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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, SEPTEMBER 29, 2008 Janet Kmitch: Brendan Leary: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 08-46 PERSONAL INCOME AND OUTLAYS: AUGUST 2008 Personal income increased $61.5 billion, or 0.5 percent, and disposable personal income (DPI) decreased $93.3 billion, or 0.9 percent, in August, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $3.9 billion, or less than 0.1 percent. In July, personal income decreased $69.0 billion, or 0.6 percent, DPI decreased $91.0 billion, or 0.8 percent, and PCE increased $14.2 billion, or 0.1 percent, based on revised estimates. The pattern of changes in income primarily reflects the pattern of payments associated with the Economic Stimulus Act of 2008 (see page 2). Real DPI decreased 0.9 percent in August, compared with a decrease of 1.5 percent in July. Real PCE increased less than 0.1 percent, in contrast to a decrease of 0.5 percent. Apr. Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars 2008 May June July (Percent change from preceding month) Aug. 0.3 1.9 0.1 -0.6 0.5 0.4 0.2 5.7 5.3 -1.8 -2.5 -0.8 -1.5 -0.9 -0.9 0.3 0.1 0.7 0.2 0.5 -0.2 0.1 -0.5 0.0 0.0 NOTE.--Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2000) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Beginning with April, changes in disposable personal income (DPI) -- personal income less personal current taxes -- were affected by the Economic Stimulus Act of 2008, which authorized the federal government to issue tax rebate payments. These payments are now winding down. The federal government issued rebate payments of $1.9 billion in April ($23.3 billion at an annual rate), of $48.1 billion in May ($577.1 billion at an annual rate), of $27.9 billion in June ($334.4 billion at an annual rate), of $13.7 billion in July ($164.1 billion at an annual rate), and of $1.0 billion in August ($12.4 billion at an annual rate). These rebates increased government social benefit payments and reduced personal current taxes. Excluding these rebate payments, which are discussed more fully below, DPI increased $58.4 billion, or 0.5 percent, in August, increased $79.3 billion, or 0.8 percent, in July, and increased $42.8 billion, or 0.4 percent, in June. -more- -3- Wages and salaries Private wage and salary disbursements increased $24.5 billion in August, compared with an increase of $16.3 billion in July. Goods-producing industries' payrolls increased $5.0 billion, the same increase as in July; manufacturing payrolls decreased $1.6 billion in August, in contrast to an increase of $2.0 billion in July. Services-producing industries' payrolls increased $19.4 billion, compared with an increase of $11.4 billion. Government wage and salary disbursements increased $3.8 billion, compared with an increase of $4.0 billion. Other personal income Supplements to wages and increased $3.7 billion in August, compared with an increase of $3.6 billion in July. Proprietors' income decreased $8.7 billion in August, in contrast to an increase of $4.6 billion in July. Farm proprietors' income decreased $6.1 billion, compared with a decrease of $2.3 billion. Nonfarm proprietors' income decreased $2.6 billion, in contrast to an increase of $6.9 billion. Rental income of persons increased $4.0 billion in August, compared with an increase of $3.9 billion in July. Personal income receipts on assets (personal interest income plus personal dividend income) increased $20.2 billion, compared with an increase of $20.0 billion. Personal current transfer receipts increased $17.4 billion in August, in contrast to a decrease of $119.6 billion in July. The August and July changes reflected provisions of the Economic Stimulus Act of 2008, which boosted the level of personal current transfer receipts by $5.1 billion (at an annual rate) in August, by $4.2 billion in July, and by $149.4 billion in June. These personal current transfer receipts reflected payments to individuals who either paid no income tax or whose payment exceeded the amount of income tax paid (see box on page 6). The August and July changes also reflected provisions of the Supplemental Appropriations Act of 2008, which provides up to 13 weeks of additional unemployment compensation benefits to those who have exhausted their regular unemployment benefits. The additional unemployment benefits boosted the level of personal current transfer receipts by $17.6 billion in August and by $4.6 billion in July. Contributions for government social insurance -- a subtraction in calculating personal income -increased $3.4 billion in August, compared with an increase of $1.9 billion in July. -more- -4- Personal current taxes and disposable personal income Personal current taxes increased $154.9 billion in August, compared with an increase of $21.9 billion in July. Provisions of the Economic Stimulus Act of 2008 reduced the level of personal current taxes by $7.3 billion (at an annual rate) in August, by $159.9 billion in July, and by $185.0 billion in June. The reductions in current personal taxes reflected rebate payments to eligible individual taxpayers (see box on page 6). Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $93.3 billion, or 0.9 percent, in August, compared with a decrease of $91.0 billion, or 0.8 percent, in July. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $4.0 billion in August, compared with an increase of $14.4 billion in July. PCE increased $3.9 billion, compared with an increase of $14.2 billion. Personal saving -- DPI less personal outlays -- was $103.6 billion in August, compared with $201.0 billion in July. Personal saving as a percentage of disposable personal income was 1.0 percent in August, compared with 1.9 percent in July. 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, go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. -more- -5- Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- decreased 0.9 percent in August, compared with a decrease of 1.5 percent in July. Real PCE -- PCE adjusted to remove price changes -- increased less than 0.1 percent in August, in contrast to a decrease of 0.5 percent in July. Purchases of durable goods increased 1.6 percent, in contrast to a decrease of 3.2 percent. Purchases of motor vehicles and parts more than accounted for the increase in August and accounted for most of the decrease in July. Purchases of nondurable goods decreased 0.3 percent in August, compared with a decrease of 0.7 percent in July. Purchases of services decreased 0.1 percent, in contrast to an increase of 0.1 percent. PCE price index -- The price index for PCE increased less than 0.1 percent in August, compared with an increase of 0.6 percent in July. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.3 percent. 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. Change from preceding month June Previous Revised July Previous Revised (Billions of dollars) Personal Income: Current dollars...................... Disposable personal income: Current dollars...................... Chained (2000) dollars......... Personal consumption expenditures: Current dollars...................... Chained (2000) dollars......... 7.4 (Percent) (Billions of dollars) 16.2 0.1 0.1 -208.0 -199.9 -237.7 -232.7 -1.9 -2.6 -1.8 -2.5 0.6 -0.1 0.5 -0.2 65.5 -8.3 52.2 -20.7 -more- Previous Revised -89.9 Previous Revised (Percent) -69.0 -0.7 -0.6 -114.7 -91.0 -149.2 -130.5 -1.1 -1.7 -0.8 -1.5 0.2 -0.4 0.1 -0.5 24.1 -33.0 14.2 -41.4 -6- Economic Stimulus Act of 2008 The Economic Stimulus Act of 2008 provides rebate payments to eligible individual taxpayers as well as tax reductions for businesses. For individuals, the amount of the rebate is determined by information reported on tax filings for 2007 and is based on filing status, level of adjusted gross income, and the number of qualifying children. According to the Joint Committee on Taxation and the Congressional Budget Office, rebates to individuals are expected to total $106.7 billion for fiscal year 2008. The majority of rebates were sent during the initial round of payments, which began April 28, 2008, and continued on a weekly basis through mid-July 2008. In the NIPAs, rebates for residents of the 50 states and the District of Columbia are recorded as either an offset to personal current taxes or as a social benefit payment to persons. Rebates for individuals with tax liabilities that exceed the rebate amount are treated as an offset to personal current taxes in the NIPAs. Rebates for individuals who pay no income taxes (or for whom the rebate would exceed the amount of the income taxes they do pay) are treated as a government social benefit payment to persons in the NIPAs. 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 -- October 31, 2008, at 8:30 A.M. EDT for Personal Income and Outlays for September. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2008 January 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....................... February March April r May r June r July r August p 11,930.0 7,984.6 6,495.4 5,389.7 1,216.0 747.9 4,173.6 1,049.8 3,123.8 1,105.7 1,489.3 1,014.0 475.2 11,952.4 8,005.2 6,513.0 5,402.9 1,215.9 747.2 4,187.0 1,047.4 3,139.6 1,110.1 1,492.3 1,016.2 476.1 11,999.0 8,039.4 6,545.7 5,432.2 1,221.2 750.0 4,211.0 1,053.9 3,157.1 1,113.4 1,493.7 1,015.7 478.0 12,033.6 8,049.3 6,549.9 5,431.8 1,214.2 747.2 4,217.6 