EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, FEBRUARY 28, 2011 BEA 11-8 James Rankin: (202) 606-5301 (Personal Income) piniwd@bea.gov Kyle Brown: (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: JANUARY 2011 Personal income increased $133.2 billion, or 1.0 percent, and disposable personal income (DPI) increased $78.3 billion, or 0.7 percent, in January, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $23.7 billion, or 0.2 percent. In December, personal income increased $56.6 billion, or 0.4 percent, DPI increased $48.5 billion, or 0.4 percent, and PCE increased $56.5 billion, or 0.5 percent, based on revised estimates. Real disposable income increased 0.4 percent in January, compared with an increase of 0.1 percent in December. Real PCE decreased 0.1 percent, in contrast to an increase of 0.3 percent. 2010 2011 Sept. Oct. Nov. Dec. Jan. (Percent change from preceding month) Personal income, current dollars 0.0 0.5 0.3 0.4 1.0 Disposable personal income: Current dollars -0.1 0.4 0.3 0.4 0.7 Chained (2005) dollars -0.1 0.2 0.2 0.1 0.4 Personal consumption expenditures: Current dollars 0.3 0.7 0.3 0.5 0.2 Chained (2005) dollars 0.2 0.5 0.2 0.3 -0.1 The January change in disposable personal income (DPI) was affected by two large special factors. Reduced employee contributions for government social insurance, which reflected provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, boosted personal income in January by reducing the employee social security contribution rates (employee contributions for government social insurance are a subtraction in the calculation of personal income). The January change in DPI was affected by the expiration of the Making Work Pay provisions of the American Recovery and Reinvestment Act of 2009, which boosted personal current taxes and reduced DPI (personal current taxes are a subtraction in the calculation of DPI). Excluding these two special factors, which are discussed more fully below, DPI increased $11.4 billion, or 0.1 percent, in January, following an increase of $48.5 billion, or 0.4 percent, in December. Wages and salaries Private wage and salary disbursements increased $14.8 billion in January, compared with an increase of $20.8 billion in December. Goods-producing industries' payrolls increased $10.0 billion, compared with an increase of $2.5 billion; manufacturing payrolls increased $7.0 billion, compared with an increase of $2.6 billion. Services-producing industries' payrolls increased $4.8 billion, compared with an increase of $18.2 billion. Government wage and salary disbursements increased $1.9 billion, compared with an increase of $1.0 billion. Other personal income Employer contributions for employee pension and insurance funds increased $3.4 billion in January, compared with an increase of $2.7 billion in December. Employer contributions for government social insurance increased $8.6 billion in January, compared with an increase of $1.1 billion in December. The January increase was boosted by $7.5 billion reflecting an increase in the tax rates paid by employers to state unemployment funds. (Changes in employer contributions for government social insurance do not affect personal income, because employer contributions for government social insurance are also included in total contributions for government social insurance, which is a subtraction in the calculation of personal income.) Proprietors' income increased $3.9 billion in January, compared with an increase of $8.2 billion in December. Farm proprietors' income increased $1.6 billion, compared with an increase of $1.5 billion. Nonfarm proprietors' income increased $2.3 billion, compared with an increase of $6.6 billion. Rental income of persons increased $6.5 billion in January, compared with an increase of $1.9 billion in December. Personal income receipts on assets (personal interest income plus personal dividend income) increased $10.3 billion, compared with an increase of $21.1 billion. Personal current transfer receipts decreased $11.2 billion, in contrast to an increase of $2.4 billion. The January decrease in personal current transfer receipts reflected a decrease of $8.9 billion to the Earned Income Credit based on federal budget projections. Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $94.9 billion in January, in contrast to an increase of $2.5 billion in December. The January decrease reflected decreases in personal contributions for government social insurance and increases in employer contributions. The January decrease in personal contributions for government social insurance reflected the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which temporarily decreased the social security contribution rate for employees and self-employed workers by 2.0 percentage points for 2011, or $105.4 billion at an annual rate. As noted above, employer contributions were boosted $7.5 billion in January by increases in the unemployment-insurance rate. Personal current taxes and disposable personal income Personal current taxes increased $55.0 billion in January, compared with an increase of $8.0 billion in December. Expiration of the Making Work Pay Credit provision of the American Recovery and Reinvestment Act of 2009 boosted federal withheld income taxes by $38.6 billion in January. Federal net nonwithheld income taxes (payments of estimated taxes plus final settlements less refunds) boosted the January change by $11.3 billion, based on the Office of Tax Analysis projections of higher final settlement and refunds for 2010. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $78.3 billion, or 0.7 percent, in January, compared with an increase of $48.5 billion, or 0.4 percent in December. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $22.1 billion in January, compared with an increase of $54.4 billion in December. PCE increased $23.7 billion, compared with an increase of $56.5 billion. Personal saving -- DPI less personal outlays -- was $677.1 billion in January, compared with $620.9 billion in December. Personal saving as a percentage of disposable personal income was 5.8 percent in January, compared with 5.4 percent in December. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.4 percent in January, compared with an increase of 0.1 percent in December. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in January, in contrast to an increase of 0.3 percent in December. Purchases of durable goods increased 0.3 percent, compared with an increase of 1.2 percent. Purchases of motor vehicles and parts accounted for most of the increase in durable goods in January and in December. Purchases of nondurable goods decreased 0.2 percent in January, in contrast to an increase of 0.1 percent in December. Purchases of services decreased 0.1 percent, in contrast to an increase of 0.2 percent. PCE price index -- The price index for PCE increased 0.3 percent in January, the same increase as in December. The PCE price index, excluding food and energy in January, increased 0.1 percent, compared with an increase of less than 0.1 percent in December. 2010 Personal Income and Outlays Personal income increased 3.0 percent in 2010 (that is, from the 2009 annual level to the 2010 annual level), in contrast to a decrease of 1.7 percent in 2009. DPI increased 3.1 percent, compared with an increase of 0.7 percent. PCE increased 3.5 percent, in contrast to a decrease of 1.0 percent. Real DPI increased 1.4 percent in 2010, compared with an increase of 0.6 percent in 2009. Real PCE increased 1.8 percent, in contrast to a decrease of 1.2 percent. Revisions Estimates for personal income and DPI have been revised for July through December; estimates for PCE have been revised for October through December. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for November and December -- revised and as published in last month's release -- are shown below. For July through September, the revisions to wages and salaries reflect the incorporation of newly available BLS tabulations of third-quarter private wages and salaries from the quarterly census of employment and wages. Change from preceding month November December Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 44.9 33.0 0.4 0.3 54.5 56.6 0.4 0.4 Disposable personal income: Current dollars 39.0 28.9 0.3 0.3 47.3 48.5 0.4 0.4 Chained (2005) dollars 24.9 17.4 0.2 0.2 10.4 15.3 0.1 0.1 Personal consumption expenditures: Current dollars 35.4 34.4 0.3 0.3 69.5 56.5 0.7 0.5 Chained (2005) dollars 22.6 23.1 0.2 0.2 33.0 25.0 0.4 0.3 This news release also presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2010 (third quarter). These estimates reflect newly available third-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release – March 28, 2011 at 8:30 A.M. EDT for Personal Income and Outlays for February. -more- ________________________ NOTE. -- 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 (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,540.0 12,558.8 12,615.3 12,612.3 12,674.5 12,707.5 12,764.1 12,897.3 Compensation of employees, received...... 