EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 26, 2014 BEA 14-29 James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov Jeannine Aversa (202) 606-2649 (News Media) PERSONAL INCOME AND OUTLAYS: MAY 2014 Personal income increased $58.8 billion, or 0.4 percent, and disposable personal income (DPI) increased $55.6 billion, or 0.4 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $18.3 billion, or 0.2 percent. In April, personal income increased $49.9 billion, or 0.3 percent, DPI increased $50.8 billion, or 0.4 percent, and PCE increased $2.3 billion, or less than 0.1 percent, based on revised estimates. Real DPI increased 0.2 percent in May, the same increase as in April. Real PCE decreased 0.1 percent in May, compared with a decrease of 0.2 percent in April. 2014 Jan. Feb. Mar. Apr. May (Percent change from preceding month) Personal income, current dollars 0.3 0.4 0.5 0.3 0.4 Disposable personal income: Current dollars 0.3 0.3 0.5 0.4 0.4 Chained (2009) dollars 0.2 0.3 0.3 0.2 0.2 Personal consumption expenditures: Current dollars -0.2 0.4 0.8 0.0 0.2 Chained (2009) dollars -0.3 0.3 0.6 -0.2 -0.1 FOOTNOTE.________ Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. Real estimates are in chained (2009) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. ________________ Wages and salaries Private wages and salaries increased $27.8 billion in May, compared with an increase of $17.9 billion in April. Goods-producing industries' payrolls increased $7.4 billion, in contrast to a decrease of $1.5 billion; manufacturing payrolls increased $5.0 billion, in contrast to a decrease of $2.8 billion. Services-producing industries' payrolls increased $20.4 billion, compared with an increase of $19.3 billion. Government wages and salaries increased $1.4 billion, compared with an increase of $1.2 billion. Other personal income Supplements to wages and salaries increased $3.7 billion in May, compared with an increase of $3.3 billion in April. Proprietors' income increased $3.4 billion in May, compared with an increase of $8.0 billion in April. Farm proprietors' income increased $2.3 billion, compared with an increase of $2.2 billion. Nonfarm proprietors' income increased $1.1 billion, compared with an increase of $5.8 billion. Rental income of persons increased $2.2 billion in May, compared with an increase of $2.4 billion in April. Personal income receipts on assets (personal interest income plus personal dividend income) increased $13.5 billion, compared with increased of $16.9 billion. Personal current transfer receipts increased $10.7 billion, compared with an increase of $3.3 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $4.0 billion in May, compared with an increase of $2.8 billion in April. Personal current taxes and disposable personal income Personal current taxes increased $3.2 billion in May, in contrast to a decrease of $0.9 billion in April. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $55.6 billion, or 0.4 percent, in May, compared with an increase of $50.8 billion, or 0.4 percent, in April. Personal outlays and saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $18.0 billion in May, compared with an increase of $2.1 billion in April. PCE increased $18.3 billion, compared with an increase of $2.3 billion. Personal saving -- DPI less personal outlays -- was $620.3 billion in May, compared with $582.7 billion in April. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.8 percent in May, compared with 4.5 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 financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in May, the same increase as in April. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in May, compared with a decrease of 0.2 percent in April. Purchases of durable goods increased 1.0 percent, in contrast to a decrease of 0.9 percent. Purchases of motor vehicles and parts accounted for more than half of the increase in May, and more than accounted for the decrease in April. Purchases of nondurable goods decreased 0.3 percent in May, compared with a decrease of 0.1 percent in April. Purchases of services decreased 0.2 percent, compared with a decrease of 0.1 percent. The price index for PCE increased 0.2 percent in May, the same increase as in April. The PCE price index, excluding food and energy, increased 0.2 percent in May, the same increase as in April. Price index: percent change from month one year ago The May price index for PCE increased 1.8 percent from May a year ago. The May PCE price index, excluding food and energy, increased 1.5 percent from May a year ago. Revisions Estimates have been revised for January through April. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for March and 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 76.3 78.0 0.5 0.5 43.7 49.9 0.3 0.3 Disposable personal income: Current dollars 65.0 66.5 0.5 0.5 44.6 50.8 0.3 0.4 Chained (2009) dollars 38.1 39.7 0.3 0.3 18.3 23.5 0.2 0.2 Personal consumption expenditures: Current dollars 117.6 95.3 1.0 0.8 -8.1 2.3 -0.1 0.0 Chained (2009) dollars 88.3 67.9 0.8 0.6 -28.7 -19.5 -0.3 -0.2 BOX._____________ Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released in conjunction with preliminary estimates for June 2014 on August 1, 2014. In addition to the regular revision of estimates for the most recent 3 years and for the first 5 months of 2014, personal income and select components will be revised back further. More information is available in "Preview of Upcoming NIPA Revision" in the May Survey of Current Business and on BEA's Web site. The August Survey will contain an article describing the annual revision 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 free e-mail summaries of BEA releases and announcements. * * * Next release – August 1, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for June Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\r\ Apr 14\r\ May 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,280.6 14,317.7 14,305.5 14,349.6 14,400.6 14,478.6 14,528.5 14,587.3 Compensation of employees................ 8,938.4 8,984.0 8,973.5 9,006.5 9,032.8 9,085.2 9,107.5 9,140.4 Wages and salaries..................... 7,205.9 7,246.7 7,234.8 7,262.4 7,285.0 7,332.3 7,351.3 7,380.5 Private industries................... 6,008.3 6,047.3 6,033.6 6,060.0 6,080.1 6,126.2 6,144.1 6,171.9 Goods-producing industries......... 1,196.4 1,207.3 1,208.8 1,212.1 1,219.5 1,228.7 1,227.2 1,234.6 Manufacturing.................... 750.8 756.3 755.4 754.6 756.0 763.6 760.8 765.8 Services-producing industries...... 4,811.9 4,840.0 4,824.9 4,847.9 4,860.6 4,897.6 4,916.9 4,937.3 Trade, transportation, and utilities....................... 1,138.3 1,145.7 1,143.2 1,147.8 1,147.6 1,160.0 1,169.1 1,171.0 Other services-producing industries...................... 3,673.6 3,694.3 3,681.7 3,700.1 3,712.9 3,737.5 3,747.8 3,766.3 Government........................... 1,197.6 1,199.4 1,201.2 1,202.3 1,204.9 1,206.0 1,207.2 1,208.6 Supplements to wages and salaries...... 1,732.5 1,737.4 1,738.7 1,744.2 1,747.8 1,752.9 1,756.2 1,759.9 Employer contributions for employee pension and insurance funds\1\...... 1,197.4 1,199.9 1,202.1 1,204.0 1,206.3 1,208.4 1,210.6 1,212.4 Employer contributions for government social insurance.................... 535.1 537.5 536.6 540.2 541.4 544.5 545.7 547.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,363.5 1,358.8 1,353.1 1,357.7 1,358.1 1,362.5 1,370.5 1,373.9 Farm................................... 125.4 112.9 100.3 100.1 99.9 99.7 101.9 104.2 Nonfarm................................ 1,238.0 1,245.9 1,252.8 1,257.6 1,258.2 1,262.8 1,268.6 1,269.7 Rental income of persons with capital consumption adjustment.................. 602.5 603.2 603.9 608.0 611.7 615.9 618.3 620.5 Personal income receipts on assets....... 2,029.1 2,031.0 2,030.3 2,022.5 2,029.5 2,038.8 2,055.7 2,069.2 Personal interest income............... 1,237.1 1,241.1 1,245.1 1,243.4 1,241.8 1,240.1 1,244.3 1,248.5 Personal dividend income............... 792.0 789.9 785.2 779.1 787.7 798.7 811.3 820.7 Personal current transfer receipts....... 2,462.1 2,460.9 2,463.9 2,484.7 2,501.5 2,515.6 2,518.9 2,529.6 Government social benefits to persons.. 2,416.9 2,415.6 2,418.4 2,439.1 2,455.7 2,469.7 2,472.8 2,483.3 Social security\2\................... 803.5 809.7 813.4 821.1 821.9 830.1 831.5 832.6 Medicare\3\.......................... 597.5 596.9 596.8 599.4 601.1 601.2 603.3 604.3 Medicaid............................. 