EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, JANUARY 30, 2012 BEA 12-03 James Rankin: (202)606-5301 (Personal Income) piniwd@bea.gov Kyle Brown: (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: DECEMBER 2011 Personal income increased $61.3 billion, or 0.5 percent, and disposable personal income (DPI) increased $47.1 billion, or 0.4 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $2.0 billion, or less than 0.1 percent. In November, personal income increased $7.4 billion, or 0.1 percent, DPI decreased $4.1 billion, or less than 0.1 percent, and PCE increased $11.4 billion, or 0.1 percent, based on revised estimates. Real disposable income increased 0.3 percent in December, in contrast to a decrease of less than 0.1 percent in November. Real PCE decreased 0.1 percent, in contrast to an increase of 0.1 percent. 2011 Aug. Sept. Oct. Nov. Dec. (Percent change from preceding month) Personal income, current dollars -0.1 0.2 0.4 0.1 0.5 Disposable personal income: Current dollars -0.1 0.1 0.2 0.0 0.4 Chained (2005) dollars -0.4 -0.1 0.3 0.0 0.3 Personal consumption expenditures: Current dollars 0.1 0.7 0.1 0.1 0.0 Chained (2005) dollars -0.1 0.5 0.1 0.1 -0.1 Wages and salaries Private wage and salary disbursements increased $29.1 billion in December, in contrast to a decrease of $1.4 billion in November. Goods-producing industries' payrolls increased $10.8 billion, in contrast to a decrease of $6.5 billion; manufacturing payrolls increased $7.4 billion, in contrast to a decrease of $6.2 billion. Services-producing industries' payrolls increased $18.3 billion, compared with an increase of $5.1 billion. Government wage and salary disbursements increased $0.4 billion in December; government wages and salaries were unchanged in November. Other personal income Supplements to wages and salaries increased $3.6 billion in December, compared with an increase of $1.6 billion in November. Proprietors' income increased $1.1 billion in December, in contrast to a decrease of $1.2 billion in November. Farm proprietors' income decreased $4.7 billion in December, the same decrease as in November. Nonfarm proprietors' income increased $5.8 billion in December, compared with an increase of $3.5 billion in November. Rental income of persons increased $8.2 billion in December, compared with an increase of $8.6 billion in November. Personal income receipts on assets (personal interest income plus personal dividend income) increased $9.3 billion, in contrast to a decrease of $0.6 billion. Personal current transfer receipts increased $13.2 billion in December, compared with an increase of $0.4 billion in November. Within personal current transfer receipts, government social benefits to persons were boosted in December by retroactive social security benefit payments of $7.1 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 $3.7 billion in December; contributions for government social insurance were unchanged in November. Personal current taxes and disposable personal income Personal current taxes increased $14.1 billion in December, compared with an increase of $11.5 billion in November. Disposable personal income -- personal income less personal current taxes -- increased $47.1 billion, or 0.4 percent, in December, in contrast to a decrease of $4.1 billion, or less than 0.1 percent in November. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $5.2 billion in December, in contrast to an increase of $8.2 billion in November. PCE decreased $2.0 billion, in contrast to an increase of $11.4 billion. Personal saving -- DPI less personal outlays -- was $460.1 billion in December, compared with $407.8 billion in November. The personal saving rate -- personal saving as a percentage of disposable income -- was 4.0 percent in December, compared with 3.5 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 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 -- increased 0.3 percent in December, in contrast to decrease of less than 0.1 percent in November. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in December, in contrast to an increase of 0.1 percent in November. Purchases of durable goods decreased 0.1 percent, in contrast to an increase of 0.7 percent. Purchases of nondurable goods decreased 0.1 percent, the same decrease as in November. Purchases of services decreased 0.1 percent in December, in contrast to an increase of 0.1 percent in November. PCE price index -- The price index for PCE increased 0.1 percent in December, in contrast to a decrease of less than 0.1 percent in November. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. 2011 Personal Income and Outlays Personal income increased 4.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.7 percent in 2010. DPI increased 3.4 percent, compared with an increase of 3.6 percent. PCE increased 4.7 percent, compared with an increase of 3.8 percent. Real DPI increased 0.9 percent in 2011, compared with an increase of 1.8 percent in 2010. Real PCE increased 2.2 percent, compared with an increase of 2.0 percent. Revisions Estimates have been revised for October and November. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) 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 47.2 46.7 0.4 0.4 8.5 7.4 0.1 0.1 Disposable personal income: Current dollars 27.2 24.4 0.2 0.2 -5.0 -4.1 0.0 0.0 Chained (2005) dollars 29.4 26.0 0.3 0.3 -0.6 -3.1 0.0 0.0 Personal consumption expenditures: Current dollars 11.3 10.5 0.1 0.1 13.1 11.4 0.1 0.1 Chained (2005) dollars 15.2 13.6 0.2 0.1 15.1 10.4 0.2 0.1 This release includes revised estimates of population, per capita disposable personal income (DPI), and per capita real DPI. The revised population estimates reflect newly available estimates from the Census Bureau for April 2000 through December 2011. BEA population estimates are a mid-month average of Census Bureau data. The revised per capita estimates reflect the revisions to the population estimates. Estimates for the complete revision period are available on BEA's Web site at http://www.bea.gov/iTable/index_nipa.cfm. 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 1, 2012 at 8:30 A.M. EST for Personal Income and Outlays for January Release Dates for 2012 December 2011...January 30 April 2012...June 1 August 2012.....September 28 January 2012....March 1 May 2012.....June 29 September 2012..October 29 February 2012...March 30 June 2012....July 31 October 2012....November 30 March 2012......April 30 July 2012....August 30 November 2012...December 21 ________________________ 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] ----------------------------------------------------------------------------------------------------------------------------------- May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11\r\ Nov 11\r\ Dec 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,957.2 12,970.1 12,979.1 12,969.4 12,990.2 13,036.9 13,044.3 13,105.6 Compensation of employees, received...... 8,222.7 8,219.3 8,243.2 8,237.7 8,268.9 8,316.2 8,316.4 8,349.6 Wage and salary disbursements.......... 6,619.6 6,615.1 6,637.4 6,630.3 6,658.1 6,699.1 6,697.7 6,727.2 Private industries................... 5,427.5 5,424.0 5,448.3 5,440.4 5,469.0 5,510.3 5,508.9 5,538.0 Goods-producing industries......... 1,097.9 1,094.7 1,100.5 1,098.2 1,103.9 1,113.4 1,106.9 1,117.7 Manufacturing.................... 701.3 697.5 703.0 700.2 701.8 709.3 703.1 710.5 Services-producing industries...... 4,329.6 4,329.4 4,347.8 4,342.2 4,365.1 4,396.9 4,402.0 4,420.3 Trade, transportation, and utilities....................... 1,041.3 1,042.3 1,044.0 1,039.6 1,046.6 1,056.0 1,058.0 1,064.1 Other services-producing industries...................... 3,288.3 3,287.1 3,303.8 3,302.7 3,318.5 3,340.8 3,344.0 3,356.3 Government........................... 1,192.1 1,191.1 1,189.0 1,189.8 1,189.1 1,188.8 1,188.8 1,189.2 Supplements to wages and salaries...... 1,603.1 1,604.2 1,605.8 1,607.5 1,610.9 1,617.1 1,618.7 1,622.3 Employer contributions for employee pension and insurance funds......... 1,108.7 1,110.4 1,110.8 1,112.6 1,114.5 1,117.8 1,119.6 1,121.5 Employer contributions for government social insurance.................... 494.3 493.7 495.1 494.9 496.4 499.2 499.1 500.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,106.6 1,107.2 1,109.1 1,116.2 1,115.9 1,115.9 1,114.7 1,115.8 Farm................................... 67.3 66.4 67.0 67.5 68.1 63.4 58.7 54.0 Nonfarm................................ 1,039.3 1,040.7 1,042.1 1,048.7 1,047.8 1,052.5 1,056.0 1,061.8 Rental income of persons with capital consumption adjustment.................. 396.8 395.7 400.8 406.2 412.0 420.1 428.7 436.9 Personal income receipts on assets....... 