,707.7 1,721.2 1,724.5 1,723.4 1,743.5 1,777.2 1,802.3 1,794.3
Personal interest income............... 1,108.9 1,003.4 1,014.1 983.9 989.6 1,004.7 1,015.9 993.8
Personal dividend income............... 598.8 717.7 710.4 739.4 753.9 772.5 786.4 800.5
Personal current transfer receipts....... 2,138.1 2,281.2 2,252.1 2,289.4 2,341.2 2,328.1 2,347.3 2,329.7
Government social benefits to persons.. 2,099.9 2,242.9 2,214.1 2,251.4 2,301.9 2,288.6 2,307.9 2,290.3
Social security\1\................... 664.5 690.2 688.3 693.9 699.9 703.1 712.2 716.3
Medicare\2\.......................... 493.8 518.4 511.5 521.4 535.3 547.8 553.9 557.8
Medicaid............................. 374.1 405.4 389.8 405.2 439.8 432.1 437.4 410.1
Unemployment insurance............... 130.6 138.7 137.4 135.8 128.7 117.5 108.8 103.6
Veterans' benefits................... 51.5 57.9 57.3 59.0 59.4 61.3 62.8 65.0
Other................................ 385.4 432.4 429.9 436.1 438.7 426.9 432.7 437.4
Other current transfer receipts, from
business (net)........................ 38.2 38.3 38.0 37.9 39.3 39.5 39.4 39.4
Less: Contributions for government social
insurance, domestic..................... 964.1 986.8 985.7 991.5 994.1 911.5 922.8 927.8
Less: Personal current taxes............... 1,141.4 1,193.9 1,175.4 1,212.8 1,240.9 1,365.9 1,401.1 1,413.6
Equals: Disposable personal income......... 10,788.8 11,179.7 11,150.2 11,240.4 11,336.7 11,481.0 11,591.5 11,608.5
Less: Personal outlays..................... 10,236.3 10,586.9 10,527.0 10,614.8 10,748.6 10,902.1 11,002.6 11,135.7
Personal consumption expenditures........ 9,866.1 10,245.5 10,184.8 10,276.6 10,417.1 10,571.7 10,676.0 10,803.4
Goods.................................. 3,197.5 3,387.0 3,340.1 3,386.5 3,483.4 3,592.2 3,622.7 3,661.7
Durable goods........................ 1,029.6 1,085.5 1,071.7 1,087.5 1,124.7 1,154.5 1,143.8 1,153.9
Nondurable goods..................... 2,167.8 2,301.5 2,268.3 2,299.0 2,358.7 2,437.8 2,478.9 2,507.8
Services............................... 6,668.7 6,858.5 6,844.7 6,890.1 6,933.7 6,979.4 7,053.3 7,141.7
Personal interest payments\3\............ 213.7 173.4 174.4 168.1 162.7 160.3 155.9 160.2
Personal current transfer payments....... 156.5 168.0 167.8 170.1 168.9 170.1 170.7 172.1
To government.......................... 89.1 95.1 94.8 95.8 96.5 96.6 97.1 97.8
To the rest of the world (net)......... 67.4 72.9 72.9 74.3 72.5 73.5 73.5 74.3
Equals: Personal saving.................... 552.6 592.8 623.3 625.6 588.1 578.9 588.9 472.7
Personal saving as a percentage of
disposable personal income.............. 5.1 5.3 5.6 5.6 5.2 5.0 5.1 4.1
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2005) dollars\4\............... 8,969.7 9,083.0 9,086.5 9,145.7 9,166.7 9,329.8 9,365.7 9,352.4
Disposable personal income:
Total, billions of chained (2005)
dollars\4\............................ 9,882.7 10,061.6 10,057.8 10,114.4 10,152.0 10,183.2 10,198.1 10,153.7
Per capita:
Current dollars...................... 35,088 36,051 36,001 36,208 36,436 36,834 37,123 37,102
Chained (2005) dollars............... 32,141 32,446 32,473 32,581 32,628 32,670 32,661 32,452
Population (midperiod, thousands)\5\..... 307,483 310,106 309,724 310,438 311,140 311,696 312,243 312,882
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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]