1,049.1 3,168.5 1,118.1 1,499.4 1,021.5 477.9 12,258.4 8,073.5 6,570.3 5,446.7 1,216.4 748.7 4,230.3 1,048.2 3,182.1 1,123.6 1,503.2 1,024.4 478.8 12,274.6 8,092.5 6,585.7 5,457.4 1,218.3 749.6 4,239.0 1,050.6 3,188.4 1,128.4 1,506.8 1,027.4 479.4 12,205.6 8,116.5 6,606.1 5,473.7 1,223.3 751.6 4,250.4 1,048.6 3,201.8 1,132.4 1,510.4 1,030.1 480.3 12,267.1 8,148.5 6,634.4 5,498.2 1,228.3 750.0 4,269.8 1,051.2 3,218.6 1,136.2 1,514.1 1,032.1 482.0 1,074.5 41.7 1,032.8 38.1 2,056.4 1,232.0 824.4 1,766.3 1,734.2 1,024.1 37.0 673.1 32.1 989.8 1,069.1 42.1 1,027.0 38.8 2,054.2 1,224.6 829.6 1,776.6 1,744.3 1,030.6 38.2 675.5 32.3 991.5 1,071.4 41.0 1,030.4 40.5 2,051.7 1,217.2 834.5 1,791.3 1,758.9 1,042.5 39.3 677.1 32.4 995.3 1,071.2 39.4 1,031.9 49.1 2,051.8 1,213.0 838.8 1,807.5 1,775.1 1,041.0 40.6 693.5 32.4 995.2 1,076.1 38.4 1,037.7 58.3 2,052.3 1,208.7 843.6 1,995.3 1,962.9 1,051.8 41.5 869.6 32.4 997.2 1,083.5 36.1 1,047.4 68.3 2,052.8 1,204.5 848.3 1,976.0 1,943.5 1,057.0 42.0 844.5 32.4 998.5 1,088.1 33.8 1,054.3 72.2 2,072.8 1,219.6 853.2 1,856.4 1,823.9 1,067.4 47.5 709.0 32.5 1,000.4 1,079.4 27.7 1,051.7 76.2 2,093.0 1,234.7 858.2 1,873.8 1,841.2 1,067.5 62.5 711.2 32.6 1,003.8 Less: Personal current taxes ................................................................... 1,530.6 1,534.1 1,540.2 1,533.6 1,156.2 1,372.4 1,394.3 1,549.2 Equals: Disposable personal income...................................................... 10,399.4 10,418.3 10,458.8 10,500.0 11,102.1 10,902.2 10,811.2 10,717.9 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 10,393.1 9,984.6 1,072.5 2,946.9 5,965.3 267.9 140.6 82.7 57.9 10,385.2 9,982.7 1,075.4 2,935.1 5,972.2 261.7 140.8 82.9 57.9 10,436.3 10,039.7 1,065.3 2,970.2 6,004.2 255.6 141.0 83.1 57.9 10,474.2 10,073.5 1,063.2 2,990.4 6,019.9 254.7 146.1 83.4 62.7 10,544.3 10,144.2 1,065.5 3,025.4 6,053.3 253.8 146.4 83.7 62.7 10,595.9 10,196.4 1,049.1 3,063.0 6,084.2 252.9 146.7 84.0 62.7 10,610.3 10,210.6 1,016.4 3,077.8 6,116.4 252.6 147.1 84.4 62.7 10,614.3 10,214.5 1,030.7 3,060.0 6,123.9 252.2 147.5 84.8 62.7 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 6.3 0.1 33.0 0.3 22.5 0.2 25.8 0.2 557.8 5.0 306.2 2.8 201.0 1.9 103.6 1.0 8,662.8 8,666.9 8,673.8 8,687.5 9,144.0 8,911.3 8,780.8 8,702.0 34,246 28,527 303,670 34,286 28,522 303,866 34,396 28,526 304,068 34,507 28,550 304,287 36,458 30,028 304,521 35,771 29,239 304,775 35,442 28,786 305,039 35,105 28,502 305,312 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ p Preliminary r Revised 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 2006 2007 2007 I II 2008 III IV II r 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....................... 