EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, DECEMBER 23, 2011 BEA 11-64 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 2011 Personal income increased $8.5 billion, or 0.1 percent, and disposable personal income (DPI) decreased $5.0 billion, or less than 0.1 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $13.1 billion, or 0.1 percent in November. In October, personal income increased $47.2 billion, or 0.4 percent, DPI increased $27.2 billion, or 0.2 percent, and PCE increased $11.3 billion, or 0.1 percent, based on revised estimates. Real disposable income decreased less than 0.1 percent in November, in contrast to an increase of 0.3 percent in October. Real PCE increased 0.2 percent in November, the same increase as in October. 2011 July Aug. Sept. Oct. Nov. (Percent change from preceding month) Personal income, current dollars 0.1 -0.1 0.2 0.4 0.1 Disposable personal income: Current dollars 0.1 -0.1 0.1 0.2 0.0 Chained (2005) dollars -0.3 -0.4 -0.1 0.3 0.0 Personal consumption expenditures: Current dollars 0.8 0.1 0.7 0.1 0.1 Chained (2005) dollars 0.4 -0.1 0.5 0.2 0.2 Wages and salaries Private wage and salary disbursements decreased $7.1 billion in November, in contrast to an increase of $37.2 billion in October. Goods-producing industries' payrolls decreased $6.7 billion, in contrast to an increase of $8.6 billion; manufacturing payrolls decreased $6.9 billion, in contrast to an increase of $6.8 billion. Services-producing industries' payrolls decreased $0.3 billion, in contrast to an increase of $28.5 billion. Government wage and salary disbursements increased $0.1 billion in November, the same increase as in October. Other personal income Supplements to wages and salaries increased $1.1 billion in November, compared with an increase of $4.4 billion in October. Proprietors' income decreased $3.5 billion in November, compared with a decrease of $2.5 billion in October. Farm proprietors' income decreased $4.2 billion, compared with a decrease of $4.3 billion. Nonfarm proprietors' income increased $0.9 billion, compared with an increase of $1.7 billion. Rental income of persons increased $8.9 billion in November, compared with an increase of $8.5 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) increased $6.4 billion, compared with an increase of $9.3 billion. Personal current transfer receipts increased $1.6 billion, in contrast to a decrease of $4.9 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $1.0 billion in November, in contrast to an increase of $5.0 billion in October. Personal current taxes and disposable personal income Personal current taxes increased $13.6 billion in November, compared with an increase of $19.9 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $5.0 billion, or less than 0.1 percent, in November, in contrast to an increase of $27.2 billion, or 0.2 percent in October. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $13.1 billion in November, compared with an increase of $11.4 billion in October. PCE increased $13.1 billion, compared with an increase of $11.3 billion. Personal saving -- DPI less personal outlays -- was $400.9 billion in November, compared with $419.1 billion in October. The personal saving rate -- personal saving as a percentage of disposable income -- was 3.5 percent in November, compared with 3.6 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 -- decreased less than 0.1 percent in November, in contrast to an increase of 0.3 percent in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in November, the same increase as in October. Purchases of durable goods increased 1.1 percent in November, compared with an increase of 1.3 percent in October. Purchases of nondurable goods decreased 0.1 percent, in contrast to an increase of 0.2 percent. Purchases of services increased 0.1 percent, in contrast to a decrease of less than 0.1 percent. PCE price index -- The price index for PCE decreased less than 0.1 percent in November, compared with a decrease of 0.1 percent in October. The PCE price index, excluding food and energy, increased 0.1 percent in November, the same increase as in October. 