EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, JANUARY 31, 2014 BEA 14-04 James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov PERSONAL INCOME AND OUTLAYS: DECEMBER 2013 Personal income increased $2.3 billion, or less than 0.1 percent, and disposable personal income (DPI) decreased $3.8 billion, or less than 0.1 percent, in December according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $44.1 billion, or 0.4 percent. In November, personal income increased $29.8 billion, or 0.2 percent, DPI increased $14.4 billion, or 0.1 percent, and PCE increased $74.8 billion, or 0.6 percent, based on revised estimates. Real disposable personal income decreased 0.2 percent in December, in contrast to an increase of 0.1 percent in November. Real PCE increased 0.2 percent in December, compared with an increase of 0.6 percent in November. 2013 Aug. Sep. Oct. Nov. Dec. (Percent change from preceding month) Personal income, current dollars 0.5 0.4 -0.1 0.2 0.0 Disposable personal income: Current dollars 0.6 0.5 -0.2 0.1 0.0 Chained (2009) dollars 0.5 0.4 -0.2 0.1 -0.2 Personal consumption expenditures: Current dollars 0.3 0.3 0.1 0.6 0.4 Chained (2009) dollars 0.2 0.2 0.1 0.6 0.2 FOOTNOTE.________ Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. Real estimates are in chained (2009) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. _________________ Wages and salaries Private wages and salaries increased $0.7 billion in December, compared with an increase of $35.0 billion in November. Goods producing industries' payrolls increased $4.2 billion, compared with an increase of $10.6 billion; manufacturing payrolls increased $2.7 billion, compared with an increase of $6.8 billion. Services-producing industries' payrolls decreased $3.6 billion, in contrast to an increase of $24.4 billion. Government wages and salaries increased $0.9 billion, compared with an increase of $1.4 billion. Other personal income Supplements to wages and salaries increased $1.7 billion in December, compared with an increase of $4.3 billion in November. Proprietors' income decreased $8.3 billion in December, the same decrease as in November. Farm proprietors' income decreased $14.3 billion in December, the same decrease as in November. Nonfarm proprietors' income increased $6.0 billion, the same increase as in November. Rental income of persons increased $2.1 billion in December, compared with an increase of $0.8 billion in November. Personal income receipts on assets (personal interest income plus personal dividend income) increased $3.1 billion, compared with an increase of $1.3 billion. Personal current transfer receipts increased $2.9 billion, compared with an increase of $0.1 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $0.7 billion in December, compared with an increase of $4.7 billion in November. Personal current taxes and disposable personal income Personal current taxes increased $6.0 billion in December, compared with an increase of $15.5 billion in November. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $3.8 billion, or less than 0.1 percent, in December, in contrast to an increase of $14.4 billion, or 0.1 percent, in November. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $42.0 billion in December, compared with an increase of $72.7 billion in November. PCE increased $44.1 billion, compared with an increase of $74.8 billion. Personal saving -- DPI less personal outlays -- was $495.2 billion in December, compared with $541.0 billion in November. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.9 percent in December, compared with 4.3 percent in November. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.2 percent in December, in contrast to an increase of 0.1 percent in November. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in December, compared with an increase of 0.6 percent in November. Purchases of durable goods decreased 1.4 percent in December, in contrast to an increase of 2.1 percent in November. Purchases of motor vehicles and parts accounted for most of the decrease in December and accounted for most of the increase in November. Purchases of nondurable goods increased 1.0 percent in December, compared with an increase of 0.6 percent in November. Purchases of services increased 0.2 percent, compared with an increase of 0.4 percent. PCE price index -- The price index for PCE increased 0.2 percent in December, compared with an increase of less than 0.1 percent in November. The PCE price index, excluding food and energy, increased 0.1 percent in December, the same increase as in November. 