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|Topic||National Income Accounting|
Service Sector and Personal Consumption Expenditures
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Reference ID: A144124930
National income accountants include three types of spending as personal consumption expenditures: durable goods, nondurable goods, and services. Durable goods are expected to last more than 3 years; nondurable goods less than three years, and services consist of the work that lawyers, barbers, doctors, mechanics, etc. do for consumers.
|Source||Reuters, "Growth in Services Sector Beat Predictions in March", The New York Times Online, April 6, 2006.|
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