EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, SEPTEMBER 29, 2014 BEA 14-49 James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov Jeannine Aversa (202) 606-2649 (News Media) PERSONAL INCOME AND OUTLAYS: AUGUST 2014 Personal income increased $47.3 billion, or 0.3 percent, and disposable personal income (DPI) increased $35.2 billion, or 0.3 percent, in August, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $57.5 billion, or 0.5 percent. In July, personal income increased $35.9 billion, or 0.2 percent, DPI increased $24.6 billion, or 0.2 percent, and PCE increased $0.5 billion, or less than 0.1 percent, based on revised estimates. Real DPI increased 0.3 percent in August, compared with an increase of 0.1 percent in July. Real PCE increased 0.5 percent, in contrast to a decrease of 0.1 percent. 2014 Apr. May June July Aug. (Percent change from preceding month) Personal income, current dollars 0.4 0.5 0.5 0.2 0.3 Disposable personal income: Current dollars 0.5 0.5 0.5 0.2 0.3 Chained (2009) dollars 0.3 0.3 0.3 0.1 0.3 Personal consumption expenditures: Current dollars 0.2 0.3 0.5 0.0 0.5 Chained (2009) dollars -0.1 0.1 0.3 -0.1 0.5 FOOTNOTE._________ Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. Real estimates are in chained (2009) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. __________________ Wages and salaries Private wages and salaries increased $30.4 billion in August, compared with an increase of $17.4 billion in July. Goods-producing industries' payrolls increased $6.0 billion, compared with an increase of $1.2 billion; manufacturing payrolls increased $3.6 billion, in contrast to a decrease of $0.8 billion. Services-producing industries' payrolls increased $24.6 billion, compared with an increase of $16.2 billion. Government wages and salaries increased $1.4 billion, compared with an increase of $1.1 billion. Other personal income Supplements to wages and salaries increased $4.7 billion in August, compared with an increase of $3.8 billion in July. Proprietors' income decreased $8.5 billion in August, in contrast to an increase of $0.5 billion in July. Farm proprietors' income decreased $9.7 billion, compared with a decrease of $9.8 billion. Nonfarm proprietors' income increased $1.4 billion, compared with an increase of $10.1 billion. Rental income of persons increased $6.3 billion in August, compared with an increase of $5.1 billion in July. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $0.2 billion, in contrast to an increase of $0.9 billion. Personal current transfer receipts increased $17.2 billion in August, compared with an increase of $9.8 billion in July. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $4.3 billion in August, compared with an increase of $2.5 billion in July. Personal current taxes and disposable personal income Personal current taxes increased $12.1 billion in August, compared with an increase of $11.4 billion in July. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $35.2 billion, or 0.3 percent, in August, compared with an increase of $24.6 billion, or 0.2 percent, in July. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $60.4 billion in August, compared with an increase of $3.5 billion in July. PCE increased $57.5 billion, compared with an increase of $0.5 billion. Personal saving -- DPI less personal outlays -- was $705.3 billion in August, compared with $730.5 billion in July. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.4 percent in August, compared with 5.6 percent in July. 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 0.3 percent in August, compared with an increase of 0.1 percent in July. Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in August, in contrast to a decrease of 0.1 percent in July. Purchases of durable goods increased 1.9 percent, compared with an increase of 0.1 percent. Purchases of motor vehicles and parts accounted for about half of the August increase. Purchases of nondurable goods increased 0.3 percent in August, in contrast to a decrease of 0.1 percent in July. Purchases of services increased 0.4 percent, in contrast to a decrease of 0.1 percent. The price index for PCE decreased less than 0.1 percent in August, in contrast to an increase of 0.1 percent in July. The PCE price index, excluding food and energy, increased 0.1 percent, the same increase as in July. Price index: percent change from month one year ago The August price index for PCE increased 1.5 percent from August a year ago.  