7,984.8 8,016.7 8,040.9 8,050.9 8,092.4 8,092.8 8,118.4 8,147.0 Wage and salary disbursements.......... 6,400.4 6,428.2 6,448.0 6,455.0 6,491.3 6,489.1 6,510.9 6,527.7 Private industries................... 5,207.0 5,236.3 5,264.0 5,275.0 5,307.1 5,305.1 5,325.9 5,340.7 Goods-producing industries......... 1,054.2 1,061.7 1,068.8 1,070.5 1,072.1 1,071.5 1,074.0 1,084.0 Manufacturing.................... 673.1 679.3 682.3 684.4 685.1 683.9 686.5 693.5 Services-producing industries...... 4,152.9 4,174.6 4,195.2 4,204.6 4,235.0 4,233.6 4,251.8 4,256.6 Trade, transportation, and utilities....................... 1,006.2 1,014.1 1,017.6 1,020.3 1,028.3 1,027.0 1,033.5 1,033.7 Other services-producing industries...................... 3,146.6 3,160.5 3,177.6 3,184.3 3,206.7 3,206.6 3,218.4 3,222.9 Government........................... 1,193.4 1,191.9 1,184.0 1,179.9 1,184.1 1,184.1 1,185.1 1,187.0 Supplements to wages and salaries...... 1,584.4 1,588.5 1,592.9 1,595.9 1,601.2 1,603.6 1,607.4 1,619.4 Employer contributions for employee pension and insurance funds......... 1,105.5 1,107.8 1,110.2 1,112.8 1,115.6 1,118.1 1,120.8 1,124.2 Employer contributions for government social insurance.................... 479.0 480.8 482.7 483.1 485.5 485.5 486.6 495.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,048.3 1,050.5 1,061.3 1,066.7 1,074.1 1,080.4 1,088.6 1,092.5 Farm................................... 40.3 44.4 48.5 52.6 54.0 55.5 57.0 58.6 Nonfarm................................ 1,008.0 1,006.1 1,012.8 1,014.1 1,020.1 1,025.0 1,031.6 1,033.9 Rental income of persons with capital consumption adjustment.................. 299.6 301.2 303.6 306.7 307.9 309.4 311.3 317.8 Personal income receipts on assets....... 1,917.3 1,902.8 1,888.0 1,878.5 1,891.3 1,909.0 1,930.1 1,940.4 Personal interest income............... 1,205.6 1,190.1 1,174.7 1,159.3 1,172.8 1,186.3 1,199.8 1,201.9 Personal dividend income............... 711.8 712.7 713.3 719.2 718.6 722.7 730.3 738.5 Personal current transfer receipts....... 2,293.8 2,295.2 2,332.5 2,321.5 2,325.6 2,332.6 2,335.0 2,323.8 Government social benefits to persons.. 2,256.5 2,257.8 2,295.2 2,284.5 2,286.2 2,294.0 2,296.6 2,285.2 Old-age, survivors, disability, and health insurance benefits........... 1,208.6 1,219.5 1,221.5 1,229.5 1,229.8 1,228.9 1,239.2 1,240.7 Government unemployment insurance benefits............................ 136.1 123.2 150.5 133.3 128.7 131.1 123.4 123.0 Other................................ 911.9 915.1 923.3 921.6 927.7 934.1 934.0 921.5 Other current transfer receipts, from business (net)........................ 37.2 37.4 37.3 37.0 39.3 38.6 38.4 38.7 Less: Contributions for government social insurance, domestic..................... 1,003.9 1,007.6 1,011.0 1,012.0 1,016.9 1,016.7 1,019.2 924.3 Less: Personal current taxes............... 1,152.0 1,170.7 1,178.9 1,185.1 1,200.7 1,205.0 1,213.0 1,268.0 Equals: Disposable personal income......... 11,388.0 11,388.2 11,436.4 11,427.3 11,473.7 11,502.6 11,551.1 11,629.4 Less: Personal outlays..................... 10,668.1 10,696.2 10,743.2 10,769.6 10,843.5 10,875.8 10,930.2 10,952.3 Personal consumption expenditures........ 10,288.8 10,322.1 10,373.2 10,403.6 10,478.0 10,512.4 10,568.9 10,592.6 Goods.................................. 3,361.2 3,384.0 3,421.8 3,453.0 3,512.5 3,520.3 3,556.2 3,581.8 Durable goods........................ 1,069.5 1,081.2 1,081.8 1,100.5 1,136.2 1,128.9 1,138.6 1,142.7 Nondurable goods..................... 2,291.7 2,302.7 2,340.0 2,352.5 2,376.3 2,391.4 2,417.5 2,439.0 Services............................... 6,927.6 6,938.1 6,951.4 6,950.6 6,965.5 6,992.2 7,012.8 7,010.8 Personal interest payments\1\............ 206.5 201.8 197.1 192.5 190.0 187.5 185.1 183.2 Personal current transfer payments....... 172.8 172.3 172.9 173.5 175.5 175.8 176.2 176.4 To government.......................... 100.6 101.2 101.8 102.4 102.7 103.0 103.3 103.6 To the rest of the world (net)......... 72.2 71.1 71.1 71.1 72.8 72.8 72.8 72.8 Equals: Personal saving.................... 719.8 692.0 693.2 657.7 630.2 626.8 620.9 677.1 Personal saving as a percentage of disposable personal income.............. 6.3 6.1 6.1 5.8 5.5 5.4 5.4 5.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,250.8 9,249.9 9,252.5 9,253.9 9,286.3 9,301.9 9,325.1 9,426.9 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,281.6 10,263.4 10,290.6 10,275.9 10,295.6 10,313.0 10,328.3 10,368.3 Per capita: Current dollars...................... 36,742 36,714 36,839 36,780 36,902 36,968 37,101 37,329 Chained (2005) dollars............... 