EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, NOVEMBER 8, 2013 BEA 13-51 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: SEPTEMBER 2013 Personal income increased $67.4 billion, or 0.5 percent, and disposable personal income (DPI) increased $64.8 billion, or 0.5 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $24.7 billion, or 0.2 percent. In August, personal income increased $65.6 billion, or 0.5 percent, DPI increased $66.3 billion, or 0.5 percent, and PCE increased $39.8 billion, or 0.3 percent, based on revised estimates. Real disposable personal income increased 0.4 percent in September, the same increase as in August. Real PCE increased 0.1 percent in September, compared with an increase of 0.2 percent in August. 2013 May June July Aug. Sept. (Percent change from preceding month) Personal income, current dollars 0.3 0.3 0.2 0.5 0.5 Disposable personal income: Current dollars 0.3 0.3 0.3 0.5 0.5 Chained (2009) dollars 0.2 -0.1 0.2 0.4 0.4 Personal consumption expenditures: Current dollars 0.2 0.6 0.1 0.3 0.2 Chained (2009) dollars 0.1 0.2 0.0 0.2 0.1 FOOTNOTE.________ Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2009) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. _________________ Wages and salaries Private wages and salaries increased $18.8 billion in September, compared with an increase of $34.8 billion in August. Goods producing industries' payrolls increased $4.4 billion, compared with an increase of $8.0 billion; manufacturing payrolls increased $1.3 billion, compared with an increase of $5.6 billion. Service-producing industries' payrolls increased $14.3 billion, compared with an increase of $27.0 billion. Government wages and salaries increased $8.8 billion in September, compared with an increase of $2.3 billion in August. Government wages were reduced by $7.3 billion in August and $7.7 billion in July due to furloughs that affected several federal government agencies. Other personal income Supplements to wages and salaries increased $4.0 billion in September, compared with an increase of $4.2 billion in August. Proprietors' income increased $25.3 billion in September, compared with an increase of $15.8 billion in August. Farm proprietors' income increased $19.7 billion, compared with an increase of $9.5 billion. In September, farm proprietors’ income was boosted $10.1 billion, at an annual rate, reflecting a settlement agreement for a class-action suit that alleged racial discrimination by the U.S. Department of Agriculture in its evaluation of farm loan applicants between 1981 and 1996. Nonfarm proprietors' income increased $5.6 billion in September, compared with an increase of $6.2 billion in August. Rental income of persons increased $6.4 billion in September, compared with an increase of $5.1 billion in August. Personal income receipts on assets (personal interest income plus personal dividend income) increased $2.3 billion, in contrast to a decrease of $3.6 billion. Personal current transfer receipts increased $5.6 billion, compared with an increase of $11.6 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.8 billion in September, compared with an increase of $4.7 billion in August. Personal current taxes and disposable personal income Personal current taxes increased $2.6 billion in September, in contrast to a decrease of $0.8 billion in August. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $64.8 billion, or 0.5 percent, in September, compared with an increase of $66.3 billion, or 0.5 percent in August. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $32.6 billion in September, compared with an increase of $47.7 billion in August. PCE increased $24.7 billion, compared with an increase of $39.8 billion. Personal saving -- DPI less personal outlays -- was $619.9 billion in September, compared with $587.6 billion in August. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.9 percent in September, compared with 4.7 percent in August. For a comparison of personal savings in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States (formerly called the 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 0.4 percent in September, the same increase as in August. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in September, compared with an increase of 0.2 percent in August. Purchases of durable goods decreased 1.2 percent in September, in contrast to an increase of 1.7 percent in August. Purchases of motor vehicles and parts accounted for most of the decrease in September. Purchases of nondurable goods increased 0.6 percent in September, in contrast to a decrease of 0.3 percent in August. Purchases of services increased 0.2 percent, compared with an increase of 0.1 percent. The price index for PCE increased 0.1 percent in September, the same increase as in August. The PCE price index, excluding food and energy, increased 0.1 percent in September, the same increase as in August. Revisions Estimates have been revised for July and August. Changes in personal income, current-dollars and chained (2009) dollars DPI, and current-dollars and chained (2009) dollars PCE for July and August -- revised and as published in last month's release -- are shown below. Change from preceding month July August Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars 21.2 21.7 0.2 0.2 57.2 65.6 0.4 0.5 Disposable personal income: Current dollars 32.7 38.5 0.3 0.3 56.2 66.3 0.5 0.5 Chained (2009) dollars 19.9 25.6 0.2 0.2 36.4 47.5 0.3 0.4 Personal consumption expenditures: Current dollars 18.3 14.6 0.2 0.1 34.5 39.8 0.3 0.3 Chained (2009) dollars 7.2 4.1 0.1 0.0 17.5 23.9 0.2 0.2 BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to free e-mail summaries of BEA releases and announcements. * * * Next release - December 6, 2013 at 8:30 A.M. EST for Personal Income and Outlays for October Release Dates for 2014 December 2013...January 31 April 2014...May 30 August 2014.....September 29 January 2014....March 3 May 2014.....June 26 September 2014..October 31 February 2014...March 28 June 2014....August 1 October 2014....November 26 March 2014......May 1 July 2014....August 29 November 2014...December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,969.3 14,016.8 14,018.7 14,066.4 14,109.8 14,131.5 14,197.1 14,264.5 Compensation of employees................ 8,762.6 8,776.4 8,788.1 8,805.4 8,840.2 8,820.8 8,862.2 8,893.7 Wages and salaries..................... 7,053.7 7,065.9 7,074.6 7,089.5 7,120.9 7,101.5 7,138.7 7,166.2 Private industries................... 5,857.5 5,872.5 5,880.1 5,894.9 5,927.8 5,915.6 5,950.4 5,969.2 Goods-producing industries......... 1,178.4 1,179.4 1,179.7 1,184.3 1,192.1 1,187.6 1,195.6 1,200.0 Manufacturing.................... 745.2 745.1 745.4 747.4 752.4 747.7 753.3 754.6 Services-producing industries...... 4,679.2 4,693.1 4,700.4 4,710.6 4,735.7 4,727.9 4,754.9 4,769.2 Trade, transportation, and utilities....................... 1,116.1 1,122.5 1,120.7 1,124.6 1,128.1 1,126.6 1,135.0 1,136.2 Other services-producing industries...................... 3,563.1 3,570.6 3,579.7 3,585.9 3,607.6 3,601.3 3,619.9 3,633.0 Government........................... 1,196.1 1,193.3 1,194.4 1,194.6 1,193.1 1,185.9 1,188.2 1,197.0 Supplements to wages and salaries...... 1,708.9 1,710.6 1,713.5 1,715.9 1,719.3 1,719.3 1,723.5 1,727.5 Employer contributions for employee pension and insurance funds\1\...... 1,182.2 1,183.4 1,185.9 1,187.6 1,189.2 1,190.8 1,192.9 1,195.2 Employer contributions for government social insurance.................... 526.7 527.2 527.6 528.2 530.0 528.6 530.6 532.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,339.4 1,370.6 1,355.7 1,342.9 1,325.8 1,339.2 1,355.0 1,380.3 Farm................................... 137.0 168.9 148.9 129.0 109.0 118.6 128.1 147.8 Nonfarm................................ 1,202.3 1,201.7 1,206.8 1,213.9 1,216.8 1,220.7 1,226.9 1,232.5 Rental income of persons with capital consumption adjustment.................. 574.9 584.2 585.1 587.7 590.2 594.7 599.8 606.2 Personal income receipts on assets....... 1,960.0 1,951.5 1,971.5 1,995.2 2,015.2 2,029.7 2,026.1 2,028.4 Personal interest income............... 1,215.8 1,204.1 1,214.9 1,225.6 1,236.3 1,234.0 1,231.7 1,229.5 Personal dividend income............... 