EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, JUNE 29, 2016 BEA 16-33 Technical: James Rankin 301.278.9087 (Personal Income) piniwd@bea.gov Harvey Davis 301.278.9086 (Personal Consumption Expenditures) pce@bea.gov Media: Jeannine Aversa 301.278.9003 Jeannine.Aversa@bea.gov PERSONAL INCOME AND OUTLAYS: MAY 2016 Personal income increased $37.1 billion, or 0.2 percent, and disposable personal income (DPI) increased $33.9 billion, or 0.2 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $53.5 billion, or 0.4 percent. In April, personal income increased $75.4 billion, or 0.5 percent, DPI increased $68.6 billion, or 0.5 percent, and PCE increased $141.2 billion, or 1.1 percent, based on revised estimates. Real DPI increased 0.1 percent in May, compared with an increase of 0.2 percent in April. Real PCE increased 0.3 percent, compared with an increase of 0.8 percent. 2016 Jan. Feb. Mar. Apr. May (Percent change from preceding month) Personal income, current dollars 0.4 0.1 0.3 0.5 0.2 Disposable personal income: Current dollars 0.6 0.1 0.3 0.5 0.2 Chained (2009) dollars 0.4 0.2 0.3 0.2 0.1 Personal consumption expenditures: Current dollars 0.1 0.2 0.0 1.1 0.4 Chained (2009) dollars 0.0 0.3 -0.1 0.8 0.3 FOOTNOTE._________ Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2009) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. __________________ Compensation Wages and salaries increased $14.7 billion in May, compared with an increase of $40.4 billion in April. Private wages and salaries increased $11.8 billion, compared with an increase of $38.7 billion. Government wages and salaries increased $2.9 billion, compared with an increase of $1.6 billion. Supplements to wages and salaries increased $4.6 billion in May, compared with an increase of $6.0 billion in April. Other personal income Proprietors' income increased $1.2 billion in May, compared with an increase of $10.0 billion in April. Farm proprietors' income increased $1.0 billion, the same increase as in April. Nonfarm proprietors' income increased $0.1 billion in May, compared with an increase of $9.0 billion in April. Rental income of persons increased $3.7 billion in May, compared with an increase of $3.3 billion in April. Personal income receipts on assets (personal interest income plus personal dividend income) increased $9.7 billion, compared with an increase of $8.5 billion. Personal current transfer receipts increased $4.8 billion in May, compared with an increase of $12.2 billion in April. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $1.6 billion in May, compared with an increase of $4.8 billion in April. Personal current taxes and disposable personal income Personal current taxes increased $3.1 billion in May, compared with an increase of $6.8 billion in April. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $33.9 billion, or 0.2 percent, compared with an increase of $68.6 billion, or 0.5 percent. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $57.0 billion in May, compared with an increase of $144.6 billion in April. PCE increased $53.5 billion, compared with an increase of $141.2 billion. Personal saving -- DPI less personal outlays -- was $730.6 billion in May, compared with $753.7 billion in April. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.3 percent, compared with 5.4 percent. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's Financial Accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in May, compared with an increase of 0.2 percent in April. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in May, compared with an increase of 0.8 percent in April. Purchases of durable goods increased 0.6 percent, compared with an increase of 2.6 percent. Purchases of nondurable goods increased 0.5 percent, compared with an increase of 1.0 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.5 percent. The price index for PCE increased 0.2 percent in May, compared with an increase of 0.3 percent in April. The PCE price index, excluding food and energy, increased 0.2 percent, the same increase as in April. The May PCE price index increased 0.9 percent from May a year ago.  The May PCE price index, excluding food and energy, increased 1.6 percent from May a year ago. Revisions Estimates have been revised for January through April. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for March and for April -- revised and as published in last month's release -- are shown below. Change from preceding month March April Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars 56.7 54.3 0.4 0.3 69.8 75.4 0.4 0.5 Disposable personal income: Current dollars 49.6 48.1 0.4 0.3 63.5 68.6 0.5 0.5 Chained (2009) dollars 37.6 35.8 0.3 0.3 19.2 23.9 0.2 0.2 Personal consumption expenditures: Current dollars 3.7 -0.3 0.0 0.0 119.2 141.2 1.0 1.1 Chained (2009) dollars -3.5 -7.5 0.0 -0.1 73.3 93.3 0.6 0.8 BOX._____________________ Upcoming Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released in conjunction with preliminary estimates for June 2016 on August 2, 2016. This regular revision of the estimates will cover the most recent 3 years and the first 5 months of 2016. For more information, see "Preview of the Upcoming Annual NIPA Revision" included in the May Survey of Current Business article on "GDP and the Economy". _________________________ BEA's news release schedule is available at www.bea.gov/newsreleases/news_release_sort_national.htm * * * Next release – August 2, 2016 at 8:30 A.M. EDT Personal Income and Outlays for June Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- -------------2015------------- ------------------------2016------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 15,547.1 15,605.1 15,654.2 15,714.6 15,730.0 15,784.3 15,859.7 15,896.7 Compensation of employees............... 9,799.0 9,866.3 9,895.9 9,947.7 9,951.1 9,982.7 10,029.0 10,048.3 Wages and salaries.................... 7,947.7 8,007.2 8,031.5 8,077.1 8,077.2 8,103.7 8,144.1 8,158.7 Private industries.................. 6,670.6 6,727.9 6,749.8 6,789.7 6,786.5 6,810.0 6,848.7 6,860.5 Goods-producing industries........ 1,324.2 1,346.3 1,337.9 1,347.5 1,344.5 1,348.0 1,356.9 1,361.6 Manufacturing................... 813.4 830.4 821.7 829.1 827.3 827.8 835.4 838.3 Services-producing industries..... 5,346.4 5,381.6 5,411.9 5,442.2 5,441.9 5,462.0 5,491.8 5,498.9 Trade, transportation, and utilities...................... 1,256.2 1,263.2 1,268.4 1,270.8 1,271.6 1,275.1 1,281.2 1,278.6 Other services-producing industries..................... 4,090.2 4,118.5 4,143.5 4,171.5 4,170.4 4,186.9 4,210.6 4,220.3 Government.......................... 1,277.0 1,279.2 1,281.7 1,287.4 1,290.7 1,293.7 1,295.3 1,298.2 Supplements to wages and salaries..... 1,851.3 1,859.1 1,864.4 1,870.6 1,873.9 1,879.0 1,885.0 1,889.6 Employer contributions for employee pension and insurance funds\1\..... 1,277.6 1,281.5 1,285.7 1,289.5 1,293.5 1,297.4 1,301.1 1,305.0 Employer contributions for government social insurance........ 573.7 577.6 578.8 581.0 580.4 581.6 583.9 584.6 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,407.0 1,401.0 1,412.3 1,413.6 1,411.9 1,410.8 1,420.8 1,422.0 Farm.................................. 62.5 57.1 51.6 50.1 48.6 47.1 48.1 49.1 Nonfarm............................... 1,344.5 1,343.9 1,360.6 1,363.4 1,363.3 1,363.7 1,372.7 1,372.8 Rental income of persons with capital consumption adjustment................. 668.4 671.6 675.3 679.7 685.0 690.6 693.9 697.6 Personal income receipts on assets...... 2,202.3 2,196.5 2,187.0 2,193.4 2,189.0 2,202.1 2,210.6 2,220.4 Personal interest income.............. 1,327.7 1,318.3 1,309.0 1,314.4 1,319.8 1,325.2 1,327.7 1,330.3 Personal dividend income.............. 874.6 878.2 878.0 879.0 869.2 877.0 882.9 890.0 Personal current transfer receipts...... 2,687.8 2,694.8 2,711.5 2,717.2 2,729.4 2,737.2 2,749.4 2,754.2 Government social benefits to persons.............................. 2,644.0 2,650.8 2,667.3 2,672.9 2,684.9 2,692.5 2,704.5 2,709.1 Social security\2\.................. 877.6 878.2 889.3 884.7 887.0 886.9 894.9 894.5 Medicare\3\......................... 628.4 631.5 634.5 637.6 640.6 643.4 646.1 648.6 Medicaid............................ 544.4 545.3 549.2 548.8 550.4 552.6 557.6 560.6 Unemployment insurance.............. 31.7 32.2 32.6 32.7 32.6 32.0 31.1 31.3 Veterans' benefits.................. 96.2 98.4 98.7 98.0 98.4 99.3 99.4 99.0 Other............................... 465.6 465.4 463.0 471.1 475.8 478.4 475.4 475.2 Other current transfer receipts, from business (net)....................... 43.8 44.0 44.2 44.3 44.5 44.7 44.9 45.1 Less: Contributions for government social insurance, domestic............. 1,217.4 1,225.0 1,227.8 1,237.0 1,236.4 1,239.3 1,244.1 1,245.8 Less: Personal current taxes.............. 1,980.5 1,996.5 2,004.1 1,988.6 1,989.5 1,995.8 2,002.5 2,005.7 Equals: Disposable personal income........ 13,566.5 13,608.6 13,650.1 13,726.0 13,740.4 13,788.5 13,857.1 13,891.1 Less: Personal outlays.................... 