33,172 33,088 33,149 33,074 33,113 33,145 33,173 33,281 Population (midperiod, thousands)\3\..... 309,946 310,185 310,439 310,691 310,927 311,149 311,345 311,535 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. 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] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010\r\ III 09 IV 09 I 10 II 10 III 10\r\ IV 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,174.9 12,544.6 12,164.0 12,239.0 12,350.3 12,517.1 12,595.5 12,715.3 Compensation of employees, received...... 7,806.7 7,991.3 7,798.7 7,831.4 7,858.1 7,969.9 8,036.2 8,101.2 Wage and salary disbursements.......... 6,274.1 6,405.3 6,263.9 6,284.9 6,291.4 6,388.8 6,443.7 6,497.1 Private industries................... 5,100.5 5,218.2 5,088.3 5,110.0 5,105.9 5,195.7 5,258.5 5,312.7 Goods-producing industries......... 1,064.0 1,056.5 1,046.7 1,046.1 1,032.2 1,054.3 1,067.0 1,072.5 Manufacturing.................... 661.5 673.1 649.8 658.3 652.6 672.4 682.0 685.2 Services-producing industries...... 4,036.6 4,161.7 4,041.6 4,064.0 4,073.7 4,141.4 4,191.4 4,240.2 Trade, transportation, and utilities....................... 990.5 1,010.1 986.9 988.2 988.0 1,005.4 1,017.3 1,029.6 Other services-producing industries...................... 3,046.1 3,151.6 3,054.7 3,075.7 3,085.8 3,136.0 3,174.1 3,210.6 Government........................... 1,173.6 1,187.1 1,175.6 1,174.9 1,185.5 1,193.1 1,185.3 1,184.4 Supplements to wages and salaries...... 1,532.6 1,586.1 1,534.8 1,546.5 1,566.7 1,581.1 1,592.4 1,604.1 Employer contributions for employee pension and insurance funds......... 1,072.0 1,106.8 1,074.0 1,084.0 1,095.8 1,103.1 1,110.3 1,118.2 Employer contributions for government social insurance.................... 460.6 479.2 460.8 462.5 470.9 478.0 482.2 485.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,011.9 1,055.3 1,006.4 1,022.1 1,030.7 1,049.7 1,059.5 1,081.0 Farm................................... 30.5 44.9 28.0 36.2 36.8 38.9 48.5 55.5 Nonfarm................................ 981.5 1,010.3 978.4 985.9 994.0 1,010.8 1,011.0 1,025.6 Rental income of persons with capital consumption adjustment.................. 274.0 301.2 279.1 282.8 292.7 298.8 303.8 309.5 Personal income receipts on assets....... 1,919.7 1,906.4 1,891.1 1,889.2 1,911.1 1,914.4 1,889.7 1,910.2 Personal interest income............... 1,222.3 1,193.7 1,213.3 1,205.8 1,208.7 1,205.3 1,174.7 1,186.3 Personal dividend income............... 697.4 712.6 677.8 683.4 702.4 709.2 715.0 723.8 Personal current transfer receipts....... 2,132.8 2,294.8 2,159.3 2,188.2 2,245.5 2,286.1 2,316.4 2,331.1 Government social benefits to persons.. 2,096.8 2,257.4 2,123.4 2,152.5 2,208.9 2,249.1 2,279.2 2,292.3 Old-age, survivors, disability, and health insurance benefits........... 1,164.5 1,213.9 1,172.6 1,188.8 1,191.3 1,208.1 1,223.5 1,232.6 Government unemployment insurance benefits............................ 128.6 136.6 145.0 143.4 146.1 136.8 135.7 127.7 Other................................ 803.7 906.9 805.9 820.2 871.5 904.2 920.0 931.9 Other current transfer receipts, from business (net)........................ 36.0 37.4 35.8 35.8 36.6 37.0 37.2 38.8 Less: Contributions for government social insurance, domestic..................... 970.3 1,004.4 970.6 974.8 987.8 1,001.9 1,010.2 1,017.6 Less: Personal current taxes............... 1,140.0 1,167.1 1,117.0 1,117.2 1,134.7 1,149.1 1,178.2 1,206.2 Equals: Disposable personal income......... 11,034.9 11,377.5 11,047.0 11,121.7 11,215.6 11,368.0 11,417.3 11,509.1 Less: Personal outlays..................... 10,379.6 10,721.8 10,423.6 10,505.7 10,603.9 10,663.7 10,736.3 10,883.2 Personal consumption expenditures........ 10,001.3 10,350.6 10,040.7 10,131.5 10,230.8 10,285.4 10,366.3 10,519.8 Goods.................................. 3,230.7 3,426.7 3,276.1 3,312.9 3,380.0 3,377.5 3,419.6 3,529.6 Durable goods........................ 1,026.5 1,089.3 1,045.2 1,043.9 1,060.7 1,074.1 1,087.8 1,134.6 Nondurable goods..................... 2,204.2 2,337.4 2,231.0 2,269.0 2,319.3 2,303.4 2,331.8 2,395.1 Services............................... 6,770.6 6,923.9 6,764.6 6,818.6 6,850.9 6,907.9 6,946.7 6,990.1 Personal interest payments\1\............ 216.8 198.6 220.9 207.8 203.8 206.0 197.1 187.5 Personal current transfer payments....... 161.4 172.5 161.9 166.4 169.2 172.3 172.9 175.8 To government.......................... 95.0 100.8 95.6 97.0 98.5 100.1 101.8 103.0 To the rest of the world (net)......... 66.5 71.7 66.3 69.5 70.7 72.2 71.1 72.8 Equals: Personal saving.................... 