EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, FEBRUARY 2, 2015 BEA 15-05 Technical: James Rankin (202)606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov Media: Jeannine Aversa (202)606-2649 PERSONAL INCOME AND OUTLAYS: DECEMBER 2014 Personal income increased $41.3 billion, or 0.3 percent, and disposable personal income (DPI) increased $35.8 billion, or 0.3 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $40.0 billion, or 0.3 percent. In November, personal income increased $47.2 billion, or 0.3 percent, DPI increased $34.2 billion, or 0.3 percent, and PCE increased $58.8 billion, or 0.5 percent, based on revised estimates. Real DPI increased 0.5 percent in December, compared with an increase of 0.4 percent in November. Real PCE decreased 0.1 percent, in contrast to an increase of 0.7 percent. The price index for PCE decreased 0.2 percent in December, the same decrease as in November. 2014 Aug. Sept. Oct. Nov. Dec. (Percent change from preceding month) Personal income, current dollars 0.3 0.2 0.4 0.3 0.3 Disposable personal income: Current dollars 0.3 0.1 0.4 0.3 0.3 Chained (2009) dollars 0.3 0.1 0.3 0.4 0.5 Personal consumption expenditures: Current dollars 0.6 0.2 0.3 0.5 -0.3 Chained (2009) dollars 0.7 0.2 0.3 0.7 -0.1 FOOTNOTE._________ Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. Real estimates are in chained (2009) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. __________________ Compensation Wages and salaries increased $6.9 billion in December, compared with an increase of $42.2 billion in November. Private wages and salaries increased $4.9 billion, compared with an increase of $40.6 billion. Government wages and salaries increased $1.9 billion, compared with an increase of $1.7 billion. Supplements to wages and salaries increased $3.3 billion in December, compared with an increase of $5.6 billion in November. Other personal income Proprietors' income increased $12.8 billion in December, in contrast to a decrease of $3.3 billion in November. Farm proprietors' income increased $4.4 billion, the same as in November. Nonfarm proprietors' income increased $8.4 billion in December, in contrast to a decrease of $7.7 billion in November. Rental income of persons increased $5.0 billion in December, compared with an increase of $2.5 billion in November. Personal income receipts on assets (personal interest income plus personal dividend income) increased $1.3 billion, compared with an increase of $3.1 billion. Personal current transfer receipts increased $12.7 billion in December, compared with an increase of $2.4 billion in November. Within personal current transfer receipts in December, government social benefit payments to persons included retroactive social security benefit payments of $7.8 billion (at an annual rate), resulting from a recalculation of the earnings base underlying the benefits of recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $0.6 billion in December, compared with an increase of $5.5 billion in November. Personal current taxes and disposable personal income Personal current taxes increased $5.4 billion in December, compared with an increase of $13.1 billion in November. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $35.8 billion, or 0.3 percent, in December, compared with an increase of $34.2 billion, or 0.3 percent, in November. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $39.2 billion in December, in contrast to an increase of $59.7 billion in November. PCE decreased $40.0 billion, in contrast to an increase of $58.8 billion. Personal saving -- DPI less personal outlays -- was $643.2 billion in December, compared with $568.2 billion in November. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.9 percent in December, compared with 4.3 percent in November. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in December, compared with an increase of 0.4 percent in November. