EMBARGOED UNTIL RELEASE AT 10:00 A.M. EST, TUESDAY, DECEMBER 23, 2014 BEA 14-66 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: NOVEMBER 2014 Personal income increased $54.4 billion, or 0.4 percent, and disposable personal income (DPI) increased $42.4 billion, or 0.3 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $67.9 billion, or 0.6 percent. In October, personal income increased $49.8 billion, or 0.3 percent, DPI increased $39.7 billion, or 0.3 percent, and PCE increased $31.3 billion, or 0.3 percent, based on revised estimates. Real DPI increased 0.5 percent in November, compared with an increase of 0.3 percent in October. Real PCE increased 0.7 percent, compared with an increase of 0.2 percent. The price index for PCE decreased 0.2 percent, in contrast to an increase of less than 0.1 percent. 2014 July Aug. Sept. Oct. Nov. (Percent change from preceding month) Personal income, current dollars 0.2 0.3 0.2 0.3 0.4 Disposable personal income: Current dollars 0.2 0.3 0.1 0.3 0.3 Chained (2009) dollars 0.1 0.3 0.1 0.3 0.5 Personal consumption expenditures: Current dollars 0.2 0.6 0.2 0.3 0.6 Chained (2009) dollars 0.1 0.7 0.2 0.2 0.7 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 $38.7 billion in November, compared with an increase of $24.9 billion in October. Goods-producing industries' payrolls increased $7.3 billion in November, the same increase as in October. Manufacturing payrolls increased $3.9 billion in November, compared with an increase of $4.6 billion in October. Services-producing industries' payrolls increased $31.5 billion, compared with an increase of $17.6 billion. Government wages and salaries increased $1.8 billion, compared with an increase of $1.2 billion. Other personal income Supplements to wages and salaries increased $5.4 billion in November, compared with an increase of $4.3 billion in October. Proprietors' income increased $7.6 billion in November, compared with an increase of $18.8 billion in October. Farm proprietors' income increased $3.2 billion, compared with an increase of $3.3 billion. Nonfarm proprietors' income increased $4.4 billion, compared with an increase of $15.5 billion. Rental income of persons increased $0.5 billion in November, compared with an increase of $0.8 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) increased $5.6 billion, compared with an increase of $3.6 billion. Personal current transfer receipts decreased $0.1 billion, compared with a decrease of $0.5 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $5.3 billion in November, compared with an increase of $3.2 billion in October. Personal current taxes and disposable personal income Personal current taxes increased $12.0 billion in November, compared with an increase of $10.1 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $42.4 billion, or 0.3 percent, in November, compared with an increase of $39.7 billion, or 0.3 percent, in October. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $67.7 billion in November, compared with an increase of $31.2 billion in October. PCE increased $67.9 billion, compared with an increase of $31.3 billion. Personal saving -- DPI less personal outlays -- was $576.5 billion in November, compared with $601.7 billion in October. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.4 percent in November, compared with 4.6 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 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 0.5 percent in November, compared with an increase of 0.3 percent in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.7 percent in November, compared with an increase of 0.2 percent in October. Purchases of durable goods increased 2.3 percent, compared with an increase of 0.4 percent. Purchases of motor vehicles and parts accounted for about half of the increase in November. Purchases of nondurable goods increased 1.0 percent in November, compared with an increase of 0.1 percent in October. Purchases of services increased 0.4 percent, compared with an increase of 0.2 percent. The price index for PCE decreased 0.2 percent in November, in contrast to an increase of less than 0.1 percent in October. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared within an increase of 0.2 percent. The November price index for PCE increased 1.2 percent from November a year ago.  The November PCE price index, excluding food and energy, increased 1.4 percent from November a year ago. Revisions Estimates 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 24.6 25.9 0.2 0.2 32.9 49.8 0.2 0.3 Disposable personal income: Current dollars 17.2 17.9 0.1 0.1 23.4 39.7 0.2 0.3 Chained (2009) dollars 6.4 7.8 0.1 0.1 14.7 30.5 0.1 0.3 Personal consumption expenditures: Current dollars 4.1 27.6 0.0 0.2 27.3 31.3 0.2 0.3 Chained (2009) dollars -5.0 17.5 0.0 0.2 19.0 23.3 0.2 0.2 BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to free e-mail summaries of BEA releases and announcements. * * * Next release – February 2, 2015 at 8:30 A.M. EST for Personal Income and Outlays for December Release Dates for 2015 December 2014....February 2 April 2015..June 1 August 2015.....September 28 January 2015.....March 2 May 2015....June 25 September 2015..October 30 February 2015....March 30 June 2015...August 3 October 2015....November 25 March 2015.......April 30 July 2015...August 28 November 2015...December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\r\ Nov 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,607.6 14,657.0 14,716.8 14,750.6 14,799.9 14,825.8 14,875.6 14,930.0 Compensation of employees................ 9,147.9 9,156.0 9,174.6 9,200.6 9,246.9 9,268.6 9,299.0 9,345.0 Wages and salaries..................... 7,383.0 7,388.7 7,403.5 7,425.4 7,466.1 7,483.7 7,509.8 7,550.4 Private industries................... 6,164.8 6,168.7 6,182.7 6,202.7 6,241.6 6,256.9 6,281.8 6,320.5 Goods-producing industries......... 1,247.2 1,254.5 1,261.8 1,261.3 1,268.4 1,270.9 1,278.2 1,285.5 Manufacturing.................... 770.8 773.7 776.6 774.5 778.4 779.7 784.3 788.2 Services-producing industries...... 4,917.5 4,914.2 4,920.9 4,941.4 4,973.3 4,986.0 5,003.6 5,035.1 Trade, transportation, and utilities....................... 1,167.5 1,164.5 1,162.9 1,164.6 1,170.0 1,170.7 1,174.7 1,182.0 Other services-producing industries...................... 3,750.1 3,749.7 3,758.0 3,776.8 3,803.3 3,815.4 3,828.8 3,853.1 Government........................... 1,218.3 1,220.0 1,220.8 1,222.7 1,224.5 1,226.8 1,228.0 1,229.8 Supplements to wages and salaries...... 1,764.9 1,767.3 1,771.1 1,775.2 1,780.8 1,784.9 1,789.2 1,794.6 Employer contributions for employee pension and insurance funds\1\...... 1,219.5 1,221.9 1,224.7 1,227.6 1,230.5 1,233.5 1,236.4 1,239.2 Employer contributions for government social insurance.................... 545.4 545.4 546.4 547.6 550.3 551.4 552.8 555.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,369.9 1,378.9 1,394.0 1,393.7 1,383.3 1,382.3 1,401.1 1,408.7 Farm................................... 64.8 73.4 81.9 72.0 62.2 52.3 55.6 58.8 Nonfarm................................ 1,305.0 1,305.5 1,312.2 1,321.6 1,321.1 1,330.0 1,345.5 1,349.9 Rental income of persons with capital consumption adjustment.................. 632.1 635.4 638.7 642.0 647.2 650.8 651.6 652.1 Personal income receipts on assets....... 2,115.6 2,126.0 2,139.5 2,139.2 2,137.8 2,137.8 2,141.4 2,147.0 Personal interest income............... 1,265.1 1,270.0 1,274.9 1,270.7 1,266.5 1,262.3 1,260.3 1,258.4 Personal dividend income............... 850.5 855.9 864.6 868.5 871.3 875.5 881.0 888.7 Personal current transfer receipts....... 2,495.1 2,514.4 2,525.9 2,533.9 2,549.0 2,553.1 2,552.6 2,552.5 Government social benefits to persons.. 2,451.5 2,470.7 2,481.9 2,489.6 2,504.5 2,508.3 2,507.5 2,507.2 Social security\2\................... 831.4 832.7 835.0 833.8 838.2 839.3 839.7 841.8 Medicare\3\.......................... 585.3 585.9 587.5 588.4 590.9 593.2 590.9 589.8 Medicaid............................. 475.2 483.2 489.0 496.6 504.5 504.9 504.5 501.8 Unemployment insurance............... 37.8 37.2 36.8 35.6 35.6 34.2 34.0 34.0 Veterans' benefits................... 83.6 83.2 83.3 85.2 84.4 84.2 86.4 86.7 Other................................ 438.3 448.5 450.3 450.0 450.9 452.5 452.0 453.2 Other current transfer receipts, from business (net)........................ 