12,854.1 12,907.5 12,929.8 12,944.1 12,961.9 12,958.8 13,103.4 13,160.4 Personal consumption expenditures....... 12,405.5 12,455.0 12,473.4 12,484.5 12,505.0 12,504.7 12,645.9 12,699.4 Goods................................. 4,005.3 4,027.5 4,001.7 3,982.9 3,961.0 3,969.3 4,050.1 4,070.9 Durable goods....................... 1,339.0 1,353.9 1,347.8 1,336.2 1,340.5 1,338.2 1,373.3 1,378.1 Nondurable goods.................... 2,666.3 2,673.6 2,653.9 2,646.6 2,620.5 2,631.2 2,676.9 2,692.9 Services.............................. 8,400.2 8,427.5 8,471.7 8,501.6 8,543.9 8,535.4 8,595.8 8,628.5 Personal interest payments\4\........... 270.6 274.1 277.6 274.8 271.9 269.1 272.4 275.6 Personal current transfer payments...... 178.0 178.3 178.7 184.9 185.0 185.0 185.1 185.4 To government......................... 98.3 98.6 99.0 103.7 103.8 103.8 104.0 104.2 To the rest of the world (net)........ 79.7 79.7 79.7 81.2 81.2 81.2 81.2 81.2 Equals: Personal saving................... 712.5 701.2 720.3 781.9 778.5 829.7 753.7 730.6 Personal saving as a percentage of disposable personal income............. 5.3 5.2 5.3 5.7 5.7 6.0 5.4 5.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,714.7 11,746.6 11,785.8 11,822.6 11,836.3 11,871.0 11,892.1 11,901.5 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 12,359.0 12,381.9 12,430.0 12,485.4 12,509.9 12,545.7 12,569.6 12,579.3 Per capita: Current dollars..................... 42,069 42,172 42,274 42,485 42,509 42,634 42,822 42,900 Chained (2009) dollars.............. 38,324 38,370 38,495 38,645 38,702 38,791 38,843 38,849 Population (midperiod, thousands)\6\.... 322,484 322,697 322,897 323,076 323,238 323,413 323,601 323,804 ----------------------------------------------------------------------------------------------------------------------------------- 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-------------- 2014 -------------------2015------------------- 2016 IV I II III IV I\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 14,694.2 15,350.7 14,955.7 15,079.8 15,277.0 15,443.7 15,602.1 15,742.9 Compensation of employees............... 9,248.9 9,666.6 9,424.9 9,487.9 9,615.2 9,709.5 9,853.7 9,960.5 Wages and salaries.................... 7,477.8 7,834.9 7,632.6 7,682.4 7,791.8 7,870.0 7,995.4 8,086.0 Private industries.................. 6,240.5 6,566.1 6,384.4 6,425.9 6,526.7 6,595.8 6,716.1 6,795.4 Goods-producing industries........ 1,260.9 1,309.7 1,292.9 1,288.0 1,303.2 1,311.5 1,336.2 1,346.7 Manufacturing................... 780.9 804.9 796.5 792.1 801.7 804.1 821.8 828.1 Services-producing industries..... 4,979.7 5,256.4 5,091.5 5,138.0 5,223.5 5,284.2 5,380.0 5,448.7 Trade, transportation, and utilities...................... 1,175.5 1,236.5 1,203.3 1,210.9 1,229.1 1,243.5 1,262.6 1,272.5 Other services-producing industries..................... 3,804.2 4,019.9 3,888.2 3,927.0 3,994.4 4,040.8 4,117.4 4,176.2 Government.......................... 1,237.2 1,268.8 1,248.2 1,256.5 1,265.0 1,274.2 1,279.3 1,290.6 Supplements to wages and salaries..... 1,771.2 1,831.7 1,792.3 1,805.5 1,823.4 1,839.5 1,858.3 1,874.5 Employer contributions for employee pension and insurance funds\1\..... 1,224.0 1,264.3 1,236.3 1,246.8 1,258.3 1,270.3 1,281.6 1,293.5 Employer contributions for government social insurance........ 547.2 567.4 556.0 558.7 565.0 569.2 576.7 581.0 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,346.7 1,388.3 1,377.9 1,369.4 1,377.0 1,400.1 1,406.7 1,412.1 Farm.................................. 78.1 59.9 74.8 60.5 56.9 65.2 57.1 48.6 Nonfarm............................... 1,268.6 1,328.4 1,303.0 1,308.9 1,320.1 1,334.9 1,349.7 1,363.5 Rental income of persons with capital consumption adjustment................. 610.8 656.6 628.4 637.0 654.1 663.6 671.7 685.1 Personal income receipts on assets...... 2,117.5 2,180.5 2,130.6 2,145.5 2,178.3 2,202.8 2,195.3 2,194.9 Personal interest income.............. 1,302.0 1,312.3 1,289.8 1,282.6 1,313.4 1,335.0 1,318.3 1,319.8 Personal dividend income.............. 815.5 868.2 840.8 863.0 864.9 867.8 876.9 875.1 Personal current transfer receipts...... 2,529.2 2,662.7 2,571.0 2,625.8 2,651.3 2,675.7 2,698.0 2,727.9 Government social benefits to persons.............................. 2,487.2 2,619.5 2,528.9 2,583.4 2,608.4 2,632.2 2,654.0 2,683.4 Social security\2\.................. 834.6 871.8 843.8 861.6 869.4 874.5 881.7 886.2 Medicare\3\......................... 