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in December, in contrast to an increase of 0.7 percent in November. Purchases of durable goods decreased 0.7 percent, in contrast to an increase of 2.5 percent. Purchases of motor vehicles and parts accounted for most of the decrease in December and most of the increase in November. Purchases of nondurable goods decreased 0.1 percent in December, in contrast to an increase of 0.7 percent in November. Purchases of services increased less than 0.1 percent, compared with an increase of 0.3 percent. The price index for PCE decreased 0.2 percent in December, the same decrease as in November. The PCE price index, excluding food and energy, increased less than 0.1percent in December; the price index increased less than 0.1 percent in November. The December price index for PCE increased 0.7 percent from December a year ago.  The December PCE price index, excluding food and energy, increased 1.3 percent from December a year ago. 2014 Personal Income and Outlays Personal income increased 3.9 percent in 2014 (that is, from the 2013 annual level to the 2014 annual level), compared with an increase of 2.0 percent in 2013. DPI increased 3.8 percent, compared with an increase of 1.0 percent. PCE increased 3.9 percent, compared with an increase of 3.6 percent. Real DPI increased 2.4 percent in 2014, in contrast to a decrease of 0.2 percent in 2013. Real PCE increased 2.5 percent, compared with an increase of 2.4 percent. Revisions Estimates have been revised for October and November. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for October and November -- revised and as published in last month's release -- are shown below. Change from preceding month October November Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars 49.8 57.9 0.3 0.4 54.4 47.2 0.4 0.3 Disposable personal income: Current dollars 39.7 46.6 0.3 0.4 42.4 34.2 0.3 0.3 Chained (2009) dollars 30.5 39.3 0.3 0.3 59.6 51.2 0.5 0.4 Personal consumption expenditures: Current dollars 31.3 41.8 0.3 0.3 67.9 58.8 0.6 0.5 Chained (2009) dollars 23.3 35.1 0.2 0.3 81.2 72.3 0.7 0.7 BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API. (www.bea.gov/API/signup/index.cfm). BEA's news release schedule is available at www.bea.gov/newsreleases/2015rd.htm. * * * Next release – March 2, 2015 at 8:30 A.M. EST for Personal Income and Outlays for January Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,657.0 14,716.8 14,750.6 14,799.9 14,825.8 14,883.7 14,930.9 14,972.2 Compensation of employees................ 9,156.0 9,174.6 9,200.6 9,246.9 9,268.6 9,298.3 9,346.3 9,356.3 Wages and salaries..................... 7,388.7 7,403.5 7,425.4 7,466.1 7,483.7 7,509.1 7,551.3 7,558.2 Private industries................... 6,168.7 6,182.7 6,202.7 6,241.6 6,256.9 6,281.1 6,321.7 6,326.6 Goods-producing industries......... 1,254.5 1,261.8 1,261.3 1,268.4 1,270.9 1,277.9 1,286.5 1,284.0 Manufacturing.................... 773.7 776.6 774.5 778.4 779.7 783.8 788.6 786.2 Services-producing industries...... 4,914.2 4,920.9 4,941.4 4,973.3 4,986.0 5,003.2 5,035.2 5,042.6 Trade, transportation, and utilities....................... 1,164.5 1,162.9 1,164.6 1,170.0 1,170.7 1,173.6 1,181.9 1,186.2 Other services-producing industries...................... 3,749.7 3,758.0 3,776.8 3,803.3 3,815.4 3,829.6 3,853.3 3,856.3 Government........................... 1,220.0 1,220.8 1,222.7 1,224.5 1,226.8 1,228.0 1,229.7 1,231.6 Supplements to wages and salaries...... 1,767.3 1,771.1 1,775.2 1,780.8 1,784.9 1,789.3 1,794.9 1,798.2 Employer contributions for employee pension and insurance funds\1\...... 1,221.9 1,224.7 1,227.6 1,230.5 1,233.5 1,236.5 1,239.4 1,242.5 Employer contributions for government social insurance.................... 545.4 546.4 547.6 550.3 551.4 552.8 555.5 555.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,378.9 1,394.0 1,393.7 1,383.3 1,382.3 1,400.8 1,397.5 1,410.3 Farm................................... 73.4 81.9 72.0 62.2 52.3 56.8 61.2 65.6 Nonfarm................................ 1,305.5 1,312.2 1,321.6 1,321.1 1,330.0 1,344.0 1,336.3 1,344.7 Rental income of persons with capital consumption adjustment.................. 635.4 638.7 642.0 647.2 650.8 653.9 656.4 661.4 Personal income receipts on assets....... 2,126.0 2,139.5 2,139.2 2,137.8 2,137.8 2,140.4 2,143.5 2,144.8 Personal interest income............... 1,270.0 1,274.9 1,270.7 1,266.5 1,262.3 1,259.6 1,257.0 1,254.3 Personal dividend income............... 