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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, JUNE 1, 2009 Janet Kmitch: Brendan Leary: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 09-21 PERSONAL INCOME AND OUTLAYS: APRIL 2009 Personal income increased $58.2 billion, or 0.5 percent, and disposable personal income (DPI) increased $121.8 billion, or 1.1 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $5.4 billion, or 0.1 percent. In March, personal income decreased $25.9 billion, or 0.2 percent, DPI increased $8.2 billion, or 0.1 percent, and PCE decreased $33.0 billion, or 0.3 percent, based on revised estimates. The pattern of changes in income reflect, in part, the pattern of reduced personal current taxes and increased government social benefit payments associated with the American Recovery and Reinvestment Act of 2009. 2008 Dec. Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars 2009 Jan. Feb. Mar. Apr. (Percent change from preceding month) -0.2 0.0 -0.2 -0.2 0.5 -0.1 0.4 1.5 1.3 0.0 -0.4 0.1 0.1 1.1 1.1 -1.1 -0.6 1.0 0.7 0.4 0.1 -0.3 -0.3 -0.1 -0.1 ________________________ NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-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- Real disposable income increased 1.1 percent in April, compared with an increase of 0.1 percent in March. Real PCE decreased 0.1 percent, compared with a decrease of 0.3 percent. The April change in disposable personal income (DPI) – personal income less personal current taxes – was boosted as a result of provisions of the American Recovery and Reinvestment Act of 2009. Provisions of the Act reduced personal current taxes and increased government social benefit payments. Excluding these special factors, which are discussed more fully below, disposable personal income increased $77.1 billion, or 0.7 percent, in April, following a decrease of $8.7 billion, or 0.1 percent, in March. -more- -3- Wages and salaries Private wage and salary disbursements decreased $1.3 billion in April, compared with a decrease of $39.1 billion in March. Private wages and salaries had been reduced by an adjustment of $20.0 billion at an annual rate in January, in February, and in March to reflect smaller-than-usual bonus payments. This type of irregular payment is not accounted for in the primary monthly source data for wages and salaries. This adjustment to the months of the first quarter was not carried forward in the estimates of wage and salary disbursements for April and subsequent months. Goods-producing industries' payrolls decreased $11.4 billion, compared with a decrease of $15.6 billion; manufacturing payrolls decreased $3.7 billion, compared with a decrease of $8.1 billion. Services-producing industries' payrolls increased $10.1 billion, in contrast to a decrease of $23.5 billion. Government wage and salary disbursements increased $4.4 billion compared with an increase of $3.3 billion. Other personal income Supplements to wages and salaries increased $4.7 billion in April, compared with an increase of $1.9 billion in March. Proprietors' income increased $4.5 billion in April, in contrast to a decrease of $7.5 billion in March. Farm proprietors' income increased $3.8 billion, in contrast to a decrease of $0.3 billion. Nonfarm proprietors' income increased $0.7 billion, in contrast to a decrease of $7.2 billion. Rental income of persons increased $2.7 billion in April, in contrast to a decrease of $3.2 billion in March. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $2.7 billion, compared with a decrease of $20.5 billion. Personal current transfer receipts increased $45.7 billion, compared with an increase of $34.3 billion. Provisions of the Federal Additional Compensation Program of the American Recovery and Reinvestment Act of 2009 boosted the level of personal current transfer receipts by $11.8 billion at an annual rate in April and $5.7 billion in March. The provision provides an additional $25 per week unemployment payment. Contributions for government social insurance -- a subtraction in calculating personal income -was unchanged in April, following a decrease of $5.0 billion in March. -more- -4- Personal current taxes and disposable personal income Personal current taxes decreased $63.6 billion in April, compared with a decrease of $34.1 billion in March. The Making Work Pay Credit provision of the American Recovery and Reinvestment Act of 2009 reduced personal current taxes $49.8 billion at an annual rate in April and $11.2 billion in March. The provision allows a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. (The credit is subject to income limitations.) Disposable personal income (DPI) -- personal income less personal current taxes -- increased $121.8 billion, or 1.1 percent, in April, compared with an increase of $8.2 billion, or 0.1 percent in March. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -decreased $9.7 billion in April, compared with a decrease of $33.5 billion in March. PCE decreased $5.4 billion, compared with a decrease of $33.0 billion. Personal saving -- DPI less personal outlays – was $620.2 billion in April, compared with $488.7 billion in March. Personal saving as a percentage of disposable personal income was 5.7 percent in April, compared with 4.5 percent in March. 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, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased 1.1 percent in April, compared with an increase of 0.1 percent in March. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in April, compared with a decrease of 0.3 percent in March. Purchases of durable goods decreased 0.7 percent, compared with a decrease of 0.9 percent. Purchases of motor vehicles and parts accounted for most of the decrease in durable goods in April. Purchases of nondurable goods decreased 0.7 percent in April, compared with a decrease of 1.0 percent in March. Purchases of services increased 0.2 percent, compared with an increase of 0.1 percent. PCE price index -- The price index for PCE increased 0.1 percent in April, in contrast to a decrease of less than 0.1 percent in March. The PCE price index, excluding food and energy, increased 0.3 percent, compared with an increase of 0.2 percent. -more- -5- Revisions Estimates of personal income and DPI have been revised for October through March; estimates of 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 -- revised and as published in last month's release -- are shown below. For October through December, the revisions to wages and salaries reflected the incorporation of newly available BLS tabulations for fourth-quarter private wages and salaries from the quarterly census of employment and wages. Wages and salaries were revised down for all three months. Revisions to personal current taxes and to contributions for government social insurance reflected the revisions to wages and salaries and the incorporation of revised federal budget projections. 