EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, SEPTEMBER 27, 2013 BEA 13-47 James Rankin: (202)606-5301 (Personal Income) piniwd@bea.gov Harvey Davis: (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: AUGUST 2013 Personal income increased $57.2 billion, or 0.4 percent, and disposable personal income (DPI) increased $56.2 billion, or 0.5 percent, in August, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $34.5 billion, or 0.3 percent. In July, personal income increased $21.2 billion, or 0.2 percent, DPI increased $32.7 billion, or 0.3 percent, and PCE increased $18.3 billion, or 0.2 percent, based on revised estimates. Real disposable personal income increased 0.3 percent in August, compared with an increase of 0.2 percent in July. Real PCE increased 0.2 percent, compared with an increase of 0.1 percent. 2013 Apr. May June July Aug. (Percent change from preceding month) Personal income, current dollars 0.0 0.3 0.3 0.2 0.4 Disposable personal income: Current dollars -0.1 0.3 0.3 0.3 0.5 Chained (2009) dollars 0.2 0.2 -0.1 0.2 0.3 Personal consumption expenditures: Current dollars -0.2 0.2 0.6 0.2 0.3 Chained (2009) dollars 0.0 0.1 0.2 0.1 0.2 BOX._____________ This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2013 (first quarter). These estimates reflect the incorporation of the most recently available first-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. _________________ Wages and salaries Private wages and salaries increased $28.5 billion in August, in contrast to a decrease of $10.9 billion in July. Goods-producing industries' payrolls increased $7.9 billion, in contrast to a decrease of $4.6 billion; manufacturing payrolls increased $6.4 billion, in contrast to a decrease of $5.1 billion. Services-producing industries' payrolls increased $20.5 billion, in contrast to a decrease of $6.3 billion. Government wages and salaries increased $2.0 billion in August, in contrast to a decrease of $7.6 billion in July. Government wages were reduced by $7.3 billion in August and $7.7 billion in July due to furloughs that impacted several federal government agencies. Other personal income Supplements to wages and salaries increased $3.8 billion in August; supplements were unchanged in July. Proprietors' income increased $13.1 billion in August, compared with an increase of $10.2 billion in July. Farm proprietors' income increased $7.9 billion, compared with an increase of $8.0 billion. Nonfarm proprietors' income increased $5.0 billion, compared with an increase of $2.3 billion. Rental income of persons increased $7.6 billion in August, compared with an increase of $7.8 billion in July. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $4.5 billion, in contrast to an increase of $13.6 billion. Personal current transfer receipts increased $10.8 billion, compared with an increase of $5.8 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.9 billion in August, in contrast to a decrease of $2.3 billion in July. Personal current taxes and disposable personal income Personal current taxes increased $1.0 billion in August, in contrast to a decrease of $11.5 billion in July. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $56.2 billion, or 0.5 percent, in August, compared with an increase of $32.7 billion, or 0.3 percent in July. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $38.4 billion in August, compared with an increase of $22.2 billion in July. PCE increased $34.5 billion, compared with an increase of $18.3 billion. Personal saving -- DPI less personal outlays -- was $580.7 billion in August, compared with $562.8 billion in July. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.6 percent in August, compared with 4.5 percent in July. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in August, compared with an increase of 0.2 percent in July. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in August, compared with an increase of 0.1 percent in July. Purchases of durable goods increased 0.8 percent, compared with an increase of 0.4 percent. Purchases of nondurable goods decreased 0.2 percent, in contrast to an increase of 0.6 percent. Purchases of services increased 0.2 percent, in contrast to a decrease of 0.1 percent. The price index for PCE increased 0.1 percent in August, the same increase as in July. The PCE price index, excluding food and energy, increased 0.2 percent in August, compared with an increase of 0.1 percent in July. Revisions Estimates have been revised for April through July. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for June and July -- revised and as published in last month's release -- are shown below. Change from preceding month June July Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 38.2 43.4 0.3 0.3 14.1 21.2 0.1 0.2 Disposable personal income: Current dollars 27.3 32.2 0.2 0.3 21.7 32.7 0.2 0.3 Chained (2009) dollars -21.9 -13.9 -0.2 -0.1 9.6 19.9 0.1 0.2 Personal consumption expenditures: Current dollars 64.0 63.0 0.6 0.6 16.3 18.3 0.1 0.2 Chained (2009) dollars 16.1 18.3 0.2 0.2 5.3 7.2 0.0 0.1 BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release - October 31, 2013 at 8:30 A.M. EDT for Personal Income and Outlays for September Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Jan 13 Feb 13 Mar 13 Apr 13\r\ May 13\r\ Jun 13\r\ Jul 13\r\ Aug 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,791.7 13,969.3 14,016.8 14,018.7 14,066.4 14,109.8 14,131.0 14,188.2 Compensation of employees................ 8,705.8 8,762.6 8,776.4 8,788.1 8,805.4 8,840.2 8,821.7 8,855.9 Wages and salaries..................... 7,001.5 7,053.7 7,065.9 7,074.6 7,089.5 7,120.9 7,102.4 7,132.8 Private industries................... 5,803.5 5,857.5 5,872.5 5,880.1 5,894.9 5,927.8 5,916.9 5,945.4 Goods-producing industries......... 1,163.7 1,178.4 1,179.4 1,179.7 1,184.3 1,192.1 1,187.5 1,195.4 Manufacturing.................... 736.1 745.2 745.1 745.4 747.4 752.4 747.3 753.7 Services-producing industries...... 4,639.8 4,679.2 4,693.1 4,700.4 4,710.6 4,735.7 4,729.4 4,749.9 Trade, transportation, and utilities....................... 1,107.0 1,116.1 1,122.5 1,120.7 1,124.6 1,128.1 1,126.8 1,133.3 Other services-producing industries...................... 3,532.8 3,563.1 3,570.6 3,579.7 3,585.9 3,607.6 3,602.6 3,616.6 Government........................... 1,198.0 1,196.1 1,193.3 1,194.4 1,194.6 1,193.1 1,185.5 1,187.5 Supplements to wages and salaries...... 1,704.3 1,708.9 1,710.6 1,713.5 1,715.9 1,719.3 1,719.3 1,723.1 Employer contributions for employee pension and insurance funds\1\...... 1,180.8 1,182.2 1,183.4 1,185.9 1,187.6 1,189.2 1,190.7 1,192.7 Employer contributions for government social insurance.................... 523.5 526.7 527.2 527.6 528.2 530.0 528.6 530.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,293.9 1,339.4 1,370.6 1,355.7 1,342.9 1,325.8 1,336.0 1,349.1 Farm................................... 105.2 137.0 168.9 148.9 129.0 109.0 117.0 124.9 Nonfarm................................ 1,188.7 1,202.3 1,201.7 1,206.8 1,213.9 1,216.8 1,219.1 1,224.1 Rental income of persons with capital consumption adjustment.................. 565.6 574.9 584.2 585.1 587.7 590.2 598.0 605.6 Personal income receipts on assets....... 1,895.9 1,960.0 1,951.5 1,971.5 1,995.2 2,015.2 2,028.8 2,024.3 Personal interest income............... 1,227.4 1,215.8 1,204.1 1,214.9 1,225.6 1,236.3 1,232.7 1,229.2 Personal dividend income............... 668.5 744.2 747.4 756.6 769.6 779.0 796.1 795.1 Personal current transfer receipts....... 2,419.4 2,427.8 2,430.9 2,416.1 2,434.9 2,441.8 2,447.6 2,458.4 Government social benefits to persons.. 2,375.5 2,383.9 2,386.7 2,371.9 2,390.4 2,397.2 2,402.9 2,413.5 Social security\2\................... 785.0 789.0 795.4 785.8 797.3 801.4 799.1 804.0 Medicare\3\.......................... 586.8 591.1 590.1 583.4 586.0 589.4 593.1 596.8 Medicaid............................. 423.5 423.6 424.0 423.7 427.7 426.9 432.6 437.0 Unemployment insurance............... 75.6 73.8 72.3 70.4 68.5 66.6 64.7 62.4 Veterans' benefits................... 76.1 78.2 76.1 78.0 80.3 81.6 80.7 81.5 Other................................ 428.6 428.1 429.0 430.5 430.7 431.3 432.7 431.9 Other current transfer receipts, from business (net)........................ 