EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, OCTOBER 31, 2016 BEA 16-58 Technical: James Rankin (Personal Income) (301) 278-9087 piniwd@bea.gov Kyle Brown (PCE) (301) 278-9086 pce@bea.gov Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov Personal Income and Outlays: September 2016 Personal income increased $46.7 billion (0.3 percent) in September according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $37.0 billion (0.3 percent) and personal consumption expenditures (PCE) increased $61.0 billion (0.5 percent). Real DPI increased less than 0.1 percent in September and Real PCE increased 0.3 percent. The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.1 percent. 2016 May June July Aug. Sept. Percent change from preceding month Personal income: Current dollars 0.3 0.3 0.4 0.2 0.3 Disposable personal income: Current dollars 0.3 0.3 0.4 0.2 0.3 Chained (2009) dollars 0.1 0.2 0.3 0.0 0.0 Personal consumption expenditures (PCE): Current dollars 0.3 0.5 0.3 -0.1 0.5 Chained (2009) dollars 0.2 0.4 0.3 -0.2 0.3 Price indexes: PCE 0.2 0.1 0.0 0.2 0.2 PCE, excluding food and energy 0.2 0.1 0.1 0.2 0.1 Price indexes: Percent change from month one year ago PCE 1.0 0.9 0.8 1.0 1.2 PCE, excluding food and energy 1.6 1.6 1.6 1.7 1.7 The increase in personal income in September primarily reflected increases in compensation of employees and nonfarm proprietors’ income (table 3). The increase in real PCE in September primarily reflected an increase in spending for durable goods (table 7). Personal outlays increased $59.7 billion in September (table 3). Personal saving was $797.8 billion in September and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.7 percent (table 1). Updates Estimates have been updated for July and August. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2009) dollar DPI and PCE -- 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 66.1 63.9 0.4 0.4 39.3 35.2 0.2 0.2 Disposable personal income: Current dollars 51.6 50.4 0.4 0.4 31.9 27.7 0.2 0.2 Chained (2009) dollars 42.9 39.5 0.3 0.3 10.5 4.4 0.1 0.0 Personal consumption expenditures: Current dollars 45.3 40.2 0.4 0.3 6.2 -8.0 0.0 -0.1 Chained (2009) dollars 37.5 30.8 0.3 0.3 -11.1 -26.0 -0.1 -0.2 Next release: November 30, 2016 at 8:30 A.M. EST Personal Income and Outlays: October 2016 Personal Income and Outlays Release Dates for 2017 December 2016..........January 30 April 2017.........May 30 August 2017........September 29 January 2017...........March 1 May 2017...........June 30 September 2017.....October 30 February 2017..........March 31 June 2017..........August 1 October 2017.......November 30 March 2017.............May 1 July 2017..........August 31 November 2017......December 22 Additional Information Resources Additional Resources available at www.bea.gov: • Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. • Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. • Access BEA data by registering for BEA’s Data Application Programming Interface (API). • For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. • BEA's news release schedule • NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Definitions Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States. Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. For more definitions, see the Glossary: National Income and Product Accounts. Statistical conventions Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Month-to-month percent changes are calculated from unrounded data and are not annualized. Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, see the FAQ “How is average annual growth calculated?” Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. List of Personal Income and Outlays News Release Tables Table 1. Personal Income and Its Disposition (Months) Table 2. Personal Income and Its Disposition (Years and Quarters) Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- -----------------------------------------2016----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 15,719.9 15,761.4 15,846.0 15,889.7 15,943.9 16,007.8 16,043.0 16,089.7 Compensation of employees............... 9,875.1 9,883.2 9,964.6 9,999.8 10,051.0 10,101.0 10,111.6 10,143.5 Wages and salaries.................... 