The August PCE price index, excluding food and energy, increased 1.5 percent from August a year ago. Revisions Estimates have been revised for April through July. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for June and July -- revised and as published in last month's release -- are shown below. Change from preceding month June July Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars 67.1 69.9 0.5 0.5 28.6 35.9 0.2 0.2 Disposable personal income: Current dollars 62.9 66.1 0.5 0.5 17.7 24.6 0.1 0.2 Chained (2009) dollars 31.8 33.9 0.3 0.3 6.3 12.0 0.1 0.1 Personal consumption expenditures: Current dollars 50.5 58.3 0.4 0.5 -13.6 0.5 -0.1 0.0 Chained (2009) dollars 22.8 29.0 0.2 0.3 -21.6 -9.1 -0.2 -0.1 BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to free e-mail summaries of BEA releases and announcements. * * * Next release – October 31, 2014 at 8:30 A.M. EDT for Personal Income and Outlays for September Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Jan 14 Feb 14 Mar 14 Apr 14\r\ May 14\r\ Jun 14\r\ Jul 14\r\ Aug 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,398.7 14,482.9 14,572.6 14,637.9 14,707.7 14,777.6 14,813.5 14,860.8 Compensation of employees................ 9,032.2 9,095.2 9,161.2 9,182.6 9,214.1 9,244.4 9,266.6 9,303.2 Wages and salaries..................... 7,282.4 7,338.8 7,398.1 7,415.4 7,442.8 7,468.6 7,487.0 7,518.9 Private industries................... 6,070.0 6,123.9 6,181.9 6,197.1 6,222.9 6,247.8 6,265.2 6,295.6 Goods-producing industries......... 1,225.4 1,237.5 1,251.2 1,249.1 1,257.7 1,265.7 1,266.9 1,272.9 Manufacturing.................... 761.4 767.5 779.6 775.9 782.2 786.9 786.1 789.7 Services-producing industries...... 4,844.7 4,886.4 4,930.7 4,948.0 4,965.1 4,982.0 4,998.2 5,022.8 Trade, transportation, and utilities....................... 1,147.2 1,151.4 1,166.0 1,174.2 1,175.7 1,176.4 1,177.7 1,183.3 Other services-producing industries...................... 3,697.5 3,735.0 3,764.7 3,773.9 3,789.4 3,805.7 3,820.6 3,839.5 Government........................... 1,212.4 1,215.0 1,216.1 1,218.3 1,220.0 1,220.8 1,221.9 1,223.3 Supplements to wages and salaries...... 1,749.7 1,756.4 1,763.1 1,767.2 1,771.3 1,775.8 1,779.6 1,784.3 Employer contributions for employee pension and insurance funds\1\...... 1,210.9 1,213.7 1,216.4 1,219.5 1,221.9 1,224.7 1,227.4 1,230.1 Employer contributions for government social insurance.................... 538.9 542.7 546.7 547.7 549.4 551.1 552.2 554.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,348.0 1,351.6 1,353.3 1,369.9 1,378.9 1,394.0 1,394.5 1,386.0 Farm................................... 59.9 58.1 56.3 64.8 73.4 81.9 72.1 62.4 Nonfarm................................ 1,288.1 1,293.5 1,297.0 1,305.0 1,305.5 1,312.2 1,322.3 1,323.7 Rental income of persons with capital consumption adjustment.................. 618.0 622.3 628.5 632.1 635.4 638.7 643.8 650.1 Personal income receipts on assets....... 2,084.0 2,089.0 2,098.1 2,115.6 2,126.0 2,139.5 2,140.4 2,140.2 Personal interest income............... 1,264.7 1,262.4 1,260.2 1,265.1 1,270.0 1,274.9 1,272.1 1,269.2 Personal dividend income............... 819.4 826.6 838.0 850.5 855.9 864.6 868.3 871.0 Personal current transfer receipts....... 2,455.1 2,471.3 2,486.3 2,495.1 2,514.4 2,525.9 2,535.7 2,552.9 Government social benefits to persons.. 2,412.3 2,428.3 2,443.0 2,451.5 2,470.7 2,481.9 2,491.4 2,508.4 Social security\2\................... 821.1 822.0 830.2 831.4 832.7 835.0 833.8 838.2 Medicare\3\.......................... 581.4 583.2 583.3 585.3 585.9 587.5 588.4 590.9 Medicaid............................. 460.5 468.7 473.6 475.2 483.2 489.0 498.4 508.3 Unemployment insurance............... 44.0 40.6 39.5 37.8 37.2 36.8 35.6 35.6 Veterans' benefits................... 