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 -24.3 -29.0 -0.2 -0.2 -34.4 -25.9 -0.3 -0.2 Disposable personal income: Current Dollars Chained (2000) dollars 0.2 -29.8 -5.0 -34.5 0.0 -0.3 0.0 -0.4 -1.8 0.7 8.2 9.7 0.0 0.0 0.1 0.1 Personal consumption expenditures: Current dollars 39.1 Chained (2000) dollars 4.4 39.1 4.2 0.4 0.1 0.4 0.1 -24.2 -17.9 -33.0 -24.4 -0.2 -0.2 -0.3 -0.3 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for October through December 2008 (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. -more- -6- Comprehensive Revision of the National Income and Product Accounts As part of the comprehensive (or benchmark) revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released along with preliminary estimates for June 2009 on August 4, 2009. More information on the comprehensive revision is available on BEA’s Web site at www.bea.gov/national/an1.htm, including a link to the article in the March 2009 issue of the Survey of Current Business that discussed the changes in definitions and presentations that will be implemented in the revision and to an article in the May Survey that described changes in statistical methods. The September Survey will contain an article that describes the results of the revision in detail. The Web site also contains links to redesigned PCE table stubs; other revised NIPA table stubs and press release stubs will be available in June. 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. * * * Next release – June 26, 2009 at 8:30 A.M. EDT for Personal Income and Outlays for May. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2008 September 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....................... October r 2009 November r December r January r February r March r April p 12,191.4 8,102.3 6,589.8 5,447.7 1,208.0 738.9 4,239.7 1,049.2 3,190.4 1,142.1 1,512.5 1,032.6 479.9 12,162.6 8,088.0 6,574.4 5,429.6 1,205.6 739.0 4,224.0 1,044.7 3,179.4 1,144.7 1,513.7 1,035.0 478.7 12,112.0 8,078.1 6,564.0 5,417.0 1,200.6 735.6 4,216.4 1,042.4 3,174.0 1,146.9 1,514.2 1,036.7 477.4 12,083.8 8,058.5 6,544.2 5,395.8 1,186.9 727.2 4,208.9 1,037.7 3,171.2 1,148.3 1,514.3 1,038.4 476.0 12,088.6 8,052.5 6,525.4 5,364.0 1,169.8 715.7 4,194.2 1,040.0 3,154.2 1,161.4 1,527.0 1,047.8 479.3 12,059.6 8,026.8 6,497.4 5,333.4 1,154.8 708.3 4,178.6 1,036.8 3,141.8 1,164.0 1,529.4 1,052.5 477.0 12,033.7 7,992.8 6,461.6 5,294.3 1,139.2 700.2 4,155.1 1,028.1 3,127.0 1,167.3 1,531.3 1,056.8 474.5 12,091.9 8,000.8 6,464.8 5,293.0 1,127.8 696.5 4,165.2 1,026.2 3,139.0 1,171.7 1,536.0 1,061.5 474.4 1,071.8 29.6 1,042.2 55.5 2,057.3 1,223.8 833.4 1,904.8 1,845.3 1,072.0 67.5 705.8 59.5 1,000.3 1,075.0 27.0 1,048.0 87.1 2,023.0 1,203.6 819.4 1,887.2 1,854.5 1,074.5 64.6 715.4 32.7 997.8 1,057.4 26.1 1,031.3 90.9 1,988.6 1,183.4 