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Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\p\
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Personal income............................ 70.3 59.1 52.5 35.0 21.3 6.9 -13.6 17.3
Compensation of employees, received...... 51.4 36.3 30.3 24.2 6.3 25.3 -7.1 20.2
Wage and salary disbursements.......... 46.1 31.9 26.8 20.7 4.5 23.5 -8.6 17.3
Private industries................... 45.4 30.9 26.3 21.1 5.5 24.6 -9.8 17.9
Goods-producing industries......... 2.8 9.2 6.2 4.9 -.6 6.0 -3.5 1.6
Manufacturing.................... .5 7.9 3.4 3.9 -1.3 5.6 -4.3 -1.1
Services-producing industries...... 42.4 21.8 20.1 16.2 6.1 18.6 -6.3 16.3
Trade, transportation, and
utilities....................... 10.2 7.0 8.9 -.7 3.0 1.9 -3.7 4.0
Other services-producing
industries...................... 32.2 14.7 11.3 16.9 3.0 16.8 -2.6 12.3
Government........................... .8 1.0 .5 -.4 -1.0 -1.1 1.3 -.7
Supplements to wages and salaries...... 5.3 4.4 3.5 3.5 1.8 1.8 1.5 2.9
Employer contributions for employee
pension and insurance funds......... 2.1 2.0 1.9 1.8 1.7 .4 1.9 1.9
Employer contributions for government
social insurance.................... 3.2 2.4 1.6 1.7 .0 1.4 -.3 .9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 10.5 6.0 2.8 .7 .6 3.5 8.4 2.3
Farm................................... 3.1 3.1 -.9 -1.0 -.9 1.3 1.2 1.3
Nonfarm................................ 7.5 2.8 3.7 1.7 1.4 2.4 7.1 1.0
Rental income of persons with capital
consumption adjustment.................. 15.2 15.4 -2.0 -1.5 -1.1 5.4 5.6 5.8
Personal income receipts on assets....... 8.0 -1.0 12.6 10.8 10.0 -7.6 -11.5 -9.2
Personal interest income............... 1.6 1.7 4.7 4.8 4.8 -13.5 -13.4 -13.5
Personal dividend income............... 6.3 -2.6 7.8 6.1 5.2 5.8 2.1 4.2
Personal current transfer receipts....... -8.3 7.2 12.6 3.7 6.3 -16.7 -9.7 .6
Government social benefits to persons.. -7.1 6.7 12.5 3.8 6.3 -16.9 -9.4 .6
Social security\1\................... -1.4 3.7 8.0 -1.7 .7 3.1 .9 1.6
Medicare\2\.......................... 3.6 3.2 2.0 .8 .8 1.1 2.3 1.4
Medicaid............................. -5.8 -1.7 4.3 5.2 2.0 -19.1 -14.2 -5.3
Unemployment insurance............... -5.1 -1.9 -3.7 -4.4 2.9 -4.6 -2.6 2.0
Veterans' benefits................... -.4 1.8 .7 -1.3 1.8 .4 1.4 .3
Other................................ 2.1 1.6 1.2 5.2 -1.7 2.0 2.8 .6
Other current transfer receipts, from
business (net)........................ -1.2 .4 .1 .0 -.1 .3 -.3 .0
Less: Contributions for government social
insurance, domestic..................... 6.4 4.7 3.7 3.2 .6 3.2 -.7 2.2
Less: Personal current taxes............... 14.3 10.6 13.8 11.5 5.9 3.8 -.8 4.5
Equals: Disposable personal income......... 56.0 48.6 38.7 23.4 15.4 3.1 -12.8 12.9
Less: Personal outlays..................... 79.3 61.2 28.7 18.7 -23.5 100.1 27.6 72.1
Personal consumption expenditures........ 79.7 61.5 30.4 20.5 -21.7 96.0 24.2 68.7
Goods.................................. 57.3 24.1 19.7 -21.6 -29.9 47.7 1.6 52.0
Durable goods........................ 22.7 -1.6 -3.3 -13.3 -15.1 24.9 -12.8 24.7
Nondurable goods..................... 34.6 25.7 23.0 -8.3 -14.8 22.8 14.4 27.3
Services............................... 22.4 37.5 10.6 42.2 8.1 48.3 22.6 16.7
Personal interest payments\3\............ -.5 -.5 -1.9 -2.0 -1.9 3.1 3.1 3.1
Personal current transfer payments....... .1 .1 .3 .1 .3 .9 .3 .3
