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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, SEPTEMBER 29, 2006 James E. Rankin: Michael Armah: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 06-45 PERSONAL INCOME AND OUTLAYS: AUGUST 2006 Personal income increased $38.4 billion, or 0.3 percent, and disposable personal income (DPI) increased $38.8 billion, or 0.4 percent, in August, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $10.5 billion, or 0.1 percent. In July, personal income increased $57.2 billion, or 0.5 percent, DPI increased $62.0 billion, or 0.6 percent, and PCE increased $75.9 billion, or 0.8 percent, based on revised estimates. 2006 Apr. May June July (Percent change from preceding month) Aug. Personal income, current dollars 0.7 0.4 0.6 0.5 0.3 Disposable personal income: Current dollars Chained (2000) dollars 0.5 0.1 0.4 0.0 0.5 0.4 0.6 0.3 0.4 0.2 Personal consumption expenditures: Current dollars Chained (2000) dollars 0.6 0.1 0.7 0.3 0.3 0.2 0.8 0.5 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/bea/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $2.5 billion in August, compared with an increase of $30.3 billion in July. Goods-producing industries' payrolls increased $1.6 billion, compared with an increase of $3.1 billion; manufacturing payrolls decreased $0.5 billion, in contrast to an increase of $1.5 billion. Services-producing industries' payrolls increased $0.8 billion, compared with an increase of $27.3 billion. Government wage and salary disbursements increased $3.0 billion, compared with an increase of $3.5 billion. -more- -3- Other personal income Supplements to wages and salaries increased $4.6 billion in August, compared with an increase of $8.0 billion in July. Proprietors' income increased $5.1 billion in August, in contrast to a decrease of $3.7 billion in July. Farm proprietors' income increased $3.6 billion, compared with an increase of $1.5 billion. Nonfarm proprietors' income increased $1.6 billion, in contrast to a decrease of $5.3 billion. Rental income of persons increased $3.1 billion in August, compared with an increase of $3.4 billion in July. Personal income receipts on assets (personal interest income plus personal dividend income) increased $4.6 billion, compared with an increase of $4.2 billion. Personal current transfer receipts increased $16.1 billion in August, compared with an increase of $16.9 billion in July. Contributions for government social insurance -- a subtraction in calculating personal income -increased $0.6 billion in August, compared with an increase of $5.1 billion in July. Personal current taxes and disposable personal income Personal current taxes decreased $0.6 billion in August, compared with a decrease of $4.7 billion in July. Disposable personal income (DPI) -- personal income less personal current taxes -increased $38.8 billion, or 0.4 percent, in August, compared with an increase of $62.0 billion, or 0.6 percent, in July. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $13.7 billion in August, compared with an increase of $78.3 billion in July. PCE increased $10.5 billion, compared with an increase of $75.9 billion. Personal saving -- DPI less personal outlays -- was a negative $45.0 billion in August, compared with a negative $70.1 billion in July. Personal saving as a percentage of disposable personal income was a negative 0.5 percent in August, compared with a negative 0.7 percent in July. Negative personal saving reflects personal outlays that exceed disposable personal income. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth (which help finance consumption), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in August, compared with an increase of 0.3 percent in July. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in August, in contrast to an increase of 0.5 percent in July. Purchases of durable goods decreased 1.3 percent, in contrast to an increase of 1.8 percent. Purchases of motor vehicles and parts more than accounted for the decrease in August and accounted for most of the increase in July. Purchases of nondurable goods decreased 0.2 percent in August, in contrast to an increase of 0.3 percent in July. Purchases of services increased 0.1 percent, compared with an increase of 0.3 percent. PCE price index -- The PCE price index increased 0.2 percent in August, compared with an increase of 0.3 percent in July. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. -more- -5- Revisions Estimates have been revised for April through July. Changes in personal income, currentdollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for June and July -- revised and as published in last month's release -- are shown below. Revisions for April and May were small. Change from preceding month June Previous Revised July Previous Revised (Billions of dollars) (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars...................... 60.0 62.1 0.6 0.6 60.2 57.2 0.5 0.5 Disposable personal income: Current dollars...................... Chained (2000) dollars......... 47.8 29.6 49.8 31.4 0.5 0.4 0.5 0.4 63.9 27.8 62.0 26.0 0.7 0.3 0.6 0.3 Personal consumption expenditures: Current dollars...................... Chained (2000) dollars......... 36.6 20.3 31.9 16.3 0.4 0.3 0.3 0.2 78.7 41.5 75.9 38.9 0.8 0.5 0.8 0.5 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 -- Personal Income and Outlays for September will be released on October 30, 2006, at 8:30 A.M. EST. -more- Table 1.—Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2006 Jan. Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. Feb. Mar. Apr. r May r June r July r Aug. p 10,664.9 7,342.5 5,919.8 4,924.5 1,164.0 734.7 3,760.5 975.3 2,785.3 995.3 1,422.7 967.4 455.3 10,721.9 7,407.2 5,976.6 4,977.9 1,179.5 744.3 3,798.4 984.8 2,813.7 998.7 1,430.7 971.6 459.1 10,777.4 7,451.3 6,013.8 5,013.4 1,188.4 749.6 3,825.0 990.8 2,834.2 1,000.4 1,437.4 975.7 461.7 10,852.4 7,513.2 6,066.5 5,063.3 1,197.0 754.7 3,866.3 1,001.0 2,865.3 1,003.2 1,446.8 981.4 465.4 10,894.2 7,520.5 6,069.4 5,064.0 1,199.6 754.5 3,864.4 998.7 2,865.7 1,005.4 1,451.1 985.6 465.5 