438.2 437.1 435.1 450.6 460.5 466.2 461.6 462.0 Unemployment insurance............... 60.3 58.8 61.5 45.7 42.3 41.1 39.5 39.0 Veterans' benefits................... 83.5 83.0 82.6 82.6 87.1 84.1 84.6 84.7 Other................................ 433.9 430.0 429.0 439.6 442.8 446.9 452.3 460.9 Other current transfer receipts, from business (net)........................ 45.2 45.3 45.5 45.7 45.8 46.0 46.1 46.3 Less: Contributions for government social insurance, domestic..................... 1,114.9 1,120.3 1,119.1 1,129.9 1,133.0 1,139.5 1,142.3 1,146.3 Less: Personal current taxes............... 1,667.8 1,682.5 1,685.3 1,688.6 1,696.4 1,707.8 1,706.9 1,710.1 Equals: Disposable personal income......... 12,612.8 12,635.3 12,620.2 12,660.9 12,704.3 12,770.8 12,821.6 12,877.2 Less: Personal outlays..................... 12,030.0 12,097.3 12,104.8 12,087.6 12,137.3 12,236.8 12,238.9 12,256.9 Personal consumption expenditures........ 11,612.5 11,682.1 11,691.9 11,669.5 11,714.9 11,810.2 11,812.5 11,830.8 Goods.................................. 3,923.4 3,940.6 3,926.9 3,886.5 3,925.9 3,970.1 3,968.4 3,982.6 Durable goods........................ 1,276.8 1,291.8 1,258.3 1,246.5 1,262.8 1,305.6 1,294.5 1,303.9 Nondurable goods..................... 2,646.6 2,648.7 2,668.6 2,640.0 2,663.1 2,664.5 2,673.9 2,678.7 Services............................... 7,689.1 7,741.5 7,765.0 7,783.0 7,789.0 7,840.1 7,844.1 7,848.2 Personal interest payments\4\............ 250.8 248.3 245.7 249.7 253.8 257.8 257.4 257.0 Personal current transfer payments....... 166.7 166.9 167.2 168.4 168.6 168.8 169.0 169.2 To government.......................... 91.3 91.6 91.9 92.1 92.4 92.6 92.7 92.9 To the rest of the world (net)......... 75.4 75.4 75.4 76.3 76.3 76.3 76.3 76.3 Equals: Personal saving.................... 582.9 537.9 515.3 573.3 567.0 534.0 582.7 620.3 Personal saving as a percentage of disposable personal income.............. 4.6 4.3 4.1 4.5 4.5 4.2 4.5 4.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,988.0 11,015.9 10,983.1 10,994.1 11,018.8 11,057.5 11,078.6 11,096.9 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,726.6 11,739.1 11,705.3 11,731.7 11,764.4 11,804.1 11,827.6 11,851.2 Per capita: Current dollars...................... 39,767 39,815 39,746 39,854 39,971 40,159 40,297 40,449 Chained (2009) dollars............... 36,972 36,991 36,865 36,929 37,014 37,119 37,173 37,226 Population (midperiod, thousands)\6\..... 317,171 317,351 317,520 317,681 317,840 318,006 318,178 318,357 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. > Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 IV 12 I 13 II 13 III 13 IV 13 I 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,743.8 14,134.7 14,073.1 13,925.9 14,086.2 14,225.3 14,301.3 14,409.6 Compensation of employees................ 8,611.6 8,859.4 8,787.4 8,748.3 8,835.5 8,888.3 8,965.3 9,041.5 Wages and salaries..................... 6,926.8 7,137.5 7,086.6 7,040.4 7,117.6 7,162.8 7,229.1 7,293.2 Private industries................... 5,729.4 5,942.5 5,887.2 5,844.5 5,923.6 5,972.2 6,029.7 6,088.8 Goods-producing industries......... 1,154.0 1,188.9 1,167.0 1,173.8 1,187.1 1,190.6 1,204.1 1,220.1 Manufacturing.................... 735.4 747.4 740.5 742.1 745.9 747.3 754.2 758.1 Services-producing industries...... 4,575.4 4,753.6 4,720.3 4,670.7 4,736.4 4,781.6 4,825.6 4,868.7 Trade, transportation, and utilities....................... 1,093.7 1,127.7 1,114.2 1,115.2 1,123.2 1,129.8 1,142.4 1,151.8 Other services-producing industries...................... 3,481.7 3,625.9 3,606.1 3,555.5 3,613.2 3,651.9 3,683.2 3,716.8 Government........................... 1,197.3 1,195.0 1,199.3 1,195.8 1,194.1 1,190.6 1,199.4 1,204.4 Supplements to wages and salaries...... 1,684.9 1,721.9 1,700.9 1,707.9 1,717.8 1,725.5 1,736.2 1,748.3 Employer contributions for employee pension and insurance funds\1\...... 1,170.6 1,190.6 1,176.8 1,182.1 1,187.6 1,193.0 1,199.8 1,206.2 Employer contributions for government social insurance.................... 514.3 531.2 524.0 525.8 530.2 532.4 536.4 542.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,224.9 1,348.8 1,247.5 1,334.6 1,341.5 1,360.7 1,358.5 1,359.5 Farm................................... 75.4 127.6 74.5 137.0 129.0 131.7 112.9 99.9 Nonfarm................................ 