EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, AUGUST 30, 2012 BEA 12-36 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: JULY 2012 Personal income increased $42.3 billion, or 0.3 percent, and disposable personal income (DPI) increased $39.9 billion, or 0.3 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $46.0 billion, or 0.4 percent. In June, personal income increased $46.1 billion, or 0.3 percent, DPI increased $37.4 billion, or 0.3 percent, and PCE increased $3.5 billion, or less than 0.1 percent, based on revised estimates. Real disposable income increased 0.3 percent in July, compared with an increase of 0.2 percent in June. Real PCE increased 0.4 percent, in contrast to a decrease of 0.1 percent. 2012 Mar. Apr. May June July (Percent change from preceding month) Personal income, current dollars 0.5 0.2 0.3 0.3 0.3 Disposable personal income: Current dollars 0.5 0.1 0.3 0.3 0.3 Chained (2005) dollars 0.2 0.1 0.5 0.2 0.3 Personal consumption expenditures: Current dollars 0.3 0.3 -0.2 0.0 0.4 Chained (2005) dollars 0.0 0.3 0.0 -0.1 0.4 BOX.__________ This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2012 (first quarter). These estimates reflect the incorporation of newly available first-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. _____________ 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 (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. ____________ Wages and salaries Private wage and salary disbursements increased $16.1 billion in July, compared with an increase of $28.5 billion in June. Goods-producing industries' payrolls increased $5.5 billion, compared with an increase of $7.1 billion; manufacturing payrolls increased $3.6 billion, compared with an increase of $4.9 billion. Services-producing industries' payrolls increased $10.6 billion, compared with an increase of $21.4 billion. Government wage and salary disbursements increased $0.3 billion, compared with an increase of $0.5 billion. Other personal income Supplements to wages and salaries increased $4.3 billion in July, compared with an increase of $4.1 billion in June. Proprietors' income increased $5.7 billion in July, compared with an increase of $0.6 billion in June. Farm proprietors' income increased $3.3 billion, compared with an increase of $1.8 billion. Nonfarm proprietors' income increased $2.4 billion, in contrast to a decrease of $1.2 billion. Rental income of persons increased $4.7 billion in July, compared with an increase of $1.4 billion in June. Personal income receipts on assets (personal interest income plus personal dividend income) increased $3.4 billion, compared with an increase of $9.9 billion. Personal current transfer receipts increased $10.3 billion in July, compared with an increase of $3.8 billion in June. Within current transfer receipts, government social benefits to persons for Medicare increased $6.9 billion, in contrast to a decrease of $0.2 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.5 billion in July, compared with an increase of $2.8 billion in June. Personal current taxes and disposable personal income Personal current taxes increased $2.4 billion in July, compared with an increase of $8.8 billion in June. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $39.9 billion, or 0.3 percent, in July, compared with an increase of $37.4 billion, or 0.3 percent, in June. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $49.8 billion in July; personal outlays were unchanged in June. PCE increased $46.0 billion in July, compared to an increase of $3.5 billion in June. Personal saving -- DPI less personal outlays -- was $506.3 billion in July, compared with $516.2 billion in June. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.2 percent in July, compared with 4.3 percent in June. 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 July, compared with an increase of 0.2 percent in June. Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in July, in contrast to a decrease of 0.1 percent in June. Purchases of durable goods increased 1.1 percent, compared with an increase of 0.4 percent. Purchases of nondurable goods increased 0.5 percent, in contrast to a decrease of 0.5 percent. Purchases of services increased 0.3 percent, in contrast to a decrease of less than 0.1 percent. The PCE price index increased less than 0.1 percent in July, compared to an increase of 0.1 percent in June. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared to an increase of 0.2 percent. Revisions Estimates for personal income and DPI have been revised for January through June; estimates for PCE have been revised for April through June. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for May and June -- revised and as published in last month's release -- are shown below. Estimates of wages and salaries were revised from January through June. The revision to first-quarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of the first-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for April, May, and June reflect extrapolations from the revised first-quarter level of wages. In addition, revisions to May and June reflect revised BLS employment, hours, and earnings data for those months. Change from preceding month May June Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal Income: Current dollars 39.0 37.3 0.3 0.3 61.8 46.1 0.5 0.3 Disposable personal income: Current dollars 31.7 30.1 0.3 0.3 52.4 37.4 0.4 0.3 Chained (2005) dollars 46.7 46.2 0.5 0.5 34.1 21.4 0.3 0.2 Personal consumption expenditures: Current dollars -13.3 -21.8 -0.1 -0.2 -1.3 3.5 0.0 0.0 Chained (2005) dollars 6.4 -0.1 0.1 0.0 -11.6 -7.2 -0.1 -0.1 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 – September 28, 2012 at 8:30 A.M. EDT for Personal Income and Outlays for August ________________________ Table 1. Personal Income and Its Disposition (Months) [Billions of dollars; months seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\r\ Apr 12\r\ May 12\r\ Jun 12\r\ Jul 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 13,032.2 13,148.4 13,234.7 13,298.3 13,322.2 13,359.5 13,405.6 13,447.9 Compensation of employees, received...... 8,336.5 8,440.7 8,501.7 8,544.6 8,544.6 8,555.5 8,588.6 8,609.4 Wage and salary disbursements.......... 6,687.6 6,776.7 6,831.5 6,869.4 6,867.0 6,874.9 6,904.1 6,920.4 Private industries................... 5,495.9 5,579.0 5,632.1 5,669.2 5,666.8 5,675.3 5,703.8 5,719.9 Goods-producing industries......... 1,108.7 1,133.5 1,145.6 1,153.0 1,148.8 1,142.9 1,150.0 1,155.5 Manufacturing.................... 702.5 716.4 723.5 729.2 726.8 723.4 728.3 731.9 Services-producing industries...... 4,387.1 4,445.6 4,486.4 4,516.2 4,518.0 4,532.4 4,553.8 4,564.4 Trade, transportation, and utilities....................... 1,055.7 1,074.8 1,086.4 1,088.7 1,091.8 1,094.6 1,101.7 1,103.3 Other services-producing industries...................... 3,331.4 3,370.8 3,400.0 3,427.5 3,426.2 3,437.8 3,452.1 3,461.1 Government........................... 1,191.8 1,197.6 1,199.4 1,200.2 1,200.1 1,199.7 1,200.2 1,200.5 Supplements to wages and salaries...... 1,648.8 1,664.0 1,670.2 1,675.2 1,677.6 1,680.5 1,684.6 1,688.9 Employer contributions for employee pension and insurance funds......... 1,153.6 1,156.9 1,159.5 1,162.3 1,164.9 1,167.7 1,170.4 1,173.2 Employer contributions for government social insurance.................... 495.2 507.1 510.6 512.9 512.7 512.9 514.2 515.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,169.8 1,174.1 1,188.6 1,190.4 1,193.3 1,198.8 1,199.4 1,205.1 Farm................................... 54.0 53.1 52.3 51.4 53.3 55.2 57.0 60.3 Nonfarm................................ 1,115.8 1,121.0 1,136.3 1,139.0 1,140.0 1,143.6 1,142.4 1,144.8 Rental income of persons with capital consumption adjustment.................. 433.3 439.2 445.3 451.3 452.1 453.4 454.8 459.5 Personal income receipts on assets....... 1,687.8 1,690.1 1,695.8 1,703.2 1,720.0 1,738.1 1,748.0 1,751.4 Personal interest income............... 985.8 988.8 991.8 994.9 1,002.6 1,010.4 1,018.1 1,013.5 Personal dividend income............... 702.0 701.3 704.0 708.3 717.4 727.7 729.9 738.0 Personal current transfer receipts....... 2,326.4 2,341.3 2,346.5 2,356.2 2,359.2 2,361.4 2,365.2 2,375.5 Government social benefits to persons.. 2,282.8 2,296.0 2,301.2 2,310.9 2,313.5 2,315.7 2,319.4 2,329.5 Social security\1\................... 728.7 749.2 752.1 758.2 756.8 756.8 764.6 762.1 Medicare\2\.......................... 554.0 554.1 555.7 557.9 556.2 557.4 557.2 564.1 Medicaid............................. 392.1 394.8 397.7 400.3 406.1 412.3 413.7 414.6 Unemployment insurance............... 98.5 97.5 94.1 91.0 89.5 83.6 78.4 78.1 Veterans' benefits................... 65.1 67.3 68.5 70.7 71.1 71.9 71.6 73.8 Other................................ 444.4 433.0 433.1 432.8 433.9 433.7 433.9 436.8 Other current transfer receipts, from business (net)........................ 43.6 45.2 45.3 45.4 45.8 45.7 45.8 46.0 Less: Contributions for government social insurance, domestic..................... 