EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, FEBRUARY 1, 2016 BEA 16-05 Technical: James Rankin (202)606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov Media: Jeannine Aversa (202)606-2649 PERSONAL INCOME AND OUTLAYS: DECEMBER 2015 Personal income increased $42.5 billion, or 0.3 percent, and disposable personal income (DPI) increased $37.8 billion, or 0.3 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $0.7 billion, or less than 0.1 percent. In November, personal income increased $44.3 billion, or 0.3 percent, DPI increased $33.4 billion, or 0.2 percent, and PCE increased $59.4 billion, or 0.5 percent, based on revised estimates. Real DPI increased 0.4 percent in December, compared with an increase of 0.2 percent in November. Real PCE increased 0.1 percent, compared with an increase of 0.4 percent. 2015 Aug. Sept. Oct. Nov. Dec. (Percent change from preceding month) Personal income, current dollars 0.4 0.2 0.4 0.3 0.3 Disposable personal income: Current dollars 0.4 0.2 0.3 0.2 0.3 Chained (2009) dollars 0.4 0.3 0.2 0.2 0.4 Personal consumption expenditures: Current dollars 0.3 0.2 0.0 0.5 0.0 Chained (2009) dollars 0.3 0.2 0.0 0.4 0.1 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. __________________ Compensation Wages and salaries increased $13.1 billion in December, compared with an increase of $37.9 billion in November. Private wages and salaries increased $10.3 billion, compared with an increase of $35.3 billion. Government wages and salaries increased $2.8 billion, compared with an increase of $2.6 billion. Supplements to wages and salaries increased $4.8 billion in December, compared with an increase of $6.4 billion in November. Other personal income Proprietors' income increased $13.4 billion in December, in contrast to a decrease of $1.9 billion in November. Farm proprietors' income decreased $0.3 billion, the same decrease as in November. Nonfarm proprietors' income increased $13.8 billion in December, in contrast to a decrease of $1.6 billion in November. Rental income of persons increased $3.3 billion in December, compared with an increase of $2.7 billion in November. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $8.8 billion, compared with a decrease of $5.4 billion. Personal current transfer receipts increased $18.1 billion in December, compared with an increase of $9.4 billion in November. Within current transfer receipts , government social benefit payments to persons included retroactive social security benefit payments of $8.8 billion (at an annual rate), resulting from a recalculation of the earnings base underlying the benefits of recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $1.3 billion in December, compared with an increase of $4.9 billion in November. Personal current taxes and disposable personal income Personal current taxes increased $4.8 billion in December, compared with an increase of $10.9 billion in November. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $37.8 billion, or 0.3 percent, compared with an increase of $33.4 billion, or 0.2 percent. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $2.0 billion in December, compared with an increase of $62.1 billion in November. PCE decreased $0.7 billion, in contrast to an increase of $59.4 billion. Personal saving -- DPI less personal outlays -- was $753.5 billion in December, compared with $717.8 billion in November. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.5 percent, compared with 5.3 percent. 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 0.4 percent in December, compared with an increase of 0.2 percent in November. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in December, compared with an increase of 0.4 percent in November. Purchases of durable goods decreased 0.7 percent, in contrast to an increase of 1.8 percent. Purchases of motor vehicles and parts more than accounted for the decrease in December. Purchases of nondurable goods decreased 0.2 percent in December, in contrast to an increase of 0.6 percent in November. Purchases of services increased 0.3 percent, compared with an increase of 0.1 percent. The price index for PCE decreased 0.1 percent in December, in contrast to an increase of 0.1 percent in November. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared to an increase of 0.2 percent. The December PCE price index increased 0.6 percent from December a year ago.  