597.8 619.8 605.3 609.8 615.3 622.5 631.4 640.5 Medicaid............................ 487.4 534.9 507.1 523.9 529.0 540.4 546.3 550.6 Unemployment insurance.............. 35.8 33.3 32.9 35.0 33.1 32.9 32.2 32.4 Veterans' benefits.................. 83.7 94.4 86.7 90.7 94.1 95.1 97.8 98.6 Other............................... 447.9 465.3 453.3 462.2 467.5 466.9 464.7 475.1 Other current transfer receipts, from business (net)....................... 42.0 43.2 42.1 42.4 42.9 43.4 44.0 44.5 Less: Contributions for government social insurance, domestic............. 1,159.0 1,204.0 1,177.2 1,185.8 1,198.9 1,207.9 1,223.4 1,237.6 Less: Personal current taxes.............. 1,780.2 1,947.4 1,838.8 1,900.1 1,938.7 1,957.3 1,993.7 1,991.3 Equals: Disposable personal income........ 12,913.9 13,403.2 13,116.8 13,179.8 13,338.3 13,486.4 13,608.4 13,751.7 Less: Personal outlays.................... 12,293.7 12,717.5 12,502.5 12,492.2 12,674.5 12,806.2 12,897.1 12,954.9 Personal consumption expenditures....... 11,865.9 12,271.9 12,061.4 12,055.5 12,228.4 12,359.0 12,444.7 12,498.1 Goods................................. 3,948.4 3,978.8 3,980.1 3,901.5 3,978.1 4,024.1 4,011.5 3,971.1 Durable goods....................... 1,280.2 1,328.7 1,303.5 1,301.8 1,326.4 1,339.6 1,346.9 1,338.3 Nondurable goods.................... 2,668.2 2,650.1 2,676.6 2,599.7 2,651.8 2,684.4 2,664.6 2,632.8 Services.............................. 7,917.5 8,293.1 8,081.3 8,153.9 8,250.2 8,334.9 8,433.1 8,527.0 Personal interest payments\4\........... 254.2 268.5 263.1 261.3 269.3 269.4 274.1 271.9 Personal current transfer payments...... 173.6 177.1 178.0 175.5 176.8 177.8 178.3 185.0 To government......................... 95.3 97.7 95.9 97.0 97.2 97.8 98.7 103.8 To the rest of the world (net)........ 78.3 79.4 82.2 78.5 79.6 80.0 79.7 81.2 Equals: Personal saving................... 620.2 685.7 614.3 687.6 663.9 680.2 711.3 796.7 Personal saving as a percentage of disposable personal income............. 4.8 5.1 4.7 5.2 5.0 5.0 5.2 5.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,149.8 11,593.5 11,329.0 11,447.6 11,542.2 11,635.1 11,749.0 11,843.3 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 11,836.3 12,247.1 11,998.7 12,114.7 12,193.6 12,289.8 12,390.3 12,513.7 Per capita: Current dollars..................... 40,453 41,663 40,962 41,088 41,509 41,881 42,171 42,543 Chained (2009) dollars.............. 37,077 38,069 37,470 37,767 37,947 38,165 38,397 38,713 Population (midperiod, thousands)\6\.... 319,233 321,704 320,222 320,771 321,337 322,015 322,693 323,242 ----------------------------------------------------------------------------------------------------------------------------------- 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 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- -------------2015------------- ------------------------2016------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 74.2 58.1 49.0 60.4 15.4 54.3 75.4 37.1 Compensation of employees............... 80.5 67.3 29.7 51.7 3.4 31.6 46.3 19.3 Wages and salaries.................... 72.3 59.5 24.3 45.6 0.1 26.5 40.4 14.7 Private industries.................. 71.0 57.3 21.9 39.9 -3.2 23.5 38.7 11.8 Goods-producing industries........ 17.0 22.1 -8.3 9.6 -3.0 3.4 9.0 4.7 Manufacturing................... 12.2 17.0 -8.6 7.4 -1.8 0.5 7.6 2.9 Services-producing industries..... 54.0 35.3 30.2 30.3 -0.3 20.1 29.7 7.2 Trade, transportation, and utilities...................... 9.5 7.0 5.2 2.4 0.8 3.5 6.0 -2.5 Other services-producing industries..................... 44.5 28.2 25.1 27.9 -1.1 16.6 23.7 9.7 Government.......................... 1.3 2.2 2.4 5.7 3.4 3.0 1.6 2.9 Supplements to wages and salaries..... 8.2 7.7 5.3 6.1 3.3 5.1 6.0 4.6 Employer contributions for employee pension and insurance funds\1\..... 3.7 3.9 4.1 3.9 3.9 3.9 3.7 3.9 Employer contributions for government social insurance........ 4.5 3.9 1.2 2.3 -0.6 1.2 2.2 0.7 Proprietors' income with inventory valuation and capital consumption adjustments............................ 2.8 -6.0 11.3 1.3 -1.7 -1.0 10.0 1.2 Farm.................................. -5.5 -5.5 -5.5 -1.5 -1.5 -1.5 1.0 1.0 Nonfarm............................... 8.3 -0.6 16.7 2.8 -0.2 0.5 9.0 0.1 Rental income of persons with capital consumption adjustment................. 2.6 3.2 3.7 4.5 5.3 5.6 3.3 3.7 Personal income receipts on assets...... -6.8 -5.8 -9.5 6.4 -4.4 13.1 8.5 9.7 Personal interest income.............. -9.3 -9.3 -9.3 5.4 5.4 5.4 2.6 2.6 Personal dividend income.............. 