EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, MARCH 1, 2010 James Rankin: (202)606-5301 (Personal Income)BEA 10-06 Kyle Brown: (202)606-5302 (Personal Outlays) PERSONAL INCOME AND OUTLAYS: JANUARY 2010 Personal income increased $11.4 billion, or 0.1 percent, and disposable personal income (DPI) decreased $47.6 billion, or 0.4 percent, in January, according to the Bureau of Economic Analysis. The decrease in DPI reflected an increase in federal nonwithheld income taxes. Personal consumption expenditures (PCE) increased $52.4 billion, or 0.5 percent. In December, personal income increased $41.2 billion, or 0.3 percent, DPI increased $40.3 billion, or 0.4 percent, and PCE increased $26.4 billion, or 0.3 percent, based on revised estimates. Real disposable income decreased 0.6 percent in January, in contrast to an increase of 0.2 percent in December. Real PCE increased 0.3 percent, compared with an increase of 0.1 percent. 2009 2010 Sept. Oct. Nov. Dec. Jan. (Percent change from preceding month) Personal income, current dollars 0.1 0.3 0.4 0.3 0.1 Disposable personal income: Current dollars 0.2 0.4 0.5 0.4 -0.4 Chained (2005) dollars 0.1 0.2 0.3 0.2 -0.6 Personal consumption expenditures: Current dollars -0.6 0.5 0.5 0.3 0.5 Chained (2005) dollars -0.7 0.3 0.4 0.1 0.3 Wages and salaries Private wage and salary disbursements increased $16.1 billion in January, compared with an increase of $2.3 billion in December. Goods-producing industries' payrolls increased $5.2 billion, in contrast to a decrease of $3.2 billion; manufacturing payrolls increased $5.0 billion, in contrast to a decrease of $1.5 billion. Services-producing industries' payrolls increased $10.8 billion, compared with an increase of $5.5 billion. Government wage and salary disbursements increased $6.1 billion, compared with an increase of $2.7 billion. Pay raises for federal civilian and military personnel added $7.1 billion to government payrolls in January. Other personal income Employer contributions for employee pension and insurance funds increased $3.2 billion in January, compared with an increase of $1.3 billion in December. Employer contributions for government social insurance increased $11.6 billion in January, and were unchanged in December. The January increase was boosted by $10.2 billion reflecting an increase in the tax rates paid by employers to state unemployment insurance funds. (Changes in employer contributions for government social insurance do not affect personal income, because employer contributions for government social insurance are also included in total contributions for government social insurance, which is a subtraction in the calculation of personal income.) Proprietors' income decreased $3.2 billion in January, in contrast to an increase of $7.7 billion in December. Farm proprietors' income decreased $7.9 billion, in contrast to an increase of $5.9 billion. Nonfarm proprietors' income increased $4.7 billion, compared with an increase of $1.8 billion. Rental income of persons decreased $0.9 billion in January, in contrast to an increase of $1.9 billion in December. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $20.8 billion, in contrast to an increase of $11.0 billion. Personal current transfer receipts increased $16.1 billion, compared with an increase of $14.5 billion. The January change in personal current transfer receipts was reduced by retroactive social security benefits payments, which had added $8.5 billion to December benefit payments; these benefits resulted from a recalculation of the earnings base underlying the benefits for recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $16.7 billion in January, compared with an increase of $0.3 billion in December. Employer contributions were boosted by $10.2 billion in January by increases in unemployment-insurance rates. Personal current taxes and disposable personal income Personal current taxes increased $59.0 billion in January, compared with an increase of $0.9 billion in December. Federal net nonwithheld income taxes (payments of estimated taxes plus final settlement less refunds) boosted the January change by $52.5 billion, based on federal budget projections of higher final settlements and lower refunds for 2010. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $47.6 billion, or 0.4 percent, in January, in contrast to an increase of $40.3 billion, or 0.4 percent in December. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $53.0 billion in January, compared with an increase of $21.6 billion in December. PCE increased $52.4 billion, compared with an increase of $26.4 billion. Personal saving -- DPI less personal outlays -- was $367.2 billion in January, compared with $467.9 billion in December. Personal saving as a percentage of disposable personal income was 3.3 percent in January, compared with 4.2 percent in December. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.6 percent in January, in contrast to an increase of 0.2 percent in December. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in January, compared with an increase of 0.1 percent in December. Purchases of durable goods increased 0.7 percent, compared with an increase of 0.6 percent. Purchases of nondurable goods increased 0.8 percent, in contrast to a decrease of 0.8 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.3 percent. PCE price index -- The price index for PCE increased 0.2 percent in January, compared with an increase of 0.1 percent in December. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared with an increase of 0.1 percent. 2009 Personal Income and Outlays Personal income decreased 1.7 percent in 2009 (that is, from 2008 annual level to the 2009 annual level), in contrast to an increase of 2.9 percent in 2008. DPI increased 1.1 percent, compared with an increase of 3.9 percent. The difference between the change in personal income and the change in DPI in 2009 reflected a sharp decrease in personal current taxes in 2009. Personal current taxes decreased 23.1 percent in 2009, compared with a decrease of 3.9 percent in 2008. PCE decreased 0.4 percent, in contrast to an increase of 3.1 percent. Real DPI increased 0.9 percent in 2009, compared with an increase of 0.5 percent in 2008. Real PCE decreased 0.6 percent, compared with a decrease of 0.2 percent. Revisions Estimates of personal income have been revised for July through December; estimates for PCE have been revised for October through December. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for November and December -- revised and as published in last month's release -- are shown below. For July through September, the revisions to wages and salaries reflected the incorporation of the most recently available BLS tabulations of third-quarter wages and salaries from the quarterly census of employment and wages. Wages and salaries were revised down for all three months. Change from preceding month November December Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 61.1 51.6 0.5 0.4 44.5 41.2 0.4 0.3 Disposable personal income: Current Dollars 60.7 50.6 0.5 0.5 45.9 40.3 0.4 0.4 Chained (2005) dollars 29.2 28.4 0.3 0.3 31.8 22.7 0.3 0.2 Personal consumption expenditures: Current dollars 69.1 55.8 0.7 0.5 22.6 26.4 0.2 0.3 Chained (2005) dollars 38.8 34.4 0.4 0.4 11.5 11.1 0.1 0.1 This news release also presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2009 (third quarter). These estimates reflect newly available third-quarter wage and salary tabulation from the quarterly census of employment and wages from the Bureau of Labor Statistics. Typically, social security, supplemental security income, and other benefit payments are boosted by cost-of-living adjustments in January based on the increase in the Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This year, there was no increase in the CPI-W. As a result, these benefit payments were not adjusted for changes in the cost-of-living this January. BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release – March 29, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for February. -more- ________________________ NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\r\ Nov 09\r\ Dec 09\r\ Jan 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,029.7 11,975.2 12,011.9 12,028.7 12,066.2 12,117.8 12,159.0 12,170.4 Compensation of employees, received...... 7,823.6 7,742.7 7,762.6 7,749.1 7,762.6 7,776.6 7,782.9 7,819.9 Wage and salary disbursements.......... 6,318.9 6,242.0 6,259.5 6,245.9 6,257.5 6,269.6 6,274.7 6,296.9 Private industries................... 5,131.4 5,057.4 5,073.7 5,061.8 5,070.7 5,081.6 5,083.9 5,100.0 Goods-producing industries......... 1,059.7 1,043.3 1,045.2 1,038.0 1,033.9 1,037.7 1,034.5 1,039.7 Manufacturing.................... 657.4 645.7 646.2 642.8 642.8 646.5 645.0 650.0 Services-producing industries...... 