The December PCE price index, excluding food and energy, increased 1.4 percent from December a year ago. 2015 Personal Income and Outlays Personal income increased 4.5 percent in 2015 (that is, from the 2014 annual level to the 2015 annual level), compared with an increase of 4.4 percent in 2014. DPI increased 3.8 percent, compared with an increase of 4.2 percent. PCE increased 3.4 percent, compared with an increase of 4.2 percent. Real DPI increased 3.5 percent in 2015, compared with an increase of 2.7 percent in 2014. Real PCE increased 3.1 percent, compared with an increase of 2.7 percent. Revisions Estimates have been revised for October and November. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for October and for November -- revised and as published in last month's release -- are shown below. Change from preceding month October November Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars 66.9 54.9 0.4 0.4 44.4 44.3 0.3 0.3 Disposable personal income: Current dollars 54.0 40.8 0.4 0.3 34.5 33.4 0.3 0.2 Chained (2009) dollars 42.5 29.6 0.3 0.2 28.0 21.8 0.2 0.2 Personal consumption expenditures: Current dollars 3.8 2.9 0.0 0.0 40.1 59.4 0.3 0.5 Chained (2009) dollars -2.7 -4.4 0.0 0.0 33.4 46.3 0.3 0.4 BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API at www.bea.gov/API/signup/index.cfm. BEA's news release schedule is available at http://bea.gov/newsreleases/news_release_sort_national.htm. * * * Next release – Friday, February 26 at 10:00 A.M. EST for Personal Income and Outlays for January Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- -----------------------------------------2015----------------------------------------- May June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 15,282.4 15,356.0 15,421.4 15,475.7 15,506.3 15,561.2 15,605.5 15,648.0 Compensation of employees............... 9,625.8 9,661.0 9,706.8 9,747.7 9,756.7 9,807.2 9,851.6 9,869.5 Wages and salaries.................... 7,801.8 7,831.1 7,870.7 7,905.5 7,911.1 7,955.2 7,993.2 8,006.3 Private industries.................. 6,537.1 6,562.3 6,598.7 6,630.6 6,635.3 6,678.0 6,713.3 6,723.6 Goods-producing industries........ 1,305.6 1,308.2 1,316.6 1,320.0 1,316.6 1,324.1 1,339.5 1,328.5 Manufacturing................... 803.5 804.9 810.2 814.0 812.1 815.3 826.8 815.6 Services-producing industries..... 5,231.4 5,254.1 5,282.1 5,310.6 5,318.8 5,353.8 5,373.7 5,395.1 Trade, transportation, and utilities...................... 1,231.9 1,234.8 1,241.1 1,247.7 1,249.8 1,256.6 1,259.6 1,261.8 Other services-producing industries..................... 3,999.6 4,019.4 4,041.1 4,062.9 4,069.0 4,097.2 4,114.1 4,133.3 Government.......................... 1,264.7 1,268.8 1,272.0 1,274.9 1,275.7 1,277.3 1,279.9 1,282.7 Supplements to wages and salaries..... 1,824.0 1,829.8 1,836.1 1,842.2 1,845.7 1,852.0 1,858.4 1,863.2 Employer contributions for employee pension and insurance funds\1\..... 1,258.3 1,262.4 1,266.4 1,270.4 1,273.9 1,277.6 1,281.7 1,286.0 Employer contributions for government social insurance........ 565.7 567.4 569.7 571.8 571.7 574.3 576.8 577.2 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,376.8 1,386.0 1,398.0 1,398.1 1,404.2 1,409.6 1,407.7 1,421.2 Farm.................................. 56.9 59.7 62.4 65.2 68.0 67.7 67.3 67.0 Nonfarm............................... 1,319.9 1,326.3 1,335.5 1,332.9 1,336.2 1,342.0 1,340.4 1,354.2 Rental income of persons with capital consumption adjustment................. 654.2 661.1 661.6 663.4 665.8 667.7 670.4 673.6 Personal income receipts on assets...... 2,174.3 2,195.3 2,196.7 2,202.5 2,209.1 2,203.0 2,197.6 2,188.8 Personal interest income.............. 1,313.4 1,331.0 1,333.0 1,335.0 1,337.0 1,328.2 1,319.4 1,310.7 Personal dividend income.............. 860.8 864.3 863.8 867.5 872.1 874.8 878.2 878.1 Personal current transfer receipts...... 2,651.7 2,656.3 2,666.8 2,676.7 2,683.6 2,692.1 2,701.5 2,719.6 Government social benefits to persons.............................. 2,608.8 2,613.2 2,623.5 2,633.2 2,639.9 2,648.3 2,657.5 2,675.4 Social security\2\.................. 871.8 868.7 872.3 875.9 875.4 877.6 878.2 890.2 Medicare\3\......................... 615.3 617.4 619.8 622.4 625.2 628.2 631.4 634.8 Medicaid............................ 527.9 530.8 536.5 540.1 544.6 548.3 550.7 553.9 Unemployment insurance.............. 32.9 33.4 33.0 33.2 32.6 31.7 32.1 32.4 Veterans' benefits.................. 93.3 95.3 95.1 94.6 95.5 96.1 98.2 98.4 Other............................... 467.6 467.5 466.9 467.0 466.7 466.3 466.9 465.6 Other current transfer receipts, from business (net)....................... 