2.6 3.5 -0.2 1.0 -9.8 7.8 5.9 7.2 Personal current transfer receipts...... 4.2 7.1 16.7 5.7 12.2 7.9 12.2 4.8 Government social benefits to persons.............................. 4.0 6.9 16.5 5.6 12.0 7.7 12.0 4.6 Social security\2\.................. 2.2 0.6 11.1 -4.6 2.3 -0.2 8.0 -0.4 Medicare\3\......................... 3.2 3.1 3.0 3.1 3.0 2.8 2.7 2.5 Medicaid............................ -0.2 0.8 3.9 -0.5 1.6 2.2 5.0 3.0 Unemployment insurance.............. -0.9 0.5 0.5 0.1 -0.1 -0.7 -0.8 0.1 Veterans' benefits.................. 0.7 2.2 0.4 -0.8 0.4 0.9 0.1 -0.4 Other............................... -1.1 -0.3 -2.4 8.2 4.7 2.6 -3.0 -0.2 Other current transfer receipts, from business (net)....................... 0.2 0.2 0.2 0.1 0.2 0.2 0.2 0.2 Less: Contributions for government social insurance, domestic............. 9.2 7.6 2.8 9.2 -0.6 2.9 4.8 1.6 Less: Personal current taxes.............. 21.7 16.0 7.6 -15.6 1.0 6.2 6.8 3.1 Equals: Disposable personal income........ 52.5 42.1 41.4 75.9 14.5 48.1 68.6 33.9 Less: Personal outlays.................... 22.2 53.4 22.3 14.4 17.8 -3.1 144.6 57.0 Personal consumption expenditures....... 18.8 49.5 18.4 11.0 20.5 -0.3 141.2 53.5 Goods................................. -7.4 22.2 -25.8 -18.9 -21.8 8.3 80.8 20.8 Durable goods....................... -6.3 14.9 -6.1 -11.6 4.3 -2.4 35.1 4.8 Nondurable goods.................... -1.1 7.3 -19.7 -7.3 -26.1 10.6 45.7 16.0 Services.............................. 26.2 27.3 44.2 29.9 42.3 -8.6 60.4 32.7 Personal interest payments\4\........... 3.5 3.5 3.5 -2.8 -2.8 -2.8 3.3 3.3 Personal current transfer payments...... -0.1 0.3 0.4 6.2 0.1 0.0 0.1 0.3 To government......................... 0.3 0.3 0.4 4.7 0.1 0.0 0.1 0.3 To the rest of the world (net)........ -0.3 0.0 0.0 1.5 0.0 0.0 0.0 0.0 Equals: Personal saving................... 30.3 -11.3 19.2 61.6 -3.3 51.2 -76.0 -23.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 55.0 31.8 39.2 36.8 13.7 34.7 21.1 9.4 Disposable personal income, billions of chained (2009) dollars\5\.............. 38.6 22.9 48.1 55.4 24.5 35.8 23.9 9.8 ----------------------------------------------------------------------------------------------------------------------------------- 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-------------- 2014 -------------------2015------------------- 2016 IV I II III IV I\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 625.8 656.5 180.9 124.2 197.2 166.7 158.5 140.8 Compensation of employees............... 409.3 417.6 135.0 63.0 127.2 94.3 144.2 106.8 Wages and salaries.................... 363.4 357.1 118.7 49.8 109.3 78.2 125.5 90.6 Private industries.................. 333.8 325.6 113.7 41.5 100.8 69.1 120.3 79.3 Goods-producing industries........ 70.8 48.9 26.3 -4.9 15.2 8.3 24.6 10.5 Manufacturing................... 34.0 24.1 15.0 -4.4 9.6 2.4 17.7 6.2 Services-producing industries..... 263.0 276.8 87.4 46.4 85.5 60.8 95.7 68.8 Trade, transportation, and utilities...................... 57.0 61.0 24.1 7.6 18.2 14.3 19.1 9.9 Other services-producing industries..................... 206.0 215.7 63.3 38.8 67.3 46.4 76.6 58.8 Government.......................... 29.6 31.5 5.0 8.3 8.6 9.2 5.1 11.3 Supplements to wages and salaries..... 45.9 60.5 16.3 13.2 17.9 16.1 18.8 16.2 Employer contributions for employee pension and insurance funds\1\..... 26.2 40.3 9.1 10.5 11.6 11.9 11.3 11.9 Employer contributions for government social insurance........ 19.7 20.2 7.1 2.7 6.3 4.2 7.5 4.3 Proprietors' income with inventory valuation and capital consumption adjustments............................ 61.6 41.6 20.1 -8.4 7.5 23.1 6.7 5.3 Farm.................................. -10.6 -18.2 -2.3 -14.3 -3.6 8.3 -8.1 -8.4 Nonfarm............................... 72.2 59.9 22.4 5.9 11.2 14.8 14.8 13.8 Rental income of persons with capital consumption adjustment................. 47.4 45.8 10.0 8.5 17.1 9.5 8.2 13.4 Personal income receipts on assets...... 57.1 62.9 15.6 14.9 32.8 24.5 -7.5 -0.4 Personal interest income.............. 30.7 10.3 1.7 -7.3 30.8 21.6 -16.6 1.4 Personal dividend income.............. 26.5 52.7 13.9 22.2 2.0 2.9 9.1 -1.9 Personal current transfer receipts...... 102.5 133.5 14.5 54.8 25.5 24.3 22.4 29.9 Government social benefits to persons.............................. 101.7 132.3 14.5 54.5 25.0 23.8 21.8 29.4 Social security\2\.................. 35.6 37.2 6.6 17.9 7.8 5.1 7.2 4.5 Medicare\3\......................... 