EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 27, 2013 BEA 13-31 James Rankin: (202)606-5301 (Personal Income) piniwd@bea.gov Harvey Davis: (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: MAY 2013 Personal income increased $69.4 billion, or 0.5 percent, and disposable personal income (DPI) increased $57.0 billion, or 0.5 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $29.0 billion, or 0.3 percent. In April, personal income increased $18.3 billion, or 0.1 percent, DPI increased $6.5 billion, or 0.1 percent, and PCE decreased $39.6 billion, or 0.3 percent, based on revised estimates. Real disposable income increased 0.4 percent in May, compared with an increase of 0.3 percent in April. Real PCE increased 0.2 percent, in contrast to a decrease of 0.1 percent. 2013 Jan. Feb. Mar. Apr. May (Percent change from preceding month) Personal income, current dollars -4.4 1.2 0.2 0.1 0.5 Disposable personal income: Current dollars -5.2 1.2 0.2 0.1 0.5 Chained (2005) dollars -5.2 0.8 0.3 0.3 0.4 Personal consumption expenditures: Current dollars 0.1 0.7 0.2 -0.3 0.3 Chained (2005) dollars 0.1 0.3 0.3 -0.1 0.2 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 $19.7 billion in May, compared with an increase of $6.5 billion in April. Goods-producing industries' payrolls increased $3.9 billion, in contrast to a decrease of $0.8 billion; manufacturing payrolls increased $0.6 billion, in contrast to a decrease of $1.1 billion. Services-producing industries' payrolls increased $15.8 billion, compared with an increase of $7.4 billion. Government wage and salary disbursements increased $0.8 billion, compared with an increase of $0.2 billion. Other personal income Supplements to wages and salaries increased $3.4 billion in May, compared with an increase of $2.5 billion in April. Proprietors' income decreased $1.3 billion in May, in contrast to an increase of $1.1 billion in April. Farm proprietors' income decreased $6.7 billion in May, the same decrease as in April. Nonfarm proprietors' income increased $5.4 billion in May, compared with an increase of $7.8 billion in April. Rental income of persons decreased $0.7 billion in May, compared with a decrease of $1.5 billion in April. Personal income receipts on assets (personal interest income plus personal dividend income) increased $31.2 billion, compared with an increase of $26.7 billion. Personal current transfer receipts increased $19.4 billion in May, in contrast to a decrease of $15.7 billion in April. Within current transfer receipts, government social benefits to persons for social security increased $11.8 billion, in contrast to a decrease of $9.6 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.1 billion in May, compared with an increase of $1.4 billion in April. Personal current taxes and disposable personal income Personal current taxes increased $12.5 billion in May, compared with an increase of $11.8 billion in April. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $57.0 billion, or 0.5 percent, in May, compared with an increase of $6.5 billion, or 0.1 percent in April. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $28.5 billion in May, in contrast to a decrease of $40.0 billion in April. PCE increased $29.0 billion, in contrast to a decrease of $39.6 billion. Personal saving -- DPI less personal outlays -- was $387.6 billion in May, compared with $359.2 billion in April. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.2 percent in May, compared with 3.0 percent in April. 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 PCE price index Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in May, compared with an increase of 0.3 percent in April. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in May, in contrast to a decrease of 0.1 percent in April. Purchases of durable goods increased 1.0 percent, compared with an increase of 0.2 percent. Purchases of nondurable goods increased 0.5 percent, in contrast to a decrease of 0.3 percent. Purchases of services decreased 0.1 percent in May, the same decrease as in April. The price index for PCE increased 0.1 percent in May, in contrast to a decrease of 0.3 percent in April. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of less than 0.1 percent. Revisions Estimates have been revised for January through April. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for March and April -- revised and as published in last month's release -- are shown below. Change from preceding month March April Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 36.2 33.5 0.3 0.2 -5.6 18.3 0.0 0.1 Disposable personal income: Current dollars 25.4 22.0 0.2 0.2 -16.1 6.5 -0.1 0.1 Chained (2005) dollars 33.7 31.3 0.3 0.3 12.0 31.9 0.1 0.3 Personal consumption expenditures: Current dollars 14.2 20.3 0.1 0.2 -20.5 -39.6 -0.2 -0.3 Chained (2005) dollars 23.4 29.1 0.2 0.3 6.9 -9.2 0.1 -0.1 BOX._____________ Comprehensive Revision of the National Income and Product Accounts As part of the 14th comprehensive (or benchmark) revision of the national income and product accounts (NIPAs), BEA will release revised estimates of personal income and outlays in conjunction with preliminary estimates for June 2013 on August 2, 2013. More information on the revision is available on BEA’s Web site at www.bea.gov/gdp-revisions. An article in the March 2013 issue of the Survey of Current Business discusses the upcoming changes in definitions and presentations, and an article in the May Survey describes the changes in statistical methods. Revised NIPA table stubs and news release stubs are also available on the Web site. An article in the September Survey will describe the estimates in detail. _________________ 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 - August 2, 2013 at 8:30 A.M. EDT for Personal Income and Outlays for June and Revised Estimates for 1959 through May 2013 ________________________ 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] ----------------------------------------------------------------------------------------------------------------------------------- Oct 12 Nov 12 Dec 12 Jan 13\r\ Feb 13\r\ Mar 13\r\ Apr 13\r\ May 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,498.2 13,690.4 14,104.1 13,483.9 13,643.2 13,676.7 13,695.0 13,764.4 Compensation of employees, received...... 8,640.7 8,775.3 8,895.3 8,722.1 8,777.4 8,794.5 8,803.6 8,827.6 Wage and salary disbursements.......... 6,941.9 7,064.9 7,173.9 7,004.4 7,053.7 7,067.9 7,074.6 7,095.1 Private industries................... 5,738.6 5,861.5 5,969.5 5,799.3 5,847.3 5,861.9 5,868.4 5,888.1 Goods-producing industries......... 1,177.0 1,211.4 1,244.5 1,185.5 1,200.5 1,201.5 1,200.7 1,204.6 Manufacturing.................... 757.7 782.2 806.2 760.9 770.5 770.4 769.3 769.9 Services-producing industries...... 4,561.6 4,650.1 4,725.0 4,613.8 4,646.8 4,660.3 4,667.7 4,683.5 Trade, transportation, and utilities....................... 1,109.2 1,125.8 1,134.6 1,125.5 1,131.0 1,136.5 1,136.3 1,141.4 Other services-producing industries...................... 3,452.4 3,524.3 3,590.4 3,488.2 3,515.8 3,523.9 3,531.4 3,542.0 Government........................... 1,203.4 1,203.4 1,204.4 1,205.1 1,206.4 1,206.0 1,206.2 1,207.0 Supplements to wages and salaries...... 1,698.8 1,710.4 1,721.4 1,717.7 1,723.7 1,726.6 1,729.1 1,732.5 Employer contributions for employee pension and insurance funds......... 1,182.2 1,185.0 1,188.0 1,190.8 1,193.3 1,195.2 1,197.1 1,199.0 Employer contributions for government social insurance.................... 516.6 525.4 533.4 527.0 530.4 531.4 532.0 533.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,216.0 1,225.9 1,232.1 1,246.2 1,267.1 1,272.6 1,273.7 1,272.4 Farm................................... 61.6 60.7 59.7 67.4 75.1 82.7 76.0 69.3 Nonfarm................................ 1,154.4 1,165.3 1,172.4 1,178.9 1,192.1 1,189.9 1,197.7 1,203.1 Rental income of persons with capital consumption adjustment.................. 480.1 481.9 482.5 492.4 503.8 515.9 514.4 513.7 Personal income receipts on assets....... 1,728.1 1,783.3 2,064.6 1,694.8 1,762.1 1,756.8 1,783.5 1,814.7 Personal interest income............... 977.2 997.2 1,017.2 1,008.8 1,000.3 991.9 1,010.6 1,029.3 Personal dividend income............... 750.9 786.1 1,047.4 686.0 761.7 764.9 772.9 785.4 Personal current transfer receipts....... 2,389.1 2,394.7 2,413.7 2,424.0 2,435.3 2,441.5 2,425.8 2,445.2 Government social benefits to persons.. 