42.9 43.1 43.3 43.4 43.6 43.8 44.0 44.2 Less: Contributions for government social insurance, domestic............. 1,200.2 1,203.7 1,208.4 1,212.7 1,213.0 1,218.4 1,223.3 1,224.6 Less: Personal current taxes.............. 1,941.4 1,951.3 1,956.6 1,962.5 1,963.9 1,978.0 1,988.9 1,993.7 Equals: Disposable personal income........ 13,341.0 13,404.7 13,464.8 13,513.2 13,542.4 13,583.2 13,616.6 13,654.4 Less: Personal outlays.................... 12,696.6 12,739.2 12,775.9 12,810.8 12,831.9 12,836.8 12,898.8 12,900.9 Personal consumption expenditures....... 12,250.5 12,288.2 12,326.6 12,363.6 12,386.7 12,389.6 12,449.0 12,448.3 Goods................................. 4,001.6 4,002.0 4,026.3 4,033.2 4,012.7 4,004.2 4,031.5 3,996.9 Durable goods....................... 1,337.4 1,321.0 1,334.5 1,339.1 1,345.3 1,338.3 1,358.0 1,346.4 Nondurable goods.................... 2,664.2 2,680.9 2,691.8 2,694.1 2,667.4 2,665.9 2,673.5 2,650.5 Services.............................. 8,248.9 8,286.2 8,300.3 8,330.4 8,374.0 8,385.4 8,417.5 8,451.4 Personal interest payments\4\........... 269.3 274.1 271.7 269.4 267.1 269.5 271.8 274.2 Personal current transfer payments...... 176.8 176.9 177.5 177.7 178.0 177.7 178.0 178.4 To government......................... 97.2 97.3 97.5 97.7 98.0 98.3 98.6 99.0 To the rest of the world (net)........ 79.6 79.6 80.0 80.0 80.0 79.4 79.4 79.4 Equals: Personal saving................... 644.3 665.5 688.9 702.4 710.6 746.5 717.8 753.5 Personal saving as a percentage of disposable personal income............. 4.8 5.0 5.1 5.2 5.2 5.5 5.3 5.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,544.0 11,580.3 11,619.2 11,661.9 11,690.1 11,725.2 11,748.8 11,782.3 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 12,193.2 12,223.2 12,266.2 12,312.7 12,346.3 12,375.8 12,397.7 12,443.8 Per capita: Current dollars..................... 41,518 41,688 41,846 41,964 42,024 42,121 42,196 42,287 Chained (2009) dollars.............. 37,946 38,014 38,120 38,236 38,312 38,377 38,419 38,538 Population (midperiod, thousands)\6\.... 321,333 321,547 321,774 322,016 322,255 322,484 322,697 322,897 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2014 2015 --------------Seasonally adjusted at annual rates-------------- --------2014-------- -------------------2015------------------- III IV I II III IV ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 14,694.2 15,357.4 14,774.8 14,955.7 15,079.8 15,277.0 15,467.8 15,604.9 Compensation of employees............... 9,248.9 9,670.7 9,289.9 9,424.9 9,487.9 9,615.2 9,737.1 9,842.8 Wages and salaries.................... 7,477.8 7,838.7 7,513.9 7,632.6 7,682.4 7,791.8 7,895.7 7,984.9 Private industries.................. 6,240.5 6,569.8 6,270.7 6,384.4 6,425.9 6,526.7 6,621.5 6,705.0 Goods-producing industries........ 1,260.9 1,309.9 1,266.6 1,292.9 1,288.0 1,303.2 1,317.7 1,330.7 Manufacturing................... 780.9 806.3 781.4 796.5 792.1 801.7 812.1 819.3 Services-producing industries..... 4,979.7 5,259.9 5,004.1 5,091.5 5,138.0 5,223.5 5,303.8 5,374.2 Trade, transportation, and utilities...................... 1,175.5 1,236.4 1,179.2 1,203.3 1,210.9 1,229.1 1,246.2 1,259.3 Other services-producing industries..................... 3,804.2 4,023.5 3,825.0 3,888.2 3,927.0 3,994.4 4,057.7 4,114.9 Government.......................... 1,237.2 1,268.9 1,243.2 1,248.2 1,256.5 1,265.0 1,274.2 1,280.0 Supplements to wages and salaries..... 1,771.2 1,832.0 1,776.0 1,792.3 1,805.5 1,823.4 1,841.3 1,857.8 Employer contributions for employee pension and insurance funds\1\..... 1,224.0 1,264.3 1,227.1 1,236.3 1,246.8 1,258.3 1,270.3 1,281.8 Employer contributions for government social insurance........ 547.2 567.7 548.9 556.0 558.7 565.0 571.1 576.1 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,346.7 1,389.8 1,357.8 1,377.9 1,369.4 1,377.0 1,400.1 1,412.8 Farm.................................. 78.1 62.5 77.2 74.8 60.5 56.9 65.2 67.3 Nonfarm............................... 1,268.6 1,327.4 1,280.6 1,303.0 1,308.9 1,320.1 1,334.9 1,345.5 Rental income of persons with capital consumption adjustment................. 610.8 656.3 618.4 628.4 637.0 654.1 663.6 670.6 Personal income receipts on assets...... 2,117.5 2,180.8 2,115.0 2,130.6 2,145.5 2,178.3 2,202.8 2,196.5 Personal interest income.............. 1,302.0 1,312.6 1,288.1 1,289.8 1,282.6 1,313.4 1,335.0 1,319.4 Personal dividend income.............. 815.5 868.2 826.8 840.8 863.0 864.9 867.8 877.0 Personal current transfer receipts...... 