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 15.5 20.8 0.1 0.2 48.1 47.2 0.4 0.4 Disposable personal income: Current dollars 7.8 12.9 0.1 0.1 30.2 27.2 0.3 0.2 Chained (2005) dollars -11.0 -5.6 -0.1 -0.1 31.6 29.4 0.3 0.3 Personal consumption expenditures: Current dollars 74.5 77.2 0.7 0.7 8.2 11.3 0.1 0.1 Chained (2005) dollars 48.4 51.7 0.5 0.5 12.1 15.2 0.1 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 30, 2012 at 8:30 A.M. EST for Personal Income and Outlays for December Release Dates for 2012 December 2011 January 30 April 2012 June 1 August 2012 September 28 January 2012 March 1 May 2012 June 29 September 2012 October 29 February 2012 March 30 June 2012 July 31 October 2012 November 30 March 2012 April 30 July 2012 August 30 November 2012 December 21 -more- ________________________ NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\r\ Oct 11\r\ Nov 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,938.7 12,957.2 12,970.1 12,979.1 12,969.4 12,990.2 13,037.4 13,045.9 Compensation of employees, received...... 8,217.3 8,222.7 8,219.3 8,243.2 8,237.7 8,268.9 8,310.6 8,304.9 Wage and salary disbursements.......... 6,616.5 6,619.6 6,615.1 6,637.4 6,630.3 6,658.1 6,695.3 6,688.4 Private industries................... 5,424.0 5,427.5 5,424.0 5,448.3 5,440.4 5,469.0 5,506.2 5,499.1 Goods-producing industries......... 1,098.1 1,097.9 1,094.7 1,100.5 1,098.2 1,103.9 1,112.5 1,105.8 Manufacturing.................... 702.2 701.3 697.5 703.0 700.2 701.8 708.6 701.7 Services-producing industries...... 4,325.8 4,329.6 4,329.4 4,347.8 4,342.2 4,365.1 4,393.6 4,393.3 Trade, transportation, and utilities....................... 1,045.8 1,041.3 1,042.3 1,044.0 1,039.6 1,046.6 1,054.6 1,056.2 Other services-producing industries...................... 3,280.0 3,288.3 3,287.1 3,303.8 3,302.7 3,318.5 3,339.0 3,337.1 Government........................... 1,192.5 1,192.1 1,191.1 1,189.0 1,189.8 1,189.1 1,189.2 1,189.3 Supplements to wages and salaries...... 1,600.8 1,603.1 1,604.2 1,605.8 1,607.5 1,610.9 1,615.3 1,616.4 Employer contributions for employee pension and insurance funds......... 1,106.9 1,108.7 1,110.4 1,110.8 1,112.6 1,114.5 1,116.3 1,118.2 Employer contributions for government social insurance.................... 493.9 494.3 493.7 495.1 494.9 496.4 499.0 498.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,105.9 1,106.6 1,107.2 1,109.1 1,116.2 1,115.9 1,113.4 1,109.9 Farm................................... 68.3 67.3 66.4 67.0 67.5 68.1 63.8 59.6 Nonfarm................................ 1,037.6 1,039.3 1,040.7 1,042.1 1,048.7 1,047.8 1,049.5 1,050.4 Rental income of persons with capital consumption adjustment.................. 398.3 396.8 395.7 400.8 406.2 412.0 420.5 429.4 Personal income receipts on assets....... 1,791.8 1,802.6 1,812.6 1,806.0 1,794.7 1,781.8 1,791.1 1,797.5 Personal interest income............... 1,011.1 1,015.9 1,020.7 1,007.7 994.8 981.8 984.0 986.1 Personal dividend income............... 780.6 786.7 791.9 798.3 799.9 799.9 807.1 811.4 Personal current transfer receipts....... 2,342.7 2,346.4 2,352.7 2,340.3 2,334.4 2,335.1 2,330.2 2,331.8 Government social benefits to persons.. 2,303.2 2,307.0 2,313.3 2,300.7 2,295.0 2,295.8 2,290.6 2,292.2 Social security\1\................... 713.1 711.4 712.1 715.2 716.1 717.7 718.3 719.5 Medicare\2\.......................... 553.1 553.9 554.7 555.8 558.1 559.5 558.8 557.8 Medicaid............................. 433.3 438.5 440.5 425.4 413.8 409.9 408.8 409.4 Unemployment insurance............... 110.8 106.4 109.3 104.7 102.1 102.3 98.4 97.7 Veterans' benefits................... 63.1 61.8 63.6 64.0 65.4 65.7 65.1 64.3 Other................................ 429.8 435.0 433.3 435.6 439.5 440.7 441.3 443.6 Other current transfer receipts, from business (net)........................ 39.4 39.4 39.3 39.6 39.3 39.3 39.6 39.6 Less: Contributions for government social insurance, domestic..................... 917.1 918.0 917.3 920.4 919.9 923.5 928.5 927.5 Less: Personal current taxes............... 1,387.9 1,397.4 1,403.2 1,405.9 1,405.9 1,413.8 1,433.7 1,447.3 Equals: Disposable personal income......... 