EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 25, 2015 BEA 15-30 Technical: James Rankin (202)606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov Media: Jeannine Aversa (202)606-2649 PERSONAL INCOME AND OUTLAYS: MAY 2015 Personal income increased $79.0 billion, or 0.5 percent, and disposable personal income (DPI) increased $65.5 billion, or 0.5 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $105.9 billion, or 0.9 percent. In April, personal income increased $69.6 billion, or 0.5 percent, DPI increased $57.0 billion, or 0.4 percent, and PCE increased $8.5 billion, or 0.1 percent, based on revised estimates. Real DPI increased 0.2 percent in May, compared with an increase of 0.4 percent in April. Real PCE increased 0.6 percent, compared with an increase of less than 0.1 percent. 2015 Jan. Feb. Mar. Apr. May (Percent change from preceding month) Personal income, current dollars 0.3 0.4 0.0 0.5 0.5 Disposable personal income: Current dollars 0.2 0.4 0.0 0.4 0.5 Chained (2009) dollars 0.6 0.3 -0.2 0.4 0.2 Personal consumption expenditures: Current dollars -0.3 0.2 0.6 0.1 0.9 Chained (2009) dollars 0.2 0.0 0.5 0.0 0.6 FOOTNOTE._________ 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 (2009) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. __________________ Compensation Wages and salaries increased $37.1 billion in May, compared with an increase of $21.6 billion in April. Private wages and salaries increased $34.8 billion, compared with an increase of $19.4 billion. Government wages and salaries increased $2.4 billion, compared with an increase of $2.1 billion. Supplements to wages and salaries increased $5.7 billion in May, compared with an increase of $4.5 billion in April. Other personal income Proprietors' income increased $10.5 billion in May, compared with an increase of $4.4 billion in April. Farm proprietors' income increased $3.9 billion in May, the same increase as in April. Nonfarm proprietors' income increased $6.5 billion in May, compared with an increase of $0.5 billion in April. Rental income of persons increased $5.4 billion in May, compared with an increase of $5.0 billion in April. Personal income receipts on assets (personal interest income plus personal dividend income) increased $22.8 billion, compared with an increase of $30.4 billion. Personal current transfer receipts increased $2.4 billion in May, compared with an increase of $6.2 billion in April. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $4.8 billion in May, compared with an increase of $2.6 billion in April. Personal current taxes and disposable personal income Personal current taxes increased $13.5 billion in May, compared with an increase of $12.6 billion in April. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $65.5 billion, or 0.5 percent, in May, compared with an increase of $57.0 billion, or 0.4 percent, in April. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $106.9 billion in May, compared with an increase of $9.5 billion in April. PCE increased $105.9 billion, compared with an increase of $8.5 billion. Personal saving -- DPI less personal outlays -- was $685.5 billion in May, compared with $726.9 billion in April. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.1 percent in May, compared with 5.4 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, compared with an increase of 0.4 percent in April. Real PCE -- PCE adjusted to remove price changes -- increased 0.6 percent in May, compared with an increase of less than 0.1 percent in April. Purchases of durable goods increased 2.3 percent, in contrast to a decrease of 0.1 percent. Purchases of motor vehicles and parts accounted for about half of the increase in May, and more than accounted for the decrease in April. Purchases of nondurable goods increased 0.9 percent in May, in contrast to a decrease of 0.3 percent in April. Purchases of services increased 0.2 percent in May, the same increase as in April. The price index for PCE increased 0.3 percent in May, compared with an increase of less than 0.1 percent in April. The PCE price index, excluding food and energy, increased 0.1 percent in May, the same increase as in April. The May price index for PCE increased 0.2 percent from May a year ago.  