43.8 44.0 44.1 44.3 44.4 44.5 44.7 44.9 Less: Contributions for government social insurance, domestic..................... 1,088.9 1,095.4 1,096.8 1,097.9 1,099.6 1,103.4 1,101.1 1,105.0 Less: Personal current taxes............... 1,612.9 1,632.6 1,641.5 1,653.8 1,664.8 1,675.9 1,664.4 1,665.4 Equals: Disposable personal income......... 12,178.7 12,336.7 12,375.2 12,364.9 12,401.7 12,433.9 12,466.6 12,522.8 Less: Personal outlays..................... 11,734.4 11,812.8 11,837.5 11,806.4 11,822.9 11,881.6 11,903.8 11,942.2 Personal consumption expenditures........ 11,321.4 11,397.1 11,419.0 11,392.4 11,413.0 11,476.0 11,494.3 11,528.8 Goods.................................. 3,826.8 3,872.2 3,856.4 3,825.0 3,840.2 3,880.3 3,903.3 3,909.5 Durable goods........................ 1,243.5 1,246.3 1,244.7 1,250.2 1,254.8 1,267.4 1,267.7 1,274.4 Nondurable goods..................... 2,583.2 2,625.9 2,611.7 2,574.8 2,585.4 2,612.9 2,635.6 2,635.1 Services............................... 7,494.7 7,524.9 7,562.6 7,567.3 7,572.9 7,595.7 7,591.0 7,619.3 Personal interest payments\4\............ 247.8 250.4 253.1 248.7 244.3 239.8 243.4 246.9 Personal current transfer payments....... 165.2 165.3 165.4 165.4 165.6 165.8 166.1 166.4 To government.......................... 89.3 89.4 89.5 89.7 89.9 90.1 90.4 90.7 To the rest of the world (net)......... 75.9 75.9 75.9 75.7 75.7 75.7 75.7 75.7 Equals: Personal saving.................... 444.4 523.9 537.7 558.5 578.8 552.2 562.8 580.7 Personal saving as a percentage of disposable personal income.............. 3.6 4.2 4.3 4.5 4.7 4.4 4.5 4.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,662.0 10,778.3 10,830.2 10,875.7 10,894.0 10,886.9 10,891.2 10,919.5 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,418.1 11,520.9 11,568.0 11,590.3 11,615.3 11,601.4 11,621.3 11,657.7 Per capita: Current dollars...................... 38,601 39,081 39,182 39,127 39,221 39,299 39,377 39,528 Chained (2009) dollars............... 36,190 36,497 36,626 36,676 36,734 36,668 36,707 36,797 Population (midperiod, thousands)\6\..... 315,507 315,668 315,838 316,019 316,202 316,395 316,599 316,809 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 I 12 II 12 III 12 IV 12 I 13 II 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,191.3 13,743.8 13,548.6 13,651.8 13,701.6 14,073.1 13,925.9 14,065.0 Compensation of employees................ 8,278.5 8,611.6 8,514.3 8,553.8 8,591.0 8,787.4 8,748.3 8,811.2 Wages and salaries..................... 6,638.7 6,926.8 6,842.2 6,873.5 6,904.7 7,086.6 7,040.4 7,095.0 Private industries................... 5,444.3 5,729.4 5,642.8 5,678.0 5,709.7 5,887.2 5,844.5 5,900.9 Goods-producing industries......... 1,102.1 1,154.0 1,149.2 1,153.2 1,146.7 1,167.0 1,173.8 1,185.4 Manufacturing.................... 707.1 735.4 733.2 735.7 732.3 740.5 742.1 748.4 Services-producing industries...... 4,342.2 4,575.4 4,493.6 4,524.8 4,563.0 4,720.3 4,670.7 4,715.5 Trade, transportation, and utilities....................... 1,046.2 1,093.7 1,086.8 1,083.8 1,090.0 1,114.2 1,115.2 1,124.5 Other services-producing industries...................... 3,296.0 3,481.7 3,406.8 3,441.0 3,473.0 3,606.1 3,555.5 3,591.1 Government........................... 1,194.4 1,197.3 1,199.4 1,195.5 1,195.1 1,199.3 1,195.8 1,194.1 Supplements to wages and salaries...... 1,639.8 1,684.9 1,672.1 1,680.3 1,686.2 1,700.9 1,707.9 1,716.2 Employer contributions for employee pension and insurance funds\1\...... 1,145.4 1,170.6 1,162.2 1,169.1 1,174.1 1,176.8 1,182.1 1,187.6 Employer contributions for government social insurance.................... 494.4 514.3 509.9 511.2 512.2 524.0 525.8 528.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,155.1 1,224.9 1,214.4 1,217.8 1,220.0 1,247.5 1,334.6 1,341.5 Farm................................... 72.6 75.4 74.6 77.0 75.3 74.5 137.0 129.0 Nonfarm................................ 1,082.6 1,149.6 1,139.7 1,140.8 1,144.7 1,173.0 1,197.6 1,212.5 Rental income of persons with capital consumption adjustment.................. 484.4 541.2 524.8 537.8 546.7 555.4 574.9 587.7 Personal income receipts on assets....... 