EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, DECEMBER 23, 2013 BEA 13-65 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: NOVEMBER 2013 Personal income increased $30.1 billion, or 0.2 percent, and disposable personal income (DPI) increased $16.2 billion, or 0.1 percent in November according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $63.0 billion, or 0.5 percent. In October, personal income decreased $11.7 billion, or 0.1 percent, DPI decreased $25.6 billion, or 0.2 percent, and PCE increased $44.2 billion, or 0.4 percent, based on revised estimates. Real disposable personal income increased 0.1 percent in November, in contrast to a decrease of 0.2 percent in October. Real PCE increased 0.5 percent in November, compared with an increase of 0.4 percent in October. 2013 July Aug. Sept. Oct. Nov. (Percent Change from preceding month) Personal income, current dollars 0.1 0.5 0.4 -0.1 0.2 Disposable personal income: Current dollars 0.3 0.6 0.5 -0.2 0.1 Chained (2009) dollars 0.2 0.5 0.4 -0.2 0.1 Personal consumption expenditures: Current dollars 0.2 0.3 0.3 0.4 0.5 Chained (2009) dollars 0.1 0.2 0.2 0.4 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 $26.1 billion in November, compared with an increase of $9.9 billion in October. Goods producing industries' payrolls increased $8.3 billion, compared with an increase of $1.4 billion; manufacturing payrolls increased $4.8 billion, compared with an increase of $1.5 billion. Services-producing industries' payrolls increased $17.8 billion, compared with an increase of $8.6 billion. Government wages and salaries increased $1.0 billion, in contrast to a decrease of $0.1 billion. Other personal income Supplements to wages and salaries increased $3.3 billion in November, compared with an increase of $2.3 billion in October. Proprietors' income decreased $5.0 billion in November, compared with a decrease of $18.1 billion in October. Farm proprietors' income decreased $12.0 billion in November, compared with a decrease of $22.2 billion in October. Nonfarm proprietors' income increased $7.0 billion, compared with an increase of $4.0 billion. Rental income of persons increased $1.9 billion in November, compared with an increase of $2.1 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) increased $5.9 billion, in contrast to a decrease of $5.4 billion. Personal current transfer receipts increased $0.6 billion, in contrast to a decrease of $1.0 billion Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.7 billion in November, compared with an increase of $1.4 billion in October. Personal current taxes and disposable personal income Personal current taxes increased $14.0 billion in November, compared with an increase of $13.8 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $16.2 billion, or 0.1 percent in November, in contrast to a decrease of $25.6 billion, or 0.2 percent in October. Personal outlays and savings Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $62.6 billion in November, compared with an increase of $43.9 billion in October. PCE increased $63.0 billion, compared with an increase of $44.2 billion. Personal saving -- DPI less personal outlays -- was $525.4 billion in November, compared with $571.8 billion in October.The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.2 percent in November, compared with 4.5 percent in October. 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 (formerly called flow of funds accounts) 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 0.1 percent in November, in contrast to a decrease of 0.2 percent in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in November, compared with an increase of 0.4 percent in October. Purchases of durable goods increased 2.2 percent in November, compared with an increase of 1.2 percent in October. Purchases of motor vehicles and parts accounted for over half of the November increase. Purchases of nondurable goods decreased less than 0.1 percent in November, in contrast to an increase of 0.8 percent in October. Purchases of services increased 0.4 percent, compared with an increase of 0.1 percent. The price index for PCE increased less than 0.1 percent in November, in contrast to a decrease of less than 0.1 percent in October. The PCE price index, excluding food and energy, increased 0.1 percent in November, the same increase as in October. Revisions Estimates for personal income and DPI have been revised for July through October. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for September and October -- revised and as published in last month's release -- are shown below. Change from preceding month September October Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (percent) (Billions of dollars) (percent) Personal income: Current dollars 64.3 63.1 0.5 0.4 -10.8 -11.7 -0.1 -0.1 Disposable personal income: Current dollars 62.1 62.2 0.5 0.5 -23.6 -25.6 -0.2 -0.2 Chained (2009) dollars 44.7 44.8 0.4 0.4 -18.5 -20.9 -0.2 -0.2 Personal consumption expenditures: Current dollars 23.8 37.4 0.2 0.3 32.7 44.2 0.3 0.4 Chained (2009) dollars 10.1 22.8 0.1 0.2 33.5 43.8 0.3 0.4 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 – January 31, 2014 at 8:30 A.M. EST for Personal Income and Outlays for December Release Dates for 2014 December 2013...January 31 April 2014...May 30 August 2014.....September 29 January 2014....March 3 May 2014.....June 26 September 2014..October 31 February 2014...March 28 June 2014....August 1 October 2014....November 26 March 2014......May 1 July 2014....August 29 November 2014...December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\r\ Oct 13\r\ Nov 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,031.9 14,088.3 14,138.4 14,157.8 14,228.8 14,291.9 14,280.2 14,310.3 Compensation of employees................ 8,803.2 8,830.4 8,872.9 8,848.9 8,894.5 8,924.5 8,936.6 8,967.0 Wages and salaries..................... 7,088.6 7,112.9 7,151.4 7,127.6 7,168.7 7,194.9 7,204.7 7,231.8 Private industries................... 5,894.2 5,918.2 5,958.3 5,941.5 5,980.0 5,997.9 6,007.8 6,033.9 Goods-producing industries......... 1,180.9 1,186.2 1,194.4 1,189.8 1,198.7 1,203.4 1,204.8 1,213.1 Manufacturing.................... 743.9 744.8 749.2 744.5 750.8 752.8 754.3 759.1 Services-producing industries...... 4,713.3 4,732.1 4,763.9 4,751.6 4,781.3 4,794.4 4,803.0 4,820.8 Trade, transportation, and utilities....................... 1,119.9 1,123.3 1,126.5 1,124.9 1,135.7 1,136.6 1,139.5 1,144.6 Other services-producing industries...................... 3,593.4 3,608.7 3,637.4 3,626.7 3,645.6 3,657.8 3,663.5 3,676.2 Government........................... 1,194.4 1,194.6 1,193.1 1,186.2 1,188.7 1,197.0 1,196.9 1,197.9 Supplements to wages and salaries...... 1,714.5 1,717.5 1,721.4 1,721.3 1,725.8 1,729.6 1,731.9 1,735.2 Employer contributions for employee pension and insurance funds\1\...... 1,185.9 1,187.6 1,189.2 1,190.8 1,193.1 1,195.2 1,197.1 1,198.9 Employer contributions for government social insurance.................... 528.6 529.9 532.2 530.4 532.8 534.4 534.8 536.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,355.7 1,342.9 1,325.8 1,341.3 1,358.6 1,382.1 1,364.0 1,359.0 Farm................................... 148.9 129.0 109.0 118.7 128.3 148.1 125.9 113.9 Nonfarm................................ 1,206.8 1,213.9 1,216.8 1,222.7 1,230.3 1,234.1 1,238.1 1,245.1 Rental income of persons with capital consumption adjustment.................. 585.1 587.7 590.2 592.5 596.0 601.2 603.3 605.2 Personal income receipts on assets....... 1,971.5 1,995.2 2,015.2 2,031.3 2,028.7 2,032.2 2,026.8 2,032.7 Personal interest income............... 1,214.9 1,225.6 1,236.3 1,235.2 1,234.2 1,233.1 1,233.2 1,233.3 Personal dividend income............... 756.6 769.6 779.0 796.0 794.6 799.0 793.5 799.4 Personal current transfer receipts....... 2,416.1 2,434.9 2,441.8 2,448.3 2,460.6 2,465.1 2,464.1 2,464.7 Government social benefits to persons.. 2,371.9 2,390.4 2,397.2 2,403.6 2,415.7 2,420.0 2,418.9 2,419.4 Social security\2\................... 785.8 797.3 801.4 799.1 803.9 804.1 803.5 809.8 Medicare\3\.......................... 583.4 586.0 589.4 593.0 596.6 599.8 598.4 598.3 Medicaid............................. 