4,071.8 4,014.1 4,028.6 4,023.8 4,036.7 4,043.9 4,049.4 4,060.2 Trade, transportation, and utilities....................... 987.1 973.6 978.7 978.7 978.1 977.4 978.1 979.4 Other services-producing industries...................... 3,084.6 3,040.5 3,049.9 3,045.2 3,058.7 3,066.5 3,071.3 3,080.8 Government........................... 1,187.4 1,184.6 1,185.8 1,184.1 1,186.9 1,188.1 1,190.8 1,196.9 Supplements to wages and salaries...... 1,504.7 1,500.7 1,503.1 1,503.2 1,505.1 1,507.0 1,508.2 1,523.0 Employer contributions for employee pension and insurance funds......... 1,043.4 1,045.0 1,046.2 1,047.2 1,048.6 1,049.7 1,051.0 1,054.2 Employer contributions for government social insurance.................... 461.3 455.7 456.9 456.0 456.4 457.2 457.2 468.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,031.2 1,035.0 1,038.4 1,040.2 1,051.2 1,062.9 1,070.6 1,067.4 Farm................................... 30.6 28.2 25.8 23.5 29.4 35.3 41.2 33.3 Nonfarm................................ 1,000.6 1,006.8 1,012.6 1,016.7 1,021.8 1,027.6 1,029.4 1,034.1 Rental income of persons with capital consumption adjustment.................. 268.7 273.3 277.9 282.6 285.4 287.5 289.4 288.5 Personal income receipts on assets....... 1,761.5 1,762.3 1,763.1 1,763.9 1,774.9 1,785.9 1,796.9 1,776.1 Personal interest income............... 1,248.7 1,241.8 1,234.9 1,228.0 1,229.0 1,230.0 1,231.1 1,227.4 Personal dividend income............... 512.8 520.5 528.2 535.9 545.9 555.9 565.8 548.7 Personal current transfer receipts....... 2,116.6 2,123.4 2,133.7 2,155.3 2,155.6 2,170.1 2,184.6 2,200.7 Government social benefits to persons.. 2,083.9 2,090.6 2,100.9 2,122.4 2,122.7 2,137.2 2,151.7 2,167.7 Old-age, survivors, disability, and health insurance benefits........... 1,159.1 1,158.4 1,162.8 1,176.3 1,175.7 1,181.5 1,187.0 1,185.4 Government unemployment insurance benefits............................ 132.0 131.5 137.4 138.1 129.9 127.1 122.6 119.9 Other................................ 792.8 800.7 800.7 808.0 817.1 828.6 842.1 862.4 Other current transfer receipts, from business (net)........................ 32.7 32.8 32.8 32.8 32.9 32.9 33.0 33.0 Less: Contributions for government social insurance, domestic..................... 971.9 961.5 963.8 962.3 963.5 965.2 965.5 982.2 Less: Personal current taxes............... 1,070.5 1,071.7 1,072.4 1,068.8 1,063.7 1,064.7 1,065.6 1,124.6 Equals: Disposable personal income......... 10,959.3 10,903.5 10,939.5 10,959.8 11,002.5 11,053.1 11,093.4 11,045.8 Less: Personal outlays..................... 10,420.6 10,437.7 10,567.3 10,503.3 10,552.9 10,604.0 10,625.6 10,678.6 Personal consumption expenditures........ 10,050.6 10,068.4 10,197.4 10,132.8 10,188.3 10,244.1 10,270.5 10,322.9 Goods.................................. 3,235.1 3,245.0 3,353.6 3,278.4 3,305.3 3,355.8 3,349.9 3,390.7 Durable goods........................ 1,022.5 1,038.7 1,102.7 1,012.4 1,034.5 1,058.3 1,062.1 1,062.7 Nondurable goods..................... 2,212.6 2,206.2 2,250.8 2,266.0 2,270.7 2,297.4 2,287.8 2,328.1 Services............................... 6,815.6 6,823.4 6,843.8 6,854.5 6,883.0 6,888.4 6,920.6 6,932.2 Personal interest payments\1\............ 215.2 215.3 215.5 215.6 210.1 204.6 199.0 199.0 Personal current transfer payments....... 154.8 154.0 154.4 154.8 154.5 155.3 156.0 156.6 To government.......................... 91.7 92.1 92.5 92.9 93.8 94.6 95.3 95.9 To the rest of the world (net)......... 63.1 61.9 61.9 61.9 60.7 60.7 60.7 60.7 Equals: Personal saving.................... 538.6 465.8 372.2 456.5 449.6 449.1 467.9 367.2 Personal saving as a percentage of disposable personal income.............. 4.9 4.3 3.4 4.2 4.1 4.1 4.2 3.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,075.4 9,018.6 9,013.1 9,000.0 9,012.5 9,030.4 9,042.1 9,021.9 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 10,033.1 9,981.3 9,981.5 9,990.4 10,005.5 10,033.9 10,056.6 9,995.8 Per capita: Current dollars...................... 35,660 35,451 35,539 35,576 35,687 35,826 35,932 35,755 Chained (2005) dollars............... 32,647 32,453 32,427 32,429 32,453 32,522 32,574 32,356 Population (midperiod, thousands)\3\..... 307,323 307,562 307,815 308,068 308,304 308,526 308,733 308,931 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009\r\ III 08 IV 08 I 09 II 09 III 09\r\ IV 09\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,238.8 12,030.3 12,286.6 12,233.5 11,952.7 12,048.8 12,005.2 12,114.3 Compensation of employees, received...... 