1,802.6 1,812.6 1,806.0 1,794.7 1,781.8 1,786.4 1,785.8 1,795.1 Personal interest income............... 1,015.9 1,020.7 1,007.7 994.8 981.8 978.8 975.7 972.6 Personal dividend income............... 786.7 791.9 798.3 799.9 799.9 807.6 810.2 822.5 Personal current transfer receipts....... 2,346.4 2,352.7 2,340.3 2,334.4 2,335.1 2,327.2 2,327.6 2,340.8 Government social benefits to persons.. 2,307.0 2,313.3 2,300.7 2,295.0 2,295.8 2,287.6 2,288.1 2,301.2 Social security\1\................... 711.4 712.1 715.2 716.1 717.7 718.3 719.5 729.2 Medicare\2\.......................... 553.9 554.7 555.8 558.1 559.5 558.8 557.8 557.1 Medicaid............................. 438.5 440.5 425.4 413.8 409.9 407.9 407.9 408.1 Unemployment insurance............... 106.4 109.3 104.7 102.1 102.3 98.4 97.9 101.6 Veterans' benefits................... 61.8 63.6 64.0 65.4 65.7 65.1 64.3 63.5 Other................................ 435.0 433.3 435.6 439.5 440.7 439.2 440.6 441.7 Other current transfer receipts, from business (net)........................ 39.4 39.3 39.6 39.3 39.3 39.6 39.6 39.5 Less: Contributions for government social insurance, domestic..................... 918.0 917.3 920.4 919.9 923.5 929.0 929.0 932.7 Less: Personal current taxes............... 1,397.4 1,403.2 1,405.9 1,405.9 1,413.8 1,436.1 1,447.6 1,461.7 Equals: Disposable personal income......... 11,559.7 11,566.9 11,573.2 11,563.5 11,576.4 11,600.8 11,596.7 11,643.8 Less: Personal outlays..................... 11,016.7 10,993.2 11,077.0 11,093.5 11,173.1 11,180.7 11,188.9 11,183.7 Personal consumption expenditures........ 10,690.1 10,668.4 10,749.4 10,763.4 10,840.6 10,851.1 10,862.5 10,860.5 Goods.................................. 3,625.5 3,595.6 3,643.3 3,640.1 3,700.4 3,711.7 3,707.7 3,694.1 Durable goods........................ 1,144.4 1,129.3 1,154.6 1,143.5 1,176.7 1,189.7 1,193.8 1,189.2 Nondurable goods..................... 2,481.1 2,466.3 2,488.6 2,496.6 2,523.7 2,522.0 2,513.9 2,504.9 Services............................... 7,064.7 7,072.8 7,106.2 7,123.4 7,140.2 7,139.4 7,154.9 7,166.4 Personal interest payments\3\............ 155.9 154.0 156.2 158.4 160.7 157.0 153.4 149.8 Personal current transfer payments....... 170.6 170.9 171.4 171.6 171.9 172.6 173.0 173.4 To government.......................... 97.1 97.3 97.5 97.8 98.1 98.4 98.7 99.1 To the rest of the world (net)......... 73.5 73.5 73.8 73.8 73.8 74.2 74.2 74.2 Equals: Personal saving.................... 543.0 573.7 496.2 470.0 403.3 420.1 407.8 460.1 Personal saving as a percentage of disposable personal income.............. 4.7 5.0 4.3 4.1 3.5 3.6 3.5 4.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,325.9 9,343.5 9,328.1 9,299.6 9,301.6 9,353.6 9,360.1 9,395.7 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,160.0 10,179.1 10,147.4 10,111.5 10,105.9 10,131.9 10,128.8 10,163.0 Per capita: Current dollars...................... 37,085 37,084 37,080 37,023 37,040 37,093 37,058 37,188 Chained (2005) dollars............... 32,594 32,635 32,511 32,374 32,335 32,396 32,367 32,458 Population (midperiod, thousands)\5\..... 311,713 311,908 312,117 312,330 312,542 312,747 312,932 313,109 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 III 10 IV 10 I 11 II 11 III 11 IV 11 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,373.5 12,961.0 12,453.2 12,577.6 12,846.9 12,955.3 12,979.6 13,062.2 Compensation of employees, received...... 7,971.4 8,242.4 8,022.2 8,050.8 8,172.5 8,219.7 8,250.0 8,327.4 Wage and salary disbursements.......... 6,408.2 6,636.3 6,454.5 6,477.0 6,578.2 6,617.1 6,641.9 6,708.0 Private industries................... 5,217.4 5,446.0 5,264.7 5,288.4 5,387.1 5,425.2 5,452.6 5,519.1 Goods-producing industries......... 1,059.2 1,100.7 1,070.5 1,070.8 1,092.3 1,096.9 1,100.9 1,112.7 Manufacturing.................... 674.2 702.5 682.2 685.5 700.4 700.4 701.6 707.7 Services-producing industries...... 4,158.2 4,345.3 4,194.2 4,217.6 4,294.7 4,328.3 4,351.7 4,406.4 Trade, transportation, and utilities....................... 1,006.0 1,045.1 1,015.9 1,016.1 1,034.4 1,043.1 1,043.4 1,059.4 Other services-producing industries...................... 3,152.2 3,300.2 3,178.3 3,201.5 3,260.3 3,285.1 3,308.3 3,347.0 Government........................... 1,190.8 1,190.3 1,189.9 1,188.6 1,191.1 1,191.9 1,189.3 1,188.9 Supplements to wages and salaries...... 