EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, AUGUST 30, 2013 BEA 13-39 James Rankin: (202)606-5301 (Personal Income) piniwd@bea.gov Harvey Davis: (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: JULY 2013 Personal income increased $14.1 billion, or 0.1 percent, and disposable personal income (DPI) increased $21.7 billion, or 0.2 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $16.3 billion, or 0.1 percent. In June, personal income increased $38.2 billion, or 0.3 percent, DPI increased $27.3 billion, or 0.2 percent, and PCE increased $64.0 billion, or 0.6 percent, based on revised estimates. Real disposable income increased 0.1 percent in July, in contrast to a decrease of 0.2 percent in June. Real PCE increased less than 0.1 percent, compared with an increase of 0.2 percent. 2013 Mar. Apr. May June July (Percent change from preceding month) Personal income, current dollars 0.3 0.0 0.3 0.3 0.1 Disposable personal income: Current dollars 0.3 -0.1 0.3 0.2 0.2 Chained (2009) dollars 0.4 0.2 0.2 -0.2 0.1 Personal consumption expenditures: Current dollars 0.2 -0.2 0.2 0.6 0.1 Chained (2009) dollars 0.3 0.0 0.1 0.2 0.0 BOX._____________ This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2013 (first quarter). These estimates reflect the incorporation of the most recently available first-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. _________________ 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 decreased $15.3 billion in July, in contrast to an increase of $31.3 billion in June. Goods-producing industries' payrolls decreased $4.2 billion, in contrast to an increase of $7.6 billion; manufacturing payrolls decreased $3.7 billion, in contrast to an increase of $5.3 billion. Services-producing industries' payrolls decreased $11.2 billion, in contrast to an increase of $23.8 billion. Government wages and salaries decreased $6.4 billion in July, compared with a decrease of $0.8 billion in June. Government wages were reduced by $7.7 billion in July and $0.7 billion in June due to furloughs that impacted several federal government agencies. Other personal income Supplements to wages and salaries decreased $0.1 billion in July, in contrast to an increase of $3.4 billion in June. Proprietors' income increased $7.4 billion in July, in contrast to a decrease of $22.2 billion in June. Farm proprietors' income increased $6.2 billion, in contrast to a decrease of $24.6 billion. Nonfarm proprietors' income increased $1.1 billion, compared with an increase of $2.4 billion. Rental income of persons increased $7.9 billion in July, compared with an increase of $2.7 billion in June. Personal income receipts on assets (personal interest income plus personal dividend income) increased $13.3 billion, compared with an increase of $22.1 billion. Personal current transfer receipts increased $4.4 billion, compared with an increase of $5.5 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $2.8 billion in July, in contrast to an increase of $3.6 billion in June. Personal current taxes and disposable personal income Personal current taxes decreased $7.8 billion in July, in contrast to an increase of $11.0 billion in June. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $21.7 billion, or 0.2 percent, in July, compared with an increase of $27.3 billion, or 0.2 percent in June. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $18.4 billion in July, compared with an increase of $59.7 billion in June. PCE increased $16.3 billion, compared with an increase of $64.0 billion. Personal saving -- DPI less personal outlays -- was $544.5 billion in July, compared with $541.2 billion in June. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.4 percent in July, the same as in June. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in July, in contrast to a decrease of 0.2 percent in June. Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in July, compared with an increase of 0.2 percent in June. Purchases of durable goods increased 0.1 percent, compared with an increase of 0.9 percent. Purchases of nondurable goods increased 0.5 percent, compared with an increase of 0.1 percent. Purchases of services decreased 0.1 percent, in contrast to an increase of less than 0.1 percent. The price index for PCE increased 0.1 percent in July, compared with an increase of 0.4 percent in June. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent. Revisions Estimates for personal income and DPI have been revised for January through June; estimates for PCE have been revised for April through June. Changes in personal income, current-dollar and chained (2009) dollar DPI, and current-dollar and chained (2009) dollar PCE for May and June -- revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from January through June. The revision to first-quarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of the first-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for April, May, and June reflect extrapolations from the revised first-quarter level of wages. In addition, revisions to May and June reflect revised BLS employment, hours, and earnings data for those months. Change from preceding month May June Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 49.5 45.0 0.4 0.3 45.4 38.2 0.3 0.3 Disposable personal income: Current dollars 38.2 34.0 0.3 0.3 33.6 27.3 0.3 0.2 Chained (2009) dollars 24.4 20.4 0.2 0.2 -14.5 -21.9 -0.1 -0.2 Personal consumption expenditures: Current dollars 19.3 20.8 0.2 0.2 59.4 64.0 0.5 0.6 Chained (2009) dollars 7.7 8.9 0.1 0.1 13.1 16.1 0.1 0.2 BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release - September 27, 2013 at 8:30 A.M. EDT for Personal Income and Outlays for August Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Dec 12 Jan 13r Feb 13r Mar 13r Apr 13r May 13r Jun 13r Jul 13p ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,420.2 13,791.7 13,969.3 14,016.8 14,017.7 14,062.7 14,100.9 14,115.0 Compensation of employees................ 8,910.3 8,705.8 8,762.6 8,776.4 8,788.7 8,806.2 8,840.2 8,818.3 Wages and salaries..................... 7,200.8 7,001.5 7,053.7 7,065.9 7,075.2 7,090.3 7,120.8 7,099.0 Private industries................... 6,000.1 5,803.5 5,857.5 5,872.5 5,880.8 5,895.5 5,926.8 5,911.5 Goods-producing industries......... 1,197.4 1,163.7 1,178.4 1,179.4 1,179.7 1,184.3 1,191.9 1,187.7 Manufacturing.................... 761.2 736.1 745.2 745.1 745.4 747.4 752.7 749.0 Services-producing industries...... 4,802.6 4,639.8 4,679.2 4,693.1 4,701.0 4,711.2 4,735.0 4,723.8 Trade, transportation, and utilities....................... 1,123.6 1,107.0 1,116.1 1,122.5 1,120.7 1,124.6 1,126.7 1,124.7 Other services-producing industries...................... 3,679.0 3,532.8 3,563.1 3,570.6 3,580.3 3,586.6 3,608.3 3,599.0 Government........................... 1,200.7 1,198.0 1,196.1 1,193.3 1,194.4 1,194.8 1,194.0 1,187.6 Supplements to wages and salaries...... 1,709.5 1,704.3 1,708.9 1,710.6 1,713.5 1,715.9 1,719.3 1,719.2 Employer contributions for employee pension and insurance funds......... 1,177.4 1,180.8 1,182.2 1,183.4 1,185.9 1,187.7 1,189.4 1,191.0 Employer contributions for government social insurance.................... 532.2 523.5 526.7 527.2 527.6 528.3 529.9 528.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,256.9 1,293.9 1,339.4 1,370.6 1,352.3 1,334.9 1,312.7 1,320.1 Farm................................... 73.4 105.2 137.0 168.9 144.3 119.7 95.1 101.3 Nonfarm................................ 1,183.5 1,188.7 1,202.3 1,201.7 1,208.0 1,215.2 1,217.6 1,218.7 Rental income of persons with capital consumption adjustment.................. 556.9 565.6 574.9 584.2 585.1 587.6 590.3 598.2 Personal income receipts on assets....... 2,269.0 1,895.9 1,960.0 1,951.5 1,974.0 1,999.9 2,022.0 2,035.3 Personal interest income............... 1,239.1 1,227.4 1,215.8 1,204.1 1,217.0 1,229.9 1,242.7 1,239.2 Personal dividend income............... 1,029.9 668.5 744.2 747.4 757.0 770.0 779.3 796.1 Personal current transfer receipts....... 2,408.8 2,419.4 2,427.8 2,430.9 2,415.5 2,433.6 2,439.1 2,443.5 Government social benefits to persons.. 2,368.8 2,375.5 2,383.9 2,386.7 2,371.3 2,389.2 2,394.5 2,398.8 Social security\1\................... 781.1 785.0 789.0 795.4 785.8 797.3 801.6 799.1 Medicare\2\.......................... 582.2 586.8 591.1 590.1 584.4 587.0 590.4 594.1 Medicaid............................. 426.6 423.5 423.6 424.0 422.2 425.1 423.8 429.1 Unemployment insurance............... 78.3 75.6 73.8 72.3 70.4 68.9 65.8 63.0 Veterans' benefits................... 73.9 76.1 78.2 76.1 78.0 80.3 81.6 80.7 Other................................ 