EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, DECEMBER 21, 2012 BEA 12-60 James Rankin (202)606-5301 (Personal Income) piniwd@bea.gov Kyle Brown (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: NOVEMBER 2012 Personal income increased $85.8 billion, or 0.6 percent, and disposable personal income (DPI) increased $74.7 billion, or 0.6 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $41.3 billion, or 0.4 percent. In October, personal income increased $7.5 billion, or 0.1 percent, DPI increased $6.4 billion, or 0.1 percent, and PCE decreased $6.6 billion, or 0.1 percent, based on revised estimates. Real disposable income increased 0.8 percent in November, in contrast to a decrease of 0.1 percent in October. Real PCE increased 0.6 percent, in contrast to a decrease of 0.2 percent. 2012 July Aug. Sept. Oct. Nov. (Percent change from preceding month) Personal income, current dollars 0.1 0.1 0.4 0.1 0.6 Disposable personal income: Current dollars 0.1 0.1 0.4 0.1 0.6 Chained (2005) dollars 0.1 -0.3 0.1 -0.1 0.8 Personal consumption expenditures: Current dollars 0.4 0.3 0.8 -0.1 0.4 Chained (2005) dollars 0.3 0.0 0.5 -0.2 0.6 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 (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. ____________ Wages and salaries Private wage and salary disbursements increased $41.1 billion in November, in contrast to a decrease of $16.3 billion in October. The October decrease in private wages and salaries reflected work interruptions caused by Hurricane Sandy, which reduced wages and salaries by $18.2 billion at an annual rate. Goods-producing industries' payrolls increased $4.7 billion in November, in contrast to a decrease of $3.9 billion in October; manufacturing payrolls increased $3.6 billion, in contrast to a decrease of $2.6 billion. Services-producing industries' payrolls increased $36.4 billion, in contrast to a decrease of $12.4 billion. Government wage and salary disbursements increased $0.6 billion, in contrast to a decrease of $1.6 billion. Other personal income Supplements to wages and salaries increased $5.9 billion in November, compared with an increase of $1.6 billion in October. Proprietors' income increased $8.1 billion in November, compared with an increase of $0.5 billion in October. Farm proprietors' income increased $0.7 billion, the same increase as in October. Nonfarm proprietors' income increased $7.5 billion in November, in contrast to a decrease of $0.2 billion in October. Rental income of persons increased $2.1 billion in November, compared with an increase of $0.6 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) increased $26.0 billion, compared with an increase of $25.9 billion. Personal current transfer receipts increased $7.3 billion in November, in contrast to a decrease of $5.0 billion in October. Within current transfer receipts, government social benefits to persons for social security increased $4.8 billion, in contrast to a decrease of $10.3 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $5.3 billion in November, in contrast to a decrease of $1.9 billion in October. Personal current taxes and disposable personal income Personal current taxes increased $11.1 billion in November, compared with an increase of $1.1 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $74.7 billion, or 0.6 percent, in November, compared with an increase of $6.4 billion, or 0.1 percent, in October. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $42.6 billion in  November, in contrast to a decrease of $5.3 billion in October. PCE increased $41.3 billion, in contrast to a decrease of $6.6 billion. Personal saving -- DPI less personal outlays -- was $436.7 billion in November, compared with $404.6 billion in October. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.6 percent in November, compared with 3.4 percent in October. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.8 percent in November, in contrast to a decrease of 0.1 percent in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.6 percent in November, in contrast to a decrease of 0.2 percent in October. Purchases of durable goods increased 2.9 percent, in contrast to a decrease of 0.9 percent. Purchases of motor vehicles and parts accounted for about half of the increase in November and about half of the decrease in October. Purchases of nondurable goods increased 0.3 percent in November, in contrast to a decrease of 0.3 percent in October. Purchases of services increased 0.3 percent, in contrast a decrease of less than 0.1 percent. The price index for PCE decreased 0.2 percent in November, in contrast to an increase of 0.1 percent in October. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared with an increase of 0.1 percent. Revisions Estimates have been revised for July through October. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for September and October -- revised and as published in last month's release -- are shown below. Change from preceding month September October Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 47.8 53.9 0.4 0.4 0.4 7.5 0.0 0.1 Disposable personal income: Current dollars 42.1 47.3 0.4 0.4 0.8 6.4 0.0 0.1 Chained (2005) dollars 2.2 8.0 0.0 0.1 -12.2 -7.2 -0.1 -0.1 Personal consumption expenditures: Current dollars 84.0 86.2 0.8 0.8 -20.2 -6.6 -0.2 -0.1 Chained (2005) dollars 40.5 43.5 0.4 0.5 -29.5 -17.5 -0.3 -0.2 BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release - January 31, 2013 at 8:30 A.M. EST for Personal Income and Outlays for December Release Dates for 2013 December 2012.. January 31 April 2013..May 31 August 2013.....September 27 January 2013... March 1 May 2013....June 27 September 2013..October 31 February 2013.. March 29 June 2013...August 2 October 2013....November 27 March 2013..... April 29 July 2013...August 30 November 2013...December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\r\ Nov 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,302.9 13,322.3 13,355.9 13,374.4 13,385.4 13,439.3 13,446.8 13,532.6 Compensation of employees, received...... 8,525.2 8,518.2 8,539.7 8,554.8 8,560.5 8,595.6 8,579.2 8,626.8 Wage and salary disbursements.......... 6,848.9 6,840.3 6,858.5 6,869.8 6,872.6 6,902.6 6,884.6 6,926.4 Private industries................... 5,648.7 5,640.6 5,658.7 5,669.2 5,668.7 5,697.4 5,681.1 5,722.2 Goods-producing industries......... 1,160.2 1,158.2 1,166.9 1,171.9 1,162.9 1,167.3 1,163.4 1,168.1 Manufacturing.................... 740.3 742.3 750.3 753.9 746.8 749.0 746.4 750.0 Services-producing industries...... 4,488.5 4,482.4 4,491.8 4,497.3 4,505.8 4,530.1 4,517.7 4,554.1 Trade, transportation, and utilities....................... 1,093.6 1,097.3 1,104.2 1,104.4 1,105.7 1,112.1 1,109.6 1,121.6 Other services-producing industries...................... 3,394.9 3,385.2 3,387.6 3,392.9 3,400.1 3,418.0 3,408.2 3,432.5 Government........................... 1,200.1 1,199.6 1,199.7 1,200.7 1,203.9 1,205.2 1,203.6 1,204.2 Supplements to wages and salaries...... 1,676.3 1,678.0 1,681.2 1,685.0 1,687.9 1,692.9 1,694.5 1,700.4 Employer contributions for employee pension and insurance funds......... 1,164.9 1,167.7 1,170.4 1,173.2 1,176.3 1,179.3 1,182.2 1,185.1 Employer contributions for government social insurance.................... 511.4 510.3 510.8 511.8 511.6 513.6 512.4 515.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,192.3 1,196.5 1,196.0 1,197.9 1,203.6 1,214.8 1,215.3 1,223.4 Farm................................... 51.9 52.5 53.1 56.2 59.4 62.6 63.3 64.0 Nonfarm................................ 1,140.3 1,144.0 1,142.9 1,141.7 1,144.2 1,152.2 1,152.0 1,159.5 Rental income of persons with capital consumption adjustment.................. 451.7 452.8 454.1 462.1 470.9 479.9 480.5 482.6 Personal income receipts on assets....... 1,717.3 1,733.6 1,741.4 1,723.0 1,713.8 1,701.7 1,727.6 1,753.6 Personal interest income............... 1,000.5 1,006.1 1,011.8 993.6 975.3 957.1 977.2 997.2 Personal dividend income............... 716.8 727.4 729.7 729.5 738.5 744.6 750.5 756.4 Personal current transfer receipts....... 2,361.2 2,364.7 2,369.7 2,383.0 2,383.3 2,397.6 2,392.6 2,399.9 Government social benefits to persons.. 2,315.4 2,319.0 2,323.9 2,337.0 2,337.2 2,351.3 2,346.2 2,353.3 Social security\1\................... 