2,529.2 2,664.3 2,556.5 2,571.0 2,625.8 2,651.3 2,675.7 2,704.4 Government social benefits to persons.............................. 2,487.2 2,621.1 2,514.4 2,528.9 2,583.4 2,608.4 2,632.2 2,660.4 Social security\2\.................. 834.6 871.9 837.2 843.8 861.6 869.4 874.5 882.0 Medicare\3\......................... 597.8 619.8 600.8 605.3 609.8 615.3 622.5 631.5 Medicaid............................ 487.4 536.1 505.9 507.1 523.9 529.0 540.4 551.0 Unemployment insurance.............. 35.8 33.3 34.6 32.9 35.0 33.1 32.9 32.1 Veterans' benefits.................. 83.7 94.4 83.8 86.7 90.7 94.1 95.1 97.6 Other............................... 447.9 465.7 452.2 453.3 462.2 467.5 466.9 466.3 Other current transfer receipts, from business (net)....................... 42.0 43.2 42.1 42.1 42.4 42.9 43.4 44.0 Less: Contributions for government social insurance, domestic............. 1,159.0 1,204.6 1,162.9 1,177.2 1,185.8 1,198.9 1,211.4 1,222.1 Less: Personal current taxes.............. 1,780.2 1,946.7 1,792.0 1,838.8 1,900.1 1,938.7 1,961.0 1,986.8 Equals: Disposable personal income........ 12,913.9 13,410.7 12,982.7 13,116.8 13,179.8 13,338.3 13,506.8 13,618.1 Less: Personal outlays.................... 12,293.7 12,712.9 12,377.0 12,502.5 12,492.2 12,674.5 12,806.2 12,878.8 Personal consumption expenditures....... 11,865.9 12,267.9 11,949.1 12,061.4 12,055.5 12,228.4 12,359.0 12,429.0 Goods................................. 3,948.4 3,978.6 3,987.4 3,980.1 3,901.5 3,978.1 4,024.1 4,010.9 Durable goods....................... 1,280.2 1,328.8 1,295.1 1,303.5 1,301.8 1,326.4 1,339.6 1,347.6 Nondurable goods.................... 2,668.2 2,649.8 2,692.2 2,676.6 2,599.7 2,651.8 2,684.4 2,663.3 Services.............................. 7,917.5 8,289.3 7,961.7 8,081.3 8,153.9 8,250.2 8,334.9 8,418.1 Personal interest payments\4\........... 254.2 268.0 254.3 263.1 261.3 269.3 269.4 271.8 Personal current transfer payments...... 173.6 177.0 173.6 178.0 175.5 176.8 177.8 178.1 To government......................... 95.3 97.7 95.7 95.9 97.0 97.2 97.8 98.7 To the rest of the world (net)........ 78.3 79.4 77.9 82.2 78.5 79.6 80.0 79.4 Equals: Personal saving................... 620.2 697.8 605.7 614.3 687.6 663.9 700.6 739.3 Personal saving as a percentage of disposable personal income............. 4.8 5.2 4.7 4.7 5.2 5.0 5.2 5.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,149.8 11,599.8 11,164.6 11,329.0 11,447.6 11,542.2 11,657.1 11,752.1 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 11,836.3 12,255.6 11,863.1 11,998.7 12,114.7 12,193.6 12,308.4 12,405.8 Per capita: Current dollars..................... 40,453 41,687 40,629 40,962 41,088 41,509 41,945 42,201 Chained (2009) dollars.............. 37,077 38,096 37,125 37,470 37,767 37,947 38,223 38,445 Population (midperiod, thousands)\6\.... 319,233 321,704 319,544 320,222 320,771 321,337 322,015 322,693 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- -----------------------------------------2015----------------------------------------- May June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 89.8 73.6 65.4 54.2 30.6 54.9 44.3 42.5 Compensation of employees............... 67.1 35.2 45.8 40.9 9.0 50.5 44.4 17.9 Wages and salaries.................... 59.4 29.4 39.5 34.8 5.5 44.2 37.9 13.1 Private industries.................. 56.3 25.3 36.4 31.9 4.8 42.7 35.3 10.3 Goods-producing industries........ 9.7 2.6 8.3 3.4 -3.4 7.6 15.4 -11.0 Manufacturing................... 6.7 1.5 5.3 3.8 -1.8 3.2 11.5 -11.2 Services-producing industries..... 46.6 22.7 28.0 28.5 8.2 35.1 19.9 21.4 Trade, transportation, and utilities...................... 11.2 2.9 6.3 6.6 2.1 6.8 3.0 2.2 Other services-producing industries..................... 35.4 19.8 21.7 21.8 6.1 28.2 16.9 19.2 Government.......................... 3.1 4.1 3.2 3.0 0.8 1.5 2.6 2.8 Supplements to wages and salaries..... 7.7 5.8 6.3 6.1 3.4 6.3 6.4 4.8 Employer contributions for employee pension and insurance funds\1\..... 3.9 4.1 4.0 4.0 3.5 3.7 4.0 4.3 Employer contributions for government social insurance........ 3.8 1.7 2.3 2.1 -0.1 2.6 2.4 0.5 Proprietors' income with inventory valuation and capital consumption adjustments............................ 8.6 9.2 12.0 0.1 6.1 5.4 -1.9 13.4 Farm.................................. 2.8 2.8 2.8 2.8 2.8 -0.3 -0.3 -0.3 Nonfarm............................... 5.7 6.4 9.2 -2.6 3.3 5.7 -1.6 13.8 Rental income of persons with capital consumption adjustment................. 