7,995.0 7,998.5 8,070.4 8,099.3 8,143.2 8,185.9 8,192.0 8,218.7 Private industries.................. 6,699.2 6,700.3 6,770.0 6,794.9 6,834.8 6,872.1 6,873.8 6,898.0 Goods-producing industries........ 1,324.1 1,322.6 1,336.1 1,344.9 1,340.3 1,350.7 1,346.5 1,350.8 Manufacturing................... 809.6 805.1 817.4 825.2 823.4 830.7 827.6 828.1 Services-producing industries..... 5,375.1 5,377.7 5,433.9 5,450.0 5,494.5 5,521.4 5,527.3 5,547.2 Trade, transportation, and utilities...................... 1,251.4 1,250.6 1,262.7 1,262.5 1,276.2 1,277.7 1,276.9 1,281.1 Other services-producing industries..................... 4,123.8 4,127.1 4,171.2 4,187.5 4,218.3 4,243.7 4,250.4 4,266.1 Government.......................... 1,295.8 1,298.2 1,300.4 1,304.4 1,308.4 1,313.8 1,318.2 1,320.7 Supplements to wages and salaries..... 1,880.2 1,884.8 1,894.2 1,900.5 1,907.8 1,915.1 1,919.6 1,924.8 Employer contributions for employee pension and insurance funds\1\..... 1,304.9 1,309.8 1,314.7 1,319.4 1,324.1 1,329.0 1,333.4 1,337.2 Employer contributions for government social insurance........ 575.3 575.0 579.5 581.1 583.7 586.2 586.2 587.6 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,402.7 1,403.3 1,406.6 1,405.0 1,411.8 1,412.7 1,412.7 1,420.9 Farm.................................. 32.3 31.5 30.6 29.8 28.9 28.6 28.4 28.1 Nonfarm............................... 1,370.3 1,371.8 1,376.0 1,375.2 1,382.9 1,384.1 1,384.3 1,392.8 Rental income of persons with capital consumption adjustment................. 692.8 699.9 699.3 700.1 702.4 704.0 707.4 711.3 Personal income receipts on assets...... 2,230.0 2,246.7 2,250.9 2,259.7 2,256.7 2,261.9 2,272.1 2,276.0 Personal interest income.............. 1,296.1 1,304.9 1,307.6 1,310.2 1,312.8 1,315.2 1,317.6 1,319.9 Personal dividend income.............. 934.0 941.7 943.3 949.5 943.8 946.7 954.5 956.1 Personal current transfer receipts...... 2,746.2 2,754.9 2,760.2 2,764.2 2,766.3 2,777.6 2,789.0 2,790.7 Government social benefits to persons.............................. 2,693.6 2,702.2 2,707.4 2,711.2 2,713.2 2,724.3 2,735.5 2,737.0 Social security\2\.................. 887.1 887.1 895.0 894.3 892.8 898.0 899.9 901.4 Medicare\3\......................... 650.1 653.4 656.5 659.3 661.8 664.1 666.1 667.9 Medicaid............................ 555.8 559.1 557.6 558.1 560.5 566.7 570.7 573.1 Unemployment insurance.............. 31.8 31.1 30.3 30.5 30.3 30.1 30.3 29.2 Veterans' benefits.................. 93.2 93.6 94.2 95.2 96.2 95.0 95.7 96.4 Other............................... 475.8 478.0 473.8 473.8 471.4 470.4 472.7 469.1 Other current transfer receipts, from business (net)....................... 52.6 52.7 52.9 53.0 53.2 53.3 53.5 53.7 Less: Contributions for government social insurance, domestic............. 1,226.9 1,226.7 1,235.7 1,239.1 1,244.4 1,249.5 1,249.8 1,252.8 Less: Personal current taxes.............. 1,929.6 1,929.5 1,940.1 1,943.8 1,951.7 1,965.2 1,972.8 1,982.5 Equals: Disposable personal income........ 13,790.3 13,831.9 13,905.9 13,945.9 13,992.2 14,042.5 14,070.2 14,107.2 Less: Personal outlays.................... 12,968.2 12,971.5 13,100.5 13,146.3 13,216.7 13,259.0 13,249.7 13,309.4 Personal consumption expenditures....... 12,504.3 12,510.5 12,642.8 12,684.5 12,750.8 12,791.0 12,783.0 12,844.0 Goods................................. 3,999.9 4,006.2 4,076.2 4,081.0 4,099.0 4,107.5 4,077.6 4,110.5 Durable goods....................... 1,370.0 1,365.1 1,391.8 1,386.8 1,391.4 1,419.0 1,392.3 1,410.3 Nondurable goods.................... 2,629.9 2,641.1 2,684.4 2,694.1 2,707.5 2,688.5 2,685.3 2,700.2 Services.............................. 8,504.4 8,504.3 8,566.6 8,603.5 8,651.9 8,683.5 8,705.4 8,733.5 Personal interest payments\4\........... 268.0 265.1 269.0 273.0 276.9 275.3 273.8 272.2 Personal current transfer payments...... 195.9 195.9 188.7 188.8 188.9 192.7 192.9 193.2 To government......................... 108.2 108.1 108.1 108.2 108.4 108.5 108.8 109.0 To the rest of the world (net)........ 87.8 87.8 80.6 80.6 80.6 84.2 84.2 84.2 Equals: Personal saving................... 