756.8 756.8 764.6 762.1 759.7 773.6 763.3 768.1 Medicare\2\.......................... 556.2 557.4 557.2 564.1 566.4 568.0 566.1 565.2 Medicaid............................. 408.1 415.7 417.8 421.8 425.2 425.7 430.4 434.2 Unemployment insurance............... 89.5 83.6 78.4 78.0 74.4 72.4 70.7 71.7 Veterans' benefits................... 71.1 71.9 71.6 73.8 74.7 73.6 75.1 74.4 Other................................ 433.8 433.7 434.3 437.3 436.8 438.1 440.6 439.6 Other current transfer receipts, from business (net)........................ 45.8 45.7 45.8 46.0 46.1 46.3 46.4 46.6 Less: Contributions for government social insurance, domestic..................... 944.8 943.5 945.0 946.5 946.6 950.3 948.4 953.7 Less: Personal current taxes............... 1,461.6 1,464.1 1,470.0 1,472.2 1,473.5 1,480.0 1,481.1 1,492.2 Equals: Disposable personal income......... 11,841.3 11,858.2 11,885.9 11,902.2 11,912.0 11,959.3 11,965.7 12,040.4 Less: Personal outlays..................... 11,423.6 11,400.7 11,394.1 11,440.2 11,477.4 11,566.4 11,561.1 11,603.7 Personal consumption expenditures........ 11,080.3 11,061.7 11,059.5 11,102.6 11,137.2 11,223.4 11,216.8 11,258.1 Goods.................................. 3,769.3 3,734.1 3,721.0 3,741.6 3,785.8 3,850.2 3,832.8 3,840.5 Durable goods........................ 1,202.0 1,199.1 1,199.7 1,202.8 1,214.3 1,239.5 1,225.5 1,258.0 Nondurable goods..................... 2,567.3 2,535.0 2,521.3 2,538.8 2,571.5 2,610.7 2,607.4 2,582.5 Services............................... 7,311.0 7,327.6 7,338.4 7,361.1 7,351.4 7,373.3 7,384.0 7,417.6 Personal interest payments\3\............ 175.8 171.2 166.7 169.1 171.6 174.1 175.3 176.4 Personal current transfer payments....... 167.5 167.7 168.0 168.4 168.6 168.8 169.1 169.3 To government.......................... 91.1 91.3 91.6 91.8 92.1 92.3 92.5 92.7 To the rest of the world (net)......... 76.4 76.4 76.4 76.6 76.6 76.6 76.6 76.6 Equals: Personal saving.................... 417.7 457.5 491.8 462.0 434.5 392.9 404.6 436.7 Personal saving as a percentage of disposable personal income.............. 3.5 3.9 4.1 3.9 3.6 3.3 3.4 3.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,463.9 9,496.6 9,513.5 9,512.0 9,487.8 9,491.6 9,490.6 9,578.8 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,242.0 10,277.2 10,292.6 10,300.2 10,272.4 10,280.4 10,273.2 10,359.7 Per capita: Current dollars...................... 37,737 37,768 37,833 37,860 37,865 37,990 37,985 38,200 Chained (2005) dollars............... 32,640 32,733 32,762 32,764 32,653 32,657 32,613 32,868 Population (midperiod, thousands)\5\..... 313,788 313,972 314,168 314,376 314,589 314,801 315,006 315,192 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 II 11 III 11 IV 11 I 12 II 12 III 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,321.9 12,947.3 12,938.9 12,976.3 13,017.4 13,227.1 13,327.0 13,399.7 Compensation of employees, received...... 7,970.0 8,295.2 8,286.4 8,318.1 8,340.1 8,495.7 8,527.7 8,570.3 Wage and salary disbursements.......... 6,404.6 6,661.3 6,656.2 6,678.1 6,692.4 6,825.9 6,849.2 6,881.7 Private industries................... 5,213.3 5,466.0 5,458.8 5,480.4 5,499.9 5,626.8 5,649.4 5,678.4 Goods-producing industries......... 1,057.5 1,108.6 1,107.9 1,116.4 1,107.4 1,144.0 1,161.8 1,167.4 Manufacturing.................... 674.1 706.6 707.0 710.1 701.0 723.1 744.3 749.9 Services-producing industries...... 4,155.8 4,357.4 4,351.0 4,364.0 4,392.5 4,482.7 4,487.6 4,511.1 Trade, transportation, and utilities....................... 1,005.5 1,050.1 1,046.8 1,054.2 1,056.6 1,083.3 1,098.4 1,107.4 Other services-producing industries...................... 3,150.3 3,307.3 3,304.2 3,309.9 3,335.9 3,399.4 3,389.2 3,403.7 Government........................... 1,191.3 1,195.3 1,197.4 1,197.7 1,192.5 1,199.1 1,199.8 1,203.3 Supplements to wages and salaries...... 1,565.4 1,633.9 1,630.2 1,640.0 1,647.7 1,669.8 1,678.5 1,688.6 Employer contributions for employee pension and insurance funds......... 1,097.3 1,139.0 1,135.4 1,144.2 1,151.5 1,159.6 1,167.7 1,176.2 Employer contributions for government social insurance.................... 