7.2 7.0 0.4 1.8 2.4 1.9 2.7 3.3 Personal income receipts on assets...... 8.8 21.0 1.4 5.8 6.6 -6.1 -5.4 -8.8 Personal interest income.............. 17.5 17.5 2.0 2.0 2.0 -8.8 -8.8 -8.8 Personal dividend income.............. -8.7 3.5 -0.6 3.8 4.6 2.7 3.4 0.0 Personal current transfer receipts...... 5.7 4.6 10.5 9.9 6.9 8.6 9.4 18.1 Government social benefits to persons.............................. 5.5 4.4 10.3 9.7 6.7 8.4 9.2 17.9 Social security\2\.................. 4.1 -3.2 3.6 3.7 -0.6 2.2 0.6 12.0 Medicare\3\......................... 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 Medicaid............................ -0.3 3.0 5.6 3.6 4.5 3.7 2.4 3.2 Unemployment insurance.............. -0.2 0.6 -0.4 0.2 -0.6 -0.9 0.4 0.4 Veterans' benefits.................. -0.3 2.0 -0.3 -0.4 0.8 0.7 2.1 0.2 Other............................... 0.2 -0.1 -0.6 0.1 -0.3 -0.4 0.6 -1.3 Other current transfer receipts, from business (net)....................... 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Less: Contributions for government social insurance, domestic............. 7.5 3.5 4.7 4.3 0.3 5.4 4.9 1.3 Less: Personal current taxes.............. 18.1 9.9 5.3 5.9 1.4 14.1 10.9 4.8 Equals: Disposable personal income........ 71.7 63.7 60.1 48.4 29.2 40.8 33.4 37.8 Less: Personal outlays.................... 109.1 42.6 36.7 34.9 21.1 4.9 62.1 2.0 Personal consumption expenditures....... 104.2 37.7 38.4 37.0 23.1 2.9 59.4 -0.7 Goods................................. 70.8 0.4 24.3 6.9 -20.5 -8.5 27.3 -34.7 Durable goods....................... 16.8 -16.4 13.4 4.6 6.2 -7.0 19.7 -11.6 Nondurable goods.................... 54.0 16.7 10.9 2.3 -26.7 -1.5 7.6 -23.0 Services.............................. 33.5 37.3 14.1 30.1 43.6 11.4 32.1 34.0 Personal interest payments\4\........... 4.8 4.8 -2.3 -2.3 -2.3 2.4 2.4 2.4 Personal current transfer payments...... 0.1 0.1 0.6 0.2 0.3 -0.3 0.3 0.4 To government......................... 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.4 To the rest of the world (net)........ 0.0 0.0 0.4 0.0 0.0 -0.6 0.0 0.0 Equals: Personal saving................... -37.4 21.1 23.4 13.5 8.2 35.9 -28.7 35.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 41.9 36.3 38.9 42.7 28.2 35.0 23.7 33.4 Disposable personal income, billions of chained (2009) dollars\5\.............. 28.5 30.0 43.0 46.5 33.6 29.6 21.8 46.2 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2014 2015 --------------Seasonally adjusted at annual rates-------------- --------2014-------- -------------------2015------------------- III IV I II III IV ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 625.8 663.2 162.0 180.9 124.2 197.2 190.8 137.1 Compensation of employees............... 409.3 421.8 112.6 135.0 63.0 127.2 121.9 105.7 Wages and salaries.................... 363.4 360.9 99.4 118.7 49.8 109.3 104.0 89.2 Private industries.................. 333.8 329.3 90.4 113.7 41.5 100.8 94.8 83.4 Goods-producing industries........ 70.8 49.0 16.2 26.3 -4.9 15.2 14.5 13.0 Manufacturing................... 34.0 25.4 6.3 15.0 -4.4 9.6 10.4 7.2 Services-producing industries..... 263.0 280.2 74.2 87.4 46.4 85.5 80.4 70.4 Trade, transportation, and utilities...................... 57.0 60.9 13.5 24.1 7.6 18.2 17.1 13.2 Other services-producing industries..................... 206.0 219.3 60.7 63.3 38.8 67.3 63.3 57.2 Government.......................... 29.6 31.7 9.0 5.0 8.3 8.6 9.2 5.8 Supplements to wages and salaries..... 45.9 60.9 13.3 16.3 13.2 17.9 18.0 16.5 Employer contributions for employee pension and insurance funds\1\..... 26.2 40.3 7.7 9.1 10.5 11.6 11.9 11.5 Employer contributions for government social insurance........ 19.7 20.5 5.6 7.1 2.7 6.3 6.0 5.0 Proprietors' income with inventory valuation and capital consumption adjustments............................ 61.6 43.2 11.5 20.1 -8.4 7.5 23.1 12.8 Farm.................................. -10.6 -15.6 -11.6 -2.3 -14.3 -3.6 8.3 2.1 Nonfarm............................... 72.2 58.8 23.1 22.4 5.9 11.2 14.8 10.6 Rental income of persons with capital consumption adjustment................. 47.4 45.5 12.9 10.0 8.5 17.1 9.5 7.0 Personal income receipts on assets...... 57.1 63.2 -6.9 15.6 14.9 32.8 24.5 -6.3 Personal interest income.............. 30.7 10.6 -21.8 1.7 -7.3 30.8 21.6 -15.5 Personal dividend income.............. 26.5 52.7 15.0 13.9 22.2 2.0 2.9 9.2 Personal current transfer receipts...... 102.5 135.1 43.4 14.5 54.8 25.5 24.3 28.7 Government social benefits to persons.............................. 