The May PCE price index, excluding food and energy, increased 1.2 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 4.0 6.0 0.0 0.0 59.4 69.6 0.4 0.5 Disposable personal income: Current dollars 0.5 1.8 0.0 0.0 48.8 57.0 0.4 0.4 Chained (2009) dollars -18.8 -21.2 -0.2 -0.2 41.8 47.7 0.3 0.4 Personal consumption expenditures: Current dollars 65.6 78.0 0.5 0.6 -2.6 8.5 0.0 0.1 Chained (2009) dollars 42.8 50.9 0.4 0.5 -5.2 3.5 0.0 0.0 BOX.______________ Upcoming Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts, revised estimates of personal income and outlays will be released in conjunction with preliminary estimates for June 2015 on August 3, 2015. In addition to the regular revision of estimates for the most recent 3 years and for the first 5 months of 2015, personal income and select components will be revised back further. The June Survey of Current Business will contain an article that previews the annual revision, and the August Survey will contain an article that describes the results. __________________ BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API at www.bea.gov/API/signup/index.cfm. BEA's news release schedule is available at www.bea.gov/newsreleases/2015rd.htm. * * * Next release – August 3, 2015 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 14 Nov 14 Dec 14 Jan 15\r\ Feb 15\r\ Mar 15\r\ Apr 15\r\ May 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,915.9 14,984.3 15,037.7 15,089.1 15,152.4 15,158.4 15,228.0 15,307.0 Compensation of employees................ 9,338.6 9,412.7 9,431.2 9,482.5 9,508.4 9,522.7 9,548.9 9,591.7 Wages and salaries..................... 7,546.8 7,613.5 7,628.1 7,671.3 7,692.3 7,702.7 7,724.3 7,761.4 Private industries................... 6,318.9 6,383.9 6,396.8 6,436.9 6,455.6 6,464.5 6,483.9 6,518.7 Goods-producing industries......... 1,286.8 1,300.5 1,298.5 1,306.8 1,307.1 1,309.1 1,309.7 1,310.7 Manufacturing.................... 789.1 796.5 794.8 799.4 799.5 799.9 800.4 801.0 Services-producing industries...... 5,032.1 5,083.5 5,098.3 5,130.1 5,148.5 5,155.4 5,174.2 5,207.9 Trade, transportation, and utilities....................... 1,188.8 1,203.2 1,209.3 1,214.9 1,222.4 1,220.8 1,225.7 1,233.6 Other services-producing industries...................... 3,843.3 3,880.3 3,889.0 3,915.2 3,926.1 3,934.6 3,948.5 3,974.3 Government........................... 1,227.9 1,229.6 1,231.2 1,234.4 1,236.7 1,238.2 1,240.3 1,242.7 Supplements to wages and salaries...... 1,791.9 1,799.2 1,803.1 1,811.2 1,816.1 1,820.1 1,824.6 1,830.3 Employer contributions for employee pension and insurance funds\1\...... 1,236.5 1,239.4 1,242.4 1,246.5 1,250.3 1,253.8 1,257.3 1,260.6 Employer contributions for government social insurance.................... 555.4 559.9 560.7 564.8 565.9 566.2 567.3 569.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,400.7 1,396.2 1,410.5 1,398.1 1,389.7 1,390.1 1,394.5 1,405.0 Farm................................... 56.5 60.7 65.0 57.0 49.1 41.2 45.1 49.0 Nonfarm................................ 1,344.2 1,335.5 1,345.5 1,341.0 1,340.6 1,348.9 1,349.4 1,355.9 Rental income of persons with capital consumption adjustment.................. 653.2 655.1 659.6 661.1 664.2 667.7 672.7 678.1 Personal income receipts on assets....... 2,141.2 2,146.3 2,149.1 2,142.4 2,172.4 2,141.5 2,171.9 2,194.7 Personal interest income............... 1,261.1 1,259.9 1,258.8 1,251.8 1,244.9 1,237.9 1,256.4 1,275.0 Personal dividend income............... 880.0 886.3 890.4 890.6 927.5 903.6 915.5 919.7 Personal current transfer receipts....... 2,557.2 2,557.9 2,572.9 2,598.7 2,613.9 2,633.4 2,639.6 2,642.0 Government social benefits to persons.. 2,512.1 2,512.5 2,527.3 2,553.1 2,568.0 2,587.3 2,593.2 2,595.3 Social security\2\................... 839.7 841.9 850.3 859.9 859.4 865.2 867.4 871.9 Medicare\3\.......................... 591.1 590.3 593.3 595.6 599.2 597.3 603.9 606.1 Medicaid............................. 506.5 504.9 507.2 515.5 523.1 529.7 526.8 523.2 Unemployment insurance............... 34.0 34.0 34.1 33.9 33.9 33.2 32.4 31.8 Veterans' benefits................... 