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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 28, 2010 James Rankin: Kyle Brown: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 10-23 PERSONAL INCOME AND OUTLAYS: APRIL 2010 Personal income increased $54.4 billion, or 0.4 percent, and disposable personal income (DPI) increased $57.6 billion, or 0.5 percent, in April, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $4.0 billion, or less than 0.1 percent. In March, personal income increased $46.7 billion, or 0.4 percent, DPI increased $44.1 billion, or 0.4 percent, and PCE increased $59.8 billion, or 0.6 percent, based on revised estimates. Real disposable income increased 0.5 percent in April, compared with an increase of 0.3 percent in March. Real PCE increased less than 0.1 percent, compared with an increase of 0.5 percent. 2009 2010 Dec. Jan. Feb. Mar. Apr. (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2005) dollars Personal consumption expenditures: Current dollars Chained (2005) dollars 0.4 0.4 0.0 0.4 0.4 0.5 0.3 0.3 0.1 0.0 0.0 0.4 0.3 0.5 0.5 0.4 0.2 0.3 0.1 0.5 0.5 0.6 0.5 0.0 0.0 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for October through December 2009 (fourth quarter). These estimates reflect the incorporation of 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 (2005) 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 increased $24.4 billion in April, compared with an increase of $13.7 billion in March. Goods-producing industries' payrolls increased $5.8 billion, compared with an increase of $4.1 billion; manufacturing payrolls increased $4.5 billion, compared with an increase of $1.6 billion. Services-producing industries' payrolls increased $18.6 billion, compared with an increase of $9.6 billion. Government wage and salary disbursements increased $1.9 billion, compared with an increase of $2.9 billion. -more- -3- Other personal income Supplements to wages and salaries increased $3.8 billion in April, the same increase as in March. Proprietors' income increased $13.6 billion in April, compared with an increase of $4.0 billion in March. Farm proprietors' income increased $3.8 billion, in contrast to a decrease of $5.0 billion. Nonfarm proprietors' income increased $9.8 billion, compared with an increase of $9.0 billion. Rental income of persons increased $0.5 billion in April, compared with an increase of $2.8 billion in March. Personal income receipts on assets (personal interest income plus personal dividend income) increased $18.9 billion, in contrast to a decrease of $13.4 billion. Personal current transfer receipts decreased $4.8 billion in April, in contrast to an increase of $35.4 billion in March. The March