2,342.7 2,348.2 2,367.0 2,377.0 2,388.2 2,394.2 2,378.4 2,397.6 Social security\1\................... 763.3 768.0 781.7 785.0 789.0 795.4 785.8 797.6 Medicare\2\.......................... 566.9 567.5 572.9 576.8 581.8 582.7 579.7 585.4 Medicaid............................. 425.1 425.4 425.8 426.2 428.7 430.3 424.4 424.6 Unemployment insurance............... 70.7 71.7 69.8 67.1 65.3 63.8 61.6 60.0 Veterans' benefits................... 75.1 74.4 74.5 77.3 79.5 78.5 80.4 82.6 Other................................ 441.7 441.1 442.3 444.6 443.7 443.5 446.4 447.4 Other current transfer receipts, from business (net)........................ 46.4 46.6 46.7 47.0 47.2 47.3 47.4 47.6 Less: Contributions for government social insurance, domestic..................... 955.8 970.7 984.1 1,095.6 1,102.5 1,104.7 1,106.1 1,109.2 Less: Personal current taxes............... 1,496.4 1,525.8 1,565.0 1,591.5 1,612.1 1,623.5 1,635.3 1,647.8 Equals: Disposable personal income......... 12,001.9 12,164.6 12,539.1 11,892.5 12,031.1 12,053.1 12,059.6 12,116.6 Less: Personal outlays..................... 11,562.7 11,597.1 11,615.2 11,635.2 11,717.9 11,740.5 11,700.5 11,729.0 Personal consumption expenditures........ 11,219.9 11,255.1 11,273.9 11,290.1 11,370.3 11,390.6 11,351.0 11,380.0 Goods.................................. 3,834.6 3,843.2 3,850.5 3,849.8 3,897.3 3,878.1 3,835.0 3,853.5 Durable goods........................ 1,225.4 1,259.3 1,271.3 1,272.1 1,273.4 1,269.8 1,268.5 1,279.8 Nondurable goods..................... 2,609.1 2,583.9 2,579.2 2,577.8 2,624.0 2,608.3 2,566.4 2,573.7 Services............................... 7,385.3 7,411.9 7,423.4 7,440.3 7,473.0 7,512.5 7,516.0 7,526.5 Personal interest payments\3\............ 173.4 172.6 171.9 174.4 176.9 179.3 178.9 178.4 Personal current transfer payments....... 169.5 169.4 169.4 170.8 170.7 170.6 170.6 170.6 To government.......................... 92.3 92.3 92.2 92.1 92.1 92.0 91.9 91.9 To the rest of the world (net)......... 77.1 77.1 77.1 78.7 78.7 78.7 78.7 78.7 Equals: Personal saving.................... 439.2 567.4 924.0 257.2 313.2 312.6 359.2 387.6 Personal saving as a percentage of disposable personal income.............. 3.7 4.7 7.4 2.2 2.6 2.6 3.0 3.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,534.5 9,707.8 10,047.0 9,499.1 9,587.4 9,622.4 9,676.1 9,711.1 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,300.7 10,454.6 10,776.4 10,214.1 10,291.6 10,322.9 10,354.8 10,395.2 Per capita: Current dollars...................... 38,104 38,597 39,764 37,693 38,113 38,162 38,161 38,319 Chained (2005) dollars............... 32,703 33,172 34,174 32,374 32,603 32,684 32,766 32,875 Population (midperiod, thousands)\5\..... 314,981 315,165 315,341 315,507 315,668 315,838 316,019 316,203 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 IV 11 I 12 II 12 III 12 IV 12 I 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,947.3 13,431.1 13,017.4 13,227.1 13,327.0 13,406.2 13,764.3 13,601.3 Compensation of employees, received...... 8,295.2 8,592.9 8,340.1 8,495.7 8,527.7 8,577.6 8,770.4 8,764.7 Wage and salary disbursements.......... 6,661.3 6,906.0 6,692.4 6,825.9 6,849.2 6,888.5 7,060.2 7,042.0 Private industries................... 5,466.0 5,704.5 5,499.9 5,626.8 5,649.4 5,685.3 5,856.5 5,836.1 Goods-producing industries......... 1,108.6 1,169.7 1,107.4 1,144.0 1,161.8 1,162.1 1,211.0 1,195.8 Manufacturing.................... 706.6 748.9 701.0 723.1 744.3 746.2 782.0 767.2 Services-producing industries...... 4,357.4 4,534.8 4,392.5 4,482.7 4,487.6 4,523.1 4,645.5 4,640.3 Trade, transportation, and utilities....................... 1,050.1 1,102.5 1,056.6 1,083.3 1,098.4 1,105.2 1,123.2 1,131.0 Other services-producing industries...................... 3,307.3 3,432.2 3,335.9 3,399.4 3,389.2 3,417.9 3,522.4 3,509.3 Government........................... 1,195.3 1,201.5 1,192.5 1,199.1 1,199.8 1,203.3 1,203.7 1,205.8 Supplements to wages and salaries...... 1,633.9 1,686.9 1,647.7 1,669.8 1,678.5 1,689.1 1,710.2 1,722.7 Employer contributions for employee pension and insurance funds......... 1,139.0 1,172.1 1,151.5 1,159.6 1,167.7 1,176.2 1,185.1 1,193.1 Employer contributions for government social insurance.................... 494.9 514.8 496.2 510.2 510.8 512.9 525.1 529.