423.7 427.7 426.9 434.5 440.2 440.3 440.7 441.2 Unemployment insurance............... 70.4 68.5 66.6 64.7 62.4 59.6 59.8 58.5 Veterans' benefits................... 78.0 80.3 81.6 80.5 81.1 83.4 83.6 83.1 Other................................ 430.5 430.7 431.3 431.7 431.5 432.9 432.9 428.5 Other current transfer receipts, from business (net)........................ 44.3 44.4 44.5 44.7 44.9 45.0 45.2 45.3 Less: Contributions for government social insurance, domestic..................... 1,099.7 1,102.6 1,107.5 1,104.5 1,109.6 1,113.2 1,114.6 1,118.3 Less: Personal current taxes............... 1,656.2 1,668.9 1,681.4 1,659.4 1,656.5 1,657.4 1,671.2 1,685.2 Equals: Disposable personal income......... 12,375.7 12,419.4 12,457.0 12,498.4 12,572.3 12,634.5 12,608.9 12,625.1 Less: Personal outlays..................... 11,806.4 11,822.9 11,881.6 11,906.7 11,951.1 11,993.3 12,037.2 12,099.8 Personal consumption expenditures........ 11,392.4 11,413.0 11,476.0 11,498.8 11,538.4 11,575.8 11,620.0 11,683.0 Goods.................................. 3,825.0 3,840.2 3,880.3 3,900.5 3,912.8 3,925.1 3,948.6 3,964.1 Durable goods........................ 1,250.2 1,254.8 1,267.4 1,267.3 1,285.2 1,269.4 1,281.8 1,306.7 Nondurable goods..................... 2,574.8 2,585.4 2,612.9 2,633.1 2,627.7 2,655.7 2,666.8 2,657.4 Services............................... 7,567.3 7,572.9 7,595.7 7,598.3 7,625.6 7,650.7 7,671.4 7,718.9 Personal interest payments\4\............ 248.7 244.3 239.8 244.3 248.8 253.3 252.7 252.0 Personal current transfer payments....... 165.4 165.6 165.8 163.6 163.9 164.2 164.5 164.8 To government.......................... 89.7 89.9 90.1 90.4 90.7 91.0 91.3 91.6 To the rest of the world (net)......... 75.7 75.7 75.7 73.2 73.2 73.2 73.2 73.2 Equals: Personal saving.................... 569.2 596.5 575.4 591.6 621.2 641.2 571.8 525.4 Personal saving as a percentage of disposable personal income.............. 4.6 4.8 4.6 4.7 4.9 5.1 4.5 4.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,888.1 10,914.5 10,913.6 10,915.4 10,959.4 11,001.7 10,994.4 11,019.5 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,600.4 11,631.9 11,623.0 11,650.8 11,708.2 11,753.0 11,732.1 11,744.6 Per capita: Current dollars...................... 39,161 39,277 39,372 39,477 39,684 39,854 39,748 39,775 Chained (2009) dollars............... 36,708 36,786 36,736 36,800 36,957 37,073 36,983 37,001 Population (midperiod, thousands)\6\..... 316,019 316,202 316,395 316,599 316,808 317,023 317,226 317,412 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 II 12 III 12 IV 12 I 13 II 13 III 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,191.3 13,743.8 13,651.8 13,701.6 14,073.1 13,925.9 14,086.2 14,226.2 Compensation of employees................ 8,278.5 8,611.6 8,553.8 8,591.0 8,787.4 8,748.3 8,835.5 8,889.3 Wages and salaries..................... 6,638.7 6,926.8 6,873.5 6,904.7 7,086.6 7,040.4 7,117.6 7,163.7 Private industries................... 5,444.3 5,729.4 5,678.0 5,709.7 5,887.2 5,844.5 5,923.6 5,973.1 Goods-producing industries......... 1,102.1 1,154.0 1,153.2 1,146.7 1,167.0 1,173.8 1,187.1 1,197.3 Manufacturing.................... 707.1 735.4 735.7 732.3 740.5 742.1 745.9 749.4 Services-producing industries...... 4,342.2 4,575.4 4,524.8 4,563.0 4,720.3 4,670.7 4,736.4 4,775.8 Trade, transportation, and utilities....................... 1,046.2 1,093.7 1,083.8 1,090.0 1,114.2 1,115.2 1,123.2 1,132.4 Other services-producing industries...................... 3,296.0 3,481.7 3,441.0 3,473.0 3,606.1 3,555.5 3,613.2 3,643.4 Government........................... 1,194.4 1,197.3 1,195.5 1,195.1 1,199.3 1,195.8 1,194.1 1,190.6 Supplements to wages and salaries...... 1,639.8 1,684.9 1,680.3 1,686.2 1,700.9 1,707.9 1,717.8 1,725.6 Employer contributions for employee pension and insurance funds\1\...... 1,145.4 1,170.6 1,169.1 1,174.1 1,176.8 1,182.1 1,187.6 1,193.0 Employer contributions for government social insurance.................... 494.4 514.3 511.2 512.2 524.0 525.8 530.2 532.