468.1 494.9 494.8 495.8 496.2 510.2 510.8 512.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,103.4 1,157.3 1,154.7 1,161.4 1,165.3 1,184.3 1,194.9 1,205.4 Farm................................... 44.3 54.6 52.6 55.3 54.4 52.3 52.5 59.4 Nonfarm................................ 1,059.1 1,102.8 1,102.1 1,106.1 1,110.9 1,132.1 1,142.4 1,146.0 Rental income of persons with capital consumption adjustment.................. 349.2 409.7 404.7 413.8 430.3 445.3 452.8 471.0 Personal income receipts on assets....... 1,598.3 1,685.1 1,692.4 1,689.1 1,684.6 1,696.4 1,730.8 1,712.8 Personal interest income............... 1,016.6 1,008.8 1,025.3 1,004.4 988.0 991.8 1,006.1 975.3 Personal dividend income............... 581.7 676.3 667.1 684.7 696.6 704.6 724.6 737.5 Personal current transfer receipts....... 2,284.3 2,319.2 2,319.9 2,314.7 2,319.9 2,348.0 2,365.2 2,388.0 Government social benefits to persons.. 2,236.9 2,274.3 2,274.8 2,270.4 2,276.0 2,302.7 2,319.5 2,341.8 Social security\1\................... 690.2 713.3 712.0 716.0 721.9 753.2 759.4 765.1 Medicare\2\.......................... 515.3 545.1 543.1 549.1 553.1 555.9 556.9 566.2 Medicaid............................. 396.6 403.9 408.7 396.1 392.0 397.6 413.9 424.2 Unemployment insurance............... 138.9 108.0 108.8 103.0 100.9 94.2 83.8 74.9 Veterans' benefits................... 57.9 63.3 62.4 64.9 64.7 68.8 71.5 74.0 Other................................ 438.1 440.8 439.8 441.3 443.5 433.0 433.9 437.4 Other current transfer receipts, from business (net)........................ 47.4 44.9 45.1 44.3 43.9 45.3 45.8 46.1 Less: Contributions for government social insurance, domestic..................... 983.3 919.3 919.2 920.8 922.8 942.6 944.4 947.8 Less: Personal current taxes............... 1,194.8 1,398.0 1,396.6 1,403.8 1,419.1 1,450.8 1,465.2 1,475.2 Equals: Disposable personal income......... 11,127.1 11,549.3 11,542.3 11,572.6 11,598.3 11,776.4 11,861.8 11,924.5 Less: Personal outlays..................... 10,560.4 11,059.9 11,015.1 11,120.9 11,205.6 11,348.7 11,406.1 11,494.7 Personal consumption expenditures........ 10,215.7 10,729.0 10,684.9 10,791.2 10,873.8 11,007.2 11,067.2 11,154.4 Goods.................................. 3,364.9 3,624.8 3,604.3 3,643.6 3,690.0 3,755.9 3,741.5 3,792.5 Durable goods........................ 1,079.4 1,146.4 1,131.8 1,144.8 1,175.1 1,204.6 1,200.3 1,218.9 Nondurable goods..................... 2,285.5 2,478.4 2,472.4 2,498.7 2,515.0 2,551.3 2,541.2 2,573.6 Services............................... 6,850.9 7,104.2 7,080.6 7,147.6 7,183.8 7,251.3 7,325.7 7,361.9 Personal interest payments\3\............ 183.8 168.0 167.8 167.3 167.0 175.4 171.2 171.6 Personal current transfer payments....... 160.9 162.8 162.4 162.4 164.8 166.1 167.7 168.6 To government.......................... 87.4 88.9 88.6 89.1 89.8 90.5 91.3 92.0 To the rest of the world (net)......... 73.5 73.9 73.8 73.3 75.1 75.5 76.4 76.6 Equals: Personal saving.................... 566.7 489.4 527.2 451.6 392.7 427.7 455.7 429.8 Personal saving as a percentage of disposable personal income.............. 5.1 4.2 4.6 3.9 3.4 3.6 3.8 3.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,035.8 9,340.0 9,345.2 9,328.6 9,335.4 9,435.7 9,491.3 9,497.0 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,016.5 10,149.7 10,157.8 10,125.6 10,121.5 10,213.9 10,270.6 10,284.2 Per capita: Current dollars...................... 35,920 37,012 37,028 37,052 37,064 37,571 37,779 37,905 Chained (2005) dollars............... 32,335 32,527 32,587 32,420 32,345 32,586 32,711 32,691 Population (midperiod, thousands)\5\..... 309,774 312,040 311,717 312,330 312,929 313,443 313,976 314,589 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\r\ Nov 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 4.6 19.4 33.6 18.5 11.0 53.9 7.5 85.8 Compensation of employees, received...... -19.4 -7.0 21.5 15.1 5.7 35.1 -16.4 47.6 Wage and salary disbursements.......... -20.5 -8.6 18.2 11.3 2.8 30.0 -18.0 41.8 Private industries................... -20.5 -8.1 18.1 10.5 -.5 28.7 -16.3 41.1 Goods-producing industries......... 