EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 31, 2014 BEA 14-53 James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov Jeannine Aversa (202) 606-2649 (News Media) PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2014 Personal income increased $22.7 billion, or 0.2 percent, and disposable personal income (DPI) increased $15.7 billion, or 0.1 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $19.0 billion, or 0.2 percent. In August, personal income increased $50.7 billion, or 0.3 percent, DPI increased $37.5 billion, or 0.3 percent, and PCE increased $58.7 billion, or 0.5 percent, based on revised estimates. Real DPI increased less than 0.1 percent in September, compared with an increase of 0.3 percent in August. Real PCE decreased 0.2 percent, in contrast to an increase of 0.5 percent. 2014 May June July Aug. Sept. (Percent change from preceding month) Personal income, current dollars 0.5 0.5 0.3 0.3 0.2 Disposable personal income: Current dollars 0.5 0.5 0.2 0.3 0.1 Chained (2009) dollars 0.3 0.3 0.1 0.3 0.0 Personal consumption expenditures: Current dollars 0.3 0.5 0.0 0.5 -0.2 Chained (2009) dollars 0.1 0.3 0.0 0.5 -0.2 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 $12.6 billion in September, compared with an increase of $36.3 billion in August. Goods-producing industries' payrolls increased $0.7 billion, compared with an increase of $4.8 billion; manufacturing payrolls decreased $0.3 billion, in contrast to an increase of $2.2 billion. Services-producing industries' payrolls increased $11.9 billion, compared with an increase of $31.4 billion. Government wages and salaries increased $1.4 billion, compared with an increase of $0.9 billion. Other personal income Supplements to wages and salaries increased $3.5 billion in September, compared with an increase of $5.2 billion in August. Proprietors' income decreased $0.8 billion in September, compared with a decrease of $9.9 billion in August. Farm proprietors' income decreased $9.2 billion in September, the same decrease as in August. Nonfarm proprietors' income increased $8.4 billion in September, in contrast to a decrease of $0.7 billion in August. Rental income of persons increased $1.5 billion in September, compared with an increase of $5.2 billion in August. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $1.1 billion, compared with a decrease of $2.5 billion. Personal current transfer receipts increased $7.5 billion, compared with an increase of $20.7 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $1.8 billion in September, compared with an increase of $5.1 billion in August. Personal current taxes and disposable personal income Personal current taxes increased $7.0 billion in September, compared with an increase of $13.2 billion in August. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $15.7 billion, or 0.1 percent, in September, compared with an increase of $37.5 billion, or 0.3 percent, in August. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $14.5 billion in September, in contrast to an increase of $63.4 billion in August. PCE decreased $19.0 billion, in contrast to an increase of $58.7 billion. Personal saving -- DPI less personal outlays -- was $732.2 billion in September, compared with $702.0 billion in August. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.6 percent in September, compared with 5.4 percent in August. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in September, compared with an increase of 0.3 percent in August. Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in September, in contrast to an increase of 0.5 percent in August. Purchases of durable goods decreased 1.9 percent , in contrast to an increase of 2.3 percent. Purchases of motor vehicles and parts accounted for most of the decrease in September, and accounted for most of the increase in August. Purchases of nondurable goods decreased 0.3 percent in September, in contrast to an increase of 0.2 percent in August. Purchases of services increased 0.1 percent, compared with an increase of 0.4 percent. The price index for PCE increased 0.1 percent in September, in contrast to a decrease of 0.1 percent in August. The PCE price index, excluding food and energy, increased 0.1 percent in September, the same increase as in August. The September price index for PCE increased 1.4 percent from September a year ago.  