921.6 937.0 943.2 947.4 947.0 947.7 950.5 953.0 Less: Personal current taxes............... 1,423.1 1,439.6 1,452.0 1,460.6 1,467.0 1,474.1 1,482.9 1,485.3 Equals: Disposable personal income......... 11,609.1 11,708.8 11,782.7 11,837.7 11,855.2 11,885.3 11,922.7 11,962.6 Less: Personal outlays..................... 11,216.7 11,278.0 11,367.2 11,400.8 11,431.7 11,406.5 11,406.5 11,456.3 Personal consumption expenditures........ 10,886.3 10,941.8 11,025.8 11,054.1 11,087.1 11,065.3 11,068.8 11,114.8 Goods.................................. 3,684.1 3,721.8 3,765.7 3,780.2 3,769.5 3,734.1 3,722.1 3,748.1 Durable goods........................ 1,179.1 1,197.9 1,208.8 1,207.1 1,201.9 1,199.1 1,202.0 1,211.6 Nondurable goods..................... 2,505.0 2,523.9 2,556.9 2,573.1 2,567.6 2,535.0 2,520.1 2,536.4 Services............................... 7,202.2 7,220.0 7,260.1 7,273.9 7,317.5 7,331.2 7,346.7 7,366.8 Personal interest payments\3\............ 165.3 170.4 175.4 180.4 176.7 173.0 169.3 172.8 Personal current transfer payments....... 165.1 165.8 166.1 166.3 167.9 168.2 168.4 168.6 To government.......................... 90.0 90.3 90.5 90.8 91.1 91.3 91.6 91.8 To the rest of the world (net)......... 75.1 75.5 75.5 75.5 76.8 76.8 76.8 76.8 Equals: Personal saving.................... 392.3 430.8 415.4 436.8 423.5 478.9 516.2 506.3 Personal saving as a percentage of disposable personal income.............. 3.4 3.7 3.5 3.7 3.6 4.0 4.3 4.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,335.9 9,400.7 9,440.8 9,465.6 9,482.0 9,530.9 9,557.4 9,584.3 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,123.6 10,185.0 10,216.4 10,240.4 10,253.7 10,299.9 10,321.3 10,354.8 Per capita: Current dollars...................... 37,077 37,375 37,591 37,747 37,781 37,855 37,950 38,052 Chained (2005) dollars............... 32,333 32,511 32,594 32,653 32,677 32,805 32,853 32,938 Population (midperiod, thousands)\5\..... 313,109 313,278 313,440 313,610 313,788 313,972 314,168 314,378 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. 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 I 11 II 11 III 11 IV 11 I 12\r\ II 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 12,321.9 12,947.3 12,856.5 12,938.9 12,976.3 13,017.4 13,227.1 13,362.4 Compensation of employees, received...... 7,970.0 8,295.2 8,236.3 8,286.4 8,318.1 8,340.1 8,495.7 8,562.9 Wage and salary disbursements.......... 6,404.6 6,661.3 6,618.5 6,656.2 6,678.1 6,692.4 6,825.9 6,882.0 Private industries................... 5,213.3 5,466.0 5,424.7 5,458.8 5,480.4 5,499.9 5,626.8 5,682.0 Goods-producing industries......... 1,057.5 1,108.6 1,102.6 1,107.9 1,116.4 1,107.4 1,144.0 1,147.3 Manufacturing.................... 674.1 706.6 708.3 707.0 710.1 701.0 723.1 726.2 Services-producing industries...... 4,155.8 4,357.4 4,322.1 4,351.0 4,364.0 4,392.5 4,482.7 4,534.7 Trade, transportation, and utilities....................... 1,005.5 1,050.1 1,043.1 1,046.8 1,054.2 1,056.6 1,083.3 1,096.0 Other services-producing industries...................... 3,150.3 3,307.3 3,279.1 3,304.2 3,309.9 3,335.9 3,399.4 3,438.7 Government........................... 1,191.3 1,195.3 1,193.8 1,197.4 1,197.7 1,192.5 1,199.1 1,200.0 Supplements to wages and salaries...... 1,565.4 1,633.9 1,617.8 1,630.2 1,640.0 1,647.7 1,669.8 1,680.9 Employer contributions for employee pension and insurance funds......... 1,097.3 1,139.0 1,125.0 1,135.4 1,144.2 1,151.5 1,159.6 1,167.7 Employer contributions for government social insurance.................... 468.1 494.9 492.7 494.8 495.8 496.2 510.2 513.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,103.4 1,157.3 1,148.0 1,154.7 1,161.4 1,165.3 1,184.3 1,197.2 Farm................................... 44.3 54.6 56.0 52.6 55.3 54.4 52.3 55.2 Nonfarm................................ 1,059.1 1,102.8 1,092.0 1,102.1 1,106.1 1,110.9 1,132.1 1,142.0 Rental income of persons with capital consumption adjustment.................. 349.2 409.7 390.0 404.7 413.8 430.3 445.3 453.4 Personal income receipts on assets....... 1,598.3 1,685.1 1,674.3 1,692.4 1,689.1 1,684.6 1,696.4 1,735.4 Personal interest income............... 1,016.6 1,008.8 1,017.5 1,025.3 1,004.4 988.0 991.8 1,010.4 Personal dividend income............... 581.7 676.3 656.9 667.1 684.7 696.6 704.6 725.0 Personal current transfer receipts....... 2,284.3 2,319.2 2,322.5 2,319.9 2,314.7 2,319.9 2,348.0 2,362.0 Government social benefits to persons.. 