43.5 43.8 44.0 44.3 44.5 44.8 45.1 45.3 Less: Contributions for government social insurance, domestic..................... 1,152.9 1,153.7 1,155.9 1,158.8 1,164.4 1,166.8 1,170.0 1,175.3 Less: Personal current taxes............... 1,715.9 1,713.8 1,716.1 1,729.5 1,744.0 1,752.0 1,762.1 1,774.1 Equals: Disposable personal income......... 12,891.7 12,943.2 13,000.7 13,021.1 13,055.9 13,073.8 13,113.5 13,155.9 Less: Personal outlays..................... 12,243.3 12,283.2 12,342.2 12,370.6 12,448.0 12,480.5 12,511.7 12,579.4 Personal consumption expenditures........ 11,825.2 11,864.3 11,922.6 11,944.4 12,017.0 12,044.6 12,075.9 12,143.8 Goods.................................. 3,942.2 3,956.4 3,994.9 3,998.0 4,025.4 4,011.2 4,008.8 4,031.3 Durable goods........................ 1,287.5 1,300.4 1,307.4 1,305.7 1,333.6 1,321.4 1,325.8 1,347.5 Nondurable goods..................... 2,654.8 2,656.0 2,687.6 2,692.3 2,691.8 2,689.8 2,683.0 2,683.8 Services............................... 7,883.0 7,907.9 7,927.7 7,946.4 7,991.6 8,033.4 8,067.1 8,112.5 Personal interest payments\4\............ 250.9 251.3 251.8 256.3 260.9 265.4 265.0 264.5 Personal current transfer payments....... 167.2 167.5 167.9 169.9 170.2 170.5 170.8 171.2 To government.......................... 93.9 94.3 94.6 94.9 95.3 95.6 95.9 96.2 To the rest of the world (net)......... 73.3 73.3 73.3 74.9 74.9 74.9 74.9 74.9 Equals: Personal saving.................... 648.4 660.1 658.4 650.6 607.9 593.3 601.7 576.5 Personal saving as a percentage of disposable personal income.............. 5.0 5.1 5.1 5.0 4.7 4.5 4.6 4.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 11,161.5 11,161.8 11,181.0 11,195.4 11,232.1 11,244.2 11,284.7 11,354.2 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,879.5 11,897.7 11,923.8 11,932.5 11,970.3 11,978.1 12,008.6 12,068.2 Per capita: Current dollars...................... 40,517 40,656 40,812 40,849 40,931 40,959 41,057 41,167 Chained (2009) dollars............... 37,336 37,372 37,431 37,434 37,527 37,526 37,598 37,763 Population (midperiod, thousands)\6\..... 318,178 318,357 318,552 318,759 318,976 319,195 319,394 319,574 ----------------------------------------------------------------------------------------------------------------------------------- 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 II 13 III 13 IV 13 I 14 II 14 III 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,887.7 14,166.9 14,131.3 14,247.4 14,311.7 14,484.7 14,660.5 14,792.1 Compensation of employees................ 8,606.5 8,844.8 8,826.3 8,871.6 8,946.8 9,096.2 9,159.5 9,238.7 Wages and salaries..................... 6,932.1 7,124.7 7,110.9 7,145.3 7,208.5 7,339.8 7,391.7 7,458.4 Private industries................... 5,733.8 5,916.6 5,901.4 5,939.7 5,998.5 6,125.3 6,172.1 6,233.7 Goods-producing industries......... 1,157.1 1,195.3 1,193.0 1,196.8 1,210.6 1,238.0 1,254.5 1,266.8 Manufacturing.................... 734.4 747.6 746.0 747.2 754.1 769.5 773.7 777.6 Services-producing industries...... 4,576.7 4,721.3 4,708.4 4,742.9 4,787.9 4,887.3 4,917.5 4,966.9 Trade, transportation, and utilities....................... 1,094.0 1,121.3 1,117.2 1,122.7 1,134.9 1,154.9 1,165.0 1,168.4 Other services-producing industries...................... 3,482.7 3,600.0 3,591.2 3,620.2 3,653.0 3,732.4 3,752.6 3,798.5 Government........................... 1,198.3 1,208.1 1,209.6 1,205.6 1,210.0 1,214.5 1,219.7 1,224.7 Supplements to wages and salaries...... 1,674.4 1,720.1 1,715.4 1,726.2 1,738.3 1,756.4 1,767.8 1,780.3 Employer contributions for employee pension and insurance funds\1\...... 1,160.5 1,193.9 1,190.0 1,198.8 1,206.8 1,213.6 1,222.0 1,230.5 Employer contributions for government social insurance.................... 513.9 526.1 525.4 527.5 531.5 542.8 545.7 549.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,260.2 1,336.6 1,330.0 1,345.9 1,342.7 1,351.0 1,381.0 1,386.4 Farm................................... 72.3 83.2 83.6 86.8 70.1 58.1 73.4 62.2 Nonfarm................................ 1,187.9 1,253.5 1,246.5 1,259.2 1,272.6 1,292.9 1,307.6 1,324.2 Rental income of persons with capital consumption adjustment.................. 