The September PCE price index, excluding food and energy, increased 1.5 percent from September a year ago. Revisions Estimates have been revised for July and August. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar 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 35.9 41.6 0.2 0.3 47.3 50.7 0.3 0.3 Disposable personal income: Current dollars 24.6 29.3 0.2 0.2 35.2 37.5 0.3 0.3 Chained (2009) dollars 12.0 16.9 0.1 0.1 37.9 40.3 0.3 0.3 Personal consumption expenditures: Current dollars 0.5 4.4 0.0 0.0 57.5 58.7 0.5 0.5 Chained (2009) dollars -9.1 -5.1 -0.1 0.0 57.8 59.4 0.5 0.5 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 -- November 26, 2014 at 8:30 A.M. EST for Personal Income and Outlays for October Release Dates for 2015 December 2014....February 2 April 2015..June 1 August 2015.....September 28 January 2015.....March 2 May 2015....June 25 September 2015..October 30 February 2015....March 30 June 2015...August 3 October 2015....November 25 March 2015.......April 30 July 2015...August 28 November 2015...December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,482.9 14,572.6 14,637.9 14,707.7 14,777.6 14,819.2 14,869.9 14,892.6 Compensation of employees................ 9,095.2 9,161.2 9,182.6 9,214.1 9,244.4 9,269.4 9,311.8 9,329.3 Wages and salaries..................... 7,338.8 7,398.1 7,415.4 7,442.8 7,468.6 7,489.7 7,527.0 7,540.9 Private industries................... 6,123.9 6,181.9 6,197.1 6,222.9 6,247.8 6,267.7 6,304.0 6,316.6 Goods-producing industries......... 1,237.5 1,251.2 1,249.1 1,257.7 1,265.7 1,265.2 1,270.0 1,270.7 Manufacturing.................... 767.5 779.6 775.9 782.2 786.9 784.9 787.1 786.8 Services-producing industries...... 4,886.4 4,930.7 4,948.0 4,965.1 4,982.0 5,002.6 5,034.0 5,045.9 Trade, transportation, and utilities....................... 1,151.4 1,166.0 1,174.2 1,175.7 1,176.4 1,178.0 1,183.9 1,184.1 Other services-producing industries...................... 3,735.0 3,764.7 3,773.9 3,789.4 3,805.7 3,824.5 3,850.1 3,861.8 Government........................... 1,215.0 1,216.1 1,218.3 1,220.0 1,220.8 1,222.0 1,222.9 1,224.3 Supplements to wages and salaries...... 1,756.4 1,763.1 1,767.2 1,771.3 1,775.8 1,779.7 1,784.9 1,788.4 Employer contributions for employee pension and insurance funds\1\...... 1,213.7 1,216.4 1,219.5 1,221.9 1,224.7 1,227.4 1,230.1 1,232.9 Employer contributions for government social insurance.................... 542.7 546.7 547.7 549.4 551.1 552.3 554.8 555.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,351.6 1,353.3 1,369.9 1,378.9 1,394.0 1,395.1 1,385.2 1,384.4 Farm................................... 58.1 56.3 64.8 73.4 81.9 72.7 63.5 54.3 Nonfarm................................ 1,293.5 1,297.0 1,305.0 1,305.5 1,312.2 1,322.4 1,321.7 1,330.1 Rental income of persons with capital consumption adjustment.................. 622.3 628.5 632.1 635.4 638.7 643.6 648.8 650.3 Personal income receipts on assets....... 2,089.0 2,098.1 2,115.6 2,126.0 2,139.5 2,137.9 2,135.4 2,134.3 Personal interest income............... 1,262.4 1,260.2 1,265.1 1,270.0 1,274.9 1,269.9 1,264.8 1,259.7 Personal dividend income............... 826.6 838.0 850.5 855.9 864.6 868.1 870.6 874.6 Personal current transfer receipts....... 2,471.3 2,486.3 2,495.1 2,514.4 2,525.9 2,540.8 2,561.5 2,569.0 Government social benefits to persons.. 2,428.3 2,443.0 2,451.5 2,470.7 2,481.9 2,496.5 2,516.9 2,524.2 Social security\2\................... 822.0 830.2 831.4 832.7 835.0 833.8 838.2 839.3 Medicare\3\.......................... 583.2 583.3 585.3 585.9 587.5 588.4 590.9 593.2 Medicaid............................. 468.7 473.6 475.2 483.2 489.0 503.3 516.5 520.6 Unemployment insurance............... 40.6 39.5 37.8 37.2 36.8 35.6 35.6 34.1 Veterans' benefits................... 