11,550.8 11,559.7 11,566.9 11,573.2 11,563.5 11,576.4 11,603.6 11,598.6 Less: Personal outlays..................... 10,998.0 11,016.7 10,993.2 11,077.0 11,093.5 11,173.1 11,184.5 11,197.6 Personal consumption expenditures........ 10,669.6 10,690.1 10,668.4 10,749.4 10,763.4 10,840.6 10,851.9 10,865.0 Goods.................................. 3,647.1 3,625.5 3,595.6 3,643.3 3,640.1 3,700.4 3,709.3 3,711.8 Durable goods........................ 1,157.7 1,144.4 1,129.3 1,154.6 1,143.5 1,176.7 1,190.7 1,199.8 Nondurable goods..................... 2,489.4 2,481.1 2,466.3 2,488.6 2,496.6 2,523.7 2,518.6 2,512.0 Services............................... 7,022.5 7,064.7 7,072.8 7,106.2 7,123.4 7,140.2 7,142.6 7,153.2 Personal interest payments\3\............ 157.9 155.9 154.0 156.2 158.4 160.7 160.3 160.0 Personal current transfer payments....... 170.5 170.6 170.9 171.4 171.6 171.9 172.2 172.6 To government.......................... 96.9 97.1 97.3 97.5 97.8 98.1 98.4 98.7 To the rest of the world (net)......... 73.5 73.5 73.5 73.8 73.8 73.8 73.8 73.8 Equals: Personal saving.................... 552.8 543.0 573.7 496.2 470.0 403.3 419.1 400.9 Personal saving as a percentage of disposable personal income.............. 4.8 4.7 5.0 4.3 4.1 3.5 3.6 3.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,329.4 9,325.9 9,343.5 9,328.1 9,299.6 9,301.6 9,352.3 9,361.9 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,170.1 10,160.0 10,179.1 10,147.4 10,111.5 10,105.9 10,135.3 10,134.7 Per capita: Current dollars...................... 37,016 37,022 37,021 37,016 36,959 36,974 37,035 36,995 Chained (2005) dollars............... 32,591 32,539 32,579 32,456 32,318 32,277 32,349 32,326 Population (midperiod, thousands)\5\..... 312,049 312,240 312,440 312,654 312,878 313,101 313,312 313,520 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 II 10 III 10 IV 10 I 11 II 11 III 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 11,930.2 12,373.5 12,325.6 12,453.2 12,577.6 12,846.9 12,955.3 12,979.6 Compensation of employees, received...... 7,801.4 7,971.4 7,960.0 8,022.2 8,050.8 8,172.5 8,219.7 8,250.0 Wage and salary disbursements.......... 6,270.3 6,408.2 6,399.8 6,454.5 6,477.0 6,578.2 6,617.1 6,641.9 Private industries................... 5,095.0 5,217.4 5,203.5 5,264.7 5,288.4 5,387.1 5,425.2 5,452.6 Goods-producing industries......... 1,063.4 1,059.2 1,058.6 1,070.5 1,070.8 1,092.3 1,096.9 1,100.9 Manufacturing.................... 660.9 674.2 673.6 682.2 685.5 700.4 700.4 701.6 Services-producing industries...... 4,031.7 4,158.2 4,144.9 4,194.2 4,217.6 4,294.7 4,328.3 4,351.7 Trade, transportation, and utilities....................... 989.6 1,006.0 1,004.5 1,015.9 1,016.1 1,034.4 1,043.1 1,043.4 Other services-producing industries...................... 3,042.0 3,152.2 3,140.4 3,178.3 3,201.5 3,260.3 3,285.1 3,308.3 Government........................... 1,175.3 1,190.8 1,196.3 1,189.9 1,188.6 1,191.1 1,191.9 1,189.3 Supplements to wages and salaries...... 1,531.1 1,563.1 1,560.2 1,567.7 1,573.7 1,594.4 1,602.7 1,608.1 Employer contributions for employee pension and insurance funds......... 1,073.1 1,089.9 1,087.6 1,092.0 1,096.8 1,103.0 1,108.7 1,112.6 Employer contributions for government social insurance.................... 458.0 473.2 472.6 475.7 476.9 491.4 494.0 495.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 941.2 1,036.4 1,025.6 1,057.0 1,081.5 1,095.6 1,106.5 1,113.7 Farm................................... 39.2 52.2 45.8 58.3 60.1 66.1 67.3 67.5 Nonfarm................................ 902.0 984.2 979.7 998.7 1,021.4 1,029.5 1,039.2 1,046.2 Rental income of persons with capital consumption adjustment.................. 305.9 350.2 349.1 352.8 354.8 385.0 396.9 406.3 Personal income receipts on assets....... 1,707.7 1,721.2 1,724.5 1,723.4 1,743.5 1,777.2 1,802.3 1,794.2 Personal interest income............... 1,108.9 1,003.4 1,014.1 983.9 989.6 1,004.7 1,015.9 994.8 Personal dividend income............... 598.8 717.7 710.4 739.4 753.9 772.5 786.4 799.4 Personal current transfer receipts....... 