1,149.6 1,221.2 1,173.0 1,197.6 1,212.5 1,229.0 1,245.6 1,259.5 Rental income of persons with capital consumption adjustment.................. 541.2 590.6 555.4 574.9 587.7 596.6 603.2 611.9 Personal income receipts on assets....... 1,958.5 1,997.7 2,062.8 1,935.8 1,994.0 2,030.7 2,030.1 2,030.3 Personal interest income............... 1,211.6 1,229.2 1,218.4 1,215.8 1,225.6 1,234.2 1,241.1 1,241.8 Personal dividend income............... 746.9 768.5 844.3 720.0 768.4 796.5 789.0 788.5 Personal current transfer receipts....... 2,358.3 2,444.3 2,388.0 2,426.0 2,430.9 2,458.0 2,462.3 2,500.6 Government social benefits to persons.. 2,316.8 2,399.7 2,347.9 2,382.0 2,386.5 2,413.1 2,417.0 2,454.8 Social security\2\................... 762.2 799.0 770.2 789.8 794.9 802.4 808.9 824.3 Medicare\3\.......................... 560.8 592.3 577.2 589.3 586.3 596.5 597.1 600.5 Medicaid............................. 417.1 431.2 425.1 423.7 426.1 438.4 436.8 459.1 Unemployment insurance............... 84.2 66.2 75.3 73.9 68.5 62.2 60.2 43.1 Veterans' benefits................... 70.2 80.4 73.3 76.8 80.0 81.6 83.0 84.6 Other................................ 422.5 430.6 426.8 428.6 430.8 432.0 431.0 443.1 Other current transfer receipts, from business (net)........................ 41.4 44.6 40.1 44.0 44.4 44.9 45.3 45.8 Less: Contributions for government social insurance, domestic..................... 950.7 1,106.0 967.9 1,093.7 1,103.3 1,109.0 1,118.1 1,134.1 Less: Personal current taxes............... 1,498.0 1,658.5 1,552.8 1,629.0 1,668.8 1,657.6 1,678.5 1,697.6 Equals: Disposable personal income......... 12,245.8 12,476.2 12,520.4 12,296.9 12,417.4 12,567.7 12,622.8 12,712.0 Less: Personal outlays..................... 11,558.4 11,914.9 11,696.2 11,794.9 11,837.0 11,950.4 12,077.4 12,153.9 Personal consumption expenditures........ 11,149.6 11,501.5 11,285.5 11,379.2 11,427.1 11,537.7 11,662.2 11,731.5 Goods.................................. 3,769.7 3,885.9 3,826.1 3,851.8 3,848.5 3,912.8 3,930.3 3,927.5 Durable goods........................ 1,202.7 1,263.0 1,230.7 1,244.8 1,257.5 1,274.0 1,275.7 1,271.6 Nondurable goods..................... 2,567.0 2,622.9 2,595.4 2,607.0 2,591.0 2,638.8 2,654.7 2,655.9 Services............................... 7,379.9 7,615.7 7,459.4 7,527.4 7,578.6 7,624.8 7,731.9 7,804.0 Personal interest payments\4\............ 248.4 247.9 247.3 250.4 244.3 248.8 248.3 253.8 Personal current transfer payments....... 160.4 165.4 163.4 165.3 165.6 163.9 166.9 168.6 To government.......................... 88.5 90.4 89.0 89.4 89.9 90.7 91.6 92.3 To the rest of the world (net)......... 71.9 75.0 74.4 75.9 75.7 73.2 75.4 76.3 Equals: Personal saving.................... 687.4 561.3 824.1 502.0 580.4 617.3 545.4 558.1 Personal saving as a percentage of disposable personal income.............. 5.6 4.5 6.6 4.1 4.7 4.9 4.3 4.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,740.1 10,904.0 10,959.6 10,756.9 10,905.4 10,958.1 10,995.7 11,023.5 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,551.6 11,636.9 11,743.0 11,502.4 11,618.5 11,703.4 11,723.7 11,766.8 Per capita: Current dollars...................... 38,969 39,424 39,731 38,961 39,278 39,677 39,776 39,995 Chained (2009) dollars............... 36,760 36,772 37,265 36,444 36,751 36,948 36,943 37,021 Population (midperiod, thousands)\6\..... 314,246 316,465 315,125 315,620 316,140 316,754 317,347 317,842 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. > Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\r\ Apr 14\r\ May 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -10.1 37.1 -12.2 44.1 51.0 78.0 49.9 58.8 Compensation of employees................ 15.3 45.6 -10.5 33.0 26.3 52.4 22.3 32.9 Wages and salaries..................... 12.3 40.8 -11.9 27.6 22.6 47.3 19.0 29.2 Private industries................... 11.7 39.0 -13.7 26.4 20.1 46.1 17.9 27.8 Goods-producing industries......... 1.4 10.9 1.5 3.3 7.4 9.2 -1.5 7.4 Manufacturing.................... .1 5.5 -.9 -.8 1.4 7.6 -2.8 5.0 Services-producing industries...... 10.2 28.1 -15.1 23.0 12.7 37.0 19.3 20.4 Trade, transportation, and utilities....................... 