805.2 1,892.5 1,859.8 1,082.8 64.2 712.7 32.8 995.5 1,049.3 25.9 1,023.4 96.1 1,954.0 1,163.2 790.8 1,918.3 1,885.5 1,088.3 82.4 714.8 32.8 992.4 1,041.2 25.2 1,016.0 92.6 1,933.5 1,156.6 776.9 1,967.3 1,934.7 1,124.9 86.2 723.5 32.7 998.5 1,042.5 23.7 1,018.8 90.0 1,912.9 1,150.0 762.9 1,981.4 1,948.6 1,133.7 90.6 724.4 32.7 994.0 1,035.0 23.4 1,011.6 86.8 1,892.4 1,143.4 749.0 2,015.7 1,982.9 1,138.7 106.9 737.3 32.8 989.0 1,039.5 27.2 1,012.3 89.5 1,889.7 1,145.7 744.0 2,061.4 2,028.6 1,150.0 116.1 762.4 32.9 989.0 Less: Personal current taxes ................................................................... 1,517.7 1,497.5 1,475.0 1,459.8 1,304.1 1,280.1 1,246.0 1,182.4 Equals: Disposable personal income...................................................... 10,673.7 10,665.1 10,637.0 10,624.0 10,784.5 10,779.5 10,787.7 10,909.5 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) ................................................................. 10,527.3 10,132.4 998.4 3,022.9 6,111.2 246.9 148.0 85.3 62.7 10,393.8 10,013.3 945.3 2,934.5 6,133.5 237.7 142.9 85.8 57.1 10,311.5 9,939.7 950.8 2,843.6 6,145.2 228.4 143.4 86.3 57.1 10,193.9 9,830.7 942.8 2,739.1 6,148.8 219.2 144.0 86.9 57.1 10,293.8 9,926.0 967.7 2,784.2 6,174.1 218.3 149.6 87.4 62.2 10,332.5 9,965.1 966.3 2,819.4 6,179.3 217.4 150.0 87.9 62.2 10,299.0 9,932.1 958.8 2,788.7 6,184.6 216.4 150.4 88.3 62.2 10,289.3 9,926.7 952.6 2,771.0 6,203.1 211.9 150.8 88.6 62.2 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 146.4 1.4 271.4 2.5 325.5 3.1 430.1 4.0 490.7 4.5 447.0 4.1 488.7 4.5 620.2 5.7 8,670.7 8,699.4 8,771.4 8,805.0 8,917.2 8,882.7 8,892.4 8,986.9 34,980 28,416 305,138 34,923 28,486 305,390 34,804 28,700 305,624 34,736 28,789 305,845 35,238 29,136 306,049 35,199 29,005 306,243 35,203 29,018 306,443 35,577 29,307 306,650 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. 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 2007 2008 r 2007 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....................... 2008 I II 2009 III IV r Ir 11,663.2 7,818.6 6,362.0 5,286.7 1,205.4 746.0 4,081.3 1,035.2 3,046.1 1,075.2 1,456.6 991.9 464.7 12,100.6 8,052.8 6,548.0 5,418.5 1,210.0 742.4 4,208.5 1,047.7 3,160.8 1,129.5 1,504.8 1,026.9 477.9 11,872.1 7,941.0 6,465.5 5,373.4 1,218.2 750.2 4,155.3 1,048.3 3,106.9 1,092.1 1,475.5 1,005.9 469.6 11,960.5 8,009.7 6,518.0 5,408.3 1,217.7 748.4 4,190.5 1,050.4 3,140.2 1,109.7 1,491.7 1,015.3 476.4 12,152.2 8,033.5 6,531.3 5,407.9 1,212.7 745.0 4,195.2 1,048.4 3,146.7 1,123.4 1,502.2 1,024.4 477.8 12,170.4 8,092.9 6,581.8 5,443.5 1,211.7 742.2 4,231.8 1,050.4 3,181.5 1,138.3 1,511.1 1,031.2 479.9 12,119.5 8,074.9 6,560.8 5,414.2 1,197.7 733.9 4,216.5 1,041.6 3,174.9 1,146.7 1,514.0 1,036.7 477.4 12,060.6 8,024.0 6,494.8 5,330.6 1,154.6 708.1 4,176.0 1,035.0 3,141.0 1,164.2 1,529.2 1,052.3 476.9 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 1,681.4 999.4 32.3 649.6 31.9 965.1 1,072.4 34.6 1,037.9 64.4 2,037.7 1,208.5 829.1 1,869.1 1,834.4 1,058.3 52.3 723.8 34.7 995.7 1,073.8 47.1 1,026.7 38.6 2,056.2 1,242.7 813.5 1,737.8 1,704.7 1,009.6 34.3 660.9 33.1 975.3 1,071.7 41.6 1,030.1 39.1 2,054.1 1,224.6 829.5 1,778.1 1,745.8 1,032.4 38.2 675.3 32.2 992.2 1,076.9 38.0 1,039.0 58.6 2,052.3 1,208.7 843.6 1,926.3 1,893.9 1,050.0 41.4 802.5 32.4 995.4 1,080.5 32.4 1,048.2 68.5 2,055.7 1,217.4 838.3 1,872.7 1,831.2 1,068.9 59.2 703.1 41.5 1,000.0 1,060.6 26.3 1,034.2 91.4 1,988.5 1,183.4 805.1 1,899.3 1,866.6 1,081.9 70.4 714.3 32.8 995.2 1,039.6 24.1 1,015.5 89.8 1,912.9 1,150.0 762.9 1,988.1 1,955.4 1,132.4 94.6 728.4 32.7 993.9 Less: Personal current taxes ................................................................... 