86.2 86.7 87.4 88.6 89.3 90.2 91.2 90.3 Other................................ 454.6 454.8 455.0 459.6 463.0 471.7 471.4 472.0 Other current transfer receipts, from business (net)........................ 45.1 45.3 45.6 45.6 45.9 46.2 46.4 46.7 Less: Contributions for government social insurance, domestic..................... 1,175.0 1,183.9 1,185.7 1,193.6 1,196.2 1,197.1 1,199.7 1,204.5 Less: Personal current taxes............... 1,781.6 1,802.3 1,811.7 1,841.4 1,847.4 1,851.6 1,864.2 1,877.7 Equals: Disposable personal income......... 13,134.2 13,182.0 13,225.9 13,247.7 13,305.0 13,306.8 13,363.8 13,429.3 Less: Personal outlays..................... 12,536.3 12,582.3 12,562.3 12,525.0 12,546.4 12,627.4 12,636.9 12,743.8 Personal consumption expenditures........ 12,096.4 12,142.2 12,122.0 12,084.3 12,102.7 12,180.7 12,189.2 12,295.1 Goods.................................. 4,018.7 4,026.9 3,978.4 3,914.4 3,902.6 3,967.7 3,950.9 4,029.9 Durable goods........................ 1,321.9 1,342.1 1,323.0 1,324.2 1,310.5 1,340.6 1,341.9 1,371.0 Nondurable goods..................... 2,696.7 2,684.7 2,655.4 2,590.2 2,592.1 2,627.1 2,609.0 2,658.9 Services............................... 8,077.8 8,115.4 8,143.7 8,169.9 8,200.2 8,213.0 8,238.3 8,265.2 Personal interest payments\4\............ 265.3 265.2 265.1 268.0 271.0 274.0 275.0 276.1 Personal current transfer payments....... 174.5 174.9 175.2 172.7 172.7 172.7 172.7 172.6 To government.......................... 95.9 96.2 96.6 97.7 97.8 97.8 97.8 97.7 To the rest of the world (net)......... 78.6 78.6 78.6 74.9 74.9 74.9 74.9 74.9 Equals: Personal saving.................... 598.0 599.8 663.6 722.7 758.6 679.4 726.9 685.5 Personal saving as a percentage of disposable personal income.............. 4.6 4.5 5.0 5.5 5.7 5.1 5.4 5.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 11,317.6 11,397.7 11,459.6 11,537.2 11,562.1 11,528.0 11,581.9 11,616.0 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 12,027.9 12,090.7 12,159.4 12,236.7 12,268.9 12,247.7 12,295.4 12,317.1 Per capita: Current dollars...................... 41,056 41,180 41,294 41,341 41,498 41,480 41,635 41,815 Chained (2009) dollars............... 37,598 37,771 37,964 38,186 38,266 38,179 38,306 38,352 Population (midperiod, thousands)\6\..... 319,909 320,107 320,284 320,450 320,621 320,797 320,975 321,163 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014 IV 13 I 14 II 14 III 14 IV 14 I 15\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,166.9 14,733.9 14,311.7 14,484.7 14,660.5 14,811.2 14,979.3 15,133.3 Compensation of employees................ 8,844.8 9,227.6 8,946.8 9,096.2 9,159.5 9,260.7 9,394.2 9,504.6 Wages and salaries..................... 7,124.7 7,451.6 7,208.5 7,339.8 7,391.7 7,478.9 7,596.1 7,688.8 Private industries................... 5,916.6 6,229.5 5,998.5 6,125.3 6,172.1 6,254.2 6,366.6 6,452.3 Goods-producing industries......... 1,195.3 1,264.2 1,210.6 1,238.0 1,254.5 1,268.9 1,295.2 1,307.7 Manufacturing.................... 747.6 778.8 754.1 769.5 773.7 778.6 793.5 799.6 Services-producing industries...... 4,721.3 4,965.4 4,787.9 4,887.3 4,917.5 4,985.3 5,071.3 5,144.7 Trade, transportation, and utilities....................... 1,121.3 1,174.1 1,134.9 1,154.9 1,165.0 1,176.1 1,200.4 1,219.4 Other services-producing industries...................... 3,600.0 3,791.3 3,653.0 3,732.4 3,752.6 3,809.2 3,870.9 3,925.3 Government........................... 1,208.1 1,222.1 1,210.0 1,214.5 1,219.7 1,224.7 1,229.6 1,236.4 Supplements to wages and salaries...... 1,720.1 1,776.0 1,738.3 1,756.4 1,767.8 1,781.8 1,798.1 1,815.8 Employer contributions for employee pension and insurance funds\1\...... 1,193.9 1,226.4 1,206.8 1,213.6 1,222.0 1,230.5 1,239.4 1,250.2 Employer contributions for government social insurance.................... 526.1 549.6 531.5 542.8 545.7 551.3 558.7 565.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,336.6 1,380.2 1,342.7 1,351.0 1,381.0 1,386.4 1,402.5 1,392.6 Farm................................... 83.2 63.6 70.1 58.1 73.4 62.2 60.7 49.1 Nonfarm................................ 