85.5 83.3 83.6 83.2 83.3 85.4 84.5 84.1 Other................................ 428.2 433.1 438.3 448.5 450.3 450.0 451.3 452.9 Other current transfer receipts, from business (net)........................ 43.1 43.3 43.5 43.8 44.0 44.3 44.5 44.8 Less: Contributions for government social insurance, domestic..................... 1,146.5 1,154.8 1,157.3 1,161.2 1,164.9 1,167.7 1,172.8 1,174.6 Less: Personal current taxes............... 1,711.6 1,723.6 1,720.9 1,722.1 1,726.0 1,738.3 1,751.5 1,758.5 Equals: Disposable personal income......... 12,771.3 12,849.0 12,917.0 12,985.5 13,051.6 13,080.9 13,118.4 13,134.1 Less: Personal outlays..................... 12,132.8 12,226.6 12,243.3 12,283.2 12,342.2 12,353.0 12,416.4 12,401.9 Personal consumption expenditures........ 11,714.4 11,807.1 11,825.2 11,864.3 11,922.6 11,927.0 11,985.7 11,966.7 Goods.................................. 3,888.7 3,932.0 3,942.2 3,956.4 3,994.9 3,997.0 4,014.4 3,979.8 Durable goods........................ 1,253.9 1,295.3 1,287.5 1,300.4 1,307.4 1,305.3 1,332.9 1,306.5 Nondurable goods..................... 2,634.8 2,636.8 2,654.8 2,656.0 2,687.6 2,691.7 2,681.4 2,673.3 Services............................... 7,825.7 7,875.1 7,883.0 7,907.9 7,927.7 7,930.0 7,971.4 7,986.8 Personal interest payments\4\............ 249.8 250.5 250.9 251.3 251.8 256.1 260.4 264.7 Personal current transfer payments....... 168.6 169.0 167.2 167.5 167.9 169.9 170.2 170.5 To government.......................... 93.3 93.6 93.9 94.3 94.6 94.9 95.3 95.6 To the rest of the world (net)......... 75.4 75.4 73.3 73.3 73.3 74.9 74.9 74.9 Equals: Personal saving.................... 638.6 622.4 673.6 702.3 709.4 728.0 702.0 732.2 Personal saving as a percentage of disposable personal income.............. 5.0 4.8 5.2 5.4 5.4 5.6 5.4 5.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 11,108.9 11,161.2 11,189.4 11,208.3 11,236.8 11,252.0 11,285.1 11,290.6 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,811.5 11,865.4 11,902.8 11,936.6 11,970.5 11,987.4 12,027.7 12,033.1 Per capita: Current dollars...................... 40,182 40,405 40,597 40,789 40,972 41,037 41,127 41,147 Chained (2009) dollars............... 37,162 37,312 37,409 37,494 37,578 37,606 37,707 37,698 Population (midperiod, thousands)\6\..... 317,840 318,006 318,178 318,357 318,552 318,759 318,976 319,196 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 II 13 III 13 IV 13 I 14 II 14 III 14 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,887.7 14,166.9 14,131.3 14,247.4 14,311.7 14,484.7 14,707.7 14,860.6 Compensation of employees................ 8,606.5 8,844.8 8,826.3 8,871.6 8,946.8 9,096.2 9,213.7 9,303.5 Wages and salaries..................... 6,932.1 7,124.7 7,110.9 7,145.3 7,208.5 7,339.8 7,442.3 7,519.2 Private industries................... 5,733.8 5,916.6 5,901.4 5,939.7 5,998.5 6,125.3 6,222.6 6,296.1 Goods-producing industries......... 1,157.1 1,195.3 1,193.0 1,196.8 1,210.6 1,238.0 1,257.5 1,268.6 Manufacturing.................... 734.4 747.6 746.0 747.2 754.1 769.5 781.7 786.2 Services-producing industries...... 4,576.7 4,721.3 4,708.4 4,742.9 4,787.9 4,887.3 4,965.1 5,027.5 Trade, transportation, and utilities....................... 1,094.0 1,121.3 1,117.2 1,122.7 1,134.9 1,154.9 1,175.4 1,182.0 Other services-producing industries...................... 3,482.7 3,600.0 3,591.2 3,620.2 3,653.0 3,732.4 3,789.7 3,845.5 Government........................... 1,198.3 1,208.1 1,209.6 1,205.6 1,210.0 1,214.5 1,219.7 1,223.1 Supplements to wages and salaries...... 1,674.4 1,720.1 1,715.4 1,726.2 1,738.3 1,756.4 1,771.4 1,784.3 Employer contributions for employee pension and insurance funds\1\...... 1,160.5 1,193.9 1,190.0 1,198.8 1,206.8 1,213.6 1,222.0 1,230.1 Employer contributions for government social insurance.................... 513.9 526.1 525.4 527.5 531.5 542.8 549.4 554.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,260.2 1,336.6 1,330.0 1,345.9 1,342.7 1,351.0 1,381.0 1,388.2 Farm................................... 72.3 83.2 83.6 86.8 70.1 58.1 73.4 63.5 Nonfarm................................ 