855.9 864.6 868.5 871.3 875.5 880.7 886.6 890.4 Personal current transfer receipts....... 2,514.4 2,525.9 2,533.9 2,549.0 2,553.1 2,560.3 2,562.7 2,575.4 Government social benefits to persons.. 2,470.7 2,481.9 2,489.6 2,504.5 2,508.3 2,515.2 2,517.4 2,529.8 Social security\2\................... 832.7 835.0 833.8 838.2 839.3 839.6 841.7 850.2 Medicare\3\.......................... 585.9 587.5 588.4 590.9 593.2 590.9 589.8 592.2 Medicaid............................. 483.2 489.0 496.6 504.5 504.9 509.6 509.2 510.0 Unemployment insurance............... 37.2 36.8 35.6 35.6 34.2 34.0 34.0 34.0 Veterans' benefits................... 83.2 83.3 85.2 84.4 84.2 86.1 86.4 86.9 Other................................ 448.5 450.3 450.0 450.9 452.5 455.0 456.3 456.6 Other current transfer receipts, from business (net)........................ 43.8 44.0 44.3 44.5 44.8 45.1 45.3 45.6 Less: Contributions for government social insurance, domestic..................... 1,153.7 1,155.9 1,158.8 1,164.4 1,166.8 1,170.0 1,175.5 1,176.1 Less: Personal current taxes............... 1,713.8 1,716.1 1,729.5 1,744.0 1,752.0 1,763.3 1,776.4 1,781.8 Equals: Disposable personal income......... 12,943.2 13,000.7 13,021.1 13,055.9 13,073.8 13,120.4 13,154.6 13,190.4 Less: Personal outlays..................... 12,283.2 12,342.2 12,370.6 12,448.0 12,480.5 12,526.7 12,586.4 12,547.2 Personal consumption expenditures........ 11,864.3 11,922.6 11,944.4 12,017.0 12,044.6 12,086.4 12,145.2 12,105.2 Goods.................................. 3,956.4 3,994.9 3,998.0 4,025.4 4,011.2 4,015.5 4,031.9 3,980.8 Durable goods........................ 1,300.4 1,307.4 1,305.7 1,333.6 1,321.4 1,321.7 1,345.2 1,329.1 Nondurable goods..................... 2,656.0 2,687.6 2,692.3 2,691.8 2,689.8 2,693.7 2,686.7 2,651.7 Services............................... 7,907.9 7,927.7 7,946.4 7,991.6 8,033.4 8,070.9 8,113.4 8,124.4 Personal interest payments\4\............ 251.3 251.8 256.3 260.9 265.4 266.0 266.5 267.1 Personal current transfer payments....... 167.5 167.9 169.9 170.2 170.5 174.3 174.7 175.0 To government.......................... 94.3 94.6 94.9 95.3 95.6 95.9 96.2 96.6 To the rest of the world (net)......... 73.3 73.3 74.9 74.9 74.9 78.4 78.4 78.4 Equals: Personal saving.................... 660.1 658.4 650.6 607.9 593.3 593.7 568.2 643.2 Personal saving as a percentage of disposable personal income.............. 5.1 5.1 5.0 4.7 4.5 4.5 4.3 4.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 11,161.8 11,181.0 11,195.4 11,232.1 11,244.2 11,287.5 11,347.2 11,399.9 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,897.7 11,923.8 11,932.5 11,970.3 11,978.1 12,017.4 12,068.6 12,129.8 Per capita: Current dollars...................... 40,656 40,812 40,849 40,931 40,959 41,079 41,163 41,253 Chained (2009) dollars............... 37,372 37,431 37,434 37,527 37,526 37,626 37,765 37,936 Population (midperiod, thousands)\6\..... 318,357 318,552 318,759 318,976 319,195 319,394 319,574 319,745 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014 III 13 IV 13 I 14 II 14 III 14 IV 14 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,166.9 14,716.6 14,247.4 14,311.7 14,484.7 14,660.5 14,792.1 14,928.9 Compensation of employees................ 8,844.8 9,207.0 8,871.6 8,946.8 9,096.2 9,159.5 9,238.7 9,333.7 Wages and salaries..................... 7,124.7 7,432.4 7,145.3 7,208.5 7,339.8 7,391.7 7,458.4 7,539.5 Private industries................... 5,916.6 6,210.2 5,939.7 5,998.5 6,125.3 6,172.1 6,233.7 6,309.8 Goods-producing industries......... 1,195.3 1,260.5 1,196.8 1,210.6 1,238.0 1,254.5 1,266.8 1,282.8 Manufacturing.................... 747.6 776.7 747.2 754.1 769.5 773.7 777.6 786.2 Services-producing industries...... 4,721.3 4,949.7 4,742.9 4,787.9 4,887.3 4,917.5 4,966.9 5,027.0 Trade, transportation, and utilities....................... 1,121.3 1,167.2 1,122.7 1,134.9 1,154.9 1,165.0 1,168.4 1,180.6 Other services-producing industries...................... 3,600.0 3,782.5 3,620.2 3,653.0 3,732.4 3,752.6 3,798.5 3,846.4 Government........................... 1,208.1 1,222.2 1,205.6 1,210.0 1,214.5 1,219.7 1,224.7 1,229.8 Supplements to wages and salaries...... 