This is a model which relates EASI updated Income Distribution, Age of Head of Household , and Tenure to information modeled against the latest Consumer Expenditures (CEX) study results. This study is based upon the results of the latest Consumer Expenditure Survey done by the Bureau of Labor Statistics. The Survey consists of two components. The first is a diary survey completed for two consecutive 1 week periods and the second is an interview in which a comprehensive survey of expenditures is reviewed every three months and repeated every three months for 5 time periods. This second rotating interview sample consists of 5,000 consumer units per quarter (3 months). The interview survey includes large expenditures such as property, automobiles, and major appliances or other expenditures that occur on a regular basis. This interview survey includes about 95% of all expenditures.
These data are used by The Bureau of Labor Statistics to revise the market basket of goods and services used in the Consumer Price Index. A consumer unit is all members of a particular household who are related by blood, marriage adoption or other legal arrangement or a person living alone or sharing a household or a room or 2 or more people living together who share responsibility for 2 out 3 of the major expenditures (food, housing, and other expenses).
Expenditures are defined as transaction costs including sales taxes, of goods and services acquired during the survey year. These include expenditures for gifts and for contributions and payments for pensions and personal insurance.