2013 Personal Income and Outlays Personal income increased 2.8 percent in 2013 (that is, from the 2012 annual level to the 2013 annual level), compared with an increase of 4.2 percent in 2012. DPI increased 1.9 percent, compared with an increase of 3.9 percent. PCE increased 3.1 percent, compared with an increase of 4.1 percent. Real DPI increased 0.7 percent in 2013, compared with an increase of 2.0 percent in 2012. Real PCE increased 2.0 percent, compared with an increase of 2.2 percent. Revisions Estimates have been revised for October and November. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and in chained (2009) dollar PCE for October and November -- revised and as published in last month's release -- are shown below. Change from preceding month October November Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (percent) (Billions of dollars) (percent) Personal income: Current dollars -11.7 -16.9 -0.1 -0.1 30.1 29.8 0.2 0.2 Disposable personal income: Current dollars -25.6 -28.7 -0.2 -0.2 16.2 14.4 0.1 0.1 Chained (2009) dollars -20.9 -25.2 -0.2 -0.2 12.5 11.5 0.1 0.1 Personal consumption expenditures: Current dollars 44.2 12.7 0.4 0.1 63.0 74.8 0.5 0.6 Chained (2009) dollars 43.8 13.2 0.4 0.1 56.2 67.8 0.5 0.6 BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to free e-mail summaries of BEA releases and announcements. * * * Next release -- March 3, 2014 at 8:30 A.M. EST for Personal Income and Outlays for January Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 14,088.3 14,138.4 14,157.8 14,228.8 14,291.9 14,275.0 14,304.8 14,307.1 Compensation of employees................ 8,830.4 8,872.9 8,848.9 8,894.5 8,924.5 8,936.5 8,977.1 8,980.5 Wages and salaries..................... 7,112.9 7,151.4 7,127.6 7,168.7 7,194.9 7,204.6 7,241.0 7,242.6 Private industries................... 5,918.2 5,958.3 5,941.5 5,980.0 5,997.9 6,007.9 6,042.9 6,043.6 Goods-producing industries......... 1,186.2 1,194.4 1,189.8 1,198.7 1,203.4 1,204.7 1,215.3 1,219.5 Manufacturing.................... 744.8 749.2 744.5 750.8 752.8 754.1 760.9 763.6 Services-producing industries...... 4,732.1 4,763.9 4,751.6 4,781.3 4,794.4 4,803.2 4,827.6 4,824.0 Trade, transportation, and utilities....................... 1,123.3 1,126.5 1,124.9 1,135.7 1,136.6 1,139.4 1,145.2 1,147.4 Other services-producing industries...................... 3,608.7 3,637.4 3,626.7 3,645.6 3,657.8 3,663.8 3,682.4 3,676.6 Government........................... 1,194.6 1,193.1 1,186.2 1,188.7 1,197.0 1,196.7 1,198.1 1,199.0 Supplements to wages and salaries...... 1,717.5 1,721.4 1,721.3 1,725.8 1,729.6 1,731.9 1,736.2 1,737.9 Employer contributions for employee pension and insurance funds\1\...... 1,187.6 1,189.2 1,190.8 1,193.1 1,195.2 1,197.0 1,199.2 1,200.8 Employer contributions for government social insurance.................... 529.9 532.2 530.4 532.8 534.4 534.9 537.0 537.1 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,342.9 1,325.8 1,341.3 1,358.6 1,382.1 1,360.3 1,352.0 1,343.7 Farm................................... 129.0 109.0 118.7 128.3 148.1 123.7 109.4 95.1 Nonfarm................................ 1,213.9 1,216.8 1,222.7 1,230.3 1,234.1 1,236.6 1,242.6 1,248.6 Rental income of persons with capital consumption adjustment.................. 587.7 590.2 592.5 596.0 601.2 601.0 601.8 603.9 Personal income receipts on assets....... 1,995.2 2,015.2 2,031.3 2,028.7 2,032.2 2,028.1 2,029.4 2,032.5 Personal interest income............... 1,225.6 1,236.3 1,235.2 1,234.2 1,233.1 1,235.4 1,237.7 1,240.0 Personal dividend income............... 769.6 779.0 796.0 794.6 799.0 792.7 791.7 792.5 Personal current transfer receipts....... 2,434.9 2,441.8 2,448.3 2,460.6 2,465.1 2,463.8 2,463.9 2,466.8 Government social benefits to persons.. 2,390.4 2,397.2 2,403.6 2,415.7 2,420.0 2,418.6 2,418.5 2,421.3 Social security\2\................... 797.3 801.4 799.1 803.9 804.1 803.5 809.7 813.4 Medicare\3\.......................... 