1,187.9 1,253.5 1,246.5 1,259.2 1,272.6 1,292.9 1,307.6 1,324.8 Rental income of persons with capital consumption adjustment.................. 533.0 595.8 590.8 604.2 613.3 622.9 635.4 647.6 Personal income receipts on assets....... 2,088.6 2,079.7 2,081.9 2,106.9 2,094.2 2,090.4 2,127.0 2,135.9 Personal interest income............... 1,255.9 1,255.2 1,253.5 1,258.5 1,263.2 1,262.4 1,270.0 1,264.8 Personal dividend income............... 832.7 824.5 828.4 848.4 831.0 828.0 857.0 871.1 Personal current transfer receipts....... 2,350.7 2,414.5 2,404.5 2,426.6 2,432.3 2,470.9 2,511.8 2,557.1 Government social benefits to persons.. 2,307.6 2,372.2 2,362.2 2,384.0 2,389.7 2,427.8 2,468.0 2,512.5 Social security\2\................... 762.1 799.0 795.0 802.5 808.9 824.5 833.0 837.1 Medicare\3\.......................... 555.2 572.4 567.7 573.0 577.3 582.6 586.2 590.8 Medicaid............................. 417.2 441.1 437.4 450.0 448.7 467.6 482.5 513.5 Unemployment insurance............... 83.6 62.2 64.5 59.3 56.1 41.4 37.2 35.1 Veterans' benefits................... 70.1 79.0 78.6 80.1 81.6 83.4 83.4 84.7 Other................................ 419.3 418.5 419.0 419.1 417.1 428.4 445.7 451.4 Other current transfer receipts, from business (net)........................ 43.1 42.3 42.3 42.5 42.6 43.1 43.8 44.5 Less: Contributions for government social insurance, domestic..................... 951.2 1,104.5 1,102.1 1,107.8 1,117.5 1,146.6 1,161.1 1,171.7 Less: Personal current taxes............... 1,503.7 1,661.8 1,660.6 1,661.5 1,688.1 1,711.8 1,723.0 1,749.4 Equals: Disposable personal income......... 12,384.0 12,505.1 12,470.7 12,585.8 12,623.7 12,772.9 12,984.7 13,111.1 Less: Personal outlays..................... 11,487.9 11,897.1 11,823.9 11,933.1 12,070.8 12,146.9 12,289.6 12,390.4 Personal consumption expenditures........ 11,083.1 11,484.3 11,414.3 11,518.7 11,653.3 11,728.5 11,870.7 11,959.8 Goods.................................. 3,741.9 3,851.2 3,821.0 3,865.3 3,886.1 3,890.6 3,964.5 3,997.1 Durable goods........................ 1,192.1 1,249.3 1,245.4 1,252.4 1,261.5 1,262.3 1,298.4 1,314.9 Nondurable goods..................... 2,549.8 2,601.9 2,575.6 2,612.9 2,624.6 2,628.4 2,666.1 2,682.1 Services............................... 7,341.3 7,633.2 7,593.2 7,653.4 7,767.2 7,837.8 7,906.2 7,962.7 Personal interest payments\4\............ 241.6 247.1 243.4 250.8 250.8 249.8 251.3 260.4 Personal current transfer payments....... 163.1 165.6 166.2 163.6 166.7 168.6 167.5 170.2 To government.......................... 90.0 91.4 91.0 91.5 92.2 93.3 94.3 95.3 To the rest of the world (net)......... 73.1 74.3 75.3 72.2 74.5 75.4 73.3 74.9 Equals: Personal saving.................... 896.2 608.1 646.9 652.8 552.9 626.1 695.1 720.7 Personal saving as a percentage of disposable personal income.............. 7.2 4.9 5.2 5.2 4.4 4.9 5.4 5.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,877.6 10,949.5 10,952.3 10,994.3 11,021.2 11,108.2 11,211.5 11,275.9 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,676.2 11,650.8 11,647.0 11,705.9 11,711.7 11,810.1 11,936.7 12,016.1 Per capita: Current dollars...................... 39,409 39,515 39,447 39,734 39,779 40,186 40,786 41,104 Chained (2009) dollars............... 37,156 36,815 36,841 36,956 36,905 37,157 37,494 37,671 Population (midperiod, thousands)\6\..... 314,246 316,465 316,140 316,754 317,347 317,842 318,362 318,977 ----------------------------------------------------------------------------------------------------------------------------------- 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 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 84.2 89.7 65.3 69.8 69.9 41.6 50.7 22.7 Compensation of employees................ 63.0 66.0 21.4 31.5 30.3 25.0 42.4 17.5 Wages and salaries..................... 56.4 59.3 17.3 27.4 25.8 21.1 37.3 13.9 Private industries................... 53.9 58.0 15.2 25.8 24.9 19.9 36.3 12.6 Goods-producing industries......... 12.1 13.7 -2.1 8.6 8.0 -.5 4.8 .7 Manufacturing.................... 6.1 12.1 -3.7 6.3 4.7 -2.0 2.2 -.3 Services-producing industries...... 