10,956.3 7,565.9 6,107.8 5,098.6 1,207.3 757.5 3,891.3 1,005.8 2,885.5 1,009.2 1,458.0 990.1 468.0 11,013.5 7,607.6 6,141.6 5,128.9 1,210.4 759.0 3,918.6 1,012.3 2,906.3 1,012.7 1,466.0 995.6 470.4 11,051.9 7,617.6 6,147.0 5,131.4 1,212.0 758.5 3,919.4 1,012.4 2,907.0 1,015.7 1,470.6 1,000.1 470.4 1,006.6 24.6 982.0 78.0 1,600.8 992.0 608.8 1,566.3 1,531.9 901.4 28.6 601.9 34.4 929.3 1,317.8 9,347.1 9,371.3 9,034.4 1,069.8 2,655.7 5,308.9 216.6 120.4 75.2 45.2 –24.2 –.3 1,005.7 23.9 981.8 75.9 1,602.1 989.1 613.0 1,568.7 1,534.3 910.3 27.4 596.6 34.5 937.8 1,333.9 9,388.1 9,418.6 9,079.2 1,055.7 2,654.5 5,369.0 218.5 120.9 75.7 45.2 –30.6 –.3 1,012.5 23.2 989.3 76.4 1,603.9 986.2 617.8 1,576.3 1,541.7 917.9 27.4 596.4 34.6 943.0 1,346.2 9,431.3 9,465.7 9,123.8 1,066.9 2,664.5 5,392.5 220.4 121.4 76.3 45.2 –34.4 –.4 1,010.1 20.5 989.6 74.2 1,625.4 1,002.7 622.7 1,580.2 1,545.4 920.8 27.0 597.6 34.8 950.7 1,370.2 9,482.2 9,522.3 9,175.2 1,064.1 2,703.9 5,407.2 221.6 125.5 76.8 48.7 –40.1 –.4 1,014.8 17.5 997.3 71.8 1,647.3 1,019.2 628.2 1,591.1 1,556.1 927.9 27.0 601.2 35.0 951.4 1,376.6 9,517.6 9,587.5 9,238.6 1,057.9 2,728.3 5,452.4 222.9 126.0 77.3 48.7 –69.8 –.7 1,010.7 14.6 996.1 68.2 1,670.2 1,035.6 634.6 1,597.8 1,562.6 935.8 27.0 599.9 35.2 956.5 1,388.9 9,567.4 9,621.2 9,270.5 1,063.5 2,732.0 5,475.0 224.2 126.5 77.9 48.7 –53.8 –.6 1,007.0 16.1 990.8 71.6 1,674.4 1,033.4 641.0 1,614.7 1,579.3 931.4 27.3 620.6 35.4 961.6 1,384.2 9,629.4 9,699.5 9,346.4 1,082.8 2,756.3 5,507.4 226.0 127.1 78.4 48.7 –70.1 –.7 1,012.1 19.7 992.4 74.7 1,679.0 1,031.3 647.7 1,630.8 1,595.3 939.0 27.3 629.0 35.5 962.2 1,383.6 9,668.2 9,713.2 9,356.9 1,068.7 2,761.1 5,527.1 227.8 128.5 79.9 48.7 –45.0 –.5 8,253.6 8,283.8 8,292.9 8,299.9 8,302.2 8,333.6 8,359.6 8,373.1 31,351 27,683 298,144 31,468 27,767 298,337 31,591 27,778 298,539 31,739 27,782 298,753 31,834 27,768 298,979 31,975 27,852 299,213 32,156 27,916 299,459 32,258 27,937 299,719 p Preliminary r Revised 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 2004 2005 2005 I Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. II 2006 III IV I II r 9,731.4 6,665.3 5,392.1 4,450.3 1,050.8 688.0 3,399.5 899.2 2,500.3 941.8 1,273.2 866.1 407.1 10,239.2 7,030.3 5,664.8 4,687.1 1,101.3 704.7 3,585.8 937.2 2,648.5 977.7 1,365.5 933.2 432.3 10,048.8 6,889.6 5,555.7 4,587.3 1,078.9 696.9 3,508.4 918.2 2,590.3 968.4 1,333.9 909.8 424.1 10,161.5 6,953.7 5,601.3 4,627.6 1,087.5 697.3 3,540.0 930.4 2,609.7 973.7 1,352.4 924.7 427.7 10,262.7 7,093.6 5,715.2 4,734.6 1,113.9 709.7 3,620.7 945.5 2,675.2 980.6 1,378.4 942.1 436.3 10,483.7 7,184.4 5,787.0 4,798.9 1,124.9 715.0 3,673.9 954.9 2,719.0 988.1 1,397.4 956.1 441.3 10,721.4 7,400.3 5,970.1 4,972.0 1,177.3 742.8 3,794.7 983.6 2,811.0 998.1 1,430.3 971.6 458.7 10,901.0 7,533.2 6,081.2 5,075.3 1,201.3 755.6 3,874.0 1,001.8 2,872.2 1,005.9 1,452.0 985.7 466.3 911.1 36.2 874.9 127.0 1,427.9 890.8 537.1 1,426.5 1,398.4 791.4 36.0 571.0 28.1 826.4 1,049.8 8,681.6 8,507.2 8,211.5 986.3 2,345.2 4,880.1 186.0 109.7 66.8 42.9 174.3 2.0 970.7 