change reflected an increase in emergency unemployment compensation, which boosted personal current transfer receipts by $18.6 billion at an annual rate in March. Contributions for government social insurance -- a subtraction in calculating personal income -increased $3.7 billion in April, compared with an increase of $2.7 billion in March. Personal current taxes and disposable personal income Personal current taxes decreased $3.2 billion in April, in contrast to an increase of $2.6 billion in March. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $57.6 billion, or 0.5 percent, in April, compared with an increase of $44.1 billion, or 0.4 percent in March. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $1.8 billion in April, compared with an increase of $61.9 billion in March. PCE increased $4.0 billion, compared with an increase of $59.8 billion. Personal saving -- DPI less personal outlays -- was $398.5 billion in April, compared with $342.7 billion in March. Personal saving as a percentage of disposable personal income was 3.6 percent in April, compared with 3.1 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. -more- -4- Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in April, compared with an increase of 0.3 percent in March. Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in April, compared with an increase of 0.5 percent in March. Purchases of durable goods increased 0.1 percent, compared with an increase of 3.6 percent. Purchases of motor vehicles and parts accounted for most of the increase in March. Purchases of nondurable goods decreased 0.1 percent in April, in contrast to an increase of 0.4 percent in March. Purchases of services increased 0.1 percent, compared with an increase of less than 0.1 percent. PCE price index -- The price index for PCE increased less than 0.1 percent in April, compared with an increase of 0.1 percent in March. The PCE price index, excluding food and energy, increased 0.1 percent in April, the same increase as in March. Revisions For October through December 2009, 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 newly available federal tax collections data. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for February and March -- revised and as published in last month's release -- are shown below. 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 7.1 2.2 0.1 0.0 36.0 46.7 0.3 0.4 Disposable personal income: Current dollars Chained (2005) dollars 4.3 2.9 2.3 1.6 0.0 0.0 0.0 0.0 32.3 20.1 44.1 29.2 0.3 0.2 0.4 0.3 Personal consumption expenditures: Current dollars 56.4 Chained (2005) dollars 50.0 53.4 47.7 0.5 0.5 0.5 0.5 58.6 44.5 59.8 44.2 0.6 0.5 0.6 0.5 -more- -5- 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 28, 2010 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 2009 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... 