1,720.1 1,774.6 1,726.2 1,738.3 1,756.4 1,767.8 1,780.3 1,794.1 Employer contributions for employee pension and insurance funds\1\...... 1,193.9 1,226.4 1,198.8 1,206.8 1,213.6 1,222.0 1,230.5 1,239.5 Employer contributions for government social insurance.................... 526.1 548.2 527.5 531.5 542.8 545.7 549.8 554.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,336.6 1,380.3 1,345.9 1,342.7 1,351.0 1,381.0 1,386.4 1,402.9 Farm................................... 83.2 63.7 86.8 70.1 58.1 73.4 62.2 61.2 Nonfarm................................ 1,253.5 1,316.6 1,259.2 1,272.6 1,292.9 1,307.6 1,324.2 1,341.7 Rental income of persons with capital consumption adjustment.................. 595.8 640.6 604.2 613.3 622.9 635.4 646.7 657.2 Personal income receipts on assets....... 2,079.7 2,124.6 2,106.9 2,094.2 2,090.4 2,127.0 2,138.3 2,142.9 Personal interest income............... 1,255.2 1,264.0 1,258.5 1,263.2 1,262.4 1,270.0 1,266.5 1,257.0 Personal dividend income............... 824.5 860.7 848.4 831.0 828.0 857.0 871.8 885.9 Personal current transfer receipts....... 2,414.5 2,523.5 2,426.6 2,432.3 2,470.9 2,511.8 2,545.3 2,566.1 Government social benefits to persons.. 2,372.2 2,479.4 2,384.0 2,389.7 2,427.8 2,468.0 2,500.8 2,520.8 Social security\2\................... 799.0 834.6 802.5 808.9 824.5 833.0 837.1 843.8 Medicare\3\.......................... 572.4 587.7 573.0 577.3 582.6 586.2 590.8 590.9 Medicaid............................. 441.1 490.4 450.0 448.7 467.6 482.5 502.0 509.6 Unemployment insurance............... 62.2 36.9 59.3 56.1 41.4 37.2 35.1 34.0 Veterans' benefits................... 79.0 84.4 80.1 81.6 83.4 83.4 84.6 86.5 Other................................ 418.5 445.3 419.1 417.1 428.4 445.7 451.2 456.0 Other current transfer receipts, from business (net)........................ 42.3 44.2 42.5 42.6 43.1 43.8 44.5 45.3 Less: Contributions for government social insurance, domestic..................... 1,104.5 1,159.5 1,107.8 1,117.5 1,146.6 1,154.2 1,163.3 1,173.9 Less: Personal current taxes............... 1,661.8 1,735.7 1,661.5 1,688.1 1,711.8 1,715.3 1,741.8 1,773.8 Equals: Disposable personal income......... 12,505.1 12,980.9 12,585.8 12,623.7 12,772.9 12,945.2 13,050.3 13,155.1 Less: Personal outlays..................... 11,897.1 12,355.7 11,933.1 12,070.8 12,146.9 12,289.6 12,433.0 12,553.4 Personal consumption expenditures........ 11,484.3 11,928.4 11,518.7 11,653.3 11,728.5 11,870.7 12,002.0 12,112.3 Goods.................................. 3,851.2 3,969.0 3,865.3 3,886.1 3,890.6 3,964.5 4,011.5 4,009.4 Durable goods........................ 1,249.3 1,303.2 1,252.4 1,261.5 1,262.3 1,298.4 1,320.2 1,332.0 Nondurable goods..................... 2,601.9 2,665.8 2,612.9 2,624.6 2,628.4 2,666.1 2,691.3 2,677.4 Services............................... 7,633.2 7,959.3 7,653.4 7,767.2 7,837.8 7,906.2 7,990.4 8,102.9 Personal interest payments\4\............ 247.1 257.1 250.8 250.8 249.8 251.3 260.9 266.5 Personal current transfer payments....... 165.6 170.3 163.6 166.7 168.6 167.5 170.2 174.7 To government.......................... 91.4 94.8 91.5 92.2 93.3 94.3 95.3 96.2 To the rest of the world (net)......... 74.3 75.5 72.2 74.5 75.4 73.3 74.9 78.4 Equals: Personal saving.................... 608.1 625.1 652.8 552.9 626.1 655.6 617.2 601.7 Personal saving as a percentage of disposable personal income.............. 4.9 4.8 5.2 4.4 4.9 5.1 4.7 4.6 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,949.5 11,211.1 10,994.3 11,021.2 11,108.2 11,168.1 11,223.9 11,344.8 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,650.8 11,935.6 11,705.9 11,711.7 11,810.1 11,900.4 11,960.3 12,071.9 Per capita: Current dollars...................... 39,515 40,732 39,734 39,779 40,186 40,662 40,913 41,165 Chained (2009) dollars............... 36,815 37,452 36,956 36,905 37,157 37,380 37,496 37,775 Population (midperiod, thousands)\6\..... 316,465 318,688 316,754 317,347 317,842 318,362 318,977 319,571 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 49.4 59.8 33.8 49.3 25.9 57.9 47.2 41.3 Compensation of employees................ 8.1 18.6 26.0 46.3 21.7 29.7 48.0 10.0 Wages and salaries..................... 