1,563.1 1,606.1 1,567.7 1,573.7 1,594.4 1,602.7 1,608.1 1,619.4 Employer contributions for employee pension and insurance funds......... 1,089.9 1,111.0 1,092.0 1,096.8 1,103.0 1,108.7 1,112.6 1,119.7 Employer contributions for government social insurance.................... 473.2 495.1 475.7 476.9 491.4 494.0 495.5 499.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,036.4 1,107.8 1,057.0 1,081.5 1,095.6 1,106.5 1,113.7 1,115.5 Farm................................... 52.2 64.9 58.3 60.1 66.1 67.3 67.5 58.7 Nonfarm................................ 984.2 1,042.9 998.7 1,021.4 1,029.5 1,039.2 1,046.2 1,056.8 Rental income of persons with capital consumption adjustment.................. 350.2 404.2 352.8 354.8 385.0 396.9 406.3 428.6 Personal income receipts on assets....... 1,721.2 1,790.7 1,723.4 1,743.5 1,777.2 1,802.3 1,794.2 1,789.1 Personal interest income............... 1,003.4 997.8 983.9 989.6 1,004.7 1,015.9 994.8 975.7 Personal dividend income............... 717.7 792.9 739.4 753.9 772.5 786.4 799.4 813.4 Personal current transfer receipts....... 2,281.2 2,336.0 2,289.4 2,341.2 2,328.1 2,347.3 2,336.6 2,331.9 Government social benefits to persons.. 2,242.9 2,296.5 2,251.4 2,301.9 2,288.6 2,307.9 2,297.2 2,292.3 Social security\1\................... 690.2 713.5 693.9 699.9 703.1 712.2 716.3 722.3 Medicare\2\.......................... 518.4 554.3 521.4 535.3 547.8 553.9 557.8 557.9 Medicaid............................. 405.4 423.5 405.2 439.8 432.1 437.4 416.4 408.0 Unemployment insurance............... 138.7 107.2 135.8 128.7 117.5 108.8 103.0 99.3 Veterans' benefits................... 57.9 63.4 59.0 59.4 61.3 62.8 65.0 64.3 Other................................ 432.4 434.7 436.1 438.7 426.9 432.7 438.6 440.5 Other current transfer receipts, from business (net)........................ 38.3 39.5 37.9 39.3 39.5 39.4 39.4 39.6 Less: Contributions for government social insurance, domestic..................... 986.8 920.1 991.5 994.1 911.5 917.4 921.2 930.2 Less: Personal current taxes............... 1,193.9 1,404.8 1,212.8 1,240.9 1,365.9 1,396.2 1,408.5 1,448.5 Equals: Disposable personal income......... 11,179.7 11,556.2 11,240.4 11,336.7 11,481.0 11,559.2 11,571.1 11,613.8 Less: Personal outlays..................... 10,586.9 11,050.9 10,614.8 10,748.6 10,902.1 11,002.6 11,114.6 11,184.5 Personal consumption expenditures........ 10,245.5 10,722.6 10,276.6 10,417.1 10,571.7 10,676.0 10,784.5 10,858.1 Goods.................................. 3,387.0 3,645.2 3,386.5 3,483.4 3,592.2 3,622.7 3,661.2 3,704.5 Durable goods........................ 1,085.5 1,161.9 1,087.5 1,124.7 1,154.5 1,143.8 1,158.3 1,190.9 Nondurable goods..................... 2,301.5 2,483.3 2,299.0 2,358.7 2,437.8 2,478.9 2,503.0 2,513.6 Services............................... 6,858.5 7,077.4 6,890.1 6,933.7 6,979.4 7,053.3 7,123.2 7,153.6 Personal interest payments\3\............ 173.4 157.0 168.1 162.7 160.3 155.9 158.4 153.4 Personal current transfer payments....... 168.0 171.3 170.1 168.9 170.1 170.7 171.6 173.0 To government.......................... 95.1 97.6 95.8 96.5 96.6 97.1 97.8 98.8 To the rest of the world (net)......... 72.9 73.8 74.3 72.5 73.5 73.5 73.8 74.2 Equals: Personal saving.................... 592.8 505.3 625.6 588.1 578.9 556.5 456.5 429.3 Personal saving as a percentage of disposable personal income.............. 5.3 4.4 5.6 5.2 5.0 4.8 3.9 3.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,083.0 9,335.4 9,145.7 9,166.7 9,329.8 9,332.9 9,309.7 9,369.8 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,061.6 10,153.5 10,114.4 10,152.0 10,183.2 10,169.7 10,121.6 10,141.2 Per capita: Current dollars...................... 36,090 37,035 36,251 36,491 36,895 37,082 37,048 37,113 Chained (2005) dollars............... 32,481 32,539 32,620 32,678 32,724 32,625 32,407 32,407 Population (midperiod, thousands)\5\..... 309,774 312,040 310,070 310,670 311,184 311,717 312,330 312,930 ----------------------------------------------------------------------------------------------------------------------------------- 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11\r\ Nov 11\r\ Dec 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 18.5 12.9 9.0 -9.7 20.8 46.7 7.4 61.3 Compensation of employees, received...... 5.4 -3.4 23.9 -5.5 31.2 47.3 .2 33.2 Wage and salary disbursements.......... 3.1 -4.5 22.3 -7.1 27.8 41.0 -1.4 29.5 Private industries................... 