655.3 655.7 623.4 616.0 611.8 704.3 681.0 626.0 Personal saving as a percentage of disposable personal income.............. 5.9 5.8 5.6 5.5 5.5 6.2 6.0 5.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,191.1 9,223.7 9,128.7 9,109.7 9,111.7 9,226.6 9,252.1 9,304.4 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,099.8 10,238.5 10,079.7 10,080.4 10,113.3 10,251.9 10,276.6 10,312.3 Per capita: Current dollars...................... 35,888 36,689 35,888 36,049 36,282 36,704 36,778 36,990 Chained (2005) dollars............... 32,847 33,016 32,746 32,673 32,717 33,100 33,103 33,144 Population (midperiod, thousands)\3\..... 307,483 310,106 307,815 308,521 309,120 309,724 310,438 311,140 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. 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] ----------------------------------------------------------------------------------------------------------------------------------- Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 7.2 18.8 56.5 -3.0 62.2 33.0 56.6 133.2 Compensation of employees, received...... -1.0 31.9 24.2 10.0 41.5 .4 25.6 28.6 Wage and salary disbursements.......... -3.3 27.8 19.8 7.0 36.3 -2.2 21.8 16.8 Private industries................... -.8 29.3 27.7 11.0 32.1 -2.0 20.8 14.8 Goods-producing industries......... -8.7 7.5 7.1 1.7 1.6 -.6 2.5 10.0 Manufacturing.................... -6.5 6.2 3.0 2.1 .7 -1.2 2.6 7.0 Services-producing industries...... 8.0 21.7 20.6 9.4 30.4 -1.4 18.2 4.8 Trade, transportation, and utilities....................... -1.0 7.9 3.5 2.7 8.0 -1.3 6.5 .2 Other services-producing industries...................... 8.9 13.9 17.1 6.7 22.4 -.1 11.8 4.5 Government........................... -2.5 -1.5 -7.9 -4.1 4.2 .0 1.0 1.9 Supplements to wages and salaries...... 2.3 4.1 4.4 3.0 5.3 2.4 3.8 12.0 Employer contributions for employee pension and insurance funds......... 2.4 2.3 2.4 2.6 2.8 2.5 2.7 3.4 Employer contributions for government social insurance.................... .0 1.8 1.9 .4 2.4 .0 1.1 8.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. -3.4 2.2 10.8 5.4 7.4 6.3 8.2 3.9 Farm................................... 1.4 4.1 4.1 4.1 1.4 1.5 1.5 1.6 Nonfarm................................ -4.7 -1.9 6.7 1.3 6.0 4.9 6.6 2.3 Rental income of persons with capital consumption adjustment.................. .8 1.6 2.4 3.1 1.2 1.5 1.9 6.5 Personal income receipts on assets....... 2.3 -14.5 -14.8 -9.5 12.8 17.7 21.1 10.3 Personal interest income............... .3 -15.5 -15.4 -15.4 13.5 13.5 13.5 2.1 Personal dividend income............... 2.1 .9 .6 5.9 -.6 4.1 7.6 8.2 Personal current transfer receipts....... 8.4 1.4 37.3 -11.0 4.1 7.0 2.4 -11.2 Government social benefits to persons.. 8.1 1.3 37.4 -10.7 1.7 7.8 2.6 -11.4 Old-age, survivors, disability, and health insurance benefits........... .7 10.9 2.0 8.0 .3 -.9 10.3 1.5 Government unemployment insurance benefits............................ -1.0 -12.9 27.3 -17.2 -4.6 2.4 -7.7 -.4 Other................................ 8.5 3.2 8.2 -1.7 6.1 6.4 -.1 -12.5 Other current transfer receipts, from business (net)........................ .2 .2 -.1 -.3 2.3 -.7 -.2 .3 Less: Contributions for government social insurance, domestic..................... .0 3.7 3.4 1.0 4.9 -.2 2.5 -94.9 Less: Personal current taxes............... .2 18.7 8.2 6.2 15.6 4.3 8.0 55.0 Equals: Disposable personal income......... 7.0 .2 48.2 -9.1 46.4 28.9 48.5 78.3 Less: Personal outlays..................... -2.3 28.1 47.0 26.4 73.9 32.3 54.4 22.1 Personal consumption expenditures........ -3.3 33.3 51.1 30.4 74.4 34.4 56.5 23.7 Goods.................................. -13.6 22.8 37.8 31.2 59.5 7.8 35.9 25.6 Durable goods........................ -5.1 11.7 .6 18.7 35.7 -7.3 9.7 4.1 Nondurable goods..................... -8.4 11.0 37.3 12.5 23.8 15.1 26.1 21.5 Services............................... 10.3 10.5 13.3 -.8 14.9 26.7 20.6 -2.0 Personal interest payments\1\............ .5 -4.7 -4.7 -4.6 -2.5 -2.5 -2.4 -1.9 Personal current transfer payments....... .5 -.5 .6 .6 2.0 .3 .4 .2 To government.......................... .5 .6 .6 .6 .3 .3 .3 .3 To the rest of the world (net)......... .0 -1.1 .0 .0 1.7 .0 .0 .0 Equals: Personal saving.................... 9.2 -27.8 1.2 -35.5 -27.5 -3.4 -5.9 56.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... 10.6 -.9 2.6 1.4 32.4 15.6 23.2 101.8 Disposable personal income, billions of chained (2005) dollars\2\............ 19.2 -18.2 27.2 -14.7 19.7 17.4 15.3 40.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. 