23.2 22.0 4.5 4.5 5.5 7.1 9.0 9.1 Medicaid............................ 47.7 47.5 1.2 16.9 5.1 11.4 5.9 4.3 Unemployment insurance.............. -26.5 -2.5 -1.8 2.2 -1.9 -0.2 -0.8 0.3 Veterans' benefits.................. 4.7 10.7 2.9 4.1 3.3 1.0 2.7 0.8 Other............................... 17.1 17.4 1.1 9.0 5.2 -0.6 -2.2 10.5 Other current transfer receipts, from business (net)....................... 0.8 1.2 0.0 0.3 0.5 0.5 0.6 0.5 Less: Contributions for government social insurance, domestic............. 52.2 45.0 14.3 8.6 13.1 9.0 15.5 14.2 Less: Personal current taxes.............. 107.5 167.2 46.8 61.2 38.6 18.6 36.4 -2.4 Equals: Disposable personal income........ 518.3 489.3 134.1 62.9 158.6 148.1 122.0 143.2 Less: Personal outlays.................... 488.0 423.7 125.6 -10.3 182.3 131.7 90.9 57.9 Personal consumption expenditures....... 473.7 405.9 112.3 -5.9 172.9 130.6 85.7 53.4 Goods................................. 111.7 30.4 -7.2 -78.6 76.6 45.9 -12.5 -40.4 Durable goods....................... 42.4 48.5 8.4 -1.7 24.5 13.3 7.3 -8.6 Nondurable goods.................... 69.3 -18.1 -15.6 -76.9 52.1 32.7 -19.9 -31.8 Services.............................. 362.0 375.5 119.6 72.7 96.3 84.7 98.2 93.8 Personal interest payments\4\........... 10.1 14.3 8.8 -1.8 8.0 0.1 4.7 -2.2 Personal current transfer payments...... 4.3 3.5 4.5 -2.6 1.3 1.0 0.5 6.6 To government......................... 2.7 2.4 0.2 1.1 0.2 0.6 0.9 5.1 To the rest of the world (net)........ 1.6 1.2 4.3 -3.7 1.1 0.4 -0.3 1.5 Equals: Personal saving................... 30.3 65.5 8.6 73.2 -23.7 16.4 31.1 85.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 327.5 443.7 164.4 118.7 94.5 93.0 113.9 94.3 Disposable personal income, billions of chained (2009) dollars\5\.............. 313.2 410.8 135.6 115.9 78.9 96.1 100.5 123.4 ----------------------------------------------------------------------------------------------------------------------------------- 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 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at monthly rates------------------------- -------------2015------------- ------------------------2016------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 0.5 0.4 0.3 0.4 0.1 0.3 0.5 0.2 Compensation of employees............... 0.8 0.7 0.3 0.5 0.0 0.3 0.5 0.2 Wages and salaries.................... 0.9 0.7 0.3 0.6 0.0 0.3 0.5 0.2 Supplements to wages and salaries..... 0.4 0.4 0.3 0.3 0.2 0.3 0.3 0.2 Proprietors' income with inventory valuation and capital consumption adjustments............................ 0.2 -0.4 0.8 0.1 -0.1 -0.1 0.7 0.1 Rental income of persons with capital consumption adjustment................. 0.4 0.5 0.5 0.7 0.8 0.8 0.5 0.5 Personal income receipts on assets...... -0.3 -0.3 -0.4 0.3 -0.2 0.6 0.4 0.4 Personal interest income.............. -0.7 -0.7 -0.7 0.4 0.4 0.4 0.2 0.2 Personal dividend income.............. 0.3 0.4 0.0 0.1 -1.1 0.9 0.7 0.8 Personal current transfer receipts...... 0.2 0.3 0.6 0.2 0.4 0.3 0.4 0.2 Less: Contributions for government social insurance, domestic............. 0.8 0.6 0.2 0.7 0.0 0.2 0.4 0.1 Less: Personal current taxes.............. 1.1 0.8 0.4 -0.8 0.0 0.3 0.3 0.2 Equals: Disposable personal income........ 0.4 0.3 0.3 0.6 0.1 0.3 0.5 0.2 Addenda: Personal consumption expenditures....... 0.2 0.4 0.1 0.1 0.2 0.0 1.1 0.4 Goods................................. -0.2 0.6 -0.6 -0.5 -0.5 0.2 2.0 0.5 Durable goods....................... -0.5 1.1 -0.4 -0.9 0.3 -0.2 2.6 0.3 Nondurable goods.................... 0.0 0.3 -0.7 -0.3 -1.0 0.4 1.7 0.6 Services.............................. 0.3 0.3 0.5 0.4 0.5 -0.1 0.7 0.4 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... 0.5 0.3 0.3 0.3 0.1 0.3 0.2 0.1 Real disposable personal income......... 0.3 0.2 0.4 0.4 0.2 0.3 0.2 0.1 ----------------------------------------------------------------------------------------------------------------------------------- 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-------------- 2014 -------------------2015------------------- 2016 IV I II III IV I\r\ ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 4.4 4.5 5.0 3.4 5.3 4.4 4.2 3.7 Compensation of employees............... 4.6 4.5 5.9 2.7 5.5 4.0 6.1 4.4 Wages and salaries.................... 5.1 4.8 6.5 2.6 5.8 4.1 6.5 4.6 Supplements to wages and salaries..... 2.7 3.4 3.7 3.0 4.0 3.6 4.1 3.5 Proprietors' income with inventory valuation and capital consumption adjustments............................ 