1,492.8 1,457.3 1,520.5 1,535.0 1,346.1 1,470.7 1,477.4 1,276.7 Equals: Disposable personal income...................................................... 10,170.5 10,643.3 10,351.5 10,425.5 10,806.0 10,699.7 10,642.0 10,783.9 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) ................................................................. 10,113.1 9,710.2 1,082.8 2,833.0 5,794.4 265.4 137.5 81.2 56.3 10,450.7 10,057.9 1,023.2 2,965.1 6,069.6 248.2 144.5 84.4 60.1 10,309.2 9,892.7 1,083.0 2,906.2 5,903.5 276.7 139.8 82.5 57.3 10,404.9 10,002.3 1,071.0 2,950.7 5,980.6 261.7 140.8 82.9 57.9 10,538.2 10,138.0 1,059.3 3,026.2 6,052.5 253.8 146.4 83.7 62.7 10,559.9 10,163.5 1,016.2 3,044.6 6,102.7 248.9 147.5 84.8 62.7 10,299.7 9,927.9 946.3 2,839.0 6,142.5 228.4 143.4 86.3 57.1 10,308.4 9,941.0 964.2 2,797.4 6,179.4 217.4 150.0 87.9 62.2 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 57.4 0.6 192.7 1.8 42.4 0.4 20.6 0.2 267.9 2.5 139.8 1.3 342.3 3.2 475.5 4.4 8,644.0 8,753.6 8,683.1 8,667.9 8,891.0 8,696.4 8,758.2 8,897.4 33,706 28,648 301,737 34,950 28,745 304,529 34,179 28,670 302,865 34,351 28,560 303,498 35,531 29,234 304,128 35,096 28,525 304,872 34,821 28,657 305,619 35,213 29,053 306,245 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. 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 2008 September October r 2009 November r December r January r February r March r April p 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....................... 11.6 –1.9 –2.4 –5.9 –6.0 –3.7 0.1 –3.4 3.5 3.5 0.6 1.3 –0.7 –28.8 –14.3 –15.4 –18.1 –2.4 0.1 –15.7 –4.5 –11.0 2.6 1.2 2.4 –1.2 –50.6 –9.9 –10.4 –12.6 –5.0 –3.4 –7.6 –2.3 –5.4 2.2 0.5 1.7 –1.3 –28.2 –19.6 –19.8 –21.2 –13.7 –8.4 –7.5 –4.7 –2.8 1.4 0.1 1.7 –1.4 4.8 –6.0 –18.8 –31.8 –17.1 –11.5 –14.7 2.3 –17.0 13.1 12.7 9.4 3.3 –29.0 –25.7 –28.0 –30.6 –15.0 –7.4 –15.6 –3.2 –12.4 2.6 2.4 4.7 –2.3 –25.9 –34.0 –35.8 –39.1 –15.6 –8.1 –23.5 –8.7 –14.8 3.3 1.9 4.3 –2.5 58.2 8.0 3.2 –1.3 –11.4 –3.7 10.1 –1.9 12.0 4.4 4.7 4.7 –0.1 –8.0 –2.9 –5.1 –21.8 1.7 6.4 –4.8 40.5 13.6 4.5 5.1 3.9 26.9 –1.1 3.2 –2.6 5.8 31.6 –34.3 –20.2 –14.0 –17.6 9.2 2.5 –2.9 9.6 –26.8 –2.5 –17.6 –0.9 –16.7 3.8 –34.4 –20.2 –14.2 5.3 5.3 8.3 –0.4 –2.7 0.1 –2.3 –8.1 –0.2 –7.9 5.2 –34.6 –20.2 –14.4 25.8 25.7 5.5 18.2 2.1 0.0 –3.1 –8.1 –0.7 –7.4 –3.5 –20.5 –6.6 –13.9 49.0 49.2 36.6 3.8 8.7 –0.1 6.1 1.3 –1.5 2.8 –2.6 –20.6 –6.6 –14.0 14.1 13.9 8.8 4.4 0.9 0.0 –4.5 –7.5 –0.3 –7.2 –3.2 –20.5 –6.6 –13.9 34.3 34.3 5.0 16.3 12.9 0.1 –5.0 4.5 3.8 0.7 2.7 –2.7 2.3 –5.0 45.7 45.7 11.3 9.2 25.1 0.1 0.0 Less: Personal current taxes ................................................................... –4.6 –20.2 –22.5 –15.2 –155.7 –24.0 –34.1 –63.6 Equals: Disposable personal income...................................................... 