1,253.5 1,316.6 1,272.6 1,292.9 1,307.6 1,324.2 1,341.7 1,343.5 Rental income of persons with capital consumption adjustment.................. 595.8 640.2 613.3 622.9 635.4 646.7 656.0 664.3 Personal income receipts on assets....... 2,079.7 2,125.3 2,094.2 2,090.4 2,127.0 2,138.3 2,145.5 2,152.1 Personal interest income............... 1,255.2 1,264.7 1,263.2 1,262.4 1,270.0 1,266.5 1,259.9 1,244.9 Personal dividend income............... 824.5 860.6 831.0 828.0 857.0 871.8 885.6 907.2 Personal current transfer receipts....... 2,414.5 2,522.7 2,432.3 2,470.9 2,511.8 2,545.3 2,562.7 2,615.3 Government social benefits to persons.. 2,372.2 2,478.5 2,389.7 2,427.8 2,468.0 2,500.8 2,517.3 2,569.5 Social security\2\................... 799.0 834.6 808.9 824.5 833.0 837.1 844.0 861.5 Medicare\3\.......................... 572.4 587.8 577.3 582.6 586.2 590.8 591.6 597.3 Medicaid............................. 441.1 489.6 448.7 467.6 482.5 502.0 506.2 522.8 Unemployment insurance............... 62.2 36.9 56.1 41.4 37.2 35.1 34.0 33.7 Veterans' benefits................... 79.0 84.5 81.6 83.4 83.4 84.6 86.8 89.4 Other................................ 418.5 445.0 417.1 428.4 445.7 451.2 454.8 464.8 Other current transfer receipts, from business (net)........................ 42.3 44.2 42.6 43.1 43.8 44.5 45.3 45.9 Less: Contributions for government social insurance, domestic..................... 1,104.5 1,162.1 1,117.5 1,146.6 1,154.2 1,166.1 1,181.5 1,195.6 Less: Personal current taxes............... 1,661.8 1,743.9 1,688.1 1,711.8 1,715.3 1,750.1 1,798.6 1,846.8 Equals: Disposable personal income......... 12,505.1 12,990.0 12,623.7 12,772.9 12,945.2 13,061.2 13,180.7 13,286.5 Less: Personal outlays..................... 11,897.1 12,357.5 12,070.8 12,146.9 12,289.6 12,433.0 12,560.3 12,566.3 Personal consumption expenditures........ 11,484.3 11,930.3 11,653.3 11,728.5 11,870.7 12,002.0 12,120.2 12,122.6 Goods.................................. 3,851.2 3,968.7 3,886.1 3,890.6 3,964.5 4,011.5 4,008.0 3,928.2 Durable goods........................ 1,249.3 1,302.5 1,261.5 1,262.3 1,298.4 1,320.2 1,329.0 1,325.1 Nondurable goods..................... 2,601.9 2,666.2 2,624.6 2,628.4 2,666.1 2,691.3 2,679.0 2,603.1 Services............................... 7,633.2 7,961.7 7,767.2 7,837.8 7,906.2 7,990.4 8,112.3 8,194.4 Personal interest payments\4\............ 247.1 256.8 250.8 249.8 251.3 260.9 265.2 271.0 Personal current transfer payments....... 165.6 170.3 166.7 168.6 167.5 170.2 174.9 172.7 To government.......................... 91.4 94.8 92.2 93.3 94.3 95.3 96.2 97.8 To the rest of the world (net)......... 74.3 75.6 74.5 75.4 73.3 74.9 78.6 74.9 Equals: Personal saving.................... 608.1 632.6 552.9 626.1 655.6 628.1 620.4 720.2 Personal saving as a percentage of disposable personal income.............. 4.9 4.9 4.4 4.9 5.1 4.8 4.7 5.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,949.5 11,227.3 11,021.2 11,108.2 11,168.1 11,241.5 11,391.6 11,542.4 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,650.8 11,943.3 11,711.7 11,810.1 11,900.4 11,970.3 12,092.6 12,251.0 Per capita: Current dollars...................... 39,468 40,699 39,726 40,130 40,602 40,884 41,177 41,440 Chained (2009) dollars............... 36,772 37,420 36,856 37,105 37,325 37,469 37,778 38,210 Population (midperiod, thousands)\6\..... 316,839 319,173 317,765 318,288 318,833 319,470 320,100 320,623 ----------------------------------------------------------------------------------------------------------------------------------- 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 14 Nov 14 Dec 14 Jan 15\r\ Feb 15\r\ Mar 15\r\ Apr 15\r\ May 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 65.9 68.4 53.4 51.4 63.3 6.0 69.6 79.0 Compensation of employees................ 42.3 74.1 18.5 51.3 25.9 14.3 26.2 42.8 Wages and salaries..................... 37.3 66.7 14.6 43.2 21.0 10.4 21.6 37.1 Private industries................... 36.2 65.0 12.9 40.1 18.7 8.9 19.4 34.8 Goods-producing industries......... 13.3 13.7 -2.0 8.3 .3 2.0 .6 1.0 Manufacturing.................... 8.0 7.4 -1.7 4.6 .1 .4 .5 .6 Services-producing industries...... 22.9 51.4 14.8 31.8 18.4 6.9 18.8 33.7 Trade, transportation, and utilities....................... 