744.2 747.4 756.6 769.6 779.0 795.7 794.3 798.9 Personal current transfer receipts....... 2,427.8 2,430.9 2,416.1 2,434.9 2,441.8 2,448.0 2,459.6 2,465.2 Government social benefits to persons.. 2,383.9 2,386.7 2,371.9 2,390.4 2,397.2 2,403.3 2,414.7 2,420.2 Social security\2\................... 789.0 795.4 785.8 797.3 801.4 799.1 803.9 804.8 Medicare\3\.......................... 591.1 590.1 583.4 586.0 589.4 593.0 596.6 599.8 Medicaid............................. 423.6 424.0 423.7 427.7 426.9 434.2 439.7 439.7 Unemployment insurance............... 73.8 72.3 70.4 68.5 66.6 64.7 62.4 59.5 Veterans' benefits................... 78.2 76.1 78.0 80.3 81.6 80.5 81.1 83.4 Other................................ 428.1 429.0 430.5 430.7 431.3 431.8 431.0 433.0 Other current transfer receipts, from business (net)........................ 44.0 44.1 44.3 44.4 44.5 44.7 44.9 45.0 Less: Contributions for government social insurance, domestic..................... 1,095.4 1,096.8 1,097.9 1,099.6 1,103.4 1,100.9 1,105.6 1,109.4 Less: Personal current taxes............... 1,632.6 1,641.5 1,653.8 1,664.8 1,675.9 1,659.2 1,658.4 1,661.0 Equals: Disposable personal income......... 12,336.7 12,375.2 12,364.9 12,401.7 12,433.9 12,472.4 12,538.7 12,603.5 Less: Personal outlays..................... 11,812.8 11,837.5 11,806.4 11,822.9 11,881.6 11,903.4 11,951.1 11,983.7 Personal consumption expenditures........ 11,397.1 11,419.0 11,392.4 11,413.0 11,476.0 11,490.6 11,530.4 11,555.1 Goods.................................. 3,872.2 3,856.4 3,825.0 3,840.2 3,880.3 3,900.6 3,917.1 3,915.4 Durable goods........................ 1,246.3 1,244.7 1,250.2 1,254.8 1,267.4 1,267.4 1,285.3 1,269.0 Nondurable goods..................... 2,625.9 2,611.7 2,574.8 2,585.4 2,612.9 2,633.2 2,631.8 2,646.3 Services............................... 7,524.9 7,562.6 7,567.3 7,572.9 7,595.7 7,590.0 7,613.3 7,639.7 Personal interest payments\4\............ 250.4 253.1 248.7 244.3 239.8 247.5 255.1 262.7 Personal current transfer payments....... 165.3 165.4 165.4 165.6 165.8 165.3 165.6 165.9 To government.......................... 89.4 89.5 89.7 89.9 90.1 90.4 90.7 91.0 To the rest of the world (net)......... 75.9 75.9 75.7 75.7 75.7 74.9 74.9 74.9 Equals: Personal saving.................... 523.9 537.7 558.5 578.8 552.2 569.0 587.6 619.9 Personal saving as a percentage of disposable personal income.............. 4.2 4.3 4.5 4.7 4.4 4.6 4.7 4.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,778.3 10,830.2 10,875.7 10,894.0 10,886.9 10,891.6 10,928.5 10,976.5 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,520.9 11,568.0 11,590.3 11,615.3 11,601.4 11,627.0 11,674.5 11,724.7 Per capita: Current dollars...................... 39,081 39,182 39,127 39,221 39,299 39,395 39,578 39,756 Chained (2009) dollars............... 36,497 36,626 36,676 36,734 36,668 36,725 36,850 36,984 Population (midperiod, thousands)\6\..... 315,668 315,838 316,019 316,202 316,395 316,599 316,808 317,024 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 II 12 III 12 IV 12 I 13 II 13 III 13 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,191.3 13,743.8 13,651.8 13,701.6 14,073.1 13,925.9 14,065.0 14,197.7 Compensation of employees................ 8,278.5 8,611.6 8,553.8 8,591.0 8,787.4 8,748.3 8,811.2 8,858.9 Wages and salaries..................... 6,638.7 6,926.8 6,873.5 6,904.7 7,086.6 7,040.4 7,095.0 7,135.5 Private industries................... 5,444.3 5,729.4 5,678.0 5,709.7 5,887.2 5,844.5 5,900.9 5,945.1 Goods-producing industries......... 1,102.1 1,154.0 1,153.2 1,146.7 1,167.0 1,173.8 1,185.4 1,194.4 Manufacturing.................... 707.1 735.4 735.7 732.3 740.5 742.1 748.4 751.9 Services-producing industries...... 4,342.2 4,575.4 4,524.8 4,563.0 4,720.3 4,670.7 4,715.5 4,750.7 Trade, transportation, and utilities....................... 1,046.2 1,093.7 1,083.8 1,090.0 1,114.2 1,115.2 1,124.5 1,132.6 Other services-producing industries...................... 3,296.0 3,481.7 3,441.0 3,473.0 3,606.1 3,555.5 3,591.1 3,618.1 Government........................... 1,194.4 1,197.3 1,195.5 1,195.1 1,199.3 1,195.8 1,194.1 1,190.4 Supplements to wages and salaries...... 