426.6 428.6 428.1 429.0 430.5 430.6 431.4 432.7 Other current transfer receipts, from business (net)........................ 40.0 43.8 44.0 44.1 44.3 44.4 44.5 44.7 Less: Contributions for government social insurance, domestic..................... 981.6 1,088.9 1,095.4 1,096.8 1,097.9 1,099.6 1,103.2 1,100.4 Less: Personal current taxes............... 1,591.0 1,612.9 1,632.6 1,641.5 1,653.8 1,664.8 1,675.8 1,668.0 Equals: Disposable personal income......... 12,829.2 12,178.7 12,336.7 12,375.2 12,363.9 12,397.9 12,425.2 12,446.9 Less: Personal outlays..................... 11,709.3 11,734.4 11,812.8 11,837.5 11,807.9 11,824.3 11,884.0 11,902.4 Personal consumption expenditures........ 11,300.6 11,321.4 11,397.1 11,419.0 11,394.7 11,415.5 11,479.5 11,495.8 Goods.................................. 3,827.6 3,826.8 3,872.2 3,856.4 3,824.1 3,839.8 3,883.3 3,903.2 Durable goods........................ 1,244.0 1,243.5 1,246.3 1,244.7 1,250.1 1,254.9 1,266.5 1,264.0 Nondurable goods..................... 2,583.5 2,583.2 2,625.9 2,611.7 2,574.0 2,584.9 2,616.8 2,639.2 Services............................... 7,473.1 7,494.7 7,524.9 7,562.6 7,570.6 7,575.7 7,596.2 7,592.5 Personal interest payments\3\............ 245.1 247.8 250.4 253.1 248.5 244.0 239.4 241.3 Personal current transfer payments....... 163.5 165.2 165.3 165.4 164.6 164.8 165.0 165.3 To government.......................... 89.2 89.3 89.4 89.5 89.7 89.9 90.1 90.4 To the rest of the world (net)......... 74.4 75.9 75.9 75.9 74.9 74.9 74.9 74.9 Equals: Personal saving.................... 1,119.9 444.4 523.9 537.7 556.0 573.6 541.2 544.5 Personal saving as a percentage of disposable personal income.............. 8.7 3.6 4.2 4.3 4.5 4.6 4.4 4.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\4\............... 11,269.4 10,662.0 10,778.3 10,830.2 10,873.7 10,888.1 10,874.4 10,873.3 Disposable personal income: Total, billions of chained (2009) dollars\4\............................ 12,036.5 11,418.1 11,520.9 11,568.0 11,587.6 11,608.0 11,586.1 11,595.7 Per capita: Current dollars...................... 40,683 38,601 39,081 39,182 39,124 39,209 39,271 39,314 Chained (2009) dollars............... 38,170 36,190 36,497 36,626 36,668 36,711 36,619 36,626 Population (midperiod, thousands)\5\..... 315,341 315,507 315,668 315,838 316,019 316,202 316,395 316,600 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2013. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 I 12 II 12 III 12 IV 12 I 13r II 13r ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,191.3 13,743.8 13,548.6 13,651.8 13,701.6 14,073.1 13,925.9 14,060.4 Compensation of employees................ 8,278.5 8,611.6 8,514.3 8,553.8 8,591.0 8,787.4 8,748.3 8,811.7 Wages and salaries..................... 6,638.7 6,926.8 6,842.2 6,873.5 6,904.7 7,086.6 7,040.4 7,095.4 Private industries................... 5,444.3 5,729.4 5,642.8 5,678.0 5,709.7 5,887.2 5,844.5 5,901.0 Goods-producing industries......... 1,102.1 1,154.0 1,149.2 1,153.2 1,146.7 1,167.0 1,173.8 1,185.3 Manufacturing.................... 707.1 735.4 733.2 735.7 732.3 740.5 742.1 748.5 Services-producing industries...... 4,342.2 4,575.4 4,493.6 4,524.8 4,563.0 4,720.3 4,670.7 4,715.7 Trade, transportation, and utilities....................... 1,046.2 1,093.7 1,086.8 1,083.8 1,090.0 1,114.2 1,115.2 1,124.0 Other services-producing industries...................... 3,296.0 3,481.7 3,406.8 3,441.0 3,473.0 3,606.1 3,555.5 3,591.7 Government........................... 1,194.4 1,197.3 1,199.4 1,195.5 1,195.1 1,199.3 1,195.8 1,194.4 Supplements to wages and salaries...... 1,639.8 1,684.9 1,672.1 1,680.3 1,686.2 1,700.9 1,707.9 1,716.3 Employer contributions for employee pension and insurance funds......... 1,145.4 1,170.6 1,162.2 1,169.1 1,174.1 1,176.8 1,182.1 1,187.7 Employer contributions for government social insurance.................... 494.4 514.3 509.9 511.2 512.2 524.0 525.8 528.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,155.1 1,224.9 1,214.4 1,217.8 1,220.0 1,247.5 1,334.6 1,333.3 Farm................................... 72.6 75.4 74.6 77.0 75.3 74.5 137.0 119.7 Nonfarm................................ 1,082.6 1,149.6 1,139.7 1,140.8 1,144.7 1,173.0 1,197.6 1,213.6 Rental income of persons with capital consumption adjustment.................. 