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,157.3 1,202.3 1,165.3 1,184.3 1,194.9 1,205.4 1,224.7 1,262.0 Farm................................... 54.6 56.2 54.4 52.3 52.5 59.4 60.7 75.1 Nonfarm................................ 1,102.8 1,146.1 1,110.9 1,132.1 1,142.4 1,146.0 1,164.0 1,186.9 Rental income of persons with capital consumption adjustment.................. 409.7 462.6 430.3 445.3 452.8 471.0 481.5 504.0 Personal income receipts on assets....... 1,685.1 1,749.7 1,684.6 1,696.4 1,730.8 1,712.8 1,858.7 1,737.9 Personal interest income............... 1,008.8 992.6 988.0 991.8 1,006.1 975.3 997.2 1,000.3 Personal dividend income............... 676.3 757.0 696.6 704.6 724.6 737.5 861.5 737.6 Personal current transfer receipts....... 2,319.2 2,375.1 2,319.9 2,348.0 2,365.2 2,388.0 2,399.2 2,433.6 Government social benefits to persons.. 2,274.3 2,329.2 2,276.0 2,302.7 2,319.5 2,341.8 2,352.6 2,386.5 Social security\1\................... 713.3 762.2 721.9 753.2 759.4 765.1 771.0 789.8 Medicare\2\.......................... 545.1 562.0 553.1 555.9 556.9 566.2 569.1 580.4 Medicaid............................. 403.9 415.3 392.0 397.6 413.9 424.2 425.4 428.4 Unemployment insurance............... 108.0 80.9 100.9 94.2 83.8 74.9 70.7 65.4 Veterans' benefits................... 63.3 72.3 64.7 68.8 71.5 74.0 74.7 78.5 Other................................ 440.8 436.5 443.5 433.0 433.9 437.4 441.7 443.9 Other current transfer receipts, from business (net)........................ 44.9 45.9 43.9 45.3 45.8 46.1 46.6 47.2 Less: Contributions for government social insurance, domestic..................... 919.3 951.5 922.8 942.6 944.4 948.7 970.2 1,100.9 Less: Personal current taxes............... 1,398.0 1,480.4 1,419.1 1,450.8 1,465.2 1,476.5 1,529.1 1,609.0 Equals: Disposable personal income......... 11,549.3 11,950.8 11,598.3 11,776.4 11,861.8 11,929.7 12,235.2 11,992.2 Less: Personal outlays..................... 11,059.9 11,460.3 11,205.6 11,348.7 11,406.1 11,494.7 11,591.7 11,697.9 Personal consumption expenditures........ 10,729.0 11,119.6 10,873.8 11,007.2 11,067.2 11,154.4 11,249.6 11,350.3 Goods.................................. 3,624.8 3,783.2 3,690.0 3,755.9 3,741.5 3,792.5 3,842.8 3,875.1 Durable goods........................ 1,146.4 1,218.9 1,175.1 1,204.6 1,200.3 1,218.9 1,252.0 1,271.8 Nondurable goods..................... 2,478.4 2,564.2 2,515.0 2,551.3 2,541.2 2,573.6 2,590.8 2,603.3 Services............................... 7,104.2 7,336.5 7,183.8 7,251.3 7,325.7 7,361.9 7,406.9 7,475.2 Personal interest payments\3\............ 168.0 172.7 167.0 175.4 171.2 171.6 172.6 176.9 Personal current transfer payments....... 162.8 168.0 164.8 166.1 167.7 168.6 169.4 170.7 To government.......................... 88.9 91.5 89.8 90.5 91.3 92.0 92.3 92.0 To the rest of the world (net)......... 73.9 76.4 75.1 75.5 76.4 76.6 77.1 78.7 Equals: Personal saving.................... 489.4 490.5 392.7 427.7 455.7 435.1 643.5 294.3 Personal saving as a percentage of disposable personal income.............. 4.2 4.1 3.4 3.6 3.8 3.6 5.3 2.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,340.0 9,548.4 9,335.4 9,435.7 9,491.3 9,502.6 9,763.0 9,569.7 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,149.7 10,321.2 10,121.5 10,213.9 10,270.6 10,288.8 10,510.5 10,276.3 Per capita: Current dollars...................... 37,013 38,026 37,065 37,573 37,781 37,925 38,822 37,990 Chained (2005) dollars............... 32,527 32,841 32,346 32,588 32,713 32,708 33,350 32,554 Population (midperiod, thousands)\5\..... 312,036 314,278 312,917 313,425 313,960 314,564 315,162 315,671 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Oct 12 Nov 12 Dec 12 Jan 13\r\ Feb 13\r\ Mar 13\r\ Apr 13\r\ May 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 52.2 192.2 413.7 -620.2 159.3 33.5 18.3 69.4 Compensation of employees, received...... 37.5 134.6 120.0 -173.2 55.3 17.1 9.1 24.0 Wage and salary disbursements.......... 32.2 123.0 109.0 -169.5 49.3 14.2 6.7 20.5 Private industries................... 34.1 122.9 108.0 -170.2 48.0 14.6 6.5 19.7 Goods-producing industries......... 16.7 34.4 33.1 -59.0 15.0 1.0 -.8 3.9 Manufacturing.................... 