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,155.1 1,224.9 1,217.8 1,220.0 1,247.5 1,334.6 1,341.5 1,360.7 Farm................................... 72.6 75.4 77.0 75.3 74.5 137.0 129.0 131.7 Nonfarm................................ 1,082.6 1,149.6 1,140.8 1,144.7 1,173.0 1,197.6 1,212.5 1,229.0 Rental income of persons with capital consumption adjustment.................. 484.4 541.2 537.8 546.7 555.4 574.9 587.7 596.6 Personal income receipts on assets....... 1,884.6 1,958.5 1,935.3 1,926.9 2,062.8 1,935.8 1,994.0 2,030.7 Personal interest income............... 1,204.1 1,211.6 1,219.4 1,203.7 1,218.4 1,215.8 1,225.6 1,234.2 Personal dividend income............... 680.5 746.9 715.9 723.2 844.3 720.0 768.4 796.5 Personal current transfer receipts....... 2,306.9 2,358.3 2,352.2 2,364.4 2,388.0 2,426.0 2,430.9 2,458.0 Government social benefits to persons.. 2,260.3 2,316.8 2,310.5 2,323.8 2,347.9 2,382.0 2,386.5 2,413.1 Social security\2\................... 713.3 762.2 760.4 764.8 770.2 789.8 794.9 802.4 Medicare\3\.......................... 537.0 560.8 554.2 564.0 577.2 589.3 586.3 596.5 Medicaid............................. 405.5 417.1 420.9 421.5 425.1 423.7 426.1 438.4 Unemployment insurance............... 107.6 84.2 85.9 78.7 75.3 73.9 68.5 62.2 Veterans' benefits................... 63.3 70.2 68.9 71.3 73.3 76.8 80.0 81.6 Other................................ 433.7 422.5 420.3 423.5 426.8 428.6 430.8 432.0 Other current transfer receipts, from business (net)........................ 46.7 41.4 41.7 40.6 40.1 44.0 44.4 44.9 Less: Contributions for government social insurance, domestic..................... 918.2 950.7 945.1 947.4 967.9 1,093.7 1,103.3 1,109.1 Less: Personal current taxes............... 1,404.0 1,498.0 1,480.0 1,496.4 1,552.8 1,629.0 1,668.8 1,657.8 Equals: Disposable personal income......... 11,787.4 12,245.8 12,171.9 12,205.1 12,520.4 12,296.9 12,417.4 12,568.4 Less: Personal outlays..................... 11,119.1 11,558.4 11,507.9 11,601.0 11,696.2 11,794.9 11,837.0 11,950.4 Personal consumption expenditures........ 10,711.8 11,149.6 11,100.2 11,193.6 11,285.5 11,379.2 11,427.1 11,537.7 Goods.................................. 3,602.7 3,769.7 3,738.4 3,784.9 3,826.1 3,851.8 3,848.5 3,912.8 Durable goods........................ 1,129.9 1,202.7 1,189.3 1,206.5 1,230.7 1,244.8 1,257.5 1,274.0 Nondurable goods..................... 2,472.8 2,567.0 2,549.2 2,578.4 2,595.4 2,607.0 2,591.0 2,638.8 Services............................... 7,109.1 7,379.9 7,361.8 7,408.7 7,459.4 7,527.4 7,578.6 7,624.8 Personal interest payments\4\............ 248.0 248.4 247.0 250.7 247.3 250.4 244.3 248.8 Personal current transfer payments....... 159.4 160.4 160.8 156.7 163.4 165.3 165.6 163.9 To government.......................... 85.3 88.5 88.4 88.8 89.0 89.4 89.9 90.7 To the rest of the world (net)......... 74.1 71.9 72.4 67.9 74.4 75.9 75.7 73.2 Equals: Personal saving.................... 668.2 687.4 663.9 604.1 824.1 502.0 580.4 618.0 Personal saving as a percentage of disposable personal income.............. 5.7 5.6 5.5 4.9 6.6 4.1 4.7 4.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,457.1 10,740.1 10,685.5 10,676.2 10,959.6 10,756.9 10,905.4 10,958.9 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,324.6 11,551.6 11,510.2 11,493.6 11,743.0 11,502.4 11,618.5 11,704.1 Per capita: Current dollars...................... 37,776 38,965 38,769 38,800 39,727 38,955 39,270 39,672 Chained (2009) dollars............... 36,293 36,756 36,661 36,538 37,260 36,438 36,743 36,943 Population (midperiod, thousands)\6\..... 312,036 314,278 313,960 314,564 315,162 315,671 316,206 316,810 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\r\ Oct 13\r\ Nov 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 15.1 56.4 50.1 19.4 71.0 63.1 -11.7 30.1 Compensation of employees................ 26.8 27.2 42.5 -24.0 45.6 30.0 12.1 30.4 Wages and salaries..................... 22.7 24.3 38.5 -23.8 41.1 26.2 9.8 27.1 Private industries................... 21.7 24.0 40.1 -16.8 38.5 17.9 9.9 26.1 Goods-producing industries......... 1.5 5.3 8.2 -4.6 8.9 4.7 1.4 8.3 Manufacturing.................... -1.2 .9 4.4 -4.7 6.3 2.0 1.5 4.8 Services-producing industries...... 