8,042.4 7,786.8 8,069.1 8,050.3 7,805.8 7,815.9 7,751.4 7,774.0 Wage and salary disbursements.......... 6,545.9 6,284.4 6,567.7 6,543.5 6,307.8 6,313.1 6,249.2 6,267.3 Private industries................... 5,404.6 5,102.0 5,419.2 5,388.6 5,136.0 5,128.8 5,064.3 5,078.7 Goods-producing industries......... 1,206.5 1,063.1 1,206.2 1,192.2 1,107.3 1,067.8 1,042.1 1,035.4 Manufacturing.................... 742.0 658.2 740.3 732.2 681.0 662.0 644.9 644.8 Services-producing industries...... 4,198.1 4,038.8 4,213.0 4,196.5 4,028.8 4,061.0 4,022.2 4,043.3 Trade, transportation, and utilities....................... 1,048.3 986.6 1,047.8 1,039.4 1,002.3 989.3 977.0 977.9 Other services-producing industries...................... 3,149.8 3,052.2 3,165.2 3,157.1 3,026.5 3,071.7 3,045.2 3,065.5 Government........................... 1,141.3 1,182.4 1,148.5 1,154.9 1,171.8 1,184.4 1,184.8 1,188.6 Supplements to wages and salaries...... 1,496.6 1,502.5 1,501.4 1,506.8 1,498.0 1,502.8 1,502.3 1,506.7 Employer contributions for employee pension and insurance funds......... 1,023.9 1,043.9 1,026.7 1,033.2 1,037.8 1,042.0 1,046.1 1,049.8 Employer contributions for government social insurance.................... 472.7 458.5 474.7 473.6 460.2 460.8 456.2 456.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,106.3 1,041.3 1,114.4 1,083.6 1,037.8 1,028.0 1,037.9 1,061.6 Farm................................... 48.7 29.4 49.3 39.0 27.3 28.9 25.8 35.3 Nonfarm................................ 1,057.5 1,012.0 1,065.1 1,044.5 1,010.5 999.1 1,012.0 1,026.3 Rental income of persons with capital consumption adjustment.................. 210.4 268.3 222.2 236.7 245.9 262.0 277.9 287.4 Personal income receipts on assets....... 1,994.4 1,792.0 2,001.4 1,958.1 1,845.5 1,773.4 1,763.1 1,785.9 Personal interest income............... 1,308.0 1,237.4 1,327.8 1,292.9 1,243.4 1,241.1 1,234.9 1,230.0 Personal dividend income............... 686.4 554.6 673.7 665.2 602.1 532.3 528.2 555.9 Personal current transfer receipts....... 1,875.9 2,108.8 1,874.3 1,898.0 1,987.3 2,140.3 2,137.5 2,170.1 Government social benefits to persons.. 1,843.2 2,076.1 1,841.7 1,865.3 1,954.7 2,107.7 2,104.7 2,137.2 Old-age, survivors, disability, and health insurance benefits........... 1,070.3 1,156.7 1,080.5 1,087.0 1,128.5 1,151.1 1,165.8 1,181.4 Government unemployment insurance benefits............................ 50.6 120.2 57.7 70.3 96.2 122.5 135.7 126.5 Other................................ 722.4 799.2 703.5 708.0 730.1 834.1 803.2 829.3 Other current transfer receipts, from business (net)........................ 32.6 32.7 32.6 32.7 32.5 32.7 32.8 32.9 Less: Contributions for government social insurance, domestic..................... 990.6 967.0 994.9 993.3 969.7 970.9 962.5 964.7 Less: Personal current taxes............... 1,432.4 1,101.4 1,437.3 1,434.3 1,187.3 1,082.6 1,071.0 1,064.7 Equals: Disposable personal income......... 10,806.4 10,928.9 10,849.3 10,799.1 10,765.4 10,966.2 10,934.3 11,049.7 Less: Personal outlays..................... 10,520.0 10,457.4 10,613.6 10,389.9 10,362.3 10,370.5 10,502.8 10,594.2 Personal consumption expenditures........ 10,129.9 10,088.5 10,220.1 10,009.8 9,987.7 9,999.3 10,132.9 10,234.3 Goods.................................. 3,403.2 3,255.2 3,463.0 3,227.5 3,197.7 3,193.8 3,292.3 3,337.0 Durable goods........................ 1,095.2 1,034.9 1,088.5 1,019.9 1,025.2 1,011.5 1,051.3 1,051.7 Nondurable goods..................... 2,308.0 2,220.2 2,374.5 2,207.6 2,172.4 2,182.2 2,241.0 2,285.3 Services............................... 6,726.8 6,833.4 6,757.1 6,782.3 6,790.0 6,805.6 6,840.6 6,897.3 Personal interest payments\1\............ 237.7 214.3 238.3 228.8 220.4 216.7 215.5 204.6 Personal current transfer payments....... 152.3 154.6 155.2 151.3 154.2 154.5 154.4 155.3 To government.......................... 87.9 92.2 88.5 89.5 90.4 91.4 92.5 94.5 To the rest of the world (net)......... 64.5 62.4 66.7 61.8 63.8 63.1 61.9 60.7 Equals: Personal saving.................... 286.4 471.5 235.7 409.2 403.1 595.7 431.5 455.5 Personal saving as a percentage of disposable personal income.............. 2.7 4.3 2.2 3.8 3.7 5.4 3.9 4.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 9,504.6 9,082.7 9,442.0 9,494.4 9,188.7 9,105.5 9,010.5 9,028.4 Disposable personal income: Total, billions of chained (2005) dollars\2\............................ 