484.4 541.2 524.8 537.8 546.7 555.4 574.9 587.7 Personal income receipts on assets....... 1,884.6 1,958.5 1,909.1 1,935.3 1,926.9 2,062.8 1,935.8 1,998.6 Personal interest income............... 1,204.1 1,211.6 1,204.9 1,219.4 1,203.7 1,218.4 1,215.8 1,229.9 Personal dividend income............... 680.5 746.9 704.2 715.9 723.2 844.3 720.0 768.7 Personal current transfer receipts....... 2,306.9 2,358.3 2,328.5 2,352.2 2,364.4 2,388.0 2,426.0 2,429.4 Government social benefits to persons.. 2,260.3 2,316.8 2,285.2 2,310.5 2,323.8 2,347.9 2,382.0 2,385.0 Social security\1\................... 713.3 762.2 753.3 760.4 764.8 770.2 789.8 794.9 Medicare\2\.......................... 537.0 560.8 547.7 554.2 564.0 577.2 589.3 587.3 Medicaid............................. 405.5 417.1 400.8 420.9 421.5 425.1 423.7 423.7 Unemployment insurance............... 107.6 84.2 96.8 85.9 78.7 75.3 73.9 68.4 Veterans' benefits................... 63.3 70.2 67.1 68.9 71.3 73.3 76.8 80.0 Other................................ 433.7 422.5 419.5 420.3 423.5 426.8 428.6 430.8 Other current transfer receipts, from business (net)........................ 46.7 41.4 43.3 41.7 40.6 40.1 44.0 44.4 Less: Contributions for government social insurance, domestic..................... 918.2 950.7 942.5 945.1 947.4 967.9 1,093.7 1,100.2 Less: Personal current taxes............... 1,404.0 1,498.0 1,462.8 1,480.0 1,496.4 1,552.8 1,629.0 1,664.8 Equals: Disposable personal income......... 11,787.4 12,245.8 12,085.7 12,171.9 12,205.1 12,520.4 12,296.9 12,395.6 Less: Personal outlays..................... 11,119.1 11,558.4 11,428.4 11,507.9 11,601.0 11,696.2 11,794.9 11,838.7 Personal consumption expenditures........ 10,711.8 11,149.6 11,019.1 11,100.2 11,193.6 11,285.5 11,379.2 11,429.9 Goods.................................. 3,602.7 3,769.7 3,729.3 3,738.4 3,784.9 3,826.1 3,851.8 3,849.1 Durable goods........................ 1,129.9 1,202.7 1,184.3 1,189.3 1,206.5 1,230.7 1,244.8 1,257.2 Nondurable goods..................... 2,472.8 2,567.0 2,545.0 2,549.2 2,578.4 2,595.4 2,607.0 2,591.9 Services............................... 7,109.1 7,379.9 7,289.7 7,361.8 7,408.7 7,459.4 7,527.4 7,580.8 Personal interest payments\3\............ 248.0 248.4 248.6 247.0 250.7 247.3 250.4 244.0 Personal current transfer payments....... 159.4 160.4 160.7 160.8 156.7 163.4 165.3 164.8 To government.......................... 85.3 88.5 87.7 88.4 88.8 89.0 89.4 89.9 To the rest of the world (net)......... 74.1 71.9 73.0 72.4 67.9 74.4 75.9 74.9 Equals: Personal saving.................... 668.2 687.4 657.3 663.9 604.1 824.1 502.0 556.9 Personal saving as a percentage of disposable personal income.............. 5.7 5.6 5.4 5.5 4.9 6.6 4.1 4.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\4\............... 10,457.1 10,740.1 10,638.4 10,685.5 10,676.2 10,959.6 10,756.9 10,878.8 Disposable personal income: Total, billions of chained (2009) dollars\4\............................ 11,324.6 11,551.6 11,459.2 11,510.2 11,493.6 11,743.0 11,502.4 11,593.9 Per capita: Current dollars...................... 37,776 38,965 38,560 38,769 38,800 39,727 38,955 39,201 Chained (2009) dollars............... 36,293 36,756 36,561 36,661 36,538 37,260 36,438 36,666 Population (midperiod, thousands)\5\..... 312,036 314,278 313,425 313,960 314,564 315,162 315,671 316,206 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2013. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Dec 12 Jan 13r Feb 13r Mar 13r Apr 13r May 13r Jun 13r Jul 13p ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 436.3 -628.5 177.6 47.5 .9 45.0 38.2 14.1 Compensation of employees................ 133.1 -204.5 56.8 13.8 12.3 17.5 34.0 -21.9 Wages and salaries..................... 123.5 -199.3 52.2 12.2 9.3 15.1 30.5 -21.8 Private industries................... 122.3 -196.6 54.0 15.0 8.3 14.7 31.3 -15.3 Goods-producing industries......... 36.8 -33.7 14.7 1.0 .3 4.6 7.6 -4.2 Manufacturing.................... 26.0 -25.1 9.1 -.1 .3 2.0 5.3 -3.7 Services-producing industries...... 85.4 -162.8 39.4 13.9 7.9 10.2 23.8 -11.2 Trade, transportation, and utilities....................... 7.0 -16.6 9.1 6.4 -1.8 3.9 2.1 -2.0 Other services-producing industries...................... 78.4 -146.2 30.3 7.5 9.7 6.3 21.7 -9.3 Government........................... 