20.2 18.8 31.8 -12.3 29.7 13.1 8.6 17.8 Trade, transportation, and utilities....................... -2.6 3.4 3.2 -1.6 10.8 .9 2.9 5.1 Other services-producing industries...................... 22.8 15.3 28.7 -10.7 18.9 12.2 5.7 12.7 Government........................... 1.1 .2 -1.5 -6.9 2.5 8.3 -.1 1.0 Supplements to wages and salaries...... 3.9 3.0 3.9 -.1 4.5 3.8 2.3 3.3 Employer contributions for employee pension and insurance funds\1\...... 2.5 1.7 1.6 1.6 2.3 2.1 1.9 1.8 Employer contributions for government social insurance.................... 1.4 1.3 2.3 -1.8 2.4 1.6 .4 1.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. -14.9 -12.8 -17.1 15.5 17.3 23.5 -18.1 -5.0 Farm................................... -20.0 -19.9 -20.0 9.7 9.6 19.8 -22.2 -12.0 Nonfarm................................ 5.1 7.1 2.9 5.9 7.6 3.8 4.0 7.0 Rental income of persons with capital consumption adjustment.................. .9 2.6 2.5 2.3 3.5 5.2 2.1 1.9 Personal income receipts on assets....... 20.0 23.7 20.0 16.1 -2.6 3.5 -5.4 5.9 Personal interest income............... 10.8 10.7 10.7 -1.1 -1.0 -1.1 .1 .1 Personal dividend income............... 9.2 13.0 9.4 17.0 -1.4 4.4 -5.5 5.9 Personal current transfer receipts....... -14.8 18.8 6.9 6.5 12.3 4.5 -1.0 .6 Government social benefits to persons.. -14.8 18.5 6.8 6.4 12.1 4.3 -1.1 .5 Social security\2\................... -9.6 11.5 4.1 -2.3 4.8 .2 -.6 6.3 Medicare\3\.......................... -6.7 2.6 3.4 3.6 3.6 3.2 -1.4 -.1 Medicaid............................. -.3 4.0 -.8 7.6 5.7 .1 .4 .5 Unemployment insurance............... -1.9 -1.9 -1.9 -1.9 -2.3 -2.8 .2 -1.3 Veterans' benefits................... 1.9 2.3 1.3 -1.1 .6 2.3 .2 -.5 Other................................ 1.5 .2 .6 .4 -.2 1.4 .0 -4.4 Other current transfer receipts, from business (net)........................ .2 .1 .1 .2 .2 .1 .2 .1 Less: Contributions for government social insurance, domestic..................... 2.9 2.9 4.9 -3.0 5.1 3.6 1.4 3.7 Less: Personal current taxes............... 14.7 12.7 12.5 -22.0 -2.9 .9 13.8 14.0 Equals: Disposable personal income......... .5 43.7 37.6 41.4 73.9 62.2 -25.6 16.2 Less: Personal outlays..................... -31.1 16.5 58.7 25.1 44.4 42.2 43.9 62.6 Personal consumption expenditures........ -26.6 20.6 63.0 22.8 39.6 37.4 44.2 63.0 Goods.................................. -31.4 15.2 40.1 20.2 12.3 12.3 23.5 15.5 Durable goods........................ 5.5 4.6 12.6 -.1 17.9 -15.8 12.4 24.9 Nondurable goods..................... -36.9 10.6 27.5 20.2 -5.4 28.0 11.1 -9.4 Services............................... 4.7 5.6 22.8 2.6 27.3 25.1 20.7 47.5 Personal interest payments\4\............ -4.4 -4.4 -4.5 4.5 4.5 4.5 -.6 -.7 Personal current transfer payments....... .0 .2 .2 -2.2 .3 .3 .3 .3 To government.......................... .2 .2 .2 .3 .3 .3 .3 .3 To the rest of the world (net)......... -.2 .0 .0 -2.5 .0 .0 .0 .0 Equals: Personal saving.................... 31.5 27.3 -21.1 16.2 29.6 20.0 -69.4 -46.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 57.9 26.4 -.9 1.8 44.0 42.3 -7.3 25.1 Disposable personal income, billions of chained (2009) dollars\5\............ 32.4 31.5 -8.9 27.8 57.4 44.8 -20.9 12.5 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 II 12 III 12 IV 12 I 13 II 13 III 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 756.1 552.5 103.2 49.8 371.5 -147.2 160.3 140.0 Compensation of employees................ 311.2 333.1 39.5 37.2 196.4 -39.1 87.2 53.8 Wages and salaries..................... 261.2 288.1 31.3 31.2 181.9 -46.2 77.2 46.1 Private industries................... 257.9 285.1 35.2 31.7 177.5 -42.7 79.1 49.5 Goods-producing industries......... 48.8 51.9 4.0 -6.5 20.3 6.8 13.3 10.2 Manufacturing.................... 33.0 28.3 2.5 -3.4 8.2 1.6 3.8 3.5 Services-producing industries...... 209.1 233.2 31.2 38.2 157.3 -49.6 65.7 39.4 Trade, transportation, and utilities....................... 47.3 47.5 -3.0 6.2 24.2 1.0 8.0 9.2 Other services-producing industries...................... 161.8 185.7 34.2 32.0 133.1 -50.6 57.7 30.2 Government........................... 3.3 2.9 -3.9 -.4 4.2 -3.5 -1.7 -3.5 Supplements to wages and salaries...... 