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: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ October r 2010 November r December r January r February r March r April p 12,028.7 7,749.1 6,245.9 5,061.8 1,038.0 642.8 4,023.8 978.7 3,045.2 1,184.1 1,503.2 1,047.2 456.0 12,023.8 7,733.2 6,230.1 5,043.2 1,028.3 645.1 4,015.0 974.2 3,040.7 1,186.9 1,503.1 1,048.6 454.5 12,065.6 7,742.3 6,237.6 5,049.5 1,033.7 652.5 4,015.9 972.6 3,043.3 1,188.1 1,504.7 1,049.7 455.0 12,118.7 7,746.3 6,240.4 5,049.6 1,031.0 652.1 4,018.6 972.4 3,046.2 1,190.8 1,505.9 1,051.0 454.9 12,161.9 7,794.7 6,274.2 5,076.4 1,037.8 657.1 4,038.5 977.4 3,061.1 1,197.9 1,520.5 1,053.3 467.2 12,164.1 7,806.3 6,282.8 5,084.2 1,036.3 657.5 4,047.9 979.8 3,068.1 1,198.6 1,523.6 1,055.7 467.8 12,210.8 7,826.8 6,299.3 5,097.9 1,040.4 659.1 4,057.5 983.8 3,073.7 1,201.5 1,527.4 1,057.9 469.5 12,265.2 7,856.8 6,325.6 5,122.3 1,046.2 663.6 4,076.1 988.9 3,087.2 1,203.4 1,531.2 1,059.9 471.3 1,040.2 23.5 1,016.7 282.6 1,763.9 1,228.0 535.9 2,155.3 2,122.4 1,176.3 138.1 808.0 32.8 962.3 1,068.8 10,959.8 10,503.3 10,132.8 3,278.4 1,012.4 2,266.0 6,854.5 215.6 154.8 92.9 61.9 456.5 4.2 1,050.5 29.3 1,021.2 285.0 1,776.2 1,231.2 545.0 2,138.7 2,105.8 1,175.7 129.9 800.2 32.9 959.8 1,063.6 10,960.3 10,557.0 10,188.6 3,304.9 1,034.5 2,270.3 6,883.7 209.4 159.1 93.8 65.3 403.3 3.7 1,062.2 35.2 1,027.0 286.7 1,788.5 1,234.4 554.1 2,146.8 2,113.8 1,181.5 127.1 805.2 32.9 960.9 1,065.9 10,999.7 10,604.8 10,241.8 3,355.8 1,058.6 2,297.3 6,886.0 203.1 159.8 94.6 65.3 394.9 3.6 1,068.1 41.1 1,027.0 288.3 1,800.8 1,237.6 563.2 2,176.2 2,143.3 1,187.0 143.8 812.6 33.0 961.1 1,068.8 11,049.9 10,636.2 10,278.8 3,350.6 1,062.9 2,287.6 6,928.2 196.9 160.5 95.3 65.3 413.7 3.7 1,066.3 36.0 1,030.2 291.0 1,787.4 1,238.3 549.2 2,201.6 2,168.3 1,184.8 137.2 846.4 33.3 979.1 1,082.2 11,079.7 10,666.1 10,306.8 3,373.0 1,052.4 2,320.6 6,933.8 198.3 160.9 95.9 65.1 413.6 3.7 1,064.3 31.0 1,033.3 293.6 1,774.0 1,238.9 535.1 2,206.3 2,173.0 1,187.8 132.0 853.1 33.3 980.4 1,082.1 11,082.0 10,721.5 10,360.2 3,400.1 1,063.2 2,336.9 6,960.0 199.7 161.6 96.6 65.1 360.5 3.3 1,068.3 26.0 1,042.3 296.4 1,760.6 1,239.5 521.1 2,241.7 2,208.4 1,192.8 150.6 864.9 33.3 983.1 1,084.7 11,126.1 10,783.4 10,420.0 3,446.6 1,102.8 2,343.9 6,973.4 201.2 162.2 97.2 65.1 342.7 3.1 1,081.9 29.8 1,052.1 296.9 1,779.5 1,236.8 542.7 2,236.9 2,203.6 1,204.3 128.8 870.4 33.4 986.8 1,081.5 11,183.7 10,785.2 10,424.0 3,433.3 1,102.6 2,330.6 6,990.8 198.3 162.9 97.9 65.1 398.5 3.6 9,000.0 8,986.7 9,000.4 9,007.8 9,008.8 9,006.1 9,006.6 