To government.......................... .0 .1 .2 .2 .2 .2 .3 .3
To the rest of the world (net)......... .0 .0 .0 .0 .0 .8 .0 .0
Equals: Personal saving.................... -23.2 -12.6 10.0 4.7 38.8 -96.9 -40.3 -59.3
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2005) dollars\4\....................... 32.7 9.1 3.3 11.0 25.0 -14.7 -28.1 -.8
Disposable personal income, billions
of chained (2005) dollars\4\............ 9.2 2.8 -.7 2.6 26.4 -35.6 -38.1 -5.6
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2009 2010 II 10 III 10 IV 10 I 11 II 11 III 11
-----------------------------------------------------------------------------------------------------------------------------------
Personal income............................ -530.0 443.3 187.9 127.6 124.4 269.3 145.7 29.5
Compensation of employees, received...... -271.9 170.0 107.5 62.2 28.6 121.7 89.9 39.6
Wage and salary disbursements.......... -280.6 137.9 98.2 54.7 22.5 101.2 78.7 33.5
Private industries................... -311.8 122.4 90.5 61.2 23.7 98.7 77.9 34.7
Goods-producing industries......... -144.3 -4.2 21.7 11.9 .3 21.5 16.4 5.4
Manufacturing.................... -80.0 13.3 18.3 8.6 3.3 14.9 11.1 2.8
Services-producing industries...... -167.3 126.5 68.9 49.3 23.4 77.1 61.6 29.3
Trade, transportation, and
utilities....................... -60.1 16.4 17.1 11.4 .2 18.3 17.5 2.6
Other services-producing
industries...................... -107.3 110.2 51.7 37.9 23.2 58.8 44.1 26.8
Government........................... 31.2 15.5 7.7 -6.4 -1.3 2.5 .8 -1.3
Supplements to wages and salaries...... 8.6 32.0 9.3 7.5 6.0 20.7 11.1 6.1
Employer contributions for employee
pension and insurance funds......... 20.7 16.8 4.2 4.4 4.8 6.2 5.7 4.0
Employer contributions for government
social insurance.................... -12.1 15.2 5.1 3.1 1.2 14.5 5.5 2.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -156.7 95.2 43.9 31.4 24.5 14.1 10.9 10.6
Farm................................... -12.6 13.0 1.2 12.5 1.8 6.0 1.2 1.6
Nonfarm................................ -144.1 82.2 42.6 19.0 22.7 8.1 9.7 9.0
Rental income of persons with capital
consumption adjustment.................. 74.3 44.3 5.0 3.7 2.0 30.2 11.9 9.9
Personal income receipts on assets....... -457.7 13.5 31.2 -1.1 20.1 33.7 25.1 -8.0
Personal interest income............... -273.1 -105.5 -12.0 -30.2 5.7 15.1 11.2 -22.1
Personal dividend income............... -184.6 118.9 43.2 29.0 14.5 18.6 13.9 14.1
Personal current transfer receipts....... 258.9 143.1 10.0 37.3 51.8 -13.1 19.2 -17.6
Government social benefits to persons.. 257.5 143.0 10.0 37.3 50.5 -13.3 19.3 -17.6
Social security\1\................... 59.0 25.7 9.7 5.6 6.0 3.2 9.1 4.1
Medicare\2\.......................... 32.2 24.6 5.9 9.9 13.9 12.5 6.1 3.9
Medicaid............................. 35.9 31.3 3.2 15.4 34.6 -7.7 5.3 -27.3
Unemployment insurance............... 79.7 8.1 -15.4 -1.6 -7.1 -11.2 -8.7 -5.2
Veterans' benefits................... 6.5 6.4 1.5 1.7 .4 1.9 1.5 2.2
Other................................ 44.3 47.0 5.1 6.2 2.6 -11.8 5.8 4.7
Other current transfer receipts, from
business (net)........................ 1.4 .1 .0 -.1 1.4 .2 -.1 .0
Less: Contributions for government social
insurance, domestic..................... -23.2 22.7 9.7 5.8 2.6 -82.6 11.3 5.0
Less: Personal current taxes............... -294.3 52.5 29.0 37.4 28.1 125.0 35.2 12.5
