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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 1, 2007 James E. Rankin: Michael Armah: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 07-22 PERSONAL INCOME AND OUTLAYS: APRIL 2007 Personal income decreased $7.1 billion, or 0.1 percent, and disposable personal income (DPI) decreased $9.7 billion, or 0.1 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $52.0 billion, or 0.5 percent. In March, personal income increased $85.9 billion, or 0.8 percent, DPI increased $71.7 billion, or 0.7 percent, and PCE increased $42.4 billion, or 0.4 percent, based on revised estimates. 2006 Dec. Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars 2007 Jan. Feb. Mar. (Percent change from preceding month) Apr. 0.5 1.1 0.6 0.8 -0.1 0.5 0.2 0.9 0.7 0.6 0.2 0.7 0.3 -0.1 -0.4 0.7 0.4 0.7 0.5 0.7 0.3 0.4 0.0 0.5 0.2 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for October through December 2006 (fourth quarter). These estimates reflect newly available fourth-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. NOTE.--Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Monthto-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2000) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements decreased $30.7 billion in April, in contrast to an increase of $42.0 billion in March. Private wages and salaries had been boosted by $50.0 billion at an annual rate in January, in February, and in March to reflect unusually large bonus payments and the exercise of stock options. These types of irregular payments are not accounted for in the primary monthly source data for wages and salaries. This is an adjustment to the months of the first quarter that has not been carried forward in the estimates of wage and salary disbursements for subsequent months. Goods-producing industries' payrolls increased $4.7 billion in April, compared with an increase of $10.0 billion in March; manufacturing payrolls increased $3.1 billion, compared with an increase of $5.3 billion. Services-producing industries' payrolls decreased $35.3 billion, in contrast to an increase of $32.0 billion. Government wage and salary disbursements increased $3.8 billion, compared with an increase of $2.9 billion. -more- -3- Other personal income Supplements to wages and salaries increased $1.6 billion in April, compared with an increase of $5.2 billion in March. Proprietors' income decreased $1.4 billion in April, in contrast to an increase of $5.7 billion in March. Farm proprietors' income decreased $4.5 billion, in contrast to an increase of $3.4 billion. Nonfarm proprietors' income increased $3.1 billion, compared with an increase of $2.3 billion. Personal income receipts of assets (personal interest income plus personal dividend income) increased $7.7 billion in April, compared with an increase of $19.6 billion in March. Personal current transfer receipts increased $5.8 billion, compared with an increase of $14.4 billion. Contributions for government social insurance -- a subtraction in calculating personal income -decreased $3.7 billion in April, in contrast to an increase of $6.0 billion in March. Personal current taxes and disposable personal income Personal current taxes increased $2.6 billion in April, compared with an increase of $14.2 billion in March. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $9.7 billion, or 0.1 percent, in April, in contrast to an increase of $71.7 billion, or 0.7 percent, in March. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $55.2 billion in April, compared with an increase of $44.2 billion in March. PCE increased $52.0 billion, compared with an increase of $42.4 billion. Personal saving -- DPI less personal outlays -- was a negative $132.8 billion in April, compared with a negative $67.8 billion in March. Personal saving as a percentage of disposable personal income was a negative 1.3 percent in April, compared with a negative 0.7 percent in March. Negative personal saving reflects personal outlays that exceed disposable personal income. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth (which help finance consumption), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- decreased 0.4 percent in April, in contrast to an increase of 0.3 percent in March. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in April, compared with an increase of less than 0.1 percent in March. Purchases of durable goods increased 0.1 percent, compared with an increase of 0.6 percent. Purchases of nondurable goods decreased 0.4 percent, in contrast to an increase of 0.3 percent. Purchases of services increased 0.6 percent, in contrast to a decrease of 0.2 percent. The price index for PCE increased 0.3 percent in April, compared with an increase of 0.4 percent in March. Prices, excluding food and energy, increased 0.1 percent, compared with an increase of less than 0.1 percent. -more- -5- Revisions Estimates for personal income and DPI have been revised for October through March; estimates for PCE have been revised for January through March. Changes in personal income, current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for February and March are shown below. For October through December, the revisions to wages and salaries reflected the incorporation of newly available BLS tabulations of fourth-quarter private wages and salaries from the quarterly census of employment and wages. Wages and salaries were revised up for all three months. Revisions to personal current taxes and to contributions for government social insurance reflected the revisions to wages and salaries. Change from preceding month February Previous Revised (Billions of dollars) March Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars...................... 74.9 72.8 0.7 0.6 79.9 85.9 0.7 0.8 Disposable personal income: Current dollars...................... Chained (2000) dollars......... 62.3 19.5 60.5 17.8 0.6 0.2 0.6 0.2 65.5 18.7 71.7 24.9 0.7 0.2 0.7 0.3 Personal consumption expenditures: Current dollars...................... Chained (2000) dollars......... 69.2 26.4 70.3 27.2 0.7 0.3 0.7 0.3 24.4 -15.6 42.4 0.8 0.3 -0.2 0.4 0.0 -more- -6- BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts, revised estimates of personal income and outlays covering January 2004 through May 2007 will be released along with preliminary estimates for June 2007 on July 31. An article describing the revision will appear in the August 2007 issue of the Survey of Current Business. Next release -- Personal Income and Outlays for May will be released on June 29, 2007, at 8:30 A.M. EDT. -more- Table 1.—Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2006 Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. 2007 Sep. Oct. r Nov. r Dec. r Jan. r Feb. r Mar. r Apr. p 10,988.7 7,519.8 6,052.3 5,025.8 1,171.1 727.4 3,854.7 997.8 2,857.0 1,026.5 1,467.5 1,004.5 463.0 11,050.1 7,588.3 6,111.6 5,082.7 1,193.6 739.9 3,889.1 1,004.3 2,884.8 1,028.9 1,476.6 1,009.5 467.2 11,089.5 7,625.3 6,142.4 5,111.4 1,198.9 741.0 3,912.5 1,011.8 2,900.7 1,031.0 1,482.9 1,013.6 469.3 11,150.2 7,672.4 6,182.7 5,149.7 1,207.9 746.3 3,941.8 1,014.5 2,927.3 1,033.0 1,489.7 1,017.7 472.0 11,270.4 7,761.7 6,257.7 5,216.3 1,212.1 747.2 4,004.2 1,017.9 2,986.3 1,041.3 1,504.0 1,023.7 480.3 11,343.2 7,794.9 6,286.5 5,240.8 1,213.6 749.3 4,027.1 1,019.7 3,007.5 1,045.7 1,508.4 1,026.1 482.3 11,429.1 7,844.9 6,331.4 5,282.8 1,223.6 754.6 4,059.1 1,024.9 3,034.2 1,048.6 1,513.6 1,028.4 485.2 11,422.0 7,819.7 6,304.5 5,252.1 1,228.3 757.7 4,023.8 1,022.8 3,001.0 1,052.4 1,515.2 1,032.2 483.0 1,017.4 26.4 991.0 83.4 1,690.6 1,035.9 654.6 1,625.5 1,589.8 939.7 27.3 622.8 35.7 948.0 1,365.6 9,623.0 9,718.1 9,348.5 1,072.3 2,726.2 5,550.0 241.2 128.3 79.5 48.8 –95.0 –1.0 1,023.9 28.4 995.5 82.8 1,691.0 1,029.4 661.6 1,621.5 1,585.6 941.6 27.0 617.0 35.9 957.3 1,382.7 9,667.4 9,749.0 9,376.0 1,074.1 2,711.5 5,590.4 242.7 130.2 79.8 50.5 –81.5 –.8 1,025.3 28.6 996.7 83.5 1,691.6 1,022.8 668.8 1,625.1 1,589.1 945.8 27.3 616.0 36.1 961.3 1,391.8 9,697.8 9,785.5 9,410.8 1,080.8 2,720.6 5,609.4 244.3 130.5 80.1 50.5 –87.7 –.9 1,026.6 24.9 1,001.6 83.1 1,692.1 1,016.2 675.9 1,643.1 1,607.0 964.8 27.0 615.2 36.1 967.1 1,402.3 9,747.8 9,855.1 9,478.5 1,084.4 2,764.3 5,629.7 245.8 130.8 80.3 50.5 –107.3 –1.1 1,029.5 28.3 1,001.3 84.4 1,710.2 1,028.0 682.2 1,671.5 1,635.4 967.2 27.4 640.8 36.1 986.8 1,436.6 9,833.8 9,917.6 9,540.3 1,096.5 2,769.0 5,674.9 247.2 130.0 80.6 49.5 –83.8 –.9 1,040.3 31.7 1,008.6 85.8 1,728.9 1,039.8 689.0 1,684.8 1,648.7 976.4 27.7 644.5 36.1 991.4 1,448.9 9,894.3 9,989.6 9,610.6 1,095.4 2,780.9 5,734.3 248.7 130.4 80.9 49.5 –95.3 –1.0 1,046.0 35.1 1,010.9 87.9 1,748.5 1,051.6 696.9 1,699.2 1,663.0 982.3 27.6 653.0 36.2 997.4 1,463.1 9,966.0 10,033.8 9,653.0 1,100.8 2,820.2 5,731.9 250.2 130.6 81.2 49.5 –67.8 –.7 1,044.6 30.6 1,014.0 90.2 1,756.2 1,051.7 704.5 1,705.0 1,668.8 983.4 27.7 657.6 36.2 993.7 1,465.7 9,956.3 10,089.0 9,705.0 1,099.0 2,829.0 5,777.1 253.1 130.9 81.5 49.5 –132.8 –1.3 8,361.4 8,419.6 8,445.0 8,460.5 8,519.9 8,537.7 8,562.6 8,529.2 32,042 27,841 300,326 32,161 28,010 300,592 32,236 28,072 300,836 32,377 28,102 301,070 32,638 28,277 301,296 32,819 28,319 301,481 33,035 28,383 301,684 32,977 28,250 301,913 p Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the fourth quarter of 2006. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.—Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2005 2006 r 2005 IV Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. 