5.7 14.8 21.9 40.7 17.6 25.4 42.2 6.9 Private industries................... 3.9 14.0 20.0 38.9 15.3 24.2 40.6 4.9 Goods-producing industries......... 7.3 7.3 -.5 7.1 2.5 7.0 8.6 -2.5 Manufacturing.................... 2.9 2.9 -2.1 3.9 1.3 4.1 4.8 -2.4 Services-producing industries...... -3.3 6.7 20.5 31.9 12.7 17.2 32.0 7.4 Trade, transportation, and utilities....................... -3.0 -1.6 1.7 5.4 .7 2.9 8.3 4.3 Other services-producing industries...................... -.4 8.3 18.8 26.5 12.1 14.2 23.7 3.0 Government........................... 1.7 .8 1.9 1.8 2.3 1.2 1.7 1.9 Supplements to wages and salaries...... 2.4 3.8 4.1 5.6 4.1 4.4 5.6 3.3 Employer contributions for employee pension and insurance funds\1\...... 2.4 2.8 2.9 2.9 3.0 3.0 2.9 3.1 Employer contributions for government social insurance.................... .0 1.0 1.2 2.7 1.1 1.4 2.7 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 9.0 15.1 -.3 -10.4 -1.0 18.5 -3.3 12.8 Farm................................... 8.6 8.5 -9.9 -9.8 -9.9 4.5 4.4 4.4 Nonfarm................................ .5 6.7 9.4 -.5 8.9 14.0 -7.7 8.4 Rental income of persons with capital consumption adjustment.................. 3.3 3.3 3.3 5.2 3.6 3.1 2.5 5.0 Personal income receipts on assets....... 10.4 13.5 -.3 -1.4 .0 2.6 3.1 1.3 Personal interest income............... 4.9 4.9 -4.2 -4.2 -4.2 -2.7 -2.6 -2.7 Personal dividend income............... 5.4 8.7 3.9 2.8 4.2 5.2 5.9 3.8 Personal current transfer receipts....... 19.3 11.5 8.0 15.1 4.1 7.2 2.4 12.7 Government social benefits to persons.. 19.2 11.2 7.7 14.9 3.8 6.9 2.2 12.4 Social security\2\................... 1.3 2.3 -1.2 4.4 1.1 .3 2.1 8.5 Medicare\3\.......................... .6 1.6 .9 2.5 2.3 -2.3 -1.1 2.4 Medicaid............................. 8.0 5.8 7.6 7.9 .4 4.7 -.4 .8 Unemployment insurance............... -.6 -.4 -1.2 .0 -1.4 -.2 .0 .0 Veterans' benefits................... -.4 .1 1.9 -.8 -.2 1.9 .3 .5 Other................................ 10.2 1.8 -.3 .9 1.6 2.5 1.3 .3 Other current transfer receipts, from business (net)........................ .3 .2 .3 .2 .3 .3 .2 .3 Less: Contributions for government social insurance, domestic..................... .8 2.2 2.9 5.6 2.4 3.2 5.5 .6 Less: Personal current taxes............... -2.1 2.3 13.4 14.5 8.0 11.3 13.1 5.4 Equals: Disposable personal income......... 51.5 57.5 20.4 34.8 17.9 46.6 34.2 35.8 Less: Personal outlays..................... 39.9 59.0 28.4 77.4 32.5 46.2 59.7 -39.2 Personal consumption expenditures........ 39.1 58.3 21.8 72.6 27.6 41.8 58.8 -40.0 Goods.................................. 14.2 38.5 3.1 27.4 -14.2 4.3 16.4 -51.1 Durable goods........................ 12.9 7.0 -1.7 27.9 -12.2 .3 23.5 -16.1 Nondurable goods..................... 1.2 31.6 4.7 -.5 -2.0 3.9 -7.0 -35.0 Services............................... 24.9 19.8 18.7 45.2 41.8 37.5 42.5 11.0 Personal interest payments\4\............ .4 .5 4.5 4.6 4.5 .6 .5 .6 Personal current transfer payments....... .3 .4 2.0 .3 .3 3.8 .4 .3 To government.......................... .4 .3 .3 .4 .3 .3 .3 .4 To the rest of the world (net)......... .0 .0 1.6 .0 .0 3.5 .0 .0 Equals: Personal saving.................... 11.7 -1.7 -7.8 -42.7 -14.6 .4 -25.5 75.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... .3 19.2 14.4 36.7 12.1 43.3 59.7 52.7 Disposable personal income, billions of chained (2009) dollars\5\............ 18.2 26.1 8.7 37.8 7.8 39.3 51.2 61.2 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014 III 13 IV 13 I 14 II 14 III 14 IV 14 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 279.2 549.7 116.1 64.3 173.0 175.8 131.6 136.8 Compensation of employees................ 238.3 362.2 45.3 75.2 149.4 63.3 79.2 95.0 Wages and salaries..................... 192.6 307.7 34.4 63.2 131.3 51.9 66.7 81.1 Private industries................... 182.8 293.6 38.3 58.8 126.8 46.8 61.6 76.1 Goods-producing industries......... 38.2 65.2 3.8 13.8 27.4 16.5 12.3 16.0 Manufacturing.................... 13.2 29.1 1.2 6.9 15.4 4.2 3.9 8.6 Services-producing industries...... 144.6 228.4 34.5 45.0 99.4 30.2 49.4 60.1 Trade, transportation, and utilities....................... 