2,138.1 2,281.2 2,252.1 2,289.4 2,341.2 2,328.1 2,347.3 2,336.6 Government social benefits to persons.. 2,099.9 2,242.9 2,214.1 2,251.4 2,301.9 2,288.6 2,307.9 2,297.2 Social security\1\................... 664.5 690.2 688.3 693.9 699.9 703.1 712.2 716.3 Medicare\2\.......................... 493.8 518.4 511.5 521.4 535.3 547.8 553.9 557.8 Medicaid............................. 374.1 405.4 389.8 405.2 439.8 432.1 437.4 416.4 Unemployment insurance............... 130.6 138.7 137.4 135.8 128.7 117.5 108.8 103.0 Veterans' benefits................... 51.5 57.9 57.3 59.0 59.4 61.3 62.8 65.0 Other................................ 385.4 432.4 429.9 436.1 438.7 426.9 432.7 438.6 Other current transfer receipts, from business (net)........................ 38.2 38.3 38.0 37.9 39.3 39.5 39.4 39.4 Less: Contributions for government social insurance, domestic..................... 964.1 986.8 985.7 991.5 994.1 911.5 917.4 921.2 Less: Personal current taxes............... 1,141.4 1,193.9 1,175.4 1,212.8 1,240.9 1,365.9 1,396.2 1,408.5 Equals: Disposable personal income......... 10,788.8 11,179.7 11,150.2 11,240.4 11,336.7 11,481.0 11,559.2 11,571.1 Less: Personal outlays..................... 10,236.3 10,586.9 10,527.0 10,614.8 10,748.6 10,902.1 11,002.6 11,114.6 Personal consumption expenditures........ 9,866.1 10,245.5 10,184.8 10,276.6 10,417.1 10,571.7 10,676.0 10,784.5 Goods.................................. 3,197.5 3,387.0 3,340.1 3,386.5 3,483.4 3,592.2 3,622.7 3,661.2 Durable goods........................ 1,029.6 1,085.5 1,071.7 1,087.5 1,124.7 1,154.5 1,143.8 1,158.3 Nondurable goods..................... 2,167.8 2,301.5 2,268.3 2,299.0 2,358.7 2,437.8 2,478.9 2,503.0 Services............................... 6,668.7 6,858.5 6,844.7 6,890.1 6,933.7 6,979.4 7,053.3 7,123.2 Personal interest payments\3\............ 213.7 173.4 174.4 168.1 162.7 160.3 155.9 158.4 Personal current transfer payments....... 156.5 168.0 167.8 170.1 168.9 170.1 170.7 171.6 To government.......................... 89.1 95.1 94.8 95.8 96.5 96.6 97.1 97.8 To the rest of the world (net)......... 67.4 72.9 72.9 74.3 72.5 73.5 73.5 73.8 Equals: Personal saving.................... 552.6 592.8 623.3 625.6 588.1 578.9 556.5 456.5 Personal saving as a percentage of disposable personal income.............. 5.1 5.3 5.6 5.6 5.2 5.0 4.8 3.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 8,969.7 9,083.0 9,086.5 9,145.7 9,166.7 9,329.8 9,332.9 9,309.7 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 9,882.7 10,061.6 10,057.8 10,114.4 10,152.0 10,183.2 10,169.7 10,121.6 Per capita: Current dollars...................... 35,088 36,051 36,001 36,208 36,436 36,834 37,020 36,983 Chained (2005) dollars............... 32,141 32,446 32,473 32,581 32,628 32,670 32,570 32,350 Population (midperiod, thousands)\5\..... 307,483 310,106 309,724 310,438 311,140 311,696 312,243 312,878 ----------------------------------------------------------------------------------------------------------------------------------- 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 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\r\ Oct 11\r\ Nov 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 29.0 18.5 12.9 9.0 -9.7 20.8 47.2 8.5 Compensation of employees, received...... 3.4 5.4 -3.4 23.9 -5.5 31.2 41.7 -5.7 Wage and salary disbursements.......... 1.7 3.1 -4.5 22.3 -7.1 27.8 37.2 -6.9 Private industries................... 1.2 3.5 -3.5 24.3 -7.9 28.6 37.2 -7.1 Goods-producing industries......... -1.3 -.2 -3.2 5.8 -2.3 5.7 8.6 -6.7 Manufacturing.................... -3.7 -.9 -3.8 5.5 -2.8 1.6 6.8 -6.9 Services-producing industries...... 2.4 3.8 -.2 18.4 -5.6 22.9 28.5 -.3 Trade, transportation, and utilities....................... 3.3 -4.5 1.0 1.7 -4.4 7.0 8.0 1.6 Other services-producing industries...................... -.8 8.3 -1.2 16.7 -1.1 15.8 20.5 -1.9 Government........................... .5 -.4 -1.0 -2.1 .8 -.7 .1 .1 Supplements to wages and salaries...... 1.7 2.3 1.1 1.6 1.7 3.4 4.4 1.1 Employer contributions for employee pension and insurance funds......... 1.9 1.8 1.7 .4 1.8 1.9 1.8 1.9 Employer contributions for government social insurance.................... -.2 .4 -.6 1.4 -.2 1.5 2.6 -.