533.0 595.8 590.8 604.2 613.3 622.9 635.4 646.7 Personal income receipts on assets....... 2,088.6 2,079.7 2,081.9 2,106.9 2,094.2 2,090.4 2,127.0 2,138.3 Personal interest income............... 1,255.9 1,255.2 1,253.5 1,258.5 1,263.2 1,262.4 1,270.0 1,266.5 Personal dividend income............... 832.7 824.5 828.4 848.4 831.0 828.0 857.0 871.8 Personal current transfer receipts....... 2,350.7 2,414.5 2,404.5 2,426.6 2,432.3 2,470.9 2,511.8 2,545.3 Government social benefits to persons.. 2,307.6 2,372.2 2,362.2 2,384.0 2,389.7 2,427.8 2,468.0 2,500.8 Social security\2\................... 762.1 799.0 795.0 802.5 808.9 824.5 833.0 837.1 Medicare\3\.......................... 555.2 572.4 567.7 573.0 577.3 582.6 586.2 590.8 Medicaid............................. 417.2 441.1 437.4 450.0 448.7 467.6 482.5 502.0 Unemployment insurance............... 83.6 62.2 64.5 59.3 56.1 41.4 37.2 35.1 Veterans' benefits................... 70.1 79.0 78.6 80.1 81.6 83.4 83.4 84.6 Other................................ 419.3 418.5 419.0 419.1 417.1 428.4 445.7 451.2 Other current transfer receipts, from business (net)........................ 43.1 42.3 42.3 42.5 42.6 43.1 43.8 44.5 Less: Contributions for government social insurance, domestic..................... 951.2 1,104.5 1,102.1 1,107.8 1,117.5 1,146.6 1,154.2 1,163.3 Less: Personal current taxes............... 1,503.7 1,661.8 1,660.6 1,661.5 1,688.1 1,711.8 1,715.3 1,741.8 Equals: Disposable personal income......... 12,384.0 12,505.1 12,470.7 12,585.8 12,623.7 12,772.9 12,945.2 13,050.3 Less: Personal outlays..................... 11,487.9 11,897.1 11,823.9 11,933.1 12,070.8 12,146.9 12,289.6 12,433.0 Personal consumption expenditures........ 11,083.1 11,484.3 11,414.3 11,518.7 11,653.3 11,728.5 11,870.7 12,002.0 Goods.................................. 3,741.9 3,851.2 3,821.0 3,865.3 3,886.1 3,890.6 3,964.5 4,011.5 Durable goods........................ 1,192.1 1,249.3 1,245.4 1,252.4 1,261.5 1,262.3 1,298.4 1,320.2 Nondurable goods..................... 2,549.8 2,601.9 2,575.6 2,612.9 2,624.6 2,628.4 2,666.1 2,691.3 Services............................... 7,341.3 7,633.2 7,593.2 7,653.4 7,767.2 7,837.8 7,906.2 7,990.4 Personal interest payments\4\............ 241.6 247.1 243.4 250.8 250.8 249.8 251.3 260.9 Personal current transfer payments....... 163.1 165.6 166.2 163.6 166.7 168.6 167.5 170.2 To government.......................... 90.0 91.4 91.0 91.5 92.2 93.3 94.3 95.3 To the rest of the world (net)......... 73.1 74.3 75.3 72.2 74.5 75.4 73.3 74.9 Equals: Personal saving.................... 896.2 608.1 646.9 652.8 552.9 626.1 655.6 617.2 Personal saving as a percentage of disposable personal income.............. 7.2 4.9 5.2 5.2 4.4 4.9 5.1 4.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,877.6 10,949.5 10,952.3 10,994.3 11,021.2 11,108.2 11,168.1 11,223.9 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,676.2 11,650.8 11,647.0 11,705.9 11,711.7 11,810.1 11,900.4 11,960.3 Per capita: Current dollars...................... 39,409 39,515 39,447 39,734 39,779 40,186 40,662 40,913 Chained (2009) dollars............... 37,156 36,815 36,841 36,956 36,905 37,157 37,380 37,496 Population (midperiod, thousands)\6\..... 314,246 316,465 316,140 316,754 317,347 317,842 318,362 318,977 ----------------------------------------------------------------------------------------------------------------------------------- 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 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\r\ Nov 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 35.0 49.4 59.8 33.8 49.3 25.9 49.8 54.4 Compensation of employees................ -13.3 8.1 18.6 26.0 46.3 21.7 30.4 46.0 Wages and salaries..................... -15.1 5.7 14.8 21.9 40.7 17.6 26.1 40.6 Private industries................... -17.1 3.9 14.0 20.0 38.9 15.3 24.9 38.7 Goods-producing industries......... -4.0 7.3 7.3 -.5 7.1 2.5 7.3 7.3 Manufacturing.................... -8.8 2.9 2.9 -2.1 3.9 1.3 4.6 3.9 Services-producing industries...... -13.2 -3.3 6.7 20.5 31.9 12.7 17.6 31.5 Trade, transportation, and utilities....................... 