81.3 85.5 83.3 83.6 83.2 83.3 85.4 84.5 Other................................ 424.0 428.2 433.1 438.3 448.5 450.3 449.8 450.9 Other current transfer receipts, from business (net)........................ 42.8 43.1 43.3 43.5 43.8 44.0 44.3 44.5 Less: Contributions for government social insurance, domestic..................... 1,138.6 1,146.5 1,154.8 1,157.3 1,161.2 1,164.9 1,167.4 1,171.7 Less: Personal current taxes............... 1,700.2 1,711.6 1,723.6 1,720.9 1,722.1 1,726.0 1,737.4 1,749.5 Equals: Disposable personal income......... 12,698.5 12,771.3 12,849.0 12,917.0 12,985.5 13,051.6 13,076.2 13,111.4 Less: Personal outlays..................... 12,081.2 12,132.8 12,226.6 12,243.3 12,283.2 12,342.2 12,345.7 12,406.1 Personal consumption expenditures........ 11,663.9 11,714.4 11,807.1 11,825.2 11,864.3 11,922.6 11,923.1 11,980.6 Goods.................................. 3,851.1 3,888.7 3,932.0 3,942.2 3,956.4 3,994.9 3,995.2 4,011.8 Durable goods........................ 1,237.6 1,253.9 1,295.3 1,287.5 1,300.4 1,307.4 1,307.7 1,331.0 Nondurable goods..................... 2,613.5 2,634.8 2,636.8 2,654.8 2,656.0 2,687.6 2,687.5 2,680.8 Services............................... 7,812.8 7,825.7 7,875.1 7,883.0 7,907.9 7,927.7 7,927.9 7,968.9 Personal interest payments\4\............ 249.0 249.8 250.5 250.9 251.3 251.8 254.3 256.9 Personal current transfer payments....... 168.3 168.6 169.0 167.2 167.5 167.9 168.2 168.5 To government.......................... 92.9 93.3 93.6 93.9 94.3 94.6 94.9 95.3 To the rest of the world (net)......... 75.4 75.4 75.4 73.3 73.3 73.3 73.3 73.3 Equals: Personal saving.................... 617.3 638.6 622.4 673.6 702.3 709.4 730.5 705.3 Personal saving as a percentage of disposable personal income.............. 4.9 5.0 4.8 5.2 5.4 5.4 5.6 5.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 11,054.4 11,108.9 11,161.2 11,189.4 11,208.3 11,236.8 11,251.0 11,283.8 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,753.2 11,811.5 11,865.4 11,902.8 11,936.6 11,970.5 11,982.5 12,020.4 Per capita: Current dollars...................... 39,972 40,182 40,405 40,597 40,789 40,972 41,022 41,105 Chained (2009) dollars............... 36,997 37,162 37,312 37,409 37,494 37,578 37,591 37,684 Population (midperiod, thousands)\6\..... 317,681 317,840 318,006 318,178 318,357 318,552 318,759 318,976 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 I 13 II 13 III 13 IV 13 I 14 II 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,887.7 14,166.9 13,977.2 14,131.3 14,247.4 14,311.7 14,484.7 14,707.7 Compensation of employees................ 8,606.5 8,844.8 8,734.4 8,826.3 8,871.6 8,946.8 9,096.2 9,213.7 Wages and salaries..................... 6,932.1 7,124.7 7,034.1 7,110.9 7,145.3 7,208.5 7,339.8 7,442.3 Private industries................... 5,733.8 5,916.6 5,826.8 5,901.4 5,939.7 5,998.5 6,125.3 6,222.6 Goods-producing industries......... 1,157.1 1,195.3 1,180.8 1,193.0 1,196.8 1,210.6 1,238.0 1,257.5 Manufacturing.................... 734.4 747.6 743.0 746.0 747.2 754.1 769.5 781.7 Services-producing industries...... 4,576.7 4,721.3 4,646.0 4,708.4 4,742.9 4,787.9 4,887.3 4,965.1 Trade, transportation, and utilities....................... 1,094.0 1,121.3 1,110.6 1,117.2 1,122.7 1,134.9 1,154.9 1,175.4 Other services-producing industries...................... 3,482.7 3,600.0 3,535.4 3,591.2 3,620.2 3,653.0 3,732.4 3,789.7 Government........................... 1,198.3 1,208.1 1,207.3 1,209.6 1,205.6 1,210.0 1,214.5 1,219.7 Supplements to wages and salaries...... 1,674.4 1,720.1 1,700.3 1,715.4 1,726.2 1,738.3 1,756.4 1,771.4 Employer contributions for employee pension and insurance funds\1\...... 1,160.5 1,193.9 1,180.1 1,190.0 1,198.8 1,206.8 1,213.6 1,222.0 Employer contributions for government social insurance.................... 513.9 526.1 520.2 525.4 527.5 531.5 542.8 549.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,260.2 1,336.6 1,327.8 1,330.0 1,345.9 1,342.7 1,351.0 1,381.0 Farm................................... 72.3 83.2 92.2 83.6 86.8 70.1 58.1 73.4 Nonfarm................................ 1,187.9 1,253.5 1,235.6 1,246.5 1,259.2 1,272.6 1,292.9 1,307.6 Rental income of persons with capital consumption adjustment.................. 