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 2.8 .7 .6 1.9 7.1 -.3 -2.5 -3.5 Farm................................... -.9 -1.0 -.9 .6 .5 .6 -4.3 -4.2 Nonfarm................................ 3.7 1.7 1.4 1.4 6.6 -.9 1.7 .9 Rental income of persons with capital consumption adjustment.................. -2.0 -1.5 -1.1 5.1 5.4 5.8 8.5 8.9 Personal income receipts on assets....... 12.6 10.8 10.0 -6.6 -11.3 -12.9 9.3 6.4 Personal interest income............... 4.7 4.8 4.8 -13.0 -12.9 -13.0 2.2 2.1 Personal dividend income............... 7.8 6.1 5.2 6.4 1.6 .0 7.2 4.3 Personal current transfer receipts....... 12.6 3.7 6.3 -12.4 -5.9 .7 -4.9 1.6 Government social benefits to persons.. 12.5 3.8 6.3 -12.6 -5.7 .8 -5.2 1.6 Social security\1\................... 8.0 -1.7 .7 3.1 .9 1.6 .6 1.2 Medicare\2\.......................... 2.0 .8 .8 1.1 2.3 1.4 -.7 -1.0 Medicaid............................. 4.3 5.2 2.0 -15.1 -11.6 -3.9 -1.1 .6 Unemployment insurance............... -3.7 -4.4 2.9 -4.6 -2.6 .2 -3.9 -.7 Veterans' benefits................... .7 -1.3 1.8 .4 1.4 .3 -.6 -.8 Other................................ 1.2 5.2 -1.7 2.3 3.9 1.2 .6 2.3 Other current transfer receipts, from business (net)........................ .1 .0 -.1 .3 -.3 .0 .3 .0 Less: Contributions for government social insurance, domestic..................... .3 .9 -.7 3.1 -.5 3.6 5.0 -1.0 Less: Personal current taxes............... 10.2 9.5 5.8 2.7 .0 7.9 19.9 13.6 Equals: Disposable personal income......... 18.7 8.9 7.2 6.3 -9.7 12.9 27.2 -5.0 Less: Personal outlays..................... 28.7 18.7 -23.5 83.8 16.5 79.6 11.4 13.1 Personal consumption expenditures........ 30.4 20.5 -21.7 81.0 14.0 77.2 11.3 13.1 Goods.................................. 19.7 -21.6 -29.9 47.7 -3.2 60.3 8.9 2.5 Durable goods........................ -3.3 -13.3 -15.1 25.3 -11.1 33.2 14.0 9.1 Nondurable goods..................... 23.0 -8.3 -14.8 22.3 8.0 27.1 -5.1 -6.6 Services............................... 10.6 42.2 8.1 33.4 17.2 16.8 2.4 10.6 Personal interest payments\3\............ -1.9 -2.0 -1.9 2.2 2.2 2.3 -.4 -.3 Personal current transfer payments....... .3 .1 .3 .5 .2 .3 .3 .4 To government.......................... .2 .2 .2 .2 .3 .3 .3 .3 To the rest of the world (net)......... .0 .0 .0 .3 .0 .0 .0 .0 Equals: Personal saving.................... -10.0 -9.8 30.7 -77.5 -26.2 -66.7 15.8 -18.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... -17.4 -3.5 17.6 -15.4 -28.5 2.0 50.7 9.6 Disposable personal income, billions of chained (2005) dollars\4\............ -18.2 -10.1 19.1 -31.7 -35.9 -5.6 29.4 -.6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 II 10 III 10 IV 10 I 11 II 11 III 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -530.0 443.3 187.9 127.6 124.4 269.3 108.4 24.3 Compensation of employees, received...... -271.9 170.0 107.5 62.2 28.6 121.7 47.2 30.3 Wage and salary disbursements.......... -280.6 137.9 98.2 54.7 22.5 101.2 38.9 24.8 Private industries................... -311.8 122.4 90.5 61.2 23.7 98.7 38.1 27.4 Goods-producing industries......... -144.3 -4.2 21.7 11.9 .3 21.5 4.6 4.0 Manufacturing.................... -80.0 13.3 18.3 8.6 3.3 14.9 .0 1.2 Services-producing industries...... -167.3 126.5 68.9 49.3 23.4 77.1 33.6 23.4 Trade, transportation, and utilities....................... -60.1 16.4 17.1 11.4 .2 18.3 8.7 .3 Other services-producing industries...................... -107.3 110.2 51.7 37.9 23.2 58.8 24.8 23.2 Government........................... 31.2 15.5 7.7 -6.4 -1.3 2.5 .8 -2.6 Supplements to wages and salaries...... 8.6 32.0 9.3 7.5 6.0 20.7 8.3 5.4 Employer contributions for employee pension and insurance funds......... 20.7 16.8 4.2 4.4 4.8 6.2 5.7 3.9 Employer contributions for government social insurance.................... -12.1 15.2 5.1 3.1 1.2 14.5 2.6 1.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. -156.7 95.2 43.9 31.4 24.5 14.1 10.9 7.2 Farm................................... -12.6 13.0 1.2 12.5 1.8 6.0 1.2 .2 Nonfarm................................ -144.1 82.2 42.6 19.0 22.7 8.1 9.7 7.0 Rental income of persons with capital consumption adjustment.................. 