Equals: Disposable personal income......... -235.7 390.9 158.9 90.2 96.3 144.3 110.5 17.0
Less: Personal outlays..................... -195.9 350.6 69.8 87.8 133.8 153.5 100.5 133.1
Personal consumption expenditures........ -169.4 379.4 81.1 91.8 140.5 154.6 104.3 127.4
Goods.................................. -184.2 189.5 2.0 46.4 96.9 108.8 30.5 39.0
Durable goods........................ -79.3 55.9 13.7 15.8 37.2 29.8 -10.7 10.1
Nondurable goods..................... -105.0 133.7 -11.8 30.7 59.7 79.1 41.1 28.9
Services............................... 14.9 189.8 79.1 45.4 43.6 45.7 73.9 88.4
Personal interest payments\3\............ -31.9 -40.3 -13.9 -6.3 -5.4 -2.4 -4.4 4.3
Personal current transfer payments....... 5.5 11.5 2.6 2.3 -1.2 1.2 .6 1.4
To government.......................... 4.2 6.0 1.4 1.0 .7 .1 .5 .7
To the rest of the world (net)......... 1.2 5.5 1.0 1.4 -1.8 1.0 .0 .8
Equals: Personal saving.................... -39.7 40.2 89.2 2.3 -37.5 -9.2 10.0 -116.2
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2005) dollars\4\....................... -742.6 113.3 153.1 59.2 21.0 163.1 35.9 -13.3
Disposable personal income, billions
of chained (2005) dollars\4\............ -236.8 178.9 135.3 56.6 37.6 31.2 14.9 -44.4
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ .6 .5 .4 .3 .2 .1 -.1 .1
Compensation of employees, received...... .6 .4 .4 .3 .1 .3 -.1 .2
Wage and salary disbursements.......... .7 .5 .4 .3 .1 .4 -.1 .3
Supplements to wages and salaries...... .3 .3 .2 .2 .1 .1 .1 .2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1.0 .5 .2 .1 .1 .3 .8 .2
Rental income of persons with capital
consumption adjustment.................. 4.1 4.0 -.5 -.4 -.3 1.4 1.4 1.4
Personal income receipts on assets....... .4 -.1 .7 .6 .6 -.4 -.6 -.5
Personal interest income............... .2 .2 .5 .5 .5 -1.3 -1.3 -1.4
Personal dividend income............... .8 -.3 1.0 .8 .7 .7 .3 .5
Personal current transfer receipts....... -.4 .3 .5 .2 .3 -.7 -.4 .0
Less: Contributions for government social
insurance, domestic..................... .7 .5 .4 .4 .1 .3 -.1 .2
Less: Personal current taxes............... 1.1 .8 1.0 .8 .4 .3 -.1 .3
Equals: Disposable personal income......... .5 .4 .3 .2 .1 .0 -.1 .1
Addenda:
Personal consumption expenditures........ .8 .6 .3 .2 -.2 .9 .2 .6
Goods.................................. 1.6 .7 .5 -.6 -.8 1.3 .0 1.4
Durable goods........................ 2.0 -.1 -.3 -1.2 -1.3 2.2 -1.1 2.2
Nondurable goods..................... 1.4 1.1 .9 -.3 -.6 .9 .6 1.1
Services............................... .3 .5 .2 .6 .1 .7 .3 .2
----------------------------------------------------------------------------------------
Based on chained (2005) dollar measures
----------------------------------------------------------------------------------------
Real personal income excluding current
transfer receipts....................... .4 .1 .0 .1 .3 -.2 -.3 .0
Real disposable personal income.......... .1 .0 .0 .0 .3 -.3 -.4 -.1
-----------------------------------------------------------------------------------------------------------------------------------
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]
-----------------------------------------------------------------------------------------------------------------------------------
2009 2010 II 10 III 10 IV 10 I 11 II 11 III 11
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Based on current-dollar measures