5.1 7.4 -2.5 4.6 -.2 12.4 9.1 1.9 Other services-producing industries...................... 5.2 20.7 -12.6 18.4 12.8 24.6 10.3 18.5 Government........................... .6 1.8 1.8 1.1 2.6 1.1 1.2 1.4 Supplements to wages and salaries...... 3.0 4.9 1.3 5.5 3.6 5.1 3.3 3.7 Employer contributions for employee pension and insurance funds\1\...... 2.2 2.5 2.2 1.9 2.3 2.1 2.2 1.8 Employer contributions for government social insurance.................... .8 2.4 -.9 3.6 1.2 3.1 1.2 1.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. -18.6 -4.7 -5.7 4.6 .4 4.4 8.0 3.4 Farm................................... -22.7 -12.5 -12.6 -.2 -.2 -.2 2.2 2.3 Nonfarm................................ 3.9 7.9 6.9 4.8 .6 4.6 5.8 1.1 Rental income of persons with capital consumption adjustment.................. 1.3 .7 .7 4.1 3.7 4.2 2.4 2.2 Personal income receipts on assets....... -3.1 1.9 -.7 -7.8 7.0 9.3 16.9 13.5 Personal interest income............... 4.0 4.0 4.0 -1.7 -1.6 -1.7 4.2 4.2 Personal dividend income............... -7.0 -2.1 -4.7 -6.1 8.6 11.0 12.6 9.4 Personal current transfer receipts....... -3.0 -1.2 3.0 20.8 16.8 14.1 3.3 10.7 Government social benefits to persons.. -3.1 -1.3 2.8 20.7 16.6 14.0 3.1 10.5 Social security\2\................... -.6 6.2 3.7 7.7 .8 8.2 1.4 1.1 Medicare\3\.......................... -2.3 -.6 -.1 2.6 1.7 .1 2.1 1.0 Medicaid............................. -2.1 -1.1 -2.0 15.5 9.9 5.7 -4.6 .4 Unemployment insurance............... .7 -1.5 2.7 -15.8 -3.4 -1.2 -1.6 -.5 Veterans' benefits................... .1 -.5 -.4 .0 4.5 -3.0 .5 .1 Other................................ 1.0 -3.9 -1.0 10.6 3.2 4.1 5.4 8.6 Other current transfer receipts, from business (net)........................ .2 .1 .2 .2 .1 .2 .1 .2 Less: Contributions for government social insurance, domestic..................... 1.9 5.4 -1.2 10.8 3.1 6.5 2.8 4.0 Less: Personal current taxes............... 10.6 14.7 2.8 3.3 7.8 11.4 -.9 3.2 Equals: Disposable personal income......... -20.8 22.5 -15.1 40.7 43.4 66.5 50.8 55.6 Less: Personal outlays..................... 36.7 67.3 7.5 -17.2 49.7 99.5 2.1 18.0 Personal consumption expenditures........ 36.7 69.6 9.8 -22.4 45.4 95.3 2.3 18.3 Goods.................................. -1.7 17.2 -13.7 -40.4 39.4 44.2 -1.7 14.2 Durable goods........................ 7.4 15.0 -33.5 -11.8 16.3 42.8 -11.1 9.4 Nondurable goods..................... -9.1 2.1 19.9 -28.6 23.1 1.4 9.4 4.8 Services............................... 38.4 52.4 23.5 18.0 6.0 51.1 4.0 4.1 Personal interest payments\4\............ -2.5 -2.5 -2.6 4.0 4.1 4.0 -.4 -.4 Personal current transfer payments....... 2.5 .2 .3 1.2 .2 .2 .2 .2 To government.......................... .3 .3 .3 .2 .3 .2 .1 .2 To the rest of the world (net)......... 2.2 .0 .0 .9 .0 .0 .0 .0 Equals: Personal saving.................... -57.3 -45.0 -22.6 58.0 -6.3 -33.0 48.7 37.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... -12.6 27.9 -32.8 11.0 24.7 38.7 21.1 18.3 Disposable personal income, billions of chained (2009) dollars\5\............ -25.5 12.5 -33.8 26.4 32.7 39.7 23.5 23.6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. > Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 IV 12 I 13 II 13 III 13 IV 13 I 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 552.5 390.9 371.5 -147.2 160.3 139.1 76.0 108.3 Compensation of employees................ 333.1 247.8 196.4 -39.1 87.2 52.8 77.0 76.2 Wages and salaries..................... 288.1 210.7 181.9 -46.2 77.2 45.2 66.3 64.1 Private industries................... 285.1 213.1 177.5 -42.7 79.1 48.6 57.5 59.1 Goods-producing industries......... 51.9 34.9 20.3 6.8 13.3 3.5 13.5 16.0 Manufacturing.................... 28.3 12.0 8.2 1.6 3.8 1.4 6.9 3.9 Services-producing industries...... 233.2 178.2 157.3 -49.6 65.7 45.2 44.0 43.1 Trade, transportation, and utilities....................... 47.5 34.0 24.2 1.0 8.0 6.6 12.6 9.4 Other services-producing industries...................... 185.7 144.2 133.1 -50.6 57.7 38.7 31.3 33.6 Government........................... 2.9 -2.3 4.2 -3.5 -1.7 -3.5 8.8 5.0 Supplements to wages and salaries...... 45.1 37.0 14.7 7.0 9.9 7.7 10.7 12.1 Employer contributions for employee pension and insurance funds\1\...... 25.2 20.0 2.7 5.3 5.5 5.4 6.8 6.4 Employer contributions for government social insurance.................... 