27.3 45.9 5.5 12.2 20.0 10.1 3.4 12.2 Other services-producing industries...................... 117.3 182.5 29.0 32.8 79.4 20.2 45.9 47.9 Government........................... 9.8 14.1 -4.0 4.4 4.5 5.2 5.0 5.1 Supplements to wages and salaries...... 45.7 54.5 10.8 12.1 18.1 11.4 12.5 13.8 Employer contributions for employee pension and insurance funds\1\...... 33.4 32.5 8.8 8.0 6.8 8.4 8.5 9.0 Employer contributions for government social insurance.................... 12.2 22.1 2.1 4.0 11.3 2.9 4.1 4.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 76.4 43.7 15.9 -3.2 8.3 30.0 5.4 16.5 Farm................................... 10.9 -19.5 3.2 -16.7 -12.0 15.3 -11.2 -1.0 Nonfarm................................ 65.6 63.1 12.7 13.4 20.3 14.7 16.6 17.5 Rental income of persons with capital consumption adjustment.................. 62.8 44.8 13.4 9.1 9.6 12.5 11.3 10.5 Personal income receipts on assets....... -8.9 44.9 25.0 -12.7 -3.8 36.6 11.3 4.6 Personal interest income............... -.7 8.8 5.0 4.7 -.8 7.6 -3.5 -9.5 Personal dividend income............... -8.2 36.2 20.0 -17.4 -3.0 29.0 14.8 14.1 Personal current transfer receipts....... 63.8 109.0 22.1 5.7 38.6 40.9 33.5 20.8 Government social benefits to persons.. 64.6 107.2 21.8 5.7 38.1 40.2 32.8 20.0 Social security\2\................... 36.9 35.6 7.5 6.4 15.6 8.5 4.1 6.7 Medicare\3\.......................... 17.2 15.3 5.3 4.3 5.3 3.6 4.6 .1 Medicaid............................. 23.9 49.3 12.6 -1.3 18.9 14.9 19.5 7.6 Unemployment insurance............... -21.4 -25.3 -5.2 -3.2 -14.7 -4.2 -2.1 -1.1 Veterans' benefits................... 8.9 5.4 1.5 1.5 1.8 .0 1.2 1.9 Other................................ -.8 26.8 .1 -2.0 11.3 17.3 5.5 4.8 Other current transfer receipts, from business (net)........................ -.8 1.9 .2 .1 .5 .7 .7 .8 Less: Contributions for government social insurance, domestic..................... 153.3 55.0 5.7 9.7 29.1 7.6 9.1 10.6 Less: Personal current taxes............... 158.1 73.9 .9 26.6 23.7 3.5 26.5 32.0 Equals: Disposable personal income......... 121.1 475.8 115.1 37.9 149.2 172.3 105.1 104.8 Less: Personal outlays..................... 409.2 458.6 109.2 137.7 76.1 142.7 143.4 120.4 Personal consumption expenditures........ 401.2 444.1 104.4 134.6 75.2 142.2 131.3 110.3 Goods.................................. 109.3 117.8 44.3 20.8 4.5 73.9 47.0 -2.1 Durable goods........................ 57.2 53.9 7.0 9.1 .8 36.1 21.8 11.8 Nondurable goods..................... 52.1 63.9 37.3 11.7 3.8 37.7 25.2 -13.9 Services............................... 291.9 326.1 60.2 113.8 70.6 68.4 84.2 112.5 Personal interest payments\4\............ 5.5 10.0 7.4 .0 -1.0 1.5 9.6 5.6 Personal current transfer payments....... 2.5 4.7 -2.6 3.1 1.9 -1.1 2.7 4.5 To government.......................... 1.4 3.4 .5 .7 1.1 1.0 1.0 .9 To the rest of the world (net)......... 1.2 1.2 -3.1 2.3 .9 -2.1 1.6 3.5 Equals: Personal saving.................... -288.1 17.0 5.9 -99.9 73.2 29.5 -38.4 -15.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 71.9 261.6 42.0 26.9 87.0 59.9 55.8 120.9 Disposable personal income, billions of chained (2009) dollars\5\............ -25.4 284.8 58.9 5.8 98.4 90.3 59.9 111.6 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .3 .4 .2 .3 .2 .4 .3 .3 Compensation of employees................ .1 .2 .3 .5 .2 .3 .5 .1 Wages and salaries..................... .1 .2 .3 .5 .2 .3 .6 .1 Supplements to wages and salaries...... .1 .2 .2 .3 .2 .2 .3 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .7 1.1 .0 -.7 -.1 1.3 -.2 .9 Rental income of persons with capital consumption adjustment.................. .5 .5 .5 .8 .6 .5 .4 .8 Personal income receipts on assets....... .5 .6 .0 -.1 .0 .1 .1 .1 Personal interest income............... .4 .4 -.3 -.3 -.3 -.2 -.2 -.2 Personal dividend income............... .6 1.0 .4 .3 .5 .6 .7 .4 Personal current transfer receipts....... .8 .5 .3 .6 .2 .3 .1 .5 Less: Contributions for government social insurance, domestic..................... .1 .2 .2 .5 .2 .3 .5 .0 Less: Personal current taxes............... -.1 .1 .8 .8 .5 .6 .7 .3 Equals: Disposable personal income......... .4 .4 .2 .3 .1 .4 .3 .3 Addenda: Personal consumption expenditures........ .3 .5 .2 .6 .2 .3 .5 -.3 Goods.................................. .4 1.0 .1 .7 -.4 .1 .4 -1.3 Durable goods........................ 1.0 .5 -.1 2.1 -.9 .0 1.8 -1.2 Nondurable goods..................... .0 1.2 .2 .0 -.1 .1 -.3 -1.3 Services............................... .3 .2 .2 .6 .5 .5 .5 .1 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .0 .2 .1 .3 .1 .4 .5 .5 Real disposable personal income.......... .2 .2 .1 .3 .1 .3 .4 .5 ----------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014 III 13 IV 13 I 14 II 14 III 14 IV 14 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 2.0 3.9 3.3 1.8 4.9 4.9 3.6 3.8 Compensation of employees................ 2.8 4.1 2.1 3.4 6.8 2.8 3.5 4.2 Wages and salaries..................... 2.8 4.3 1.9 3.6 7.5 2.9 3.7 4.4 Supplements to wages and salaries...... 2.7 3.2 2.6 2.8 4.2 2.6 2.9 3.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 6.1 3.3 4.9 -1.0 2.5 9.2 1.6 4.8 Rental income of persons with capital consumption adjustment.................. 11.8 7.5 9.4 6.1 6.4 8.2 7.3 6.7 Personal income receipts on assets....... -.4 2.2 4.9 -2.4 -.7 7.2 2.1 .9 Personal interest income............... -.1 .7 1.6 1.5 -.2 2.4 -1.1 -3.0 Personal dividend income............... -1.0 4.4 10.0 -7.9 -1.5 14.8 7.1 6.7 Personal current transfer receipts....... 2.7 4.5 3.7 .9 6.5 6.8 5.4 3.3 Less: Contributions for government social insurance, domestic..................... 16.1 5.0 2.1 3.5 10.8 2.7 3.2 3.7 Less: Personal current taxes............... 10.5 4.4 .2 6.6 5.7 .8 6.3 7.6 Equals: Disposable personal income......... 1.0 3.8 3.7 1.2 4.8 5.5 3.3 3.3 Addenda: Personal consumption expenditures........ 3.6 3.9 3.7 4.8 2.6 4.9 4.5 3.7 Goods.................................. 2.9 3.1 4.7 2.2 .5 7.8 4.8 -.2 Durable goods........................ 4.8 4.3 2.3 3.0 .2 12.0 6.9 3.6 Nondurable goods..................... 2.0 2.5 5.9 1.8 .6 5.9 3.8 -2.1 Services............................... 4.0 4.3 3.2 6.1 3.7 3.5 4.3 5.8 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .7 2.4 1.5 1.0 3.2 2.2 2.0 4.4 Real disposable personal income.......... -.2 2.4 2.0 .2 3.4 3.1 2.0 3.8 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,906.0 10,935.0 10,945.8 11,017.7 11,035.2 11,070.3 11,142.6 11,131.8 Goods.................................... 3,726.9 3,746.7 3,749.6 3,792.4 3,781.6 3,795.6 3,844.4 3,833.1 Durable goods.......................... 1,403.6 1,412.3 1,413.1 1,446.4 1,435.2 1,437.2 1,472.6 1,462.7 Nondurable goods....................... 2,347.5 2,359.0 2,361.1 2,374.1 2,373.1 2,384.5 2,401.4 2,398.9 Services................................. 7,179.4 7,189.0 7,196.8 7,226.7 7,254.2 7,275.5 7,300.1 7,300.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9.3 29.0 10.8 71.9 17.5 35.1 72.3 -10.8 Goods.................................... 5.7 19.8 2.9 42.8 -10.8 14.0 48.8 -11.3 Durable goods.......................... 18.4 8.7 .8 33.3 -11.2 2.0 35.4 -9.9 Nondurable goods....................... -9.8 11.5 2.1 13.0 -1.0 11.4 16.9 -2.5 Services................................. 3.7 9.6 7.8 29.9 27.5 21.3 24.6 .1 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .1 .3 .1 .7 .2 .3 .7 -.1 Goods.................................... .2 .5 .1 1.1 -.3 .4 1.3 -.3 Durable goods.......................... 1.3 .6 .1 2.4 -.8 .1 2.5 -.7 Nondurable goods....................... -.4 .5 .1 .6 .0 .5 .7 -.1 Services................................. .1 .1 .1 .4 .4 .3 .3 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014 III 13 IV 13 I 14 II 14 III 14 IV 14 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,699.7 10,967.8 10,713.3 10,811.4 10,844.3 10,912.6 10,999.5 11,114.9 Goods.................................... 3,626.0 3,752.2 3,636.1 3,669.0 3,678.3 3,731.6 3,774.5 3,824.3 Durable goods.......................... 1,319.0 1,411.1 1,325.9 1,344.5 1,355.0 1,400.4 1,431.5 1,457.5 Nondurable goods....................... 2,322.6 2,365.2 2,326.4 2,341.8 2,341.9 2,354.6 2,369.4 2,395.0 Services................................. 7,073.1 7,216.1 7,076.6 7,141.9 7,165.4 7,181.4 7,225.9 7,292.0 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 250.0 268.1 52.9 98.1 32.9 68.3 86.9 115.4 Goods.................................... 