101.7 133.9 43.3 14.5 54.5 25.0 23.8 28.2 Social security\2\.................. 35.6 37.3 4.0 6.6 17.9 7.8 5.1 7.5 Medicare\3\......................... 23.2 22.0 5.2 4.5 4.5 5.5 7.1 9.0 Medicaid............................ 47.7 48.7 32.3 1.2 16.9 5.1 11.4 10.6 Unemployment insurance.............. -26.5 -2.5 -1.3 -1.8 2.2 -1.9 -0.2 -0.9 Veterans' benefits.................. 4.7 10.7 1.5 2.9 4.1 3.3 1.0 2.5 Other............................... 17.1 17.8 1.6 1.1 9.0 5.2 -0.6 -0.6 Other current transfer receipts, from business (net)....................... 0.8 1.2 0.1 0.0 0.3 0.5 0.5 0.6 Less: Contributions for government social insurance, domestic............. 52.2 45.6 11.6 14.3 8.6 13.1 12.5 10.7 Less: Personal current taxes.............. 107.5 166.4 38.0 46.8 61.2 38.6 22.3 25.8 Equals: Disposable personal income........ 518.3 496.8 124.0 134.1 62.9 158.6 168.5 111.3 Less: Personal outlays.................... 488.0 419.2 141.8 125.6 -10.3 182.3 131.7 72.6 Personal consumption expenditures....... 473.7 402.0 136.1 112.3 -5.9 172.9 130.6 70.0 Goods................................. 111.7 30.2 35.9 -7.2 -78.6 76.6 45.9 -13.2 Durable goods....................... 42.4 48.6 16.0 8.4 -1.7 24.5 13.3 8.0 Nondurable goods.................... 69.3 -18.4 19.8 -15.6 -76.9 52.1 32.7 -21.2 Services.............................. 362.0 371.8 100.2 119.6 72.7 96.3 84.7 83.2 Personal interest payments\4\........... 10.1 13.7 3.8 8.8 -1.8 8.0 0.1 2.4 Personal current transfer payments...... 4.3 3.5 1.9 4.5 -2.6 1.3 1.0 0.3 To government......................... 2.7 2.4 0.5 0.2 1.1 0.2 0.6 0.9 To the rest of the world (net)........ 1.6 1.1 1.4 4.3 -3.7 1.1 0.4 -0.6 Equals: Personal saving................... 30.3 77.6 -17.8 8.6 73.2 -23.7 36.8 38.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 327.5 450.0 75.5 164.4 118.7 94.5 114.9 95.0 Disposable personal income, billions of chained (2009) dollars\5\.............. 313.2 419.4 78.4 135.6 115.9 78.9 114.7 97.4 ----------------------------------------------------------------------------------------------------------------------------------- 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) ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at monthly rates------------------------- -----------------------------------------2015----------------------------------------- May June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 0.6 0.5 0.4 0.4 0.2 0.4 0.3 0.3 Compensation of employees............... 0.7 0.4 0.5 0.4 0.1 0.5 0.5 0.2 Wages and salaries.................... 0.8 0.4 0.5 0.4 0.1 0.6 0.5 0.2 Supplements to wages and salaries..... 0.4 0.3 0.3 0.3 0.2 0.3 0.3 0.3 Proprietors' income with inventory valuation and capital consumption adjustments............................ 0.6 0.7 0.9 0.0 0.4 0.4 -0.1 1.0 Rental income of persons with capital consumption adjustment................. 1.1 1.1 0.1 0.3 0.4 0.3 0.4 0.5 Personal income receipts on assets...... 0.4 1.0 0.1 0.3 0.3 -0.3 -0.2 -0.4 Personal interest income.............. 1.4 1.3 0.2 0.2 0.2 -0.7 -0.7 -0.7 Personal dividend income.............. -1.0 0.4 -0.1 0.4 0.5 0.3 0.4 0.0 Personal current transfer receipts...... 0.2 0.2 0.4 0.4 0.3 0.3 0.3 0.7 Less: Contributions for government social insurance, domestic............. 0.6 0.3 0.4 0.4 0.0 0.4 0.4 0.1 Less: Personal current taxes.............. 0.9 0.5 0.3 0.3 0.1 0.7 0.6 0.2 Equals: Disposable personal income........ 0.5 0.5 0.4 0.4 0.2 0.3 0.2 0.3 Addenda: Personal consumption expenditures....... 0.9 0.3 0.3 0.3 0.2 0.0 0.5 0.0 Goods................................. 1.8 0.0 0.6 0.2 -0.5 -0.2 0.7 -0.9 Durable goods....................... 1.3 -1.2 1.0 0.3 0.5 -0.5 1.5 -0.9 Nondurable goods.................... 2.1 0.6 0.4 0.1 -1.0 -0.1 0.3 -0.9 Services.............................. 0.4 0.5 0.2 0.4 0.5 0.1 0.4 0.4 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... 0.4 0.3 0.3 0.4 0.2 0.3 0.2 0.3 Real disposable personal income......... 0.2 0.2 0.4 0.4 0.3 0.2 0.2 0.4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) ----------------------------------------------------------------------------------------------------------------------------------- 2014 2015 --------------Seasonally adjusted at annual rates-------------- --------2014-------- -------------------2015------------------- III IV I II III IV ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 4.4 4.5 4.5 5.0 3.4 5.3 5.1 3.6 Compensation of employees............... 4.6 4.6 5.0 5.9 2.7 5.5 5.2 4.4 Wages and salaries.................... 