4.8 3.1 6.1 -2.4 2.2 6.9 1.9 1.5 Rental income of persons with capital consumption adjustment................. 8.4 7.5 6.6 5.5 11.2 5.9 5.0 8.2 Personal income receipts on assets...... 2.8 3.0 3.0 2.8 6.3 4.6 -1.4 -0.1 Personal interest income.............. 2.4 0.8 0.5 -2.2 10.0 6.7 -4.9 0.4 Personal dividend income.............. 3.4 6.5 6.9 11.0 0.9 1.3 4.3 -0.8 Personal current transfer receipts...... 4.2 5.3 2.3 8.8 3.9 3.7 3.4 4.5 Less: Contributions for government social insurance, domestic............. 4.7 3.9 5.0 3.0 4.5 3.0 5.2 4.7 Less: Personal current taxes.............. 6.4 9.4 10.9 14.0 8.4 3.9 7.7 -0.5 Equals: Disposable personal income........ 4.2 3.8 4.2 1.9 4.9 4.5 3.7 4.3 Addenda: Personal consumption expenditures....... 4.2 3.4 3.8 -0.2 5.9 4.3 2.8 1.7 Goods................................. 2.9 0.8 -0.7 -7.7 8.1 4.7 -1.2 -4.0 Durable goods....................... 3.4 3.8 2.6 -0.5 7.8 4.1 2.2 -2.5 Nondurable goods.................... 2.7 -0.7 -2.3 -11.0 8.3 5.0 -2.9 -4.7 Services.............................. 4.8 4.7 6.1 3.6 4.8 4.2 4.8 4.5 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... 3.0 4.0 6.0 4.3 3.3 3.3 4.0 3.2 Real disposable personal income......... 2.7 3.5 4.7 3.9 2.6 3.2 3.3 4.0 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) --------------------------------------------------------------------------------------------------------------------------------------- -------------2015------------- ------------------------2016------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 11,301.3 11,332.3 11,358.5 11,356.1 11,385.1 11,377.6 11,470.9 11,500.2 Goods......................................... 3,902.6 3,927.6 3,923.6 3,912.9 3,915.8 3,928.9 3,989.0 4,011.1 Durable goods............................... 1,483.2 1,503.8 1,499.4 1,483.1 1,492.2 1,493.2 1,531.3 1,540.8 Nondurable goods............................ 2,447.2 2,453.7 2,453.5 2,457.1 2,452.3 2,463.7 2,488.6 2,501.6 Services...................................... 7,400.4 7,407.9 7,436.8 7,443.9 7,469.2 7,450.5 7,486.9 7,495.6 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 8.6 31.0 26.2 -2.4 29.0 -7.5 93.3 29.3 Goods......................................... -6.5 25.0 -4.0 -10.7 2.9 13.0 60.1 22.1 Durable goods............................... -3.8 20.5 -4.3 -16.3 9.0 1.1 38.1 9.5 Nondurable goods............................ -3.0 6.5 -0.2 3.5 -4.8 11.4 24.9 12.9 Services...................................... 14.3 7.4 28.9 7.2 25.2 -18.7 36.5 8.6 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.1 0.3 0.2 0.0 0.3 -0.1 0.8 0.3 Goods......................................... -0.2 0.6 -0.1 -0.3 0.1 0.3 1.5 0.6 Durable goods............................... -0.3 1.4 -0.3 -1.1 0.6 0.1 2.6 0.6 Nondurable goods............................ -0.1 0.3 0.0 0.1 -0.2 0.5 1.0 0.5 Services...................................... 0.2 0.1 0.4 0.1 0.3 -0.3 0.5 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-------------- 2014 -------------------2015------------------- 2016 IV I II III IV I\r\ --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars Personal consumption expenditures (PCE)... 10,875.7 11,213.3 11,033.3 11,081.2 11,178.9 11,262.4 11,330.7 11,372.9 Goods......................................... 3,731.2 3,869.6 3,793.2 3,803.7 3,855.0 3,902.0 3,917.9 3,919.2 Durable goods............................... 1,384.1 1,466.5 1,423.5 1,430.4 1,458.3 1,481.7 1,495.5 1,489.5 Nondurable goods............................ 2,367.8 2,430.0 2,393.7 2,397.8 2,423.0 2,447.9 2,451.5 2,457.7 Services...................................... 7,144.6 7,345.3 7,240.4 7,277.4 7,325.3 7,363.4 7,415.0 7,454.5 Change from preceding period in billions of chained (2009) dollars Personal consumption expenditures (PCE)... 285.3 337.6 114.7 48.0 97.7 83.5 68.3 42.2 Goods......................................... 118.4 138.5 38.0 10.5 51.3 47.0 16.0 1.3 Durable goods............................... 76.5 82.4 21.0 7.0 27.8 23.4 13.8 -6.0 Nondurable goods............................ 48.0 62.2 18.5 4.1 25.2 24.9 3.6 6.2 Services...................................... 167.6 200.7 76.5 37.0 47.9 38.1 51.6 39.5 Percent change from preceding period in chained (2009) dollars Personal consumption expenditures (PCE)... 2.7 3.1 4.3 1.8 3.6 3.0 2.4 1.5 Goods......................................... 3.3 3.7 4.1 1.1 5.5 5.0 1.6 0.1 Durable goods............................... 5.9 6.0 6.1 2.0 8.0 6.6 3.8 -1.6 Nondurable goods............................ 2.1 2.6 3.1 0.7 4.3 4.2 0.6 1.0 Services...................................... 