533.0 595.8 575.0 590.8 604.2 613.3 622.9 635.4 Personal income receipts on assets....... 2,088.6 2,079.7 2,035.9 2,081.9 2,106.9 2,094.2 2,090.4 2,127.0 Personal interest income............... 1,255.9 1,255.2 1,245.5 1,253.5 1,258.5 1,263.2 1,262.4 1,270.0 Personal dividend income............... 832.7 824.5 790.4 828.4 848.4 831.0 828.0 857.0 Personal current transfer receipts....... 2,350.7 2,414.5 2,394.8 2,404.5 2,426.6 2,432.3 2,470.9 2,511.8 Government social benefits to persons.. 2,307.6 2,372.2 2,352.9 2,362.2 2,384.0 2,389.7 2,427.8 2,468.0 Social security\2\................... 762.1 799.0 789.8 795.0 802.5 808.9 824.5 833.0 Medicare\3\.......................... 555.2 572.4 571.4 567.7 573.0 577.3 582.6 586.2 Medicaid............................. 417.2 441.1 428.2 437.4 450.0 448.7 467.6 482.5 Unemployment insurance............... 83.6 62.2 68.9 64.5 59.3 56.1 41.4 37.2 Veterans' benefits................... 70.1 79.0 75.9 78.6 80.1 81.6 83.4 83.4 Other................................ 419.3 418.5 418.7 419.0 419.1 417.1 428.4 445.7 Other current transfer receipts, from business (net)........................ 43.1 42.3 41.9 42.3 42.5 42.6 43.1 43.8 Less: Contributions for government social insurance, domestic..................... 951.2 1,104.5 1,090.7 1,102.1 1,107.8 1,117.5 1,146.6 1,161.1 Less: Personal current taxes............... 1,503.7 1,661.8 1,636.8 1,660.6 1,661.5 1,688.1 1,711.8 1,723.0 Equals: Disposable personal income......... 12,384.0 12,505.1 12,340.4 12,470.7 12,585.8 12,623.7 12,772.9 12,984.7 Less: Personal outlays..................... 11,487.9 11,897.1 11,760.6 11,823.9 11,933.1 12,070.8 12,146.9 12,289.6 Personal consumption expenditures........ 11,083.1 11,484.3 11,351.1 11,414.3 11,518.7 11,653.3 11,728.5 11,870.7 Goods.................................. 3,741.9 3,851.2 3,832.2 3,821.0 3,865.3 3,886.1 3,890.6 3,964.5 Durable goods........................ 1,192.1 1,249.3 1,237.8 1,245.4 1,252.4 1,261.5 1,262.3 1,298.4 Nondurable goods..................... 2,549.8 2,601.9 2,594.4 2,575.6 2,612.9 2,624.6 2,628.4 2,666.1 Services............................... 7,341.3 7,633.2 7,518.9 7,593.2 7,653.4 7,767.2 7,837.8 7,906.2 Personal interest payments\4\............ 241.6 247.1 243.5 243.4 250.8 250.8 249.8 251.3 Personal current transfer payments....... 163.1 165.6 166.0 166.2 163.6 166.7 168.6 167.5 To government.......................... 90.0 91.4 90.8 91.0 91.5 92.2 93.3 94.3 To the rest of the world (net)......... 73.1 74.3 75.2 75.3 72.2 74.5 75.4 73.3 Equals: Personal saving.................... 896.2 608.1 579.8 646.9 652.8 552.9 626.1 695.1 Personal saving as a percentage of disposable personal income.............. 7.2 4.9 4.7 5.2 5.2 4.4 4.9 5.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,877.6 10,949.5 10,829.8 10,952.3 10,994.3 11,021.2 11,108.2 11,211.5 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,676.2 11,650.8 11,538.6 11,647.0 11,705.9 11,711.7 11,810.1 11,936.7 Per capita: Current dollars...................... 39,409 39,515 39,099 39,447 39,734 39,779 40,186 40,786 Chained (2009) dollars............... 37,156 36,815 36,558 36,841 36,956 36,905 37,157 37,494 Population (midperiod, thousands)\6\..... 314,246 316,465 315,620 316,140 316,754 317,347 317,842 318,362 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Jan 14 Feb 14 Mar 14 Apr 14\r\ May 14\r\ Jun 14\r\ Jul 14\r\ Aug 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 78.7 84.2 89.7 65.3 69.8 69.9 35.9 47.3 Compensation of employees................ 76.7 63.0 66.0 21.4 31.5 30.3 22.2 36.6 Wages and salaries..................... 68.3 56.4 59.3 17.3 27.4 25.8 18.4 31.9 Private industries................... 67.1 53.9 58.0 15.2 25.8 24.9 17.4 30.4 Goods-producing industries......... 10.4 12.1 13.7 -2.1 8.6 8.0 1.2 6.0 Manufacturing.................... 6.1 6.1 12.1 -3.7 6.3 4.7 -.8 3.6 Services-producing industries...... 56.8 41.7 44.3 17.3 17.1 16.9 16.2 24.6 Trade, transportation, and utilities....................... 11.6 4.2 14.6 8.2 1.5 .7 1.3 5.6 Other services-producing industries...................... 