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  • Economic Calendar Terms

    US Personal consump'n, real

    US Department of Commerce
    1401 Constitution Avenue,
    NW, Washington, DC 20230

    The personal outlay account shows the uses of income of individuals, enterprises that are owned by households, and nonprofit institutions that serve households. Personal outlays is the sum of personal consumption expenditures, personal interest payments and personal current transfer payments. Personal consumption expenditures is the largest component of GDP as households are the largest consumer of U.S. final product. Personal consumption expenditures measures purchases of goods and services by households and by nonprofit institutions serving households (NPISHs) from private business. It also includes purchases of certain goods and services provided by general government and government enterprises, such as tuition payments for higher education, charges for medical care, and charges for water and other sanitary services. In addition, PCE includes imputed expenditures on items such as the services of housing by a homeowner (the equivalent of rent), financial and insurance services for which there is no explicit charge, and medical care provided to individuals and financed by government or by private insurance.