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] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010\r\ III 09 IV 09 I 10 II 10 III 10\r\ IV 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -216.2 369.7 -39.4 75.0 111.3 166.8 78.4 119.8 Compensation of employees, received...... -259.1 184.6 -20.3 32.7 26.7 111.8 66.3 65.0 Wage and salary disbursements.......... -284.9 131.2 -23.8 21.0 6.5 97.4 54.9 53.4 Private industries................... -314.6 117.7 -23.1 21.7 -4.1 89.8 62.8 54.2 Goods-producing industries......... -143.6 -7.5 -16.3 -.6 -13.9 22.1 12.7 5.5 Manufacturing.................... -79.7 11.6 -9.3 8.5 -5.7 19.8 9.6 3.2 Services-producing industries...... -170.8 125.1 -6.9 22.4 9.7 67.7 50.0 48.8 Trade, transportation, and utilities....................... -60.4 19.6 -3.0 1.3 -.2 17.4 11.9 12.3 Other services-producing industries...................... -110.5 105.5 -3.8 21.0 10.1 50.2 38.1 36.5 Government........................... 29.6 13.5 -.6 -.7 10.6 7.6 -7.8 -.9 Supplements to wages and salaries...... 25.8 53.5 3.4 11.7 20.2 14.4 11.3 11.7 Employer contributions for employee pension and insurance funds......... 35.4 34.8 4.1 10.0 11.8 7.3 7.2 7.9 Employer contributions for government social insurance.................... -9.5 18.6 -.7 1.7 8.4 7.1 4.2 3.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. -90.1 43.4 5.9 15.7 8.6 19.0 9.8 21.5 Farm................................... -20.3 14.4 .0 8.2 .6 2.1 9.6 7.0 Nonfarm................................ -69.7 28.8 5.9 7.5 8.1 16.8 .2 14.6 Rental income of persons with capital consumption adjustment.................. 52.0 27.2 9.7 3.7 9.9 6.1 5.0 5.7 Personal income receipts on assets....... -189.6 -13.3 -34.8 -1.9 21.9 3.3 -24.7 20.5 Personal interest income............... -92.4 -28.6 -16.2 -7.5 2.9 -3.4 -30.6 11.6 Personal dividend income............... -97.2 15.2 -18.6 5.6 19.0 6.8 5.8 8.8 Personal current transfer receipts....... 253.6 162.0 -.9 28.9 57.3 40.6 30.3 14.7 Government social benefits to persons.. 254.2 160.6 -.7 29.1 56.4 40.2 30.1 13.1 Old-age, survivors, disability, and health insurance benefits........... 96.2 49.4 14.4 16.2 2.5 16.8 15.4 9.1 Government unemployment insurance benefits............................ 77.9 8.0 17.3 -1.6 2.7 -9.3 -1.1 -8.0 Other................................ 80.1 103.2 -32.2 14.3 51.3 32.7 15.8 11.9 Other current transfer receipts, from business (net)........................ -.7 1.4 -.3 .0 .8 .4 .2 1.6 Less: Contributions for government social insurance, domestic..................... -16.9 34.1 -1.0 4.2 13.0 14.1 8.3 7.4 Less: Personal current taxes............... -298.2 27.1 4.5 .2 17.5 14.4 29.1 28.0 Equals: Disposable personal income......... 82.0 342.6 -43.9 74.7 93.9 152.4 49.3 91.8 Less: Personal outlays..................... -125.4 342.2 126.2 82.1 98.2 59.8 72.6 146.9 Personal consumption expenditures........ -103.2 349.3 120.6 90.8 99.3 54.6 80.9 153.5 Goods.................................. -148.8 196.0 100.7 36.8 67.1 -2.5 42.1 110.0 Durable goods........................ -57.0 62.8 40.5 -1.3 16.8 13.4 13.7 46.8 Nondurable goods..................... -91.8 133.2 60.3 38.0 50.3 -15.9 28.4 63.3 Services............................... 45.6 153.3 19.9 54.0 32.3 57.0 38.8 43.4 Personal interest payments\1\............ -29.4 -18.2 2.5 -13.1 -4.0 2.2 -8.9 -9.6 Personal current transfer payments....... 7.1 11.1 3.0 4.5 2.8 3.1 .6 2.9 To government.......................... 5.3 5.8 1.3 1.4 1.5 1.6 1.7 1.2 To the rest of the world (net)......... 1.9 5.2 1.7 3.2 1.2 1.5 -1.1 1.7 Equals: Personal saving.................... 207.4 .4 -170.1 -7.4 -4.2 92.5 -23.3 -55.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -447.4 32.6 -101.5 -19.0 2.0 114.9 25.5 52.3 Disposable personal income, billions of chained (2005) dollars\2\............ 56.9 138.7 -113.3 .7 32.9 138.6 24.7 35.7 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. 1. Consists of nonmortgage interest paid by households. 2. 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] ----------------------------------------------------------------------------------------------------------------------------------- Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .1 .2 .4 .0 .5 .3 .4 1.0 Compensation of employees, received...... .0 .4 .3 .1 .5 .0 .3 .4 Wage and salary disbursements.......... -.1 .4 .3 .1 .6 .0 .3 .3 Supplements to wages and salaries...... .1 .3 .3 .2 .3 .2 .2 .7 Proprietors' income with inventory valuation and capital consumption adjustments............................. -.3 .2 1.0 .5 .7 .6 .8 .4 Rental income of persons with capital consumption adjustment.................. .3 .5 .8 1.0 .4 .5 .6 2.1 Personal income receipts on assets....... .1 -.8 -.8 -.5 .7 .9 1.1 .5 Personal interest income............... .0 -1.3 -1.3 -1.3 1.2 1.2 1.1 .2 Personal dividend income............... .3 .1 .1 .8 -.1 .6 1.0 1.1 Personal current transfer receipts....... .4 .1 1.6 -.5 .2 .3 .1 -.5 Less: Contributions for government social insurance, domestic..................... .0 .4 .3 .1 .5 .0 .2 -9.3 Less: Personal current taxes............... .0 1.6 .7 .5 1.3 .4 .7 4.5 Equals: Disposable personal income......... .1 .0 .4 -.1 .4 .3 .4 .7 Addenda: Personal consumption expenditures........ .0 .3 .5 .3 .7 .3 .5 .2 Goods.................................. -.4 .7 1.1 .9 1.7 .2 1.0 .7 Durable goods........................ -.5 1.1 .1 1.7 3.2 -.6 .9 .4 Nondurable goods..................... -.4 .5 1.6 .5 1.0 .6 1.1 .9 Services............................... .1 .2 .2 .0 .2 .4 .3 .0 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .1 .0 .0 .0 .3 .2 .2 1.1 Real disposable personal income.......... .2 -.2 .3 -.1 .2 .2 .1 .4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010\r\ III 09 IV 09 I 10 II 10 III 10\r\ IV 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ -1.7 3.0 -1.3 2.5 3.7 5.5 2.5 3.9 Compensation of employees, received...... -3.2 2.4 -1.0 1.7 1.4 5.8 3.4 3.3 Wage and salary disbursements.......... -4.3 2.1 -1.5 1.3 .4 6.3 3.5 3.4 Supplements to wages and salaries...... 1.7 3.5 .9 3.1 5.3 3.7 2.9 3.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. -8.2 4.3 2.4 6.4 3.4 7.6 3.8 8.4 Rental income of persons with capital consumption adjustment.................. 23.4 9.9 15.3 5.4 14.7 8.7 6.9 7.7 Personal income receipts on assets....... -9.0 -.7 -7.0 -.4 4.7 .7 -5.1 4.4 Personal interest income............... -7.0 -2.3 -5.2 -2.5 1.0 -1.1 -9.8 4.0 Personal dividend income............... -12.2 2.2 -10.2 3.3 11.6 3.9 3.4 5.0 Personal current transfer receipts....... 13.5 7.6 -.2 5.5 10.9 7.4 5.4 2.6 Less: Contributions for government social insurance, domestic..................... -1.7 3.5 -.4 1.7 5.4 5.9 3.3 3.0 Less: Personal current taxes............... -20.7 2.4 1.6 .1 6.4 5.2 10.5 9.9 Equals: Disposable personal income......... .7 3.1 -1.6 2.7 3.4 5.5 1.7 3.3 Addenda: Personal consumption expenditures........ -1.0 3.5 5.0 3.7 4.0 2.1 3.2 6.1 Goods.................................. -4.4 6.1 13.3 4.6 8.3 -.3 5.1 13.5 Durable goods........................ -5.3 6.1 17.1 -.5 6.6 5.1 5.2 18.3 Nondurable goods..................... -4.0 6.0 11.6 7.0 9.2 -2.7 5.0 11.3 Services............................... .7 2.3 1.2 3.2 1.9 3.4 2.3 2.5 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -4.6 .4 -1.1 -.2 .0 1.3 .3 .6 Real disposable personal income.......... .6 1.4 -4.4 .0 1.3 5.6 1.0 1.4 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jun 10 Jul 10 Aug 10 Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,289.3 9,302.6 9,333.9 9,355.4 9,402.1 9,425.2 9,450.2 9,443.9 Goods.................................... 3,222.3 3,231.9 3,254.3 3,279.4 3,323.2 3,329.3 3,343.5 3,341.8 Durable goods.......................... 1,156.2 1,172.0 1,172.2 1,193.6 1,235.2 1,230.4 1,245.2 1,249.1 Nondurable goods....................... 2,064.4 2,060.4 2,081.2 2,087.1 2,094.1 2,103.7 2,105.0 2,100.3 Services................................. 6,066.9 6,071.0 6,080.9 6,078.7 6,083.8 6,100.6 6,111.7 6,107.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 8.8 13.3 31.3 21.5 46.7 23.1 25.0 -6.3 Goods.................................... .5 9.6 22.4 25.1 43.8 6.1 14.2 -1.7 Durable goods.......................... -2.0 15.8 .2 21.4 41.6 -4.8 14.8 3.9 Nondurable goods....................... 2.1 -4.0 20.8 5.9 7.0 9.6 1.3 -4.7 Services................................. 8.0 4.1 9.9 -2.2 5.1 16.8 11.1 -4.5 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .1 .1 .3 .2 .5 .2 .3 -.1 Goods.................................... .0 .3 .7 .8 1.3 .2 .4 -.1 Durable goods.......................... -.2 1.4 .0 1.8 3.5 -.4 1.2 .3 Nondurable goods....................... .1 -.2 1.0 .3 .3 .5 .1 -.2 Services................................. .1 .1 .2 .0 .1 .3 .2 -.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2009 2010\r\ III 09 IV 09 I 10 II 10 III 10 IV 10\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,153.9 9,314.4 9,161.6 9,182.9 9,225.4 9,275.7 9,330.6 9,425.9 Goods.................................... 3,117.4 3,251.3 3,138.2 3,151.8 3,195.4 3,222.6 3,255.2 3,332.0 Durable goods.......................... 1,094.6 1,178.2 1,118.3 1,115.1 1,138.9 1,157.8 1,179.3 1,236.9 Nondurable goods....................... 