1.5 -3.0 -1.6 1.7 5.4 .7 4.0 7.3 Other services-producing industries...................... -14.6 -.4 8.3 18.8 26.5 12.1 13.4 24.3 Government........................... 2.2 1.7 .8 1.9 1.8 2.3 1.2 1.8 Supplements to wages and salaries...... 1.8 2.4 3.8 4.1 5.6 4.1 4.3 5.4 Employer contributions for employee pension and insurance funds\1\...... 3.1 2.4 2.8 2.9 2.9 3.0 2.9 2.8 Employer contributions for government social insurance.................... -1.3 .0 1.0 1.2 2.7 1.1 1.4 2.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 16.6 9.0 15.1 -.3 -10.4 -1.0 18.8 7.6 Farm................................... 8.5 8.6 8.5 -9.9 -9.8 -9.9 3.3 3.2 Nonfarm................................ 8.0 .5 6.7 9.4 -.5 8.9 15.5 4.4 Rental income of persons with capital consumption adjustment.................. 3.6 3.3 3.3 3.3 5.2 3.6 .8 .5 Personal income receipts on assets....... 17.5 10.4 13.5 -.3 -1.4 .0 3.6 5.6 Personal interest income............... 4.9 4.9 4.9 -4.2 -4.2 -4.2 -2.0 -1.9 Personal dividend income............... 12.5 5.4 8.7 3.9 2.8 4.2 5.5 7.7 Personal current transfer receipts....... 8.8 19.3 11.5 8.0 15.1 4.1 -.5 -.1 Government social benefits to persons.. 8.5 19.2 11.2 7.7 14.9 3.8 -.8 -.3 Social security\2\................... 1.2 1.3 2.3 -1.2 4.4 1.1 .4 2.1 Medicare\3\.......................... 2.0 .6 1.6 .9 2.5 2.3 -2.3 -1.1 Medicaid............................. 1.6 8.0 5.8 7.6 7.9 .4 -.4 -2.7 Unemployment insurance............... -1.7 -.6 -.4 -1.2 .0 -1.4 -.2 .0 Veterans' benefits................... .3 -.4 .1 1.9 -.8 -.2 2.2 .3 Other................................ 5.2 10.2 1.8 -.3 .9 1.6 -.5 1.2 Other current transfer receipts, from business (net)........................ .2 .3 .2 .3 .2 .3 .3 .2 Less: Contributions for government social insurance, domestic..................... -1.9 .8 2.2 2.9 5.6 2.4 3.2 5.3 Less: Personal current taxes............... -7.7 -2.1 2.3 13.4 14.5 8.0 10.1 12.0 Equals: Disposable personal income......... 42.7 51.5 57.5 20.4 34.8 17.9 39.7 42.4 Less: Personal outlays..................... 16.7 39.9 59.0 28.4 77.4 32.5 31.2 67.7 Personal consumption expenditures........ 18.1 39.1 58.3 21.8 72.6 27.6 31.3 67.9 Goods.................................. 10.2 14.2 38.5 3.1 27.4 -14.2 -2.4 22.5 Durable goods........................ -7.8 12.9 7.0 -1.7 27.9 -12.2 4.4 21.7 Nondurable goods..................... 18.0 1.2 31.6 4.7 -.5 -2.0 -6.8 .8 Services............................... 7.9 24.9 19.8 18.7 45.2 41.8 33.7 45.4 Personal interest payments\4\............ .4 .4 .5 4.5 4.6 4.5 -.4 -.5 Personal current transfer payments....... -1.8 .3 .4 2.0 .3 .3 .3 .4 To government.......................... .3 .4 .3 .3 .4 .3 .3 .3 To the rest of the world (net)......... -2.1 .0 .0 1.6 .0 .0 .0 .0 Equals: Personal saving.................... 26.0 11.7 -1.7 -7.8 -42.7 -14.6 8.4 -25.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... .3 .3 19.2 14.4 36.7 12.1 40.5 69.5 Disposable personal income, billions of chained (2009) dollars\5\............ 14.1 18.2 26.1 8.7 37.8 7.8 30.5 59.6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 II 13 III 13 IV 13 I 14 II 14 III 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 685.7 279.2 154.1 116.1 64.3 173.0 175.8 131.6 Compensation of employees................ 337.5 238.3 91.9 45.3 75.2 149.4 63.3 79.2 Wages and salaries..................... 298.9 192.6 76.8 34.4 63.2 131.3 51.9 66.7 Private industries................... 295.4 182.8 74.6 38.3 58.8 126.8 46.8 61.6 Goods-producing industries......... 56.3 38.2 12.2 3.8 13.8 27.4 16.5 12.3 Manufacturing.................... 27.7 13.2 3.0 1.2 6.9 15.4 4.2 3.9 Services-producing industries...... 239.1 144.6 62.4 34.5 45.0 99.4 30.2 49.4 Trade, transportation, and utilities....................... 49.5 27.3 6.6 5.5 12.2 20.0 10.1 3.4 Other services-producing industries...................... 189.6 117.3 55.8 29.0 32.8 79.4 20.2 45.9 Government........................... 3.5 9.8 2.3 -4.0 4.4 4.5 5.2 5.0 Supplements to wages and salaries...... 38.5 45.7 15.1 10.8 12.1 18.1 11.4 12.5 Employer contributions for employee pension and insurance funds\1\...... 18.5 33.4 9.9 8.8 8.0 6.8 8.4 8.5 Employer contributions for government social insurance.................... 