2,236.9 2,274.3 2,276.0 2,274.8 2,270.4 2,276.0 2,302.7 2,316.2 Social security\1\................... 690.2 713.3 703.1 712.0 716.0 721.9 753.2 759.4 Medicare\2\.......................... 515.3 545.1 535.1 543.1 549.1 553.1 555.9 556.9 Medicaid............................. 396.6 403.9 418.8 408.7 396.1 392.0 397.6 410.7 Unemployment insurance............... 138.9 108.0 119.1 108.8 103.0 100.9 94.2 83.8 Veterans' benefits................... 57.9 63.3 61.2 62.4 64.9 64.7 68.8 71.5 Other................................ 438.1 440.8 438.7 439.8 441.3 443.5 433.0 433.8 Other current transfer receipts, from business (net)........................ 47.4 44.9 46.5 45.1 44.3 43.9 45.3 45.8 Less: Contributions for government social insurance, domestic..................... 983.3 919.3 914.5 919.2 920.8 922.8 942.6 948.4 Less: Personal current taxes............... 1,194.8 1,398.0 1,372.5 1,396.6 1,403.8 1,419.1 1,450.8 1,474.7 Equals: Disposable personal income......... 11,127.1 11,549.3 11,484.1 11,542.3 11,572.6 11,598.3 11,776.4 11,887.7 Less: Personal outlays..................... 10,560.4 11,059.9 10,898.1 11,015.1 11,120.9 11,205.6 11,348.7 11,414.9 Personal consumption expenditures........ 10,215.7 10,729.0 10,566.3 10,684.9 10,791.2 10,873.8 11,007.2 11,073.7 Goods.................................. 3,364.9 3,624.8 3,561.4 3,604.3 3,643.6 3,690.0 3,755.9 3,741.9 Durable goods........................ 1,079.4 1,146.4 1,133.9 1,131.8 1,144.8 1,175.1 1,204.6 1,201.0 Nondurable goods..................... 2,285.5 2,478.4 2,427.5 2,472.4 2,498.7 2,515.0 2,551.3 2,540.9 Services............................... 6,850.9 7,104.2 7,004.9 7,080.6 7,147.6 7,183.8 7,251.3 7,331.8 Personal interest payments\3\............ 183.8 168.0 170.1 167.8 167.3 167.0 175.4 173.0 Personal current transfer payments....... 160.9 162.8 161.7 162.4 162.4 164.8 166.1 168.2 To government.......................... 87.4 88.9 88.3 88.6 89.1 89.8 90.5 91.3 To the rest of the world (net)......... 73.5 73.9 73.5 73.8 73.3 75.1 75.5 76.8 Equals: Personal saving.................... 566.7 489.4 585.9 527.2 451.6 392.7 427.7 472.9 Personal saving as a percentage of disposable personal income.............. 5.1 4.2 5.1 4.6 3.9 3.4 3.6 4.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\............... 9,035.8 9,340.0 9,352.3 9,345.2 9,328.6 9,335.4 9,435.7 9,523.4 Disposable personal income: Total, billions of chained (2005) dollars\4\............................ 10,016.5 10,149.7 10,195.7 10,157.8 10,125.6 10,121.5 10,213.9 10,291.6 Per capita: Current dollars...................... 35,920 37,012 36,904 37,028 37,052 37,064 37,571 37,862 Chained (2005) dollars............... 32,335 32,527 32,764 32,587 32,420 32,345 32,586 32,778 Population (midperiod, thousands)\5\..... 309,774 312,040 311,184 311,717 312,330 312,929 313,443 313,976 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. 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] ----------------------------------------------------------------------------------------------------------------------------------- Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\r\ Apr 12\r\ May 12\r\ Jun 12\r\ Jul 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 37.8 116.2 86.3 63.6 23.9 37.3 46.1 42.3 Compensation of employees, received...... 13.0 104.2 61.0 42.9 .0 10.9 33.1 20.8 Wage and salary disbursements.......... 10.8 89.1 54.8 37.9 -2.4 7.9 29.2 16.3 Private industries................... 11.2 83.1 53.1 37.1 -2.4 8.5 28.5 16.1 Goods-producing industries......... 8.6 24.8 12.1 7.4 -4.2 -5.9 7.1 5.5 Manufacturing.................... 6.9 13.9 7.1 5.7 -2.4 -3.4 4.9 3.6 Services-producing industries...... 2.4 58.5 40.8 29.8 1.8 14.4 21.4 10.6 Trade, transportation, and utilities....................... .1 19.1 11.6 2.3 3.1 2.8 7.1 1.6 Other services-producing industries...................... 2.3 39.4 29.2 27.5 -1.3 11.6 14.3 9.0 Government........................... -.3 5.8 1.8 .8 -.1 -.4 .5 .3 Supplements to wages and salaries...... 2.0 15.2 6.2 5.0 2.4 2.9 4.1 4.3 Employer contributions for employee pension and insurance funds......... 2.0 3.3 2.6 2.8 2.6 2.8 2.7 2.8 Employer contributions for government social insurance.................... .0 11.9 3.5 2.3 -.2 .2 1.3 1.5 Proprietors' income with inventory valuation and capital consumption adjustments............................. 7.1 4.3 14.5 1.8 2.9 5.5 .6 5.7 Farm................................... -.3 -.9 -.8 -.9 1.9 1.9 1.8 3.3 Nonfarm................................ 