1,639.8 1,684.9 1,680.3 1,686.2 1,700.9 1,707.9 1,716.2 1,723.5 Employer contributions for employee pension and insurance funds\1\...... 1,145.4 1,170.6 1,169.1 1,174.1 1,176.8 1,182.1 1,187.6 1,193.0 Employer contributions for government social insurance.................... 494.4 514.3 511.2 512.2 524.0 525.8 528.6 530.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,155.1 1,224.9 1,217.8 1,220.0 1,247.5 1,334.6 1,341.5 1,358.2 Farm................................... 72.6 75.4 77.0 75.3 74.5 137.0 129.0 131.5 Nonfarm................................ 1,082.6 1,149.6 1,140.8 1,144.7 1,173.0 1,197.6 1,212.5 1,226.7 Rental income of persons with capital consumption adjustment.................. 484.4 541.2 537.8 546.7 555.4 574.9 587.7 600.2 Personal income receipts on assets....... 1,884.6 1,958.5 1,935.3 1,926.9 2,062.8 1,935.8 1,994.0 2,028.1 Personal interest income............... 1,204.1 1,211.6 1,219.4 1,203.7 1,218.4 1,215.8 1,225.6 1,231.8 Personal dividend income............... 680.5 746.9 715.9 723.2 844.3 720.0 768.4 796.3 Personal current transfer receipts....... 2,306.9 2,358.3 2,352.2 2,364.4 2,388.0 2,426.0 2,430.9 2,457.6 Government social benefits to persons.. 2,260.3 2,316.8 2,310.5 2,323.8 2,347.9 2,382.0 2,386.5 2,412.7 Social security\2\................... 713.3 762.2 760.4 764.8 770.2 789.8 794.9 802.6 Medicare\3\.......................... 537.0 560.8 554.2 564.0 577.2 589.3 586.3 596.5 Medicaid............................. 405.5 417.1 420.9 421.5 425.1 423.7 426.1 437.9 Unemployment insurance............... 107.6 84.2 85.9 78.7 75.3 73.9 68.5 62.2 Veterans' benefits................... 63.3 70.2 68.9 71.3 73.3 76.8 80.0 81.6 Other................................ 433.7 422.5 420.3 423.5 426.8 428.6 430.8 431.9 Other current transfer receipts, from business (net)........................ 46.7 41.4 41.7 40.6 40.1 44.0 44.4 44.9 Less: Contributions for government social insurance, domestic..................... 918.2 950.7 945.1 947.4 967.9 1,093.7 1,100.3 1,105.3 Less: Personal current taxes............... 1,404.0 1,498.0 1,480.0 1,496.4 1,552.8 1,629.0 1,664.8 1,659.5 Equals: Disposable personal income......... 11,787.4 12,245.8 12,171.9 12,205.1 12,520.4 12,296.9 12,400.1 12,538.2 Less: Personal outlays..................... 11,119.1 11,558.4 11,507.9 11,601.0 11,696.2 11,794.9 11,837.0 11,946.0 Personal consumption expenditures........ 10,711.8 11,149.6 11,100.2 11,193.6 11,285.5 11,379.2 11,427.1 11,525.4 Goods.................................. 3,602.7 3,769.7 3,738.4 3,784.9 3,826.1 3,851.8 3,848.5 3,911.0 Durable goods........................ 1,129.9 1,202.7 1,189.3 1,206.5 1,230.7 1,244.8 1,257.5 1,273.9 Nondurable goods..................... 2,472.8 2,567.0 2,549.2 2,578.4 2,595.4 2,607.0 2,591.0 2,637.1 Services............................... 7,109.1 7,379.9 7,361.8 7,408.7 7,459.4 7,527.4 7,578.6 7,614.4 Personal interest payments\4\............ 248.0 248.4 247.0 250.7 247.3 250.4 244.3 255.1 Personal current transfer payments....... 159.4 160.4 160.8 156.7 163.4 165.3 165.6 165.6 To government.......................... 85.3 88.5 88.4 88.8 89.0 89.4 89.9 90.7 To the rest of the world (net)......... 74.1 71.9 72.4 67.9 74.4 75.9 75.7 74.9 Equals: Personal saving.................... 668.2 687.4 663.9 604.1 824.1 502.0 563.2 592.2 Personal saving as a percentage of disposable personal income.............. 5.7 5.6 5.5 4.9 6.6 4.1 4.5 4.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,457.1 10,740.1 10,685.5 10,676.2 10,959.6 10,756.9 10,885.6 10,932.2 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,324.6 11,551.6 11,510.2 11,493.6 11,743.0 11,502.4 11,602.4 11,675.4 Per capita: Current dollars...................... 37,776 38,965 38,769 38,800 39,727 38,955 39,215 39,576 Chained (2009) dollars............... 36,293 36,756 36,661 36,538 37,260 36,438 36,692 36,853 Population (midperiod, thousands)\6\..... 312,036 314,278 313,960 314,564 315,162 315,671 316,206 316,810 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 177.6 47.5 1.9 47.7 43.4 21.7 65.6 67.4 Compensation of employees................ 