----------------------------------------------------------------------------------------
Personal income............................ -4.3 3.7 6.3 4.2 4.1 8.8 4.6 .9
Compensation of employees, received...... -3.4 2.2 5.6 3.2 1.4 6.2 4.5 1.9
Wage and salary disbursements.......... -4.3 2.2 6.4 3.5 1.4 6.4 4.9 2.0
Supplements to wages and salaries...... .6 2.1 2.4 1.9 1.6 5.4 2.8 1.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. -14.3 10.1 19.1 12.8 9.6 5.3 4.0 3.9
Rental income of persons with capital
consumption adjustment.................. 32.1 14.5 5.9 4.3 2.4 38.6 13.0 10.3
Personal income receipts on assets....... -21.1 .8 7.6 -.3 4.7 8.0 5.8 -1.8
Personal interest income............... -19.8 -9.5 -4.6 -11.4 2.3 6.3 4.5 -8.4
Personal dividend income............... -23.6 19.9 28.5 17.4 8.1 10.2 7.4 7.3
Personal current transfer receipts....... 13.8 6.7 1.8 6.8 9.4 -2.2 3.3 -3.0
Less: Contributions for government social
insurance, domestic..................... -2.3 2.4 4.0 2.4 1.1 -29.3 5.1 2.2
Less: Personal current taxes............... -20.5 4.6 10.5 13.4 9.6 46.8 10.7 3.6
Equals: Disposable personal income......... -2.1 3.6 5.9 3.3 3.5 5.2 3.9 .6
Addenda:
Personal consumption expenditures........ -1.7 3.8 3.2 3.7 5.6 6.1 4.0 4.9
Goods.................................. -5.4 5.9 .2 5.7 11.9 13.1 3.4 4.4
Durable goods........................ -7.1 5.4 5.3 6.0 14.4 11.0 -3.7 3.6
Nondurable goods..................... -4.6 6.2 -2.0 5.5 10.8 14.1 6.9 4.7
Services............................... .2 2.8 4.8 2.7 2.6 2.7 4.3 5.1
----------------------------------------------------------------------------------------
Based on chained (2005) dollar measures
----------------------------------------------------------------------------------------
Real personal income excluding current
transfer receipts....................... -7.6 1.3 1.7 .7 .2 1.8 .4 -.1
Real disposable personal income.......... -2.3 1.8 5.6 2.3 1.5 1.2 .6 -1.7
-----------------------------------------------------------------------------------------------------------------------------------
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2005) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 9,382.1 9,399.5 9,394.2 9,395.7 9,388.4 9,437.3 9,433.5 9,477.8
Goods.................................... 3,355.3 3,351.0 3,348.0 3,328.4 3,317.3 3,338.6 3,326.3 3,364.4
Durable goods.......................... 1,285.2 1,284.1 1,277.3 1,261.1 1,242.1 1,270.4 1,258.1 1,290.5
Nondurable goods....................... 2,079.3 2,076.2 2,078.8 2,073.2 2,077.7 2,075.6 2,073.6 2,083.8
Services................................. 6,034.2 6,055.2 6,052.7 6,072.6 6,075.7 6,103.6 6,111.5 6,119.1
----------------------------------------------------------------------------------------
Change from preceding period in billions of chained (2005) dollars,
seasonally adjusted at annual rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 33.5 17.4 -5.3 1.5 -7.3 48.9 -3.8 44.3
Goods.................................... 28.3 -4.3 -3.0 -19.6 -11.1 21.3 -12.3 38.1
Durable goods.......................... 22.4 -1.1 -6.8 -16.2 -19.0 28.3 -12.3 32.4
Nondurable goods....................... 8.5 -3.1 2.6 -5.6 4.5 -2.1 -2.0 10.2
Services................................. 6.4 21.0 -2.5 19.9 3.1 27.9 7.9 7.6
----------------------------------------------------------------------------------------