822.1 860.4 805.4 799.6 775.5 783.5 820.5 797.8 Personal saving as a percentage of disposable personal income............. 6.0 6.2 5.8 5.7 5.5 5.6 5.8 5.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,803.4 11,825.3 11,858.6 11,874.2 11,907.8 11,949.6 11,951.7 11,966.8 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 12,546.4 12,575.8 12,601.8 12,616.4 12,643.9 12,683.4 12,687.7 12,694.1 Per capita: Current dollars..................... 42,663 42,769 42,973 43,069 43,183 43,308 43,361 43,443 Chained (2009) dollars.............. 38,815 38,885 38,943 38,963 39,022 39,117 39,101 39,092 Population (midperiod, thousands)\6\.... 323,238 323,413 323,601 323,804 324,018 324,245 324,487 324,726 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- 2014 2015 --------------Seasonally adjusted at annual rates-------------- -------------2015------------- -------------2016------------- II III IV I II III ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 14,809.7 15,458.5 15,401.9 15,556.1 15,690.2 15,740.1 15,893.2 16,046.8 Compensation of employees............... 9,253.4 9,693.1 9,637.6 9,740.0 9,892.4 9,892.6 10,005.1 10,118.7 Wages and salaries.................... 7,476.3 7,854.8 7,808.8 7,893.9 8,024.6 8,011.3 8,104.3 8,198.9 Private industries.................. 6,239.6 6,580.3 6,537.8 6,613.8 6,735.8 6,715.2 6,799.9 6,881.3 Goods-producing industries........ 1,257.4 1,308.1 1,301.4 1,310.4 1,334.6 1,327.7 1,340.4 1,349.3 Manufacturing................... 780.0 806.7 803.1 806.2 823.9 811.9 822.0 828.8 Services-producing industries..... 4,982.2 5,272.2 5,236.4 5,303.4 5,401.1 5,387.5 5,459.5 5,532.0 Trade, transportation, and utilities...................... 1,175.4 1,237.1 1,229.0 1,245.1 1,264.2 1,253.7 1,267.1 1,278.6 Other services-producing industries..................... 3,806.8 4,035.1 4,007.5 4,058.3 4,137.0 4,133.8 4,192.3 4,253.4 Government.......................... 1,236.7 1,274.5 1,271.0 1,280.1 1,288.9 1,296.1 1,304.4 1,317.6 Supplements to wages and salaries..... 1,777.1 1,838.2 1,828.7 1,846.1 1,867.8 1,881.3 1,900.8 1,919.8 Employer contributions for employee pension and insurance funds\1\..... 1,229.8 1,270.5 1,263.5 1,276.1 1,290.0 1,304.9 1,319.4 1,333.2 Employer contributions for government social insurance........ 547.3 567.7 565.2 570.0 577.8 576.4 581.4 586.6 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,337.7 1,376.8 1,366.1 1,389.0 1,400.9 1,403.9 1,407.8 1,415.5 Farm.................................. 68.5 39.9 38.7 44.6 38.1 32.3 29.8 28.4 Nonfarm............................... 1,269.2 1,336.8 1,327.4 1,344.4 1,362.8 1,371.6 1,378.0 1,387.1 Rental income of persons with capital consumption adjustment................. 606.1 659.6 656.6 668.1 677.3 692.8 700.6 707.5 Personal income receipts on assets...... 2,227.0 2,253.8 2,264.3 2,275.1 2,235.5 2,235.9 2,255.8 2,270.0 Personal interest income.............. 1,300.9 1,302.7 1,315.9 1,336.1 1,293.0 1,296.1 1,310.2 1,317.6 Personal dividend income.............. 926.1 951.1 948.5 939.0 942.5 939.8 945.5 952.5 Personal current transfer receipts...... 2,540.4 2,678.6 2,675.4 2,692.1 2,708.2 2,744.0 2,763.6 2,785.8 Government social benefits to persons.............................. 2,494.9 2,627.2 2,624.1 2,640.0 2,655.8 2,691.4 2,710.6 2,732.2 Social security\2\.................. 834.6 871.8 869.5 874.5 881.5 886.3 894.1 899.8 Medicare\3\......................... 601.1 628.2 624.1 631.6 639.8 650.0 659.2 666.0 Medicaid............................ 487.4 539.6 540.9 545.3 547.3 555.6 558.8 570.2 Unemployment insurance.............. 35.5 32.2 32.1 32.0 31.4 31.5 30.3 29.9 Veterans' benefits.................. 83.7 89.8 89.4 90.0 92.2 93.1 95.2 95.7 Other............................... 452.6 465.6 468.2 466.5 463.5 474.9 473.0 470.7 Other current transfer receipts, from business (net)....................... 45.5 51.4 51.3 52.1 52.4 52.6 53.0 53.5 Less: Contributions for government social insurance, domestic............. 1,154.9 1,203.5 1,198.1 1,208.3 1,224.1 1,229.0 1,239.7 1,250.7 Less: Personal current taxes.............. 1,787.0 1,938.7 1,937.2 1,944.4 1,963.8 1,932.7 1,945.2 1,973.5 Equals: Disposable personal income........ 13,022.7 13,519.8 13,464.7 13,611.7 13,726.4 13,807.4 13,948.0 14,073.3 Less: Personal outlays.................... 