586.0 589.4 593.0 596.6 599.8 598.3 598.0 597.7 Medicaid............................. 427.7 426.9 434.5 440.2 440.3 440.5 440.8 439.5 Unemployment insurance............... 68.5 66.6 64.7 62.4 59.6 59.8 58.3 59.3 Veterans' benefits................... 80.3 81.6 80.5 81.1 83.4 83.6 83.1 82.6 Other................................ 430.7 431.3 431.7 431.5 432.9 433.0 428.6 428.8 Other current transfer receipts, from business (net)........................ 44.4 44.5 44.7 44.9 45.0 45.2 45.3 45.5 Less: Contributions for government social insurance, domestic..................... 1,102.6 1,107.5 1,104.5 1,109.6 1,113.2 1,114.7 1,119.4 1,120.1 Less: Personal current taxes............... 1,668.9 1,681.4 1,659.4 1,656.5 1,657.4 1,669.2 1,684.7 1,690.7 Equals: Disposable personal income......... 12,419.4 12,457.0 12,498.4 12,572.3 12,634.5 12,605.8 12,620.2 12,616.4 Less: Personal outlays..................... 11,822.9 11,881.6 11,906.7 11,951.1 11,993.3 12,006.5 12,079.2 12,121.2 Personal consumption expenditures........ 11,413.0 11,476.0 11,498.8 11,538.4 11,575.8 11,588.5 11,663.3 11,707.4 Goods.................................. 3,840.2 3,880.3 3,900.5 3,912.8 3,925.1 3,917.7 3,947.2 3,962.5 Durable goods........................ 1,254.8 1,267.4 1,267.3 1,285.2 1,269.4 1,276.8 1,300.1 1,276.3 Nondurable goods..................... 2,585.4 2,612.9 2,633.1 2,627.7 2,655.7 2,640.8 2,647.1 2,686.2 Services............................... 7,572.9 7,595.7 7,598.3 7,625.6 7,650.7 7,670.9 7,716.1 7,744.9 Personal interest payments\4\............ 244.3 239.8 244.3 248.8 253.3 251.0 248.6 246.2 Personal current transfer payments....... 165.6 165.8 163.6 163.9 164.2 167.0 167.3 167.6 To government.......................... 89.9 90.1 90.4 90.7 91.0 91.3 91.6 91.9 To the rest of the world (net)......... 75.7 75.7 73.2 73.2 73.2 75.7 75.7 75.7 Equals: Personal saving.................... 596.5 575.4 591.6 621.2 641.2 599.2 541.0 495.2 Personal saving as a percentage of disposable personal income.............. 4.8 4.6 4.7 4.9 5.1 4.8 4.3 3.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,914.5 10,913.6 10,915.4 10,959.4 11,001.7 10,988.6 11,014.4 10,991.4 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,631.9 11,623.0 11,650.8 11,708.2 11,753.0 11,727.8 11,739.3 11,711.8 Per capita: Current dollars...................... 39,277 39,372 39,477 39,684 39,854 39,737 39,760 39,726 Chained (2009) dollars............... 36,786 36,736 36,800 36,957 37,073 36,970 36,984 36,877 Population (midperiod, thousands)\6\..... 316,202 316,395 316,599 316,808 317,023 317,226 317,412 317,589 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 III 12 IV 12 I 13 II 13 III 13 IV 13 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,743.8 14,133.5 13,701.6 14,073.1 13,925.9 14,086.2 14,226.2 14,295.6 Compensation of employees................ 8,611.6 8,859.4 8,591.0 8,787.4 8,748.3 8,835.5 8,889.3 8,964.7 Wages and salaries..................... 6,926.8 7,137.8 6,904.7 7,086.6 7,040.4 7,117.6 7,163.7 7,229.4 Private industries................... 5,729.4 5,943.2 5,709.7 5,887.2 5,844.5 5,923.6 5,973.1 6,031.4 Goods-producing industries......... 1,154.0 1,192.9 1,146.7 1,167.0 1,173.8 1,187.1 1,197.3 1,213.2 Manufacturing.................... 735.4 749.3 732.3 740.5 742.1 745.9 749.4 759.6 Services-producing industries...... 4,575.4 4,750.3 4,563.0 4,720.3 4,670.7 4,736.4 4,775.8 4,818.3 Trade, transportation, and utilities....................... 1,093.7 1,128.7 1,090.0 1,114.2 1,115.2 1,123.2 1,132.4 1,144.0 Other services-producing industries...................... 3,481.7 3,621.6 3,473.0 3,606.1 3,555.5 3,613.2 3,643.4 3,674.3 Government........................... 1,197.3 1,194.6 1,195.1 1,199.3 1,195.8 1,194.1 1,190.6 1,197.9 Supplements to wages and salaries...... 1,684.9 1,721.7 1,686.2 1,700.9 1,707.9 1,717.8 1,725.6 1,735.3 Employer contributions for employee pension and insurance funds\1\...... 1,170.6 1,190.5 1,174.1 1,176.8 1,182.1 1,187.6 1,193.0 1,199.0 Employer contributions for government social insurance.................... 514.3 531.2 512.2 524.0 525.8 530.2 532.5 536.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,224.9 1,347.2 1,220.0 1,247.5 1,334.6 1,341.5 1,360.7 1,352.0 Farm................................... 75.4 126.8 75.3 74.5 137.0 129.0 131.7 109.4 Nonfarm................................ 