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.