12,296.7 12,736.2 12,691.2 12,813.2 12,899.6 12,961.9 13,154.5 13,272.7 Personal consumption expenditures....... 11,863.4 12,283.7 12,240.2 12,356.9 12,438.8 12,498.0 12,692.7 12,806.0 Goods................................. 3,970.5 4,012.1 4,010.7 4,043.0 4,038.1 4,008.7 4,085.4 4,098.5 Durable goods....................... 1,294.8 1,355.2 1,353.3 1,364.7 1,371.8 1,366.6 1,390.0 1,407.2 Nondurable goods.................... 2,675.7 2,656.9 2,657.4 2,678.4 2,666.3 2,642.0 2,695.4 2,691.3 Services.............................. 7,892.9 8,271.6 8,229.5 8,313.9 8,400.6 8,489.3 8,607.3 8,707.5 Personal interest payments\4\........... 251.6 263.8 262.3 266.2 270.6 268.0 273.0 273.8 Personal current transfer payments...... 181.8 188.8 188.7 190.1 190.2 196.0 188.8 192.9 To government......................... 98.3 103.3 103.3 103.9 104.0 108.2 108.2 108.8 To the rest of the world (net)........ 83.5 85.4 85.4 86.2 86.2 87.8 80.6 84.2 Equals: Personal saving................... 726.0 783.6 773.5 798.5 826.8 845.5 793.5 800.6 Personal saving as a percentage of disposable personal income............. 5.6 5.8 5.7 5.9 6.0 6.1 5.7 5.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,240.8 11,667.7 11,625.6 11,717.8 11,813.7 11,818.2 11,880.2 11,956.1 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 11,931.0 12,343.3 12,299.9 12,398.9 12,491.0 12,556.0 12,620.7 12,688.4 Per capita: Current dollars..................... 40,794 42,026 41,902 42,270 42,537 42,715 43,075 43,371 Chained (2009) dollars.............. 37,374 38,368 38,277 38,504 38,709 38,844 38,976 39,103 Population (midperiod, thousands)\6\.... 319,233 321,704 321,337 322,015 322,693 323,242 323,808 324,486 ----------------------------------------------------------------------------------------------------------------------------------- 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- -----------------------------------------2016----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... -19.1 41.5 84.6 43.7 54.2 63.9 35.2 46.7 Compensation of employees............... -44.2 8.1 81.4 35.1 51.2 50.0 10.6 31.9 Wages and salaries.................... -45.4 3.5 72.0 28.8 43.9 42.7 6.1 26.8 Private industries.................. -46.9 1.1 69.7 24.9 39.9 37.3 1.6 24.3 Goods-producing industries........ -12.4 -1.5 13.5 8.8 -4.6 10.4 -4.2 4.3 Manufacturing................... -11.5 -4.5 12.3 7.8 -1.8 7.3 -3.1 0.5 Services-producing industries..... -34.5 2.6 56.2 16.1 44.5 26.9 5.9 19.9 Trade, transportation, and utilities...................... -7.6 -0.8 12.1 -0.2 13.8 1.5 -0.8 4.2 Other services-producing industries..................... -26.9 3.4 44.1 16.3 30.7 25.4 6.7 15.7 Government.......................... 1.5 2.4 2.3 3.9 4.0 5.4 4.5 2.5 Supplements to wages and salaries..... 1.2 4.6 9.4 6.3 7.3 7.3 4.5 5.2 Employer contributions for employee pension and insurance funds\1\..... 4.8 5.0 4.9 4.7 4.7 4.8 4.5 3.8 Employer contributions for government social insurance........ -3.7 -0.3 4.5 1.6 2.6 2.5 0.0 1.3 Proprietors' income with inventory valuation and capital consumption adjustments............................ -3.1 0.7 3.3 -1.6 6.8 0.9 0.0 8.2 Farm.................................. -0.8 -0.8 -0.9 -0.9 -0.9 -0.3 -0.3 -0.3 Nonfarm............................... -2.3 1.4 4.2 -0.7 7.7 1.2 0.2 8.5 Rental income of persons with capital consumption adjustment................. 7.1 7.1 -0.6 0.8 2.3 1.5 3.4 3.9 Personal income receipts on assets...... -0.9 16.6 4.2 8.8 -3.0 5.3 10.2 3.9 Personal interest income.............. 8.9 8.9 2.6 2.6 2.6 2.4 2.4 2.4 Personal dividend income.............. -9.8 7.8 1.6 6.2 -5.7 2.9 7.8 1.6 Personal current transfer receipts...... 15.4 8.7 5.3 3.9 2.2 11.3 11.4 1.7 Government social benefits to persons.............................. 15.3 8.6 5.2 3.8 2.0 11.1 11.2 1.5 Social security\2\.................. 2.5 -0.1 8.0 -0.7 -1.5 5.2 1.9 1.5 Medicare\3\......................... 3.5 3.3 3.1 2.8 2.6 2.3 2.0 1.8 Medicaid............................ 3.7 3.3 -1.4 0.5 2.4 6.1 4.0 2.4 Unemployment insurance.............. -0.1 -0.7 -0.8 0.2 -0.1 -0.2 0.2 -1.2 Veterans' benefits.................. 