1,884.6 1,958.5 1,909.1 1,935.3 1,926.9 2,062.8 1,935.8 1,994.0 Personal interest income............... 1,204.1 1,211.6 1,204.9 1,219.4 1,203.7 1,218.4 1,215.8 1,225.6 Personal dividend income............... 680.5 746.9 704.2 715.9 723.2 844.3 720.0 768.4 Personal current transfer receipts....... 2,306.9 2,358.3 2,328.5 2,352.2 2,364.4 2,388.0 2,426.0 2,430.9 Government social benefits to persons.. 2,260.3 2,316.8 2,285.2 2,310.5 2,323.8 2,347.9 2,382.0 2,386.5 Social security\2\................... 713.3 762.2 753.3 760.4 764.8 770.2 789.8 794.9 Medicare\3\.......................... 537.0 560.8 547.7 554.2 564.0 577.2 589.3 586.3 Medicaid............................. 405.5 417.1 400.8 420.9 421.5 425.1 423.7 426.1 Unemployment insurance............... 107.6 84.2 96.8 85.9 78.7 75.3 73.9 68.5 Veterans' benefits................... 63.3 70.2 67.1 68.9 71.3 73.3 76.8 80.0 Other................................ 433.7 422.5 419.5 420.3 423.5 426.8 428.6 430.8 Other current transfer receipts, from business (net)........................ 46.7 41.4 43.3 41.7 40.6 40.1 44.0 44.4 Less: Contributions for government social insurance, domestic..................... 918.2 950.7 942.5 945.1 947.4 967.9 1,093.7 1,100.3 Less: Personal current taxes............... 1,404.0 1,498.0 1,462.8 1,480.0 1,496.4 1,552.8 1,629.0 1,664.8 Equals: Disposable personal income......... 11,787.4 12,245.8 12,085.7 12,171.9 12,205.1 12,520.4 12,296.9 12,400.1 Less: Personal outlays..................... 11,119.1 11,558.4 11,428.4 11,507.9 11,601.0 11,696.2 11,794.9 11,837.0 Personal consumption expenditures........ 10,711.8 11,149.6 11,019.1 11,100.2 11,193.6 11,285.5 11,379.2 11,427.1 Goods.................................. 3,602.7 3,769.7 3,729.3 3,738.4 3,784.9 3,826.1 3,851.8 3,848.5 Durable goods........................ 1,129.9 1,202.7 1,184.3 1,189.3 1,206.5 1,230.7 1,244.8 1,257.5 Nondurable goods..................... 2,472.8 2,567.0 2,545.0 2,549.2 2,578.4 2,595.4 2,607.0 2,591.0 Services............................... 7,109.1 7,379.9 7,289.7 7,361.8 7,408.7 7,459.4 7,527.4 7,578.6 Personal interest payments\4\............ 248.0 248.4 248.6 247.0 250.7 247.3 250.4 244.3 Personal current transfer payments....... 159.4 160.4 160.7 160.8 156.7 163.4 165.3 165.6 To government.......................... 85.3 88.5 87.7 88.4 88.8 89.0 89.4 89.9 To the rest of the world (net)......... 74.1 71.9 73.0 72.4 67.9 74.4 75.9 75.7 Equals: Personal saving.................... 668.2 687.4 657.3 663.9 604.1 824.1 502.0 563.2 Personal saving as a percentage of disposable personal income.............. 5.7 5.6 5.4 5.5 4.9 6.6 4.1 4.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,457.1 10,740.1 10,638.4 10,685.5 10,676.2 10,959.6 10,756.9 10,885.6 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,324.6 11,551.6 11,459.2 11,510.2 11,493.6 11,743.0 11,502.4 11,602.4 Per capita: Current dollars...................... 37,776 38,965 38,560 38,769 38,800 39,727 38,955 39,215 Chained (2009) dollars............... 36,293 36,756 36,561 36,661 36,538 37,260 36,438 36,692 Population (midperiod, thousands)\6\..... 312,036 314,278 313,425 313,960 314,564 315,162 315,671 316,206 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Jan 13 Feb 13 Mar 13 Apr 13\r\ May 13\r\ Jun 13\r\ Jul 13\r\ Aug 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -628.5 177.6 47.5 1.9 47.7 43.4 21.2 57.2 Compensation of employees................ -204.5 56.8 13.8 11.7 17.3 34.8 -18.5 34.2 Wages and salaries..................... -199.3 52.2 12.2 8.7 14.9 31.4 -18.5 30.4 Private industries................... -196.6 54.0 15.0 7.6 14.8 32.9 -10.9 28.5 Goods-producing industries......... -33.7 14.7 1.0 .3 4.6 7.8 -4.6 7.9 Manufacturing.................... -25.1 9.1 -.1 .3 2.0 5.0 -5.1 6.4 Services-producing industries...... -162.8 39.4 13.9 7.3 10.2 25.1 -6.3 20.5 Trade, transportation, and utilities....................... -16.6 9.1 6.4 -1.8 3.9 3.5 -1.3 6.5 Other services-producing industries...................... -146.2 30.3 7.5 9.1 6.2 21.7 -5.0 14.0 Government........................... -2.7 -1.9 -2.8 1.1 .2 -1.5 -7.6 2.0 Supplements to wages and salaries...... -5.2 4.6 1.7 2.9 2.4 3.4 .0 3.8 Employer contributions for employee pension and insurance funds\1\...... 