9,058.8 9,990.4 9,964.1 9,981.1 10,011.1 10,021.2 10,022.8 10,052.0 10,102.5 35,576 32,429 308,068 35,550 32,319 308,304 35,652 32,351 308,526 35,791 32,426 308,733 35,865 32,439 308,930 35,850 32,424 309,119 35,970 32,498 309,312 36,133 32,640 309,511 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is 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 2008 2009 r 2008 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... 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: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ 2009 I II 2010 III IV r Ir 12,238.8 8,042.4 6,545.9 5,404.6 1,206.5 742.0 4,198.1 1,048.3 3,149.8 1,141.3 1,496.6 1,023.9 472.7 12,019.0 7,778.5 6,276.5 5,094.1 1,062.0 659.4 4,032.1 985.4 3,046.7 1,182.4 1,501.9 1,043.9 458.0 12,233.5 8,050.3 6,543.5 5,388.6 1,192.2 732.2 4,196.5 1,039.4 3,157.1 1,154.9 1,506.8 1,033.2 473.6 11,952.7 7,805.8 6,307.8 5,136.0 1,107.3 681.0 4,028.8 1,002.3 3,026.5 1,171.8 1,498.0 1,037.8 460.2 12,048.8 7,815.9 6,313.1 5,128.8 1,067.8 662.0 4,061.0 989.3 3,071.7 1,184.4 1,502.8 1,042.0 460.8 12,005.2 7,751.4 6,249.2 5,064.3 1,042.1 644.9 4,022.2 977.0 3,045.2 1,184.8 1,502.3 1,046.1 456.2 12,069.4 7,740.6 6,236.0 5,047.4 1,031.0 649.9 4,016.5 973.1 3,043.4 1,188.6 1,504.6 1,049.8 454.8 12,178.9 7,809.3 6,285.5 5,086.2 1,038.2 657.9 4,048.0 980.3 3,067.7 1,199.3 1,523.8 1,055.7 468.2 1,106.3 48.7 1,057.5 210.4 1,994.4 1,308.0 686.4 1,875.9 1,843.2 1,070.3 50.6 722.4 32.6 990.6 1,432.4 10,806.4 10,520.0 10,129.9 3,403.2 1,095.2 2,308.0 6,726.8 237.7 152.3 87.9 64.5 286.4 2.7 1,041.0 29.3 1,011.7 268.1 1,792.6 1,238.5 554.2 2,104.8 2,072.0 1,156.7 122.0 793.3 32.7 965.9 1,101.7 10,917.3 10,458.7 10,089.1 3,255.2 1,035.0 2,220.2 6,833.9 213.9 155.7 92.2 63.5 458.6 4.2 1,083.6 39.0 1,044.5 236.7 1,958.1 1,292.9 665.2 1,898.0 1,865.3 1,087.0 70.3 708.0 32.7 993.3 1,434.3 10,799.1 10,389.9 10,009.8 3,227.5 1,019.9 2,207.6 6,782.3 228.8 151.3 89.5 61.8 409.2 3.8 1,037.8 27.3 1,010.5 245.9 1,845.5 1,243.4 602.1 1,987.3 1,954.7 1,128.5 96.2 730.1 32.5 969.7 1,187.3 10,765.4 10,362.3 9,987.7 3,197.7 1,025.2 2,172.4 6,790.0 220.4 154.2 90.4 63.8 403.1 3.7 1,028.0 28.9 999.1 262.0 1,773.4 1,241.1 532.3 2,140.3 2,107.7 1,151.1 122.5 834.1 32.7 970.9 1,082.6 10,966.2 10,370.5 9,999.3 3,193.8 1,011.5 2,182.2 6,805.6 216.7 154.5 91.4 63.1 595.7 5.4 1,037.9 25.8 1,012.0 277.9 1,763.1 1,234.9 528.2 2,137.5 2,104.7 1,165.8 135.7 803.2 32.8 962.5 1,071.0 10,934.3 10,502.8 10,132.9 3,292.3 1,051.3 2,241.0 6,840.6 215.5 154.4 92.5 61.9 431.5 3.9 1,060.3 35.2 1,025.1 286.7 1,788.5 1,234.4 554.1 2,153.9 2,121.0 1,181.4 133.6 806.0 32.9 960.6 1,066.1 11,003.3 10,599.3 10,236.4 3,337.1 1,052.0 2,285.1 6,899.3 203.1 159.8 94.5 65.3 403.9 