0.7 0.5 0.6 1.0 1.0 -1.2 0.8 0.6 Other............................... 4.8 2.3 -4.3 0.0 -2.4 -1.1 2.4 -3.7 Other current transfer receipts, from business (net)....................... 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 Less: Contributions for government social insurance, domestic............. -6.7 -0.2 9.0 3.4 5.3 5.1 0.3 3.0 Less: Personal current taxes.............. -9.4 -0.1 10.6 3.7 8.0 13.5 7.5 9.7 Equals: Disposable personal income........ -9.7 41.6 74.0 40.0 46.3 50.4 27.7 37.0 Less: Personal outlays.................... 22.2 3.3 129.0 45.8 70.4 42.4 -9.4 59.7 Personal consumption expenditures....... 25.2 6.2 132.3 41.7 66.3 40.2 -8.0 61.0 Goods................................. -20.0 6.3 70.0 4.8 18.0 8.5 -29.9 33.0 Durable goods....................... 5.2 -4.9 26.6 -4.9 4.6 27.6 -26.7 18.1 Nondurable goods.................... -25.3 11.2 43.3 9.7 13.4 -19.1 -3.2 14.9 Services.............................. 45.3 -0.1 62.3 36.9 48.3 31.6 21.9 28.0 Personal interest payments\4\........... -2.9 -2.9 3.9 3.9 3.9 -1.6 -1.6 -1.6 Personal current transfer payments...... -0.1 0.0 -7.2 0.1 0.1 3.7 0.2 0.3 To government......................... -0.1 0.0 0.0 0.1 0.1 0.2 0.2 0.3 To the rest of the world (net)........ 0.0 0.0 -7.2 0.0 0.0 3.6 0.0 0.0 Equals: Personal saving................... -31.9 38.4 -55.0 -5.8 -24.1 8.0 37.0 -22.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... -22.5 21.9 33.3 15.6 33.6 41.8 2.1 15.1 Disposable personal income, billions of chained (2009) dollars\5\.............. 0.6 29.4 26.0 14.6 27.5 39.5 4.4 6.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- 2014 2015 --------------Seasonally adjusted at annual rates-------------- -------------2015------------- -------------2016------------- II III IV I II III ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 736.1 648.8 216.0 154.2 134.1 49.9 153.1 153.6 Compensation of employees............... 411.0 439.6 135.2 102.5 152.4 0.1 112.6 113.6 Wages and salaries.................... 359.6 378.5 116.8 85.1 130.7 -13.4 93.0 94.6 Private industries.................. 330.9 340.7 104.0 75.9 122.0 -20.6 84.7 81.4 Goods-producing industries........ 68.5 50.7 15.3 9.0 24.3 -6.9 12.7 8.9 Manufacturing................... 33.8 26.7 9.4 3.2 17.7 -12.0 10.0 6.8 Services-producing industries..... 262.5 290.0 88.7 67.0 97.7 -13.7 72.0 72.5 Trade, transportation, and utilities...................... 56.3 61.6 18.9 16.1 19.1 -10.5 13.5 11.4 Other services-producing industries..................... 206.2 228.3 69.8 50.8 78.6 -3.1 58.5 61.1 Government.......................... 28.7 37.8 12.8 9.2 8.7 7.2 8.3 13.2 Supplements to wages and salaries..... 51.4 61.1 18.4 17.3 21.7 13.5 19.5 19.0 Employer contributions for employee pension and insurance funds\1\..... 30.8 40.7 11.2 12.6 13.9 14.9 14.5 13.8 Employer contributions for government social insurance........ 20.6 20.4 7.2 4.8 7.8 -1.4 5.0 5.2 Proprietors' income with inventory valuation and capital consumption adjustments............................ 53.0 39.0 15.0 22.9 11.9 3.0 3.9 7.6 Farm.................................. -19.3 -28.6 0.3 5.9 -6.5 -5.8 -2.5 -1.4 Nonfarm............................... 72.3 67.6 14.7 17.0 18.4 8.8 6.4 9.0 Rental income of persons with capital consumption adjustment................. 39.0 53.5 20.1 11.5 9.2 15.5 7.8 7.0 Personal income receipts on assets...... 170.9 26.9 23.9 10.8 -39.7 0.4 19.9 14.3 Personal interest income.............. 39.3 1.9 49.9 20.3 -43.1 3.1 14.1 7.4 Personal dividend income.............. 131.6 25.0 -26.0 -9.5 3.5 -2.7 5.7 6.9 Personal current transfer receipts...... 112.4 138.3 36.5 16.7 16.0 35.8 19.6 22.2 Government social benefits to persons.............................. 108.0 132.3 35.1 15.9 15.7 35.6 19.2 21.7 Social security\2\.................. 35.6 37.2 7.8 5.0 6.9 4.8 7.8 5.7 Medicare\3\......................... 26.1 27.1 6.8 7.5 8.2 10.1 9.2 6.8 Medicaid............................ 47.7 52.2 16.0 4.5 1.9 8.4 3.1 11.4 Unemployment insurance.............. -26.9 -3.3 -1.1 0.0 -0.6 0.1 -1.2 -0.5 Veterans' benefits.................. 4.7 6.1 1.8 0.6 2.2 0.9 2.1 0.5 Other............................... 