3.4 1.4 1.2 2.5 1.7 1.6 1.5 2.0 Employer contributions for government social insurance.................... -8.7 3.2 .5 .4 .6 1.8 -1.4 1.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 37.0 45.5 31.2 -14.9 -12.8 -17.1 10.2 13.1 Farm................................... 31.8 31.8 31.9 -20.0 -19.9 -20.0 8.0 7.9 Nonfarm................................ 5.2 13.6 -.6 5.1 7.1 2.9 2.3 5.0 Rental income of persons with capital consumption adjustment.................. 8.7 9.3 9.3 .9 2.6 2.5 7.8 7.6 Personal income receipts on assets....... -373.1 64.1 -8.5 20.0 23.7 20.0 13.6 -4.5 Personal interest income............... -11.7 -11.6 -11.7 10.8 10.7 10.7 -3.6 -3.5 Personal dividend income............... -361.4 75.7 3.2 9.2 13.0 9.4 17.1 -1.0 Personal current transfer receipts....... 10.6 8.4 3.1 -14.8 18.8 6.9 5.8 10.8 Government social benefits to persons.. 6.7 8.4 2.8 -14.8 18.5 6.8 5.7 10.6 Social security\2\................... 3.9 4.0 6.4 -9.6 11.5 4.1 -2.3 4.9 Medicare\3\.......................... 4.6 4.3 -1.0 -6.7 2.6 3.4 3.7 3.7 Medicaid............................. -3.1 .1 .4 -.3 4.0 -.8 5.7 4.4 Unemployment insurance............... -2.7 -1.8 -1.5 -1.9 -1.9 -1.9 -1.9 -2.3 Veterans' benefits................... 2.2 2.1 -2.1 1.9 2.3 1.3 -.9 .8 Other................................ 2.0 -.5 .9 1.5 .2 .6 1.4 -.8 Other current transfer receipts, from business (net)........................ 3.8 .2 .1 .2 .1 .1 .2 .2 Less: Contributions for government social insurance, domestic..................... 107.3 6.5 1.4 1.1 1.7 3.8 -2.3 3.9 Less: Personal current taxes............... 21.9 19.7 8.9 12.3 11.0 11.1 -11.5 1.0 Equals: Disposable personal income......... -650.5 158.0 38.5 -10.3 36.8 32.2 32.7 56.2 Less: Personal outlays..................... 25.1 78.4 24.7 -31.1 16.5 58.7 22.2 38.4 Personal consumption expenditures........ 20.8 75.7 21.9 -26.6 20.6 63.0 18.3 34.5 Goods.................................. -.8 45.4 -15.8 -31.4 15.2 40.1 23.0 6.2 Durable goods........................ -.5 2.8 -1.6 5.5 4.6 12.6 .3 6.7 Nondurable goods..................... -.3 42.7 -14.2 -36.9 10.6 27.5 22.7 -.5 Services............................... 21.6 30.2 37.7 4.7 5.6 22.8 -4.7 28.3 Personal interest payments\4\............ 2.7 2.6 2.7 -4.4 -4.4 -4.5 3.6 3.5 Personal current transfer payments....... 1.7 .1 .1 .0 .2 .2 .3 .3 To government.......................... .1 .1 .1 .2 .2 .2 .3 .3 To the rest of the world (net)......... 1.5 .0 .0 -.2 .0 .0 .0 .0 Equals: Personal saving.................... -675.5 79.5 13.8 20.8 20.3 -26.6 10.6 17.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... -607.4 116.3 51.9 45.5 18.3 -7.1 4.3 28.3 Disposable personal income, billions of chained (2009) dollars\5\............ -618.4 102.8 47.1 22.3 25.0 -13.9 19.9 36.4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 I 12 II 12 III 12 IV 12 I 13 II 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 756.1 552.5 245.4 103.2 49.8 371.5 -147.2 139.1 Compensation of employees................ 311.2 333.1 207.4 39.5 37.2 196.4 -39.1 62.9 Wages and salaries..................... 261.2 288.1 184.0 31.3 31.2 181.9 -46.2 54.6 Private industries................... 257.9 285.1 175.6 35.2 31.7 177.5 -42.7 56.4 Goods-producing industries......... 48.8 51.9 45.7 4.0 -6.5 20.3 6.8 11.6 Manufacturing.................... 33.0 28.3 26.9 2.5 -3.4 8.2 1.6 6.3 Services-producing industries...... 209.1 233.2 129.9 31.2 38.2 157.3 -49.6 44.8 Trade, transportation, and utilities....................... 47.3 47.5 31.0 -3.0 6.2 24.2 1.0 9.3 Other services-producing industries...................... 161.8 185.7 99.0 34.2 32.0 133.1 -50.6 35.6 Government........................... 3.3 2.9 8.4 -3.9 -.4 4.2 -3.5 -1.7 Supplements to wages and salaries...... 50.0 45.1 23.4 8.2 5.9 14.7 7.0 8.3 Employer contributions for employee pension and insurance funds\1\...... 25.0 25.2 7.8 6.9 5.0 2.7 5.3 5.5 Employer contributions for government social insurance.................... 