3.5 -3.5 24.3 -7.9 28.6 41.3 -1.4 29.1 Goods-producing industries......... -.2 -3.2 5.8 -2.3 5.7 9.5 -6.5 10.8 Manufacturing.................... -.9 -3.8 5.5 -2.8 1.6 7.5 -6.2 7.4 Services-producing industries...... 3.8 -.2 18.4 -5.6 22.9 31.8 5.1 18.3 Trade, transportation, and utilities....................... -4.5 1.0 1.7 -4.4 7.0 9.4 2.0 6.1 Other services-producing industries...................... 8.3 -1.2 16.7 -1.1 15.8 22.3 3.2 12.3 Government........................... -.4 -1.0 -2.1 .8 -.7 -.3 .0 .4 Supplements to wages and salaries...... 2.3 1.1 1.6 1.7 3.4 6.2 1.6 3.6 Employer contributions for employee pension and insurance funds......... 1.8 1.7 .4 1.8 1.9 3.3 1.8 1.9 Employer contributions for government social insurance.................... .4 -.6 1.4 -.2 1.5 2.8 -.1 1.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. .7 .6 1.9 7.1 -.3 .0 -1.2 1.1 Farm................................... -1.0 -.9 .6 .5 .6 -4.7 -4.7 -4.7 Nonfarm................................ 1.7 1.4 1.4 6.6 -.9 4.7 3.5 5.8 Rental income of persons with capital consumption adjustment.................. -1.5 -1.1 5.1 5.4 5.8 8.1 8.6 8.2 Personal income receipts on assets....... 10.8 10.0 -6.6 -11.3 -12.9 4.6 -.6 9.3 Personal interest income............... 4.8 4.8 -13.0 -12.9 -13.0 -3.0 -3.1 -3.1 Personal dividend income............... 6.1 5.2 6.4 1.6 .0 7.7 2.6 12.3 Personal current transfer receipts....... 3.7 6.3 -12.4 -5.9 .7 -7.9 .4 13.2 Government social benefits to persons.. 3.8 6.3 -12.6 -5.7 .8 -8.2 .5 13.1 Social security\1\................... -1.7 .7 3.1 .9 1.6 .6 1.2 9.7 Medicare\2\.......................... .8 .8 1.1 2.3 1.4 -.7 -1.0 -.7 Medicaid............................. 5.2 2.0 -15.1 -11.6 -3.9 -2.0 .0 .2 Unemployment insurance............... -4.4 2.9 -4.6 -2.6 .2 -3.9 -.5 3.7 Veterans' benefits................... -1.3 1.8 .4 1.4 .3 -.6 -.8 -.8 Other................................ 5.2 -1.7 2.3 3.9 1.2 -1.5 1.4 1.1 Other current transfer receipts, from business (net)........................ .0 -.1 .3 -.3 .0 .3 .0 -.1 Less: Contributions for government social insurance, domestic..................... .9 -.7 3.1 -.5 3.6 5.5 .0 3.7 Less: Personal current taxes............... 9.5 5.8 2.7 .0 7.9 22.3 11.5 14.1 Equals: Disposable personal income......... 8.9 7.2 6.3 -9.7 12.9 24.4 -4.1 47.1 Less: Personal outlays..................... 18.7 -23.5 83.8 16.5 79.6 7.6 8.2 -5.2 Personal consumption expenditures........ 20.5 -21.7 81.0 14.0 77.2 10.5 11.4 -2.0 Goods.................................. -21.6 -29.9 47.7 -3.2 60.3 11.3 -4.0 -13.6 Durable goods........................ -13.3 -15.1 25.3 -11.1 33.2 13.0 4.1 -4.6 Nondurable goods..................... -8.3 -14.8 22.3 8.0 27.1 -1.7 -8.1 -9.0 Services............................... 42.2 8.1 33.4 17.2 16.8 -.8 15.5 11.5 Personal interest payments\3\............ -2.0 -1.9 2.2 2.2 2.3 -3.7 -3.6 -3.6 Personal current transfer payments....... .1 .3 .5 .2 .3 .7 .4 .4 To government.......................... .2 .2 .2 .3 .3 .3 .3 .4 To the rest of the world (net)......... .0 .0 .3 .0 .0 .4 .0 .0 Equals: Personal saving.................... -9.8 30.7 -77.5 -26.2 -66.7 16.8 -12.3 52.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... -3.5 17.6 -15.4 -28.5 2.0 52.0 6.5 35.6 Disposable personal income, billions of chained (2005) dollars\4\............ -10.1 19.1 -31.7 -35.9 -5.6 26.0 -3.1 34.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. 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] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 III 10 IV 10 I 11 II 11 III 11 IV 11 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 443.3 587.5 127.6 124.4 269.3 108.4 24.3 82.6 Compensation of employees, received...... 170.0 271.0 62.2 28.6 121.7 47.2 30.3 77.4 Wage and salary disbursements.......... 137.9 228.1 54.7 22.5 101.2 38.9 24.8 66.1 Private industries................... 122.4 228.6 61.2 23.7 98.7 38.1 27.4 66.5 Goods-producing industries......... -4.2 41.5 11.9 .3 21.5 4.6 4.0 11.8 Manufacturing.................... 13.3 28.3 8.6 3.3 14.9 .0 1.2 6.1 Services-producing industries...... 126.5 187.1 49.3 23.4 77.1 33.6 23.4 54.7 Trade, transportation, and utilities....................... 16.4 39.1 11.4 .2 18.3 8.7 .3 16.0 Other services-producing industries...................... 110.2 148.0 37.9 23.2 58.8 24.8 23.2 38.7 Government........................... 