20.8 13.0 3.9 -1.6 -3.0 11.4 -1.9 -2.3 Other current transfer receipts, from business (net)....................... 4.4 6.0 1.4 0.8 0.3 0.2 0.4 0.5 Less: Contributions for government social insurance, domestic............. 50.3 48.6 14.8 10.1 15.8 4.9 10.7 11.0 Less: Personal current taxes.............. 109.2 151.7 27.8 7.3 19.4 -31.1 12.5 28.3 Equals: Disposable personal income........ 626.9 497.1 188.2 147.0 114.7 81.1 140.6 125.3 Less: Personal outlays.................... 521.0 439.5 150.3 122.0 86.4 62.3 192.6 118.2 Personal consumption expenditures....... 502.2 420.3 141.3 116.7 81.9 59.2 194.7 113.3 Goods................................. 136.0 41.6 54.0 32.4 -4.9 -29.5 76.7 13.1 Durable goods....................... 53.1 60.4 22.2 11.4 7.1 -5.1 23.4 17.2 Nondurable goods.................... 82.9 -18.8 31.8 21.0 -12.0 -24.3 53.3 -4.1 Services.............................. 366.2 378.7 87.3 84.3 86.8 88.6 118.0 100.1 Personal interest payments\4\........... 7.7 12.2 6.4 3.8 4.4 -2.6 5.0 0.8 Personal current transfer payments...... 11.1 7.0 2.6 1.5 0.1 5.7 -7.1 4.1 To government......................... 4.9 5.0 1.1 0.6 0.1 4.2 0.0 0.5 To the rest of the world (net)........ 6.2 1.9 1.5 0.9 0.0 1.5 -7.2 3.6 Equals: Personal saving................... 105.9 57.6 37.9 25.0 28.3 18.7 -52.0 7.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 410.8 426.9 112.0 92.2 95.9 4.6 62.0 75.9 Disposable personal income, billions of chained (2009) dollars\5\.............. 403.4 412.2 117.0 98.9 92.1 65.0 64.7 67.7 ----------------------------------------------------------------------------------------------------------------------------------- 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at monthly rates------------------------- -----------------------------------------2016----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... -0.1 0.3 0.5 0.3 0.3 0.4 0.2 0.3 Compensation of employees............... -0.4 0.1 0.8 0.4 0.5 0.5 0.1 0.3 Wages and salaries.................... -0.6 0.0 0.9 0.4 0.5 0.5 0.1 0.3 Supplements to wages and salaries..... 0.1 0.2 0.5 0.3 0.4 0.4 0.2 0.3 Proprietors' income with inventory valuation and capital consumption adjustments............................ -0.2 0.0 0.2 -0.1 0.5 0.1 0.0 0.6 Rental income of persons with capital consumption adjustment................. 1.0 1.0 -0.1 0.1 0.3 0.2 0.5 0.6 Personal income receipts on assets...... 0.0 0.7 0.2 0.4 -0.1 0.2 0.4 0.2 Personal interest income.............. 0.7 0.7 0.2 0.2 0.2 0.2 0.2 0.2 Personal dividend income.............. -1.0 0.8 0.2 0.7 -0.6 0.3 0.8 0.2 Personal current transfer receipts...... 0.6 0.3 0.2 0.1 0.1 0.4 0.4 0.1 Less: Contributions for government social insurance, domestic............. -0.5 0.0 0.7 0.3 0.4 0.4 0.0 0.2 Less: Personal current taxes.............. -0.5 0.0 0.5 0.2 0.4 0.7 0.4 0.5 Equals: Disposable personal income........ -0.1 0.3 0.5 0.3 0.3 0.4 0.2 0.3 Addenda: Personal consumption expenditures....... 0.2 0.0 1.1 0.3 0.5 0.3 -0.1 0.5 Goods................................. -0.5 0.2 1.7 0.1 0.4 0.2 -0.7 0.8 Durable goods....................... 0.4 -0.4 2.0 -0.4 0.3 2.0 -1.9 1.3 Nondurable goods.................... -1.0 0.4 1.6 0.4 0.5 -0.7 -0.1 0.6 Services.............................. 0.5 0.0 0.7 0.4 0.6 0.4 0.3 0.3 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... -0.2 0.2 0.3 0.1 0.3 0.4 0.0 0.1 Real disposable personal income......... 0.0 0.2 0.2 0.1 0.2 0.3 0.0 0.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) ----------------------------------------------------------------------------------------------------------------------------------- 2014 2015 --------------Seasonally adjusted at annual rates-------------- -------------2015------------- -------------2016------------- II III IV I II III ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 5.2 4.4 5.8 4.1 3.5 1.3 3.9 3.9 Compensation of employees............... 4.6 4.8 5.8 4.3 6.4 0.0 4.6 4.6 Wages and salaries.................... 5.1 5.1 6.2 4.4 6.8 -0.7 4.7 4.7 Supplements to wages and salaries..... 3.0 3.4 4.1 3.8 4.8 2.9 4.2 4.1 Proprietors' income with inventory valuation and capital consumption adjustments............................ 