30.2 940.4 72.8 1,519.4 945.0 574.4 1,526.6 1,480.9 844.9 31.3 604.6 45.7 880.6 1,203.1 9,036.1 9,070.9 8,742.4 1,033.1 2,539.3 5,170.0 209.4 119.2 72.0 47.1 –34.8 –.4 952.8 33.9 918.9 118.5 1,464.3 912.3 552.0 1,487.3 1,456.3 832.2 32.8 591.3 31.0 863.6 1,157.9 8,890.9 8,838.5 8,519.7 1,013.1 2,450.2 5,056.4 199.8 119.0 69.9 49.0 52.5 .6 965.8 28.7 937.1 102.8 1,500.5 934.8 565.7 1,510.1 1,477.2 844.4 30.7 602.1 33.0 871.5 1,191.8 8,969.7 9,000.4 8,674.6 1,042.3 2,508.6 5,123.7 208.5 117.3 71.3 46.0 –30.8 –.3 967.3 29.7 937.7 –11.5 1,532.7 951.2 581.5 1,569.0 1,489.2 848.5 30.2 610.4 79.8 888.5 1,215.0 9,047.7 9,180.3 8,847.3 1,057.3 2,584.9 5,205.1 214.6 118.5 72.7 45.8 –132.6 –1.5 996.8 28.7 968.1 81.5 1,580.2 981.7 598.5 1,539.8 1,500.8 854.6 31.6 614.5 39.0 898.9 1,247.6 9,236.1 9,264.5 8,927.8 1,019.6 2,613.5 5,294.7 214.9 121.8 74.2 47.6 –28.5 –.3 1,008.3 23.9 984.4 76.8 1,602.3 989.1 613.2 1,570.4 1,536.0 909.9 27.8 598.3 34.5 936.7 1,332.6 9,388.8 9,418.5 9,079.2 1,064.1 2,658.2 5,356.8 218.5 120.9 75.7 45.2 –29.7 –.3 1,011.9 17.5 994.3 71.4 1,647.7 1,019.2 628.5 1,589.7 1,554.7 928.1 27.0 599.6 35.0 952.9 1,378.6 9,522.4 9,577.0 9,228.1 1,061.8 2,721.4 5,444.9 222.9 126.0 77.3 48.7 –54.6 –.6 8,010.8 8,104.6 8,076.6 8,085.8 8,074.1 8,183.3 8,276.8 8,311.9 29,536 27,254 293,933 30,458 27,318 296,677 30,073 27,319 295,643 30,273 27,290 296,289 30,461 27,183 297,027 31,020 27,484 297,748 31,470 27,743 298,340 31,849 27,801 298,982 r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3.—Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2006 Jan. Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ Feb. Mar. Apr. r May r June r July r Aug. p 138.8 131.9 112.6 107.9 37.0 20.8 70.9 16.6 54.4 4.7 19.3 6.5 12.8 57.0 64.7 56.8 53.4 15.5 9.6 37.9 9.5 28.4 3.4 8.0 4.2 3.8 55.5 44.1 37.2 35.5 8.9 5.3 26.6 6.0 20.5 1.7 6.7 4.1 2.6 75.0 61.9 52.7 49.9 8.6 5.1 41.3 10.2 31.1 2.8 9.4 5.7 3.7 41.8 7.3 2.9 .7 2.6 –.2 –1.9 –2.3 .4 2.2 4.3 4.2 .1 62.1 45.4 38.4 34.6 7.7 3.0 26.9 7.1 19.8 3.8 6.9 4.5 2.5 57.2 41.7 33.8 30.3 3.1 1.5 27.3 6.5 20.8 3.5 8.0 5.5 2.4 38.4 10.0 5.4 2.5 1.6 –.5 .8 .1 .7 3.0 4.6 4.5 0 5.2 –3.5 8.8 –2.5 1.7 –2.9 4.6 30.3 31.4 41.3 –1.5 –8.4 –1.1 27.8 56.3 82.5 78.8 78.9 30.7 61.6 –13.4 1.9 –1.9 .5 –2.4 3.6 –.9 –.7 –.2 –2.1 1.3 –2.9 4.2 2.4 2.4 8.9 –1.2 –5.3 .1 8.5 16.1 41.0 47.3 44.8 –14.1 –1.2 60.1 1.9 .5 .5 0 –6.4 6.8 –.7 7.5 .5 1.8 –2.9 4.8 7.6 7.4 7.6 0 –.2 .1 5.2 12.3 43.2 47.1 44.6 11.2 10.0 23.5 1.9 .5 .6 0 –3.8 –2.4 –2.7 .3 –2.2 21.5 16.5 4.9 3.9 3.7 2.9 –.4 1.2 .2 7.7 24.0 50.9 56.6 51.4 –2.8 39.4 14.7 1.2 4.1 .5 3.5 –5.7 4.7 –3.0 7.7 –2.4 21.9 16.5 5.5 10.9 10.7 7.1 0 3.6 .2 .7 6.4 35.4 65.2 63.4 –6.2 24.4 45.2 1.3 .5 .5 0 –29.7 –4.1 –2.9 –1.2 –3.6 22.9 16.4 6.4 6.7 6.5 7.9 0 –1.3 .2 5.1 12.3 49.8 33.7 31.9 5.6 3.7 22.6 1.3 .5 .6 0 16.0 –3.7 1.5 –5.3 3.4 4.2 –2.2 6.4 16.9 16.7 –4.4 .3 20.7 .2 5.1 –4.7 62.0 78.3 75.9 19.3 24.3 32.4 1.8 .6 .5 0 –16.3 5.1 3.6 1.6 3.1 4.6 –2.1 6.7 16.1 16.0 7.6 0 8.4 .1 .6 –.6 38.8 13.7 10.5 –14.1 4.8 19.7 1.8 1.4 1.5 0 25.1 33.5 30.2 9.1 7.0 2.3 31.4 26.0 13.5 p