41.7 44.3 17.3 17.1 16.9 20.6 31.4 11.9 Trade, transportation, and utilities....................... 4.2 14.6 8.2 1.5 .7 1.6 5.9 .2 Other services-producing industries...................... 37.5 29.7 9.2 15.5 16.3 18.8 25.6 11.7 Government........................... 2.6 1.1 2.2 1.7 .8 1.2 .9 1.4 Supplements to wages and salaries...... 6.7 6.7 4.1 4.1 4.5 3.9 5.2 3.5 Employer contributions for employee pension and insurance funds\1\...... 2.8 2.7 3.1 2.4 2.8 2.7 2.7 2.8 Employer contributions for government social insurance.................... 3.8 4.0 1.0 1.7 1.7 1.2 2.5 .7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 3.6 1.7 16.6 9.0 15.1 1.1 -9.9 -.8 Farm................................... -1.8 -1.8 8.5 8.6 8.5 -9.2 -9.2 -9.2 Nonfarm................................ 5.4 3.5 8.0 .5 6.7 10.2 -.7 8.4 Rental income of persons with capital consumption adjustment.................. 4.3 6.2 3.6 3.3 3.3 4.9 5.2 1.5 Personal income receipts on assets....... 5.0 9.1 17.5 10.4 13.5 -1.6 -2.5 -1.1 Personal interest income............... -2.3 -2.2 4.9 4.9 4.9 -5.0 -5.1 -5.1 Personal dividend income............... 7.2 11.4 12.5 5.4 8.7 3.5 2.5 4.0 Personal current transfer receipts....... 16.2 15.0 8.8 19.3 11.5 14.9 20.7 7.5 Government social benefits to persons.. 16.0 14.7 8.5 19.2 11.2 14.6 20.4 7.3 Social security\2\................... .9 8.2 1.2 1.3 2.3 -1.2 4.4 1.1 Medicare\3\.......................... 1.8 .1 2.0 .6 1.6 .9 2.5 2.3 Medicaid............................. 8.2 4.9 1.6 8.0 5.8 14.3 13.2 4.1 Unemployment insurance............... -3.4 -1.1 -1.7 -.6 -.4 -1.2 .0 -1.5 Veterans' benefits................... 4.2 -2.2 .3 -.4 .1 2.1 -.9 -.4 Other................................ 4.2 4.9 5.2 10.2 1.8 -.3 1.3 1.6 Other current transfer receipts, from business (net)........................ .3 .2 .2 .3 .2 .3 .2 .3 Less: Contributions for government social insurance, domestic..................... 7.9 8.3 2.5 3.9 3.7 2.8 5.1 1.8 Less: Personal current taxes............... 11.4 12.0 -2.7 1.2 3.9 12.3 13.2 7.0 Equals: Disposable personal income......... 72.8 77.7 68.0 68.5 66.1 29.3 37.5 15.7 Less: Personal outlays..................... 51.6 93.8 16.7 39.9 59.0 10.8 63.4 -14.5 Personal consumption expenditures........ 50.5 92.7 18.1 39.1 58.3 4.4 58.7 -19.0 Goods.................................. 37.6 43.3 10.2 14.2 38.5 2.1 17.4 -34.6 Durable goods........................ 16.3 41.4 -7.8 12.9 7.0 -2.1 27.6 -26.4 Nondurable goods..................... 21.3 2.0 18.0 1.2 31.6 4.1 -10.3 -8.1 Services............................... 12.9 49.4 7.9 24.9 19.8 2.3 41.4 15.4 Personal interest payments\4\............ .8 .7 .4 .4 .5 4.3 4.3 4.3 Personal current transfer payments....... .3 .4 -1.8 .3 .4 2.0 .3 .3 To government.......................... .4 .3 .3 .4 .3 .3 .4 .3 To the rest of the world (net)......... .0 .0 -2.1 .0 .0 1.6 .0 .0 Equals: Personal saving.................... 21.3 -16.2 51.2 28.7 7.1 18.6 -26.0 30.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 54.5 52.3 28.2 18.9 28.5 15.2 33.1 5.5 Disposable personal income, billions of chained (2009) dollars\5\............ 58.3 53.9 37.4 33.8 33.9 16.9 40.3 5.4 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 II 13 III 13 IV 13 I 14 II 14 III 14 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 685.7 279.2 154.1 116.1 64.3 173.0 223.0 152.9 Compensation of employees................ 337.5 238.3 91.9 45.3 75.2 149.4 117.5 89.8 Wages and salaries..................... 298.9 192.6 76.8 34.4 63.2 131.3 102.5 76.9 Private industries................... 295.4 182.8 74.6 38.3 58.8 126.8 97.3 73.5 Goods-producing industries......... 56.3 38.2 12.2 3.8 13.8 27.4 19.5 11.1 Manufacturing.................... 27.7 13.2 3.0 1.2 6.9 15.4 12.2 4.5 Services-producing industries...... 239.1 144.6 62.4 34.5 45.0 99.4 77.8 62.4 Trade, transportation, and utilities....................... 49.5 27.3 6.6 5.5 12.2 20.0 20.5 6.6 Other services-producing industries...................... 189.6 117.3 55.8 29.0 32.8 79.4 57.3 55.8 Government........................... 3.5 9.8 2.3 -4.0 4.4 4.5 5.2 3.4 Supplements to wages and salaries...... 