4.1 2.9 4.5 6.9 3.5 0.8 1.1 2.2 Rental income of persons with capital consumption adjustment................. 6.9 8.8 13.3 7.2 5.6 9.5 4.6 4.0 Personal income receipts on assets...... 8.3 1.2 4.3 1.9 -6.8 0.1 3.6 2.6 Personal interest income.............. 3.1 0.1 16.7 6.3 -12.3 1.0 4.4 2.3 Personal dividend income.............. 16.6 2.7 -10.2 -3.9 1.5 -1.1 2.5 3.0 Personal current transfer receipts...... 4.6 5.4 5.7 2.5 2.4 5.4 2.9 3.2 Less: Contributions for government social insurance, domestic............. 4.6 4.2 5.1 3.4 5.3 1.6 3.5 3.6 Less: Personal current taxes.............. 6.5 8.5 5.9 1.5 4.1 -6.2 2.6 5.9 Equals: Disposable personal income........ 5.1 3.8 5.8 4.4 3.4 2.4 4.1 3.6 Addenda: Personal consumption expenditures....... 4.4 3.5 4.8 3.9 2.7 1.9 6.4 3.6 Goods................................. 3.5 1.0 5.6 3.3 -0.5 -2.9 7.9 1.3 Durable goods....................... 4.3 4.7 6.9 3.4 2.1 -1.5 7.0 5.0 Nondurable goods.................... 3.2 -0.7 4.9 3.2 -1.8 -3.6 8.3 -0.6 Services.............................. 4.9 4.8 4.4 4.2 4.2 4.3 5.7 4.7 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... 3.8 3.8 3.9 3.2 3.3 0.2 2.1 2.6 Real disposable personal income......... 3.5 3.5 3.9 3.3 3.0 2.1 2.1 2.2 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2016----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 11,376.4 11,374.4 11,457.1 11,475.3 11,522.2 11,553.0 11,527.0 11,557.4 Goods......................................... 3,962.4 3,973.6 4,022.6 4,029.1 4,047.0 4,069.9 4,036.3 4,057.7 Durable goods............................... 1,528.9 1,527.0 1,555.9 1,555.6 1,571.4 1,607.3 1,577.4 1,605.5 Nondurable goods............................ 2,465.6 2,477.8 2,499.9 2,506.3 2,510.0 2,502.1 2,495.0 2,492.2 Services...................................... 7,416.5 7,404.9 7,441.0 7,452.7 7,481.9 7,491.4 7,495.8 7,506.2 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 31.5 -2.0 82.7 18.1 46.9 30.8 -26.0 30.4 Goods......................................... 4.4 11.1 49.0 6.5 17.9 22.9 -33.6 21.4 Durable goods............................... 10.2 -1.9 28.8 -0.3 15.9 35.9 -29.9 28.1 Nondurable goods............................ -4.4 12.1 22.2 6.3 3.7 -8.0 -7.0 -2.9 Services...................................... 26.3 -11.7 36.2 11.7 29.2 9.5 4.4 10.4 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.3 0.0 0.7 0.2 0.4 0.3 -0.2 0.3 Goods......................................... 0.1 0.3 1.2 0.2 0.4 0.6 -0.8 0.5 Durable goods............................... 0.7 -0.1 1.9 0.0 1.0 2.3 -1.9 1.8 Nondurable goods............................ -0.2 0.5 0.9 0.3 0.1 -0.3 -0.3 -0.1 Services...................................... 0.4 -0.2 0.5 0.2 0.4 0.1 0.1 0.1 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) --------------------------------------------------------------------------------------------------------------------------------------- 2014 2015 --------------Seasonally adjusted at annual rates-------------- -------------2015------------- -------------2016------------- II III IV I II III --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars Personal consumption expenditures (PCE)... 10,868.9 11,214.7 11,181.3 11,255.9 11,319.3 11,365.2 11,484.9 11,545.8 Goods......................................... 3,755.4 3,907.4 3,892.1 3,932.6 3,953.4 3,964.7 4,032.9 4,054.6 Durable goods............................... 1,401.1 1,498.1 1,489.8 1,512.4 1,527.3 1,524.9 1,560.9 1,596.7 Nondurable goods............................ 2,376.4 2,439.3 2,431.8 2,451.3 2,458.4 2,471.1 2,505.4 2,496.4 Services...................................... 7,114.2 7,310.3 7,291.8 7,327.2 7,369.8 7,403.9 7,458.5 7,497.8 Change from preceding period in billions of chained (2009) dollars Personal consumption expenditures (PCE)... 303.5 345.9 79.0 74.5 63.4 45.9 119.6 60.9 Goods......................................... 141.9 152.0 40.7 40.5 20.7 11.3 68.2 21.8 Durable goods............................... 88.4 97.0 26.9 22.5 15.0 -2.4 36.1 35.8 Nondurable goods............................ 60.2 62.9 16.0 19.5 7.1 12.7 34.3 -9.0 Services...................................... 162.8 196.2 39.5 35.4 42.6 34.1 54.7 39.3 Percent change from preceding period in chained (2009) dollars Personal consumption expenditures (PCE)... 