1,149.6 1,220.4 1,144.7 1,173.0 1,197.6 1,212.5 1,229.0 1,242.6 Rental income of persons with capital consumption adjustment.................. 541.2 590.3 546.7 555.4 574.9 587.7 596.6 602.2 Personal income receipts on assets....... 1,958.5 1,997.6 1,926.9 2,062.8 1,935.8 1,994.0 2,030.7 2,030.0 Personal interest income............... 1,211.6 1,228.3 1,203.7 1,218.4 1,215.8 1,225.6 1,234.2 1,237.7 Personal dividend income............... 746.9 769.3 723.2 844.3 720.0 768.4 796.5 792.3 Personal current transfer receipts....... 2,358.3 2,444.9 2,364.4 2,388.0 2,426.0 2,430.9 2,458.0 2,464.8 Government social benefits to persons.. 2,316.8 2,400.3 2,323.8 2,347.9 2,382.0 2,386.5 2,413.1 2,419.5 Social security\2\................... 762.2 799.0 764.8 770.2 789.8 794.9 802.4 808.9 Medicare\3\.......................... 560.8 592.5 564.0 577.2 589.3 586.3 596.5 598.0 Medicaid............................. 417.1 432.1 421.5 425.1 423.7 426.1 438.4 440.3 Unemployment insurance............... 84.2 65.9 78.7 75.3 73.9 68.5 62.2 59.1 Veterans' benefits................... 70.2 80.4 71.3 73.3 76.8 80.0 81.6 83.1 Other................................ 422.5 430.4 423.5 426.8 428.6 430.8 432.0 430.1 Other current transfer receipts, from business (net)........................ 41.4 44.6 40.6 40.1 44.0 44.4 44.9 45.3 Less: Contributions for government social insurance, domestic..................... 950.7 1,106.0 947.4 967.9 1,093.7 1,103.3 1,109.1 1,118.1 Less: Personal current taxes............... 1,498.0 1,659.3 1,496.4 1,552.8 1,629.0 1,668.8 1,657.8 1,681.5 Equals: Disposable personal income......... 12,245.8 12,474.2 12,205.1 12,520.4 12,296.9 12,417.4 12,568.4 12,614.1 Less: Personal outlays..................... 11,558.4 11,912.8 11,601.0 11,696.2 11,794.9 11,837.0 11,950.4 12,069.0 Personal consumption expenditures........ 11,149.6 11,499.3 11,193.6 11,285.5 11,379.2 11,427.1 11,537.7 11,653.1 Goods.................................. 3,769.7 3,888.9 3,784.9 3,826.1 3,851.8 3,848.5 3,912.8 3,942.4 Durable goods........................ 1,202.7 1,265.2 1,206.5 1,230.7 1,244.8 1,257.5 1,274.0 1,284.4 Nondurable goods..................... 2,567.0 2,623.7 2,578.4 2,595.4 2,607.0 2,591.0 2,638.8 2,658.0 Services............................... 7,379.9 7,610.4 7,408.7 7,459.4 7,527.4 7,578.6 7,624.8 7,710.6 Personal interest payments\4\............ 248.4 248.0 250.7 247.3 250.4 244.3 248.8 248.6 Personal current transfer payments....... 160.4 165.5 156.7 163.4 165.3 165.6 163.9 167.3 To government.......................... 88.5 90.4 88.8 89.0 89.4 89.9 90.7 91.6 To the rest of the world (net)......... 71.9 75.1 67.9 74.4 75.9 75.7 73.2 75.7 Equals: Personal saving.................... 687.4 561.4 604.1 824.1 502.0 580.4 618.0 545.1 Personal saving as a percentage of disposable personal income.............. 5.6 4.5 4.9 6.6 4.1 4.7 4.9 4.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\............... 10,740.1 10,904.8 10,676.2 10,959.6 10,756.9 10,905.4 10,958.9 10,998.1 Disposable personal income: Total, billions of chained (2009) dollars\5\............................ 11,551.6 11,637.8 11,493.6 11,743.0 11,502.4 11,618.5 11,704.1 11,726.2 Per capita: Current dollars...................... 38,965 39,410 38,800 39,727 38,955 39,270 39,672 39,741 Chained (2009) dollars............... 36,756 36,767 36,538 37,260 36,438 36,743 36,943 36,943 Population (midperiod, thousands)\6\..... 314,278 316,524 314,564 315,162 315,671 316,206 316,810 317,409 ----------------------------------------------------------------------------------------------------------------------------------- 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 56.4 50.1 19.4 71.0 63.1 -16.9 29.8 2.3 Compensation of employees................ 27.2 42.5 -24.0 45.6 30.0 12.0 40.6 3.4 Wages and salaries..................... 24.3 38.5 -23.8 41.1 26.2 9.7 36.4 1.6 Private industries................... 24.0 40.1 -16.8 38.5 17.9 10.0 35.0 .7 Goods-producing industries......... 5.3 8.2 -4.6 8.9 4.7 1.3 10.6 4.2 Manufacturing.................... .9 4.4 -4.7 6.3 2.0 1.3 6.8 2.7 Services-producing industries...... 18.8 31.8 -12.3 29.7 13.1 8.8 24.4 -3.6 Trade, transportation, and utilities....................... 