74.3 44.3 5.0 3.7 2.0 30.2 11.9 9.4 Personal income receipts on assets....... -457.7 13.5 31.2 -1.1 20.1 33.7 25.1 -8.1 Personal interest income............... -273.1 -105.5 -12.0 -30.2 5.7 15.1 11.2 -21.1 Personal dividend income............... -184.6 118.9 43.2 29.0 14.5 18.6 13.9 13.0 Personal current transfer receipts....... 258.9 143.1 10.0 37.3 51.8 -13.1 19.2 -10.7 Government social benefits to persons.. 257.5 143.0 10.0 37.3 50.5 -13.3 19.3 -10.7 Social security\1\................... 59.0 25.7 9.7 5.6 6.0 3.2 9.1 4.1 Medicare\2\.......................... 32.2 24.6 5.9 9.9 13.9 12.5 6.1 3.9 Medicaid............................. 35.9 31.3 3.2 15.4 34.6 -7.7 5.3 -21.0 Unemployment insurance............... 79.7 8.1 -15.4 -1.6 -7.1 -11.2 -8.7 -5.8 Veterans' benefits................... 6.5 6.4 1.5 1.7 .4 1.9 1.5 2.2 Other................................ 44.3 47.0 5.1 6.2 2.6 -11.8 5.8 5.9 Other current transfer receipts, from business (net)........................ 1.4 .1 .0 -.1 1.4 .2 -.1 .0 Less: Contributions for government social insurance, domestic..................... -23.2 22.7 9.7 5.8 2.6 -82.6 5.9 3.8 Less: Personal current taxes............... -294.3 52.5 29.0 37.4 28.1 125.0 30.3 12.3 Equals: Disposable personal income......... -235.7 390.9 158.9 90.2 96.3 144.3 78.2 11.9 Less: Personal outlays..................... -195.9 350.6 69.8 87.8 133.8 153.5 100.5 112.0 Personal consumption expenditures........ -169.4 379.4 81.1 91.8 140.5 154.6 104.3 108.5 Goods.................................. -184.2 189.5 2.0 46.4 96.9 108.8 30.5 38.5 Durable goods........................ -79.3 55.9 13.7 15.8 37.2 29.8 -10.7 14.5 Nondurable goods..................... -105.0 133.7 -11.8 30.7 59.7 79.1 41.1 24.1 Services............................... 14.9 189.8 79.1 45.4 43.6 45.7 73.9 69.9 Personal interest payments\3\............ -31.9 -40.3 -13.9 -6.3 -5.4 -2.4 -4.4 2.5 Personal current transfer payments....... 5.5 11.5 2.6 2.3 -1.2 1.2 .6 .9 To government.......................... 4.2 6.0 1.4 1.0 .7 .1 .5 .7 To the rest of the world (net)......... 1.2 5.5 1.0 1.4 -1.8 1.0 .0 .3 Equals: Personal saving.................... -39.7 40.2 89.2 2.3 -37.5 -9.2 -22.4 -100.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... -742.6 113.3 153.1 59.2 21.0 163.1 3.1 -23.2 Disposable personal income, billions of chained (2005) dollars\4\............ -236.8 178.9 135.3 56.6 37.6 31.2 -13.5 -48.1 ----------------------------------------------------------------------------------------------------------------------------------- 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 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\r\ Oct 11\r\ Nov 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .2 .1 .1 .1 -.1 .2 .4 .1 Compensation of employees, received...... .0 .1 .0 .3 -.1 .4 .5 -.1 Wage and salary disbursements.......... .0 .0 -.1 .3 -.1 .4 .6 -.1 Supplements to wages and salaries...... .1 .1 .1 .1 .1 .2 .3 .1 Proprietors' income with inventory valuation and capital consumption adjustments............................. .2 .1 .1 .2 .6 .0 -.2 -.3 Rental income of persons with capital consumption adjustment.................. -.5 -.4 -.3 1.3 1.4 1.4 2.1 2.1 Personal income receipts on assets....... .7 .6 .6 -.4 -.6 -.7 .5 .4 Personal interest income............... .5 .5 .5 -1.3 -1.3 -1.3 .2 .2 Personal dividend income............... 1.0 .8 .7 .8 .2 .0 .9 .5 Personal current transfer receipts....... .5 .2 .3 -.5 -.3 .0 -.2 .1 Less: Contributions for government social insurance, domestic..................... .0 .1 -.1 .3 -.1 .4 .5 -.1 Less: Personal current taxes............... .7 .7 .4 .2 .0 .6 1.4 .9 Equals: Disposable personal income......... .2 .1 .1 .1 -.1 .1 .2 .0 Addenda: Personal consumption expenditures........ .3 .2 -.2 .8 .1 .7 .1 .1 Goods.................................. .5 -.6 -.8 1.3 -.1 1.7 .2 .1 Durable goods........................ -.3 -1.2 -1.3 2.2 -1.0 2.9 1.2 .8 Nondurable goods..................... .9 -.3 -.6 .9 .3 1.1 -.2 -.3 Services............................... .2 .6 .1 .5 .2 .2 .0 .1 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.2 .0 .2 -.2 -.3 .0 .5 .1 Real disposable personal income.......... -.2 -.1 .2 -.3 -.4 -.1 .3 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 II 10 III 10 IV 10 I 11 II 11 III 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ -4.3 3.7 6.3 4.2 4.1 8.8 3.4 .8 Compensation of employees, received...... -3.4 2.2 5.6 3.2 1.4 6.2 2.3 1.5 Wage and salary disbursements.......... -4.3 2.2 6.4 3.5 1.4 6.4 2.4 1.5 Supplements to wages and salaries...... .6 2.1 2.4 1.9 1.6 5.4 2.1 1.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. -14.3 10.1 19.1 12.8 9.6 5.3 4.0 2.6 Rental income of persons with capital consumption adjustment.................. 32.1 14.5 5.9 4.3 2.4 38.6 13.0 9.8 Personal income receipts on assets....... -21.1 .8 7.6 -.3 4.7 8.0 5.8 -1.8 Personal interest income............... -19.8 -9.5 -4.6 -11.4 2.3 6.3 4.5 -8.1 Personal dividend income............... -23.6 19.9 28.5 17.4 8.1 10.2 7.4 6.8 Personal current transfer receipts....... 13.8 6.7 1.8 6.8 9.4 -2.2 3.3 -1.8 Less: Contributions for government social insurance, domestic..................... -2.3 2.4 4.0 2.4 1.1 -29.3 2.6 1.7 Less: Personal current taxes............... -20.5 4.6 10.5 13.4 9.6 46.8 9.2 3.6 Equals: Disposable personal income......... -2.1 3.6 5.9 3.3 3.5 5.2 2.8 .4 Addenda: Personal consumption expenditures........ -1.7 3.8 3.2 3.7 5.6 6.1 4.0 4.1 Goods.................................. -5.4 5.9 .2 5.7 11.9 13.1 3.4 4.3 Durable goods........................ -7.1 5.4 5.3 6.0 14.4 11.0 -3.7 5.2 Nondurable goods..................... -4.6 6.2 -2.0 5.5 10.8 14.1 6.9 3.9 Services............................... .2 2.8 4.8 2.7 2.6 2.7 4.3 4.0 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -7.6 1.3 7.0 2.6 .9 7.3 .1 -1.0 Real disposable personal income.......... -2.3 1.8 5.6 2.3 1.5 1.2 -.5 -1.9 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\r\ Oct 11\r\ Nov 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,394.2 9,395.7 9,388.4 9,425.1 9,411.8 9,463.5 9,478.7 9,493.8 Goods.................................... 3,348.0 3,328.4 3,317.3 3,338.6 3,321.9 3,367.8 3,385.2 3,395.7 Durable goods.......................... 1,277.3 1,261.1 1,242.1 1,270.8 1,260.4 1,302.2 1,318.7 1,332.9 Nondurable goods....................... 2,078.8 2,073.2 2,077.7 2,075.1 2,067.8 2,078.1 2,081.6 2,080.5 Services................................. 6,052.7 6,072.6 6,075.7 6,091.8 6,094.5 6,102.0 6,100.5 6,105.4 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -5.3 1.5 -7.3 36.7 -13.3 51.7 15.2 15.1 Goods.................................... -3.0 -19.6 -11.1 21.3 -16.7 45.9 17.4 10.5 Durable goods.......................... -6.8 -16.2 -19.0 28.7 -10.4 41.8 16.5 14.2 Nondurable goods....................... 2.6 -5.6 4.5 -2.6 -7.3 10.3 3.5 -1.1 Services................................. -2.5 19.9 3.1 16.1 2.7 7.5 -1.5 4.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.1 .0 -.1 .4 -.1 .5 .2 .2 Goods.................................... -.1 -.6 -.3 .6 -.5 1.4 .5 .3 Durable goods.......................... -.5 -1.3 -1.5 2.3 -.8 3.3 1.3 1.1 Nondurable goods....................... .1 -.3 .2 -.1 -.4 .5 .2 -.1 Services................................. .0 .3 .1 .3 .0 .1 .0 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010 II 10 III 10 IV 10 I 11 II 11 III 11\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,037.5 9,220.9 9,186.9 9,247.1 9,328.4 9,376.7 9,392.7 9,433.5 Goods.................................... 3,098.0 3,230.7 3,202.9 3,240.8 3,306.0 3,344.4 3,331.2 3,342.7 Durable goods.......................... 1,108.3 1,188.3 1,169.3 1,194.1 1,242.4 1,277.4 1,260.2 1,277.8 Nondurable goods....................... 1,983.4 2,041.3 2,030.8 2,045.8 2,067.4 2,075.4 2,076.6 2,073.7 Services................................. 