Abstract
Two commonly used sources of aggregate expenditure data are personal consumption expenditures in the National Income and Product Accounts and the Consumer Expenditure Surveys administered by the Bureau of Labor Statistics. We adjust both data sources to incorporate the service flows from owner-occupied housing and other consumer durables. A comparison of the two estimates of aggregate expenditure reveals that the differences between the two data sets have been growing over time. By 1989 the level of aggregate expenditure in the national accounts exceeds that reported in the Consumer Expenditure Surveys by $1224 billions. Less than half of this difference can be attributed to definitional differences in the two data sources.
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