3.4 3.2 -1.6 10.8 .9 2.8 5.8 2.2 Other services-producing industries...................... 15.3 28.7 -10.7 18.9 12.2 6.0 18.6 -5.8 Government........................... .2 -1.5 -6.9 2.5 8.3 -.3 1.4 .9 Supplements to wages and salaries...... 3.0 3.9 -.1 4.5 3.8 2.3 4.3 1.7 Employer contributions for employee pension and insurance funds\1\...... 1.7 1.6 1.6 2.3 2.1 1.8 2.2 1.6 Employer contributions for government social insurance.................... 1.3 2.3 -1.8 2.4 1.6 .5 2.1 .1 Proprietors' income with inventory valuation and capital consumption adjustments............................. -12.8 -17.1 15.5 17.3 23.5 -21.8 -8.3 -8.3 Farm................................... -19.9 -20.0 9.7 9.6 19.8 -24.4 -14.3 -14.3 Nonfarm................................ 7.1 2.9 5.9 7.6 3.8 2.5 6.0 6.0 Rental income of persons with capital consumption adjustment.................. 2.6 2.5 2.3 3.5 5.2 -.2 .8 2.1 Personal income receipts on assets....... 23.7 20.0 16.1 -2.6 3.5 -4.1 1.3 3.1 Personal interest income............... 10.7 10.7 -1.1 -1.0 -1.1 2.3 2.3 2.3 Personal dividend income............... 13.0 9.4 17.0 -1.4 4.4 -6.3 -1.0 .8 Personal current transfer receipts....... 18.8 6.9 6.5 12.3 4.5 -1.3 .1 2.9 Government social benefits to persons.. 18.5 6.8 6.4 12.1 4.3 -1.4 -.1 2.8 Social security\2\................... 11.5 4.1 -2.3 4.8 .2 -.6 6.2 3.7 Medicare\3\.......................... 2.6 3.4 3.6 3.6 3.2 -1.5 -.3 -.3 Medicaid............................. 4.0 -.8 7.6 5.7 .1 .2 .3 -1.3 Unemployment insurance............... -1.9 -1.9 -1.9 -2.3 -2.8 .2 -1.5 1.0 Veterans' benefits................... 2.3 1.3 -1.1 .6 2.3 .2 -.5 -.5 Other................................ .2 .6 .4 -.2 1.4 .1 -4.4 .2 Other current transfer receipts, from business (net)........................ .1 .1 .2 .2 .1 .2 .1 .2 Less: Contributions for government social insurance, domestic..................... 2.9 4.9 -3.0 5.1 3.6 1.5 4.7 .7 Less: Personal current taxes............... 12.7 12.5 -22.0 -2.9 .9 11.8 15.5 6.0 Equals: Disposable personal income......... 43.7 37.6 41.4 73.9 62.2 -28.7 14.4 -3.8 Less: Personal outlays..................... 16.5 58.7 25.1 44.4 42.2 13.2 72.7 42.0 Personal consumption expenditures........ 20.6 63.0 22.8 39.6 37.4 12.7 74.8 44.1 Goods.................................. 15.2 40.1 20.2 12.3 12.3 -7.4 29.5 15.3 Durable goods........................ 4.6 12.6 -.1 17.9 -15.8 7.4 23.3 -23.8 Nondurable goods..................... 10.6 27.5 20.2 -5.4 28.0 -14.9 6.3 39.1 Services............................... 5.6 22.8 2.6 27.3 25.1 20.2 45.2 28.8 Personal interest payments\4\............ -4.4 -4.5 4.5 4.5 4.5 -2.3 -2.4 -2.4 Personal current transfer payments....... .2 .2 -2.2 .3 .3 2.8 .3 .3 To government.......................... .2 .2 .3 .3 .3 .3 .3 .3 To the rest of the world (net)......... .0 .0 -2.5 .0 .0 2.5 .0 .0 Equals: Personal saving.................... 27.3 -21.1 16.2 29.6 20.0 -42.0 -58.2 -45.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 26.4 -.9 1.8 44.0 42.3 -13.1 25.8 -23.0 Disposable personal income, billions of chained (2009) dollars\5\............ 31.5 -8.9 27.8 57.4 44.8 -25.2 11.5 -27.5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 III 12 IV 12 I 13 II 13 III 13 IV 13 ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 552.5 389.7 49.8 371.5 -147.2 160.3 140.0 69.4 Compensation of employees................ 333.1 247.8 37.2 196.4 -39.1 87.2 53.8 75.4 Wages and salaries..................... 288.1 211.0 31.2 181.9 -46.2 77.2 46.1 65.7 Private industries................... 285.1 213.8 31.7 177.5 -42.7 79.1 49.5 58.3 Goods-producing industries......... 51.9 38.9 -6.5 20.3 6.8 13.3 10.2 15.9 Manufacturing.................... 28.3 13.9 -3.4 8.2 1.6 3.8 3.5 10.2 Services-producing industries...... 233.2 174.9 38.2 157.3 -49.6 65.7 39.4 42.5 Trade, transportation, and utilities....................... 47.5 35.0 6.2 24.2 1.0 8.0 9.2 11.6 Other services-producing industries...................... 185.7 139.9 32.0 133.1 -50.6 57.7 30.2 30.9 Government........................... 2.9 -2.7 -.4 4.2 -3.5 -1.7 -3.5 7.3 Supplements to wages and salaries...... 45.1 36.8 5.9 14.7 7.0 9.9 7.8 9.7 Employer contributions for employee pension and insurance funds\1\...... 25.2 19.9 5.0 2.7 5.3 5.5 5.4 6.0 Employer contributions for government social insurance.................... 