9,911.3 10,004.9 9,838.3 9,920.4 9,926.4 10,077.5 9,984.4 10,032.0 Per capita: Current dollars...................... 35,450 35,543 35,551 35,304 35,124 35,709 35,522 35,815 Chained (2005) dollars............... 32,514 32,538 32,238 32,431 32,387 32,815 32,436 32,516 Population (midperiod, thousands)\3\..... 304,831 307,483 305,177 305,890 306,496 307,101 307,815 308,521 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\r\ Nov 09\r\ Dec 09\r\ Jan 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ -117.2 -54.5 36.7 16.8 37.5 51.6 41.2 11.4 Compensation of employees, received...... 3.5 -80.9 19.9 -13.5 13.5 14.0 6.3 37.0 Wage and salary disbursements.......... 1.9 -76.9 17.5 -13.6 11.6 12.1 5.1 22.2 Private industries................... -.6 -74.0 16.3 -11.9 8.9 10.9 2.3 16.1 Goods-producing industries......... -6.5 -16.4 1.9 -7.2 -4.1 3.8 -3.2 5.2 Manufacturing.................... -3.1 -11.7 .5 -3.4 .0 3.7 -1.5 5.0 Services-producing industries...... 6.0 -57.7 14.5 -4.8 12.9 7.2 5.5 10.8 Trade, transportation, and utilities....................... -3.9 -13.5 5.1 .0 -.6 -.7 .7 1.3 Other services-producing industries...................... 9.8 -44.1 9.4 -4.7 13.5 7.8 4.8 9.5 Government........................... 2.4 -2.8 1.2 -1.7 2.8 1.2 2.7 6.1 Supplements to wages and salaries...... 1.6 -4.0 2.4 .1 1.9 1.9 1.2 14.8 Employer contributions for employee pension and insurance funds......... 1.4 1.6 1.2 1.0 1.4 1.1 1.3 3.2 Employer contributions for government social insurance.................... .2 -5.6 1.2 -.9 .4 .8 .0 11.6 Proprietors' income with inventory valuation and capital consumption adjustments............................. 4.4 3.8 3.4 1.8 11.0 11.7 7.7 -3.2 Farm................................... 1.5 -2.4 -2.4 -2.3 5.9 5.9 5.9 -7.9 Nonfarm................................ 2.9 6.2 5.8 4.1 5.1 5.8 1.8 4.7 Rental income of persons with capital consumption adjustment.................. 6.8 4.6 4.6 4.7 2.8 2.1 1.9 -.9 Personal income receipts on assets....... -11.9 .8 .8 .8 11.0 11.0 11.0 -20.8 Personal interest income............... 7.6 -6.9 -6.9 -6.9 1.0 1.0 1.1 -3.7 Personal dividend income............... -19.5 7.7 7.7 7.7 10.0 10.0 9.9 -17.1 Personal current transfer receipts....... -119.5 6.8 10.3 21.6 .3 14.5 14.5 16.1 Government social benefits to persons.. -119.5 6.7 10.3 21.5 .3 14.5 14.5 16.0 Old-age, survivors, disability, and health insurance benefits........... 13.4 -.7 4.4 13.5 -.6 5.8 5.5 -1.6 Government unemployment insurance benefits............................ 10.4 -.5 5.9 .7 -8.2 -2.8 -4.5 -2.7 Other................................ -143.3 7.9 .0 7.3 9.1 11.5 13.5 20.3 Other current transfer receipts, from business (net)........................ .0 .1 .0 .0 .1 .0 .1 .0 Less: Contributions for government social insurance, domestic..................... .5 -10.4 2.3 -1.5 1.2 1.7 .3 16.7 Less: Personal current taxes............... -12.5 1.2 .7 -3.6 -5.1 1.0 .9 59.0 Equals: Disposable personal income......... -104.6 -55.8 36.0 20.3 42.7 50.6 40.3 -47.6 Less: Personal outlays..................... 70.2 17.1 129.6 -64.0 49.6 51.1 21.6 53.0 Personal consumption expenditures........ 71.3 17.8 129.0 -64.6 55.5 55.8 26.4 52.4 Goods.................................. 55.7 9.9 108.6 -75.2 26.9 50.5 -5.9 40.8 Durable goods........................ 11.0 16.2 64.0 -90.3 22.1 23.8 3.8 .6 Nondurable goods..................... 44.7 -6.4 44.6 15.2 4.7 26.7 -9.6 40.3 Services............................... 15.7 7.8 20.4 10.7 28.5 5.4 32.2 11.6 Personal interest payments\1\............ -1.5 .1 .2 .1 -5.5 -5.5 -5.6 .0 Personal current transfer payments....... .3 -.8 .4 .4 -.3 .8 .7 .6 To government.......................... .3 .4 .4 .4 .9 .8 .7 .6 To the rest of the world (net)......... .0 -1.2 .0 .0 -1.2 .0 .0 .0 Equals: Personal saving.................... -174.9 -72.8 -93.6 84.3 -6.9 -.5 18.8 -100.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -46.6 -56.8 -5.5 -13.1 12.5 17.9 11.7 -20.2 Disposable personal income, billions of chained (2005) dollars\2\............ -150.2 -51.8 .2 8.9 15.1 28.4 22.7 -60.8 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009\r\ III 08 IV 08 I 09 II 09 III 09\r\ IV 09\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 344.7 -208.5 -6.3 -53.1 -280.8 96.1 -43.6 109.1 Compensation of employees, received...... 