56.8 13.8 11.7 17.3 34.8 -19.4 41.4 31.5 Wages and salaries..................... 52.2 12.2 8.7 14.9 31.4 -19.4 37.2 27.5 Private industries................... 54.0 15.0 7.6 14.8 32.9 -12.2 34.8 18.8 Goods-producing industries......... 14.7 1.0 .3 4.6 7.8 -4.5 8.0 4.4 Manufacturing.................... 9.1 -.1 .3 2.0 5.0 -4.7 5.6 1.3 Services-producing industries...... 39.4 13.9 7.3 10.2 25.1 -7.8 27.0 14.3 Trade, transportation, and utilities....................... 9.1 6.4 -1.8 3.9 3.5 -1.5 8.4 1.2 Other services-producing industries...................... 30.3 7.5 9.1 6.2 21.7 -6.3 18.6 13.1 Government........................... -1.9 -2.8 1.1 .2 -1.5 -7.2 2.3 8.8 Supplements to wages and salaries...... 4.6 1.7 2.9 2.4 3.4 .0 4.2 4.0 Employer contributions for employee pension and insurance funds\1\...... 1.4 1.2 2.5 1.7 1.6 1.6 2.1 2.3 Employer contributions for government social insurance.................... 3.2 .5 .4 .6 1.8 -1.4 2.0 1.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 45.5 31.2 -14.9 -12.8 -17.1 13.4 15.8 25.3 Farm................................... 31.8 31.9 -20.0 -19.9 -20.0 9.6 9.5 19.7 Nonfarm................................ 13.6 -.6 5.1 7.1 2.9 3.9 6.2 5.6 Rental income of persons with capital consumption adjustment.................. 9.3 9.3 .9 2.6 2.5 4.5 5.1 6.4 Personal income receipts on assets....... 64.1 -8.5 20.0 23.7 20.0 14.5 -3.6 2.3 Personal interest income............... -11.6 -11.7 10.8 10.7 10.7 -2.3 -2.3 -2.2 Personal dividend income............... 75.7 3.2 9.2 13.0 9.4 16.7 -1.4 4.6 Personal current transfer receipts....... 8.4 3.1 -14.8 18.8 6.9 6.2 11.6 5.6 Government social benefits to persons.. 8.4 2.8 -14.8 18.5 6.8 6.1 11.4 5.5 Social security\2\................... 4.0 6.4 -9.6 11.5 4.1 -2.3 4.8 .9 Medicare\3\.......................... 4.3 -1.0 -6.7 2.6 3.4 3.6 3.6 3.2 Medicaid............................. .1 .4 -.3 4.0 -.8 7.3 5.5 .0 Unemployment insurance............... -1.8 -1.5 -1.9 -1.9 -1.9 -1.9 -2.3 -2.9 Veterans' benefits................... 2.1 -2.1 1.9 2.3 1.3 -1.1 .6 2.3 Other................................ -.5 .9 1.5 .2 .6 .5 -.8 2.0 Other current transfer receipts, from business (net)........................ .2 .1 .2 .1 .1 .2 .2 .1 Less: Contributions for government social insurance, domestic..................... 6.5 1.4 1.1 1.7 3.8 -2.5 4.7 3.8 Less: Personal current taxes............... 19.7 8.9 12.3 11.0 11.1 -16.7 -.8 2.6 Equals: Disposable personal income......... 158.0 38.5 -10.3 36.8 32.2 38.5 66.3 64.8 Less: Personal outlays..................... 78.4 24.7 -31.1 16.5 58.7 21.8 47.7 32.6 Personal consumption expenditures........ 75.7 21.9 -26.6 20.6 63.0 14.6 39.8 24.7 Goods.................................. 45.4 -15.8 -31.4 15.2 40.1 20.3 16.5 -1.7 Durable goods........................ 2.8 -1.6 5.5 4.6 12.6 .0 17.9 -16.3 Nondurable goods..................... 42.7 -14.2 -36.9 10.6 27.5 20.3 -1.4 14.5 Services............................... 30.2 37.7 4.7 5.6 22.8 -5.7 23.3 26.4 Personal interest payments\4\............ 2.6 2.7 -4.4 -4.4 -4.5 7.7 7.6 7.6 Personal current transfer payments....... .1 .1 .0 .2 .2 -.5 .3 .3 To government.......................... .1 .1 .2 .2 .2 .3 .3 .3 To the rest of the world (net)......... .0 .0 -.2 .0 .0 -.8 .0 .0 Equals: Personal saving.................... 79.5 13.8 20.8 20.3 -26.6 16.8 18.6 32.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 116.3 51.9 45.5 18.3 -7.1 4.7 36.9 48.0 Disposable personal income, billions of chained (2009) dollars\5\............ 102.8 47.1 22.3 25.0 -13.9 25.6 47.5 50.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 II 12 III 12 IV 12 I 13 II 13 III 13 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 756.1 552.5 103.2 49.8 371.5 -147.2 139.1 132.7 Compensation of employees................ 311.2 333.1 39.5 37.2 196.4 -39.1 62.9 47.7 Wages and salaries..................... 261.2 288.1 31.3 31.2 181.9 -46.2 54.6 40.5 Private industries................... 257.9 285.1 35.2 31.7 177.5 -42.7 56.4 44.2 Goods-producing industries......... 48.8 51.9 4.0 -6.5 20.3 6.8 11.6 9.0 Manufacturing.................... 33.0 28.3 2.5 -3.4 8.2 1.6 6.3 3.5 Services-producing industries...... 