25.0 19.9 15.6 1.3 1.0 11.8 1.8 2.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 122.4 69.8 26.4 3.4 2.2 27.5 87.1 6.9 Farm................................... 26.6 2.8 -2.3 2.4 -1.7 -.8 62.5 -8.0 Nonfarm................................ 95.9 67.0 28.6 1.1 3.9 28.3 24.6 14.9 Rental income of persons with capital consumption adjustment.................. 81.6 56.8 11.3 13.0 8.9 8.7 19.5 12.8 Personal income receipts on assets....... 145.0 73.9 3.7 26.2 -8.4 135.9 -127.0 58.2 Personal interest income............... 9.1 7.5 5.3 14.5 -15.7 14.7 -2.6 9.8 Personal dividend income............... 135.9 66.4 -1.5 11.7 7.3 121.1 -124.3 48.4 Personal current transfer receipts....... 30.0 51.4 20.0 23.7 12.2 23.6 38.0 4.9 Government social benefits to persons.. 26.3 56.5 22.4 25.3 13.3 24.1 34.1 4.5 Social security\2\................... 23.1 48.9 32.1 7.1 4.4 5.4 19.6 5.1 Medicare\3\.......................... 23.2 23.8 3.9 6.5 9.8 13.2 12.1 -3.0 Medicaid............................. 8.9 11.6 2.5 20.1 .6 3.6 -1.4 2.4 Unemployment insurance............... -31.3 -23.4 -3.4 -10.9 -7.2 -3.4 -1.4 -5.4 Veterans' benefits................... 5.3 6.9 2.7 1.8 2.4 2.0 3.5 3.2 Other................................ -2.8 -11.2 -15.5 .8 3.2 3.3 1.8 2.2 Other current transfer receipts, from business (net)........................ 3.7 -5.3 -2.4 -1.6 -1.1 -.5 3.9 .4 Less: Contributions for government social insurance, domestic..................... -65.9 32.5 23.4 2.6 2.3 20.5 125.8 6.6 Less: Personal current taxes............... 212.5 94.0 44.4 17.2 16.4 56.4 76.2 35.8 Equals: Disposable personal income......... 543.7 458.4 200.9 86.2 33.2 315.3 -223.5 103.2 Less: Personal outlays..................... 509.6 439.3 143.2 79.5 93.1 95.2 98.7 42.1 Personal consumption expenditures........ 509.9 437.8 140.2 81.1 93.4 91.9 93.7 47.9 Goods.................................. 239.9 167.0 61.1 9.1 46.5 41.2 25.7 -3.3 Durable goods........................ 59.2 72.8 25.4 5.0 17.2 24.2 14.1 12.7 Nondurable goods..................... 180.7 94.2 35.7 4.2 29.2 17.0 11.6 -16.0 Services............................... 270.0 270.8 79.0 72.1 46.9 50.7 68.0 51.2 Personal interest payments\4\............ -2.8 .4 4.1 -1.6 3.7 -3.4 3.1 -6.1 Personal current transfer payments....... 2.5 1.0 -1.1 .1 -4.1 6.7 1.9 .3 To government.......................... 1.4 3.2 .9 .7 .4 .2 .4 .5 To the rest of the world (net)......... 1.1 -2.2 -2.0 -.6 -4.5 6.5 1.5 -.2 Equals: Personal saving.................... 34.0 19.2 57.7 6.6 -59.8 220.0 -322.1 61.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 464.1 283.0 154.9 47.1 -9.3 283.4 -202.7 128.7 Disposable personal income, billions of chained (2009) dollars\5\............ 263.8 227.0 126.9 51.0 -16.6 249.4 -240.6 100.0 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Jan 13 Feb 13 Mar 13 Apr 13\r\ May 13\r\ Jun 13\r\ Jul 13\r\ Aug 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ -4.4 1.3 .3 .0 .3 .3 .2 .4 Compensation of employees................ -2.3 .7 .2 .1 .2 .4 -.2 .4 Wages and salaries..................... -2.8 .7 .2 .1 .2 .4 -.3 .4 Supplements to wages and salaries...... -.3 .3 .1 .2 .1 .2 .0 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 2.9 3.5 2.3 -1.1 -.9 -1.3 .8 1.0 Rental income of persons with capital consumption adjustment.................. 1.6 1.7 1.6 .2 .4 .4 1.3 1.3 Personal income receipts on assets....... -16.4 3.4 -.4 1.0 1.2 1.0 .7 -.2 Personal interest income............... -.9 -.9 -1.0 .9 .9 .9 -.3 -.3 Personal dividend income............... -35.1 11.3 .4 1.2 1.7 1.2 2.2 -.1 Personal current transfer receipts....... .4 .3 .1 -.6 .8 .3 .2 .4 Less: Contributions for government social insurance, domestic..................... 10.9 .6 .1 .1 .2 .4 -.2 .4 Less: Personal current taxes............... 1.4 1.2 .5 .7 .7 .7 -.7 .1 Equals: Disposable personal income......... -5.1 1.3 .3 -.1 .3 .3 .3 .5 Addenda: Personal consumption expenditures........ .2 .7 .2 -.2 .2 .6 .2 .3 Goods.................................. .0 1.2 -.4 -.8 .4 1.0 .6 .2 Durable goods........................ .0 .2 -.1 .4 .4 1.0 .0 .5 Nondurable goods..................... .0 1.7 -.5 -1.4 .4 1.1 .9 .0 Services............................... .3 .4 .5 .1 .1 .3 -.1 .4 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -5.4 1.1 .5 .4 .2 -.1 .0 .3 Real disposable personal income.......... -5.1 .9 .4 .2 .2 -.1 .2 .3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 I 12 II 12 III 12 IV 12 I 13 II 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 6.1 4.2 7.6 3.1 1.5 11.3 -4.1 4.1 Compensation of employees................ 3.9 4.0 10.4 1.9 1.7 9.5 -1.8 2.9 Wages and salaries..................... 4.1 4.3 11.5 1.8 1.8 11.0 -2.6 3.1 Supplements to wages and salaries...... 3.1 2.7 5.8 2.0 1.4 3.5 1.7 2.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 11.9 6.0 9.2 1.2 .7 9.3 31.0 2.1 Rental income of persons with capital consumption adjustment.................. 20.3 11.7 9.1 10.3 6.8 6.5 14.8 9.2 Personal income receipts on assets....... 8.3 3.9 .8 5.6 -1.7 31.3 -22.4 12.6 Personal interest income............... .8 .6 1.8 4.9 -5.1 5.0 -.9 3.3 Personal dividend income............... 25.0 9.8 -.9 6.8 4.1 85.8 -47.1 29.7 Personal current transfer receipts....... 1.3 2.2 3.5 4.1 2.1 4.0 6.5 .8 Less: Contributions for government social insurance, domestic..................... -6.7 3.5 10.6 1.1 1.0 8.9 63.0 2.4 Less: Personal current taxes............... 17.8 6.7 13.1 4.8 4.5 15.9 21.1 9.1 Equals: Disposable personal income......... 4.8 3.9 6.9 2.9 1.1 10.7 -7.0 3.4 Addenda: Personal consumption expenditures........ 5.0 4.1 5.3 3.0 3.4 3.3 3.4 1.7 Goods.................................. 7.1 4.6 6.8 1.0 5.1 4.4 2.7 -.3 Durable goods........................ 5.5 6.4 9.1 1.7 5.9 8.3 4.7 4.1 Nondurable goods..................... 7.9 3.8 5.8 .6 4.7 2.7 1.8 -2.4 Services............................... 3.9 3.8 4.5 4.0 2.6 2.8 3.7 2.8 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 4.6 2.7 6.0 1.8 -.3 11.0 -7.2 4.9 Real disposable personal income.......... 2.4 2.0 4.6 1.8 -.6 9.0 -7.9 3.5 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jan 13 Feb 13 Mar 13 Apr 13\r\ May 13\r\ Jun 13\r\ Jul 13\r\ Aug 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,614.3 10,643.5 10,674.2 10,678.7 10,689.4 10,707.7 10,714.9 10,732.4 Goods.................................... 3,601.1 3,614.6 3,620.2 3,623.2 3,642.0 3,653.6 3,671.6 3,675.8 Durable goods.......................... 1,300.3 1,304.6 1,305.5 1,314.9 1,320.6 1,334.2 1,339.0 1,350.2 Nondurable goods....................... 2,314.6 2,323.8 2,328.3 2,323.2 2,336.2 2,335.6 2,348.7 2,343.2 Services................................. 7,012.3 7,028.0 7,053.0 7,054.5 7,046.6 7,053.3 7,042.7 7,056.1 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 11.9 29.2 30.7 4.5 10.7 18.3 7.2 17.5 Goods.................................... 6.0 13.5 5.6 3.0 18.8 11.6 18.0 4.2 Durable goods.......................... -1.4 4.3 .9 9.4 5.7 13.6 4.8 11.2 Nondurable goods....................... 6.9 9.2 4.5 -5.1 13.0 -.6 13.1 -5.5 Services................................. 5.9 15.7 25.0 1.5 -7.9 6.7 -10.6 13.4 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .1 .3 .3 .0 .1 .2 .1 .2 Goods.................................... .2 .4 .2 .1 .5 .3 .5 .1 Durable goods.......................... -.1 .3 .1 .7 .4 1.0 .4 .8 Nondurable goods....................... .3 .4 .2 -.2 .6 .0 .6 -.2 Services................................. .1 .2 .4 .0 -.1 .1 -.1 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 I 12 II 12 III 12 IV 12 I 13 II 13\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,291.3 10,517.6 10,447.8 10,496.8 10,541.0 10,584.8 10,644.0 10,691.9 Goods.................................... 3,419.9 3,534.1 3,495.8 3,514.7 3,546.7 3,579.2 3,611.9 3,639.6 Durable goods.......................... 1,157.1 1,246.7 1,219.7 1,228.6 1,253.4 1,285.2 1,303.5 1,323.2 Nondurable goods....................... 2,266.0 2,296.8 2,283.6 2,293.9 2,303.0 2,306.7 2,322.2 2,331.7 Services................................. 6,871.1 6,982.7 6,951.2 6,981.4 6,993.4 7,004.7 7,031.1 7,051.5 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 255.4 226.3 74.7 49.0 44.2 43.8 59.2 47.9 Goods.................................... 