179.7 -255.6 36.3 -18.8 -244.5 10.1 -64.5 22.6 Wage and salary disbursements.......... 137.0 -261.5 28.5 -24.2 -235.7 5.3 -63.9 18.1 Private industries................... 84.8 -302.6 16.4 -30.6 -252.6 -7.2 -64.5 14.4 Goods-producing industries......... -6.4 -143.4 -4.4 -14.0 -84.9 -39.5 -25.7 -6.7 Manufacturing.................... -11.5 -83.8 -5.0 -8.1 -51.2 -19.0 -17.1 -.1 Services-producing industries...... 91.2 -159.3 20.8 -16.5 -167.7 32.2 -38.8 21.1 Trade, transportation, and utilities....................... 3.6 -61.7 -2.9 -8.4 -37.1 -13.0 -12.3 .9 Other services-producing industries...................... 87.6 -97.6 23.7 -8.1 -130.6 45.2 -26.5 20.3 Government........................... 52.2 41.1 12.1 6.4 16.9 12.6 .4 3.8 Supplements to wages and salaries...... 42.8 5.9 7.9 5.4 -8.8 4.8 -.5 4.4 Employer contributions for employee pension and insurance funds......... 30.9 20.0 5.0 6.5 4.6 4.2 4.1 3.7 Employer contributions for government social insurance.................... 11.9 -14.2 2.9 -1.1 -13.4 .6 -4.6 .7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 9.9 -65.0 2.5 -30.8 -45.8 -9.8 9.9 23.7 Farm................................... 9.3 -19.3 -.1 -10.3 -11.7 1.6 -3.1 9.5 Nonfarm................................ .6 -45.5 2.6 -20.6 -34.0 -11.4 12.9 14.3 Rental income of persons with capital consumption adjustment.................. 65.5 57.9 19.4 14.5 9.2 16.1 15.9 9.5 Personal income receipts on assets....... -37.1 -202.4 4.1 -43.3 -112.6 -72.1 -10.3 22.8 Personal interest income............... 41.6 -70.6 21.2 -34.9 -49.5 -2.3 -6.2 -4.9 Personal dividend income............... -78.7 -131.8 -17.0 -8.5 -63.1 -69.8 -4.1 27.7 Personal current transfer receipts....... 157.9 232.9 -62.7 23.7 89.3 153.0 -2.8 32.6 Government social benefits to persons.. 155.4 232.9 -62.7 23.6 89.4 153.0 -3.0 32.5 Old-age, survivors, disability, and health insurance benefits........... 66.6 86.4 16.0 6.5 41.5 22.6 14.7 15.6 Government unemployment insurance benefits............................ 18.3 69.6 19.0 12.6 25.9 26.3 13.2 -9.2 Other................................ 70.7 76.8 -97.8 4.5 22.1 104.0 -30.9 26.1 Other current transfer receipts, from business (net)........................ 2.4 .1 .0 .1 -.2 .2 .1 .1 Less: Contributions for government social insurance, domestic..................... 31.3 -23.6 6.0 -1.6 -23.6 1.2 -8.4 2.2 Less: Personal current taxes............... -58.5 -331.0 111.1 -3.0 -247.0 -104.7 -11.6 -6.3 Equals: Disposable personal income......... 403.3 122.5 -117.4 -50.2 -33.7 200.8 -31.9 115.4 Less: Personal outlays..................... 295.7 -62.6 21.4 -223.7 -27.6 8.2 132.3 91.4 Personal consumption expenditures........ 303.5 -41.4 25.4 -210.3 -22.1 11.6 133.6 101.4 Goods.................................. 38.2 -148.0 -11.9 -235.5 -29.8 -3.9 98.5 44.7 Durable goods........................ -65.3 -60.3 -38.0 -68.6 5.3 -13.7 39.8 .4 Nondurable goods..................... 103.5 -87.8 26.1 -166.9 -35.2 9.8 58.8 44.3 Services............................... 265.4 106.6 37.3 25.2 7.7 15.6 35.0 56.7 Personal interest payments\1\............ -19.1 -23.4 -5.6 -9.5 -8.4 -3.7 -1.2 -10.9 Personal current transfer payments....... 11.3 2.3 1.6 -3.9 2.9 .3 -.1 .9 To government.......................... 5.6 4.3 1.1 1.0 .9 1.0 1.1 2.0 To the rest of the world (net)......... 5.8 -2.1 .5 -4.9 2.0 -.7 -1.2 -1.2 Equals: Personal saving.................... 107.5 185.1 -138.7 173.5 -6.1 192.6 -164.2 24.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\....................... -140.8 -421.9 -56.8 52.4 -305.7 -83.2 -95.0 17.9 Disposable personal income, billions of chained (2005) dollars\2\............ 50.7 93.6 -220.7 82.1 6.0 151.1 -93.1 47.6 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\r\ Nov 09\r\ Dec 09\r\ Jan 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ -1.0 -.5 .3 .1 .3 .4 .3 .1 Compensation of employees, received...... .0 -1.0 .3 -.2 .2 .2 .1 .5 Wage and salary disbursements.......... .0 -1.2 .3 -.2 .2 .2 .1 .4 Supplements to wages and salaries...... .1 -.3 .2 .0 .1 .1 .1 1.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. .4 .4 .3 .2 1.1 1.1 .7 -.3 Rental income of persons with capital consumption adjustment.................. 