7.4 5.2 15.3 2.7 1.0 3.6 -1.2 2.4 Rental income of persons with capital consumption adjustment.................. 2.0 5.9 6.1 6.0 .8 1.3 1.4 4.7 Personal income receipts on assets....... 4.7 2.3 5.7 7.4 16.8 18.1 9.9 3.4 Personal interest income............... -2.3 3.0 3.0 3.1 7.7 7.8 7.7 -4.6 Personal dividend income............... 7.0 -.7 2.7 4.3 9.1 10.3 2.2 8.1 Personal current transfer receipts....... 11.6 14.9 5.2 9.7 3.0 2.2 3.8 10.3 Government social benefits to persons.. 11.9 13.2 5.2 9.7 2.6 2.2 3.7 10.1 Social security\1\................... 9.8 20.5 2.9 6.1 -1.4 .0 7.8 -2.5 Medicare\2\.......................... .8 .1 1.6 2.2 -1.7 1.2 -.2 6.9 Medicaid............................. .2 2.7 2.9 2.6 5.8 6.2 1.4 .9 Unemployment insurance............... -1.0 -1.0 -3.4 -3.1 -1.5 -5.9 -5.2 -.3 Veterans' benefits................... 1.4 2.2 1.2 2.2 .4 .8 -.3 2.2 Other................................ .7 -11.4 .1 -.3 1.1 -.2 .2 2.9 Other current transfer receipts, from business (net)........................ -.3 1.6 .1 .1 .4 -.1 .1 .2 Less: Contributions for government social insurance, domestic..................... .5 15.4 6.2 4.2 -.4 .7 2.8 2.5 Less: Personal current taxes............... 6.7 16.5 12.4 8.6 6.4 7.1 8.8 2.4 Equals: Disposable personal income......... 31.2 99.7 73.9 55.0 17.5 30.1 37.4 39.9 Less: Personal outlays..................... 10.8 61.3 89.2 33.6 30.9 -25.2 .0 49.8 Personal consumption expenditures........ 12.3 55.5 84.0 28.3 33.0 -21.8 3.5 46.0 Goods.................................. -7.6 37.7 43.9 14.5 -10.7 -35.4 -12.0 26.0 Durable goods........................ 5.6 18.8 10.9 -1.7 -5.2 -2.8 2.9 9.6 Nondurable goods..................... -13.1 18.9 33.0 16.2 -5.5 -32.6 -14.9 16.3 Services............................... 19.8 17.8 40.1 13.8 43.6 13.7 15.5 20.1 Personal interest payments\3\............ -1.8 5.1 5.0 5.0 -3.7 -3.7 -3.7 3.5 Personal current transfer payments....... .3 .7 .3 .2 1.6 .3 .2 .2 To government.......................... .2 .3 .2 .3 .3 .2 .3 .2 To the rest of the world (net)......... .0 .4 .0 .0 1.3 .0 .0 .0 Equals: Personal saving.................... 20.3 38.5 -15.4 21.4 -13.3 55.4 37.3 -9.9 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 16.4 64.8 40.1 24.8 16.4 48.9 26.5 26.9 Disposable personal income, billions of chained (2005) dollars\4\............ 20.1 61.4 31.4 24.0 13.3 46.2 21.4 33.5 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. 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 I 11 II 11 III 11 IV 11 I 12\r\ II 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income............................ 454.9 625.4 346.6 82.4 37.4 41.1 209.7 135.3 Compensation of employees, received...... 175.6 325.2 179.7 50.1 31.7 22.0 155.6 67.2 Wage and salary disbursements.......... 134.3 256.7 143.3 37.7 21.9 14.3 133.5 56.1 Private industries................... 118.2 252.7 140.7 34.1 21.6 19.5 126.9 55.2 Goods-producing industries......... -5.8 51.1 33.8 5.3 8.5 -9.0 36.6 3.3 Manufacturing.................... 12.6 32.5 23.0 -1.3 3.1 -9.1 22.1 3.1 Services-producing industries...... 124.0 201.6 106.8 28.9 13.0 28.5 90.2 52.0 Trade, transportation, and utilities....................... 16.4 44.6 26.9 3.7 7.4 2.4 26.7 12.7 Other services-producing industries...................... 107.6 157.0 80.0 25.1 5.7 26.0 63.5 39.3 Government........................... 16.1 4.0 2.6 3.6 .3 -5.2 6.6 .9 Supplements to wages and salaries...... 41.4 68.5 36.4 12.4 9.8 7.7 22.1 11.1 Employer contributions for employee pension and insurance funds......... 30.1 41.7 12.9 10.4 8.8 7.3 8.1 8.1 Employer contributions for government social insurance.................... 11.2 26.8 23.4 2.1 1.0 .4 14.0 3.0 Proprietors' income with inventory valuation and capital consumption adjustments............................. 124.0 53.9 8.8 6.7 6.7 3.9 19.0 12.9 Farm................................... 4.4 10.3 8.4 -3.4 2.7 -.9 -2.1 2.9 Nonfarm................................ 119.6 43.7 .4 10.1 4.0 4.8 21.2 9.9 Rental income of persons with capital consumption adjustment.................. 59.5 60.5 36.0 14.7 9.1 16.5 15.0 8.1 Personal income receipts on assets....... -28.2 86.8 42.2 18.1 -3.3 -4.5 11.8 39.0 Personal interest income............... -76.7 -7.8 9.8 7.8 -20.9 -16.4 3.8 18.6 Personal dividend income............... 48.5 94.6 32.5 10.2 17.6 11.9 8.0 20.4 Personal current transfer receipts....... 144.2 34.9 6.3 -2.6 -5.2 5.2 28.1 14.0 Government social benefits to persons.. 136.4 37.4 8.7 -1.2 -4.4 5.6 26.7 13.5 Social security\1\................... 