3.7 1,066.3 31.0 1,035.3 293.7 1,774.0 1,238.9 535.1 2,216.5 2,183.2 1,188.5 139.9 854.8 33.3 980.9 1,083.0 11,095.9 10,723.7 10,362.3 3,406.6 1,072.8 2,333.8 6,955.8 199.7 161.6 96.5 65.1 372.3 3.4 9,504.6 9,075.1 9,494.4 9,188.7 9,105.5 9,010.5 8,998.3 9,007.2 9,911.3 9,993.2 9,920.4 9,926.4 10,077.5 9,984.4 9,985.5 10,032.0 35,450 32,514 304,831 35,505 32,500 307,483 35,304 32,431 305,890 35,124 32,387 306,496 35,709 32,815 307,101 35,522 32,436 307,815 35,665 32,366 308,521 35,895 32,454 309,120 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is 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 2009 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... 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 ........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ October r 2010 November r December r January r February r March r April p 16.8 –13.5 –13.6 –11.9 –7.2 –3.4 –4.8 0.0 –4.7 –1.7 0.1 1.0 –0.9 –4.9 –15.9 –15.8 –18.6 –9.7 2.3 –8.8 –4.5 –4.5 2.8 –0.1 1.4 –1.5 41.8 9.1 7.5 6.3 5.4 7.4 0.9 –1.6 2.6 1.2 1.6 1.1 0.5 53.1 4.0 2.8 0.1 –2.7 –0.4 2.7 –0.2 2.9 2.7 1.2 1.3 –0.1 43.2 48.4 33.8 26.8 6.8 5.0 19.9 5.0 14.9 7.1 14.6 2.3 12.3 2.2 11.6 8.6 7.8 –1.5 0.4 9.4 2.4 7.0 0.7 3.1 2.4 0.6 46.7 20.5 16.5 13.7 4.1 1.6 9.6 4.0 5.6 2.9 3.8 2.2 1.7 54.4 30.0 26.3 24.4 5.8 4.5 18.6 5.1 13.5 1.9 3.8 2.0 1.8 1.8 –2.3 4.1 4.7 0.8 –6.9 7.7 21.6 21.5 13.5 0.7 7.3 0.0 –1.5 –3.6 20.3 –64.0 –64.6 –75.2 –90.3 15.2 10.7 0.1 0.4 0.4 0.0 84.3 10.3 5.8 4.5 2.4 12.3 3.2 9.1 –16.6 –16.6 –0.6 –8.2 –7.8 0.1 –2.5 –5.2 0.5 53.7 55.8 26.5 22.1 4.3 29.2 –6.2 4.3 0.9 3.4 –53.2 11.7 5.9 5.8 1.7 12.3 3.2 9.1 8.1 8.0 5.8 –2.8 5.0 0.0 1.1 2.3 39.4 47.8 53.2 50.9 24.1 27.0 2.3 –6.3 0.7 0.8 0.0 –8.4 5.9 5.9 0.0 1.6 12.3 3.2 9.1 29.4 29.5 5.5 16.7 7.4 0.1 0.2 2.9 50.2 31.4 37.0 –5.2 4.3 –9.7 42.2 –6.2 0.7 0.7 0.0 18.8 –1.8 –5.1 3.2 2.7 –13.4 0.7 –14.0 25.4 25.0 –2.2 –6.6 33.8 0.3 18.0 13.4 29.8 29.9 28.0 22.4 –10.5 33.0 5.6 1.4 0.4 0.6 –0.2 –0.1 –2.0 –5.0 3.1 2.6 –13.4 0.6 –14.1 4.7 4.7 3.0 –5.2 6.7 0.0 1.3 –0.1 2.3 55.4 53.4 27.1 10.8 16.3 26.2 1.4 0.7 0.7 0.0 –53.1 4.0 –5.0 9.0 2.8 –13.4 0.6 –14.0 35.4 35.4 5.0 18.6 11.8 0.0 2.7 2.6 44.1 61.9 59.8 46.5 39.6 7.0 13.4 1.5 0.6 0.6 0.0 –17.8 13.6 3.8 9.8 0.5 18.9 –2.7 21.6 –4.8 –4.8 11.5 –21.8 5.5 0.1 3.7 –3.2 57.6 1.8 4.0 –13.3 –0.2 –13.3 17.4 –2.9 0.7 0.7 0.0 55.8 –13.1 8.9 –13.3 –26.3 13.7 17.0 7.4 30.0 1.0 10.1 –2.7 1.6 0.5 29.2 52.2 50.5 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is 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 2008 2009 r 2008 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... 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 ........