38.5 45.7 15.1 10.8 12.1 18.1 15.0 12.9 Employer contributions for employee pension and insurance funds\1\...... 18.5 33.4 9.9 8.8 8.0 6.8 8.4 8.1 Employer contributions for government social insurance.................... 20.0 12.2 5.2 2.1 4.0 11.3 6.6 4.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 116.5 76.4 2.2 15.9 -3.2 8.3 30.0 7.2 Farm................................... -3.2 10.9 -8.6 3.2 -16.7 -12.0 15.3 -9.9 Nonfarm................................ 119.8 65.6 10.9 12.7 13.4 20.3 14.7 17.2 Rental income of persons with capital consumption adjustment.................. 47.7 62.8 15.8 13.4 9.1 9.6 12.5 12.2 Personal income receipts on assets....... 174.7 -8.9 46.0 25.0 -12.7 -3.8 36.6 8.9 Personal interest income............... 24.3 -.7 8.0 5.0 4.7 -.8 7.6 -5.2 Personal dividend income............... 150.5 -8.2 38.0 20.0 -17.4 -3.0 29.0 14.1 Personal current transfer receipts....... 42.8 63.8 9.7 22.1 5.7 38.6 40.9 45.3 Government social benefits to persons.. 49.9 64.6 9.3 21.8 5.7 38.1 40.2 44.5 Social security\2\................... 48.8 36.9 5.2 7.5 6.4 15.6 8.5 4.1 Medicare\3\.......................... 19.2 17.2 -3.7 5.3 4.3 5.3 3.6 4.6 Medicaid............................. 11.5 23.9 9.2 12.6 -1.3 18.9 14.9 31.0 Unemployment insurance............... -23.6 -21.4 -4.4 -5.2 -3.2 -14.7 -4.2 -2.1 Veterans' benefits................... 6.8 8.9 2.7 1.5 1.5 1.8 .0 1.3 Other................................ -13.0 -.8 .3 .1 -2.0 11.3 17.3 5.7 Other current transfer receipts, from business (net)........................ -7.1 -.8 .4 .2 .1 .5 .7 .7 Less: Contributions for government social insurance, domestic..................... 33.4 153.3 11.4 5.7 9.7 29.1 14.5 10.6 Less: Personal current taxes............... 103.1 158.1 23.8 .9 26.6 23.7 11.2 26.4 Equals: Disposable personal income......... 582.6 121.1 130.3 115.1 37.9 149.2 211.8 126.4 Less: Personal outlays..................... 397.7 409.2 63.3 109.2 137.7 76.1 142.7 100.8 Personal consumption expenditures........ 393.8 401.2 63.2 104.4 134.6 75.2 142.2 89.1 Goods.................................. 145.4 109.3 -11.2 44.3 20.8 4.5 73.9 32.6 Durable goods........................ 66.8 57.2 7.6 7.0 9.1 .8 36.1 16.5 Nondurable goods..................... 78.7 52.1 -18.8 37.3 11.7 3.8 37.7 16.0 Services............................... 248.5 291.9 74.3 60.2 113.8 70.6 68.4 56.5 Personal interest payments\4\............ .2 5.5 -.1 7.4 .0 -1.0 1.5 9.1 Personal current transfer payments....... 3.6 2.5 .2 -2.6 3.1 1.9 -1.1 2.7 To government.......................... 4.5 1.4 .2 .5 .7 1.1 1.0 1.0 To the rest of the world (net)......... -1.0 1.2 .1 -3.1 2.3 .9 -2.1 1.6 Equals: Personal saving.................... 185.1 -288.1 67.1 5.9 -99.9 73.2 69.0 25.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 417.5 71.9 122.5 42.0 26.9 87.0 103.3 64.4 Disposable personal income, billions of chained (2009) dollars\5\............ 345.0 -25.4 108.4 58.9 5.8 98.4 126.6 79.4 ----------------------------------------------------------------------------------------------------------------------------------- 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .6 .6 .4 .5 .5 .3 .3 .2 Compensation of employees................ .7 .7 .2 .3 .3 .3 .5 .2 Wages and salaries..................... .8 .8 .2 .4 .3 .3 .5 .2 Supplements to wages and salaries...... .4 .4 .2 .2 .3 .2 .3 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .3 .1 1.2 .7 1.1 .1 -.7 -.1 Rental income of persons with capital consumption adjustment.................. .7 1.0 .6 .5 .5 .8 .8 .2 Personal income receipts on assets....... .2 .4 .8 .5 .6 -.1 -.1 -.1 Personal interest income............... -.2 -.2 .4 .4 .4 -.4 -.4 -.4 Personal dividend income............... .9 1.4 1.5 .6 1.0 .4 .3 .5 Personal current transfer receipts....... .7 .6 .4 .8 .5 .6 .8 .3 Less: Contributions for government social insurance, domestic..................... .7 .7 .2 .3 .3 .2 .4 .2 Less: Personal current taxes............... .7 .7 -.2 .1 .2 .7 .8 .4 Equals: Disposable personal income......... .6 .6 .5 .5 .5 .2 .3 .1 Addenda: Personal consumption expenditures........ .4 .8 .2 .3 .5 .0 .5 -.2 Goods.................................. 1.0 1.1 .3 .4 1.0 .1 .4 -.9 Durable goods........................ 1.3 3.3 -.6 1.0 .5 -.2 2.1 -2.0 Nondurable goods..................... .8 .1 .7 .0 1.2 .2 -.4 -.3 Services............................... .2 .6 .1 .3 .2 .0 .5 .2 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .5 .5 .3 .2 .3 .1 .3 .0 Real disposable personal income.......... .5 .5 .3 .3 .3 .1 .3 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 II 13 III 13 IV 13 I 14 II 14 III 14 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 5.2 2.0 4.5 3.3 1.8 4.9 6.3 4.2 Compensation of employees................ 4.1 2.8 4.3 2.1 3.4 6.8 5.3 4.0 Wages and salaries..................... 4.5 2.8 4.4 1.9 3.6 7.5 5.7 4.2 Supplements to wages and salaries...... 2.4 2.7 3.6 2.6 2.8 4.2 3.5 2.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.2 6.1 .7 4.9 -1.0 2.5 9.2 2.1 Rental income of persons with capital consumption adjustment.................. 9.8 11.8 11.5 9.4 6.1 6.4 8.2 7.9 Personal income receipts on assets....... 9.1 -.4 9.3 4.9 -2.4 -.7 7.2 1.7 Personal interest income............... 2.0 -.1 2.6 1.6 1.5 -.2 2.4 -1.6 Personal dividend income............... 22.0 -1.0 20.7 10.0 -7.9 -1.5 14.8 6.7 Personal current transfer receipts....... 1.9 2.7 1.6 3.7 .9 6.5 6.8 7.4 Less: Contributions for government social insurance, domestic..................... 3.6 16.1 4.3 2.1 3.5 10.8 5.1 3.7 Less: Personal current taxes............... 7.4 10.5 5.9 .2 6.6 5.7 2.7 6.3 Equals: Disposable personal income......... 4.9 1.0 4.3 3.7 1.2 4.8 6.8 4.0 Addenda: Personal consumption expenditures........ 3.7 3.6 2.2 3.7 4.8 2.6 4.9 3.0 Goods.................................. 4.0 2.9 -1.2 4.7 2.2 .5 7.8 3.3 Durable goods........................ 5.9 4.8 2.5 2.3 3.0 .2 12.0 5.2 Nondurable goods..................... 3.2 2.0 -2.9 5.9 1.8 .6 5.9 2.4 Services............................... 3.5 4.0 4.0 3.2 6.1 3.7 3.5 2.9 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 4.0 .7 4.6 1.5 1.0 3.2 3.8 2.3 Real disposable personal income.......... 3.0 -.2 3.8 2.0 .2 3.4 4.4 2.7 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,834.0 10,903.3 10,896.7 10,906.0 10,935.0 10,929.9 10,989.3 10,963.5 Goods.................................... 3,675.3 3,722.6 3,721.2 3,726.9 3,746.7 3,748.7 3,781.3 3,750.4 Durable goods.......................... 1,345.4 1,394.2 1,385.2 1,403.6 1,412.3 1,412.6 1,445.0 1,417.3 Nondurable goods....................... 2,347.0 2,351.2 2,357.3 2,347.5 2,359.0 2,360.6 2,364.9 2,358.4 Services................................. 7,158.0 7,180.8 7,175.7 7,179.4 7,189.0 7,182.1 7,209.2 7,213.5 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 38.4 69.3 -6.6 9.3 29.0 -5.1 59.4 -25.8 Goods.................................... 38.3 47.3 -1.4 5.7 19.8 2.0 32.6 -30.9 Durable goods.......................... 20.0 48.8 -9.0 18.4 8.7 .3 32.4 -27.7 Nondurable goods....................... 19.4 4.2 6.1 -9.8 11.5 1.6 4.3 -6.5 Services................................. .8 22.8 -5.1 3.7 9.6 -6.9 27.1 4.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .4 .6 -.1 .1 .3 .0 .5 -.2 Goods.................................... 1.1 1.3 .0 .2 .5 .1 .9 -.8 Durable goods.......................... 1.5 3.6 -.6 1.3 .6 .0 2.3 -1.9 Nondurable goods....................... .8 .2 .3 -.4 .5 .1 .2 -.3 Services................................. .0 .3 -.1 .1 .1 -.1 .4 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 II 13 III 13 IV 13 I 14 II 14 III 14 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,449.7 10,699.7 10,660.4 10,713.3 10,811.4 10,844.3 10,912.6 10,960.9 Goods.................................... 3,506.5 3,626.0 3,605.2 3,636.1 3,669.0 3,678.3 3,731.6 3,760.1 Durable goods.......................... 1,235.7 1,319.0 1,310.0 1,325.9 1,344.5 1,355.0 1,400.4 1,424.9 Nondurable goods....................... 2,280.1 2,322.6 2,310.5 2,326.4 2,341.8 2,341.9 2,354.6 2,361.3 Services................................. 6,942.4 7,073.1 7,054.5 7,076.6 7,141.9 7,165.4 7,181.4 7,201.