2006 I II 2007 III IV r Ir 10,239.2 7,030.3 5,664.8 4,687.1 1,101.3 704.7 3,585.8 937.2 2,648.5 977.7 1,365.5 933.2 432.3 10,891.2 7,485.9 6,031.1 5,017.2 1,180.5 736.8 3,836.7 995.1 2,841.6 1,013.9 1,454.9 992.7 462.1 10,483.7 7,184.4 5,787.0 4,798.9 1,124.9 715.0 3,673.9 954.9 2,719.0 988.1 1,397.4 956.1 441.3 10,721.4 7,400.3 5,970.1 4,972.0 1,177.3 742.8 3,794.7 983.6 2,811.0 998.1 1,430.3 971.6 458.7 10,807.3 7,425.5 5,980.9 4,975.0 1,173.0 732.8 3,802.0 990.8 2,811.2 1,005.9 1,444.5 985.7 458.9 10,939.4 7,489.3 6,027.6 5,007.1 1,171.5 729.1 3,835.6 995.6 2,840.0 1,020.5 1,461.6 1,000.1 461.5 11,096.6 7,628.7 6,145.6 5,114.6 1,200.1 742.4 3,914.5 1,010.2 2,904.3 1,031.0 1,483.1 1,013.6 469.5 11,347.6 7,800.5 6,291.8 5,246.6 1,216.5 750.4 4,030.2 1,020.8 3,009.3 1,045.2 1,508.7 1,026.0 482.6 970.7 30.2 940.4 72.8 1,519.4 945.0 574.4 1,526.6 1,480.9 844.9 31.3 604.6 45.7 880.6 1,203.1 9,036.1 9,070.9 8,742.4 1,033.1 2,539.3 5,170.0 209.4 119.2 72.0 47.1 –34.8 –.4 1,015.1 22.6 992.5 77.4 1,656.3 1,016.7 639.6 1,602.2 1,566.9 931.4 27.3 608.3 35.3 945.7 1,362.1 9,529.1 9,625.5 9,268.9 1,070.3 2,714.9 5,483.7 230.3 126.3 78.0 48.3 –96.4 –1.0 996.8 28.7 968.1 81.5 1,580.2 981.7 598.5 1,539.8 1,500.8 854.6 31.6 614.5 39.0 898.9 1,247.6 9,236.1 9,264.5 8,927.8 1,019.6 2,613.5 5,294.7 214.9 121.8 74.2 47.6 –28.5 –.3 1,008.3 23.9 984.4 76.8 1,602.3 989.1 613.2 1,570.4 1,536.0 909.9 27.8 598.3 34.5 936.7 1,332.6 9,388.8 9,418.5 9,079.2 1,064.1 2,658.2 5,356.8 218.5 120.9 75.7 45.2 –29.7 –.3 1,011.9 17.5 994.3 71.4 1,647.7 1,019.2 628.5 1,589.7 1,554.7 928.1 27.0 599.6 35.0 938.8 1,361.0 9,446.2 9,577.0 9,228.1 1,061.8 2,721.4 5,444.9 222.9 126.0 77.3 48.7 –130.8 –1.4 1,014.8 21.7 993.2 78.3 1,683.6 1,035.8 647.8 1,618.6 1,583.1 936.7 27.3 619.1 35.5 945.2 1,362.5 9,577.0 9,710.0 9,346.7 1,075.5 2,747.7 5,523.5 235.5 127.8 79.0 48.8 –133.0 –1.4 1,025.3 27.3 998.0 83.1 1,691.6 1,022.8 668.8 1,629.9 1,593.9 950.7 27.1 616.1 36.0 961.9 1,392.3 9,704.3 9,796.5 9,421.8 1,079.8 2,732.1 5,609.8 244.3 130.5 80.0 50.5 –92.2 –.9 1,038.6 31.7 1,006.9 86.0 1,729.2 1,039.8 689.4 1,685.1 1,649.0 975.3 27.6 646.1 36.1 991.9 1,449.5 9,898.0 9,980.3 9,601.3 1,097.5 2,790.0 5,713.7 248.7 130.3 80.9 49.5 –82.3 –.8 8,104.6 8,318.6 8,183.3 8,276.8 8,245.4 8,311.0 8,441.7 8,540.1 30,440 27,302 296,852 31,794 27,755 299,715 30,995 27,462 297,985 31,437 27,714 298,651 31,560 27,548 299,312 31,916 27,698 300,064 32,258 28,061 300,833 32,831 28,327 301,487 r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the fourth quarter of 2006. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3.—Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2006 Sep. Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ Oct. r 2007 Nov. r Dec. r Jan. r Feb. r Mar. r Apr. p 51.6 39.8 33.3 27.3 –.2 –1.9 27.5 3.9 23.7 6.0 6.4 4.3 2.1 61.4 68.5 59.3 56.9 22.5 12.5 34.4 6.5 27.8 2.4 9.1 5.0 4.2 39.4 37.0 30.8 28.7 5.3 1.1 23.4 7.5 15.9 2.1 6.3 4.1 2.1 60.7 47.1 40.3 38.3 9.0 5.3 29.3 2.7 26.6 2.0 6.8 4.1 2.7 120.2 89.3 75.0 66.6 4.2 .9 62.4 3.4 59.0 8.3 14.3 6.0 8.3 72.8 33.2 28.8 24.5 1.5 2.1 22.9 1.8 21.2 4.4 4.4 2.4 2.0 85.9 50.0 44.9 42.0 10.0 5.3 32.0 5.2 26.7 2.9 5.2 2.3 2.9 –7.1 –25.2 –26.9 –30.7 4.7 3.1 –35.3 –2.1 –33.2 3.8 1.6 3.8 –2.2 .2 4.9 –4.7 5.3 7.1 .1 6.9 3.0 2.8 .8 0 2.1 .2 3.8 4.6 46.9 2.1 –4.2 3.4 –34.9 27.4 5.7 .5 .5 0 44.8 6.5 2.0 4.5 –.6 .4 –6.5 7.0 –4.0 –4.2 1.9 –.3 –5.8 .2 9.3 17.1 44.4 30.9 27.5 1.8 –14.7 40.4 1.5 1.9 .3 1.7 13.5 1.4 .2 1.2 .7 .6 –6.6 7.2 3.6 3.5 4.2 .3 –1.0 .2 4.0 9.1 30.4 36.5 34.8 6.7 9.1 19.0 1.6 .3 .3 0 –6.2 1.3 –3.7 4.9 –.4 .5 –6.6 7.1 18.0 17.9 19.0 –.3 –.8 0 5.8 10.5 50.0 69.6 67.7 3.6 43.7 20.3 1.5 .3 .2 0 –19.6 2.9 3.4 –.3 1.3 18.1 