14.1 24.5 24.0 -45.3 9.6 -.1 -1.1 .6 Services-producing industries...... 17.4 88.5 74.9 -111.2 33.0 13.5 7.4 15.8 Trade, transportation, and utilities....................... -.7 16.6 8.8 -9.1 5.5 5.5 -.2 5.1 Other services-producing industries...................... 18.1 71.9 66.1 -102.2 27.6 8.1 7.5 10.6 Government........................... -1.8 .0 1.0 .7 1.3 -.4 .2 .8 Supplements to wages and salaries...... 5.3 11.6 11.0 -3.7 6.0 2.9 2.5 3.4 Employer contributions for employee pension and insurance funds......... 2.9 2.8 3.0 2.8 2.5 1.9 1.9 1.9 Employer contributions for government social insurance.................... 2.4 8.8 8.0 -6.4 3.4 1.0 .6 1.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.2 9.9 6.2 14.1 20.9 5.5 1.1 -1.3 Farm................................... -1.0 -.9 -1.0 7.7 7.7 7.6 -6.7 -6.7 Nonfarm................................ 2.2 10.9 7.1 6.5 13.2 -2.2 7.8 5.4 Rental income of persons with capital consumption adjustment.................. .2 1.8 .6 9.9 11.4 12.1 -1.5 -.7 Personal income receipts on assets....... 26.4 55.2 281.3 -369.8 67.3 -5.3 26.7 31.2 Personal interest income............... 20.1 20.0 20.0 -8.4 -8.5 -8.4 18.7 18.7 Personal dividend income............... 6.3 35.2 261.3 -361.4 75.7 3.2 8.0 12.5 Personal current transfer receipts....... -8.5 5.6 19.0 10.3 11.3 6.2 -15.7 19.4 Government social benefits to persons.. -8.6 5.5 18.8 10.0 11.2 6.0 -15.8 19.2 Social security\1\................... -10.3 4.7 13.7 3.3 4.0 6.4 -9.6 11.8 Medicare\2\.......................... -1.1 .6 5.4 3.9 5.0 .9 -3.0 5.7 Medicaid............................. -.6 .3 .4 .4 2.5 1.6 -5.9 .2 Unemployment insurance............... -1.7 1.0 -1.9 -2.7 -1.8 -1.5 -2.2 -1.6 Veterans' benefits................... 1.5 -.7 .1 2.8 2.2 -1.0 1.9 2.2 Other................................ 3.6 -.6 1.2 2.3 -.9 -.2 2.9 1.0 Other current transfer receipts, from business (net)........................ .1 .2 .1 .3 .2 .1 .1 .2 Less: Contributions for government social insurance, domestic..................... 4.7 14.9 13.4 111.5 6.9 2.2 1.4 3.1 Less: Personal current taxes............... 15.1 29.4 39.2 26.5 20.6 11.4 11.8 12.5 Equals: Disposable personal income......... 37.2 162.7 374.5 -646.6 138.6 22.0 6.5 57.0 Less: Personal outlays..................... -3.7 34.4 18.1 20.0 82.7 22.6 -40.0 28.5 Personal consumption expenditures........ -3.5 35.2 18.8 16.2 80.2 20.3 -39.6 29.0 Goods.................................. -15.6 8.6 7.3 -.7 47.5 -19.2 -43.1 18.5 Durable goods........................ -14.1 33.9 12.0 .8 1.3 -3.6 -1.3 11.3 Nondurable goods..................... -1.6 -25.2 -4.7 -1.4 46.2 -15.7 -41.9 7.3 Services............................... 12.0 26.6 11.5 16.9 32.7 39.5 3.5 10.5 Personal interest payments\3\............ -.7 -.8 -.7 2.5 2.5 2.4 -.4 -.5 Personal current transfer payments....... .7 -.1 .0 1.4 -.1 -.1 .0 .0 To government.......................... .0 .0 -.1 -.1 .0 -.1 -.1 .0 To the rest of the world (net)......... .5 .0 .0 1.6 .0 .0 .0 .0 Equals: Personal saving.................... 40.9 128.2 356.6 -666.8 56.0 -.6 46.6 28.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 37.1 173.3 339.2 -547.9 88.3 35.0 53.7 35.0 Disposable personal income, billions of chained (2005) dollars\4\............ 15.6 153.9 321.8 -562.3 77.5 31.3 31.9 40.4 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 IV 11 I 12 II 12 III 12 IV 12 I 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 625.4 483.8 41.1 209.7 99.9 79.2 358.1 -163.0 Compensation of employees, received...... 325.2 297.7 22.0 155.6 32.0 49.9 192.8 -5.7 Wage and salary disbursements.......... 256.7 244.7 14.3 133.5 23.3 39.3 171.7 -18.2 Private industries................... 252.7 238.5 19.5 126.9 22.6 35.9 171.2 -20.4 Goods-producing industries......... 51.1 61.1 -9.0 36.6 17.8 .3 48.9 -15.2 Manufacturing.................... 32.5 42.3 -9.1 22.1 21.2 1.9 35.8 -14.8 Services-producing industries...... 201.6 177.4 28.5 90.2 4.9 35.5 122.4 -5.2 Trade, transportation, and utilities....................... 44.6 52.4 2.4 26.7 15.1 6.8 18.0 7.8 Other services-producing industries...................... 157.0 124.9 26.0 63.5 -10.2 28.7 104.5 -13.1 Government........................... 4.0 6.2 -5.2 6.6 .7 3.5 .4 2.1 Supplements to wages and salaries...... 