50.0 45.1 8.2 5.9 14.7 7.0 9.9 7.8 Employer contributions for employee pension and insurance funds\1\...... 25.0 25.2 6.9 5.0 2.7 5.3 5.5 5.4 Employer contributions for government social insurance.................... 25.0 19.9 1.3 1.0 11.8 1.8 4.4 2.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 122.4 69.8 3.4 2.2 27.5 87.1 6.9 19.2 Farm................................... 26.6 2.8 2.4 -1.7 -.8 62.5 -8.0 2.7 Nonfarm................................ 95.9 67.0 1.1 3.9 28.3 24.6 14.9 16.5 Rental income of persons with capital consumption adjustment.................. 81.6 56.8 13.0 8.9 8.7 19.5 12.8 8.9 Personal income receipts on assets....... 145.0 73.9 26.2 -8.4 135.9 -127.0 58.2 36.7 Personal interest income............... 9.1 7.5 14.5 -15.7 14.7 -2.6 9.8 8.6 Personal dividend income............... 135.9 66.4 11.7 7.3 121.1 -124.3 48.4 28.1 Personal current transfer receipts....... 30.0 51.4 23.7 12.2 23.6 38.0 4.9 27.1 Government social benefits to persons.. 26.3 56.5 25.3 13.3 24.1 34.1 4.5 26.6 Social security\2\................... 23.1 48.9 7.1 4.4 5.4 19.6 5.1 7.5 Medicare\3\.......................... 23.2 23.8 6.5 9.8 13.2 12.1 -3.0 10.2 Medicaid............................. 8.9 11.6 20.1 .6 3.6 -1.4 2.4 12.3 Unemployment insurance............... -31.3 -23.4 -10.9 -7.2 -3.4 -1.4 -5.4 -6.3 Veterans' benefits................... 5.3 6.9 1.8 2.4 2.0 3.5 3.2 1.6 Other................................ -2.8 -11.2 .8 3.2 3.3 1.8 2.2 1.2 Other current transfer receipts, from business (net)........................ 3.7 -5.3 -1.6 -1.1 -.5 3.9 .4 .5 Less: Contributions for government social insurance, domestic..................... -65.9 32.5 2.6 2.3 20.5 125.8 9.6 5.8 Less: Personal current taxes............... 212.5 94.0 17.2 16.4 56.4 76.2 39.8 -11.0 Equals: Disposable personal income......... 543.7 458.4 86.2 33.2 315.3 -223.5 120.5 151.0 Less: Personal outlays..................... 509.6 439.3 79.5 93.1 95.2 98.7 42.1 113.4 Personal consumption expenditures........ 509.9 437.8 81.1 93.4 91.9 93.7 47.9 110.6 Goods.................................. 239.9 167.0 9.1 46.5 41.2 25.7 -3.3 64.3 Durable goods........................ 59.2 72.8 5.0 17.2 24.2 14.1 12.7 16.5 Nondurable goods..................... 180.7 94.2 4.2 29.2 17.0 11.6 -16.0 47.8 Services............................... 270.0 270.8 72.1 46.9 50.7 68.0 51.2 46.2 Personal interest payments\4\............ -2.8 .4 -1.6 3.7 -3.4 3.1 -6.1 4.5 Personal current transfer payments....... 2.5 1.0 .1 -4.1 6.7 1.9 .3 -1.7 To government.......................... 1.4 3.2 .7 .4 .2 .4 .5 .8 To the rest of the world (net)......... 1.1 -2.2 -.6 -4.5 6.5 1.5 -.2 -2.5 Equals: Personal saving.................... 34.0 19.2 6.6 -59.8 220.0 -322.1 78.4 37.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 464.1 283.0 47.1 -9.3 283.4 -202.7 148.5 53.5 Disposable personal income, billions of chained (2009) dollars\5\............ 263.8 227.0 51.0 -16.6 249.4 -240.6 116.1 85.6 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\r\ Oct 13\r\ Nov 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .1 .4 .4 .1 .5 .4 -.1 .2 Compensation of employees................ .3 .3 .5 -.3 .5 .3 .1 .3 Wages and salaries..................... .3 .3 .5 -.3 .6 .4 .1 .4 Supplements to wages and salaries...... .2 .2 .2 .0 .3 .2 .1 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. -1.1 -.9 -1.3 1.2 1.3 1.7 -1.3 -.4 Rental income of persons with capital consumption adjustment.................. .2 .4 .4 .4 .6 .9 .3 .3 Personal income receipts on assets....... 1.0 1.2 1.0 .8 -.1 .2 -.3 .3 Personal interest income............... .9 .9 .9 -.1 -.1 -.1 .0 .0 Personal dividend income............... 1.2 1.7 1.2 2.2 -.2 .6 -.7 .7 Personal current transfer receipts....... -.6 .8 .3 .3 .5 .2 .0 .0 Less: Contributions for government social insurance, domestic..................... .3 .3 .4 -.3 .5 .3 .1 .3 Less: Personal current taxes............... .9 .8 .7 -1.3 -.2 .1 .8 .8 Equals: Disposable personal income......... .0 .4 .3 .3 .6 .5 -.2 .1 Addenda: Personal consumption expenditures........ -.2 .2 .6 .2 .3 .3 .4 .5 Goods.................................. -.8 .4 1.0 .5 .3 .3 .6 .4 Durable goods........................ .4 .4 1.0 .0 1.4 -1.2 1.0 1.9 Nondurable goods..................... -1.4 .4 1.1 .8 -.2 1.1 .4 -.4 Services............................... .1 .1 .3 .0 .4 .3 .3 .6 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .5 .2 .0 .0 .4 .4 -.1 .2 Real disposable personal income.......... .3 .3 -.1 .2 .5 .4 -.2 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 II 12 III 12 IV 12 I 13 II 13 III 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 6.1 4.2 3.1 1.5 11.3 -4.1 4.7 4.0 Compensation of employees................ 3.9 4.0 1.9 1.7 9.5 -1.8 4.0 2.5 Wages and salaries..................... 4.1 4.3 1.8 1.8 11.0 -2.6 4.5 2.6 Supplements to wages and salaries...... 3.1 2.7 2.0 1.4 3.5 1.7 2.3 1.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 11.9 6.0 1.2 .7 9.3 31.0 2.1 5.9 Rental income of persons with capital consumption adjustment.................. 20.3 11.7 10.3 6.8 6.5 14.8 9.2 6.2 Personal income receipts on assets....... 8.3 3.9 5.6 -1.7 31.3 -22.4 12.6 7.6 Personal interest income............... .8 .6 4.9 -5.1 5.0 -.9 3.3 2.8 Personal dividend income............... 25.0 9.8 6.8 4.1 85.8 -47.1 29.7 15.5 Personal current transfer receipts....... 1.3 2.2 4.1 2.1 4.0 6.5 .8 4.5 Less: Contributions for government social insurance, domestic..................... -6.7 3.5 1.1 1.0 8.9 63.0 3.5 2.1 Less: Personal current taxes............... 17.8 6.7 4.8 4.5 15.9 21.1 10.1 -2.6 Equals: Disposable personal income......... 4.8 3.9 2.9 1.1 10.7 -7.0 4.0 5.0 Addenda: Personal consumption expenditures........ 5.0 4.1 3.0 3.4 3.3 3.4 1.7 3.9 Goods.................................. 7.1 4.6 1.0 5.1 4.4 2.7 -.3 6.9 Durable goods........................ 5.5 6.4 1.7 5.9 8.3 4.7 4.1 5.4 Nondurable goods..................... 7.9 3.8 .6 4.7 2.7 1.8 -2.4 7.6 Services............................... 3.9 3.8 4.0 2.6 2.8 3.7 2.8 2.5 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 4.6 2.7 1.8 -.3 11.0 -7.2 5.6 2.0 Real disposable personal income.......... 2.4 2.0 1.8 -.6 9.0 -7.9 4.1 3.0 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\r\ Oct 13\r\ Nov 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,678.7 10,689.4 10,707.7 10,718.9 10,745.4 10,768.2 10,812.0 10,868.2 Goods.................................... 3,623.2 3,642.0 3,653.6 3,669.1 3,679.2 3,691.8 3,725.6 3,752.4 Durable goods.......................... 1,314.9 1,320.6 1,334.2 1,338.7 1,361.7 1,345.4 1,361.1 1,391.6 Nondurable goods....................... 2,323.2 2,336.2 2,335.6 2,346.6 2,336.8 2,362.3 2,381.1 2,380.9 Services................................. 7,054.5 7,046.6 7,053.3 7,049.3 7,065.6 7,076.0 7,086.3 7,115.8 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 4.5 10.7 18.3 11.2 26.5 22.8 43.8 56.2 Goods.................................... 3.0 18.8 11.6 15.5 10.1 12.6 33.8 26.8 Durable goods.......................... 9.4 5.7 13.6 4.5 23.0 -16.3 15.7 30.5 Nondurable goods....................... -5.1 13.0 -.6 11.0 -9.8 25.5 18.8 -.2 Services................................. 1.5 -7.9 6.7 -4.0 16.3 10.4 10.3 29.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .0 .1 .2 .1 .2 .2 .4 .5 Goods.................................... .1 .5 .3 .4 .3 .3 .9 .7 Durable goods.......................... .7 .4 1.0 .3 1.7 -1.2 1.2 2.2 Nondurable goods....................... -.2 .6 .0 .5 -.4 1.1 .8 .0 Services................................. .0 -.1 .1 -.1 .2 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 II 12 III 12 IV 12 I 13 II 13 III 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,291.3 10,517.6 10,496.8 10,541.0 10,584.8 10,644.0 10,691.9 10,744.2 Goods.................................... 3,419.9 3,534.1 3,514.7 3,546.7 3,579.2 3,611.9 3,639.6 3,680.0 Durable goods.......................... 1,157.1 1,246.7 1,228.6 1,253.4 1,285.2 1,303.5 1,323.2 1,348.6 Nondurable goods....................... 2,266.0 2,296.8 2,293.9 2,303.0 2,306.7 2,322.2 2,331.7 2,348.6 Services................................. 6,871.1 6,982.7 6,981.4 6,993.4 7,004.7 7,031.1 7,051.5 7,063.