209.1 233.2 31.2 38.2 157.3 -49.6 44.8 35.2 Trade, transportation, and utilities....................... 47.3 47.5 -3.0 6.2 24.2 1.0 9.3 8.1 Other services-producing industries...................... 161.8 185.7 34.2 32.0 133.1 -50.6 35.6 27.0 Government........................... 3.3 2.9 -3.9 -.4 4.2 -3.5 -1.7 -3.7 Supplements to wages and salaries...... 50.0 45.1 8.2 5.9 14.7 7.0 8.3 7.3 Employer contributions for employee pension and insurance funds\1\...... 25.0 25.2 6.9 5.0 2.7 5.3 5.5 5.4 Employer contributions for government social insurance.................... 25.0 19.9 1.3 1.0 11.8 1.8 2.8 1.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 122.4 69.8 3.4 2.2 27.5 87.1 6.9 16.7 Farm................................... 26.6 2.8 2.4 -1.7 -.8 62.5 -8.0 2.5 Nonfarm................................ 95.9 67.0 1.1 3.9 28.3 24.6 14.9 14.2 Rental income of persons with capital consumption adjustment.................. 81.6 56.8 13.0 8.9 8.7 19.5 12.8 12.5 Personal income receipts on assets....... 145.0 73.9 26.2 -8.4 135.9 -127.0 58.2 34.1 Personal interest income............... 9.1 7.5 14.5 -15.7 14.7 -2.6 9.8 6.2 Personal dividend income............... 135.9 66.4 11.7 7.3 121.1 -124.3 48.4 27.9 Personal current transfer receipts....... 30.0 51.4 23.7 12.2 23.6 38.0 4.9 26.7 Government social benefits to persons.. 26.3 56.5 25.3 13.3 24.1 34.1 4.5 26.2 Social security\2\................... 23.1 48.9 7.1 4.4 5.4 19.6 5.1 7.7 Medicare\3\.......................... 23.2 23.8 6.5 9.8 13.2 12.1 -3.0 10.2 Medicaid............................. 8.9 11.6 20.1 .6 3.6 -1.4 2.4 11.8 Unemployment insurance............... -31.3 -23.4 -10.9 -7.2 -3.4 -1.4 -5.4 -6.3 Veterans' benefits................... 5.3 6.9 1.8 2.4 2.0 3.5 3.2 1.6 Other................................ -2.8 -11.2 .8 3.2 3.3 1.8 2.2 1.1 Other current transfer receipts, from business (net)........................ 3.7 -5.3 -1.6 -1.1 -.5 3.9 .4 .5 Less: Contributions for government social insurance, domestic..................... -65.9 32.5 2.6 2.3 20.5 125.8 6.6 5.0 Less: Personal current taxes............... 212.5 94.0 17.2 16.4 56.4 76.2 35.8 -5.3 Equals: Disposable personal income......... 543.7 458.4 86.2 33.2 315.3 -223.5 103.2 138.1 Less: Personal outlays..................... 509.6 439.3 79.5 93.1 95.2 98.7 42.1 109.0 Personal consumption expenditures........ 509.9 437.8 81.1 93.4 91.9 93.7 47.9 98.3 Goods.................................. 239.9 167.0 9.1 46.5 41.2 25.7 -3.3 62.5 Durable goods........................ 59.2 72.8 5.0 17.2 24.2 14.1 12.7 16.4 Nondurable goods..................... 180.7 94.2 4.2 29.2 17.0 11.6 -16.0 46.1 Services............................... 270.0 270.8 72.1 46.9 50.7 68.0 51.2 35.8 Personal interest payments\4\............ -2.8 .4 -1.6 3.7 -3.4 3.1 -6.1 10.8 Personal current transfer payments....... 2.5 1.0 .1 -4.1 6.7 1.9 .3 .0 To government.......................... 1.4 3.2 .7 .4 .2 .4 .5 .8 To the rest of the world (net)......... 1.1 -2.2 -.6 -4.5 6.5 1.5 -.2 -.8 Equals: Personal saving.................... 34.0 19.2 6.6 -59.8 220.0 -322.1 61.2 29.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 464.1 283.0 47.1 -9.3 283.4 -202.7 128.7 46.6 Disposable personal income, billions of chained (2009) dollars\5\............ 263.8 227.0 51.0 -16.6 249.4 -240.6 100.0 73.0 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 1.3 .3 .0 .3 .3 .2 .5 .5 Compensation of employees................ .7 .2 .1 .2 .4 -.2 .5 .4 Wages and salaries..................... .7 .2 .1 .2 .4 -.3 .5 .4 Supplements to wages and salaries...... .3 .1 .2 .1 .2 .0 .2 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 3.5 2.3 -1.1 -.9 -1.3 1.0 1.2 1.9 Rental income of persons with capital consumption adjustment.................. 1.7 1.6 .2 .4 .4 .8 .9 1.1 Personal income receipts on assets....... 3.4 -.4 1.0 1.2 1.0 .7 -.2 .1 Personal interest income............... -.9 -1.0 .9 .9 .9 -.2 -.2 -.2 Personal dividend income............... 11.3 .4 1.2 1.7 1.2 2.1 -.2 .6 Personal current transfer receipts....... .3 .1 -.6 .8 .3 .3 .5 .2 Less: Contributions for government social insurance, domestic..................... .6 .1 .1 .2 .4 -.2 .4 .3 Less: Personal current taxes............... 