7.2 -2.0 8.7 5.0 -9.0 4.4 -3.9 4.7 Manufacturing.................... 11.1 2.0 8.0 3.6 -7.1 2.2 -2.6 3.6 Services-producing industries...... -27.7 -6.1 9.4 5.5 8.5 24.3 -12.4 36.4 Trade, transportation, and utilities....................... 4.9 3.7 6.9 .2 1.3 6.4 -2.5 12.0 Other services-producing industries...................... -32.6 -9.7 2.4 5.3 7.2 17.9 -9.8 24.3 Government........................... -.1 -.5 .1 1.0 3.2 1.3 -1.6 .6 Supplements to wages and salaries...... 1.1 1.7 3.2 3.8 2.9 5.0 1.6 5.9 Employer contributions for employee pension and insurance funds......... 2.6 2.8 2.7 2.8 3.1 3.0 2.9 2.9 Employer contributions for government social insurance.................... -1.5 -1.1 .5 1.0 -.2 2.0 -1.2 2.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.9 4.2 -.5 1.9 5.7 11.2 .5 8.1 Farm................................... .5 .6 .6 3.1 3.2 3.2 .7 .7 Nonfarm................................ 1.3 3.7 -1.1 -1.2 2.5 8.0 -.2 7.5 Rental income of persons with capital consumption adjustment.................. .4 1.1 1.3 8.0 8.8 9.0 .6 2.1 Personal income receipts on assets....... 14.1 16.3 7.8 -18.4 -9.2 -12.1 25.9 26.0 Personal interest income............... 5.6 5.6 5.7 -18.2 -18.3 -18.2 20.1 20.0 Personal dividend income............... 8.5 10.6 2.3 -.2 9.0 6.1 5.9 5.9 Personal current transfer receipts....... 5.0 3.5 5.0 13.3 .3 14.3 -5.0 7.3 Government social benefits to persons.. 4.5 3.6 4.9 13.1 .2 14.1 -5.1 7.1 Social security\1\................... -1.4 .0 7.8 -2.5 -2.4 13.9 -10.3 4.8 Medicare\2\.......................... -1.7 1.2 -.2 6.9 2.3 1.6 -1.9 -.9 Medicaid............................. 7.8 7.6 2.1 4.0 3.4 .5 4.7 3.8 Unemployment insurance............... -1.5 -5.9 -5.2 -.4 -3.6 -2.0 -1.7 1.0 Veterans' benefits................... .4 .8 -.3 2.2 .9 -1.1 1.5 -.7 Other................................ 1.0 -.1 .6 3.0 -.5 1.3 2.5 -1.0 Other current transfer receipts, from business (net)........................ .4 -.1 .1 .2 .1 .2 .1 .2 Less: Contributions for government social insurance, domestic..................... -2.6 -1.3 1.5 1.5 .1 3.7 -1.9 5.3 Less: Personal current taxes............... 1.0 2.5 5.9 2.2 1.3 6.5 1.1 11.1 Equals: Disposable personal income......... 3.6 16.9 27.7 16.3 9.8 47.3 6.4 74.7 Less: Personal outlays..................... 22.8 -22.9 -6.6 46.1 37.2 89.0 -5.3 42.6 Personal consumption expenditures........ 26.2 -18.6 -2.2 43.1 34.6 86.2 -6.6 41.3 Goods.................................. -10.9 -35.2 -13.1 20.6 44.2 64.4 -17.4 7.7 Durable goods........................ -5.1 -2.9 .6 3.1 11.5 25.2 -14.0 32.5 Nondurable goods..................... -5.8 -32.3 -13.7 17.5 32.7 39.2 -3.3 -24.9 Services............................... 37.1 16.6 10.8 22.7 -9.7 21.9 10.7 33.6 Personal interest payments\3\............ -4.6 -4.6 -4.5 2.4 2.5 2.5 1.2 1.1 Personal current transfer payments....... 1.2 .2 .3 .4 .2 .2 .3 .2 To government.......................... .3 .2 .3 .2 .3 .2 .2 .2 To the rest of the world (net)......... .9 .0 .0 .2 .0 .0 .0 .0 Equals: Personal saving.................... -19.1 39.8 34.3 -29.8 -27.5 -41.6 11.7 32.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... -1.7 32.7 16.9 -1.5 -24.2 3.8 -1.0 88.2 Disposable personal income, billions of chained (2005) dollars\4\............ 1.6 35.2 15.4 7.6 -27.8 8.0 -7.2 86.5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 II 11 III 11 IV 11 I 12 II 12 III 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 454.9 625.4 82.4 37.4 41.1 209.7 99.9 72.7 Compensation of employees, received...... 175.6 325.2 50.1 31.7 22.0 155.6 32.0 42.6 Wage and salary disbursements.......... 134.3 256.7 37.7 21.9 14.3 133.5 23.3 32.5 Private industries................... 118.2 252.7 34.1 21.6 19.5 126.9 22.6 29.0 Goods-producing industries......... -5.8 51.1 5.3 8.5 -9.0 36.6 17.8 5.6 Manufacturing.................... 12.6 32.5 -1.3 3.1 -9.1 22.1 21.2 5.6 Services-producing industries...... 124.0 201.6 28.9 13.0 28.5 90.2 4.9 23.5 Trade, transportation, and utilities....................... 16.4 44.6 3.7 7.4 2.4 26.7 15.1 9.0 Other services-producing industries...................... 107.6 157.0 25.1 5.7 26.0 63.5 -10.2 14.5 Government........................... 