68.5 53.0 7.7 22.1 8.7 10.6 21.1 12.5 Employer contributions for employee pension and insurance funds......... 41.7 33.1 7.3 8.1 8.1 8.5 8.9 8.0 Employer contributions for government social insurance.................... 26.8 19.9 .4 14.0 .6 2.1 12.2 4.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 53.9 45.0 3.9 19.0 10.6 10.5 19.3 37.3 Farm................................... 10.3 1.6 -.9 -2.1 .2 6.9 1.3 14.4 Nonfarm................................ 43.7 43.3 4.8 21.2 10.3 3.6 18.0 22.9 Rental income of persons with capital consumption adjustment.................. 60.5 52.9 16.5 15.0 7.5 18.2 10.5 22.5 Personal income receipts on assets....... 86.8 64.6 -4.5 11.8 34.4 -18.0 145.9 -120.8 Personal interest income............... -7.8 -16.2 -16.4 3.8 14.3 -30.8 21.9 3.1 Personal dividend income............... 94.6 80.7 11.9 8.0 20.0 12.9 124.0 -123.9 Personal current transfer receipts....... 34.9 55.9 5.2 28.1 17.2 22.8 11.2 34.4 Government social benefits to persons.. 37.4 54.9 5.6 26.7 16.8 22.3 10.8 33.9 Social security\1\................... 23.1 48.9 5.9 31.3 6.2 5.7 5.9 18.8 Medicare\2\.......................... 29.8 16.9 4.0 2.8 1.0 9.3 2.9 11.3 Medicaid............................. 7.3 11.4 -4.1 5.6 16.3 10.3 1.2 3.0 Unemployment insurance............... -30.9 -27.1 -2.1 -6.7 -10.4 -8.9 -4.2 -5.3 Veterans' benefits................... 5.4 9.0 -.2 4.1 2.7 2.5 .7 3.8 Other................................ 2.7 -4.3 2.2 -10.5 .9 3.5 4.3 2.2 Other current transfer receipts, from business (net)........................ -2.5 1.0 -.4 1.4 .5 .3 .5 .6 Less: Contributions for government social insurance, domestic..................... -64.0 32.2 2.0 19.8 1.8 4.3 21.5 130.7 Less: Personal current taxes............... 203.2 82.4 15.3 31.7 14.4 11.3 52.6 79.9 Equals: Disposable personal income......... 422.2 401.5 25.7 178.1 85.4 67.9 305.5 -243.0 Less: Personal outlays..................... 499.5 400.4 84.7 143.1 57.4 88.6 97.0 106.2 Personal consumption expenditures........ 513.3 390.6 82.6 133.4 60.0 87.2 95.2 100.7 Goods.................................. 259.9 158.4 46.4 65.9 -14.4 51.0 50.3 32.3 Durable goods........................ 67.0 72.5 30.3 29.5 -4.3 18.6 33.1 19.8 Nondurable goods..................... 192.9 85.8 16.3 36.3 -10.1 32.4 17.2 12.5 Services............................... 253.3 232.3 36.2 67.5 74.4 36.2 45.0 68.3 Personal interest payments\3\............ -15.8 4.7 -.3 8.4 -4.2 .4 1.0 4.3 Personal current transfer payments....... 1.9 5.2 2.4 1.3 1.6 .9 .8 1.3 To government.......................... 1.5 2.6 .7 .7 .8 .7 .3 -.3 To the rest of the world (net)......... .4 2.5 1.8 .4 .9 .2 .5 1.6 Equals: Personal saving.................... -77.3 1.1 -58.9 35.0 28.0 -20.6 208.4 -349.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 304.2 208.4 6.8 100.3 55.6 11.3 260.4 -193.3 Disposable personal income, billions of chained (2005) dollars\4\............ 133.2 171.5 -4.1 92.4 56.7 18.2 221.7 -234.2 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Oct 12 Nov 12 Dec 12 Jan 13\r\ Feb 13\r\ Mar 13\r\ Apr 13\r\ May 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .4 1.4 3.0 -4.4 1.2 .2 .1 .5 Compensation of employees, received...... .4 1.6 1.4 -1.9 .6 .2 .1 .3 Wage and salary disbursements.......... .5 1.8 1.5 -2.4 .7 .2 .1 .3 Supplements to wages and salaries...... .3 .7 .6 -.2 .3 .2 .1 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .1 .8 .5 1.1 1.7 .4 .1 -.1 Rental income of persons with capital consumption adjustment.................. .0 .4 .1 2.0 2.3 2.4 -.3 -.1 Personal income receipts on assets....... 1.5 3.2 15.8 -17.9 4.0 -.3 1.5 1.8 Personal interest income............... 2.1 2.1 2.0 -.8 -.8 -.8 1.9 1.9 Personal dividend income............... .8 4.7 33.2 -34.5 11.0 .4 1.0 1.6 Personal current transfer receipts....... -.4 .2 .8 .4 .5 .3 -.6 .8 Less: Contributions for government social insurance, domestic..................... .5 1.6 1.4 11.3 .6 .2 .1 .3 Less: Personal current taxes............... 1.0 2.0 2.6 1.7 1.3 .7 .7 .8 Equals: Disposable personal income......... .3 1.4 3.1 -5.2 1.2 .2 .1 .5 Addenda: Personal consumption expenditures........ .0 .3 .2 .1 .7 .2 -.3 .3 Goods.................................. -.4 .2 .2 .0 1.2 -.5 -1.1 .5 Durable goods........................ -1.1 2.8 1.0 .1 .1 -.3 -.1 .9 Nondurable goods..................... -.1 -1.0 -.2 -.1 1.8 -.6 -1.6 .3 Services............................... .2 .4 .2 .2 .4 .5 .0 .1 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .4 1.8 3.5 -5.5 .9 .4 .6 .4 Real disposable personal income.......... .2 1.5 3.1 -5.2 .8 .3 .3 .4 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 IV 11 I 12 II 12 III 12 IV 12 I 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.1 3.7 1.3 6.6 3.1 2.4 11.1 -4.7 Compensation of employees, received...... 4.1 3.6 1.1 7.7 1.5 2.4 9.3 -.3 Wage and salary disbursements.......... 4.0 3.7 .9 8.2 1.4 2.3 10.3 -1.0 Supplements to wages and salaries...... 4.4 3.2 1.9 5.5 2.1 2.6 5.1 3.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 4.9 3.9 1.3 6.7 3.6 3.6 6.5 12.8 Rental income of persons with capital consumption adjustment.................. 17.3 12.9 16.9 14.7 7.0 17.0 9.2 20.1 Personal income receipts on assets....... 5.4 3.8 -1.0 2.8 8.4 -4.1 38.7 -23.6 Personal interest income............... -.8 -1.6 -6.4 1.5 5.9 -11.7 9.3 1.3 Personal dividend income............... 16.3 11.9 7.2 4.6 11.9 7.3 86.2 -46.3 Personal current transfer receipts....... 1.5 2.4 .9 4.9 3.0 3.9 1.9 5.9 Less: Contributions for government social insurance, domestic..................... -6.5 3.5 .9 8.8 .8 1.8 9.4 65.8 Less: Personal current taxes............... 17.0 5.9 4.4 9.2 4.0 3.1 15.0 22.6 Equals: Disposable personal income......... 3.8 3.5 .9 6.3 2.9 2.3 10.6 -7.7 Addenda: Personal consumption expenditures........ 5.0 3.6 3.1 5.0 2.2 3.2 3.5 3.6 Goods.................................. 7.7 4.4 5.2 7.3 -1.5 5.6 5.4 3.4 Durable goods........................ 6.2 6.3 11.0 10.4 -1.4 6.3 11.3 6.5 Nondurable goods..................... 8.4 3.5 2.6 5.9 -1.6 5.2 2.7 2.0 Services............................... 3.7 3.3 2.0 3.8 4.2 2.0 2.5 3.7 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 3.4 2.2 .3 4.4 2.4 .5 11.4 -7.7 Real disposable personal income.......... 1.3 1.7 -.2 3.7 2.2 .7 8.9 -8.6 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Oct 12 Nov 12 Dec 12 Jan 13\r\ Feb 13\r\ Mar 13\r\ Apr 13\r\ May 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,629.5 9,673.0 9,689.0 9,696.8 9,726.4 9,755.5 9,746.3 9,763.2 Goods.................................... 3,447.8 3,481.8 3,498.7 3,504.4 3,516.1 3,519.6 3,514.5 3,537.3 Durable goods.......................... 1,376.1 1,416.0 1,432.7 1,432.9 1,435.7 1,434.6 1,437.1 1,451.1 Nondurable goods....................... 2,096.7 2,098.4 2,101.4 2,106.4 2,114.9 2,118.8 2,112.5 2,122.7 Services................................. 6,188.4 6,199.2 6,199.3 6,201.6 6,219.6 6,244.7 6,240.4 6,236.1 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -18.3 43.5 16.0 7.8 29.6 29.1 -9.2 16.9 Goods.................................... -18.1 34.0 16.9 5.7 11.7 3.5 -5.1 22.8 Durable goods.......................... -13.7 39.9 16.7 .2 2.8 -1.1 2.5 14.0 Nondurable goods....................... -6.3 1.7 3.0 5.0 8.5 3.9 -6.3 10.2 Services................................. -1.1 10.8 .1 2.3 18.0 25.1 -4.3 -4.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.2 .5 .2 .1 .3 .3 -.1 .2 Goods.................................... -.5 1.0 .5 .2 .3 .1 -.1 .6 Durable goods.......................... -1.0 2.9 1.2 .0 .2 -.1 .2 1.0 Nondurable goods....................... -.3 .1 .1 .2 .4 .2 -.3 .5 Services................................. .0 .2 .0 .0 .3 .4 -.1 -.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 IV 11 I 12 II 12 III 12 IV 12 I 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,428.8 9,603.3 9,489.3 9,546.8 9,582.5 9,620.1 9,663.9 9,726.2 Goods.................................... 3,331.0 3,432.9 3,367.9 3,406.6 3,409.4 3,439.7 3,476.1 3,513.4 Durable goods.......................... 1,262.6 1,360.9 1,300.1 1,336.1 1,335.3 1,364.0 1,408.3 1,434.4 Nondurable goods....................... 2,075.2 2,094.5 2,080.5 2,088.9 2,092.0 2,098.2 2,098.8 2,113.4 Services................................. 6,101.5 6,176.6 6,126.0 6,145.9 6,178.2 6,186.7 6,195.6 6,221.9 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 232.6 174.5 47.4 57.5 35.7 37.6 43.8 62.3 Goods.................................... 