19.9 16.9 11.8 1.8 4.4 2.2 4.0 5.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 69.8 123.9 27.5 87.1 6.9 19.2 -2.2 1.0 Farm................................... 2.8 52.2 -.8 62.5 -8.0 2.7 -18.8 -13.0 Nonfarm................................ 67.0 71.6 28.3 24.6 14.9 16.5 16.6 13.9 Rental income of persons with capital consumption adjustment.................. 56.8 49.4 8.7 19.5 12.8 8.9 6.6 8.7 Personal income receipts on assets....... 73.9 39.2 135.9 -127.0 58.2 36.7 -.6 .2 Personal interest income............... 7.5 17.6 14.7 -2.6 9.8 8.6 6.9 .7 Personal dividend income............... 66.4 21.6 121.1 -124.3 48.4 28.1 -7.5 -.5 Personal current transfer receipts....... 51.4 86.0 23.6 38.0 4.9 27.1 4.3 38.3 Government social benefits to persons.. 56.5 82.9 24.1 34.1 4.5 26.6 3.9 37.8 Social security\2\................... 48.9 36.8 5.4 19.6 5.1 7.5 6.5 15.4 Medicare\3\.......................... 23.8 31.5 13.2 12.1 -3.0 10.2 .6 3.4 Medicaid............................. 11.6 14.1 3.6 -1.4 2.4 12.3 -1.6 22.3 Unemployment insurance............... -23.4 -18.0 -3.4 -1.4 -5.4 -6.3 -2.0 -17.1 Veterans' benefits................... 6.9 10.2 2.0 3.5 3.2 1.6 1.4 1.6 Other................................ -11.2 8.1 3.3 1.8 2.2 1.2 -1.0 12.1 Other current transfer receipts, from business (net)........................ -5.3 3.2 -.5 3.9 .4 .5 .4 .5 Less: Contributions for government social insurance, domestic..................... 32.5 155.3 20.5 125.8 9.6 5.7 9.1 16.0 Less: Personal current taxes............... 94.0 160.5 56.4 76.2 39.8 -11.2 20.9 19.1 Equals: Disposable personal income......... 458.4 230.4 315.3 -223.5 120.5 150.3 55.1 89.2 Less: Personal outlays..................... 439.3 356.5 95.2 98.7 42.1 113.4 127.0 76.5 Personal consumption expenditures........ 437.8 351.9 91.9 93.7 47.9 110.6 124.5 69.3 Goods.................................. 167.0 116.2 41.2 25.7 -3.3 64.3 17.5 -2.8 Durable goods........................ 72.8 60.3 24.2 14.1 12.7 16.5 1.7 -4.1 Nondurable goods..................... 94.2 55.9 17.0 11.6 -16.0 47.8 15.9 1.2 Services............................... 270.8 235.8 50.7 68.0 51.2 46.2 107.1 72.1 Personal interest payments\4\............ .4 -.5 -3.4 3.1 -6.1 4.5 -.5 5.5 Personal current transfer payments....... 1.0 5.0 6.7 1.9 .3 -1.7 3.0 1.7 To government.......................... 3.2 1.9 .2 .4 .5 .8 .9 .7 To the rest of the world (net)......... -2.2 3.1 6.5 1.5 -.2 -2.5 2.2 .9 Equals: Personal saving.................... 19.2 -126.1 220.0 -322.1 78.4 36.9 -71.9 12.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 283.0 163.9 283.4 -202.7 148.5 52.7 37.6 27.8 Disposable personal income, billions of chained (2009) dollars\5\............ 227.0 85.3 249.4 -240.6 116.1 84.9 20.3 43.1 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. > Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\r\ Apr 14\r\ May 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ -.1 .3 -.1 .3 .4 .5 .3 .4 Compensation of employees................ .2 .5 -.1 .4 .3 .6 .2 .4 Wages and salaries..................... .2 .6 -.2 .4 .3 .6 .3 .4 Supplements to wages and salaries...... .2 .3 .1 .3 .2 .3 .2 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. -1.4 -.3 -.4 .3 .0 .3 .6 .2 Rental income of persons with capital consumption adjustment.................. .2 .1 .1 .7 .6 .7 .4 .4 Personal income receipts on assets....... -.2 .1 .0 -.4 .3 .5 .8 .7 Personal interest income............... .3 .3 .3 -.1 -.1 -.1 .3 .3 Personal dividend income............... -.9 -.3 -.6 -.8 1.1 1.4 1.6 1.2 Personal current transfer receipts....... -.1 .0 .1 .8 .7 .6 .1 .4 Less: Contributions for government social insurance, domestic..................... .2 .5 -.1 1.0 .3 .6 .3 .3 Less: Personal current taxes............... .6 .9 .2 .2 .5 .7 -.1 .2 Equals: Disposable personal income......... -.2 .2 -.1 .3 .3 .5 .4 .4 Addenda: Personal consumption expenditures........ .3 .6 .1 -.2 .4 .8 .0 .2 Goods.................................. .0 .4 -.3 -1.0 1.0 1.1 .0 .4 Durable goods........................ .6 1.2 -2.6 -.9 1.3 3.4 -.9 .7 Nondurable goods..................... -.3 .1 .7 -1.1 .9 .1 .4 .2 Services............................... .5 .7 .3 .2 .1 .7 .1 .1 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.1 .3 -.3 .1 .2 .4 .2 .2 Real disposable personal income.......... -.2 .1 -.3 .2 .3 .3 .2 .2 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 IV 12 I 13 II 13 III 13 IV 13 I 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 4.2 2.8 11.3 -4.1 4.7 4.0 2.2 3.1 Compensation of employees................ 4.0 2.9 9.5 -1.8 4.0 2.4 3.5 3.4 Wages and salaries..................... 4.3 3.0 11.0 -2.6 4.5 2.6 3.8 3.6 Supplements to wages and salaries...... 2.7 2.2 3.5 1.7 2.3 1.8 2.5 2.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 6.0 10.1 9.3 31.0 2.1 5.9 -.7 .3 Rental income of persons with capital consumption adjustment.................. 11.7 9.1 6.5 14.8 9.2 6.2 4.5 5.9 Personal income receipts on assets....... 3.9 2.0 31.3 -22.4 12.6 7.6 -.1 .0 Personal interest income............... .6 1.4 5.0 -.9 3.3 2.8 2.3 .2 Personal dividend income............... 9.8 2.9 85.8 -47.1 29.7 15.5 -3.7 -.3 Personal current transfer receipts....... 2.2 3.6 4.0 6.5 .8 4.5 .7 6.4 Less: Contributions for government social insurance, domestic..................... 3.5 16.3 8.9 63.0 3.5 2.1 3.3 5.9 Less: Personal current taxes............... 6.7 10.7 15.9 21.1 10.1 -2.7 5.1 4.6 Equals: Disposable personal income......... 3.9 1.9 10.7 -7.0 4.0 4.9 1.8 2.9 Addenda: Personal consumption expenditures........ 4.1 3.2 3.3 3.4 1.7 3.9 4.4 2.4 Goods.................................. 4.6 3.1 4.4 2.7 -.3 6.9 1.8 -.3 Durable goods........................ 6.4 5.0 8.3 4.7 4.1 5.4 .5 -1.3 Nondurable goods..................... 3.8 2.2 2.7 1.8 -2.4 7.6 2.4 .2 Services............................... 3.8 3.2 2.8 3.7 2.8 2.5 5.7 3.8 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 2.7 1.5 11.0 -7.2 5.6 1.9 1.4 1.0 Real disposable personal income.......... 2.0 .7 9.0 -7.9 4.1 3.0 .7 1.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised > Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\r\ Apr 14\r\ May 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,796.5 10,853.5 10,844.3 10,813.1 10,848.3 10,916.2 10,896.7 10,888.1 Goods.................................... 3,696.7 3,719.4 3,702.4 3,665.7 3,706.2 3,751.3 3,739.0 3,744.2 Durable goods.......................... 1,355.1 1,374.5 1,343.7 1,332.6 1,353.3 1,400.0 1,387.8 1,401.8 Nondurable goods....................... 2,358.8 2,364.0 2,373.7 2,348.3 2,369.3 2,373.0 2,371.5 2,364.9 Services................................. 7,099.4 7,133.7 7,141.2 7,145.9 7,141.3 7,164.8 7,157.4 7,143.9 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 28.3 57.0 -9.2 -31.2 35.2 67.9 -19.5 -8.6 Goods.................................... 4.9 22.7 -17.0 -36.7 40.5 45.1 -12.3 5.2 Durable goods.......................... 9.7 19.4 -30.8 -11.1 20.7 46.7 -12.2 14.0 Nondurable goods....................... -3.5 5.2 9.7 -25.4 21.0 3.7 -1.5 -6.6 Services................................. 23.4 34.3 7.5 4.7 -4.6 23.5 -7.4 -13.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .3 .5 -.1 -.3 .3 .6 -.2 -.1 Goods.................................... .1 .6 -.5 -1.0 1.1 1.2 -.3 .1 Durable goods.......................... .7 1.4 -2.2 -.8 1.6 3.5 -.9 1.0 Nondurable goods....................... -.1 .2 .4 -1.1 .9 .2 -.1 -.3 Services................................. .3 .5 .1 .1 -.1 .3 -.1 -.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised > Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 IV 12 I 13 II 13 III 13 IV 13 I 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,517.6 10,727.9 10,584.8 10,644.0 10,691.9 10,744.2 10,831.5 10,859.2 Goods.................................... 3,534.1 3,659.4 3,579.2 3,611.9 3,639.6 3,680.0 3,706.1 3,707.7 Durable goods.......................... 1,246.7 1,333.3 1,285.2 1,303.5 1,323.2 1,348.6 1,357.8 1,362.0 Nondurable goods....................... 2,296.8 2,342.0 2,306.7 2,322.2 2,331.7 2,348.6 2,365.5 2,363.5 Services................................. 6,982.7 7,067.7 7,004.7 7,031.1 7,051.5 7,063.6 7,124.8 7,150.7 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 226.3 210.3 43.8 59.2 47.9 52.3 87.3 27.7 Goods.................................... 114.2 125.3 32.5 32.7 27.7 40.4 26.1 1.6 Durable goods.......................... 89.6 86.6 31.8 18.3 19.7 25.4 9.2 4.2 Nondurable goods....................... 