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ 2009 I II 2010 III IV r Ir 344.7 179.7 137.0 84.8 –6.4 –11.5 91.2 3.6 87.6 52.2 42.8 30.9 11.9 –219.8 –263.9 –269.4 –310.5 –144.5 –82.6 –166.0 –62.9 –103.1 41.1 5.3 20.0 –14.7 –53.1 –18.8 –24.2 –30.6 –14.0 –8.1 –16.5 –8.4 –8.1 6.4 5.4 6.5 –1.1 –280.8 –244.5 –235.7 –252.6 –84.9 –51.2 –167.7 –37.1 –130.6 16.9 –8.8 4.6 –13.4 96.1 10.1 5.3 –7.2 –39.5 –19.0 32.2 –13.0 45.2 12.6 4.8 4.2 0.6 –43.6 –64.5 –63.9 –64.5 –25.7 –17.1 –38.8 –12.3 –26.5 0.4 –0.5 4.1 –4.6 64.2 –10.8 –13.2 –16.9 –11.1 5.0 –5.7 –3.9 –1.8 3.8 2.3 3.7 –1.4 109.5 68.7 49.5 38.8 7.2 8.0 31.5 7.2 24.3 10.7 19.2 5.9 13.4 9.9 9.3 0.6 65.5 –37.1 41.6 –78.7 157.9 155.4 66.6 18.3 70.7 2.4 31.3 –58.5 403.3 295.7 303.5 38.2 –65.3 103.5 265.4 –19.1 11.3 5.6 5.8 107.5 –65.3 –19.4 –45.8 57.7 –201.8 –69.5 –132.2 228.9 228.8 86.4 71.4 70.9 0.1 –24.7 –330.7 110.9 –61.3 –40.8 –148.0 –60.2 –87.8 107.1 –23.8 3.4 4.3 –1.0 172.2 –30.8 –10.3 –20.6 14.5 –43.3 –34.9 –8.5 23.7 23.6 6.5 12.6 4.5 0.1 –1.6 –3.0 –50.2 –223.7 –210.3 –235.5 –68.6 –166.9 25.2 –9.5 –3.9 1.0 –4.9 173.5 –45.8 –11.7 –34.0 9.2 –112.6 –49.5 –63.1 89.3 89.4 41.5 25.9 22.1 –0.2 –23.6 –247.0 –33.7 –27.6 –22.1 –29.8 5.3 –35.2 7.7 –8.4 2.9 0.9 2.0 –6.1 –9.8 1.6 –11.4 16.1 –72.1 –2.3 –69.8 153.0 153.0 22.6 26.3 104.0 0.2 1.2 –104.7 200.8 8.2 11.6 –3.9 –13.7 9.8 15.6 –3.7 0.3 1.0 –0.7 192.6 9.9 –3.1 12.9 15.9 –10.3 –6.2 –4.1 –2.8 –3.0 14.7 13.2 –30.9 0.1 –8.4 –11.6 –31.9 132.3 133.6 98.5 39.8 58.8 35.0 –1.2 –0.1 1.1 –1.2 –164.2 22.4 9.4 13.1 8.8 25.4 –0.5 25.9 16.4 16.3 15.6 –2.1 2.8 0.1 –1.9 –4.9 69.0 96.5 103.5 44.8 0.7 44.1 58.7 –12.4 5.4 2.0 3.4 –27.6 6.0 –4.2 10.2 7.0 –14.5 4.5 –19.0 62.6 62.2 7.1 6.3 48.8 0.4 20.3 16.9 92.6 124.4 125.9 69.5 20.8 48.7 56.5 –3.4 1.8 2.0 –0.2 –31.6 –140.8 50.7 –429.5 81.9 52.4 82.1 –305.7 6.0 –83.2 151.1 –95.0 –93.1 –12.2 1.1 8.9 46.5 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is 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 2009 September October r 2010 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ 0.1 –0.2 –0.2 0.0 0.0 –0.2 –0.3 0.0 0.3 0.1 0.1 0.1 0.4 0.1 0.0 0.1 0.4 0.6 0.5 1.0 0.0 0.1 0.1 0.2 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.2 0.2 1.7 0.0 –0.6 1.5 1.0 –0.2 –0.3 0.2 1.0 0.9 0.7 0.3 1.7 –0.8 –0.3 –0.5 0.0 1.1 0.6 0.7 0.3 1.7 0.4 0.1 0.2 0.4 0.6 0.6 0.7 0.3 1.6 1.4 0.0 0.3 0.5 –0.2 0.9 –0.7 0.1 –2.5 1.2 1.9 1.2 0.3 –0.2 0.9 –0.7 0.1 –2.6 0.2 0.1 0.0 0.0 0.4 1.0 –0.8 0.1 –2.6 1.6 0.3 0.2 0.4 1.3 0.1 1.1 –0.2 4.1 –0.2 0.4 –0.3 0.5 –0.6 –2.2 –8.2 0.7 0.2 0.6 0.8 2.2 0.2 0.4 0.5 1.5 2.3 1.2 0.0 0.4 –0.2 0.4 –0.4 0.6 0.3 0.7 –1.0 1.4 0.1 0.5 0.8 1.0 0.7 0.4 0.6 1.4 3.7 0.3 0.2 0.0 –0.4 0.0 –0.6 0.2 0.0 0.0 0.0 0.3 0.6 0.5 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ –0.1 0.1 –0.1 –0.3 0.2 0.2 0.1 0.3 