2.9 3.2 2.9 2.7 2.3 1.6 4.3 2.1 Goods......................................... 3.9 4.0 4.3 4.2 2.1 1.2 7.1 2.2 Durable goods............................... 6.7 6.9 7.6 6.2 4.0 -0.6 9.8 9.5 Nondurable goods............................ 2.6 2.6 2.7 3.2 1.2 2.1 5.7 -1.4 Services...................................... 2.3 2.8 2.2 2.0 2.3 1.9 3.0 2.1 --------------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2016----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted Personal consumption expenditures (PCE)... 109.917 109.991 110.351 110.540 110.666 110.718 110.898 111.135 Goods......................................... 100.944 100.820 101.331 101.288 101.284 100.923 101.022 101.300 Durable goods............................... 89.603 89.395 89.448 89.148 88.538 88.281 88.259 87.839 Nondurable goods............................ 106.662 106.592 107.380 107.496 107.870 107.451 107.625 108.346 Services...................................... 114.671 114.851 115.130 115.445 115.641 115.917 116.140 116.353 Addenda: PCE excluding food and energy............... 110.702 110.776 110.995 111.182 111.273 111.434 111.655 111.779 Food\1\..................................... 110.953 110.438 110.629 110.120 109.866 109.760 109.582 109.525 Energy goods and services\2\................ 90.059 91.087 94.561 95.901 97.298 95.495 95.429 98.329 Market-based PCE\3\......................... 108.352 108.400 108.711 108.913 109.054 109.086 109.206 109.435 Market-based PCE excluding food and energy\3\.................................. 108.979 109.023 109.167 109.368 109.472 109.623 109.782 109.882 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... -0.1 0.1 0.3 0.2 0.1 0.0 0.2 0.2 Goods......................................... -0.6 -0.1 0.5 0.0 0.0 -0.4 0.1 0.3 Durable goods............................... -0.3 -0.2 0.1 -0.3 -0.7 -0.3 0.0 -0.5 Nondurable goods............................ -0.8 -0.1 0.7 0.1 0.3 -0.4 0.2 0.7 Services...................................... 0.2 0.2 0.2 0.3 0.2 0.2 0.2 0.2 Addenda: PCE excluding food and energy............... 0.2 0.1 0.2 0.2 0.1 0.1 0.2 0.1 Food\1\..................................... 0.2 -0.5 0.2 -0.5 -0.2 -0.1 -0.2 -0.1 Energy goods and services\2\................ -6.6 1.1 3.8 1.4 1.5 -1.9 -0.1 3.0 Market-based PCE\3\......................... -0.1 0.0 0.3 0.2 0.1 0.0 0.1 0.2 Market-based PCE excluding food and energy\3\.................................. 0.2 0.0 0.1 0.2 0.1 0.1 0.1 0.1 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household 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 ----------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2016----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................ 2.9 3.2 2.8 2.5 2.5 2.6 2.3 2.1 Personal consumption expenditures......... 2.6 2.2 2.8 2.5 2.9 2.9 2.4 2.4 Goods................................... 3.3 2.4 3.9 3.2 3.7 3.8 2.7 2.9 Durable goods......................... 5.5 3.2 5.1 3.8 5.4 6.7 4.4 5.7 Nondurable goods...................... 2.2 2.0 3.3 2.8 2.9 2.3 1.8 1.5 Services................................ 2.2 2.0 2.2 2.2 2.5 2.5 2.3 2.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2016----------------------------------------- Feb. March April May June July\r\ Aug.\r\ Sept.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE)... 0.9 0.8 1.0 1.0 0.9 0.8 1.0 1.2 Goods......................................... -1.8 -2.0 -1.4 -1.8 -1.8 -2.2 -1.8 -1.1 Durable goods............................... -1.6 -1.7 -1.7 -1.9 -2.3 -2.3 -2.0 -2.6 Nondurable goods............................ -1.9 -2.2 -1.3 -1.8 -1.6 -2.1 -1.6 -0.3 Services...................................... 2.2 2.1 2.2 2.3 2.3 2.3 2.3 2.4 Addenda: PCE excluding food and energy............... 1.7 1.6 1.6 1.6 1.6 1.6 1.7 1.7 Food\1\..................................... -0.1 -0.3 0.0 -0.4 -0.9 -1.2 -1.5 -1.7 Energy goods and services\2\................ -14.0 -13.8 -9.7 -10.7 -10.0 -11.7 -10.0 -3.5 Market-based PCE\3\......................... 0.6 0.5 0.7 0.7 0.7 0.6 0.8 1.0 Market-based PCE excluding food and energy\3\.................................. 1.5 1.4 1.3 1.4 1.4 1.5 1.6 1.5 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.