15.5 -.5 -6.4 -1.3 2.5 .8 -2.6 -.4 Supplements to wages and salaries...... 32.0 43.0 7.5 6.0 20.7 8.3 5.4 11.3 Employer contributions for employee pension and insurance funds......... 16.8 21.1 4.4 4.8 6.2 5.7 3.9 7.1 Employer contributions for government social insurance.................... 15.2 21.9 3.1 1.2 14.5 2.6 1.5 4.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 95.2 71.4 31.4 24.5 14.1 10.9 7.2 1.8 Farm................................... 13.0 12.7 12.5 1.8 6.0 1.2 .2 -8.8 Nonfarm................................ 82.2 58.7 19.0 22.7 8.1 9.7 7.0 10.6 Rental income of persons with capital consumption adjustment.................. 44.3 54.0 3.7 2.0 30.2 11.9 9.4 22.3 Personal income receipts on assets....... 13.5 69.5 -1.1 20.1 33.7 25.1 -8.1 -5.1 Personal interest income............... -105.5 -5.6 -30.2 5.7 15.1 11.2 -21.1 -19.1 Personal dividend income............... 118.9 75.2 29.0 14.5 18.6 13.9 13.0 14.0 Personal current transfer receipts....... 143.1 54.8 37.3 51.8 -13.1 19.2 -10.7 -4.7 Government social benefits to persons.. 143.0 53.6 37.3 50.5 -13.3 19.3 -10.7 -4.9 Social security\1\................... 25.7 23.3 5.6 6.0 3.2 9.1 4.1 6.0 Medicare\2\.......................... 24.6 35.9 9.9 13.9 12.5 6.1 3.9 .1 Medicaid............................. 31.3 18.1 15.4 34.6 -7.7 5.3 -21.0 -8.4 Unemployment insurance............... 8.1 -31.5 -1.6 -7.1 -11.2 -8.7 -5.8 -3.7 Veterans' benefits................... 6.4 5.5 1.7 .4 1.9 1.5 2.2 -.7 Other................................ 47.0 2.3 6.2 2.6 -11.8 5.8 5.9 1.9 Other current transfer receipts, from business (net)........................ .1 1.2 -.1 1.4 .2 -.1 .0 .2 Less: Contributions for government social insurance, domestic..................... 22.7 -66.7 5.8 2.6 -82.6 5.9 3.8 9.0 Less: Personal current taxes............... 52.5 210.9 37.4 28.1 125.0 30.3 12.3 40.0 Equals: Disposable personal income......... 390.9 376.5 90.2 96.3 144.3 78.2 11.9 42.7 Less: Personal outlays..................... 350.6 464.0 87.8 133.8 153.5 100.5 112.0 69.9 Personal consumption expenditures........ 379.4 477.1 91.8 140.5 154.6 104.3 108.5 73.6 Goods.................................. 189.5 258.2 46.4 96.9 108.8 30.5 38.5 43.3 Durable goods........................ 55.9 76.4 15.8 37.2 29.8 -10.7 14.5 32.6 Nondurable goods..................... 133.7 181.8 30.7 59.7 79.1 41.1 24.1 10.6 Services............................... 189.8 218.9 45.4 43.6 45.7 73.9 69.9 30.4 Personal interest payments\3\............ -40.3 -16.4 -6.3 -5.4 -2.4 -4.4 2.5 -5.0 Personal current transfer payments....... 11.5 3.3 2.3 -1.2 1.2 .6 .9 1.4 To government.......................... 6.0 2.5 1.0 .7 .1 .5 .7 1.0 To the rest of the world (net)......... 5.5 .9 1.4 -1.8 1.0 .0 .3 .4 Equals: Personal saving.................... 40.2 -87.5 2.3 -37.5 -9.2 -22.4 -100.0 -27.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 113.3 252.4 59.2 21.0 163.1 3.1 -23.2 60.1 Disposable personal income, billions of chained (2005) dollars\4\............ 178.9 91.9 56.6 37.6 31.2 -13.5 -48.1 19.6 ----------------------------------------------------------------------------------------------------------------------------------- 1. 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. 2. 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. 3. Consists of nonmortgage interest paid by households. 4. 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 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11\r\ Nov 11\r\ Dec 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .1 .1 .1 -.1 .2 .4 .1 .5 Compensation of employees, received...... .1 .0 .3 -.1 .4 .6 .0 .4 Wage and salary disbursements.......... .0 -.1 .3 -.1 .4 .6 .0 .4 Supplements to wages and salaries...... .1 .1 .1 .1 .2 .4 .1 .2 Proprietors' income with inventory valuation and capital consumption adjustments............................. .1 .1 .2 .6 .0 .0 -.1 .1 Rental income of persons with capital consumption adjustment.................. -.4 -.3 1.3 1.4 1.4 2.0 2.0 1.9 Personal income receipts on assets....... .6 .6 -.4 -.6 -.7 .3 .0 .5 Personal interest income............... .5 .5 -1.3 -1.3 -1.3 -.3 -.3 -.3 Personal dividend income............... .8 .7 .8 .2 .0 1.0 .3 1.5 Personal current transfer receipts....... .2 .3 -.5 -.3 .0 -.3 .0 .6 Less: Contributions for government social insurance, domestic..................... .1 -.1 .3 -.1 .4 .6 .0 .4 Less: Personal current taxes............... .7 .4 .2 .0 .6 1.6 .8 1.0 Equals: Disposable personal income......... .1 .1 .1 -.1 .1 .2 .0 .4 Addenda: Personal consumption expenditures........ .2 -.2 .8 .1 .7 .1 .1 .0 Goods.................................. -.6 -.8 1.3 -.1 1.7 .3 -.1 -.4 Durable goods........................ -1.2 -1.3 2.2 -1.0 2.9 1.1 .3 -.4 Nondurable goods..................... -.3 -.6 .9 .3 1.1 -.1 -.3 -.4 Services............................... .6 .1 .5 .2 .2 .0 .2 .2 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .0 .2 -.2 -.3 .0 .6 .1 .4 Real disposable personal income.......... -.1 .2 -.3 -.4 -.1 .3 .0 .3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 III 10 IV 10 I 11 II 11 III 11 IV 11 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 3.7 4.7 4.2 4.1 8.8 3.4 .8 2.6 Compensation of employees, received...... 2.2 3.4 3.2 1.4 6.2 2.3 1.5 3.8 Wage and salary disbursements.......... 2.2 3.6 3.5 1.4 6.4 2.4 1.5 4.0 Supplements to wages and salaries...... 2.1 2.8 1.9 1.6 5.4 2.1 1.3 2.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 10.1 6.9 12.8 9.6 5.3 4.0 2.6 .6 Rental income of persons with capital consumption adjustment.................. 14.5 15.4 4.3 2.4 38.6 13.0 9.8 23.8 Personal income receipts on assets....... .8 4.0 -.3 4.7 8.0 5.8 -1.8 -1.1 Personal interest income............... -9.5 -.6 -11.4 2.3 6.3 4.5 -8.1 -7.5 Personal dividend income............... 19.9 10.5 17.4 8.1 10.2 7.4 6.8 7.2 Personal current transfer receipts....... 6.7 2.4 6.8 9.4 -2.2 3.3 -1.8 -.8 Less: Contributions for government social insurance, domestic..................... 2.4 -6.8 2.4 1.1 -29.3 2.6 1.7 4.0 Less: Personal current taxes............... 4.6 17.7 13.4 9.6 46.8 9.2 3.6 11.8 Equals: Disposable personal income......... 3.6 3.4 3.3 3.5 5.2 2.8 .4 1.5 Addenda: Personal consumption expenditures........ 3.8 4.7 3.7 5.6 6.1 4.0 4.1 2.8 Goods.................................. 5.9 7.6 5.7 11.9 13.1 3.4 4.3 4.8 Durable goods........................ 5.4 7.0 6.0 14.4 11.0 -3.7 5.2 11.7 Nondurable goods..................... 6.2 7.9 5.5 10.8 14.1 6.9 3.9 1.7 Services............................... 2.8 3.2 2.7 2.6 2.7 4.3 4.0 1.7 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 1.3 2.8 2.6 .9 7.3 .1 -1.0 2.6 Real disposable personal income.......... 1.8 .9 2.3 1.5 1.2 -.5 -1.9 .8 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11\r\ Nov 11\r\ Dec 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,395.7 9,388.4 9,425.1 9,411.8 9,463.5 9,477.1 9,487.5 9,479.4 Goods.................................... 3,328.4 3,317.3 3,338.6 3,321.9 3,367.8 3,387.5 3,392.2 3,388.0 Durable goods.......................... 1,261.1 1,242.1 1,270.8 1,260.4 1,302.2 1,317.5 1,326.2 1,324.4 Nondurable goods....................... 2,073.2 2,077.7 2,075.1 2,067.8 2,078.1 2,084.5 2,082.3 2,079.9 Services................................. 6,072.6 6,075.7 6,091.8 6,094.5 6,102.0 6,096.8 6,102.7 6,098.6 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.5 -7.3 36.7 -13.3 51.7 13.6 10.4 -8.1 Goods.................................... -19.6 -11.1 21.3 -16.7 45.9 19.7 4.7 -4.2 Durable goods.......................... -16.2 -19.0 28.7 -10.4 41.8 15.3 8.7 -1.8 Nondurable goods....................... -5.6 4.5 -2.6 -7.3 10.3 6.4 -2.2 -2.4 Services................................. 19.9 3.1 16.1 2.7 7.5 -5.2 5.9 -4.1 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .0 -.1 .4 -.1 .5 .1 .1 -.1 Goods.................................... -.6 -.3 .6 -.5 1.4 .6 .1 -.1 Durable goods.......................... -1.3 -1.5 2.3 -.8 3.3 1.2 .7 -.1 Nondurable goods....................... -.3 .2 -.1 -.4 .5 .3 -.1 -.1 Services................................. .3 .1 .3 .0 .1 -.1 .1 -.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] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 III 10 IV 10 I 11 II 11 III 11 IV 11 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,220.9 9,421.1 9,247.1 9,328.4 9,376.7 9,392.7 9,433.5 9,481.3 Goods.................................... 3,230.7 3,351.9 3,240.8 3,306.0 3,344.4 3,331.2 3,342.7 3,389.2 Durable goods.......................... 1,188.3 1,284.5 1,194.1 1,242.4 1,277.4 1,260.2 1,277.8 1,322.7 Nondurable goods....................... 2,041.3 2,077.0 2,045.8 2,067.4 2,075.4 2,076.6 2,073.7 2,082.2 Services................................. 