121.9 101.9 44.4 38.7 2.8 30.3 36.4 37.3 Durable goods.......................... 84.3 98.3 41.5 36.0 -.8 28.7 44.3 26.1 Nondurable goods....................... 45.9 19.3 9.1 8.4 3.1 6.2 .6 14.6 Services................................. 113.9 75.1 4.9 19.9 32.3 8.5 8.9 26.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.5 1.9 2.0 2.4 1.5 1.6 1.8 2.6 Goods.................................... 3.8 3.1 5.4 4.7 .3 3.6 4.3 4.4 Durable goods.......................... 7.2 7.8 13.9 11.5 -.2 8.9 13.6 7.6 Nondurable goods....................... 2.3 .9 1.8 1.6 .6 1.2 .1 2.8 Services................................. 1.9 1.2 .3 1.3 2.1 .6 .6 1.7 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Oct 12 Nov 12 Dec 12 Jan 13\r\ Feb 13\r\ Mar 13\r\ Apr 13\r\ May 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 116.518 116.358 116.360 116.434 116.905 116.764 116.467 116.563 Goods.................................... 111.218 110.378 110.054 109.858 110.845 110.191 109.122 108.943 Durable goods.......................... 89.044 88.929 88.726 88.772 88.691 88.515 88.270 88.192 Nondurable goods....................... 124.442 123.137 122.737 122.376 124.071 123.102 121.490 121.246 Services................................. 119.344 119.564 119.749 119.977 120.156 120.305 120.444 120.694 Addenda: PCE excluding food and energy............ 114.127 114.222 114.274 114.499 114.584 114.642 114.654 114.774 Food\1\.................................. 121.183 121.430 121.677 121.679 121.876 121.953 122.067 121.762 Energy goods and services\2\............. 150.702 145.182 143.848 141.095 149.293 145.204 138.662 138.895 Market-based PCE\3\...................... 116.535 116.307 116.301 116.412 116.957 116.800 116.378 116.477 Market-based PCE excluding food and energy\3\........................... 113.766 113.820 113.872 114.163 114.273 114.343 114.258 114.385 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 -.1 .0 .1 .4 -.1 -.3 .1 Goods.................................... .1 -.8 -.3 -.2 .9 -.6 -1.0 -.2 Durable goods.......................... -.2 -.1 -.2 .1 -.1 -.2 -.3 -.1 Nondurable goods....................... .2 -1.0 -.3 -.3 1.4 -.8 -1.3 -.2 Services................................. .2 .2 .2 .2 .1 .1 .1 .2 Addenda: PCE excluding food and energy............ .2 .1 .0 .2 .1 .1 .0 .1 Food\1\.................................. .2 .2 .2 .0 .2 .1 .1 -.2 Energy goods and services\2\............. .2 -3.7 -.9 -1.9 5.8 -2.7 -4.5 .2 Market-based PCE\3\...................... .1 -.2 .0 .1 .5 -.1 -.4 .1 Market-based PCE excluding food and energy\3\........................... .1 .0 .0 .3 .1 .1 -.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 ----------------------------------------------------------------------------------------------------------------------------------- Oct 12 Nov 12 Dec 12 Jan 13\r\ Feb 13\r\ Mar 13\r\ Apr 13\r\ May 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.6 3.5 6.4 .3 .7 .8 1.1 1.1 Personal consumption expenditures.......... 1.5 1.9 2.1 1.9 1.7 2.0 1.7 1.8 Goods.................................... 2.4 3.4 3.9 3.3 3.0 3.1 2.9 3.7 Durable goods.......................... 6.4 9.0 9.5 7.9 7.1 7.0 7.5 8.8 Nondurable goods....................... .5 .8 1.3 1.2 1.1 1.2 .8 1.4 Services................................. 1.1 1.2 1.1 1.2 1.1 1.5 1.1 .9 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Oct 12 Nov 12 Dec 12 Jan 13\r\ Feb 13\r\ Mar 13\r\ Apr 13\r\ May 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.8 1.5 1.5 1.3 1.4 1.0 .7 1.0 Goods.................................... 1.4 .7 .6 .1 .4 -.5 -1.1 -.5 Durable goods.......................... -1.7 -1.6 -1.6 -1.6 -1.7 -1.7 -1.8 -1.9 Nondurable goods....................... 2.9 1.8 1.7 1.0 1.5 .2 -.8 .2 Services................................. 1.9 2.0 1.9 1.9 1.8 1.8 1.7 1.8 Addenda: PCE excluding food and energy............ 1.6 1.5 1.4 1.4 1.3 1.2 1.1 1.1 Food\1\.................................. .9 1.2 1.2 1.0 1.2 1.1 1.1 1.0 Energy goods and services\2\............. 5.3 1.9 2.4 .1 2.3 -1.6 -4.3 .6 Market-based PCE\3\...................... 1.8 1.6 1.5 1.3 1.5 1.1 .7 1.0 Market-based PCE excluding food and energy\3\........................... 1.7 1.6 1.4 1.5 1.4 1.3 1.1 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.