45.3 37.5 29.7 9.2 15.5 16.3 14.9 18.9 Government........................... 1.2 2.6 1.1 2.2 1.7 .8 1.1 1.4 Supplements to wages and salaries...... 8.3 6.7 6.7 4.1 4.1 4.5 3.8 4.7 Employer contributions for employee pension and insurance funds\1\...... 1.6 2.8 2.7 3.1 2.4 2.8 2.7 2.7 Employer contributions for government social insurance.................... 6.8 3.8 4.0 1.0 1.7 1.7 1.1 2.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 8.4 3.6 1.7 16.6 9.0 15.1 .5 -8.5 Farm................................... -1.8 -1.8 -1.8 8.5 8.6 8.5 -9.8 -9.7 Nonfarm................................ 10.2 5.4 3.5 8.0 .5 6.7 10.1 1.4 Rental income of persons with capital consumption adjustment.................. 3.4 4.3 6.2 3.6 3.3 3.3 5.1 6.3 Personal income receipts on assets....... -7.0 5.0 9.1 17.5 10.4 13.5 .9 -.2 Personal interest income............... -2.2 -2.3 -2.2 4.9 4.9 4.9 -2.8 -2.9 Personal dividend income............... -4.7 7.2 11.4 12.5 5.4 8.7 3.7 2.7 Personal current transfer receipts....... 16.8 16.2 15.0 8.8 19.3 11.5 9.8 17.2 Government social benefits to persons.. 16.6 16.0 14.7 8.5 19.2 11.2 9.5 17.0 Social security\2\................... 7.6 .9 8.2 1.2 1.3 2.3 -1.2 4.4 Medicare\3\.......................... 2.8 1.8 .1 2.0 .6 1.6 .9 2.5 Medicaid............................. 13.0 8.2 4.9 1.6 8.0 5.8 9.4 9.9 Unemployment insurance............... -15.9 -3.4 -1.1 -1.7 -.6 -.4 -1.2 .0 Veterans' benefits................... -.1 4.2 -2.2 .3 -.4 .1 2.1 -.9 Other................................ 9.2 4.2 4.9 5.2 10.2 1.8 -.5 1.1 Other current transfer receipts, from business (net)........................ .2 .3 .2 .2 .3 .2 .3 .2 Less: Contributions for government social insurance, domestic..................... 19.7 7.9 8.3 2.5 3.9 3.7 2.5 4.3 Less: Personal current taxes............... 4.9 11.4 12.0 -2.7 1.2 3.9 11.4 12.1 Equals: Disposable personal income......... 73.7 72.8 77.7 68.0 68.5 66.1 24.6 35.2 Less: Personal outlays..................... -20.4 51.6 93.8 16.7 39.9 59.0 3.5 60.4 Personal consumption expenditures........ -22.4 50.5 92.7 18.1 39.1 58.3 .5 57.5 Goods.................................. -38.5 37.6 43.3 10.2 14.2 38.5 .3 16.6 Durable goods........................ -10.9 16.3 41.4 -7.8 12.9 7.0 .3 23.3 Nondurable goods..................... -27.6 21.3 2.0 18.0 1.2 31.6 -.1 -6.7 Services............................... 16.1 12.9 49.4 7.9 24.9 19.8 .2 41.0 Personal interest payments\4\............ .7 .8 .7 .4 .4 .5 2.5 2.6 Personal current transfer payments....... 1.3 .3 .4 -1.8 .3 .4 .3 .3 To government.......................... .4 .4 .3 .3 .4 .3 .3 .4 To the rest of the world (net)......... .9 .0 .0 -2.1 .0 .0 .0 .0 Equals: Personal saving.................... 94.1 21.3 -16.2 51.2 28.7 7.1 21.1 -25.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 46.2 54.5 52.3 28.2 18.9 28.5 14.2 32.8 Disposable personal income, billions of chained (2009) dollars\5\............ 56.6 58.3 53.9 37.4 33.8 33.9 12.0 37.9 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 I 13 II 13 III 13 IV 13 I 14 II 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 685.7 279.2 -317.9 154.1 116.1 64.3 173.0 223.0 Compensation of employees................ 337.5 238.3 -48.1 91.9 45.3 75.2 149.4 117.5 Wages and salaries..................... 298.9 192.6 -53.3 76.8 34.4 63.2 131.3 102.5 Private industries................... 295.4 182.8 -57.6 74.6 38.3 58.8 126.8 97.3 Goods-producing industries......... 56.3 38.2 8.2 12.2 3.8 13.8 27.4 19.5 Manufacturing.................... 27.7 13.2 3.1 3.0 1.2 6.9 15.4 12.2 Services-producing industries...... 239.1 144.6 -65.8 62.4 34.5 45.0 99.4 77.8 Trade, transportation, and utilities....................... 49.5 27.3 .5 6.6 5.5 12.2 20.0 20.5 Other services-producing industries...................... 189.6 117.3 -66.3 55.8 29.0 32.8 79.4 57.3 Government........................... 3.5 9.8 4.3 2.3 -4.0 4.4 4.5 5.2 Supplements to wages and salaries...... 38.5 45.7 5.2 15.1 10.8 12.1 18.1 15.0 Employer contributions for employee pension and insurance funds\1\...... 18.5 33.4 8.6 9.9 8.8 8.0 6.8 8.4 Employer contributions for government social insurance.................... 