0.0 0.1 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 r 2008 2009 IV I II 2010 IV r III 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ 2.9 2.3 2.1 2.9 –1.8 –3.3 –4.1 0.4 –1.7 –0.9 –1.5 1.4 –8.9 –11.6 –13.6 –2.3 3.3 0.5 0.3 1.3 –1.4 –3.3 –4.0 –0.1 2.2 –0.6 –0.8 0.6 3.7 3.6 3.2 5.2 0.9 45.2 –1.8 3.3 –10.3 9.2 3.3 –3.9 3.9 –5.9 27.4 –10.1 –5.3 –19.3 12.2 –2.5 –23.1 1.0 –10.6 28.8 –8.4 –10.1 –5.0 5.1 –0.6 –0.8 –1.8 –15.9 16.4 –21.1 –14.5 –32.8 20.2 –9.2 –53.1 –1.2 –3.7 28.9 –14.7 –0.7 –38.9 34.6 0.5 –30.9 7.7 3.9 26.7 –2.3 –2.0 –3.0 –0.5 –3.4 –4.2 –1.2 8.9 13.2 5.9 –0.2 21.1 3.1 –0.8 –1.8 2.5 2.3 10.1 –3.2 1.5 –13.0 12.1 8.7 6.5 3.4 3.1 1.1 –5.6 4.7 4.1 –0.4 –4.3 –5.5 –3.8 1.6 –8.0 –24.5 –22.9 –25.3 1.5 –0.9 –3.7 2.1 –6.2 0.5 0.5 –0.5 –5.2 1.8 0.9 5.5 12.9 16.7 11.2 2.1 4.1 5.6 0.3 8.1 3.5 5.0 8.6 8.1 8.8 3.3 –1.0 –3.6 –0.1 0.0 0.1 1.9 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ –1.5 0.5 –4.5 0.8 0.6 3.4 –3.2 0.2 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2009. –0.9 6.2 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2009 September October 2010 November December January r February r March r April p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,236.5 3,135.2 1,081.2 2,045.3 6,097.7 9,262.5 3,158.1 1,103.9 2,047.8 6,101.7 9,293.4 3,199.0 1,130.2 2,064.1 6,093.8 9,312.4 3,188.4 1,137.1 2,048.3 6,122.2 9,322.2 3,196.6 1,133.7 2,058.8 6,124.2 9,369.9 3,228.0 1,147.3 2,077.1 6,141.5 9,414.1 3,272.3 1,188.7 2,084.5 6,143.4 9,416.3 3,270.6 1,190.1 2,081.7 6,147.2 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –67.9 –78.1 –99.4 10.3 6.4 26.0 22.9 22.7 2.5 4.0 30.9 40.9 26.3 16.3 –7.9 19.0 –10.6 6.9 –15.8 28.4 9.8 8.2 –3.4 10.5 2.0 47.7 31.4 13.6 18.3 17.3 44.2 44.3 41.4 7.4 1.9 2.2 –1.7 1.4 –2.8 3.8 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –0.7 –2.4 –8.4 0.5 0.1 0.3 0.7 2.1 0.1 0.1 0.3 1.3 2.4 0.8 –0.1 0.2 –0.3 0.6 –0.8 0.5 0.1 0.3 –0.3 0.5 0.0 0.5 1.0 1.2 0.9 0.3 0.5 1.4 3.6 0.4 0.0 0.0 –0.1 0.1 –0.1 0.1 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 2008 2009 IV I II 2010 III IV Ir 9,252.6 3,159.6 1,122.7 2,033.3 6,090.6 9,289.5 3,181.9 1,123.7 2,053.4 6,105.9 9,368.7 3,232.3 1,156.6 2,073.5 6,136.4 36.9 22.3 1.0 20.1 15.3 79.2 50.4 32.9 20.1 30.5 1.6 2.8 0.4 4.0 1.0 3.5 6.5 12.2 4.0 2.0 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,290.9 3,206.0 1,146.3 2,057.3 6,083.1 9,235.1 3,144.2 1,101.4 2,037.0 6,087.8 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –23.0 –67.7 –53.6 –17.5 42.3 –55.8 –61.8 –44.9 –20.3 4.7 9,195.3 3,110.4 1,076.8 2,026.1 6,080.4 9,209.2 3,129.8 1,087.2 2,035.5 6,076.0 9,189.0 3,105.4 1,071.7 2,025.7 6,078.8 Change from preceding period in billions of chained (2005) dollars –72.4 –83.2 –62.8 –25.4 8.0 13.9 19.4 10.4 9.4 –4.4 –20.2 –24.4 –15.5 –9.8 2.8 63.6 54.2 51.0 7.6 11.8 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... r Revised –0.2 –2.1 –4.5 –0.8 0.7 –0.6 –1.9 –3.9 –1.0 0.1 –3.1 –10.0 –20.3 –4.9 0.5 0.6 2.5 3.9 1.9 –0.3 –0.9 –3.1 –5.6 –1.9 0.2 2.8 7.2 20.4 1.5 0.8 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2009 September October 2010 November December January r February r March r April p Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 109.701 104.584 93.647 110.807 112.410 109.994 104.664 93.743 110.878 112.815 110.202 104.919 93.682 111.305 112.998 110.374 105.103 93.501 111.691 113.164 110.559 105.536 92.854 112.722 113.219 110.565 105.348 92.695 112.519 113.326 110.682 105.342 92.794 112.454 113.509 110.698 104.988 92.670 111.969 113.722 114.413 109.129 109.826 109.182 115.181 109.412 110.032 109.361 117.782 109.489 110.213 109.385 118.773 109.608 110.348 109.452 122.234 109.603 110.524 109.405 121.481 109.644 110.546 109.471 121.417 109.751 110.665 109.578 119.770 109.844 110.647 109.644 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 0.1 0.2 0.2 0.2 0.1 0.3 0.1 0.1 0.1 0.4 0.2 0.2 –0.1 0.4 0.2 0.2 0.2 –0.2 0.3 0.1 0.2 0.4 –0.7 0.9 0.0 0.0 –0.2 –0.2 –0.2 0.1 0.1 0.0 0.1 –0.1 0.2 0.0 –0.3 –0.1 –0.4 0.2 0.7 0.1 0.1 0.1 0.7 0.3 0.2 0.2 2.3 0.1 0.2 0.0 0.8 0.1 0.1 0.1 2.9 0.0 0.2 0.0 –0.6 0.0 0.0 0.1 –0.1 0.1 0.1 0.1 –1.4 0.1 0.0 0.1 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. 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, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 September Disposable personal income.................................................................... Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... 1.8 0.0 –0.8 –3.7 0.6 0.4 October r 2010 November 1.2 0.6 1.0 2.1 0.5 0.3 r 0.4 0.8 2.2 4.4 1.1 0.2 December r 0.4 1.7 3.7 6.7 2.4 0.7 January r 0.3 1.2 2.2 3.6 1.5 0.8 February r 1.3 1.6 2.8 5.1 1.7 1.1 March r 1.7 2.3 4.9 10.6 2.4 1.1 April p 0.9 2.6 5.7 12.4 2.7 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 2009. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 September Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... October 2010 November December January r February r March r April p –0.6 –3.6 –1.8 –4.4 0.9 0.1 –2.0 –1.5 –2.2 1.2 1.5 1.7 –1.1 3.0 1.3 2.1 3.7 –0.9 5.9 1.4 2.1 3.7 –1.5 6.2 1.4 1.8 2.8 –1.8 5.0 1.4 2.0 3.0 –1.7 5.2 1.6 2.0 2.6 –1.9 4.8 1.7 –22.6 1.2 –0.5 1.6 –15.2 1.4 0.1 1.7 5.6 1.5 1.6 1.7 18.2 1.6 2.2 1.6 19.5 1.5 2.1 1.4 14.9 1.3 1.8 1.2 18.7 1.3 2.0 1.1 19.8 1.2 1.9 0.9 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. 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, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.