2.6 1.7 1.7 1.7 1.0 .7 .7 -.3 Personal income receipts on assets....... -.7 .0 .0 .0 .6 .6 .6 -1.2 Personal interest income............... .6 -.6 -.6 -.6 .1 .1 .1 -.3 Personal dividend income............... -3.7 1.5 1.5 1.5 1.9 1.8 1.8 -3.0 Personal current transfer receipts....... -5.3 .3 .5 1.0 .0 .7 .7 .7 Less: Contributions for government social insurance, domestic..................... .0 -1.1 .2 -.2 .1 .2 .0 1.7 Less: Personal current taxes............... -1.2 .1 .1 -.3 -.5 .1 .1 5.5 Equals: Disposable personal income......... -.9 -.5 .3 .2 .4 .5 .4 -.4 Addenda: Personal consumption expenditures........ .7 .2 1.3 -.6 .5 .5 .3 .5 Goods.................................. 1.8 .3 3.3 -2.2 .8 1.5 -.2 1.2 Durable goods........................ 1.1 1.6 6.2 -8.2 2.2 2.3 .4 .1 Nondurable goods..................... 2.1 -.3 2.0 .7 .2 1.2 -.4 1.8 Services............................... .2 .1 .3 .2 .4 .1 .5 .2 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -.5 -.6 -.1 -.1 .1 .2 .1 -.2 Real disposable personal income.......... -1.5 -.5 .0 .1 .2 .3 .2 -.6 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009\r\ III 08 IV 08 I 09 II 09 III 09\r\ IV 09\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 2.9 -1.7 -.2 -1.7 -8.9 3.3 -1.4 3.7 Compensation of employees, received...... 2.3 -3.2 1.8 -.9 -11.6 .5 -3.3 1.2 Wage and salary disbursements.......... 2.1 -4.0 1.8 -1.5 -13.6 .3 -4.0 1.2 Supplements to wages and salaries...... 2.9 .4 2.1 1.4 -2.3 1.3 -.1 1.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .9 -5.9 .9 -10.6 -15.9 -3.7 3.9 9.5 Rental income of persons with capital consumption adjustment.................. 45.2 27.5 44.0 28.8 16.4 28.9 26.7 14.4 Personal income receipts on assets....... -1.8 -10.2 .8 -8.4 -21.1 -14.7 -2.3 5.3 Personal interest income............... 3.3 -5.4 6.6 -10.1 -14.5 -.7 -2.0 -1.6 Personal dividend income............... -10.3 -19.2 -9.5 -5.0 -32.8 -38.9 -3.0 22.7 Personal current transfer receipts....... 9.2 12.4 -12.3 5.1 20.2 34.6 -.5 6.3 Less: Contributions for government social insurance, domestic..................... 3.3 -2.4 2.4 -.6 -9.2 .5 -3.4 .9 Less: Personal current taxes............... -3.9 -23.1 38.0 -.8 -53.1 -30.9 -4.2 -2.3 Equals: Disposable personal income......... 3.9 1.1 -4.2 -1.8 -1.2 7.7 -1.2 4.3 Addenda: Personal consumption expenditures........ 3.1 -.4 1.0 -8.0 -.9 .5 5.5 4.1 Goods.................................. 1.1 -4.3 -1.4 -24.5 -3.7 -.5 12.9 5.5 Durable goods........................ -5.6 -5.5 -12.8 -22.9 2.1 -5.2 16.7 .1 Nondurable goods..................... 4.7 -3.8 4.5 -25.3 -6.2 1.8 11.2 8.1 Services............................... 4.1 1.6 2.2 1.5 .5 .9 2.1 3.4 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... -1.5 -4.4 -.6 .6 -3.2 -.9 -1.0 .2 Real disposable personal income.......... .5 .9 -8.5 3.4 .2 6.2 -3.6 1.9 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jun 09 Jul 09 Aug 09 Sep 09 Oct 09\r\ Nov 09\r\ Dec 09\r\ Jan 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,201.3 9,216.8 9,304.4 9,236.5 9,265.1 9,299.5 9,310.6 9,341.6 Goods.................................... 3,114.9 3,130.4 3,213.3 3,135.2 3,158.6 3,199.0 3,187.9 3,213.3 Durable goods.......................... 1,083.5 1,106.4 1,180.6 1,081.2 1,103.8 1,130.0 1,136.3 1,144.6 Nondurable goods....................... 2,024.5 2,019.6 2,035.0 2,045.3 2,048.2 2,064.3 2,048.6 2,065.6 Services................................. 6,081.9 6,082.8 6,091.3 6,097.7 6,103.8 6,099.8 6,120.9 6,127.5 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 16.2 15.5 87.6 -67.9 28.6 34.4 11.1 31.0 Goods.................................... 8.8 15.5 82.9 -78.1 23.4 40.4 -11.1 25.4 Durable goods.......................... 11.0 22.9 74.2 -99.4 22.6 26.2 6.3 8.3 Nondurable goods....................... -1.3 -4.9 15.4 10.3 2.9 16.1 -15.7 17.0 Services................................. 7.6 .9 8.5 6.4 6.1 -4.0 21.1 6.6 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .2 .2 1.0 -.7 .3 .4 .1 .3 Goods.................................... .3 .5 2.7 -2.4 .7 1.3 -.3 .8 Durable goods.......................... 1.0 2.1 6.7 -8.4 2.1 2.4 .6 .7 Nondurable goods....................... -.1 -.2 .8 .5 .1 .8 -.8 .8 Services................................. .1 .0 .1 .1 .1 -.1 .3 .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] ----------------------------------------------------------------------------------------------------------------------------------- 2008 2009\r\ III 08 IV 08 I 09 II 09 III 09 IV 09\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,290.9 9,235.6 9,267.7 9,195.3 9,209.2 9,189.0 9,252.6 9,291.7 Goods.................................... 