16.1 4.0 3.6 .3 -5.2 6.6 .7 3.5 Supplements to wages and salaries...... 41.4 68.5 12.4 9.8 7.7 22.1 8.7 10.1 Employer contributions for employee pension and insurance funds......... 30.1 41.7 10.4 8.8 7.3 8.1 8.1 8.5 Employer contributions for government social insurance.................... 11.2 26.8 2.1 1.0 .4 14.0 .6 1.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 124.0 53.9 6.7 6.7 3.9 19.0 10.6 10.5 Farm................................... 4.4 10.3 -3.4 2.7 -.9 -2.1 .2 6.9 Nonfarm................................ 119.6 43.7 10.1 4.0 4.8 21.2 10.3 3.6 Rental income of persons with capital consumption adjustment.................. 59.5 60.5 14.7 9.1 16.5 15.0 7.5 18.2 Personal income receipts on assets....... -28.2 86.8 18.1 -3.3 -4.5 11.8 34.4 -18.0 Personal interest income............... -76.7 -7.8 7.8 -20.9 -16.4 3.8 14.3 -30.8 Personal dividend income............... 48.5 94.6 10.2 17.6 11.9 8.0 20.0 12.9 Personal current transfer receipts....... 144.2 34.9 -2.6 -5.2 5.2 28.1 17.2 22.8 Government social benefits to persons.. 136.4 37.4 -1.2 -4.4 5.6 26.7 16.8 22.3 Social security\1\................... 25.7 23.1 8.9 4.0 5.9 31.3 6.2 5.7 Medicare\2\.......................... 20.8 29.8 8.0 6.0 4.0 2.8 1.0 9.3 Medicaid............................. 27.4 7.3 -10.1 -12.6 -4.1 5.6 16.3 10.3 Unemployment insurance............... 7.7 -30.9 -10.3 -5.8 -2.1 -6.7 -10.4 -8.9 Veterans' benefits................... 6.4 5.4 1.2 2.5 -.2 4.1 2.7 2.5 Other................................ 48.4 2.7 1.1 1.5 2.2 -10.5 .9 3.5 Other current transfer receipts, from business (net)........................ 7.8 -2.5 -1.4 -.8 -.4 1.4 .5 .3 Less: Contributions for government social insurance, domestic..................... 20.2 -64.0 4.7 1.6 2.0 19.8 1.8 3.4 Less: Personal current taxes............... 50.2 203.2 24.1 7.2 15.3 31.7 14.4 10.0 Equals: Disposable personal income......... 404.7 422.2 58.2 30.3 25.7 178.1 85.4 62.7 Less: Personal outlays..................... 346.1 499.5 117.0 105.8 84.7 143.1 57.4 88.6 Personal consumption expenditures........ 369.8 513.3 118.6 106.3 82.6 133.4 60.0 87.2 Goods.................................. 170.5 259.9 42.9 39.3 46.4 65.9 -14.4 51.0 Durable goods........................ 49.8 67.0 -2.1 13.0 30.3 29.5 -4.3 18.6 Nondurable goods..................... 120.7 192.9 44.9 26.3 16.3 36.3 -10.1 32.4 Services............................... 199.4 253.3 75.7 67.0 36.2 67.5 74.4 36.2 Personal interest payments\3\............ -33.3 -15.8 -2.3 -.5 -.3 8.4 -4.2 .4 Personal current transfer payments....... 9.6 1.9 .7 .0 2.4 1.3 1.6 .9 To government.......................... 2.2 1.5 .3 .5 .7 .7 .8 .7 To the rest of the world (net)......... 7.4 .4 .3 -.5 1.8 .4 .9 .2 Equals: Personal saving.................... 58.5 -77.3 -58.7 -75.6 -58.9 35.0 28.0 -25.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 112.4 304.2 -7.1 -16.6 6.8 100.3 55.6 5.7 Disposable personal income, billions of chained (2005) dollars\4\............ 179.8 133.2 -37.9 -32.2 -4.1 92.4 56.7 13.6 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\r\ Nov 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .0 .1 .3 .1 .1 .4 .1 .6 Compensation of employees, received...... -.2 -.1 .3 .2 .1 .4 -.2 .6 Wage and salary disbursements.......... -.3 -.1 .3 .2 .0 .4 -.3 .6 Supplements to wages and salaries...... .1 .1 .2 .2 .2 .3 .1 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. .2 .4 .0 .2 .5 .9 .0 .7 Rental income of persons with capital consumption adjustment.................. .1 .2 .3 1.8 1.9 1.9 .1 .4 Personal income receipts on assets....... .8 .9 .5 -1.1 -.5 -.7 1.5 1.5 Personal interest income............... .6 .6 .6 -1.8 -1.8 -1.9 2.1 2.1 Personal dividend income............... 1.2 1.5 .3 .0 1.2 .8 .8 .8 Personal current transfer receipts....... .2 .1 .2 .6 .0 .6 -.2 .3 Less: Contributions for government social insurance, domestic..................... -.3 -.1 .2 .2 .0 .4 -.2 .6 Less: Personal current taxes............... .1 .2 .4 .1 .1 .4 .1 .7 Equals: Disposable personal income......... .0 .1 .2 .1 .1 .4 .1 .6 Addenda: Personal consumption expenditures........ .2 -.2 .0 .4 .3 .8 -.1 .4 Goods.................................. -.3 -.9 -.4 .6 1.2 1.7 -.5 .2 Durable goods........................ -.4 -.2 .1 .3 1.0 2.1 -1.1 2.7 Nondurable goods..................... -.2 -1.3 -.5 .7 1.3 1.5 -.1 -1.0 Services............................... .5 .2 .1 .3 -.1 .3 .1 .5 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .0 .3 .2 .0 -.3 .0 .0 .9 Real disposable personal income.......... .0 .3 .2 .1 -.3 .1 -.1 .8 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 II 11 III 11 IV 11 I 12 II 12 III 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 3.8 5.1 2.6 1.2 1.3 6.6 3.1 2.2 Compensation of employees, received...... 2.3 4.1 2.5 1.5 1.1 7.7 1.5 2.0 Wage and salary disbursements.......... 2.1 4.0 2.3 1.3 .9 8.2 1.4 1.9 Supplements to wages and salaries...... 2.7 4.4 3.1 2.4 1.9 5.5 2.1 2.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 12.7 4.9 2.3 2.4 1.3 6.7 3.6 3.6 Rental income of persons with capital consumption adjustment.................. 20.5 17.3 15.9 9.4 16.9 14.7 7.0 17.0 Personal income receipts on assets....... -1.7 5.4 4.4 -.8 -1.0 2.8 8.4 -4.1 Personal interest income............... -7.0 -.8 3.1 -7.9 -6.4 1.5 5.9 -11.7 Personal dividend income............... 9.1 16.3 6.4 10.9 7.2 4.6 11.9 7.3 Personal current transfer receipts....... 6.7 1.5 -.4 -.9 .9 4.9 3.0 3.9 Less: Contributions for government social insurance, domestic..................... 2.1 -6.5 2.1 .7 .9 8.8 .8 1.4 Less: Personal current taxes............... 4.4 17.0 7.2 2.1 4.4 9.2 4.0 2.8 Equals: Disposable personal income......... 3.8 3.8 2.0 1.1 .9 6.3 2.9 2.1 Addenda: Personal consumption expenditures........ 3.8 5.0 4.6 4.0 3.1 5.0 2.2 3.2 Goods.................................. 5.3 7.7 4.9 4.4 5.2 7.3 -1.5 5.6 Durable goods........................ 4.8 6.2 -.7 4.7 11.0 10.4 -1.4 6.3 Nondurable goods..................... 5.6 8.4 7.6 4.3 2.6 5.9 -1.6 5.2 Services............................... 3.0 3.7 4.4 3.8 2.0 3.8 4.2 2.0 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 1.3 3.4 -.3 -.7 .3 4.4 2.4 .2 Real disposable personal income.......... 1.8 1.3 -1.5 -1.3 -.2 3.7 2.2 .5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\r\ Nov 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,583.8 9,586.9 9,577.0 9,608.2 9,604.3 9,647.8 9,630.3 9,686.6 Goods.................................... 3,415.3 3,410.3 3,402.6 3,420.6 3,432.5 3,465.9 3,448.8 3,487.4 Durable goods.......................... 1,336.8 1,333.2 1,335.8 1,343.5 1,358.7 1,389.8 1,376.8 1,416.0 Nondurable goods....................... 2,096.2 2,094.3 2,085.4 2,096.0 2,095.6 2,103.0 2,097.0 2,103.4 Services................................. 6,173.9 6,181.6 6,179.0 6,192.8 6,177.9 6,189.5 6,188.2 6,207.3 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 21.3 3.1 -9.9 31.2 -3.9 43.5 -17.5 56.3 Goods.................................... .2 -5.0 -7.7 18.0 11.9 33.4 -17.1 38.6 Durable goods.......................... -3.4 -3.6 2.6 7.7 15.2 31.1 -13.0 39.2 Nondurable goods....................... 2.7 -1.9 -8.9 10.6 -.4 7.4 -6.0 6.4 Services................................. 20.6 7.7 -2.6 13.8 -14.9 11.6 -1.3 19.1 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .2 .0 -.1 .3 .0 .5 -.2 .6 Goods.................................... .0 -.1 -.2 .5 .3 1.0 -.5 1.1 Durable goods.......................... -.3 -.3 .2 .6 1.1 2.3 -.9 2.9 Nondurable goods....................... .1 -.1 -.4 .5 .0 .4 -.3 .3 Services................................. .3 .1 .0 .2 -.2 .2 .0 .3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 II 11 III 11 IV 11 I 12 II 12 III 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,196.2 9,428.8 9,403.2 9,441.9 9,489.3 9,546.8 9,582.5 9,620.1 Goods.................................... 3,209.1 3,331.0 3,312.2 3,323.5 3,367.9 3,406.6 3,409.4 3,439.7 Durable goods.......................... 1,178.3 1,262.6 1,242.3 1,258.6 1,300.1 1,336.1 1,335.3 1,364.0 Nondurable goods....................... 2,029.3 2,075.2 2,073.5 2,071.4 2,080.5 2,088.9 2,092.0 2,098.2 Services................................. 