8.7 14.4 6.1 5.6 7.5 -1.6 4.9 7.9 Other services-producing industries...................... 14.2 37.0 8.7 26.2 10.9 8.5 13.9 25.8 Government........................... 1.1 1.7 1.6 3.2 2.3 1.5 2.1 2.4 Supplements to wages and salaries...... 5.1 7.3 3.9 8.1 4.9 4.0 4.5 5.7 Employer contributions for employee pension and insurance funds\1\...... 3.0 2.9 3.0 4.1 3.8 3.5 3.5 3.3 Employer contributions for government social insurance.................... 2.1 4.5 .8 4.1 1.1 .3 1.1 2.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 18.4 -4.5 14.3 -12.4 -8.4 .4 4.4 10.5 Farm................................... 4.2 4.2 4.3 -8.0 -7.9 -7.9 3.9 3.9 Nonfarm................................ 14.2 -8.7 10.0 -4.5 -.4 8.3 .5 6.5 Rental income of persons with capital consumption adjustment.................. 2.4 1.9 4.5 1.5 3.1 3.5 5.0 5.4 Personal income receipts on assets....... 3.4 5.1 2.8 -6.7 30.0 -30.9 30.4 22.8 Personal interest income............... -1.2 -1.2 -1.1 -7.0 -6.9 -7.0 18.5 18.6 Personal dividend income............... 4.5 6.3 4.1 .2 36.9 -23.9 11.9 4.2 Personal current transfer receipts....... 4.1 .7 15.0 25.8 15.2 19.5 6.2 2.4 Government social benefits to persons.. 3.8 .4 14.8 25.8 14.9 19.3 5.9 2.1 Social security\2\................... .4 2.2 8.4 9.6 -.5 5.8 2.2 4.5 Medicare\3\.......................... -2.1 -.8 3.0 2.3 3.6 -1.9 6.6 2.2 Medicaid............................. 1.6 -1.6 2.3 8.3 7.6 6.6 -2.9 -3.6 Unemployment insurance............... -.2 .0 .1 -.2 .0 -.7 -.8 -.6 Veterans' benefits................... 2.0 .5 .7 1.2 .7 .9 1.0 -.9 Other................................ 2.1 .2 .2 4.6 3.4 8.7 -.3 .6 Other current transfer receipts, from business (net)........................ .3 .2 .3 .0 .3 .3 .2 .3 Less: Contributions for government social insurance, domestic..................... 4.7 8.9 1.8 7.9 2.6 .9 2.6 4.8 Less: Personal current taxes............... 18.1 20.7 9.4 29.7 6.0 4.2 12.6 13.5 Equals: Disposable personal income......... 47.7 47.8 43.9 21.8 57.3 1.8 57.0 65.5 Less: Personal outlays..................... 55.8 46.0 -20.0 -37.3 21.4 81.0 9.5 106.9 Personal consumption expenditures........ 51.8 45.8 -20.2 -37.7 18.4 78.0 8.5 105.9 Goods.................................. 7.5 8.2 -48.5 -64.0 -11.8 65.1 -16.8 79.0 Durable goods........................ .5 20.2 -19.1 1.2 -13.7 30.1 1.3 29.1 Nondurable goods..................... 6.9 -12.0 -29.3 -65.2 1.9 35.0 -18.1 49.9 Services............................... 44.4 37.6 28.3 26.2 30.3 12.8 25.3 26.9 Personal interest payments\4\............ -.1 -.1 -.1 2.9 3.0 3.0 1.0 1.1 Personal current transfer payments....... 4.0 .4 .3 -2.5 .0 .0 .0 -.1 To government.......................... .3 .3 .4 1.1 .1 .0 .0 -.1 To the rest of the world (net)......... 3.7 .0 .0 -3.7 .0 .0 .0 .0 Equals: Personal saving.................... -8.0 1.8 63.8 59.1 35.9 -79.2 47.5 -41.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 51.3 80.1 61.9 77.6 24.9 -34.1 53.9 34.1 Disposable personal income, billions of chained (2009) dollars\5\............ 38.1 62.8 68.7 77.3 32.2 -21.2 47.7 21.7 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014 IV 13 I 14 II 14 III 14 IV 14 I 15\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 279.2 567.0 64.3 173.0 175.8 150.7 168.1 154.0 Compensation of employees................ 238.3 382.8 75.2 149.4 63.3 101.2 133.5 110.4 Wages and salaries..................... 192.6 326.9 63.2 131.3 51.9 87.2 117.2 92.7 Private industries................... 182.8 312.9 58.8 126.8 46.8 82.1 112.4 85.7 Goods-producing industries......... 38.2 68.9 13.8 27.4 16.5 14.4 26.3 12.5 Manufacturing.................... 13.2 31.2 6.9 15.4 4.2 4.9 14.9 6.1 Services-producing industries...... 144.6 244.1 45.0 99.4 30.2 67.8 86.0 73.4 Trade, transportation, and utilities....................... 27.3 52.8 12.2 20.0 10.1 11.1 24.3 19.0 Other services-producing industries...................... 117.3 191.3 32.8 79.4 20.2 56.6 61.7 54.4 Government........................... 9.8 14.0 4.4 4.5 5.2 5.0 4.9 6.8 Supplements to wages and salaries...... 45.7 55.9 12.1 18.1 11.4 14.0 16.3 17.7 Employer contributions for employee pension and insurance funds\1\...... 