1.2 .5 .7 .7 .7 -1.0 .0 .2 Equals: Disposable personal income......... 1.3 .3 -.1 .3 .3 .3 .5 .5 Addenda: Personal consumption expenditures........ .7 .2 -.2 .2 .6 .1 .3 .2 Goods.................................. 1.2 -.4 -.8 .4 1.0 .5 .4 .0 Durable goods........................ .2 -.1 .4 .4 1.0 .0 1.4 -1.3 Nondurable goods..................... 1.7 -.5 -1.4 .4 1.1 .8 -.1 .6 Services............................... .4 .5 .1 .1 .3 -.1 .3 .3 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 1.1 .5 .4 .2 -.1 .0 .3 .4 Real disposable personal income.......... .9 .4 .2 .2 -.1 .2 .4 .4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 II 12 III 12 IV 12 I 13 II 13 III 13 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 6.1 4.2 3.1 1.5 11.3 -4.1 4.1 3.8 Compensation of employees................ 3.9 4.0 1.9 1.7 9.5 -1.8 2.9 2.2 Wages and salaries..................... 4.1 4.3 1.8 1.8 11.0 -2.6 3.1 2.3 Supplements to wages and salaries...... 3.1 2.7 2.0 1.4 3.5 1.7 2.0 1.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 11.9 6.0 1.2 .7 9.3 31.0 2.1 5.1 Rental income of persons with capital consumption adjustment.................. 20.3 11.7 10.3 6.8 6.5 14.8 9.2 8.8 Personal income receipts on assets....... 8.3 3.9 5.6 -1.7 31.3 -22.4 12.6 7.0 Personal interest income............... .8 .6 4.9 -5.1 5.0 -.9 3.3 2.0 Personal dividend income............... 25.0 9.8 6.8 4.1 85.8 -47.1 29.7 15.3 Personal current transfer receipts....... 1.3 2.2 4.1 2.1 4.0 6.5 .8 4.5 Less: Contributions for government social insurance, domestic..................... -6.7 3.5 1.1 1.0 8.9 63.0 2.4 1.8 Less: Personal current taxes............... 17.8 6.7 4.8 4.5 15.9 21.1 9.1 -1.3 Equals: Disposable personal income......... 4.8 3.9 2.9 1.1 10.7 -7.0 3.4 4.5 Addenda: Personal consumption expenditures........ 5.0 4.1 3.0 3.4 3.3 3.4 1.7 3.5 Goods.................................. 7.1 4.6 1.0 5.1 4.4 2.7 -.3 6.7 Durable goods........................ 5.5 6.4 1.7 5.9 8.3 4.7 4.1 5.3 Nondurable goods..................... 7.9 3.8 .6 4.7 2.7 1.8 -2.4 7.3 Services............................... 3.9 3.8 4.0 2.6 2.8 3.7 2.8 1.9 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 4.6 2.7 1.8 -.3 11.0 -7.2 4.9 1.7 Real disposable personal income.......... 2.4 2.0 1.8 -.6 9.0 -7.9 3.5 2.5 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,643.5 10,674.2 10,678.7 10,689.4 10,707.7 10,711.8 10,735.7 10,749.4 Goods.................................... 3,614.6 3,620.2 3,623.2 3,642.0 3,653.6 3,669.3 3,683.3 3,682.6 Durable goods.......................... 1,304.6 1,305.5 1,314.9 1,320.6 1,334.2 1,338.8 1,361.8 1,344.8 Nondurable goods....................... 2,323.8 2,328.3 2,323.2 2,336.2 2,335.6 2,346.7 2,340.5 2,354.1 Services................................. 7,028.0 7,053.0 7,054.5 7,046.6 7,053.3 7,042.0 7,052.0 7,066.3 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 29.2 30.7 4.5 10.7 18.3 4.1 23.9 13.7 Goods.................................... 13.5 5.6 3.0 18.8 11.6 15.7 14.0 -.7 Durable goods.......................... 4.3 .9 9.4 5.7 13.6 4.6 23.0 -17.0 Nondurable goods....................... 9.2 4.5 -5.1 13.0 -.6 11.1 -6.2 13.6 Services................................. 15.7 25.0 1.5 -7.9 6.7 -11.3 10.0 14.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .3 .3 .0 .1 .2 .0 .2 .1 Goods.................................... .4 .2 .1 .5 .3 .4 .4 .0 Durable goods.......................... .3 .1 .7 .4 1.0 .3 1.7 -1.2 Nondurable goods....................... .4 .2 -.2 .6 .0 .5 -.3 .6 Services................................. .2 .4 .0 -.1 .1 -.2 .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 II 12 III 12 IV 12 I 13 II 13 III 13 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,291.3 10,517.6 10,496.8 10,541.0 10,584.8 10,644.0 10,691.9 10,732.3 Goods.................................... 3,419.9 3,534.1 3,514.7 3,546.7 3,579.2 3,611.9 3,639.6 3,678.4 Durable goods.......................... 1,157.1 1,246.7 1,228.6 1,253.4 1,285.2 1,303.5 1,323.2 1,348.5 Nondurable goods....................... 