20.0 12.2 5.2 2.1 4.0 11.3 2.9 4.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 116.5 76.4 2.2 15.9 -3.2 8.3 30.0 5.4 Farm................................... -3.2 10.9 -8.6 3.2 -16.7 -12.0 15.3 -11.2 Nonfarm................................ 119.8 65.6 10.9 12.7 13.4 20.3 14.7 16.6 Rental income of persons with capital consumption adjustment.................. 47.7 62.8 15.8 13.4 9.1 9.6 12.5 11.3 Personal income receipts on assets....... 174.7 -8.9 46.0 25.0 -12.7 -3.8 36.6 11.3 Personal interest income............... 24.3 -.7 8.0 5.0 4.7 -.8 7.6 -3.5 Personal dividend income............... 150.5 -8.2 38.0 20.0 -17.4 -3.0 29.0 14.8 Personal current transfer receipts....... 42.8 63.8 9.7 22.1 5.7 38.6 40.9 33.5 Government social benefits to persons.. 49.9 64.6 9.3 21.8 5.7 38.1 40.2 32.8 Social security\2\................... 48.8 36.9 5.2 7.5 6.4 15.6 8.5 4.1 Medicare\3\.......................... 19.2 17.2 -3.7 5.3 4.3 5.3 3.6 4.6 Medicaid............................. 11.5 23.9 9.2 12.6 -1.3 18.9 14.9 19.5 Unemployment insurance............... -23.6 -21.4 -4.4 -5.2 -3.2 -14.7 -4.2 -2.1 Veterans' benefits................... 6.8 8.9 2.7 1.5 1.5 1.8 .0 1.2 Other................................ -13.0 -.8 .3 .1 -2.0 11.3 17.3 5.5 Other current transfer receipts, from business (net)........................ -7.1 -.8 .4 .2 .1 .5 .7 .7 Less: Contributions for government social insurance, domestic..................... 33.4 153.3 11.4 5.7 9.7 29.1 7.6 9.1 Less: Personal current taxes............... 103.1 158.1 23.8 .9 26.6 23.7 3.5 26.5 Equals: Disposable personal income......... 582.6 121.1 130.3 115.1 37.9 149.2 172.3 105.1 Less: Personal outlays..................... 397.7 409.2 63.3 109.2 137.7 76.1 142.7 143.4 Personal consumption expenditures........ 393.8 401.2 63.2 104.4 134.6 75.2 142.2 131.3 Goods.................................. 145.4 109.3 -11.2 44.3 20.8 4.5 73.9 47.0 Durable goods........................ 66.8 57.2 7.6 7.0 9.1 .8 36.1 21.8 Nondurable goods..................... 78.7 52.1 -18.8 37.3 11.7 3.8 37.7 25.2 Services............................... 248.5 291.9 74.3 60.2 113.8 70.6 68.4 84.2 Personal interest payments\4\............ .2 5.5 -.1 7.4 .0 -1.0 1.5 9.6 Personal current transfer payments....... 3.6 2.5 .2 -2.6 3.1 1.9 -1.1 2.7 To government.......................... 4.5 1.4 .2 .5 .7 1.1 1.0 1.0 To the rest of the world (net)......... -1.0 1.2 .1 -3.1 2.3 .9 -2.1 1.6 Equals: Personal saving.................... 185.1 -288.1 67.1 5.9 -99.9 73.2 29.5 -38.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 417.5 71.9 122.5 42.0 26.9 87.0 59.9 55.8 Disposable personal income, billions of chained (2009) dollars\5\............ 345.0 -25.4 108.4 58.9 5.8 98.4 90.3 59.9 ----------------------------------------------------------------------------------------------------------------------------------- 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 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\r\ Nov 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .2 .3 .4 .2 .3 .2 .3 .4 Compensation of employees................ -.1 .1 .2 .3 .5 .2 .3 .5 Wages and salaries..................... -.2 .1 .2 .3 .5 .2 .3 .5 Supplements to wages and salaries...... .1 .1 .2 .2 .3 .2 .2 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1.2 .7 1.1 .0 -.7 -.1 1.4 .5 Rental income of persons with capital consumption adjustment.................. .6 .5 .5 .5 .8 .6 .1 .1 Personal income receipts on assets....... .8 .5 .6 .0 -.1 .0 .2 .3 Personal interest income............... .4 .4 .4 -.3 -.3 -.3 -.2 -.2 Personal dividend income............... 1.5 .6 1.0 .4 .3 .5 .6 .9 Personal current transfer receipts....... .4 .8 .5 .3 .6 .2 .0 .0 Less: Contributions for government social insurance, domestic..................... -.2 .1 .2 .2 .5 .2 .3 .5 Less: Personal current taxes............... -.4 -.1 .1 .8 .8 .5 .6 .7 Equals: Disposable personal income......... .3 .4 .4 .2 .3 .1 .3 .3 Addenda: Personal consumption expenditures........ .2 .3 .5 .2 .6 .2 .3 .6 Goods.................................. .3 .4 1.0 .1 .7 -.4 -.1 .6 Durable goods........................ -.6 1.0 .5 -.1 2.1 -.9 .3 1.6 Nondurable goods..................... .7 .0 1.2 .2 .0 -.1 -.3 .0 Services............................... .1 .3 .2 .2 .6 .5 .4 .6 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .0 .0 .2 .1 .3 .1 .4 .6 Real disposable personal income.......... .1 .2 .2 .1 .3 .1 .3 .5 ----------------------------------------------------------------------------------------------------------------------------------- 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 II 13 III 13 IV 13 I 14 II 14 III 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.2 2.0 4.5 3.3 1.8 4.9 4.9 3.6 Compensation of employees................ 4.1 2.8 4.3 2.1 3.4 6.8 2.8 3.5 Wages and salaries..................... 4.5 2.8 4.4 1.9 3.6 7.5 2.9 3.7 Supplements to wages and salaries...... 2.4 2.7 3.6 2.6 2.8 4.2 2.6 2.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.2 6.1 .7 4.9 -1.0 2.5 9.2 1.6 Rental income of persons with capital consumption adjustment.................. 9.8 11.8 11.5 9.4 6.1 6.4 8.2 7.3 Personal income receipts on assets....... 9.1 -.4 9.3 4.9 -2.4 -.7 7.2 2.1 Personal interest income............... 2.0 -.1 2.6 1.6 1.5 -.2 2.4 -1.1 Personal dividend income............... 22.0 -1.0 20.7 10.0 -7.9 -1.5 14.8 7.1 Personal current transfer receipts....... 1.9 2.7 1.6 3.7 .9 6.5 6.8 5.4 Less: Contributions for government social insurance, domestic..................... 3.6 16.1 4.3 2.1 3.5 10.8 2.7 3.2 Less: Personal current taxes............... 7.4 10.5 5.9 .2 6.6 5.7 .8 6.3 Equals: Disposable personal income......... 4.9 1.0 4.3 3.7 1.2 4.8 5.5 3.3 Addenda: Personal consumption expenditures........ 3.7 3.6 2.2 3.7 4.8 2.6 4.9 4.5 Goods.................................. 4.0 2.9 -1.2 4.7 2.2 .5 7.8 4.8 Durable goods........................ 5.9 4.8 2.5 2.3 3.0 .2 12.0 6.9 Nondurable goods..................... 3.2 2.0 -2.9 5.9 1.8 .6 5.9 3.8 Services............................... 3.5 4.0 4.0 3.2 6.1 3.7 3.5 4.3 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 4.0 .7 4.6 1.5 1.0 3.2 2.2 2.0 Real disposable personal income.......... 3.0 -.2 3.8 2.0 .2 3.4 3.1 2.0 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\r\ Nov 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,896.7 10,906.0 10,935.0 10,945.8 11,017.7 11,035.2 11,058.5 11,139.7 Goods.................................... 3,721.2 3,726.9 3,746.7 3,749.6 3,792.4 3,781.6 3,789.1 3,844.5 Durable goods.......................... 1,385.2 1,403.6 1,412.3 1,413.1 1,446.4 1,435.2 1,440.6 1,474.3 Nondurable goods....................... 2,357.3 2,347.5 2,359.0 2,361.1 2,374.1 2,373.1 2,375.7 2,400.1 Services................................. 7,175.7 7,179.4 7,189.0 7,196.8 7,226.7 7,254.2 7,270.0 7,297.3 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -6.6 9.3 29.0 10.8 71.9 17.5 23.3 81.2 Goods.................................... -1.4 5.7 19.8 2.9 42.8 -10.8 7.5 55.4 Durable goods.......................... -9.0 18.4 8.7 .8 33.3 -11.2 5.4 33.7 Nondurable goods....................... 6.1 -9.8 11.5 2.1 13.0 -1.0 2.6 24.4 Services................................. -5.1 3.7 9.6 7.8 29.9 27.5 15.8 27.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.1 .1 .3 .1 .7 .2 .2 .7 Goods.................................... .0 .2 .5 .1 1.1 -.3 .2 1.5 Durable goods.......................... -.6 1.3 .6 .1 2.4 -.8 .4 2.3 Nondurable goods....................... .3 -.4 .5 .1 .6 .0 .1 1.0 Services................................. -.1 .1 .1 .1 .4 .4 .2 .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 II 13 III 13 IV 13 I 14 II 14 III 14\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,449.7 10,699.7 10,660.4 10,713.3 10,811.4 10,844.3 10,912.6 10,999.5 Goods.................................... 3,506.5 3,626.0 3,605.2 3,636.1 3,669.0 3,678.3 3,731.6 3,774.5 Durable goods.......................... 1,235.7 1,319.0 1,310.0 1,325.9 1,344.5 1,355.0 1,400.4 1,431.5 Nondurable goods....................... 2,280.1 2,322.6 2,310.5 2,326.4 2,341.8 2,341.9 2,354.6 2,369.4 Services................................. 6,942.4 7,073.1 7,054.5 7,076.6 7,141.9 7,165.4 7,181.4 7,225.9 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 186.2 250.0 46.7 52.9 98.1 32.9 68.3 86.9 Goods.................................... 