Preliminary r Revised 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 2004 2005 2005 I Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ II 2006 III IV I II r 567.8 354.9 279.4 242.0 42.9 19.1 199.1 40.9 158.2 37.4 75.5 50.5 25.0 507.8 365.0 272.7 236.8 50.5 16.7 186.3 38.0 148.2 35.9 92.3 67.1 25.2 29.4 80.2 49.9 33.5 7.5 –1.2 26.0 1.9 24.2 16.3 30.4 21.5 8.8 112.7 64.1 45.6 40.3 8.6 .4 31.6 12.2 19.4 5.3 18.5 14.9 3.6 101.2 139.9 113.9 107.0 26.4 12.4 80.7 15.1 65.5 6.9 26.0 17.4 8.6 221.0 90.8 71.8 64.3 11.0 5.3 53.2 9.4 43.8 7.5 19.0 14.0 5.0 237.7 215.9 183.1 173.1 52.4 27.8 120.8 28.7 92.0 10.0 32.9 15.5 17.4 179.6 132.9 111.1 103.3 24.0 12.8 79.3 18.2 61.2 7.8 21.7 14.1 7.6 99.8 7.0 92.8 –6.0 91.3 –23.3 114.5 75.5 81.7 50.1 –16.8 48.5 –6.2 47.8 48.7 519.1 519.5 507.9 43.6 155.0 309.3 3.5 8.2 5.5 2.7 –.6 59.6 –6.0 65.5 –54.2 91.5 54.2 37.3 100.1 82.5 53.5 –4.7 33.6 17.6 54.2 153.3 354.5 563.7 530.9 46.8 194.1 289.9 23.4 9.5 5.2 4.2 –209.1 11.3 –.4 11.6 –4.9 –75.5 20.0 –95.5 38.9 32.8 23.8 .5 8.5 6.2 20.5 69.7 –40.3 116.2 104.9 6.7 37.5 60.7 3.6 7.8 1.0 6.6 –156.4 13.0 –5.2 18.2 –15.7 36.2 22.5 13.7 22.8 20.9 12.2 –2.1 10.8 2.0 7.9 33.9 78.8 161.9 154.9 29.2 58.4 67.3 8.7 –1.7 1.4 –3.0 –83.3 1.5 1.0 .6 –114.3 32.2 16.4 15.8 58.9 12.0 4.1 –.5 8.3 46.8 17.0 23.2 78.0 179.9 172.7 15.0 76.3 81.4 6.1 1.2 1.4 –.2 –101.8 29.5 –1.0 30.4 93.0 47.5 30.5 17.0 –29.2 11.6 6.1 1.4 4.1 –40.8 10.4 32.6 188.4 84.2 80.5 –37.7 28.6 89.6 .3 3.3 1.5 1.8 104.1 11.5 –4.8 16.3 –4.7 22.1 7.4 14.7 30.6 35.2 55.3 –3.8 –16.2 –4.5 37.8 85.0 152.7 154.0 151.4 44.5 44.7 62.1 3.6 –.9 1.5 –2.4 –1.2 3.6 –6.4 9.9 –5.4 45.4 30.1 15.3 19.3 18.7 18.2 –.8 1.3 .5 16.2 46.0 133.6 158.5 148.9 –2.3 63.2 88.1 4.4 5.1 1.6 3.5 –24.9 280.9 93.8 –82.2 9.2 –11.7 109.2 93.5 35.1 r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5.—Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2006 Jan. Feb. Mar. May r Apr. r June r July r Aug. p Based on current-dollar measures Personal income ................................................................................................... Compensation of employees, received .............................................................. Wage and salary disbursements ................................................................... Supplements to wages and salaries ............................................................. Proprietors’ income with inventory valuation and capital consumption adjustments .................................................................................................... Rental income of persons with capital consumption adjustment ..................... Personal income receipts on assets .................................