5,935.5 5,991.8 5,984.3 6,008.1 6,027.5 6,039.1 6,067.0 6,096.1 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -174.2 183.4 65.7 60.2 81.3 48.3 16.0 40.8 Goods.................................... -94.9 132.7 29.6 37.9 65.2 38.4 -13.2 11.5 Durable goods.......................... -63.5 80.0 21.8 24.8 48.3 35.0 -17.2 17.6 Nondurable goods....................... -35.7 57.9 9.7 15.0 21.6 8.0 1.2 -2.9 Services................................. -81.5 56.3 36.9 23.8 19.4 11.6 27.9 29.1 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -1.9 2.0 2.9 2.6 3.6 2.1 .7 1.7 Goods.................................... -3.0 4.3 3.8 4.8 8.3 4.7 -1.6 1.4 Durable goods.......................... -5.4 7.2 7.8 8.8 17.2 11.7 -5.3 5.7 Nondurable goods....................... -1.8 2.9 1.9 3.0 4.3 1.6 .2 -.5 Services................................. -1.4 .9 2.5 1.6 1.3 .8 1.9 1.9 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\r\ Oct 11\r\ Nov 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 113.580 113.780 113.637 114.054 114.364 114.554 114.491 114.447 Goods.................................... 108.935 108.929 108.391 109.130 109.582 109.879 109.578 109.311 Durable goods.......................... 90.619 90.720 90.897 90.838 90.705 90.340 90.275 89.993 Nondurable goods....................... 119.756 119.681 118.711 119.932 120.741 121.447 120.999 120.743 Services................................. 116.026 116.341 116.413 116.654 116.886 117.017 117.085 117.165 Addenda: PCE excluding food and energy............ 111.329 111.622 111.804 112.024 112.222 112.222 112.296 112.388 Food\1\.................................. 117.595 118.000 118.171 118.603 119.315 119.942 120.118 119.950 Energy goods and services\2\............. 145.959 144.180 137.723 141.639 143.359 146.341 143.438 141.105 Market-based PCE\3\...................... 113.402 113.580 113.452 113.885 114.230 114.485 114.391 114.362 Market-based PCE excluding food and energy\3\........................... 110.767 111.049 111.299 111.507 111.729 111.774 111.833 111.963 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .3 .2 -.1 .4 .3 .2 -.1 .0 Goods.................................... .6 .0 -.5 .7 .4 .3 -.3 -.2 Durable goods.......................... .2 .1 .2 -.1 -.1 -.4 -.1 -.3 Nondurable goods....................... .8 -.1 -.8 1.0 .7 .6 -.4 -.2 Services................................. .2 .3 .1 .2 .2 .1 .1 .1 Addenda: PCE excluding food and energy............ .2 .3 .2 .2 .2 .0 .1 .1 Food\1\.................................. .4 .3 .1 .4 .6 .5 .1 -.1 Energy goods and services\2\............. 2.3 -1.2 -4.5 2.8 1.2 2.1 -2.0 -1.6 Market-based PCE\3\...................... .4 .2 -.1 .4 .3 .2 -.1 .0 Market-based PCE excluding food and energy\3\........................... .2 .3 .2 .2 .2 .0 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household 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 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\r\ Oct 11\r\ Nov 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.6 .9 .8 .5 -.2 -.1 -.1 -.1 Personal consumption expenditures.......... 2.5 2.2 2.0 2.3 1.7 2.1 1.9 1.7 Goods.................................... 4.7 4.0 3.4 3.9 2.4 3.2 2.7 2.6 Durable goods.......................... 9.2 7.8 6.3 7.1 6.1 7.8 6.6 7.5 Nondurable goods....................... 2.6 2.2 1.9 2.3 .7 1.1 .9 .4 Services................................. 1.4 1.4 1.4 1.5 1.4 1.5 1.4 1.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Apr 11 May 11 Jun 11 Jul 11\r\ Aug 11\r\ Sep 11\r\ Oct 11\r\ Nov 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.4 2.6 2.6 2.8 2.9 2.9 2.7 2.5 Goods.................................... 3.9 4.4 4.5 4.7 4.8 4.9 4.2 3.9 Durable goods.......................... -1.4 -1.0 -.5 -.2 -.5 -.7 -.5 -.6 Nondurable goods....................... 6.5 7.1 7.0 7.2 7.4 7.6 6.5 6.1 Services................................. 1.6 1.7 1.7 1.8 1.9 2.0 1.9 1.8 Addenda: PCE excluding food and energy............ 1.2 1.3 1.4 1.6 1.7 1.6 1.7 1.7 Food\1\.................................. 3.3 3.6 3.9 4.3 4.8 5.1 5.1 5.0 Energy goods and services\2\............. 19.8 21.9 20.8 20.2 19.6 20.7 15.1 13.1 Market-based PCE\3\...................... 2.5 2.7 2.8 2.9 3.0 3.1 2.8 2.7 Market-based PCE excluding food and energy\3\........................... 1.1 1.3 1.4 1.5 1.6 1.6 1.7 1.7 ----------------------------------------------------------------------------------------------------------------------------------- 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.