25.7 23.1 3.3 8.9 4.0 5.9 31.3 6.2 Medicare\2\.......................... 20.8 29.8 9.5 8.0 6.0 4.0 2.8 1.0 Medicaid............................. 27.4 7.3 4.8 -10.1 -12.6 -4.1 5.6 13.1 Unemployment insurance............... 7.7 -30.9 -7.8 -10.3 -5.8 -2.1 -6.7 -10.4 Veterans' benefits................... 6.4 5.4 1.8 1.2 2.5 -.2 4.1 2.7 Other................................ 48.4 2.7 -2.8 1.1 1.5 2.2 -10.5 .8 Other current transfer receipts, from business (net)........................ 7.8 -2.5 -2.5 -1.4 -.8 -.4 1.4 .5 Less: Contributions for government social insurance, domestic..................... 20.2 -64.0 -73.7 4.7 1.6 2.0 19.8 5.8 Less: Personal current taxes............... 50.2 203.2 135.0 24.1 7.2 15.3 31.7 23.9 Equals: Disposable personal income......... 404.7 422.2 211.7 58.2 30.3 25.7 178.1 111.3 Less: Personal outlays..................... 346.1 499.5 164.8 117.0 105.8 84.7 143.1 66.2 Personal consumption expenditures........ 369.8 513.3 164.4 118.6 106.3 82.6 133.4 66.5 Goods.................................. 170.5 259.9 102.8 42.9 39.3 46.4 65.9 -14.0 Durable goods........................ 49.8 67.0 18.2 -2.1 13.0 30.3 29.5 -3.6 Nondurable goods..................... 120.7 192.9 84.6 44.9 26.3 16.3 36.3 -10.4 Services............................... 199.4 253.3 61.6 75.7 67.0 36.2 67.5 80.5 Personal interest payments\3\............ -33.3 -15.8 -.1 -2.3 -.5 -.3 8.4 -2.4 Personal current transfer payments....... 9.6 1.9 .6 .7 .0 2.4 1.3 2.1 To government.......................... 2.2 1.5 .3 .3 .5 .7 .7 .8 To the rest of the world (net)......... 7.4 .4 .4 .3 -.5 1.8 .4 1.3 Equals: Personal saving.................... 58.5 -77.3 46.8 -58.7 -75.6 -58.9 35.0 45.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\4\....................... 112.4 304.2 230.2 -7.1 -16.6 6.8 100.3 87.7 Disposable personal income, billions of chained (2005) dollars\4\............ 179.8 133.2 108.3 -37.9 -32.2 -4.1 92.4 77.7 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. 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] ----------------------------------------------------------------------------------------------------------------------------------- Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\r\ Apr 12\r\ May 12\r\ Jun 12\r\ Jul 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ .3 .9 .7 .5 .2 .3 .3 .3 Compensation of employees, received...... .2 1.3 .7 .5 .0 .1 .4 .2 Wage and salary disbursements.......... .2 1.3 .8 .6 .0 .1 .4 .2 Supplements to wages and salaries...... .1 .9 .4 .3 .1 .2 .2 .3 Proprietors' income with inventory valuation and capital consumption adjustments............................. .6 .4 1.2 .2 .2 .5 .1 .5 Rental income of persons with capital consumption adjustment.................. .5 1.4 1.4 1.3 .2 .3 .3 1.0 Personal income receipts on assets....... .3 .1 .3 .4 1.0 1.0 .6 .2 Personal interest income............... -.2 .3 .3 .3 .8 .8 .8 -.5 Personal dividend income............... 1.0 -.1 .4 .6 1.3 1.4 .3 1.1 Personal current transfer receipts....... .5 .6 .2 .4 .1 .1 .2 .4 Less: Contributions for government social insurance, domestic..................... .1 1.7 .7 .4 .0 .1 .3 .3 Less: Personal current taxes............... .5 1.2 .9 .6 .4 .5 .6 .2 Equals: Disposable personal income......... .3 .9 .6 .5 .1 .3 .3 .3 Addenda: Personal consumption expenditures........ .1 .5 .8 .3 .3 -.2 .0 .4 Goods.................................. -.2 1.0 1.2 .4 -.3 -.9 -.3 .7 Durable goods........................ .5 1.6 .9 -.1 -.4 -.2 .2 .8 Nondurable goods..................... -.5 .8 1.3 .6 -.2 -1.3 -.6 .6 Services............................... .3 .2 .6 .2 .6 .2 .2 .3 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... .2 .7 .4 .3 .2 .5 .3 .3 Real disposable personal income.......... .2 .6 .3 .2 .1 .5 .2 .3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2010 2011 I 11 II 11 III 11 IV 11 I 12\r\ II 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Based on current-dollar measures ---------------------------------------------------------------------------------------- Personal income............................ 3.8 5.1 11.6 2.6 1.2 1.3 6.6 4.2 Compensation of employees, received...... 2.3 4.1 9.2 2.5 1.5 1.1 7.7 3.2 Wage and salary disbursements.......... 2.1 4.0 9.1 2.3 1.3 .9 8.2 3.3 Supplements to wages and salaries...... 2.7 4.4 9.5 3.1 2.4 1.9 5.5 2.7 Proprietors' income with inventory valuation and capital consumption adjustments............................. 12.7 4.9 3.1 2.3 2.4 1.3 6.7 4.4 Rental income of persons with capital consumption adjustment.................. 