pce statistics for food and energy clint mccully chief, research group national income and wealth...
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![Page 1: PCE Statistics for Food and Energy Clint McCully Chief, Research Group National Income and Wealth Division APDU Annual Conference September 25, 2008](https://reader035.vdocument.in/reader035/viewer/2022062309/56649e5d5503460f94b55d8d/html5/thumbnails/1.jpg)
PCE Statistics for Food and Energy
Clint McCullyChief, Research Group
National Income and Wealth Division
APDU Annual ConferenceSeptember 25, 2008
![Page 2: PCE Statistics for Food and Energy Clint McCully Chief, Research Group National Income and Wealth Division APDU Annual Conference September 25, 2008](https://reader035.vdocument.in/reader035/viewer/2022062309/56649e5d5503460f94b55d8d/html5/thumbnails/2.jpg)
www.bea.gov 2
PCE Estimates
Personal consumption expenditures (PCE) includes purchases of goods and services for personal use
Business and government purchases not included Purchases by self-employed included
in business purchases Purchases financed through
government social benefits included in PCE (e.g. food stamps)
![Page 3: PCE Statistics for Food and Energy Clint McCully Chief, Research Group National Income and Wealth Division APDU Annual Conference September 25, 2008](https://reader035.vdocument.in/reader035/viewer/2022062309/56649e5d5503460f94b55d8d/html5/thumbnails/3.jpg)
www.bea.gov 3
PCE Food and Energy
Food Food and alcoholic beverages purchased for off-premise
consumption Purchased meals and beverages Food furnished to employees and food produced and
consumed on farms
Energy Gasoline and oil Fuel oil and coal Gas Electricity
![Page 4: PCE Statistics for Food and Energy Clint McCully Chief, Research Group National Income and Wealth Division APDU Annual Conference September 25, 2008](https://reader035.vdocument.in/reader035/viewer/2022062309/56649e5d5503460f94b55d8d/html5/thumbnails/4.jpg)
www.bea.gov 4
Food & Energy Sources and Methods
Food Benchmark: Commodity flow (off-premise)
Food services sales (purchased meals)
Other periods: Retail control method Energy
Gasoline & Oil: Q x P Quantities: FHWA & EIA for total
VIUS, NAFA, BEA stocks data for allocation
Price: ∑ (Q by grade * P by grade)/ ∑ Q from EIA Fuel Oil & Coal: Commodity flow & retail control Electricity & gas: Residential revenue from EIA
Deflation: CPI component indexes
![Page 5: PCE Statistics for Food and Energy Clint McCully Chief, Research Group National Income and Wealth Division APDU Annual Conference September 25, 2008](https://reader035.vdocument.in/reader035/viewer/2022062309/56649e5d5503460f94b55d8d/html5/thumbnails/5.jpg)
www.bea.gov 5
Food and Energy Shares of PCE
1981 highest share = 9.2 %
2008 (7 mths) = 6.8 %
![Page 6: PCE Statistics for Food and Energy Clint McCully Chief, Research Group National Income and Wealth Division APDU Annual Conference September 25, 2008](https://reader035.vdocument.in/reader035/viewer/2022062309/56649e5d5503460f94b55d8d/html5/thumbnails/6.jpg)
www.bea.gov 6
PCE Price Indexes
![Page 7: PCE Statistics for Food and Energy Clint McCully Chief, Research Group National Income and Wealth Division APDU Annual Conference September 25, 2008](https://reader035.vdocument.in/reader035/viewer/2022062309/56649e5d5503460f94b55d8d/html5/thumbnails/7.jpg)
www.bea.gov 7
Food Price Changes
![Page 8: PCE Statistics for Food and Energy Clint McCully Chief, Research Group National Income and Wealth Division APDU Annual Conference September 25, 2008](https://reader035.vdocument.in/reader035/viewer/2022062309/56649e5d5503460f94b55d8d/html5/thumbnails/8.jpg)
www.bea.gov 8
Food Prices and Consumption
![Page 9: PCE Statistics for Food and Energy Clint McCully Chief, Research Group National Income and Wealth Division APDU Annual Conference September 25, 2008](https://reader035.vdocument.in/reader035/viewer/2022062309/56649e5d5503460f94b55d8d/html5/thumbnails/9.jpg)
www.bea.gov 9
PCE Energy Price Indexes
![Page 10: PCE Statistics for Food and Energy Clint McCully Chief, Research Group National Income and Wealth Division APDU Annual Conference September 25, 2008](https://reader035.vdocument.in/reader035/viewer/2022062309/56649e5d5503460f94b55d8d/html5/thumbnails/10.jpg)
www.bea.gov 10
Gasoline Price & Quanity
Arab oil embargo
2nd oil crisis
July ’08 = highest relative price
![Page 11: PCE Statistics for Food and Energy Clint McCully Chief, Research Group National Income and Wealth Division APDU Annual Conference September 25, 2008](https://reader035.vdocument.in/reader035/viewer/2022062309/56649e5d5503460f94b55d8d/html5/thumbnails/11.jpg)
www.bea.gov 11
Trucks and Gasoline Prices
Quantity index of new truck sales
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www.bea.gov 12
Airline Prices and Consumption
9/11 & aftermath