1.3 -2.7 -1.9 -2.8 1.1 .4 -.8 -6.4 Supplements to wages and salaries...... 9.5 -5.2 4.6 1.7 2.9 2.4 3.4 -.1 Employer contributions for employee pension and insurance funds......... .5 3.4 1.4 1.2 2.5 1.8 1.7 1.6 Employer contributions for government social insurance.................... 9.2 -8.7 3.2 .5 .4 .7 1.6 -1.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 7.9 37.0 45.5 31.2 -18.3 -17.4 -22.2 7.4 Farm................................... -1.1 31.8 31.8 31.9 -24.6 -24.6 -24.6 6.2 Nonfarm................................ 9.0 5.2 13.6 -.6 6.3 7.2 2.4 1.1 Rental income of persons with capital consumption adjustment.................. .6 8.7 9.3 9.3 .9 2.5 2.7 7.9 Personal income receipts on assets....... 282.6 -373.1 64.1 -8.5 22.5 25.9 22.1 13.3 Personal interest income............... 21.5 -11.7 -11.6 -11.7 12.9 12.9 12.8 -3.5 Personal dividend income............... 261.0 -361.4 75.7 3.2 9.6 13.0 9.3 16.8 Personal current transfer receipts....... 27.4 10.6 8.4 3.1 -15.4 18.1 5.5 4.4 Government social benefits to persons.. 27.4 6.7 8.4 2.8 -15.4 17.9 5.3 4.3 Social security\1\................... 14.1 3.9 4.0 6.4 -9.6 11.5 4.3 -2.5 Medicare\2\.......................... 5.1 4.6 4.3 -1.0 -5.7 2.6 3.4 3.7 Medicaid............................. 1.3 -3.1 .1 .4 -1.8 2.9 -1.3 5.3 Unemployment insurance............... 6.0 -2.7 -1.8 -1.5 -1.9 -1.5 -3.1 -2.8 Veterans' benefits................... .7 2.2 2.1 -2.1 1.9 2.3 1.3 -.9 Other................................ .2 2.0 -.5 .9 1.5 .1 .8 1.3 Other current transfer receipts, from business (net)........................ .0 3.8 .2 .1 .2 .1 .1 .2 Less: Contributions for government social insurance, domestic..................... 15.2 107.3 6.5 1.4 1.1 1.7 3.6 -2.8 Less: Personal current taxes............... 45.0 21.9 19.7 8.9 12.3 11.0 11.0 -7.8 Equals: Disposable personal income......... 391.4 -650.5 158.0 38.5 -11.3 34.0 27.3 21.7 Less: Personal outlays..................... 9.1 25.1 78.4 24.7 -29.6 16.4 59.7 18.4 Personal consumption expenditures........ 10.8 20.8 75.7 21.9 -24.3 20.8 64.0 16.3 Goods.................................. 1.8 -.8 45.4 -15.8 -32.3 15.7 43.5 19.9 Durable goods........................ 7.8 -.5 2.8 -1.6 5.4 4.8 11.6 -2.5 Nondurable goods..................... -6.1 -.3 42.7 -14.2 -37.7 10.9 31.9 22.4 Services............................... 9.1 21.6 30.2 37.7 8.0 5.1 20.5 -3.7 Personal interest payments\3\............ -1.9 2.7 2.6 2.7 -4.6 -4.5 -4.6 1.9 Personal current transfer payments....... .1 1.7 .1 .1 -.8 .2 .2 .3 To government.......................... .2 .1 .1 .1 .2 .2 .2 .3 To the rest of the world (net)......... .0 1.5 .0 .0 -1.0 .0 .0 .0 Equals: Personal saving.................... 382.3 -675.5 79.5 13.8 18.3 17.6 -32.4 3.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\4\....................... 382.6 -607.4 116.3 51.9 43.5 14.4 -13.7 -1.1 Disposable personal income, billions of chained (2009) dollars\4\............ 365.8 -618.4 102.8 47.1 19.6 20.4 -21.9 9.6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2013. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 I 12 II 12 III 12 IV 12 I 13r II 13r ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 756.1 552.5 245.4 103.2 49.8 371.5 -147.2 134.5 Compensation of employees................ 311.2 333.1 207.4 39.5 37.2 196.4 -39.1 63.4 Wages and salaries..................... 261.2 288.1 184.0 31.3 31.2 181.9 -46.2 55.0 Private industries................... 257.9 285.1 175.6 35.2 31.7 177.5 -42.7 56.5 Goods-producing industries......... 48.8 51.9 45.7 4.0 -6.5 20.3 6.8 11.5 Manufacturing.................... 33.0 28.3 26.9 2.5 -3.4 8.2 1.6 6.4 Services-producing industries...... 209.1 233.2 129.9 31.2 38.2 157.3 -49.6 45.0 Trade, transportation, and utilities....................... 47.3 47.5 31.0 -3.0 6.2 24.2 1.0 8.8 Other services-producing industries...................... 161.8 185.7 99.0 34.2 32.0 133.1 -50.6 36.2 Government........................... 3.3 2.9 8.4 -3.9 -.4 4.2 -3.5 -1.4 Supplements to wages and salaries...... 50.0 45.1 23.4 8.2 5.9 14.7 7.0 8.4 Employer contributions for employee pension and insurance funds......... 25.0 25.2 7.8 6.9 5.0 2.7 5.3 5.6 Employer contributions for government social insurance.................... 25.0 19.9 15.6 1.3 1.0 11.8 1.8 2.