94.7 119.5 11.5 30.9 32.9 9.3 53.3 42.9 Durable goods.......................... 84.2 83.3 14.3 15.9 18.6 10.5 45.4 31.1 Nondurable goods....................... 16.9 42.5 -1.2 15.9 15.4 .1 12.7 14.8 Services................................. 91.0 130.7 35.2 22.1 65.3 23.5 16.0 44.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.8 2.4 1.8 2.0 3.7 1.2 2.5 3.2 Goods.................................... 2.8 3.4 1.3 3.5 3.7 1.0 5.9 4.7 Durable goods.......................... 7.3 6.7 4.5 4.9 5.7 3.2 14.1 9.2 Nondurable goods....................... .7 1.9 -.2 2.8 2.7 .0 2.2 2.5 Services................................. 1.3 1.9 2.0 1.3 3.7 1.3 .9 2.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\r\ Nov 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 108.523 108.790 109.034 109.125 109.072 109.150 109.203 109.015 Goods.................................... 105.937 106.158 106.624 106.622 106.142 106.069 105.794 104.856 Durable goods.......................... 92.933 92.638 92.562 92.390 92.197 92.062 92.019 91.391 Nondurable goods....................... 112.619 113.141 113.927 114.029 113.381 113.348 112.936 111.820 Services................................. 109.861 110.151 110.280 110.419 110.589 110.745 110.969 111.175 Addenda: PCE excluding food and energy............ 107.263 107.457 107.621 107.725 107.808 107.932 108.116 108.125 Food\1\.................................. 109.061 109.706 109.728 110.017 110.397 110.574 110.573 110.948 Energy goods and services\2\............. 129.570 130.632 132.811 132.370 128.827 127.829 125.311 120.296 Market-based PCE\3\...................... 108.098 108.348 108.613 108.724 108.617 108.688 108.682 108.441 Market-based PCE excluding food and energy\3\........................... 106.580 106.742 106.920 107.047 107.090 107.212 107.348 107.323 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 .2 .2 .1 .0 .1 .0 -.2 Goods.................................... .3 .2 .4 .0 -.5 -.1 -.3 -.9 Durable goods.......................... .0 -.3 -.1 -.2 -.2 -.1 .0 -.7 Nondurable goods....................... .4 .5 .7 .1 -.6 .0 -.4 -1.0 Services................................. .2 .3 .1 .1 .2 .1 .2 .2 Addenda: PCE excluding food and energy............ .2 .2 .2 .1 .1 .1 .2 .0 Food\1\.................................. .3 .6 .0 .3 .3 .2 .0 .3 Energy goods and services\2\............. .4 .8 1.7 -.3 -2.7 -.8 -2.0 -4.0 Market-based PCE\3\...................... .2 .2 .2 .1 -.1 .1 .0 -.2 Market-based PCE excluding food and energy\3\........................... .2 .2 .2 .1 .0 .1 .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 ----------------------------------------------------------------------------------------------------------------------------------- Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\r\ Nov 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.3 2.1 2.1 2.3 2.2 2.0 2.5 2.9 Personal consumption expenditures.......... 2.4 2.3 2.4 2.4 2.9 2.7 2.6 2.8 Goods.................................... 3.8 3.2 3.5 3.3 4.4 3.7 3.7 4.4 Durable goods.......................... 6.5 7.2 7.0 7.0 8.4 8.5 7.7 8.4 Nondurable goods....................... 2.4 1.4 1.9 1.6 2.5 1.5 1.8 2.6 Services................................. 1.7 1.9 1.8 1.9 2.1 2.2 2.1 2.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\r\ Oct 14\r\ Nov 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.5 1.7 1.6 1.6 1.5 1.4 1.4 1.2 Goods.................................... .1 .3 .3 .2 -.2 -.1 -.2 -.9 Durable goods.......................... -2.3 -2.5 -2.6 -2.4 -2.3 -2.4 -2.2 -2.6 Nondurable goods....................... 1.2 1.7 1.7 1.6 .9 1.0 .8 -.1 Services................................. 2.3 2.3 2.3 2.2 2.3 2.2 2.2 2.2 Addenda: PCE excluding food and energy............ 1.4 1.5 1.5 1.5 1.5 1.5 1.5 1.4 Food\1\.................................. 1.2 2.0 1.8 2.0 2.2 2.5 2.5 2.8 Energy goods and services\2\............. 3.3 3.3 3.1 2.5 .1 -.9 -1.9 -5.4 Market-based PCE\3\...................... 1.4 1.5 1.5 1.5 1.3 1.3 1.3 1.0 Market-based PCE excluding food and energy\3\........................... 1.3 1.4 1.3 1.3 1.3 1.3 1.4 1.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.