In official economic statistics, “real” means inflation-adjusted. “Nominal” or “current-dollar” values are measured in the prices of the period.
No. BEA defines disposable personal income as personal income minus personal current taxes. Rent, mortgage payments, groceries, insurance, utilities, debt payments, and other household bills have not yet been subtracted.
BEA’s personal saving rate is aggregate personal saving divided by aggregate disposable personal income. It is not the median household’s savings rate.
BEA personal income is broader than wages. It includes income from production, ownership of homes or businesses and financial assets, plus government and business transfers.
BEA Personal Consumption Expenditures (PCE) measure goods and services purchased by, or on behalf of, people residing in the United States.
No. Census defines a household as everyone occupying a housing unit regardless of relationship. A family requires two or more people related by birth, marriage, or adoption.
Yes. Census household income can include the income of unrelated people sharing a housing unit, including roommates and lodgers, depending on the survey definition.
Yes. The official poverty measure does not count noncash benefits such as public housing, Medicaid, or food assistance as money income.
No. The Consumer Price Index (CPI) is an index, not a dollar price. For most CPI series, the 1982–84 average was set equal to 100; later index values show price levels relative to that base.