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 186.2 250.0 46.7 52.9 98.1 32.9 68.3 48.3 Goods.................................... 94.7 119.5 11.5 30.9 32.9 9.3 53.3 28.5 Durable goods.......................... 84.2 83.3 14.3 15.9 18.6 10.5 45.4 24.5 Nondurable goods....................... 16.9 42.5 -1.2 15.9 15.4 .1 12.7 6.7 Services................................. 91.0 130.7 35.2 22.1 65.3 23.5 16.0 20.2 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.8 2.4 1.8 2.0 3.7 1.2 2.5 1.8 Goods.................................... 2.8 3.4 1.3 3.5 3.7 1.0 5.9 3.1 Durable goods.......................... 7.3 6.7 4.5 4.9 5.7 3.2 14.1 7.2 Nondurable goods....................... .7 1.9 -.2 2.8 2.7 .0 2.2 1.1 Services................................. 1.3 1.9 2.0 1.3 3.7 1.3 .9 1.1 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 108.129 108.292 108.523 108.790 109.034 109.125 109.070 109.152 Goods.................................... 105.803 105.622 105.937 106.158 106.624 106.623 106.160 106.115 Durable goods.......................... 93.182 92.893 92.933 92.638 92.562 92.396 92.240 92.176 Nondurable goods....................... 112.263 112.147 112.619 113.141 113.927 114.027 113.385 113.352 Services................................. 109.332 109.672 109.861 110.151 110.280 110.418 110.576 110.725 Addenda: PCE excluding food and energy............ 106.906 107.057 107.263 107.457 107.621 107.724 107.805 107.934 Food\1\.................................. 108.242 108.733 109.061 109.706 109.728 110.016 110.397 110.574 Energy goods and services\2\............. 129.178 129.040 129.570 130.632 132.811 132.369 128.843 127.842 Market-based PCE\3\...................... 107.716 107.893 108.098 108.348 108.613 108.719 108.614 108.677 Market-based PCE excluding food and energy\3\........................... 106.243 106.408 106.580 106.742 106.920 107.043 107.085 107.199 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .2 .2 .2 .2 .1 -.1 .1 Goods.................................... -.1 -.2 .3 .2 .4 .0 -.4 .0 Durable goods.......................... -.2 -.3 .0 -.3 -.1 -.2 -.2 -.1 Nondurable goods....................... .0 -.1 .4 .5 .7 .1 -.6 .0 Services................................. .2 .3 .2 .3 .1 .1 .1 .1 Addenda: PCE excluding food and energy............ .1 .1 .2 .2 .2 .1 .1 .1 Food\1\.................................. .3 .5 .3 .6 .0 .3 .3 .2 Energy goods and services\2\............. -.5 -.1 .4 .8 1.7 -.3 -2.7 -.8 Market-based PCE\3\...................... .1 .2 .2 .2 .2 .1 -.1 .1 Market-based PCE excluding food and energy\3\........................... .1 .2 .2 .2 .2 .1 .0 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.3 2.4 2.5 2.4 2.5 2.8 2.7 2.5 Personal consumption expenditures.......... 2.0 2.5 2.4 2.3 2.4 2.2 2.6 2.1 Goods.................................... 2.1 3.8 3.8 3.2 3.5 3.3 4.1 2.8 Durable goods.......................... 3.6 8.2 6.5 7.2 7.0 7.0 8.3 7.1 Nondurable goods....................... 1.4 1.8 2.4 1.4 1.9 1.5 2.1 .8 Services................................. 2.0 1.9 1.7 1.9 1.8 1.7 1.9 1.7 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14\r\ Aug 14\r\ Sep 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.0 1.2 1.5 1.7 1.6 1.6 1.4 1.4 Goods.................................... -1.2 -.8 .1 .3 .3 .2 -.2 -.1 Durable goods.......................... -2.5 -2.6 -2.3 -2.5 -2.6 -2.4 -2.2 -2.3 Nondurable goods....................... -.6 .1 1.2 1.7 1.7 1.6 .9 1.0 Services................................. 2.1 2.2 2.3 2.3 2.3 2.2 2.3 2.2 Addenda: PCE excluding food and energy............ 1.2 1.3 1.4 1.5 1.5 1.5 1.5 1.5 Food\1\.................................. .7 1.0 1.2 2.0 1.8 2.0 2.2 2.5 Energy goods and services\2\............. -2.8 .4 3.3 3.3 3.1 2.5 .1 -.9 Market-based PCE\3\...................... .7 1.0 1.4 1.5 1.5 1.5 1.3 1.3 Market-based PCE excluding food and energy\3\........................... 1.0 1.1 1.3 1.4 1.3 1.3 1.3 1.3 ----------------------------------------------------------------------------------------------------------------------------------- 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.