Percent change from preceding period in chained (2005) dollars,
seasonally adjusted at monthly rates
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... .4 .2 -.1 .0 -.1 .5 .0 .5
Goods.................................... .8 -.1 -.1 -.6 -.3 .6 -.4 1.1
Durable goods.......................... 1.8 -.1 -.5 -1.3 -1.5 2.3 -1.0 2.6
Nondurable goods....................... .4 -.1 .1 -.3 .2 -.1 -.1 .5
Services................................. .1 .3 .0 .3 .1 .5 .1 .1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
[Quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2009 2010 II 10 III 10 IV 10 I 11 II 11 III 11
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Billions of chained (2005) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... 9,037.5 9,220.9 9,186.9 9,247.1 9,328.4 9,376.7 9,392.7 9,449.5
Goods.................................... 3,098.0 3,230.7 3,202.9 3,240.8 3,306.0 3,344.4 3,331.2 3,343.1
Durable goods.......................... 1,108.3 1,188.3 1,169.3 1,194.1 1,242.4 1,277.4 1,260.2 1,273.0
Nondurable goods....................... 1,983.4 2,041.3 2,030.8 2,045.8 2,067.4 2,075.4 2,076.6 2,077.7
Services................................. 5,935.5 5,991.8 5,984.3 6,008.1 6,027.5 6,039.1 6,067.0 6,111.4
----------------------------------------------------------------------------------------
Change from preceding period in
billions of chained (2005) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -174.2 183.4 65.7 60.2 81.3 48.3 16.0 56.8
Goods.................................... -94.9 132.7 29.6 37.9 65.2 38.4 -13.2 11.9
Durable goods.......................... -63.5 80.0 21.8 24.8 48.3 35.0 -17.2 12.8
Nondurable goods....................... -35.7 57.9 9.7 15.0 21.6 8.0 1.2 1.1
Services................................. -81.5 56.3 36.9 23.8 19.4 11.6 27.9 44.4
----------------------------------------------------------------------------------------
Percent change from preceding period
in chained (2005) dollars
----------------------------------------------------------------------------------------
Personal consumption expenditures.......... -1.9 2.0 2.9 2.6 3.6 2.1 .7 2.4
Goods.................................... -3.0 4.3 3.8 4.8 8.3 4.7 -1.6 1.4
Durable goods.......................... -5.4 7.2 7.8 8.8 17.2 11.7 -5.3 4.1
Nondurable goods....................... -1.8 2.9 1.9 3.0 4.3 1.6 .2 .2
Services................................. -1.4 .9 2.5 1.6 1.3 .8 1.9 3.0
-----------------------------------------------------------------------------------------------------------------------------------
Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\p\
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Chain-type price indexes (2005=100),
seasonally adjusted
----------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 112.747 113.194 113.580 113.780 113.637 114.066 114.368 114.559
Goods.................................... 107.396 108.254 108.935 108.929 108.391 109.129 109.582 109.887
Durable goods.......................... 90.438 90.394 90.619 90.720 90.897 90.837 90.703 90.337
Nondurable goods....................... 117.389 118.801 119.756 119.681 118.711 119.932 120.742 121.458
Services................................. 115.584 115.801 116.026 116.341 116.413 116.673 116.892 117.019
Addenda:
PCE excluding food and energy............ 110.974 111.112 111.329 111.622 111.804 112.038 112.227 112.224