16.2 –8.6 –28.1 –13.0 160.5 –5.0 8.2 121.8 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) ................................................................. –40.1 –38.5 –35.3 –19.5 16.4 –2.0 0.5 0.5 0.0 –133.5 –119.1 –53.1 –88.4 22.3 –9.2 –5.1 0.5 –5.6 –82.3 –73.6 5.5 –90.9 11.7 –9.3 0.5 0.5 0.0 –117.6 –109.0 –8.0 –104.5 3.6 –9.2 0.6 0.6 0.0 99.9 95.3 24.9 45.1 25.3 –0.9 5.6 0.5 5.1 38.7 39.1 –1.4 35.2 5.2 –0.9 0.4 0.5 0.0 –33.5 –33.0 –7.5 –30.7 5.3 –1.0 0.4 0.4 0.0 –9.7 –5.4 –6.2 –17.7 18.5 –4.5 0.4 0.3 0.0 Equals: Personal saving ........................................................................... 56.3 125.0 54.1 104.6 60.6 –43.7 41.7 131.5 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 5.9 28.7 72.0 33.6 112.2 –34.5 9.7 94.5 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. 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 2007 2008 r 2007 IV 2008 I II 2009 III IV r Ir 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....................... 669.3 386.0 334.8 282.5 38.2 14.8 244.2 48.5 195.7 52.2 51.3 35.1 16.2 437.4 234.2 186.0 131.8 4.6 –3.6 127.2 12.5 114.7 54.3 48.2 35.0 13.2 141.7 101.7 87.8 76.4 13.9 6.8 62.7 13.0 49.5 11.3 13.9 9.4 4.5 88.4 68.7 52.5 34.9 –0.5 –1.8 35.2 2.1 33.3 17.6 16.2 9.4 6.8 191.7 23.8 13.3 –0.4 –5.0 –3.4 4.7 –2.0 6.5 13.7 10.5 9.1 1.4 18.2 59.4 50.5 35.6 –1.0 –2.8 36.6 2.0 34.8 14.9 8.9 6.8 2.1 –50.9 –18.0 –21.0 –29.3 –14.0 –8.3 –15.3 –8.8 –6.6 8.4 2.9 5.5 –2.5 –58.9 –50.9 –66.0 –83.6 –43.1 –25.8 –40.5 –6.6 –33.9 17.5 15.2 15.6 –0.5 41.5 27.8 13.6 –4.3 175.3 88.9 86.4 110.3 103.3 60.5 2.4 40.3 7.0 39.6 16.2 –9.4 25.7 24.4 37.6 –5.8 43.3 155.8 153.0 58.9 20.0 74.2 2.8 30.6 10.0 –0.3 10.3 –3.2 25.3 6.5 18.8 17.2 16.7 0.8 1.8 14.2 0.6 9.3 –2.1 –5.5 3.4 0.5 –2.1 –18.1 16.0 40.3 41.1 22.8 3.9 14.4 –0.9 16.9 5.2 –3.6 8.9 19.5 –1.8 –15.9 14.1 148.2 148.1 17.6 3.2 127.2 0.2 3.2 3.6 –5.6 9.2 9.9 3.4 8.7 –5.3 –53.6 –62.7 18.9 17.8 –99.4 9.1 4.6 –19.9 –6.1 –14.0 22.9 –67.2 –34.0 –33.2 26.6 35.4 13.0 11.2 11.2 –8.7 –4.8 –21.0 –2.2 –18.7 –1.6 –75.6 –33.4 –42.2 88.8 88.8 50.5 24.2 14.1 –0.1 –1.3 Less: Personal current taxes ................................................................... 139.6 –35.5 18.9 14.5 –188.9 124.6 6.7 –200.7 Equals: Disposable personal income...................................................... 529.8 472.8 122.7 74.0 380.5 –106.3 –57.7 141.9 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) ................................................................. 543.1 503.0 30.7 147.8 324.5 30.0 10.1 5.0 5.2 337.6 347.7 –59.6 132.1 275.2 –17.2 7.0 3.2 3.8 127.2 127.1 –3.2 59.6 70.7 –1.5 1.7 0.7 1.0 95.7 109.6 –12.0 44.5 77.1 –15.0 1.0 0.4 0.6 133.3 135.7 –11.7 75.5 71.9 –7.9 5.6 0.8 4.8 21.7 25.5 –43.1 18.4 50.2 –4.9 1.1 1.1 0.0 –260.2 –235.6 –69.9 –205.6 39.8 –20.5 –4.1 1.5 –5.6 8.7 13.1 17.9 –41.6 36.9 –11.0 6.6 1.6 5.1 Equals: Personal saving ........................................................................... –13.3 135.3 –4.4 –21.8 247.3 –128.1 202.5 133.2 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 237.0 109.6 12.0 –15.2 223.1 –194.6 61.8 139.2 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. 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 2008 September October r 2009 November r December r January r February r March r April 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 .............................. 