19.9 16.9 1.0 11.8 1.8 4.4 2.3 3.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 69.8 122.3 2.2 27.5 87.1 6.9 19.2 -8.7 Farm................................... 2.8 51.4 -1.7 -.8 62.5 -8.0 2.7 -22.3 Nonfarm................................ 67.0 70.8 3.9 28.3 24.6 14.9 16.5 13.6 Rental income of persons with capital consumption adjustment.................. 56.8 49.1 8.9 8.7 19.5 12.8 8.9 5.6 Personal income receipts on assets....... 73.9 39.1 -8.4 135.9 -127.0 58.2 36.7 -.7 Personal interest income............... 7.5 16.7 -15.7 14.7 -2.6 9.8 8.6 3.5 Personal dividend income............... 66.4 22.4 7.3 121.1 -124.3 48.4 28.1 -4.2 Personal current transfer receipts....... 51.4 86.6 12.2 23.6 38.0 4.9 27.1 6.8 Government social benefits to persons.. 56.5 83.5 13.3 24.1 34.1 4.5 26.6 6.4 Social security\2\................... 48.9 36.8 4.4 5.4 19.6 5.1 7.5 6.5 Medicare\3\.......................... 23.8 31.7 9.8 13.2 12.1 -3.0 10.2 1.5 Medicaid............................. 11.6 15.0 .6 3.6 -1.4 2.4 12.3 1.9 Unemployment insurance............... -23.4 -18.3 -7.2 -3.4 -1.4 -5.4 -6.3 -3.1 Veterans' benefits................... 6.9 10.2 2.4 2.0 3.5 3.2 1.6 1.5 Other................................ -11.2 7.9 3.2 3.3 1.8 2.2 1.2 -1.9 Other current transfer receipts, from business (net)........................ -5.3 3.2 -1.1 -.5 3.9 .4 .5 .4 Less: Contributions for government social insurance, domestic..................... 32.5 155.3 2.3 20.5 125.8 9.6 5.8 9.0 Less: Personal current taxes............... 94.0 161.3 16.4 56.4 76.2 39.8 -11.0 23.7 Equals: Disposable personal income......... 458.4 228.4 33.2 315.3 -223.5 120.5 151.0 45.7 Less: Personal outlays..................... 439.3 354.4 93.1 95.2 98.7 42.1 113.4 118.6 Personal consumption expenditures........ 437.8 349.7 93.4 91.9 93.7 47.9 110.6 115.4 Goods.................................. 167.0 119.2 46.5 41.2 25.7 -3.3 64.3 29.6 Durable goods........................ 72.8 62.5 17.2 24.2 14.1 12.7 16.5 10.4 Nondurable goods..................... 94.2 56.7 29.2 17.0 11.6 -16.0 47.8 19.2 Services............................... 270.8 230.5 46.9 50.7 68.0 51.2 46.2 85.8 Personal interest payments\4\............ .4 -.4 3.7 -3.4 3.1 -6.1 4.5 -.2 Personal current transfer payments....... 1.0 5.1 -4.1 6.7 1.9 .3 -1.7 3.4 To government.......................... 3.2 1.9 .4 .2 .4 .5 .8 .9 To the rest of the world (net)......... -2.2 3.2 -4.5 6.5 1.5 -.2 -2.5 2.5 Equals: Personal saving.................... 19.2 -126.0 -59.8 220.0 -322.1 78.4 37.6 -72.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\....................... 283.0 164.7 -9.3 283.4 -202.7 148.5 53.5 39.2 Disposable personal income, billions of chained (2009) dollars\5\............ 227.0 86.2 -16.6 249.4 -240.6 116.1 85.6 22.1 ----------------------------------------------------------------------------------------------------------------------------------- 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) [Months seasonally adjusted at monthly rates] ----------------------------------------------------------------------------------------------------------------------------------- May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .4 .4 .1 .5 .4 -.1 .2 .0 Compensation of employees................ .3 .5 -.3 .5 .3 .1 .5 .0 Wages and salaries..................... .3 .5 -.3 .6 .4 .1 .5 .0 Supplements to wages and salaries...... .2 .2 .0 .3 .2 .1 .2 .1 Proprietors' income with inventory valuation and capital consumption adjustments............................. -.9 -1.3 1.2 1.3 1.7 -1.6 -.6 -.6 Rental income of persons with capital consumption adjustment.................. .4 .4 .4 .6 .9 .0 .1 .3 Personal income receipts on assets....... 1.2 1.0 .8 -.1 .2 -.2 .1 .2 Personal interest income............... .9 .9 -.1 -.1 -.1 .2 .2 .2 Personal dividend income............... 1.7 1.2 2.2 -.2 .6 -.8 -.1 .1 Personal current transfer receipts....... .8 .3 .3 .5 .2 -.1 .0 .1 Less: Contributions for government social insurance, domestic..................... .3 .4 -.3 .5 .3 .1 .4 .1 Less: Personal current taxes............... .8 .7 -1.3 -.2 .1 .7 .9 .4 Equals: Disposable personal income......... .4 .3 .3 .6 .5 -.2 .1 .0 Addenda: Personal consumption expenditures........ .2 .6 .2 .3 .3 .1 .6 .4 Goods.................................. .4 1.0 .5 .3 .3 -.2 .8 .4 Durable goods........................ .4 1.0 .0 1.4 -1.2 .6 1.8 -1.8 Nondurable goods..................... .4 1.1 .8 -.2 1.1 -.6 .2 1.5 Services............................... .1 .3 .0 .4 .3 .3 .6 .4 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .2 .0 .0 .4 .4 -.1 .2 -.2 Real disposable personal income.......... .3 -.1 .2 .5 .4 -.2 .1 -.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 III 12 IV 12 I 13 II 13 III 13 IV 13 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 4.2 2.8 1.5 11.3 -4.1 4.7 4.0 2.0 Compensation of employees................ 4.0 2.9 1.7 9.5 -1.8 4.0 2.5 3.4 Wages and salaries..................... 4.3 3.0 1.8 11.0 -2.6 4.5 2.6 3.7 Supplements to wages and salaries...... 2.7 2.2 1.4 3.5 1.7 2.3 1.8 2.3 Proprietors' income with inventory valuation and capital consumption adjustments............................. 6.0 10.0 .7 9.3 31.0 2.1 5.9 -2.5 Rental income of persons with capital consumption adjustment.................. 11.7 9.1 6.8 6.5 14.8 9.2 6.2 3.8 Personal income receipts on assets....... 3.9 2.0 -1.7 31.3 -22.4 12.6 7.6 -.1 Personal interest income............... .6 1.4 -5.1 5.0 -.9 3.3 2.8 1.1 Personal dividend income............... 9.8 3.0 4.1 85.8 -47.1 29.7 15.5 -2.1 Personal current transfer receipts....... 2.2 3.7 2.1 4.0 6.5 .8 4.5 1.1 Less: Contributions for government social insurance, domestic..................... 3.5 16.3 1.0 8.9 63.0 3.5 2.1 3.3 Less: Personal current taxes............... 6.7 10.8 4.5 15.9 21.1 10.1 -2.6 5.9 Equals: Disposable personal income......... 3.9 1.9 1.1 10.7 -7.0 4.0 5.0 1.5 Addenda: Personal consumption expenditures........ 4.1 3.1 3.4 3.3 3.4 1.7 3.9 4.1 Goods.................................. 4.6 3.2 5.1 4.4 2.7 -.3 6.9 3.1 Durable goods........................ 6.4 5.2 5.9 8.3 4.7 4.1 5.4 3.3 Nondurable goods..................... 3.8 2.2 4.7 2.7 1.8 -2.4 7.6 2.9 Services............................... 3.8 3.1 2.6 2.8 3.7 2.8 2.5 4.6 ---------------------------------------------------------------------------------------- Based on chained (2009) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 2.7 1.5 -.3 11.0 -7.2 5.6 2.0 1.4 Real disposable personal income.......... 2.0 .7 -.6 9.0 -7.9 4.1 3.0 .8 ----------------------------------------------------------------------------------------------------------------------------------- Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,689.4 10,707.7 10,718.9 10,745.4 10,768.2 10,781.4 10,849.2 10,867.9 Goods.................................... 3,642.0 3,653.6 3,669.1 3,679.2 3,691.8 3,695.9 3,735.4 3,742.1 Durable goods.......................... 1,320.6 1,334.2 1,338.7 1,361.7 1,345.4 1,355.7 1,384.2 1,364.3 Nondurable goods....................... 2,336.2 2,335.6 2,346.6 2,336.8 2,362.3 2,357.6 2,371.0 2,394.0 Services................................. 7,046.6 7,053.3 7,049.3 7,065.6 7,076.0 7,085.1 7,113.7 7,125.7 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10.7 18.3 11.2 26.5 22.8 13.2 67.8 18.7 Goods.................................... 18.8 11.6 15.5 10.1 12.6 4.1 39.5 6.7 Durable goods.......................... 5.7 13.6 4.5 23.0 -16.3 10.3 28.5 -19.9 Nondurable goods....................... 13.0 -.6 11.0 -9.8 25.5 -4.7 13.4 23.0 Services................................. -7.9 6.7 -4.0 16.3 10.4 9.1 28.6 12.0 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .1 .2 .1 .2 .2 .1 .6 .2 Goods.................................... .5 .3 .4 .3 .3 .1 1.1 .2 Durable goods.......................... .4 1.0 .3 1.7 -1.2 .8 2.1 -1.4 Nondurable goods....................... .6 .0 .5 -.4 1.1 -.2 .6 1.0 Services................................. -.1 .1 -.1 .2 .1 .1 .4 .2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2012 2013 III 12 IV 12 I 13 II 13 III 13 IV 13 ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 10,517.6 10,728.2 10,541.0 10,584.8 10,644.0 10,691.9 10,744.2 10,832.8 Goods.................................... 3,534.1 3,664.0 3,546.7 3,579.2 3,611.9 3,639.6 3,680.0 3,724.5 Durable goods.......................... 1,246.7 1,335.8 1,253.4 1,285.2 1,303.5 1,323.2 1,348.6 1,368.1 Nondurable goods....................... 2,296.8 2,344.2 2,303.0 2,306.7 2,322.2 2,331.7 2,348.6 2,374.2 Services................................. 