20.0 12.2 -3.3 5.2 2.1 4.0 11.3 6.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 116.5 76.4 35.5 2.2 15.9 -3.2 8.3 30.0 Farm................................... -3.2 10.9 19.0 -8.6 3.2 -16.7 -12.0 15.3 Nonfarm................................ 119.8 65.6 16.5 10.9 12.7 13.4 20.3 14.7 Rental income of persons with capital consumption adjustment.................. 47.7 62.8 23.3 15.8 13.4 9.1 9.6 12.5 Personal income receipts on assets....... 174.7 -8.9 -230.0 46.0 25.0 -12.7 -3.8 36.6 Personal interest income............... 24.3 -.7 -12.3 8.0 5.0 4.7 -.8 7.6 Personal dividend income............... 150.5 -8.2 -217.7 38.0 20.0 -17.4 -3.0 29.0 Personal current transfer receipts....... 42.8 63.8 23.1 9.7 22.1 5.7 38.6 40.9 Government social benefits to persons.. 49.9 64.6 22.6 9.3 21.8 5.7 38.1 40.2 Social security\2\................... 48.8 36.9 18.9 5.2 7.5 6.4 15.6 8.5 Medicare\3\.......................... 19.2 17.2 7.2 -3.7 5.3 4.3 5.3 3.6 Medicaid............................. 11.5 23.9 1.9 9.2 12.6 -1.3 18.9 14.9 Unemployment insurance............... -23.6 -21.4 -5.5 -4.4 -5.2 -3.2 -14.7 -4.2 Veterans' benefits................... 6.8 8.9 3.0 2.7 1.5 1.5 1.8 .0 Other................................ -13.0 -.8 -2.9 .3 .1 -2.0 11.3 17.3 Other current transfer receipts, from business (net)........................ -7.1 -.8 .5 .4 .2 .1 .5 .7 Less: Contributions for government social insurance, domestic..................... 33.4 153.3 121.8 11.4 5.7 9.7 29.1 14.5 Less: Personal current taxes............... 103.1 158.1 71.4 23.8 .9 26.6 23.7 11.2 Equals: Disposable personal income......... 582.6 121.1 -389.3 130.3 115.1 37.9 149.2 211.8 Less: Personal outlays..................... 397.7 409.2 131.4 63.3 109.2 137.7 76.1 142.7 Personal consumption expenditures........ 393.8 401.2 128.5 63.2 104.4 134.6 75.2 142.2 Goods.................................. 145.4 109.3 43.4 -11.2 44.3 20.8 4.5 73.9 Durable goods........................ 66.8 57.2 21.7 7.6 7.0 9.1 .8 36.1 Nondurable goods..................... 78.7 52.1 21.6 -18.8 37.3 11.7 3.8 37.7 Services............................... 248.5 291.9 85.1 74.3 60.2 113.8 70.6 68.4 Personal interest payments\4\............ .2 5.5 3.5 -.1 7.4 .0 -1.0 1.5 Personal current transfer payments....... 3.6 2.5 -.6 .2 -2.6 3.1 1.9 -1.1 To government.......................... 4.5 1.4 -.1 .2 .5 .7 1.1 1.0 To the rest of the world (net)......... -1.0 1.2 -.6 .1 -3.1 2.3 .9 -2.1 Equals: Personal saving.................... 185.1 -288.1 -520.7 67.1 5.9 -99.9 73.2 69.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 417.5 71.9 -347.7 122.5 42.0 26.9 87.0 103.3 Disposable personal income, billions of chained (2009) dollars\5\............ 345.0 -25.4 -394.8 108.4 58.9 5.8 98.4 126.6 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Jan 14 Feb 14 Mar 14 Apr 14\r\ May 14\r\ Jun 14\r\ Jul 14\r\ Aug 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .5 .6 .6 .4 .5 .5 .2 .3 Compensation of employees................ .9 .7 .7 .2 .3 .3 .2 .4 Wages and salaries..................... .9 .8 .8 .2 .4 .3 .2 .4 Supplements to wages and salaries...... .5 .4 .4 .2 .2 .3 .2 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. .6 .3 .1 1.2 .7 1.1 .0 -.6 Rental income of persons with capital consumption adjustment.................. .6 .7 1.0 .6 .5 .5 .8 1.0 Personal income receipts on assets....... -.3 .2 .4 .8 .5 .6 .0 .0 Personal interest income............... -.2 -.2 -.2 .4 .4 .4 -.2 -.2 Personal dividend income............... -.6 .9 1.4 1.5 .6 1.0 .4 .3 Personal current transfer receipts....... .7 .7 .6 .4 .8 .5 .4 .7 Less: Contributions for government social insurance, domestic..................... 1.8 .7 .7 .2 .3 .3 .2 .4 Less: Personal current taxes............... .3 .7 .7 -.2 .1 .2 .7 .7 Equals: Disposable personal income......... .6 .6 .6 .5 .5 .5 .2 .3 Addenda: Personal consumption expenditures........ -.2 .4 .8 .2 .3 .5 .0 .5 Goods.................................. -1.0 1.0 1.1 .3 .4 1.0 .0 .4 Durable goods........................ -.9 1.3 3.3 -.6 1.0 .5 .0 1.8 Nondurable goods..................... -1.0 .8 .1 .7 .0 1.2 .0 -.3 Services............................... .2 .2 .6 .1 .3 .2 .0 .5 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .4 .5 .5 .3 .2 .3 .1 .3 Real disposable personal income.......... .5 .5 .5 .3 .3 .3 .1 .3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 I 13 II 13 III 13 IV 13 I 14 II 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.2 2.0 -8.6 4.5 3.3 1.8 4.9 6.3 Compensation of employees................ 4.1 2.8 -2.2 4.3 2.1 3.4 6.8 5.3 Wages and salaries..................... 4.5 2.8 -3.0 4.4 1.9 3.6 7.5 5.7 Supplements to wages and salaries...... 2.4 2.7 1.2 3.6 2.6 2.8 4.2 3.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.2 6.1 11.5 .7 4.9 -1.0 2.5 9.2 Rental income of persons with capital consumption adjustment.................. 9.8 11.8 18.0 11.5 9.4 6.1 6.4 8.2 Personal income receipts on assets....... 9.1 -.4 -34.8 9.3 4.9 -2.4 -.7 7.2 Personal interest income............... 2.0 -.1 -3.8 2.6 1.6 1.5 -.2 2.4 Personal dividend income............... 22.0 -1.0 -62.2 20.7 10.0 -7.9 -1.5 14.8 Personal current transfer receipts....... 1.9 2.7 3.9 1.6 3.7 .9 6.5 6.8 Less: Contributions for government social insurance, domestic..................... 3.6 16.1 60.6 4.3 2.1 3.5 10.8 5.1 Less: Personal current taxes............... 7.4 10.5 19.5 5.9 .2 6.6 5.7 2.7 Equals: Disposable personal income......... 4.9 1.0 -11.7 4.3 3.7 1.2 4.8 6.8 Addenda: Personal consumption expenditures........ 3.7 3.6 4.7 2.2 3.7 4.8 2.6 4.9 Goods.................................. 4.0 2.9 4.7 -1.2 4.7 2.2 .5 7.8 Durable goods........................ 5.9 4.8 7.3 2.5 2.3 3.0 .2 12.0 Nondurable goods..................... 3.2 2.0 3.4 -2.9 5.9 1.8 .6 5.9 Services............................... 3.5 4.0 4.7 4.0 3.2 6.1 3.7 3.5 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 4.0 .7 -11.9 4.6 1.5 1.0 3.2 3.8 Real disposable personal income.......... 3.0 -.2 -12.6 3.8 2.0 .2 3.4 4.4 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jan 14 Feb 14 Mar 14 Apr 14\r\ May 14\r\ Jun 14\r\ Jul 14\r\ Aug 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,795.6 10,834.0 10,903.3 10,896.7 10,906.0 10,935.0 10,925.9 10,983.7 Goods.................................... 3,637.0 3,675.3 3,722.6 3,721.2 3,726.9 3,746.7 3,746.9 3,779.4 Durable goods.......................... 1,325.4 1,345.4 1,394.2 1,385.2 1,403.6 1,412.3 1,414.4 1,441.9 Nondurable goods....................... 2,327.6 2,347.0 2,351.2 2,357.3 2,347.5 2,359.0 2,357.5 2,365.5 Services................................. 7,157.2 7,158.0 7,180.8 7,175.7 7,179.4 7,189.0 7,179.7 7,205.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -31.5 38.4 69.3 -6.6 9.3 29.0 -9.1 57.8 Goods.................................... -34.9 38.3 47.3 -1.4 5.7 19.8 .2 32.5 Durable goods.......................... -9.9 20.0 48.8 -9.0 18.4 8.7 2.1 27.5 Nondurable goods....................... -24.7 19.4 4.2 6.1 -9.8 11.5 -1.5 8.0 Services................................. 2.6 .8 22.8 -5.1 3.7 9.6 -9.3 25.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.3 .4 .6 -.1 .1 .3 -.1 .5 Goods.................................... -1.0 1.1 1.3 .0 .2 .5 .0 .9 Durable goods.......................... -.7 1.5 3.6 -.6 1.3 .6 .1 1.9 Nondurable goods....................... -1.1 .8 .2 .3 -.4 .5 -.1 .3 Services................................. .0 .0 .3 -.1 .1 .1 -.1 .4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 I 13 II 13 III 13 IV 13 I 14 II 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,449.7 10,699.7 10,613.7 10,660.4 10,713.3 10,811.4 10,844.3 10,912.6 Goods.................................... 3,506.5 3,626.0 3,593.7 3,605.2 3,636.1 3,669.0 3,678.3 3,731.6 Durable goods.......................... 1,235.7 1,319.0 1,295.7 1,310.0 1,325.9 1,344.5 1,355.0 1,400.4 Nondurable goods....................... 2,280.1 2,322.6 2,311.7 2,310.5 2,326.4 2,341.8 2,341.9 2,354.6 Services................................. 6,942.4 7,073.1 7,019.3 7,054.5 7,076.6 7,141.9 7,165.4 7,181.4 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 186.2 250.0 93.1 46.7 52.9 98.1 32.9 68.3 Goods.................................... 94.7 119.5 51.4 11.5 30.9 32.9 9.3 53.3 Durable goods.......................... 