20.5 17.3 47.3 15.9 9.4 16.9 14.7 7.5 Personal income receipts on assets....... -1.7 5.4 10.8 4.4 -.8 -1.0 2.8 9.5 Personal interest income............... -7.0 -.8 3.9 3.1 -7.9 -6.4 1.5 7.7 Personal dividend income............... 9.1 16.3 22.4 6.4 10.9 7.2 4.6 12.1 Personal current transfer receipts....... 6.7 1.5 1.1 -.4 -.9 .9 4.9 2.4 Less: Contributions for government social insurance, domestic..................... 2.1 -6.5 -26.7 2.1 .7 .9 8.8 2.5 Less: Personal current taxes............... 4.4 17.0 51.3 7.2 2.1 4.4 9.2 6.8 Equals: Disposable personal income......... 3.8 3.8 7.7 2.0 1.1 .9 6.3 3.8 Addenda: Personal consumption expenditures........ 3.8 5.0 6.5 4.6 4.0 3.1 5.0 2.4 Goods.................................. 5.3 7.7 12.4 4.9 4.4 5.2 7.3 -1.5 Durable goods........................ 4.8 6.2 6.7 -.7 4.7 11.0 10.4 -1.2 Nondurable goods..................... 5.6 8.4 15.2 7.6 4.3 2.6 5.9 -1.6 Services............................... 3.0 3.7 3.6 4.4 3.8 2.0 3.8 4.5 ---------------------------------------------------------------------------------------- Based on chained (2005) dollar measures ---------------------------------------------------------------------------------------- Real personal income excluding current transfer receipts....................... 1.3 3.4 10.5 -.3 -.7 .3 4.4 3.8 Real disposable personal income.......... 1.8 1.3 4.4 -1.5 -1.3 -.2 3.7 3.1 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) ----------------------------------------------------------------------------------------------------------------------------------- Dec 11 Jan 12 Feb 12 Mar 12 Apr 12\r\ May 12\r\ Jun 12\r\ Jul 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,493.3 9,517.9 9,560.1 9,562.5 9,589.4 9,589.3 9,582.1 9,621.0 Goods.................................... 3,368.3 3,392.4 3,412.4 3,415.1 3,415.3 3,410.1 3,403.4 3,426.2 Durable goods.......................... 1,307.9 1,327.8 1,340.2 1,340.2 1,336.5 1,333.1 1,338.2 1,353.0 Nondurable goods....................... 2,075.2 2,082.2 2,091.0 2,093.5 2,096.5 2,094.2 2,084.4 2,094.0 Services................................. 6,129.4 6,130.9 6,153.5 6,153.3 6,179.3 6,184.1 6,183.3 6,200.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 4.1 24.6 42.2 2.4 26.9 -.1 -7.2 38.9 Goods.................................... 1.0 24.1 20.0 2.7 .2 -5.2 -6.7 22.8 Durable goods.......................... 9.4 19.9 12.4 .0 -3.7 -3.4 5.1 14.8 Nondurable goods....................... -6.0 7.0 8.8 2.5 3.0 -2.3 -9.8 9.6 Services................................. 3.0 1.5 22.6 -.2 26.0 4.8 -.8 16.9 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... .0 .3 .4 .0 .3 .0 -.1 .4 Goods.................................... .0 .7 .6 .1 .0 -.2 -.2 .7 Durable goods.......................... .7 1.5 .9 .0 -.3 -.3 .4 1.1 Nondurable goods....................... -.3 .3 .4 .1 .1 -.1 -.5 .5 Services................................. .1 .0 .4 .0 .4 .1 .0 .3 ----------------------------------------------------------------------------------------------------------------------------------- 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 I 11 II 11 III 11 IV 11 I 12 II 12\r\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 9,196.2 9,428.8 9,380.9 9,403.2 9,441.9 9,489.3 9,546.8 9,586.9 Goods.................................... 3,209.1 3,331.0 3,320.3 3,312.2 3,323.5 3,367.9 3,406.6 3,409.6 Durable goods.......................... 1,178.3 1,262.6 1,249.4 1,242.3 1,258.6 1,300.1 1,336.1 1,335.9 Nondurable goods....................... 2,029.3 2,075.2 2,075.3 2,073.5 2,071.4 2,080.5 2,088.9 2,091.7 Services................................. 5,987.6 6,101.5 6,064.8 6,094.0 6,121.1 6,126.0 6,145.9 6,182.2 ---------------------------------------------------------------------------------------- Change from preceding period in billions of chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 163.6 232.6 72.4 22.3 38.7 47.4 57.5 40.1 Goods.................................... 110.9 121.9 43.8 -8.1 11.3 44.4 38.7 3.0 Durable goods.......................... 69.2 84.3 21.7 -7.1 16.3 41.5 36.0 -.2 Nondurable goods....................... 46.5 45.9 23.3 -1.8 -2.1 9.1 8.4 2.8 Services................................. 57.0 113.9 29.9 29.2 27.1 4.9 19.9 36.3 ---------------------------------------------------------------------------------------- Percent change from preceding period in chained (2005) dollars ---------------------------------------------------------------------------------------- Personal consumption expenditures.......... 