30.8 45.2 3.7 15.5 9.5 16.9 16.9 -2.0 Services................................. 111.6 85.0 11.3 26.4 20.4 12.1 61.2 25.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.2 2.0 1.7 2.3 1.8 2.0 3.3 1.0 Goods.................................... 3.3 3.5 3.7 3.7 3.1 4.5 2.9 .2 Durable goods.......................... 7.7 6.9 10.5 5.8 6.2 7.9 2.8 1.2 Nondurable goods....................... 1.4 2.0 .6 2.7 1.6 2.9 2.9 -.3 Services................................. 1.6 1.2 .6 1.5 1.2 .7 3.5 1.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised > Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\r\ Apr 14\r\ May 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 107.560 107.636 107.818 107.923 107.991 108.192 108.407 108.660 Goods.................................... 106.135 105.948 106.066 106.025 105.928 105.832 106.135 106.368 Durable goods.......................... 94.212 93.975 93.636 93.523 93.300 93.242 93.262 93.002 Nondurable goods....................... 112.203 112.046 112.425 112.426 112.404 112.285 112.753 113.274 Services................................. 108.308 108.522 108.737 108.917 109.071 109.426 109.595 109.859 Addenda: PCE excluding food and energy............ 106.305 106.427 106.514 106.607 106.693 106.882 107.070 107.248 Food\1\.................................. 107.988 107.937 108.041 108.014 108.303 108.790 109.116 109.758 Energy goods and services\2\............. 128.820 128.221 130.336 130.864 130.235 130.193 130.725 131.794 Market-based PCE\3\...................... 107.376 107.432 107.598 107.701 107.768 107.949 108.168 108.420 Market-based PCE excluding food and energy\3\........................... 105.902 106.007 106.062 106.152 106.239 106.402 106.592 106.757 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .1 .2 .1 .1 .2 .2 .2 Goods.................................... -.2 -.2 .1 .0 -.1 -.1 .3 .2 Durable goods.......................... -.1 -.3 -.4 -.1 -.2 -.1 .0 -.3 Nondurable goods....................... -.2 -.1 .3 .0 .0 -.1 .4 .5 Services................................. .2 .2 .2 .2 .1 .3 .2 .2 Addenda: PCE excluding food and energy............ .1 .1 .1 .1 .1 .2 .2 .2 Food\1\.................................. .0 .0 .1 .0 .3 .4 .3 .6 Energy goods and services\2\............. -1.0 -.5 1.6 .4 -.5 .0 .4 .8 Market-based PCE\3\...................... .0 .1 .2 .1 .1 .2 .2 .2 Market-based PCE excluding food and energy\3\........................... .1 .1 .1 .1 .1 .2 .2 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household 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 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\r\ Apr 14\r\ May 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.8 .6 -2.8 2.7 2.1 2.0 2.0 1.9 Personal consumption expenditures.......... 2.3 2.5 2.3 1.9 1.9 2.3 2.0 1.9 Goods.................................... 3.9 3.8 3.0 1.8 2.5 3.6 3.2 2.8 Durable goods.......................... 7.3 6.5 3.2 2.5 3.7 7.2 5.5 6.1 Nondurable goods....................... 2.3 2.5 2.9 1.5 2.0 1.9 2.1 1.2 Services................................. 1.4 1.8 1.9 1.9 1.6 1.6 1.5 1.4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised > Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Oct 13 Nov 13 Dec 13 Jan 14\r\ Feb 14\r\ Mar 14\r\ Apr 14\r\ May 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... .8 1.0 1.2 1.2 .8 1.1 1.6 1.8 Goods.................................... -1.3 -.7 -.4 -.2 -1.1 -.7 .5 .9 Durable goods.......................... -1.8 -1.9 -2.0 -2.2 -2.3 -2.2 -1.9 -2.1 Nondurable goods....................... -1.0 -.2 .4 .7 -.5 .1 1.7 2.4 Services................................. 1.9 1.9 1.9 1.9 1.9 2.1 2.2 2.2 Addenda: PCE excluding food and energy............ 1.1 1.2 1.2 1.1 1.1 1.2 1.4 1.5 Food\1\.................................. 1.0 .7 .6 .6 .7 1.1 1.3 2.1 Energy goods and services\2\............. -4.3 -1.3 1.2 3.5 -2.4 .2 5.2 5.8 Market-based PCE\3\...................... .7 1.0 1.1 1.1 .7 1.0 1.6 1.7 Market-based PCE excluding food and energy\3\........................... 1.1 1.2 1.2 1.0 1.0 1.1 1.3 1.4 ----------------------------------------------------------------------------------------------------------------------------------- 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.