11.8 6.3 28.4 28.4 2.4 .4 25.6 0 19.7 34.3 86.0 62.5 61.8 12.1 4.7 45.2 1.4 –.8 .3 –1.0 23.5 10.8 3.4 7.3 1.4 18.7 11.8 6.8 13.3 13.3 9.2 .3 3.7 0 4.6 12.3 60.5 72.0 70.3 –1.1 11.9 59.4 1.5 .4 .3 0 –11.5 5.7 3.4 2.3 2.1 19.6 11.8 7.9 14.4 14.3 5.9 –.1 8.5 .1 6.0 14.2 71.7 44.2 42.4 5.4 39.3 –2.4 1.5 .2 .3 0 27.5 –1.4 –4.5 3.1 2.3 7.7 .1 7.6 5.8 5.8 1.1 .1 4.6 0 –3.7 2.6 –9.7 55.2 52.0 –1.8 8.8 45.2 2.9 .3 .3 0 –65.0 67.2 58.2 25.4 15.5 59.4 17.8 24.9 –33.4 p Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the fourth quarter of 2006. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4.—Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2005 2006 r 2005 IV Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ 2006 I II 2007 III IV r Ir 507.8 365.0 272.7 236.8 50.5 16.7 186.3 38.0 148.2 35.9 92.3 67.1 25.2 652.0 455.6 366.3 330.1 79.2 32.1 250.9 57.9 193.1 36.2 89.4 59.5 29.8 221.0 90.8 71.8 64.3 11.0 5.3 53.2 9.4 43.8 7.5 19.0 14.0 5.0 237.7 215.9 183.1 173.1 52.4 27.8 120.8 28.7 92.0 10.0 32.9 15.5 17.4 85.9 25.2 10.8 3.0 –4.3 –10.0 7.3 7.2 .2 7.8 14.2 14.1 .2 132.1 63.8 46.7 32.1 –1.5 –3.7 33.6 4.8 28.8 14.6 17.1 14.4 2.6 157.2 139.4 118.0 107.5 28.6 13.3 78.9 14.6 64.3 10.5 21.5 13.5 8.0 251.0 171.8 146.2 132.0 16.4 8.0 115.7 10.6 105.0 14.2 25.6 12.4 13.1 59.6 –6.0 65.5 –54.2 91.5 54.2 37.3 100.1 82.5 53.5 –4.7 33.6 17.6 54.2 153.3 354.5 563.7 530.9 46.8 194.1 289.9 23.4 9.5 5.2 4.2 –209.1 44.4 –7.6 52.1 4.6 136.9 71.7 65.2 75.6 86.0 86.5 –4.0 3.7 –10.4 65.1 159.0 493.0 554.6 526.5 37.2 175.6 313.7 20.9 7.1 6.0 1.2 –61.6 29.5 –1.0 30.4 93.0 47.5 30.5 17.0 –29.2 11.6 6.1 1.4 4.1 –40.8 10.4 32.6 188.4 84.2 80.5 –37.7 28.6 89.6 .3 3.3 1.5 1.8 104.1 11.5 –4.8 16.3 –4.7 22.1 7.4 14.7 30.6 35.2 55.3 –3.8 –16.2 –4.5 37.8 85.0 152.7 154.0 151.4 44.5 44.7 62.1 3.6 –.9 1.5 –2.4 –1.2 3.6 –6.4 9.9 –5.4 45.4 30.1 15.3 19.3 18.7 18.2 –.8 1.3 .5 2.1 28.4 57.4 158.5 148.9 –2.3 63.2 88.1 4.4 5.1 1.6 3.5 –101.1 2.9 4.2 –1.1 6.9 35.9 16.6 19.3 28.9 28.4 8.6 .3 19.5 .5 6.4 1.5 130.8 133.0 118.6 13.7 26.3 78.6 12.6 1.8 1.7 .1 –2.2 10.5 5.6 4.8 4.8 8.0 –13.0 21.0 11.3 10.8 14.0 –.2 –3.0 .5 16.7 29.8 127.3 86.5 75.1 4.3 –15.6 86.3 8.8 2.7 1.0 1.7 40.8 13.3 4.4 8.9 2.9 37.6 17.0 20.6 55.2 55.1 24.6 .5 30.0 .1 30.0 57.2 193.7 183.8 179.5 17.7 57.9 103.9 4.4 –.2 .9 –1.0 9.9 93.8 214.0 109.2 93.5 –31.4 65.6 130.7 98.4 r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the fourth quarter of 2006. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5.—Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2006 Sep. 2007 Nov. r Oct. r Dec. r Jan. r Feb. r Mar. r Apr. p Based on current-dollar measures Personal income ................................................................................................... Compensation of employees, received .............................................................. Wage and salary disbursements ................................................................... Supplements to wages and salaries ............................................................. Proprietors’ income with inventory valuation and capital consumption adjustments .................................................................................................... Rental income of persons with capital consumption adjustment ..................... Personal income receipts on assets .................................