6,982.7 7,063.6 6,993.4 7,004.7 7,031.1 7,051.5 7,063.6 7,108.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 226.3 210.6 44.2 43.8 59.2 47.9 52.3 88.6 Goods.................................... 114.2 129.9 32.0 32.5 32.7 27.7 40.4 44.5 Durable goods.......................... 89.6 89.1 24.8 31.8 18.3 19.7 25.4 19.5 Nondurable goods....................... 30.8 47.4 9.1 3.7 15.5 9.5 16.9 25.6 Services................................. 111.6 80.9 12.0 11.3 26.4 20.4 12.1 44.6 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2009) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 2.2 2.0 1.7 1.7 2.3 1.8 2.0 3.3 Goods.................................... 3.3 3.7 3.7 3.7 3.7 3.1 4.5 4.9 Durable goods.......................... 7.7 7.1 8.3 10.5 5.8 6.2 7.9 5.9 Nondurable goods....................... 1.4 2.1 1.6 .6 2.7 1.6 2.9 4.4 Services................................. 1.6 1.2 .7 .6 1.5 1.2 .7 2.5 ----------------------------------------------------------------------------------------------------------------------------------- Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 106.772 107.177 107.277 107.382 107.502 107.488 107.505 107.726 Goods.................................... 105.442 106.205 106.306 106.349 106.322 106.001 105.671 105.889 Durable goods.......................... 94.999 94.980 94.657 94.366 94.344 94.170 93.910 93.535 Nondurable goods....................... 110.670 111.873 112.214 112.451 112.420 112.017 111.649 112.207 Services................................. 107.470 107.691 107.790 107.926 108.123 108.270 108.469 108.691 Addenda: PCE excluding food and energy............ 105.674 105.884 105.970 106.084 106.177 106.274 106.372 106.470 Food\1\.................................. 107.467 107.744 107.860 108.084 107.965 108.030 107.912 108.025 Energy goods and services\2\............. 124.583 128.863 129.266 129.012 130.065 127.767 126.446 129.196 Market-based PCE\3\...................... 106.610 107.050 107.176 107.251 107.346 107.317 107.322 107.531 Market-based PCE excluding food and energy\3\........................... 105.318 105.540 105.655 105.736 105.797 105.891 105.986 106.053 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .4 .1 .1 .1 .0 .0 .2 Goods.................................... -.1 .7 .1 .0 .0 -.3 -.3 .2 Durable goods.......................... -.1 .0 -.3 -.3 .0 -.2 -.3 -.4 Nondurable goods....................... -.1 1.1 .3 .2 .0 -.4 -.3 .5 Services................................. .2 .2 .1 .1 .2 .1 .2 .2 Addenda: PCE excluding food and energy............ .1 .2 .1 .1 .1 .1 .1 .1 Food\1\.................................. -.2 .3 .1 .2 -.1 .1 -.1 .1 Energy goods and services\2\............. .3 3.4 .3 -.2 .8 -1.8 -1.0 2.2 Market-based PCE\3\...................... .1 .4 .1 .1 .1 .0 .0 .2 Market-based PCE excluding food and energy\3\........................... .1 .2 .1 .1 .1 .1 .1 .1 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. 1.1 .9 1.3 2.0 2.2 1.8 .6 -2.7 Personal consumption expenditures.......... 1.8 2.0 1.8 2.1 1.9 2.1 2.4 2.5 Goods.................................... 3.6 4.1 3.9 3.9 3.5 3.9 4.2 4.1 Durable goods.......................... 7.7 8.3 8.0 8.9 5.9 7.3 7.3 4.8 Nondurable goods....................... 1.8 2.1 2.0 1.6 2.4 2.3 2.8 3.7 Services................................. .9 1.0 .7 1.2 1.1 1.2 1.5 1.7 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13\r\ Nov 13\r\ Dec 13\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 1.0 1.3 1.3 1.1 .9 .7 .9 1.1 Goods.................................... -.7 .0 .3 -.4 -1.0 -1.4 -1.0 -.5 Durable goods.......................... -1.9 -1.8 -1.8 -2.0 -1.8 -1.8 -2.0 -2.1 Nondurable goods....................... -.2 .9 1.3 .4 -.6 -1.2 -.6 .2 Services................................. 1.9 1.9 1.9 1.9 1.9 1.8 1.8 1.9 Addenda: PCE excluding food and energy............ 1.2 1.2 1.1 1.2 1.2 1.1 1.1 1.2 Food\1\.................................. 1.0 1.0 1.2 1.2 1.2 1.0 .7 .6 Energy goods and services\2\............. -.9 3.2 4.8 -.1 -3.3 -5.1 -2.7 .3 Market-based PCE\3\...................... 1.0 1.2 1.4 1.1 .8 .7 .9 1.1 Market-based PCE excluding food and energy\3\........................... 1.1 1.1 1.1 1.2 1.1 1.1 1.2 1.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.