1.8 2.5 3.1 1.0 1.7 2.0 2.4 1.7 Goods.................................... 3.6 3.8 5.4 -1.0 1.4 5.4 4.7 .4 Durable goods.......................... 6.2 7.2 7.3 -2.3 5.4 13.9 11.5 .0 Nondurable goods....................... 2.3 2.3 4.6 -.3 -.4 1.8 1.6 .5 Services................................. 1.0 1.9 2.0 1.9 1.8 .3 1.3 2.4 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- Dec 11 Jan 12 Feb 12 Mar 12 Apr 12\r\ May 12\r\ Jun 12\r\ Jul 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- Chain-type price indexes (2005=100), seasonally adjusted ---------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 114.676 114.964 115.335 115.602 115.621 115.396 115.518 115.529 Goods.................................... 109.379 109.714 110.358 110.696 110.373 109.505 109.368 109.398 Durable goods.......................... 90.155 90.219 90.187 90.065 89.924 89.946 89.817 89.550 Nondurable goods....................... 120.712 121.214 122.283 122.912 122.475 121.047 120.907 121.127 Services................................. 117.504 117.767 117.986 118.214 118.423 118.552 118.818 118.818 Addenda: PCE excluding food and energy............ 112.664 112.949 113.104 113.313 113.462 113.583 113.812 113.845 Food\1\.................................. 120.288 120.457 120.437 120.597 120.716 120.576 120.869 120.862 Energy goods and services\2\............. 140.427 140.909 146.004 147.531 144.851 138.110 135.981 135.621 Market-based PCE\3\...................... 114.604 114.881 115.282 115.530 115.508 115.285 115.380 115.411 Market-based PCE excluding food and energy\3\........................... 112.258 112.530 112.686 112.863 112.986 113.162 113.376 113.436 ---------------------------------------------------------------------------------------- Percent change from preceding period in price indexes, seasonally adjusted at monthly rates ---------------------------------------------------------------------------------------- PCE........................................ .1 .3 .3 .2 .0 -.2 .1 .0 Goods.................................... -.2 .3 .6 .3 -.3 -.8 -.1 .0 Durable goods.......................... -.2 .1 .0 -.1 -.2 .0 -.1 -.3 Nondurable goods....................... -.2 .4 .9 .5 -.4 -1.2 -.1 .2 Services................................. .2 .2 .2 .2 .2 .1 .2 .0 Addenda: PCE excluding food and energy............ .2 .3 .1 .2 .1 .1 .2 .0 Food\1\.................................. .2 .1 .0 .1 .1 -.1 .2 .0 Energy goods and services\2\............. -1.4 .3 3.6 1.0 -1.8 -4.7 -1.5 -.3 Market-based PCE\3\...................... .1 .2 .3 .2 .0 -.2 .1 .0 Market-based PCE excluding food and energy\3\........................... .2 .2 .1 .2 .1 .2 .2 .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 ----------------------------------------------------------------------------------------------------------------------------------- Dec 11 Jan 12\r\ Feb 12\r\ Mar 12\r\ Apr 12\r\ May 12\r\ Jun 12\r\ Jul 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................. .0 -.2 .1 .7 .8 1.5 1.6 2.0 Personal consumption expenditures.......... 1.7 1.8 1.9 1.6 1.8 2.0 2.1 2.0 Goods.................................... 2.5 2.6 2.7 2.6 2.4 3.0 3.5 3.3 Durable goods.......................... 6.0 6.8 7.4 6.6 6.5 7.4 8.8 8.0 Nondurable goods....................... 1.0 .6 .6 .7 .5 1.0 1.1 1.1 Services................................. 1.3 1.4 1.5 1.1 1.6 1.4 1.3 1.3 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- Dec 11 Jan 12 Feb 12 Mar 12 Apr 12\r\ May 12\r\ Jun 12\r\ Jul 12\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE).... 2.4 2.4 2.4 2.2 1.9 1.5 1.5 1.3 Goods.................................... 3.1 3.0 2.9 2.5 1.6 .6 .4 .1 Durable goods.......................... -.5 -.5 -.7 -.8 -1.2 -1.3 -1.6 -1.8 Nondurable goods....................... 4.9 4.6 4.7 4.0 2.9 1.4 1.3 1.0 Services................................. 2.1 2.2 2.2 2.1 2.1 2.0 2.1 1.9 Addenda: PCE excluding food and energy............ 1.9 1.9 1.9 2.0 1.9 1.8 1.8 1.6 Food\1\.................................. 5.1 4.6 3.9 3.2 2.9 2.4 2.4 2.0 Energy goods and services\2\............. 7.4 6.8 8.0 5.4 1.5 -3.3 -3.6 -4.7 Market-based PCE\3\...................... 2.6 2.6 2.6 2.3 2.0 1.6 1.5 1.3 Market-based PCE excluding food and energy\3\........................... 2.0 2.1 2.0 2.0 1.9 1.9 1.9 1.7 ----------------------------------------------------------------------------------------------------------------------------------- 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.