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 122.4 69.8 26.4 3.4 2.2 27.5 87.1 -1.3 Farm................................... 26.6 2.8 -2.3 2.4 -1.7 -.8 62.5 -17.3 Nonfarm................................ 95.9 67.0 28.6 1.1 3.9 28.3 24.6 16.0 Rental income of persons with capital consumption adjustment.................. 81.6 56.8 11.3 13.0 8.9 8.7 19.5 12.8 Personal income receipts on assets....... 145.0 73.9 3.7 26.2 -8.4 135.9 -127.0 62.8 Personal interest income............... 9.1 7.5 5.3 14.5 -15.7 14.7 -2.6 14.1 Personal dividend income............... 135.9 66.4 -1.5 11.7 7.3 121.1 -124.3 48.7 Personal current transfer receipts....... 30.0 51.4 20.0 23.7 12.2 23.6 38.0 3.4 Government social benefits to persons.. 26.3 56.5 22.4 25.3 13.3 24.1 34.1 3.0 Social security\1\................... 23.1 48.9 32.1 7.1 4.4 5.4 19.6 5.1 Medicare\2\.......................... 23.2 23.8 3.9 6.5 9.8 13.2 12.1 -2.0 Medicaid............................. 8.9 11.6 2.5 20.1 .6 3.6 -1.4 .0 Unemployment insurance............... -31.3 -23.4 -3.4 -10.9 -7.2 -3.4 -1.4 -5.5 Veterans' benefits................... 5.3 6.9 2.7 1.8 2.4 2.0 3.5 3.2 Other................................ -2.8 -11.2 -15.5 .8 3.2 3.3 1.8 2.2 Other current transfer receipts, from business (net)........................ 3.7 -5.3 -2.4 -1.6 -1.1 -.5 3.9 .4 Less: Contributions for government social insurance, domestic..................... -65.9 32.5 23.4 2.6 2.3 20.5 125.8 6.5 Less: Personal current taxes............... 212.5 94.0 44.4 17.2 16.4 56.4 76.2 35.8 Equals: Disposable personal income......... 543.7 458.4 200.9 86.2 33.2 315.3 -223.5 98.7 Less: Personal outlays..................... 509.6 439.3 143.2 79.5 93.1 95.2 98.7 43.8 Personal consumption expenditures........ 509.9 437.8 140.2 81.1 93.4 91.9 93.7 50.7 Goods.................................. 239.9 167.0 61.1 9.1 46.5 41.2 25.7 -2.7 Durable goods........................ 59.2 72.8 25.4 5.0 17.2 24.2 14.1 12.4 Nondurable goods..................... 180.7 94.2 35.7 4.2 29.2 17.0 11.6 -15.1 Services............................... 270.0 270.8 79.0 72.1 46.9 50.7 68.0 53.4 Personal interest payments\3\............ -2.8 .4 4.1 -1.6 3.7 -3.4 3.1 -6.4 Personal current transfer payments....... 2.5 1.0 -1.1 .1 -4.1 6.7 1.9 -.5 To government.......................... 1.4 3.2 .9 .7 .4 .2 .4 .5 To the rest of the world (net)......... 1.1 -2.2 -2.0 -.6 -4.5 6.5 1.5 -1.0 Equals: Personal saving.................... 34.0 19.2 57.7 6.6 -59.8 220.0 -322.1 54.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\4\....................... 464.1 283.0 154.9 47.1 -9.3 283.4 -202.7 121.9 Disposable personal income, billions of chained (2009) dollars\4\............ 263.8 227.0 126.9 51.0 -16.6 249.4 -240.6 91.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2013. 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Dec 12 Jan 13r Feb 13r Mar 13r Apr 13r May 13r Jun 13r Jul 13p ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 3.1 -4.4 1.3 .3 .0 .3 .3 .1 Compensation of employees................ 1.5 -2.3 .7 .2 .1 .2 .4 -.2 Wages and salaries..................... 1.7 -2.8 .7 .2 .1 .2 .4 -.3 Supplements to wages and salaries...... .6 -.3 .3 .1 .2 .1 .2 .0 Proprietors' income with inventory valuation and capital consumption adjustments............................. .6 2.9 3.5 2.3 -1.3 -1.3 -1.7 .6 Rental income of persons with capital consumption adjustment.................. .1 1.6 1.7 1.6 .2 .4 .4 1.3 Personal income receipts on assets....... 14.2 -16.4 3.4 -.4 1.2 1.3 1.1 .7 Personal interest income............... 1.8 -.9 -.9 -1.0 1.1 1.1 1.0 -.3 Personal dividend income............... 33.9 -35.1 11.3 .4 1.3 1.7 1.2 2.2 Personal current transfer receipts....... 1.1 .4 .3 .1 -.6 .7 .2 .2 Less: Contributions for government social insurance, domestic..................... 1.6 10.9 .6 .1 .1 .2 .3 -.3 Less: Personal current taxes............... 2.9 1.4 1.2 .5 .7 .7 .7 -.5 Equals: Disposable personal income......... 3.1 -5.1 1.3 .3 -.1 .3 .2 .2 Addenda: Personal consumption expenditures........ .1 .2 .7 .2 -.2 .2 .6 .1 Goods.................................. .0 .0 1.2 -.4 -.8 .4 1.1 .5 Durable goods........................ .6 .0 .2 -.1 .4 .4 .9 -.2 Nondurable goods..................... -.2 .0 1.7 -.5 -1.4 .4 1.2 .9 Services............................... .1 .3 .4 .5 .1 .1 .3 .0 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 3.5 -5.4 1.1 .5 .4 .1 -.1 .0 Real disposable personal income.......... 3.1 -5.1 .9 .4 .2 .2 -.2 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2013. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 I 12 II 12 III 12 IV 12 I 13r II 13r ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 6.1 4.2 7.6 3.1 1.5 11.3 -4.1 3.9 Compensation of employees................ 3.9 4.0 10.4 1.9 1.7 9.5 -1.8 2.9 Wages and salaries..................... 4.1 4.3 11.5 1.8 1.8 11.0 -2.6 3.2 Supplements to wages and salaries...... 3.1 2.7 5.8 2.0 1.4 3.5 1.7 2.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 11.9 6.0 9.2 1.2 .7 9.3 31.0 -.4 Rental income of persons with capital consumption adjustment.................. 20.3 11.7 9.1 10.3 6.8 6.5 14.8 9.2 Personal income receipts on assets....... 8.3 3.9 .8 5.6 -1.7 31.3 -22.4 13.6 Personal interest income............... .8 .6 1.8 4.9 -5.1 5.0 -.9 4.7 Personal dividend income............... 25.0 9.8 -.9 6.8 4.1 85.8 -47.1 29.9 Personal current transfer receipts....... 1.3 2.2 3.5 4.1 2.1 4.0 6.5 .6 Less: Contributions for government social insurance, domestic..................... -6.7 3.5 10.6 1.1 1.0 8.9 63.0 2.4 Less: Personal current taxes............... 17.8 6.7 13.1 4.8 4.5 15.9 21.1 9.1 Equals: Disposable personal income......... 4.8 3.9 6.9 2.9 1.1 10.7 -7.0 3.3 Addenda: Personal consumption expenditures........ 5.0 4.1 5.3 3.0 3.4 3.3 3.4 1.8 Goods.................................. 7.1 4.6 6.8 1.0 5.1 4.4 2.7 -.3 Durable goods........................ 5.5 6.4 9.1 1.7 5.9 8.3 4.7 4.0 Nondurable goods..................... 7.9 3.8 5.8 .6 4.7 2.7 1.8 -2.3 Services............................... 3.9 3.8 4.5 4.0 2.6 2.8 3.7 2.9 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 4.6 2.7 6.0 1.8 -.3 11.0 -7.2 4.6 Real disposable personal income.......... 2.4 2.0 4.6 1.8 -.6 9.0 -7.9 3.2 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2013. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Dec 12 Jan 13 Feb 13 Mar 13 Apr 13r May 13r Jun 13r Jul 13p ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,602.4 10,614.3 10,643.5 10,674.2 10,679.3 10,688.2 10,704.3 10,709.6 Goods.................................... 3,595.1 3,601.1 3,614.6 3,620.2 3,622.3 3,641.7 3,656.4 3,671.4 Durable goods.......................... 1,301.7 1,300.3 1,304.6 1,305.5 1,314.7 1,320.8 1,333.2 1,335.1 Nondurable goods....................... 2,307.7 2,314.6 2,323.8 2,328.3 2,322.5 2,335.7 2,339.1 2,351.8 Services................................. 7,006.4 7,012.3 7,028.0 7,053.0 7,056.0 7,045.7 7,047.3 7,037.7 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9.0 11.9 29.2 30.7 5.1 8.9 16.1 5.3 Goods.................................... 11.2 6.0 13.5 5.6 2.1 19.4 14.7 15.0 Durable goods.......................... 11.2 -1.4 4.3 .9 9.2 6.1 12.4 1.9 Nondurable goods....................... 1.0 6.9 9.2 4.5 -5.8 13.2 3.4 12.7 Services................................. -2.1 5.9 15.7 25.0 3.0 -10.3 1.6 -9.6 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .1 .1 .3 .3 .0 .1 .2 .0 Goods.................................... .3 .2 .4 .2 .1 .5 .4 .4 Durable goods.......................... .9 -.1 .3 .1 .7 .5 .9 .1 Nondurable goods....................... .0 .3 .4 .2 -.3 .6 .1 .5 Services................................. .0 .1 .2 .4 .0 -.1 .0 -.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 I 12 II 12 III 12 IV 12 I 13 II 13r ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,291.3 10,517.6 10,447.8 10,496.8 10,541.0 10,584.8 10,644.0 10,690.6 Goods.................................... 3,419.9 3,534.1 3,495.8 3,514.7 3,546.7 3,579.2 3,611.9 3,640.1 Durable goods.......................... 1,157.1 1,246.7 1,219.7 1,228.6 1,253.4 1,285.2 1,303.5 1,322.9 Nondurable goods....................... 2,266.0 2,296.8 2,283.6 2,293.9 2,303.0 2,306.7 2,322.2 2,332.4 Services................................. 6,871.1 6,982.7 6,951.2 6,981.4 6,993.4 7,004.7 7,031.1 7,049.7 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 255.4 226.3 74.7 49.0 44.2 43.8 59.2 46.6 Goods.................................... 111.2 114.2 38.8 18.9 32.0 32.5 32.7 28.2 Durable goods.......................... 71.4 89.6 28.0 8.9 24.8 31.8 18.3 19.4 Nondurable goods....................... 