0.1 0.0 0.0 0.0 –0.2 –0.2 –0.2 0.1 –0.4 –0.1 –0.2 0.0 –0.2 –0.2 –0.3 0.0 0.0 –0.1 –0.3 0.8 –0.2 –0.3 –0.4 0.2 –0.2 –0.4 –0.6 0.1 0.5 0.1 0.0 0.3 –0.7 –28.1 0.1 0.5 –0.6 2.2 –0.1 0.3 56.8 –1.7 –1.7 –1.7 –0.9 –0.3 –1.6 4.3 –1.7 –1.7 –1.7 0.3 –0.2 –0.8 5.7 –1.7 –1.7 –1.8 1.4 –0.3 –0.8 –3.6 –1.1 –0.6 –1.8 2.6 0.6 0.1 –2.8 –1.1 –0.6 –1.8 0.7 –0.5 –0.7 –3.6 –1.1 –0.6 –1.8 1.7 –0.5 0.4 3.1 –0.1 0.2 –0.7 2.3 0.0 Less: Personal current taxes ................................................................... –0.3 –1.3 –1.5 –1.0 –10.7 –1.8 –2.7 –5.1 Equals: Disposable personal income...................................................... 0.2 –0.1 –0.3 –0.1 1.5 0.0 0.1 1.1 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ –0.4 –3.4 –0.6 0.3 –1.2 –5.3 –2.9 0.4 –0.7 0.6 –3.1 0.2 –1.1 –0.8 –3.7 0.1 1.0 2.6 1.6 0.4 0.4 –0.1 1.3 0.1 –0.3 –0.8 –1.1 0.1 –0.1 –0.6 –0.6 0.3 Real disposable personal income ............................................................ 0.1 0.3 –0.4 0.1 1.1 Based on chained (2000) dollar measures 0.8 0.4 1.3 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2007 2008 r 2007 2008 IV I II 2009 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 .............................. 6.1 5.2 5.6 3.7 3.8 3.0 2.9 3.3 4.9 5.3 5.6 3.9 3.0 3.5 3.3 4.5 6.6 1.2 0.8 2.8 0.6 3.0 3.1 2.4 –1.7 –0.9 –1.3 0.8 –1.9 –2.5 –4.0 4.1 4.1 –9.6 9.6 7.9 12.4 6.9 4.3 1.5 60.8 1.9 –0.5 5.5 9.1 3.2 3.8 –27.3 5.1 2.1 9.8 4.1 3.9 –0.8 5.3 –0.4 –5.7 8.1 9.6 7.1 2.0 401.3 –0.3 –5.1 7.0 37.8 1.3 1.3 87.6 0.7 2.9 –2.5 –10.7 1.9 –7.2 216.2 –12.4 –10.7 –14.9 5.8 –1.9 –7.7 –6.5 –14.4 –10.8 –19.4 20.1 –0.6 Less: Personal current taxes ................................................................... 10.3 –2.4 5.1 3.9 –40.8 42.5 1.8 –44.2 Equals: Disposable personal income...................................................... 5.5 4.6 4.9 2.9 15.4 –3.9 –2.1 5.4 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 5.5 2.9 5.5 5.9 3.6 –5.5 4.7 4.7 5.3 –1.2 8.7 4.9 4.5 –4.3 6.3 5.3 5.5 –4.3 10.6 4.9 1.0 –15.3 2.4 3.4 –9.0 –24.8 –24.4 2.6 0.5 7.8 –5.7 2.4 Real disposable personal income ............................................................ 2.8 1.3 –8.5 2.9 6.5 Based on chained (2000) dollar measures 0.6 –0.7 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. 10.7 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2008 September October 2009 November December January r February r March r April r Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,231.0 1,161.4 2,358.3 4,713.4 8,167.7 1,101.9 2,325.4 4,724.9 8,196.4 1,114.2 2,337.5 4,732.2 8,147.5 1,109.8 2,292.8 4,731.1 8,207.3 1,140.3 2,316.6 4,744.8 8,211.5 1,136.3 2,325.8 4,742.8 8,187.1 1,126.5 2,303.2 4,747.5 8,177.2 1,119.0 2,287.1 4,758.1 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... –38.3 –39.0 –20.2 9.5 –63.3 –59.5 –32.9 11.5 28.7 12.3 12.1 7.3 –48.9 –4.4 –44.7 –1.1 59.8 30.5 23.8 13.7 4.2 –4.0 9.2 –2.0 –24.4 –9.8 –22.6 4.7 –9.9 –7.5 –16.1 10.6 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... –0.5 –3.2 –0.8 0.2 –0.8 –5.1 –1.4 0.2 0.4 1.1 0.5 0.2 –0.6 –0.4 –1.9 0.0 0.7 2.8 1.0 0.3 0.1 –0.4 0.4 0.0 –0.3 –0.9 –1.0 0.1 –0.1 –0.7 –0.7 0.2 