84.2 83.3 26.0 14.3 15.9 18.6 10.5 45.4 Nondurable goods....................... 16.9 42.5 26.7 -1.2 15.9 15.4 .1 12.7 Services................................. 91.0 130.7 41.8 35.2 22.1 65.3 23.5 16.0 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.8 2.4 3.6 1.8 2.0 3.7 1.2 2.5 Goods.................................... 2.8 3.4 5.9 1.3 3.5 3.7 1.0 5.9 Durable goods.......................... 7.3 6.7 8.5 4.5 4.9 5.7 3.2 14.1 Nondurable goods....................... .7 1.9 4.8 -.2 2.8 2.7 .0 2.2 Services................................. 1.3 1.9 2.4 2.0 1.3 3.7 1.3 .9 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jan 14 Feb 14 Mar 14 Apr 14\r\ May 14\r\ Jun 14\r\ Jul 14\r\ Aug 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 108.046 108.129 108.292 108.523 108.790 109.034 109.130 109.079 Goods.................................... 105.883 105.803 105.622 105.937 106.158 106.624 106.627 106.148 Durable goods.......................... 93.368 93.182 92.893 92.933 92.638 92.562 92.449 92.297 Nondurable goods....................... 112.282 112.263 112.147 112.619 113.141 113.927 113.999 113.328 Services................................. 109.165 109.332 109.672 109.861 110.151 110.280 110.425 110.597 Addenda: PCE excluding food and energy............ 106.802 106.906 107.057 107.263 107.457 107.621 107.730 107.813 Food\1\.................................. 107.953 108.242 108.733 109.061 109.706 109.728 110.017 110.398 Energy goods and services\2\............. 129.834 129.178 129.040 129.570 130.632 132.811 132.325 128.785 Market-based PCE\3\...................... 107.653 107.716 107.893 108.098 108.348 108.613 108.715 108.609 Market-based PCE excluding food and energy\3\........................... 106.157 106.243 106.408 106.580 106.742 106.920 107.037 107.077 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .1 .2 .2 .2 .2 .1 .0 Goods.................................... .0 -.1 -.2 .3 .2 .4 .0 -.4 Durable goods.......................... -.1 -.2 -.3 .0 -.3 -.1 -.1 -.2 Nondurable goods....................... .0 .0 -.1 .4 .5 .7 .1 -.6 Services................................. .2 .2 .3 .2 .3 .1 .1 .2 Addenda: PCE excluding food and energy............ .1 .1 .1 .2 .2 .2 .1 .1 Food\1\.................................. .0 .3 .5 .3 .6 .0 .3 .3 Energy goods and services\2\............. .4 -.5 -.1 .4 .8 1.7 -.4 -2.7 Market-based PCE\3\...................... .1 .1 .2 .2 .2 .2 .1 -.1 Market-based PCE excluding food and energy\3\........................... .1 .1 .2 .2 .2 .2 .1 .0 ----------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------- Jan 14 Feb 14 Mar 14 Apr 14\r\ May 14\r\ Jun 14\r\ Jul 14\r\ Aug 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.3 2.3 2.4 2.5 2.4 2.5 2.7 2.7 Personal consumption expenditures.......... 1.9 2.0 2.5 2.4 2.3 2.4 2.2 2.6 Goods.................................... 1.2 2.1 3.8 3.8 3.2 3.5 3.2 4.1 Durable goods.......................... 2.0 3.6 8.2 6.5 7.2 7.0 7.1 8.1 Nondurable goods....................... .8 1.4 1.8 2.4 1.4 1.9 1.4 2.2 Services................................. 2.3 2.0 1.9 1.7 1.9 1.8 1.7 1.8 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jan 14 Feb 14 Mar 14 Apr 14\r\ May 14\r\ Jun 14\r\ Jul 14\r\ Aug 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.2 1.0 1.2 1.5 1.7 1.6 1.6 1.5 Goods.................................... -.5 -1.2 -.8 .1 .3 .3 .3 -.2 Durable goods.......................... -2.3 -2.5 -2.6 -2.3 -2.5 -2.6 -2.4 -2.2 Nondurable goods....................... .4 -.6 .1 1.2 1.7 1.7 1.5 .8 Services................................. 2.1 2.1 2.2 2.3 2.3 2.3 2.3 2.3 Addenda: PCE excluding food and energy............ 1.2 1.2 1.3 1.4 1.5 1.5 1.5 1.5 Food\1\.................................. .6 .7 1.0 1.2 2.0 1.8 2.0 2.2 Energy goods and services\2\............. 1.8 -2.8 .4 3.3 3.3 3.1 2.4 .0 Market-based PCE\3\...................... 1.1 .7 1.0 1.4 1.5 1.5 1.4 1.3 Market-based PCE excluding food and energy\3\........................... 1.0 1.0 1.1 1.3 1.4 1.3 1.3 1.3 ----------------------------------------------------------------------------------------------------------------------------------- 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.