5.1 4.8 5.5 6.5 2.6 5.8 5.4 4.6 Supplements to wages and salaries..... 2.7 3.4 3.0 3.7 3.0 4.0 4.0 3.6 Proprietors' income with inventory valuation and capital consumption adjustments............................ 4.8 3.2 3.5 6.1 -2.4 2.2 6.9 3.7 Rental income of persons with capital consumption adjustment................. 8.4 7.4 8.8 6.6 5.5 11.2 5.9 4.3 Personal income receipts on assets...... 2.8 3.0 -1.3 3.0 2.8 6.3 4.6 -1.1 Personal interest income.............. 2.4 0.8 -6.5 0.5 -2.2 10.0 6.7 -4.6 Personal dividend income.............. 3.4 6.5 7.6 6.9 11.0 0.9 1.3 4.3 Personal current transfer receipts...... 4.2 5.3 7.1 2.3 8.8 3.9 3.7 4.4 Less: Contributions for government social insurance, domestic............. 4.7 3.9 4.1 5.0 3.0 4.5 4.2 3.6 Less: Personal current taxes.............. 6.4 9.3 9.0 10.9 14.0 8.4 4.7 5.4 Equals: Disposable personal income........ 4.2 3.8 3.9 4.2 1.9 4.9 5.1 3.3 Addenda: Personal consumption expenditures....... 4.2 3.4 4.7 3.8 -0.2 5.9 4.3 2.3 Goods................................. 2.9 0.8 3.7 -0.7 -7.7 8.1 4.7 -1.3 Durable goods....................... 3.4 3.8 5.1 2.6 -0.5 7.8 4.1 2.4 Nondurable goods.................... 2.7 -0.7 3.0 -2.3 -11.0 8.3 5.0 -3.1 Services.............................. 4.8 4.7 5.2 6.1 3.6 4.8 4.2 4.1 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... 3.0 4.0 2.8 6.0 4.3 3.3 4.0 3.3 Real disposable personal income......... 2.7 3.5 2.7 4.7 3.9 2.6 3.8 3.2 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2015----------------------------------------- May June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 11,196.5 11,205.1 11,229.3 11,265.2 11,292.7 11,288.3 11,334.6 11,344.7 Goods......................................... 3,872.2 3,864.9 3,887.7 3,909.0 3,909.1 3,903.5 3,943.2 3,929.5 Durable goods............................... 1,470.1 1,455.3 1,473.9 1,484.1 1,487.0 1,483.2 1,510.1 1,499.2 Nondurable goods............................ 2,429.4 2,434.7 2,440.9 2,452.5 2,450.2 2,448.0 2,463.1 2,459.4 Services...................................... 7,326.6 7,341.7 7,344.3 7,359.7 7,386.2 7,387.0 7,396.0 7,417.9 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 61.4 8.6 24.2 35.9 27.4 -4.4 46.3 10.1 Goods......................................... 44.4 -7.4 22.9 21.3 0.1 -5.6 39.7 -13.7 Durable goods............................... 20.8 -14.8 18.6 10.1 3.0 -3.8 26.8 -10.9 Nondurable goods............................ 24.6 5.3 6.2 11.6 -2.3 -2.2 15.1 -3.8 Services...................................... 18.9 15.1 2.5 15.4 26.5 0.9 8.9 22.0 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.6 0.1 0.2 0.3 0.2 0.0 0.4 0.1 Goods......................................... 1.2 -0.2 0.6 0.5 0.0 -0.1 1.0 -0.3 Durable goods............................... 1.4 -1.0 1.3 0.7 0.2 -0.3 1.8 -0.7 Nondurable goods............................ 1.0 0.2 0.3 0.5 -0.1 -0.1 0.6 -0.2 Services...................................... 0.3 0.2 0.0 0.2 0.4 0.0 0.1 0.3 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) --------------------------------------------------------------------------------------------------------------------------------------- 2014 2015 --------------Seasonally adjusted at annual rates-------------- --------2014-------- -------------------2015------------------- III IV I II III IV --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars Personal consumption expenditures (PCE)... 10,875.7 11,211.3 10,918.6 11,033.3 11,081.2 11,178.9 11,262.4 11,322.5 Goods......................................... 3,731.2 3,871.5 3,755.2 3,793.2 3,803.7 3,855.0 3,902.0 3,925.4 Durable goods............................... 1,384.1 1,467.0 1,402.5 1,423.5 1,430.4 1,458.3 1,481.7 1,497.5 Nondurable goods............................ 2,367.8 2,431.4 2,375.2 2,393.7 2,397.8 2,423.0 2,447.9 2,456.8 Services...................................... 7,144.6 7,341.6 7,163.8 7,240.4 7,277.4 7,325.3 7,363.4 7,400.3 Change from preceding period in billions of chained (2009) dollars Personal consumption expenditures (PCE)... 285.3 335.5 92.3 114.7 48.0 97.7 83.5 60.1 Goods......................................... 118.4 140.3 37.2 38.0 10.5 51.3 47.0 23.4 Durable goods............................... 76.5 82.9 25.2 21.0 7.0 27.8 23.4 15.8 Nondurable goods............................ 48.0 63.6 14.2 18.5 4.1 25.2 24.9 9.0 Services...................................... 167.6 197.0 55.3 76.5 37.0 47.9 38.1 36.9 Percent change from preceding period in chained (2009) dollars Personal consumption expenditures (PCE)... 