33.4 32.5 8.0 6.8 8.4 8.5 8.9 10.8 Employer contributions for government social insurance.................... 12.2 23.5 4.0 11.3 2.9 5.6 7.4 6.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 76.4 43.6 -3.2 8.3 30.0 5.4 16.1 -9.9 Farm................................... 10.9 -19.6 -16.7 -12.0 15.3 -11.2 -1.5 -11.6 Nonfarm................................ 65.6 63.1 13.4 20.3 14.7 16.6 17.5 1.8 Rental income of persons with capital consumption adjustment.................. 62.8 44.4 9.1 9.6 12.5 11.3 9.3 8.3 Personal income receipts on assets....... -8.9 45.6 -12.7 -3.8 36.6 11.3 7.2 6.6 Personal interest income............... -.7 9.5 4.7 -.8 7.6 -3.5 -6.6 -15.0 Personal dividend income............... -8.2 36.1 -17.4 -3.0 29.0 14.8 13.8 21.6 Personal current transfer receipts....... 63.8 108.2 5.7 38.6 40.9 33.5 17.4 52.6 Government social benefits to persons.. 64.6 106.3 5.7 38.1 40.2 32.8 16.5 52.2 Social security\2\................... 36.9 35.6 6.4 15.6 8.5 4.1 6.9 17.5 Medicare\3\.......................... 17.2 15.4 4.3 5.3 3.6 4.6 .8 5.7 Medicaid............................. 23.9 48.5 -1.3 18.9 14.9 19.5 4.2 16.6 Unemployment insurance............... -21.4 -25.3 -3.2 -14.7 -4.2 -2.1 -1.1 -.3 Veterans' benefits................... 8.9 5.5 1.5 1.8 .0 1.2 2.2 2.6 Other................................ -.8 26.5 -2.0 11.3 17.3 5.5 3.6 10.0 Other current transfer receipts, from business (net)........................ -.8 1.9 .1 .5 .7 .7 .8 .6 Less: Contributions for government social insurance, domestic..................... 153.3 57.6 9.7 29.1 7.6 11.9 15.4 14.1 Less: Personal current taxes............... 158.1 82.1 26.6 23.7 3.5 34.8 48.5 48.2 Equals: Disposable personal income......... 121.1 484.9 37.9 149.2 172.3 116.0 119.5 105.8 Less: Personal outlays..................... 409.2 460.4 137.7 76.1 142.7 143.4 127.3 6.0 Personal consumption expenditures........ 401.2 446.0 134.6 75.2 142.2 131.3 118.2 2.4 Goods.................................. 109.3 117.5 20.8 4.5 73.9 47.0 -3.5 -79.8 Durable goods........................ 57.2 53.2 9.1 .8 36.1 21.8 8.8 -3.9 Nondurable goods..................... 52.1 64.3 11.7 3.8 37.7 25.2 -12.3 -75.9 Services............................... 291.9 328.5 113.8 70.6 68.4 84.2 121.9 82.1 Personal interest payments\4\............ 5.5 9.7 .0 -1.0 1.5 9.6 4.3 5.8 Personal current transfer payments....... 2.5 4.7 3.1 1.9 -1.1 2.7 4.7 -2.2 To government.......................... 1.4 3.4 .7 1.1 1.0 1.0 .9 1.6 To the rest of the world (net)......... 1.2 1.3 2.3 .9 -2.1 1.6 3.7 -3.7 Equals: Personal saving.................... -288.1 24.5 -99.9 73.2 29.5 -27.5 -7.7 99.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 71.9 277.8 26.9 87.0 59.9 73.4 150.1 150.8 Disposable personal income, billions of chained (2009) dollars\5\............ -25.4 292.5 5.8 98.4 90.3 69.9 122.3 158.4 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Oct 14 Nov 14 Dec 14 Jan 15\r\ Feb 15\r\ Mar 15\r\ Apr 15\r\ May 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .4 .5 .4 .3 .4 .0 .5 .5 Compensation of employees................ .5 .8 .2 .5 .3 .2 .3 .4 Wages and salaries..................... .5 .9 .2 .6 .3 .1 .3 .5 Supplements to wages and salaries...... .3 .4 .2 .4 .3 .2 .3 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.3 -.3 1.0 -.9 -.6 .0 .3 .7 Rental income of persons with capital consumption adjustment.................. .4 .3 .7 .2 .5 .5 .7 .8 Personal income receipts on assets....... .2 .2 .1 -.3 1.4 -1.4 1.4 1.0 Personal interest income............... -.1 -.1 -.1 -.6 -.6 -.6 1.5 1.5 Personal dividend income............... .5 .7 .5 .0 4.1 -2.6 1.3 .5 Personal current transfer receipts....... .2 .0 .6 1.0 .6 .7 .2 .1 Less: Contributions for government social insurance, domestic..................... .4 .8 .2 .7 .2 .1 .2 .4 Less: Personal current taxes............... 1.0 1.2 .5 1.6 .3 .2 .7 .7 Equals: Disposable personal income......... .4 .4 .3 .2 .4 .0 .4 .5 Addenda: Personal consumption expenditures........ .4 .4 -.2 -.3 .2 .6 .1 .9 Goods.................................. .2 .2 -1.2 -1.6 -.3 1.7 -.4 2.0 Durable goods........................ .0 1.5 -1.4 .1 -1.0 2.3 .1 2.2 Nondurable goods..................... .3 -.4 -1.1 -2.5 .1 1.4 -.7 1.9 Services............................... .6 .5 .3 .3 .4 .2 .3 .3 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .5 .7 .5 .7 .2 -.3 .5 .3 Real disposable personal income.......... .3 .5 .6 .6 .3 -.2 .4 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014 IV 13 I 14 II 14 III 14 IV 14 I 15\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 2.0 4.0 1.8 4.9 4.9 4.2 4.6 4.2 Compensation of employees................ 2.8 4.3 3.4 6.8 2.8 4.5 5.9 4.8 Wages and salaries..................... 2.8 4.6 3.6 7.5 2.9 4.8 6.4 5.0 Supplements to wages and salaries...... 2.7 3.3 2.8 4.2 2.6 3.2 3.7 4.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 6.1 3.3 -1.0 2.5 9.2 1.6 4.7 -2.8 Rental income of persons with capital consumption adjustment.................. 11.8 7.5 6.1 6.4 8.2 7.3 5.9 5.2 Personal income receipts on assets....... -.4 2.2 -2.4 -.7 7.2 2.1 1.4 1.2 Personal interest income............... -.1 .8 1.5 -.2 2.4 -1.1 -2.1 -4.7 Personal dividend income............... -1.0 4.4 -7.9 -1.5 14.8 7.1 6.5 10.1 Personal current transfer receipts....... 2.7 4.5 .9 6.5 6.8 5.4 2.7 8.5 Less: Contributions for government social insurance, domestic..................... 16.1 5.2 3.5 10.8 2.7 4.2 5.4 4.9 Less: Personal current taxes............... 10.5 4.9 6.6 5.7 .8 8.4 11.6 11.2 Equals: Disposable personal income......... 1.0 3.9 1.2 4.8 5.5 3.6 3.7 3.2 Addenda: Personal consumption expenditures........ 3.6 3.9 4.8 2.6 4.9 4.5 4.0 .1 Goods.................................. 2.9 3.1 2.2 .5 7.8 4.8 -.4 -7.7 Durable goods........................ 4.8 4.3 3.0 .2 12.0 6.9 2.7 -1.2 Nondurable goods..................... 2.0 2.5 1.8 .6 5.9 3.8 -1.8 -10.9 Services............................... 4.0 4.3 6.1 3.7 3.5 4.3 6.2 4.1 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .7 2.5 1.0 3.2 2.2 2.7 5.5 5.4 Real disposable personal income.......... -.2 2.5 .2 3.4 3.1 2.4 4.1 5.3 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Oct 14 Nov 14 Dec 14 Jan 15\r\ Feb 15\r\ Mar 15\r\ Apr 15\r\ May 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 11,077.5 11,137.0 11,144.5 11,162.0 11,160.3 11,211.2 11,214.7 11,276.9 Goods.................................... 3,794.9 3,836.0 3,826.0 3,825.9 3,802.6 3,856.5 3,847.0 3,900.2 Durable goods.......................... 1,437.2 1,468.2 1,454.5 1,458.2 1,440.5 1,475.7 1,474.9 1,509.1 Nondurable goods....................... 2,383.9 2,397.2 2,399.0 2,395.8 2,388.5 2,410.1 2,401.7 2,423.5 Services................................. 7,283.2 7,302.6 7,319.4 7,336.6 7,356.5 7,356.4 7,368.6 7,380.0 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 42.3 59.5 7.5 17.5 -1.7 50.9 3.5 62.2 Goods.................................... 13.3 41.1 -10.0 -.1 -23.3 53.9 -9.5 53.2 Durable goods.......................... 2.0 31.0 -13.7 3.7 -17.7 35.2 -.8 34.2 Nondurable goods....................... 10.8 13.3 1.8 -3.2 -7.3 21.6 -8.4 21.8 Services................................. 29.0 19.4 16.8 17.2 19.9 -.1 12.2 11.4 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .4 .5 .1 .2 .0 .5 .0 .6 Goods.................................... .4 1.1 -.3 .0 -.6 1.4 -.2 1.4 Durable goods.......................... .1 2.2 -.9 .3 -1.2 2.4 -.1 2.3 Nondurable goods....................... .5 .6 .1 -.1 -.3 .9 -.3 .9 Services................................. .4 .3 .2 .2 .3 .0 .2 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014 IV 13 I 14 II 14 III 14 IV 14 I 15\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,699.7 10,969.0 10,811.4 10,844.3 10,912.6 10,999.5 11,119.6 11,177.9 Goods.................................... 3,626.0 3,750.9 3,669.0 3,678.3 3,731.6 3,774.5 3,819.0 3,828.4 Durable goods.......................... 1,319.0 1,410.0 1,344.5 1,355.0 1,400.4 1,431.5 1,453.3 1,458.1 Nondurable goods....................... 2,322.6 2,364.8 2,341.8 2,341.9 2,354.6 2,369.4 2,393.4 2,398.2 Services................................. 7,073.1 7,218.6 7,141.9 7,165.4 7,181.4 7,225.9 7,301.7 7,349.8 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 250.0 269.3 98.1 32.9 68.3 86.9 120.1 58.3 Goods.................................... 