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ...................................................................... Less: Contributions for government social insurance ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 0.5 .5 .6 .4 0.6 .9 1.0 .6 0.4 .5 .5 .4 0.5 .6 .7 .5 1.1 1.2 1.2 1.0 0.6 .4 .5 .3 0.8 .6 .7 .3 –0.1 –.3 –.4 .1 0 6.8 .4 0 1.1 .2 .4 .3 .5 .6 –.8 0 –.6 1.1 –.2 1.0 1.2 .5 .1 .8 0 –.6 1.1 .2 .4 .7 .3 .1 –.5 0 –.6 1.1 1.1 .6 .8 .5 .3 1.6 1.1 1.2 .9 1.7 2.0 2.4 .9 1.0 1.7 1.1 1.1 1.0 .8 .5 .9 .6 .6 2.4 1.1 1.1 1.1 .9 .6 1.0 .7 –.1 2.6 .4 0 1.1 .3 –.4 .2 –.1 0 .3 –1.3 .5 .3 .2 –.5 .7 .4 .6 .3 .3 .7 .3 1.6 .4 .7 1.1 .2 .8 .7 –.1 .4 1.0 .4 .5 1.4 0 .5 –.2 .3 .8 .2 .3 –.4 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... .8 .7 .3 .2 .7 Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the fourth quarter of 2006. p Table 6.—Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2005 2006 r 2005 2006 IV I II 2007 III IV r Ir Based on current-dollar measures Personal income ................................................................................................... Compensation of employees, received .............................................................. Wage and salary disbursements ................................................................... Supplements to wages and salaries ............................................................. Proprietors’ income with inventory valuation and capital consumption adjustments .................................................................................................... Rental income of persons with capital consumption adjustment ..................... Personal income receipts on assets .................................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ...................................................................... Less: Contributions for government social insurance ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 5.2 5.5 5.1 7.3 6.5 –42.7 6.4 6.1 7.0 7.0 6.6 14.6 4.1 6.5 4.7 8.3 5.9 6.4 6.5 6.5 6.5 8.9 5.2 5.1 5.6 9.4 12.6 13.3 9.7 3.2 1.4 .7 4.1 5.0 3.5 3.2 4.8 5.9 7.7 8.1 6.0 9.4 9.3 9.9 7.1 4.6 12.7 6.3 .................. 9.0 13.0 7.6 13.5 11.3 12.2 5.0 –7.3 7.4 4.8 13.2 11.2 5.5 8.6 4.7 –21.2 5.7 3.0 10.2 8.2 17.9 30.2 6.8 1.4 –25.2 11.8 12.7 10.4 5.0 .9 8.8 2.5 1.2 44.6 9.0 6.7 12.8 7.5 2.7 .4 5.7 4.2 26.9 1.9 –4.9 13.6 2.8 7.3 9.0 5.4 5.3 14.9 9.2 6.8 12.9 14.3 13.1 17.5 8.2 7.0 18.6 7.0 4.8 6.7 –.9 9.9 6.7 5.2 5.3 3.9 5.9 3.3 1.6 –2.2 6.4 7.8 6.7 8.7 7.6 3.2 6.4 4.7 6.0 3.6 6.9 6.1 3.7 –13.5 4.5 7.1 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the fourth quarter of 2006. 1.2 2.6 5.5 4.6 –1.5 Table 7.—Real Personal Consumption Expenditures by Major Type of Product (Months) 2006 Sep. Oct. 2007 Nov. Dec. Jan. r Feb. r Mar. r Apr. p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 8,122.8 1,209.5 2,362.1 4,575.4 8,165.8 1,211.1 2,377.2 4,600.4 8,195.1 1,222.8 2,392.3 4,605.3 8,226.8 1,231.7 2,412.6 4,609.9 8,265.6 1,246.9 2,412.4 4,635.8 8,292.8 1,244.5 2,412.8 4,662.7 8,293.6 1,252.1 2,419.3 4,651.9 8,313.9 1,252.9 2,410.4 4,679.0 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 22.1 10.5 4.7 9.0 43.0 1.6 15.1 25.0 29.3 11.7 15.1 4.9 31.7 8.9 20.3 4.6 38.8 15.2 –.2 25.9 27.2 –2.4 .4 26.9 .8 7.6 6.5 –10.8 20.3 .8 –8.9 27.1 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. p r .3 .9 .2 .2 .5 .1 .6 .5 .4 1.0 .6 .1 .4 .7 .8 .1 .5 1.2 0 .6 .3 –.2 0 .6 0 .6 .3 –.2 .2 .1 –.4 .6 Preliminary Revised Table 8.—Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2005 2006 2005 2006 IV I II 2007 III IV Ir 8,111.2 1,208.8 2,360.1 4,566.6 8,195.9 1,221.9 2,394.0 4,605.2 8,284.0 1,247.8 2,414.8 4,650.1 Billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 7,841.2 1,145.3 2,276.8 4,436.6 8,091.4 1,202.9 2,362.0 4,550.4 7,910.2 1,137.9 2,309.6 4,476.7 8,003.8 1,190.5 2,342.8 4,494.5 8,055.0 1,190.3 2,351.1 4,535.4 Change from preceding period in billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 264.1 59.6 97.6 112.7 250.2 57.6 85.2 113.8 14.9 –38.0 22.0 22.2 93.6 52.6 33.2 17.8 51.2 –.2 8.3 40.9 56.2 18.5 9.0 31.2 84.7 13.1 33.9 38.6 88.1 25.9 20.8 44.9 4.2 4.4 5.9 3.4 4.4 8.8 3.5 4.0 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. r Revised 3.5 5.5 4.5 2.6 3.2 5.0 3.7 2.6 .8 –12.3 3.9 2.0 4.8 19.8 5.9 1.6 2.6 –.1 1.4 3.7 2.8 6.4 1.5 2.8 Table 9.—Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2006 Sep. Oct. 2007 Nov. Dec. Jan. r Feb. r Mar. r Apr. p Chain-type price indexes (2000=100), seasonally adjusted Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. 115.098 88.659 115.434 121.308 114.830 88.677 114.081 121.530 114.844 88.383 113.740 121.810 115.225 88.038 114.600 122.132 115.431 87.932 114.801 122.423 115.900 88.015 115.274 122.991 116.400 87.912 116.592 123.226 116.742 87.713 117.387 123.476 112.565 113.652 110.233 112.757 113.281 110.389 112.808 113.286 110.435 112.948 113.683 110.547 113.195 113.876 110.785 113.566 114.380 111.181 113.609 114.930 111.196 113.740 115.277 111.290 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE ......................................................................................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. –.3 –.5 –1.5 .3 –.2 0 –1.2 .2 0 –.3 –.3 .2 .3 –.4 .8 .3 .2 –.1 .2 .2 .4 .1 .4 .5 .4 –.1 1.1 .2 .3 –.2 .7 .2 .2 –.4 .2 .2 –.3 .1 0 0 0 .1 .4 .1 .2 .2 .2 .3 .4 .4 0 .5 0 .1 .3 .1 Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p Table 10.—Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2006 Sep. Disposable personal income ............................................................................... Personal consumption expenditures .................................................................. Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Oct. r 2.9 3.2 7.1 3.0 2.6 2007 Nov. r 3.4 3.7 9.2 2.8 3.1 Dec. r 3.2 3.6 7.1 3.8 2.9 2.9 3.5 6.0 4.4 2.6 Jan. r 3.2 3.6 4.3 2.9 3.8 Feb. r Mar. r 3.1 3.5 5.4 2.8 3.5 3.3 3.4 4.8 3.5 3.1 Apr. p 3.4 3.5 5.1 2.7 3.6 p Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the fourth quarter of 2006. Table 11.—Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2006 Sep. Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. Preliminary Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p r Oct. 2007 Nov. Jan. r Dec. Feb. r Mar. r Apr. p 1.9 –1.3 .3 3.4 1.5 –1.3 –.5 3.0 1.9 –1.3 1.1 2.9 2.2 –1.6 2.1 3.1 1.9 –1.8 1.3 3.0 2.3 –1.5 1.9 3.2 2.3 –1.5 2.3 3.1 2.2 –1.8 1.9 3.1 2.4 1.6 2.1 2.3 1.1 2.0 2.1 1.6 1.9 2.1 2.0 1.9 2.2 1.7 2.0 2.4 2.1 2.2 2.1 2.3 2.0 2.0 2.1 1.8