2,017.4 2,073.5 2,016.9 2,032.3 2,053.5 2,063.4 2,076.2 2,100.9 Services................................. 6,032.7 6,064.6 6,020.7 6,028.7 6,029.6 6,053.4 6,076.9 6,098.7 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -111.1 160.5 44.6 21.3 42.5 50.3 54.9 95.3 Goods.................................... -62.9 133.9 54.2 13.6 43.6 27.2 32.6 76.8 Durable goods.......................... -41.8 83.6 50.1 -3.2 23.8 18.9 21.5 57.6 Nondurable goods....................... -23.8 56.1 8.6 15.4 21.2 9.9 12.8 24.7 Services................................. -49.6 31.9 -7.0 8.0 .9 23.8 23.5 21.8 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -1.2 1.8 2.0 .9 1.9 2.2 2.4 4.1 Goods.................................... -2.0 4.3 7.2 1.7 5.7 3.4 4.1 9.8 Durable goods.......................... -3.7 7.6 20.1 -1.1 8.8 6.8 7.6 21.0 Nondurable goods....................... -1.2 2.8 1.7 3.1 4.2 1.9 2.5 4.8 Services................................. -.8 .5 -.5 .5 .1 1.6 1.6 1.4 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jun 10 Jul 10 Aug 10 Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 110.762 110.962 111.137 111.207 111.446 111.537 111.841 112.166 Goods.................................... 104.318 104.713 105.155 105.305 105.705 105.745 106.367 107.189 Durable goods.......................... 92.488 92.243 92.273 92.188 91.977 91.739 91.425 91.472 Nondurable goods....................... 111.016 111.771 112.446 112.728 113.482 113.683 114.854 116.132 Services................................. 114.186 114.282 114.316 114.343 114.493 114.613 114.743 114.796 Addenda: PCE excluding food and energy............ 110.255 110.299 110.328 110.327 110.394 110.486 110.526 110.662 Food\1\.................................. 113.771 113.836 113.919 114.212 114.317 114.369 114.459 115.210 Energy goods and services\2\............. 114.081 117.102 119.873 120.838 124.168 124.286 129.377 132.300 Market-based PCE\3\...................... 110.655 110.923 111.182 111.276 111.495 111.571 111.892 112.201 Market-based PCE excluding food and energy\3\........................... 110.042 110.141 110.243 110.259 110.275 110.349 110.366 110.454 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ -.1 .2 .2 .1 .2 .1 .3 .3 Goods.................................... -.4 .4 .4 .1 .4 .0 .6 .8 Durable goods.......................... -.3 -.3 .0 -.1 -.2 -.3 -.3 .1 Nondurable goods....................... -.5 .7 .6 .3 .7 .2 1.0 1.1 Services................................. .0 .1 .0 .0 .1 .1 .1 .0 Addenda: PCE excluding food and energy............ .1 .0 .0 .0 .1 .1 .0 .1 Food\1\.................................. -.2 .1 .1 .3 .1 .0 .1 .7 Energy goods and services\2\............. -3.0 2.6 2.4 .8 2.8 .1 4.1 2.3 Market-based PCE\3\...................... -.1 .2 .2 .1 .2 .1 .3 .3 Market-based PCE excluding food and energy\3\........................... .1 .1 .1 .0 .0 .1 .0 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jun 10 Jul 10\r\ Aug 10\r\ Sep 10\r\ Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.4 1.7 2.1 2.1 2.5 2.3 2.1 2.7 Personal consumption expenditures.......... 1.9 1.9 1.3 2.3 2.5 2.7 2.7 2.8 Goods.................................... 4.2 3.9 1.9 5.4 5.9 5.4 5.9 5.8 Durable goods.......................... 7.3 6.5 -.4 10.7 12.2 10.0 10.7 11.9 Nondurable goods....................... 2.9 2.7 3.1 3.0 3.2 3.3 3.7 3.0 Services................................. .7 .9 1.0 .9 .9 1.4 1.2 1.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2010. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jun 10 Jul 10 Aug 10 Sep 10 Oct 10\r\ Nov 10\r\ Dec 10\r\ Jan 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.4 1.5 1.4 1.3 1.2 1.1 1.2 1.2 Goods.................................... .3 .8 .6 .5 .8 .6 1.0 1.2 Durable goods.......................... -1.7 -1.4 -1.0 -1.4 -1.8 -2.0 -2.2 -1.9 Nondurable goods....................... 1.2 1.8 1.4 1.4 2.0 1.8 2.5 2.7 Services................................. 1.9 1.9 1.7 1.7 1.4 1.3 1.3 1.2 Addenda: PCE excluding food and energy............ 1.4 1.3 1.2 1.1 .9 .9 .8 .8 Food\1\.................................. .2 .7 .7 1.3 1.3 1.3 1.2 1.7 Energy goods and services\2\............. 3.4 5.6 4.0 4.2 6.3 4.0 7.4 6.7 Market-based PCE\3\...................... 1.1 1.3 1.2 1.2 1.2 1.1 1.2 1.3 Market-based PCE excluding food and energy\3\........................... 1.1 1.1 1.1 1.0 .8 .8 .8 .8 ----------------------------------------------------------------------------------------------------------------------------------- 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.