2.4 2.8 4.3 2.1 2.7 2.1 2.8 2.1 --------------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) --------------------------------------------------------------------------------------------------------------------------------------- -------------2015------------- ------------------------2016------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ --------------------------------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted Personal consumption expenditures (PCE)... 109.774 109.911 109.819 109.940 109.840 109.910 110.247 110.431 Goods......................................... 102.626 102.540 101.988 101.783 101.150 101.025 101.528 101.487 Durable goods............................... 90.262 90.019 89.872 90.078 89.822 89.600 89.663 89.422 Nondurable goods............................ 108.949 108.959 108.166 107.714 106.859 106.795 107.561 107.644 Services...................................... 113.516 113.771 113.923 114.215 114.396 114.568 114.816 115.121 Addenda: PCE excluding food and energy............... 109.860 110.020 110.095 110.392 110.584 110.653 110.842 111.022 Food\1\..................................... 111.461 111.197 110.867 110.705 110.911 110.412 110.614 110.108 Energy goods and services\2\................ 102.840 103.133 100.033 97.045 90.699 91.717 95.208 96.556 Market-based PCE\3\......................... 108.565 108.658 108.542 108.568 108.474 108.525 108.855 109.055 Market-based PCE excluding food and energy\3\.................................. 108.461 108.574 108.644 108.858 109.098 109.144 109.304 109.503 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.1 0.1 -0.1 0.1 -0.1 0.1 0.3 0.2 Goods......................................... 0.0 -0.1 -0.5 -0.2 -0.6 -0.1 0.5 0.0 Durable goods............................... -0.2 -0.3 -0.2 0.2 -0.3 -0.2 0.1 -0.3 Nondurable goods............................ 0.1 0.0 -0.7 -0.4 -0.8 -0.1 0.7 0.1 Services...................................... 0.1 0.2 0.1 0.3 0.2 0.2 0.2 0.3 Addenda: PCE excluding food and energy............... 0.1 0.1 0.1 0.3 0.2 0.1 0.2 0.2 Food\1\..................................... 0.1 -0.2 -0.3 -0.1 0.2 -0.4 0.2 -0.5 Energy goods and services\2\................ 0.3 0.3 -3.0 -3.0 -6.5 1.1 3.8 1.4 Market-based PCE\3\......................... 0.1 0.1 -0.1 0.0 -0.1 0.0 0.3 0.2 Market-based PCE excluding food and energy\3\.................................. 0.1 0.1 0.1 0.2 0.2 0.0 0.1 0.2 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household 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 ----------------------------------------------------------------------------------------------------------------------------------- -------------2015------------- ------------------------2016------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................ 3.6 3.2 3.0 3.1 3.1 3.7 3.3 3.2 Personal consumption expenditures......... 2.8 2.6 2.7 2.6 2.8 2.5 3.0 2.7 Goods................................... 3.4 3.2 3.2 3.0 3.5 2.6 4.2 3.6 Durable goods......................... 5.2 5.0 5.0 3.9 5.2 3.3 5.7 4.8 Nondurable goods...................... 2.6 2.4 2.3 2.6 2.7 2.2 3.5 3.0 Services................................ 2.5 2.3 2.4 2.4 2.5 2.4 2.5 2.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago --------------------------------------------------------------------------------------------------------------------------------------- -------------2015------------- ------------------------2016------------------------ Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\ --------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE)... 0.2 0.5 0.7 1.2 1.0 0.8 1.1 0.9 Goods......................................... -3.1 -2.3 -1.9 -0.5 -1.4 -1.8 -1.1 -1.8 Durable goods............................... -2.0 -1.7 -1.3 -0.9 -1.4 -1.5 -1.6 -1.7 Nondurable goods............................ -3.6 -2.6 -2.2 -0.3 -1.4 -1.9 -0.9 -1.8 Services...................................... 1.9 1.9 1.9 2.1 2.1 2.1 2.1 2.2 Addenda: PCE excluding food and energy............... 1.3 1.4 1.4 1.7 1.7 1.6 1.6 1.6 Food\1\..................................... 0.7 0.2 -0.3 -0.2 -0.1 -0.2 0.1 -0.3 Energy goods and services\2\................ -18.3 -14.3 -12.4 -5.3 -12.5 -12.7 -8.1 -10.9 Market-based PCE\3\......................... 0.0 0.3 0.4 1.0 0.8 0.6 0.8 0.7 Market-based PCE excluding food and energy\3\.................................. 1.2 1.2 1.3 1.5 1.6 1.5 1.4 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.