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2007 2008 2007 2008 IV I II 2009 III IV Ir 8,260.6 1,180.1 2,376.3 4,711.3 8,170.5 1,108.6 2,318.6 4,729.4 8,202.0 1,134.4 2,315.2 4,745.0 –90.1 –71.5 –57.7 18.1 31.5 25.8 –3.4 15.6 –4.3 –22.1 –9.4 1.5 1.5 9.6 –0.6 1.3 Billions of chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,252.8 1,242.4 2,392.6 4,646.2 8,272.1 1,188.5 2,378.4 4,714.3 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 223.8 57.3 57.3 116.3 19.3 –53.9 –14.2 68.1 8,298.2 1,250.6 2,400.2 4,676.1 8,316.1 1,237.0 2,397.9 4,704.3 8,341.3 1,228.3 2,420.7 4,712.1 Change from preceding period in billions of chained (2000) dollars 19.7 1.2 1.6 16.3 17.9 –13.6 –2.3 28.2 25.2 –8.7 22.8 7.8 –80.7 –48.2 –44.4 –0.8 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... r Revised 2.8 4.8 2.5 2.6 0.2 –4.3 –0.6 1.5 1.0 0.4 0.3 1.4 0.9 –4.3 –0.4 2.4 1.2 –2.8 3.9 0.7 –3.8 –14.8 –7.1 –0.1 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2008 September October 2009 November December January r February r March r April p Chain-type price indexes (2000=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 123.106 85.957 128.186 129.661 122.602 85.785 126.209 129.819 121.275 85.333 121.673 129.865 120.665 84.952 119.482 129.972 120.946 84.857 120.189 130.130 121.360 85.037 121.230 130.294 121.319 85.104 121.087 130.276 121.400 85.123 121.165 130.373 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 117.664 121.406 114.427 117.742 120.814 114.516 117.757 119.240 114.506 117.749 118.515 114.484 117.947 118.825 114.701 118.221 119.265 114.977 118.422 119.212 115.216 118.732 119.267 115.543 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE............................................................................................................. Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.1 –0.2 0.2 0.1 –0.4 –0.2 –1.5 0.1 –1.1 –0.5 –3.6 0.0 –0.5 –0.4 –1.8 0.1 0.2 –0.1 0.6 0.1 0.3 0.2 0.9 0.1 0.0 0.1 –0.1 0.0 0.1 0.0 0.1 0.1 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 0.1 0.1 0.2 0.1 –0.5 0.1 0.0 –1.3 0.0 0.0 –0.6 0.0 0.2 0.3 0.2 0.2 0.4 0.2 0.2 0.0 0.2 0.3 0.0 0.3 p 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. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 September October r 2009 November r December r January r February r March r April p Disposable personal income.................................................................... –0.2 0.1 1.1 1.3 2.9 2.5 2.5 3.7 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... –0.6 –7.8 –1.7 1.2 –1.3 –12.3 –2.9 1.5 –1.4 –11.0 –2.8 1.1 –1.9 –10.7 –4.5 0.9 –1.3 –8.0 –3.3 0.8 –1.1 –8.5 –2.6 0.9 –1.7 –8.4 –4.4 0.9 –1.9 –9.1 –5.5 1.1 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2008. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 September October 2009 November December January r February r March r April p Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 4.1 –0.9 7.7 3.2 3.3 –1.2 5.6 3.0 1.6 –1.5 0.1 2.9 0.8 –1.7 –2.2 2.7 0.7 –1.9 –2.3 2.7 1.0 –1.8 –1.4 2.5 0.6 –1.8 –1.8 2.1 0.4 –1.5 –2.0 1.9 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 2.3 4.3 2.1 2.1 3.5 2.0 2.0 1.5 1.9 1.8 0.6 1.7 1.7 0.5 1.6 1.8 0.7 1.7 1.8 0.4 1.8 1.9 0.2 2.0 p 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.
@FedFRASER