5,991.8 6,075.4 6,008.1 6,027.5 6,039.1 6,067.0 6,096.1 6,099.4 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 183.4 200.2 60.2 81.3 48.3 16.0 40.8 47.8 Goods.................................... 132.7 121.2 37.9 65.2 38.4 -13.2 11.5 46.5 Durable goods.......................... 80.0 96.2 24.8 48.3 35.0 -17.2 17.6 44.9 Nondurable goods....................... 57.9 35.7 15.0 21.6 8.0 1.2 -2.9 8.5 Services................................. 56.3 83.6 23.8 19.4 11.6 27.9 29.1 3.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.0 2.2 2.6 3.6 2.1 .7 1.7 2.0 Goods.................................... 4.3 3.8 4.8 8.3 4.7 -1.6 1.4 5.7 Durable goods.......................... 7.2 8.1 8.8 17.2 11.7 -5.3 5.7 14.8 Nondurable goods....................... 2.9 1.7 3.0 4.3 1.6 .2 -.5 1.7 Services................................. .9 1.4 1.6 1.3 .8 1.9 1.9 .2 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11\r\ Nov 11\r\ Dec 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 113.780 113.637 114.054 114.364 114.554 114.501 114.496 114.573 Goods.................................... 108.929 108.391 109.130 109.582 109.879 109.573 109.301 109.037 Durable goods.......................... 90.720 90.897 90.838 90.705 90.340 90.276 89.996 89.774 Nondurable goods....................... 119.681 118.711 119.932 120.741 121.447 120.994 120.731 120.444 Services................................. 116.341 116.413 116.654 116.886 117.017 117.103 117.245 117.512 Addenda: PCE excluding food and energy............ 111.622 111.804 112.024 112.222 112.222 112.307 112.442 112.614 Food\1\.................................. 118.000 118.171 118.603 119.315 119.942 120.120 119.951 120.172 Energy goods and services\2\............. 144.180 137.723 141.639 143.359 146.341 143.474 141.160 139.257 Market-based PCE\3\...................... 113.580 113.452 113.885 114.230 114.485 114.393 114.376 114.457 Market-based PCE excluding food and energy\3\........................... 111.049 111.299 111.507 111.729 111.774 111.834 111.977 112.169 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .2 -.1 .4 .3 .2 .0 .0 .1 Goods.................................... .0 -.5 .7 .4 .3 -.3 -.2 -.2 Durable goods.......................... .1 .2 -.1 -.1 -.4 -.1 -.3 -.2 Nondurable goods....................... -.1 -.8 1.0 .7 .6 -.4 -.2 -.2 Services................................. .3 .1 .2 .2 .1 .1 .1 .2 Addenda: PCE excluding food and energy............ .3 .2 .2 .2 .0 .1 .1 .2 Food\1\.................................. .3 .1 .4 .6 .5 .1 -.1 .2 Energy goods and services\2\............. -1.2 -4.5 2.8 1.2 2.1 -2.0 -1.6 -1.3 Market-based PCE\3\...................... .2 -.1 .4 .3 .2 -.1 .0 .1 Market-based PCE excluding food and energy\3\........................... .3 .2 .2 .2 .0 .1 .1 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11\r\ Nov 11\r\ Dec 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .9 .8 .5 -.2 -.1 -.1 -.2 -.1 Personal consumption expenditures.......... 2.2 2.0 2.3 1.7 2.1 1.8 1.6 1.4 Goods.................................... 4.0 3.4 3.9 2.4 3.2 2.7 2.5 2.3 Durable goods.......................... 7.8 6.3 7.1 6.1 7.8 6.5 7.0 6.0 Nondurable goods....................... 2.2 1.9 2.3 .7 1.1 1.0 .4 .7 Services................................. 1.4 1.4 1.5 1.4 1.5 1.4 1.2 1.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11\r\ Nov 11\r\ Dec 11\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.6 2.6 2.8 2.9 2.9 2.7 2.6 2.4 Goods.................................... 4.4 4.5 4.7 4.8 4.9 4.2 3.9 3.1 Durable goods.......................... -1.0 -.5 -.2 -.5 -.7 -.5 -.6 -.5 Nondurable goods....................... 7.1 7.0 7.2 7.4 7.6 6.5 6.1 4.8 Services................................. 1.7 1.7 1.8 1.9 2.0 1.9 1.9 2.1 Addenda: PCE excluding food and energy............ 1.3 1.4 1.6 1.7 1.6 1.7 1.7 1.8 Food\1\.................................. 3.6 3.9 4.3 4.8 5.1 5.1 5.0 5.0 Energy goods and services\2\............. 21.9 20.8 20.2 19.6 20.7 15.1 13.1 7.2 Market-based PCE\3\...................... 2.7 2.8 2.9 3.0 3.1 2.8 2.8 2.5 Market-based PCE excluding food and energy\3\........................... 1.3 1.4 1.5 1.6 1.6 1.7 1.8 1.9 ----------------------------------------------------------------------------------------------------------------------------------- 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.