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 255.4 226.3 49.0 44.2 43.8 59.2 47.9 52.3 Goods.................................... 111.2 114.2 18.9 32.0 32.5 32.7 27.7 40.4 Durable goods.......................... 71.4 89.6 8.9 24.8 31.8 18.3 19.7 25.4 Nondurable goods....................... 42.5 30.8 10.3 9.1 3.7 15.5 9.5 16.9 Services................................. 143.9 111.6 30.2 12.0 11.3 26.4 20.4 12.1 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.5 2.2 1.9 1.7 1.7 2.3 1.8 2.0 Goods.................................... 3.4 3.3 2.2 3.7 3.7 3.7 3.1 4.5 Durable goods.......................... 6.6 7.7 2.9 8.3 10.5 5.8 6.2 7.9 Nondurable goods....................... 1.9 1.4 1.8 1.6 .6 2.7 1.6 2.9 Services................................. 2.1 1.6 1.7 .7 .6 1.5 1.2 .7 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\r\ Oct 13\r\ Nov 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 106.685 106.772 107.177 107.277 107.382 107.502 107.476 107.499 Goods.................................... 105.573 105.442 106.205 106.306 106.349 106.322 105.987 105.640 Durable goods.......................... 95.070 94.999 94.980 94.657 94.366 94.344 94.165 93.885 Nondurable goods....................... 110.834 110.670 111.873 112.214 112.451 112.420 111.998 111.616 Services................................. 107.271 107.470 107.691 107.790 107.926 108.123 108.259 108.477 Addenda: PCE excluding food and energy............ 105.575 105.674 105.884 105.970 106.084 106.177 106.263 106.371 Food\1\.................................. 107.730 107.467 107.744 107.860 108.084 107.965 108.030 107.911 Energy goods and services\2\............. 124.254 124.583 128.863 129.266 129.012 130.065 127.771 126.439 Market-based PCE\3\...................... 106.503 106.610 107.050 107.176 107.251 107.346 107.279 107.279 Market-based PCE excluding food and energy\3\........................... 105.194 105.318 105.540 105.655 105.736 105.797 105.850 105.943 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ -.3 .1 .4 .1 .1 .1 .0 .0 Goods.................................... -.9 -.1 .7 .1 .0 .0 -.3 -.3 Durable goods.......................... -.3 -.1 .0 -.3 -.3 .0 -.2 -.3 Nondurable goods....................... -1.2 -.1 1.1 .3 .2 .0 -.4 -.3 Services................................. .0 .2 .2 .1 .1 .2 .1 .2 Addenda: PCE excluding food and energy............ .0 .1 .2 .1 .1 .1 .1 .1 Food\1\.................................. .1 -.2 .3 .1 .2 -.1 .1 -.1 Energy goods and services\2\............. -4.4 .3 3.4 .3 -.2 .8 -1.8 -1.0 Market-based PCE\3\...................... -.4 .1 .4 .1 .1 .1 -.1 .0 Market-based PCE excluding food and energy\3\........................... -.1 .1 .2 .1 .1 .1 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\r\ Oct 13\r\ Nov 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .8 1.1 .9 1.3 2.0 2.2 1.8 .6 Personal consumption expenditures.......... 1.7 1.8 2.0 1.8 2.1 1.9 2.4 2.6 Goods.................................... 3.0 3.6 4.1 3.9 3.9 3.5 4.7 4.7 Durable goods.......................... 7.1 7.7 8.3 8.0 8.9 5.9 7.7 7.8 Nondurable goods....................... 1.1 1.8 2.1 2.0 1.6 2.4 3.3 3.2 Services................................. 1.1 .9 1.0 .7 1.2 1.1 1.2 1.5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\r\ Oct 13\r\ Nov 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... .9 1.0 1.3 1.3 1.1 .9 .7 .9 Goods.................................... -1.1 -.7 .0 .3 -.4 -1.0 -1.4 -1.0 Durable goods.......................... -1.8 -1.9 -1.8 -1.8 -2.0 -1.8 -1.8 -2.0 Nondurable goods....................... -.7 -.2 .9 1.3 .4 -.6 -1.2 -.6 Services................................. 1.9 1.9 1.9 1.9 1.9 1.9 1.8 1.9 Addenda: PCE excluding food and energy............ 1.2 1.2 1.2 1.1 1.2 1.2 1.1 1.1 Food\1\.................................. 1.2 1.0 1.0 1.2 1.2 1.2 1.0 .7 Energy goods and services\2\............. -4.1 -.9 3.2 4.8 -.1 -3.3 -5.1 -2.7 Market-based PCE\3\...................... .8 1.0 1.2 1.4 1.1 .8 .7 .8 Market-based PCE excluding food and energy\3\........................... 1.1 1.1 1.1 1.1 1.2 1.1 1.1 1.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.