5,987.6 6,101.5 6,094.0 6,121.1 6,126.0 6,145.9 6,178.2 6,186.7 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 163.6 232.6 22.3 38.7 47.4 57.5 35.7 37.6 Goods.................................... 110.9 121.9 -8.1 11.3 44.4 38.7 2.8 30.3 Durable goods.......................... 69.2 84.3 -7.1 16.3 41.5 36.0 -.8 28.7 Nondurable goods....................... 46.5 45.9 -1.8 -2.1 9.1 8.4 3.1 6.2 Services................................. 57.0 113.9 29.2 27.1 4.9 19.9 32.3 8.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.8 2.5 1.0 1.7 2.0 2.4 1.5 1.6 Goods.................................... 3.6 3.8 -1.0 1.4 5.4 4.7 .3 3.6 Durable goods.......................... 6.2 7.2 -2.3 5.4 13.9 11.5 -.2 8.9 Nondurable goods....................... 2.3 2.3 -.3 -.4 1.8 1.6 .6 1.2 Services................................. 1.0 1.9 1.9 1.8 .3 1.3 2.1 .6 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\r\ Nov 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 115.618 115.386 115.483 115.556 115.964 116.335 116.478 116.227 Goods.................................... 110.369 109.499 109.361 109.388 110.299 111.095 111.143 110.132 Durable goods.......................... 89.917 89.938 89.809 89.525 89.370 89.180 89.006 88.838 Nondurable goods....................... 122.473 121.043 120.900 121.123 122.711 124.143 124.335 122.778 Services................................. 118.420 118.541 118.766 118.867 118.996 119.129 119.326 119.500 Addenda: PCE excluding food and energy............ 113.460 113.574 113.774 113.878 113.902 113.955 114.103 114.148 Food\1\.................................. 120.716 120.576 120.869 120.862 120.955 120.884 121.238 121.505 Energy goods and services\2\............. 144.835 138.079 135.958 135.633 143.471 150.360 150.097 143.507 Market-based PCE\3\...................... 115.526 115.301 115.396 115.475 115.959 116.399 116.537 116.240 Market-based PCE excluding food and energy\3\........................... 113.007 113.183 113.398 113.512 113.565 113.650 113.793 113.829 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .0 -.2 .1 .1 .4 .3 .1 -.2 Goods.................................... -.3 -.8 -.1 .0 .8 .7 .0 -.9 Durable goods.......................... -.2 .0 -.1 -.3 -.2 -.2 -.2 -.2 Nondurable goods....................... -.4 -1.2 -.1 .2 1.3 1.2 .2 -1.3 Services................................. .2 .1 .2 .1 .1 .1 .2 .1 Addenda: PCE excluding food and energy............ .1 .1 .2 .1 .0 .0 .1 .0 Food\1\.................................. .1 -.1 .2 .0 .1 -.1 .3 .2 Energy goods and services\2\............. -1.8 -4.7 -1.5 -.2 5.8 4.8 -.2 -4.4 Market-based PCE\3\...................... .0 -.2 .1 .1 .4 .4 .1 -.3 Market-based PCE excluding food and energy\3\........................... .1 .2 .2 .1 .0 .1 .1 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\r\ Nov 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .7 1.3 1.3 1.5 1.5 1.7 1.3 2.5 Personal consumption expenditures.......... 1.8 1.9 2.0 1.9 1.9 1.9 1.5 2.1 Goods.................................... 2.4 3.0 3.5 3.1 3.7 3.7 2.4 3.6 Durable goods.......................... 6.5 7.4 8.6 7.3 8.9 8.9 6.4 9.0 Nondurable goods....................... .5 1.0 1.2 1.2 1.4 1.3 .6 1.1 Services................................. 1.5 1.4 1.3 1.2 .9 1.1 1.1 1.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Apr 12 May 12 Jun 12 Jul 12\r\ Aug 12\r\ Sep 12\r\ Oct 12\r\ Nov 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.9 1.5 1.5 1.3 1.4 1.6 1.7 1.4 Goods.................................... 1.6 .6 .4 .1 .6 1.1 1.3 .5 Durable goods.......................... -1.2 -1.3 -1.6 -1.8 -1.8 -1.6 -1.8 -1.7 Nondurable goods....................... 2.9 1.4 1.3 1.0 1.7 2.4 2.8 1.5 Services................................. 2.1 2.0 2.1 2.0 1.9 1.9 1.9 1.9 Addenda: PCE excluding food and energy............ 1.9 1.7 1.8 1.7 1.5 1.5 1.6 1.5 Food\1\.................................. 2.9 2.4 2.4 2.0 1.5 .9 1.0 1.3 Energy goods and services\2\............. 1.5 -3.3 -3.6 -4.7 .0 3.2 4.8 .8 Market-based PCE\3\...................... 2.0 1.6 1.6 1.4 1.5 1.7 1.9 1.5 Market-based PCE excluding food and energy\3\........................... 2.0 1.9 1.9 1.8 1.7 1.7 1.7 1.6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.