3,206.0 3,144.1 3,193.6 3,110.4 3,129.8 3,105.4 3,159.6 3,181.8 Durable goods.......................... 1,146.3 1,101.3 1,139.6 1,076.8 1,087.2 1,071.7 1,122.7 1,123.4 Nondurable goods....................... 2,057.3 2,037.0 2,051.5 2,026.1 2,035.5 2,025.7 2,033.3 2,053.7 Services................................. 6,083.1 6,088.4 6,072.4 6,080.4 6,076.0 6,078.8 6,090.6 6,108.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -23.0 -55.3 -83.3 -72.4 13.9 -20.2 63.6 39.1 Goods.................................... -67.7 -61.9 -64.2 -83.2 19.4 -24.4 54.2 22.2 Durable goods.......................... -53.6 -45.0 -36.1 -62.8 10.4 -15.5 51.0 .7 Nondurable goods....................... -17.5 -20.3 -29.9 -25.4 9.4 -9.8 7.6 20.4 Services................................. 42.3 5.3 -20.1 8.0 -4.4 2.8 11.8 17.6 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... -.2 -.6 -3.5 -3.1 .6 -.9 2.8 1.7 Goods.................................... -2.1 -1.9 -7.7 -10.0 2.5 -3.1 7.2 2.8 Durable goods.......................... -4.5 -3.9 -11.7 -20.3 3.9 -5.6 20.4 .2 Nondurable goods....................... -.8 -1.0 -5.6 -4.9 1.9 -1.9 1.5 4.1 Services................................. .7 .1 -1.3 .5 -.3 .2 .8 1.2 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Jun 09 Jul 09 Aug 09 Sep 09 Oct 09\r\ Nov 09\r\ Dec 09\r\ Jan 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 109.228 109.236 109.594 109.701 109.961 110.155 110.307 110.501 Goods.................................... 103.877 103.680 104.383 104.584 104.663 104.918 105.101 105.538 Durable goods.......................... 94.389 93.903 93.429 93.647 93.743 93.683 93.501 92.870 Nondurable goods....................... 109.302 109.255 110.618 110.807 110.876 111.303 111.687 112.717 Services................................. 112.061 112.174 112.353 112.410 112.764 112.927 113.063 113.131 Addenda: Energy goods and services\1\............. 108.596 108.131 113.576 114.413 115.178 117.773 118.759 122.241 PCE excluding food and energy\2\......... 108.855 108.933 109.019 109.129 109.374 109.436 109.533 109.539 Market-based PCE\3\...................... 109.293 109.281 109.710 109.826 110.009 110.190 110.323 110.527 Market-based PCE excluding food and energy\3\........................... 108.871 108.938 109.060 109.182 109.335 109.359 109.425 109.410 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .5 .0 .3 .1 .2 .2 .1 .2 Goods.................................... 1.5 -.2 .7 .2 .1 .2 .2 .4 Durable goods.......................... .0 -.5 -.5 .2 .1 -.1 -.2 -.7 Nondurable goods....................... 2.1 .0 1.2 .2 .1 .4 .3 .9 Services................................. .1 .1 .2 .1 .3 .1 .1 .1 Addenda: Energy goods and services\1\............. 8.4 -.4 5.0 .7 .7 2.3 .8 2.9 PCE excluding food and energy\2\......... .1 .1 .1 .1 .2 .1 .1 .0 Market-based PCE\3\...................... .6 .0 .4 .1 .2 .2 .1 .2 Market-based PCE excluding food and energy\3\........................... .1 .1 .1 .1 .1 .0 .1 .0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jun 09 Jul 09\r\ Aug 09\r\ Sep 09\r\ Oct 09\r\ Nov 09\r\ Dec 09\r\ Jan 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. -.2 .9 1.8 1.8 1.7 .9 .8 .0 Personal consumption expenditures.......... -1.5 -.7 .3 .0 .6 .9 1.7 1.4 Goods.................................... -4.1 -2.2 -.2 -.8 1.0 2.2 3.7 2.7 Durable goods.......................... -7.2 -2.8 2.0 -3.7 2.1 4.4 6.6 4.6 Nondurable goods....................... -2.7 -1.9 -1.3 .6 .5 1.1 2.4 1.9 Services................................. -.1 .0 .5 .4 .4 .3 .7 .8 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Jun 09 Jul 09 Aug 09 Sep 09 Oct 09\r\ Nov 09\r\ Dec 09\r\ Jan 10\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... -.4 -.9 -.6 -.6 .1 1.4 2.1 2.1 Goods.................................... -3.5 -4.5 -3.6 -3.6 -2.0 1.7 3.7 3.7 Durable goods.......................... -1.4 -1.9 -2.2 -1.8 -1.5 -1.1 -.9 -1.4 Nondurable goods....................... -4.5 -5.6 -4.3 -4.4 -2.2 3.0 5.9 6.2 Services................................. 1.2 .9 1.0 .9 1.1 1.3 1.3 1.3 Addenda: Energy goods and services\1\............. -26.2 -29.0 -23.8 -22.6 -15.2 5.6 18.2 19.5 PCE excluding food and energy\2\......... 1.5 1.3 1.3 1.2 1.4 1.5 1.5 1.4 Market-based PCE\3\...................... -.2 -.8 -.5 -.5 .1 1.5 2.2 2.1 Market-based PCE excluding food and energy\3\........................... 2.0 1.8 1.7 1.6 1.6 1.6 1.6 1.4 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households.