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ...................................................................... Less: Contributions for government social insurance ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 1.3 1.8 1.9 1.4 0.5 .9 1.0 .6 0.5 .6 .6 .5 0.7 .8 .9 .6 0.4 .1 0 .3 0.6 .6 .6 .5 0.5 .6 .6 .5 0.3 .1 .1 .3 .5 –3.1 .1 –.3 .8 2.0 3.1 4.5 .9 –.1 –2.6 .1 –.3 .7 .2 .9 1.2 .4 .7 .7 .1 –.3 .8 .5 .6 .9 .5 –.2 –2.9 1.3 1.7 .8 .2 .8 1.8 .5 .5 –3.2 1.3 1.6 .9 .7 .1 .5 .4 –.4 –5.0 1.4 1.6 1.0 .4 .5 .9 .5 –.4 4.9 .2 –.2 1.0 1.1 .5 –.3 .6 .5 4.3 .3 –.2 1.1 1.0 .1 0 .4 .9 3.0 2.4 –.3 .5 –1.3 0 1.1 .5 1.1 .4 .4 .6 –.3 1.5 .3 .7 –.6 .9 .8 .3 .5 .1 .4 .8 1.8 .9 .6 .1 –1.3 .2 .4 .4 .3 .2 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... p r .4 .4 .1 .1 0 Preliminary Revised Table 6.—Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2004 2005 2005 I II 2006 III IV I II r Based on current-dollar measures Personal income ................................................................................................... Compensation of employees, received .............................................................. Wage and salary disbursements ................................................................... Supplements to wages and salaries ............................................................. Proprietors’ income with inventory valuation and capital consumption adjustments .................................................................................................... Rental income of persons with capital consumption adjustment ..................... Personal income receipts on assets .................................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ...................................................................... Less: Contributions for government social insurance ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 6.2 5.6 5.5 6.3 5.2 5.5 5.1 7.3 1.2 4.8 3.7 9.6 12.3 –4.5 6.8 –2.5 27.1 5.6 6.1 4.9 6.4 6.5 –42.7 6.4 6.1 7.0 7.0 6.6 14.6 4.1 4.8 –15.1 –18.2 9.3 –47.2 11.2 10.1 28.2 –1.8 6.6 4.6 7.1 6.8 6.5 4.7 8.3 5.9 5.1 2.7 6.4 5.0 4.6 3.8 3.3 5.7 8.9 5.2 5.1 5.6 9.4 12.6 13.3 9.7 6.9 7.4 7.7 6.2 5.6 .6 12.7 –43.3 .................. .................. 10.3 8.9 13.0 10.2 7.2 13.5 10.4 11.7 12.2 6.3 16.5 –7.3 3.7 8.0 4.8 12.2 8.0 11.2 3.6 3.5 8.6 4.7 –21.2 5.7 3.0 10.2 8.2 17.9 30.2 6.8 1.4 –25.2 11.8 12.7 10.4 5.0 7.1 14.5 5.8 7.0 18.6 7.0 4.8 6.7 –.9 9.9 6.7 4.6 1.7 7.5 12.1 9.9 5.4 4.0 8.3 8.4 7.9 8.2 5.9 12.7 6.5 3.7 –13.5 4.5 7.1 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... r Revised 3.6 1.2 –4.0 .5 –.6 5.5 Table 7.—Real Personal Consumption Expenditures by Major Type of Product (Months) 2006 Jan. Feb. Mar. Apr. r May r June r July r Aug. p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 7,977.5 1,195.2 2,343.3 4,465.4 8,011.3 1,181.0 2,346.4 4,505.3 8,022.6 1,195.2 2,338.6 4,512.8 8,031.2 1,191.7 2,347.3 4,515.3 8,058.7 1,184.9 2,352.1 4,542.1 8,075.0 1,194.2 2,353.9 4,548.9 8,113.9 1,215.2 2,361.2 4,563.6 8,103.5 1,198.8 2,357.4 4,569.4 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 31.7 33.4 32.8 –26.2 33.8 –14.2 3.1 39.9 11.3 14.2 –7.8 7.5 8.6 –3.5 8.7 2.5 27.5 –6.8 4.8 26.8 16.3 9.3 1.8 6.8 38.9 21.0 7.3 14.7 –10.4 –16.4 –3.8 5.8 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. p r .4 2.9 1.4 –.6 .4 –1.2 .1 .9 .1 1.2 –.3 .2 .1 –.3 .4 .1 .3 –.6 .2 .6 .2 .8 .1 .1 .5 1.8 .3 .3 –.1 –1.3 –.2 .1 Preliminary Revised Table 8.—Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2004 2005 2005 I II 2006 III IV I II r Billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 7,577.1 1,085.7 2,179.2 4,323.9 7,841.2 1,145.3 2,276.8 4,436.6 7,739.4 1,116.8 2,241.5 4,395.3 7,819.8 1,150.8 2,268.4 4,420.0 7,895.3 1,175.9 2,287.6 4,454.5 7,910.2 1,137.9 2,309.6 4,476.7 8,003.8 1,190.5 2,342.8 4,494.5 8,055.0 1,190.3 2,351.1 4,535.4 Change from preceding period in billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 281.8 65.1 76.2 145.1 264.1 59.6 97.6 112.7 52.3 6.5 28.4 17.9 80.4 34.0 26.9 24.7 75.5 25.1 19.2 34.5 14.9 –38.0 22.0 22.2 93.6 52.6 33.2 17.8 51.2 –.2 8.3 40.9 4.8 19.8 5.9 1.6 2.6 –.1 1.4 3.7 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. r Revised 3.9 6.4 3.6 3.5 3.5 5.5 4.5 2.6 2.7 2.4 5.2 1.6 4.2 12.8 4.9 2.3 3.9 9.0 3.4 3.2 .8 –12.3 3.9 2.0 Table 9.—Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2006 Jan. Feb. Mar. Apr. r May r June r July r Aug. p Chain-type price indexes (2000=100), seasonally adjusted Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. 113.258 89.501 113.351 118.900 113.340 89.389 113.150 119.180 113.737 89.264 113.953 119.502 114.254 89.289 115.210 119.761 114.650 89.279 116.015 120.049 114.815 89.049 116.082 120.368 115.199 89.100 116.753 120.689 115.477 89.144 117.145 120.969 110.758 111.971 108.629 110.928 111.988 108.735 111.264 112.390 109.065 111.515 112.929 109.290 111.736 113.374 109.537 111.963 113.513 109.745 112.120 113.894 109.852 112.381 114.174 110.112 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE ......................................................................................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. .5 .1 .9 .3 .1 –.1 –.2 .2 .4 –.1 .7 .3 .5 0 1.1 .2 .3 0 .7 .2 .1 –.3 .1 .3 .3 .1 .6 .3 .2 0 .3 .2 .2 .5 .1 .2 0 .1 .3 .4 .3 .2 .5 .2 .2 .4 .2 .2 .1 .2 .1 .3 .1 .2 .2 .2 Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p Table 10.—Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2006 Jan. Disposable personal income ............................................................................... Personal consumption expenditures .................................................................. Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. p r Feb. 2.1 3.3 7.9 4.7 1.8 Mar. 2.5 3.4 6.0 4.3 2.5 Apr. r 2.8 3.5 5.9 4.6 2.4 May r 3.0 2.9 2.3 3.6 2.7 2.8 3.4 6.1 3.9 2.6 June r 2.7 2.7 2.0 3.4 2.5 July r 2.6 2.3 –1.8 3.5 2.6 Aug. p 5.4 2.7 3.2 3.0 2.5 Preliminary Revised Table 11.—Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2006 Jan. Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. Preliminary Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p r Feb. Apr. r Mar. May r June r July r Aug. p 3.2 –1.5 4.3 3.7 3.0 –1.4 3.6 3.6 2.9 –1.5 3.5 3.5 3.0 –1.4 3.8 3.5 3.3 –1.6 5.0 3.5 3.5 –1.5 5.3 3.6 3.4 –1.1 4.8 3.6 3.2 –.7 4.0 3.6 2.0 3.1 1.6 2.0 2.8 1.6 2.0 2.7 1.6 2.2 2.8 1.8 2.2 3.2 1.8 2.3 3.4 2.0 2.3 3.3 2.0 2.5 3.1 2.1
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