42.5 30.8 12.6 10.3 9.1 3.7 15.5 10.2 Services................................. 143.9 111.6 35.7 30.2 12.0 11.3 26.4 18.6 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.5 2.2 2.9 1.9 1.7 1.7 2.3 1.8 Goods.................................... 3.4 3.3 4.6 2.2 3.7 3.7 3.7 3.2 Durable goods.......................... 6.6 7.7 9.8 2.9 8.3 10.5 5.8 6.1 Nondurable goods....................... 1.9 1.4 2.2 1.8 1.6 .6 2.7 1.8 Services................................. 2.1 1.6 2.1 1.7 .7 .6 1.5 1.1 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Dec 12 Jan 13 Feb 13 Mar 13 Apr 13r May 13r Jun 13r Jul 13p ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 106.587 106.663 107.083 106.980 106.701 106.806 107.244 107.343 Goods.................................... 106.465 106.267 107.129 106.526 105.572 105.441 106.207 106.315 Durable goods.......................... 95.554 95.616 95.516 95.328 95.070 94.999 94.980 94.661 Nondurable goods....................... 111.956 111.611 113.006 112.174 110.834 110.669 111.876 112.226 Services................................. 106.662 106.880 107.073 107.227 107.295 107.523 107.790 107.885 Addenda: PCE excluding food and energy............ 105.249 105.459 105.550 105.619 105.593 105.714 105.960 106.043 Food\1\.................................. 107.382 107.349 107.547 107.613 107.730 107.467 107.743 107.858 Energy goods and services\2\............. 128.759 126.445 133.493 129.970 124.245 124.569 128.868 129.234 Market-based PCE\3\...................... 106.406 106.521 107.001 106.879 106.515 106.620 107.064 107.194 Market-based PCE excluding food and energy\3\........................... 104.838 105.110 105.225 105.295 105.208 105.331 105.557 105.674 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .0 .1 .4 -.1 -.3 .1 .4 .1 Goods.................................... -.3 -.2 .8 -.6 -.9 -.1 .7 .1 Durable goods.......................... -.2 .1 -.1 -.2 -.3 -.1 .0 -.3 Nondurable goods....................... -.3 -.3 1.2 -.7 -1.2 -.1 1.1 .3 Services................................. .2 .2 .2 .1 .1 .2 .2 .1 Addenda: PCE excluding food and energy............ .1 .2 .1 .1 .0 .1 .2 .1 Food\1\.................................. .2 .0 .2 .1 .1 -.2 .3 .1 Energy goods and services\2\............. -.9 -1.8 5.6 -2.6 -4.4 .3 3.5 .3 Market-based PCE\3\...................... .0 .1 .5 -.1 -.3 .1 .4 .1 Market-based PCE excluding food and energy\3\........................... .1 .3 .1 .1 -.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 ----------------------------------------------------------------------------------------------------------------------------------- Dec 12 Jan 13r Feb 13r Mar 13r Apr 13r May 13r Jun 13r Jul 13p ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 5.9 -.1 .5 .8 .7 .9 .6 .8 Personal consumption expenditures.......... 2.2 2.0 1.7 2.0 1.7 1.8 2.0 1.7 Goods.................................... 4.2 3.7 3.2 3.1 2.9 3.6 4.1 3.9 Durable goods.......................... 9.0 7.7 6.6 6.3 7.1 7.7 8.2 7.7 Nondurable goods....................... 2.0 1.8 1.6 1.7 1.0 1.7 2.3 2.2 Services................................. 1.2 1.1 .9 1.4 1.1 .9 .9 .5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2013. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Dec 12 Jan 13 Feb 13 Mar 13 Apr 13r May 13r Jun 13r Jul 13p ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.5 1.4 1.5 1.2 .9 1.1 1.3 1.4 Goods.................................... .4 .0 .4 -.5 -1.1 -.7 .0 .3 Durable goods.......................... -1.6 -1.6 -1.7 -1.7 -1.8 -1.9 -1.8 -1.8 Nondurable goods....................... 1.4 .8 1.4 .1 -.7 -.2 .9 1.3 Services................................. 2.1 2.1 2.1 2.1 1.9 2.0 2.0 2.0 Addenda: PCE excluding food and energy............ 1.6 1.5 1.5 1.4 1.2 1.2 1.2 1.2 Food\1\.................................. 1.3 1.1 1.2 1.1 1.2 1.0 1.0 1.2 Energy goods and services\2\............. 1.1 -.8 2.4 -1.6 -4.1 -.9 3.2 4.8 Market-based PCE\3\...................... 1.4 1.3 1.5 1.1 .8 1.0 1.3 1.4 Market-based PCE excluding food and energy\3\........................... 1.4 1.4 1.4 1.3 1.1 1.1 1.1 1.2 ----------------------------------------------------------------------------------------------------------------------------------- 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.