Food\1\.................................. 116.089 117.106 117.595 118.000 118.171 118.603 119.315 119.944
Energy goods and services\2\............. 137.557 142.690 145.959 144.180 137.723 141.641 143.369 146.365
Market-based PCE\3\...................... 112.514 112.984 113.402 113.580 113.452 113.894 114.241 114.493
Market-based PCE excluding food
and energy\3\........................... 110.421 110.539 110.767 111.049 111.299 111.517 111.741 111.780
----------------------------------------------------------------------------------------
Percent change from preceding period
in price indexes, seasonally
adjusted at monthly rates
----------------------------------------------------------------------------------------
PCE........................................ .4 .4 .3 .2 -.1 .4 .3 .2
Goods.................................... .8 .8 .6 .0 -.5 .7 .4 .3
Durable goods.......................... .2 .0 .2 .1 .2 -.1 -.1 -.4
Nondurable goods....................... 1.0 1.2 .8 -.1 -.8 1.0 .7 .6
Services................................. .2 .2 .2 .3 .1 .2 .2 .1
Addenda:
PCE excluding food and energy............ .2 .1 .2 .3 .2 .2 .2 .0
Food\1\.................................. .8 .9 .4 .3 .1 .4 .6 .5
Energy goods and services\2\............. 3.5 3.7 2.3 -1.2 -4.5 2.8 1.2 2.1
Market-based PCE\3\...................... .5 .4 .4 .2 -.1 .4 .3 .2
Market-based PCE excluding food
and energy\3\........................... .2 .1 .2 .3 .2 .2 .2 .0
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises
consumption; food services, which include purchased meals and
beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity
and gas services.
3. Market-based PCE is a supplemental measure that is based on household
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
-----------------------------------------------------------------------------------------------------------------------------------
Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................. 2.7 2.4 1.8 1.2 1.2 .8 .1 .2
Personal consumption expenditures.......... 2.9 2.6 2.5 2.2 2.0 2.4 1.9 2.2
Goods.................................... 5.9 4.5 4.7 4.0 3.4 3.9 2.5 3.1
Durable goods.......................... 12.8 9.3 9.2 7.8 6.3 7.1 5.9 6.8
Nondurable goods....................... 2.8 2.3 2.6 2.2 1.9 2.4 .9 1.4
Services................................. 1.4 1.7 1.4 1.4 1.4 1.7 1.7 1.8
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE).... 1.8 2.0 2.4 2.6 2.6 2.8 2.9 2.9
Goods.................................... 2.1 3.0 3.9 4.4 4.5 4.7 4.8 4.9
Durable goods.......................... -1.8 -1.8 -1.4 -1.0 -.5 -.2 -.5 -.7
Nondurable goods....................... 4.0 5.4 6.5 7.1 7.0 7.2 7.4 7.7
Services................................. 1.6 1.5 1.6 1.7 1.7 1.8 1.9 2.0
Addenda:
PCE excluding food and energy............ 1.1 1.0 1.2 1.3 1.4 1.6 1.7 1.6
Food\1\.................................. 2.4 3.1 3.3 3.6 3.9 4.3 4.8 5.1
Energy goods and services\2\............. 11.9 16.5 19.8 21.9 20.8 20.2 19.6 20.7
Market-based PCE\3\...................... 1.7 2.1 2.5 2.7 2.8 2.9 3.0 3.1
Market-based PCE excluding food
and energy\3\........................... .9 1.0 1.1 1.3 1.4 1.5 1.6 1.6
-----------------------------------------------------------------------------------------------------------------------------------
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.