2.7 3.1 3.5 4.3 1.8 3.6 3.0 2.2 Goods......................................... 3.3 3.8 4.1 4.1 1.1 5.5 5.0 2.4 Durable goods............................... 5.9 6.0 7.5 6.1 2.0 8.0 6.6 4.3 Nondurable goods............................ 2.1 2.7 2.4 3.1 0.7 4.3 4.2 1.5 Services...................................... 2.4 2.8 3.1 4.3 2.1 2.7 2.1 2.0 --------------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2015----------------------------------------- May June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted Personal consumption expenditures (PCE)... 109.418 109.670 109.775 109.753 109.691 109.759 109.835 109.731 Goods......................................... 103.339 103.545 103.559 103.172 102.643 102.574 102.236 101.709 Durable goods............................... 90.955 90.755 90.522 90.216 90.452 90.212 89.913 89.792 Nondurable goods............................ 109.667 110.116 110.279 109.848 108.862 108.897 108.538 107.769 Services...................................... 112.595 112.872 113.024 113.196 113.381 113.521 113.818 113.939 Addenda: PCE excluding food and energy............... 109.254 109.416 109.512 109.603 109.794 109.843 110.019 110.066 Food\1\..................................... 110.451 110.769 111.006 111.176 111.371 111.577 111.316 110.888 Energy goods and services\2\................ 108.423 110.321 110.391 107.856 102.512 102.684 101.277 98.654 Market-based PCE\3\......................... 108.281 108.494 108.595 108.547 108.480 108.574 108.571 108.436 Market-based PCE excluding food and energy\3\.................................. 107.904 108.007 108.097 108.174 108.395 108.471 108.570 108.602 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.3 0.2 0.1 0.0 -0.1 0.1 0.1 -0.1 Goods......................................... 0.6 0.2 0.0 -0.4 -0.5 -0.1 -0.3 -0.5 Durable goods............................... -0.2 -0.2 -0.3 -0.3 0.3 -0.3 -0.3 -0.1 Nondurable goods............................ 1.0 0.4 0.1 -0.4 -0.9 0.0 -0.3 -0.7 Services...................................... 0.1 0.2 0.1 0.2 0.2 0.1 0.3 0.1 Addenda: PCE excluding food and energy............... 0.1 0.1 0.1 0.1 0.2 0.0 0.2 0.0 Food\1\..................................... 0.0 0.3 0.2 0.2 0.2 0.2 -0.2 -0.4 Energy goods and services\2\................ 4.7 1.8 0.1 -2.3 -5.0 0.2 -1.4 -2.6 Market-based PCE\3\......................... 0.3 0.2 0.1 0.0 -0.1 0.1 0.0 -0.1 Market-based PCE excluding food and energy\3\.................................. 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.0 --------------------------------------------------------------------------------------------------------------------------------------- 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 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 ----------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2015----------------------------------------- May June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................ 3.5 3.4 3.7 3.7 3.9 3.7 3.3 3.1 Personal consumption expenditures......... 3.5 3.2 3.3 3.0 3.1 2.7 2.6 2.6 Goods................................... 4.4 3.5 4.0 3.6 4.1 3.5 3.6 3.4 Durable goods......................... 6.9 4.8 6.0 5.0 6.0 5.2 5.4 5.0 Nondurable goods...................... 3.2 2.9 3.1 2.9 3.2 2.6 2.7 2.5 Services................................ 3.1 3.0 3.0 2.7 2.7 2.3 2.2 2.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2015----------------------------------------- May June July Aug. Sept. Oct.\r\ Nov.\r\ Dec.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE)... 0.3 0.3 0.3 0.3 0.2 0.2 0.4 0.6 Goods......................................... -2.8 -2.7 -2.7 -2.7 -3.2 -3.1 -2.6 -2.2 Durable goods............................... -2.0 -2.1 -2.1 -2.3 -1.9 -2.0 -1.8 -1.4 Nondurable goods............................ -3.1 -3.0 -2.9 -3.0 -3.9 -3.6 -3.0 -2.5 Services...................................... 1.8 1.9 1.8 1.8 1.9 1.9 1.9 1.9 Addenda: PCE excluding food and energy............... 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4 Food\1\..................................... 0.7 1.0 0.9 0.7 0.7 0.8 0.3 -0.3 Energy goods and services\2\................ -16.9 -15.9 -15.7 -16.2 -19.7 -18.4 -15.9 -13.6 Market-based PCE\3\......................... 0.0 0.0 0.0 0.0 -0.1 0.0 0.2 0.3 Market-based PCE excluding food and energy\3\.................................. 1.1 1.1 1.0 1.1 1.2 1.2 1.2 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 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.