119.5 124.9 32.9 9.3 53.3 42.9 44.5 9.4 Durable goods.......................... 83.3 91.0 18.6 10.5 45.4 31.1 21.8 4.8 Nondurable goods....................... 42.5 42.2 15.4 .1 12.7 14.8 24.0 4.8 Services................................. 130.7 145.5 65.3 23.5 16.0 44.5 75.8 48.1 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.4 2.5 3.7 1.2 2.5 3.2 4.4 2.1 Goods.................................... 3.4 3.4 3.7 1.0 5.9 4.7 4.8 1.0 Durable goods.......................... 6.7 6.9 5.7 3.2 14.1 9.2 6.2 1.3 Nondurable goods....................... 1.9 1.8 2.7 .0 2.2 2.5 4.1 .8 Services................................. 1.9 2.1 3.7 1.3 .9 2.5 4.3 2.7 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Oct 14 Nov 14 Dec 14 Jan 15\r\ Feb 15\r\ Mar 15\r\ Apr 15\r\ May 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 109.201 109.028 108.773 108.265 108.448 108.650 108.693 109.032 Goods.................................... 105.892 104.970 103.977 102.309 102.629 102.882 102.703 103.324 Durable goods.......................... 91.971 91.405 90.949 90.806 90.967 90.839 90.974 90.840 Nondurable goods....................... 113.121 111.992 110.685 108.110 108.522 109.004 108.634 109.714 Services................................. 110.915 111.135 111.266 111.362 111.473 111.649 111.808 112.000 Addenda: PCE excluding food and energy............ 108.069 108.128 108.135 108.182 108.325 108.505 108.642 108.785 Food\1\.................................. 110.640 110.942 111.164 110.890 111.007 110.685 110.499 110.453 Energy goods and services\2\............. 126.076 120.484 114.237 102.527 103.707 105.213 103.757 108.652 Market-based PCE\3\...................... 108.661 108.439 108.156 107.529 107.705 107.889 107.975 108.303 Market-based PCE excluding food and energy\3\........................... 107.272 107.309 107.321 107.311 107.440 107.596 107.796 107.897 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .0 -.2 -.2 -.5 .2 .2 .0 .3 Goods.................................... -.2 -.9 -.9 -1.6 .3 .2 -.2 .6 Durable goods.......................... -.1 -.6 -.5 -.2 .2 -.1 .1 -.1 Nondurable goods....................... -.2 -1.0 -1.2 -2.3 .4 .4 -.3 1.0 Services................................. .2 .2 .1 .1 .1 .2 .1 .2 Addenda: PCE excluding food and energy............ .1 .1 .0 .0 .1 .2 .1 .1 Food\1\.................................. .1 .3 .2 -.2 .1 -.3 -.2 .0 Energy goods and services\2\............. -1.4 -4.4 -5.2 -10.3 1.2 1.5 -1.4 4.7 Market-based PCE\3\...................... .0 -.2 -.3 -.6 .2 .2 .1 .3 Market-based PCE excluding food and energy\3\........................... .1 .0 .0 .0 .1 .1 .2 .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 14 Nov 14 Dec 14 Jan 15\r\ Feb 15\r\ Mar 15\r\ Apr 15\r\ May 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.7 3.1 4.0 4.1 3.9 3.2 3.5 3.5 Personal consumption expenditures.......... 2.8 2.8 2.9 3.4 3.0 2.8 2.9 3.4 Goods.................................... 3.8 4.2 4.2 5.2 3.5 3.6 3.4 4.7 Durable goods.......................... 7.4 7.9 8.9 10.0 7.1 5.8 6.5 7.5 Nondurable goods....................... 2.2 2.5 2.0 2.9 1.8 2.5 1.9 3.2 Services................................. 2.3 2.1 2.3 2.5 2.8 2.4 2.7 2.8 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Oct 14 Nov 14 Dec 14 Jan 15\r\ Feb 15\r\ Mar 15\r\ Apr 15\r\ May 15\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.4 1.2 .8 .2 .3 .3 .2 .2 Goods.................................... -.1 -.8 -1.8 -3.4 -3.0 -2.6 -3.1 -2.7 Durable goods.......................... -2.3 -2.6 -2.7 -2.7 -2.4 -2.2 -2.1 -1.9 Nondurable goods....................... 1.0 .1 -1.4 -3.7 -3.3 -2.8 -3.5 -3.0 Services................................. 2.2 2.2 2.1 2.0 2.0 1.8 1.8 1.7 Addenda: PCE excluding food and energy............ 1.5 1.4 1.3 1.3 1.3 1.4 1.3 1.2 Food\1\.................................. 2.5 2.8 2.9 2.7 2.6 1.8 1.3 .7 Energy goods and services\2\............. -1.3 -5.3 -11.7 -21.0 -19.7 -18.5 -19.9 -16.8 Market-based PCE\3\...................... 1.2 1.0 .6 -.1 .0 .0 -.1 .0 Market-based PCE excluding food and energy\3\........................... 1.3 1.2 1.2 1.1 1.1 1.1 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.