2,266.0 2,296.8 2,293.9 2,303.0 2,306.7 2,322.2 2,331.7 2,347.1 Services................................. 6,871.1 6,982.7 6,981.4 6,993.4 7,004.7 7,031.1 7,051.5 7,053.4 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 255.4 226.3 49.0 44.2 43.8 59.2 47.9 40.4 Goods.................................... 111.2 114.2 18.9 32.0 32.5 32.7 27.7 38.8 Durable goods.......................... 71.4 89.6 8.9 24.8 31.8 18.3 19.7 25.3 Nondurable goods....................... 42.5 30.8 10.3 9.1 3.7 15.5 9.5 15.4 Services................................. 143.9 111.6 30.2 12.0 11.3 26.4 20.4 1.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.5 2.2 1.9 1.7 1.7 2.3 1.8 1.5 Goods.................................... 3.4 3.3 2.2 3.7 3.7 3.7 3.1 4.3 Durable goods.......................... 6.6 7.7 2.9 8.3 10.5 5.8 6.2 7.8 Nondurable goods....................... 1.9 1.4 1.8 1.6 .6 2.7 1.6 2.7 Services................................. 2.1 1.6 1.7 .7 .6 1.5 1.2 .1 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 107.083 106.980 106.685 106.772 107.177 107.273 107.404 107.497 Goods.................................... 107.129 106.526 105.573 105.442 106.205 106.305 106.349 106.321 Durable goods.......................... 95.516 95.328 95.070 94.999 94.980 94.658 94.367 94.350 Nondurable goods....................... 113.006 112.174 110.834 110.670 111.873 112.213 112.449 112.415 Services................................. 107.073 107.227 107.271 107.470 107.691 107.783 107.961 108.116 Addenda: PCE excluding food and energy............ 105.550 105.619 105.575 105.674 105.884 105.965 106.111 106.174 Food\1\.................................. 107.547 107.613 107.730 107.467 107.744 107.859 108.084 107.964 Energy goods and services\2\............. 133.493 129.970 124.254 124.583 128.863 129.255 128.994 130.044 Market-based PCE\3\...................... 107.001 106.879 106.503 106.610 107.050 107.177 107.254 107.342 Market-based PCE excluding food and energy\3\........................... 105.225 105.295 105.194 105.318 105.540 105.656 105.740 105.793 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .4 -.1 -.3 .1 .4 .1 .1 .1 Goods.................................... .8 -.6 -.9 -.1 .7 .1 .0 .0 Durable goods.......................... -.1 -.2 -.3 -.1 .0 -.3 -.3 .0 Nondurable goods....................... 1.2 -.7 -1.2 -.1 1.1 .3 .2 .0 Services................................. .2 .1 .0 .2 .2 .1 .2 .1 Addenda: PCE excluding food and energy............ .1 .1 .0 .1 .2 .1 .1 .1 Food\1\.................................. .2 .1 .1 -.2 .3 .1 .2 -.1 Energy goods and services\2\............. 5.6 -2.6 -4.4 .3 3.4 .3 -.2 .8 Market-based PCE\3\...................... .5 -.1 -.4 .1 .4 .1 .1 .1 Market-based PCE excluding food and energy\3\........................... .1 .1 -.1 .1 .2 .1 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .5 .8 .8 .9 .7 1.0 1.7 2.0 Personal consumption expenditures.......... 1.7 2.0 1.7 1.8 2.0 1.7 2.0 1.7 Goods.................................... 3.2 3.1 3.0 3.6 4.1 3.9 4.0 3.3 Durable goods.......................... 6.6 6.3 7.1 7.7 8.3 8.0 8.9 5.9 Nondurable goods....................... 1.6 1.7 1.1 1.8 2.1 2.0 1.7 2.0 Services................................. .9 1.4 1.1 .9 1.0 .6 1.0 1.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13\r\ Aug 13\r\ Sep 13\p\ ---------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.5 1.2 .9 1.0 1.3 1.3 1.1 .9 Goods.................................... .4 -.5 -1.1 -.7 .0 .3 -.4 -1.0 Durable goods.......................... -1.7 -1.7 -1.8 -1.9 -1.8 -1.8 -2.0 -1.8 Nondurable goods....................... 1.4 .1 -.7 -.2 .9 1.3 .4 -.6 Services................................. 2.1 2.1 1.9 1.9 1.9 1.9 1.9 1.9 Addenda: PCE excluding food and energy............ 1.5 1.4 1.2 1.2 1.2 1.1 1.2 1.2 Food\1\.................................. 1.2 1.1 1.2 1.0 1.0 1.2 1.2 1.2 Energy goods and services\2\............. 2.4 -1.6 -4.1 -.9 3.2 4.8 -.1 -3.3 Market-based PCE\3\...................... 1.5 1.1 .8 1.0 1.2 1.4 1.1 .8 Market-based PCE excluding food and energy\3\........................... 1.4 1.3 1.1 1.1 1.1 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.