119.5 126.2 30.9 32.9 9.3 53.3 42.9 49.8 Durable goods.......................... 83.3 92.1 15.9 18.6 10.5 45.4 31.1 26.0 Nondurable goods....................... 42.5 42.6 15.9 15.4 .1 12.7 14.8 25.6 Services................................. 130.7 143.0 22.1 65.3 23.5 16.0 44.5 66.1 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.4 2.5 2.0 3.7 1.2 2.5 3.2 4.3 Goods.................................... 3.4 3.5 3.5 3.7 1.0 5.9 4.7 5.4 Durable goods.......................... 6.7 7.0 4.9 5.7 3.2 14.1 9.2 7.4 Nondurable goods....................... 1.9 1.8 2.8 2.7 .0 2.2 2.5 4.4 Services................................. 1.9 2.0 1.3 3.7 1.3 .9 2.5 3.7 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 108.790 109.034 109.125 109.072 109.150 109.180 109.000 108.746 Goods.................................... 106.158 106.624 106.622 106.142 106.069 105.789 104.871 103.849 Durable goods.......................... 92.638 92.562 92.390 92.197 92.062 91.954 91.338 90.858 Nondurable goods....................... 113.141 113.927 114.029 113.381 113.348 112.967 111.876 110.534 Services................................. 110.151 110.280 110.419 110.589 110.745 110.938 111.144 111.294 Addenda: PCE excluding food and energy............ 107.457 107.621 107.725 107.808 107.932 108.094 108.115 108.125 Food\1\.................................. 109.706 109.728 110.017 110.397 110.574 110.572 110.947 111.176 Energy goods and services\2\............. 130.632 132.811 132.370 128.827 127.829 125.218 120.154 113.930 Market-based PCE\3\...................... 108.348 108.613 108.724 108.617 108.688 108.638 108.403 108.112 Market-based PCE excluding food and energy\3\........................... 106.742 106.920 107.047 107.090 107.212 107.301 107.288 107.295 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 .2 .1 .0 .1 .0 -.2 -.2 Goods.................................... .2 .4 .0 -.5 -.1 -.3 -.9 -1.0 Durable goods.......................... -.3 -.1 -.2 -.2 -.1 -.1 -.7 -.5 Nondurable goods....................... .5 .7 .1 -.6 .0 -.3 -1.0 -1.2 Services................................. .3 .1 .1 .2 .1 .2 .2 .1 Addenda: PCE excluding food and energy............ .2 .2 .1 .1 .1 .2 .0 .0 Food\1\.................................. .6 .0 .3 .3 .2 .0 .3 .2 Energy goods and services\2\............. .8 1.7 -.3 -2.7 -.8 -2.0 -4.0 -5.2 Market-based PCE\3\...................... .2 .2 .1 -.1 .1 .0 -.2 -.3 Market-based PCE excluding food and energy\3\........................... .2 .2 .1 .0 .1 .1 .0 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household 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 ----------------------------------------------------------------------------------------------------------------------------------- May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 2.1 2.1 2.3 2.2 2.0 2.6 2.9 3.7 Personal consumption expenditures.......... 2.3 2.4 2.4 2.9 2.7 2.7 2.9 2.8 Goods.................................... 3.2 3.5 3.3 4.4 3.7 3.9 4.4 4.4 Durable goods.......................... 7.2 7.0 7.0 8.4 8.5 7.4 8.3 9.5 Nondurable goods....................... 1.4 1.9 1.6 2.5 1.5 2.2 2.6 2.0 Services................................. 1.9 1.8 1.9 2.1 2.2 2.2 2.1 2.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14\r\ Nov 14\r\ Dec 14\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.7 1.6 1.6 1.5 1.4 1.4 1.2 .7 Goods.................................... .3 .3 .2 -.2 -.1 -.2 -.9 -2.0 Durable goods.......................... -2.5 -2.6 -2.4 -2.3 -2.4 -2.3 -2.7 -2.8 Nondurable goods....................... 1.7 1.7 1.6 .9 1.0 .8 .0 -1.6 Services................................. 2.3 2.3 2.2 2.3 2.2 2.2 2.2 2.1 Addenda: PCE excluding food and energy............ 1.5 1.5 1.5 1.5 1.5 1.5 1.4 1.3 Food\1\.................................. 2.0 1.8 2.0 2.2 2.5 2.5 2.8 3.0 Energy goods and services\2\............. 3.3 3.1 2.5 .1 -.9 -2.0 -5.5 -11.9 Market-based PCE\3\...................... 1.5 1.5 1.5 1.3 1.3 1.2 .9 .5 Market-based PCE excluding food and energy\3\........................... 1.4 1.3 1.3 1.3 1.3 1.3 1.2 1.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household 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.