111.2 114.2 38.8 18.9 32.0 32.5 32.7 27.7 Durable goods.......................... 71.4 89.6 28.0 8.9 24.8 31.8 18.3 19.7 Nondurable goods....................... 42.5 30.8 12.6 10.3 9.1 3.7 15.5 9.5 Services................................. 143.9 111.6 35.7 30.2 12.0 11.3 26.4 20.4 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.5 2.2 2.9 1.9 1.7 1.7 2.3 1.8 Goods.................................... 3.4 3.3 4.6 2.2 3.7 3.7 3.7 3.1 Durable goods.......................... 6.6 7.7 9.8 2.9 8.3 10.5 5.8 6.2 Nondurable goods....................... 1.9 1.4 2.2 1.8 1.6 .6 2.7 1.6 Services................................. 2.1 1.6 2.1 1.7 .7 .6 1.5 1.2 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jan 13 Feb 13 Mar 13 Apr 13\r\ May 13\r\ Jun 13\r\ Jul 13\r\ Aug 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 106.663 107.083 106.980 106.685 106.772 107.177 107.276 107.423 Goods.................................... 106.267 107.129 106.526 105.573 105.442 106.205 106.311 106.360 Durable goods.......................... 95.616 95.516 95.328 95.070 94.999 94.980 94.660 94.371 Nondurable goods....................... 111.611 113.006 112.174 110.834 110.670 111.873 112.220 112.463 Services................................. 106.880 107.073 107.227 107.271 107.470 107.691 107.786 107.983 Addenda: PCE excluding food and energy............ 105.459 105.550 105.619 105.575 105.674 105.884 105.968 106.131 Food\1\.................................. 107.349 107.547 107.613 107.730 107.467 107.744 107.859 108.083 Energy goods and services\2\............. 126.445 133.493 129.970 124.254 124.583 128.863 129.209 128.912 Market-based PCE\3\...................... 106.521 107.001 106.879 106.503 106.610 107.050 107.178 107.260 Market-based PCE excluding food and energy\3\........................... 105.110 105.225 105.295 105.194 105.318 105.540 105.657 105.747 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .4 -.1 -.3 .1 .4 .1 .1 Goods.................................... -.2 .8 -.6 -.9 -.1 .7 .1 .0 Durable goods.......................... .1 -.1 -.2 -.3 -.1 .0 -.3 -.3 Nondurable goods....................... -.3 1.2 -.7 -1.2 -.1 1.1 .3 .2 Services................................. .2 .2 .1 .0 .2 .2 .1 .2 Addenda: PCE excluding food and energy............ .2 .1 .1 .0 .1 .2 .1 .2 Food\1\.................................. .0 .2 .1 .1 -.2 .3 .1 .2 Energy goods and services\2\............. -1.8 5.6 -2.6 -4.4 .3 3.4 .3 -.2 Market-based PCE\3\...................... .1 .5 -.1 -.4 .1 .4 .1 .1 Market-based PCE excluding food and energy\3\........................... .3 .1 .1 -.1 .1 .2 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jan 13 Feb 13 Mar 13 Apr 13\r\ May 13\r\ Jun 13\r\ Jul 13\r\ Aug 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. -.1 .5 .8 .8 .9 .7 1.0 1.6 Personal consumption expenditures.......... 2.0 1.7 2.0 1.7 1.8 2.0 1.7 2.0 Goods.................................... 3.7 3.2 3.1 3.0 3.6 4.1 3.9 3.8 Durable goods.......................... 7.7 6.6 6.3 7.1 7.7 8.3 8.0 8.0 Nondurable goods....................... 1.8 1.6 1.7 1.1 1.8 2.1 2.1 1.9 Services................................. 1.1 .9 1.4 1.1 .9 1.0 .6 1.1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jan 13 Feb 13 Mar 13 Apr 13\r\ May 13\r\ Jun 13\r\ Jul 13\r\ Aug 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.4 1.5 1.2 .9 1.0 1.3 1.3 1.2 Goods.................................... .0 .4 -.5 -1.1 -.7 .0 .3 -.4 Durable goods.......................... -1.6 -1.7 -1.7 -1.8 -1.9 -1.8 -1.8 -1.9 Nondurable goods....................... .8 1.4 .1 -.7 -.2 .9 1.3 .4 Services................................. 2.1 2.1 2.1 1.9 1.9 1.9 1.9 1.9 Addenda: PCE excluding food and energy............ 1.5 1.5 1.4 1.2 1.2 1.2 1.1 1.2 Food\1\.................................. 1.1 1.2 1.1 1.2 1.0 1.0 1.2 1.2 Energy goods and services\2\............. -.8 2.4 -1.6 -4.1 -.9 3.2 4.8 -.2 Market-based PCE\3\...................... 1.3 1.5 1.1 .8 1.0 1.2 1.4 1.1 Market-based PCE excluding food and energy\3\........................... 1.4 1.4 1.3 1.1 1.1 1.1 1.1 1.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.