10,993.9 7,432.6 6,027.2 5,004.2 1,167.2 731.2 3,837.1 986.7 2,850.4 1,023.0 1,405.3 956.8 448.5 11,663.2 7,818.6 6,362.0 5,286.7 1,205.4 746.0 4,081.3 1,035.2 3,046.1 1,075.2 1,456.6 991.9 464.7 11,473.0 7,734.0 6,294.0 5,234.0 1,198.4 746.4 4,035.6 1,020.8 3,014.8 1,059.9 1,440.0 977.6 462.3 11,577.5 7,760.1 6,310.7 5,242.5 1,200.7 744.0 4,041.9 1,036.5 3,005.4 1,068.1 1,449.4 987.7 461.7 11,730.4 7,839.3 6,377.7 5,297.0 1,204.3 743.4 4,092.6 1,035.3 3,057.4 1,080.8 1,461.6 996.5 465.1 11,872.1 7,941.0 6,465.5 5,373.4 1,218.2 750.2 4,155.3 1,048.3 3,106.9 1,092.1 1,475.5 1,005.9 469.6 11,960.5 8,009.7 6,518.0 5,408.3 1,217.7 748.4 4,190.5 1,050.4 3,140.2 1,109.7 1,491.7 1,015.3 476.4 12,188.9 8,071.8 6,568.6 5,445.3 1,216.3 748.5 4,229.0 1,049.3 3,179.7 1,123.4 1,503.1 1,024.4 478.7 1,014.7 16.2 998.6 44.3 1,824.8 1,125.4 699.4 1,603.0 1,578.1 938.9 29.9 609.3 24.9 925.5 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 1,681.4 999.4 32.3 649.6 31.9 965.1 1,037.2 39.3 997.9 35.1 1,930.9 1,172.2 758.7 1,695.7 1,665.3 981.9 31.3 652.1 30.4 959.8 1,050.2 42.3 1,007.9 44.6 1,982.5 1,206.1 776.5 1,699.2 1,667.5 997.5 31.2 638.8 31.7 959.1 1,063.8 47.4 1,016.4 41.8 2,030.9 1,236.2 794.7 1,720.6 1,688.0 1,008.8 32.5 646.7 32.5 966.0 1,073.8 47.1 1,026.7 38.6 2,056.2 1,242.7 813.5 1,737.8 1,704.7 1,009.6 34.3 660.9 33.1 975.3 1,071.7 41.6 1,030.1 39.1 2,054.1 1,224.6 829.5 1,778.1 1,745.8 1,032.4 38.2 675.3 32.2 992.2 1,076.9 38.0 1,039.0 58.6 2,052.3 1,208.7 843.6 1,926.3 1,893.9 1,050.0 41.4 802.5 32.4 997.0 Less: Personal current taxes ................................................................... 1,353.2 1,492.8 1,459.5 1,489.4 1,501.6 1,520.5 1,535.0 1,354.1 Equals: Disposable personal income...................................................... 9,640.7 10,170.5 10,013.5 10,088.0 10,228.8 10,351.5 10,425.5 10,834.8 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 9,570.0 9,207.2 1,052.1 2,685.2 5,469.9 235.4 127.4 76.2 51.1 10,113.1 9,710.2 1,082.8 2,833.0 5,794.4 265.4 137.5 81.2 56.3 9,904.2 9,524.9 1,076.6 2,761.5 5,686.8 244.0 135.3 79.6 55.7 10,056.9 9,657.5 1,085.3 2,817.7 5,754.4 262.6 136.9 80.8 56.0 10,182.0 9,765.6 1,086.2 2,846.6 5,832.8 278.2 138.1 81.8 56.3 10,309.2 9,892.7 1,083.0 2,906.2 5,903.5 276.7 139.8 82.5 57.3 10,404.9 10,002.3 1,071.0 2,950.7 5,980.6 261.7 140.8 82.9 57.9 10,538.2 10,138.0 1,059.3 3,026.2 6,052.5 253.8 146.4 83.7 62.7 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 70.7 0.7 57.4 0.6 109.3 1.1 31.1 0.3 46.8 0.5 42.4 0.4 20.6 0.2 296.6 2.7 8,407.0 8,644.0 8,617.7 8,604.5 8,671.1 8,683.1 8,667.9 8,914.6 32,222 28,098 299,199 33,667 28,614 302,087 33,267 28,630 301,004 33,441 28,523 301,667 33,820 28,669 302,452 34,138 28,636 303,225 34,309 28,525 303,868 35,579 29,274 304,528 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ 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 2008 January February March April r May r June r July r August p Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance....................... 6.0 10.7 2.3 –8.3 –4.2 –3.1 –4.1 –5.1 1.0 10.6 8.5 4.1 4.3 22.4 20.6 17.6 13.2 –0.1 –0.7 13.4 –2.4 15.8 4.4 3.0 2.2 0.9 46.6 34.2 32.7 29.3 5.3 2.8 24.0 6.5 17.5 3.3 1.4 –0.5 1.9 34.6 9.9 4.2 –0.4 –7.0 –2.8 6.6 –4.8 11.4 4.7 5.7 5.8 –0.1 224.8 24.2 20.4 14.9 2.2 1.5 12.7 –0.9 13.6 5.5 3.8 2.9 0.9 16.2 19.0 15.4 10.7 1.9 0.9 8.7 2.4 6.3 4.8 3.6 3.0 0.6 –69.0 24.0 20.4 16.3 5.0 2.0 11.4 –2.0 13.4 4.0 3.6 2.7 0.9 61.5 32.0 28.3 24.5 5.0 –1.6 19.4 2.6 16.8 3.8 3.7 2.0 1.7 0.2 –5.6 5.8 0.9 –3.0 –7.4 4.4 9.0 10.0 4.8 0.1 5.2 –1.1 11.7 –5.4 0.4 –5.8 0.7 –2.2 –7.4 5.2 10.3 10.1 6.5 1.2 2.4 0.2 1.7 2.3 –1.1 3.4 1.7 –2.5 –7.4 4.9 14.7 14.6 11.9 1.1 1.6 0.1 3.8 –0.2 –1.6 1.5 8.6 0.1 –4.2 4.3 16.2 16.2 –1.5 1.3 16.4 0.0 –0.1 4.9 –1.0 5.8 9.2 0.5 –4.3 4.8 187.8 187.8 10.8 0.9 176.1 0.0 2.0 7.4 –2.3 9.7 10.0 0.5 –4.2 4.7 –19.3 –19.4 5.2 0.5 –25.1 0.0 1.3 4.6 –2.3 6.9 3.9 20.0 15.1 4.9 –119.6 –119.6 10.4 5.5 –135.5 0.1 1.9 –8.7 –6.1 –2.6 4.0 20.2 15.1 5.0 17.4 17.3 0.1 15.0 2.2 0.1 3.4 Less: Personal current taxes ................................................................... 4.9 3.5 6.1 –6.6 –377.4 216.2 21.9 154.9 Equals: Disposable personal income...................................................... 1.1 18.9 40.5 41.2 602.1 –199.9 –91.0 –93.3 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) ................................................................. 37.7 43.2 –1.5 13.1 31.6 –6.1 0.7 0.1 0.6 –7.9 –1.9 2.9 –11.8 6.9 –6.2 0.2 0.2 0.0 51.1 57.0 –10.1 35.1 32.0 –6.1 0.2 0.2 0.0 37.9 33.8 –2.1 20.2 15.7 –0.9 5.1 0.3 4.8 70.1 70.7 2.3 35.0 33.4 –0.9 0.3 0.3 0.0 51.6 52.2 –16.4 37.6 30.9 –0.9 0.3 0.3 0.0 14.4 14.2 –32.7 14.8 32.2 –0.3 0.4 0.4 0.0 4.0 3.9 14.3 –17.8 7.5 –0.4 0.4 0.4 0.0 Equals: Personal saving ........................................................................... –36.6 26.7 –10.5 3.3 532.0 –251.6 –105.2 –97.4 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... –26.2 4.1 6.9 13.7 456.5 –232.7 –130.5 –78.8 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 2006 2007 2007 I II 2008 III IV II r 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....................... 724.1 406.8 355.5 313.3 68.0 27.2 245.4 48.5 196.9 42.3 51.2 30.8 20.4 669.3 386.0 334.8 282.5 38.2 14.8 244.2 48.5 195.7 52.2 51.3 35.1 16.2 248.3 147.9 131.8 113.7 15.5 8.2 98.1 16.3 81.9 18.0 16.1 9.5 6.5 104.5 26.1 16.7 8.5 2.3 –2.4 6.3 15.7 –9.4 8.2 9.4 10.1 –0.6 152.9 79.2 67.0 54.5 3.6 –0.6 50.7 –1.2 52.0 12.7 12.2 8.8 3.4 141.7 101.7 87.8 76.4 13.9 6.8 62.7 13.0 49.5 11.3 13.9 9.4 4.5 88.4 68.7 52.5 34.9 –0.5 –1.8 35.2 2.1 33.3 17.6 16.2 9.4 6.8 228.4 62.1 50.6 37.0 –1.4 0.1 38.5 –1.1 39.5 13.7 11.4 9.1 2.3 54.9 –17.9 72.9 3.4 227.9 103.4 124.5 82.3 96.2 94.4 –1.4 3.2 –13.9 51.2 41.5 27.8 13.6 –4.3 175.3 88.9 86.4 110.3 103.3 60.5 2.4 40.3 7.0 39.6 14.8 15.6 –0.8 –3.1 42.3 26.6 15.7 65.9 62.2 22.7 0.9 38.5 3.7 19.4 13.0 3.0 10.0 9.5 51.6 33.9 17.8 3.5 2.2 15.6 –0.1 –13.3 1.3 –0.7 13.6 5.1 8.5 –2.8 48.4 30.1 18.2 21.4 20.5 11.3 1.3 7.9 0.8 6.9 10.0 –0.3 10.3 –3.2 25.3 6.5 18.8 17.2 16.7 0.8 1.8 14.2 0.6 9.3 –2.1 –5.5 3.4 0.5 –2.1 –18.1 16.0 40.3 41.1 22.8 3.9 14.4 –0.9 16.9 5.2 –3.6 8.9 19.5 –1.8 –15.9 14.1 148.2 148.1 17.6 3.2 127.2 0.2 4.8 Less: Personal current taxes ................................................................... 145.4 139.6 59.9 29.9 12.2 18.9 14.5 –180.9 Equals: Disposable personal income...................................................... 578.7 529.8 188.4 74.5 140.8 122.7 74.0 409.3 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) ................................................................. 540.5 513.1 31.3 171.1 310.7 20.4 7.0 3.7 3.2 543.1 503.0 30.7 147.8 324.5 30.0 10.1 5.0 5.2 165.2 167.9 18.4 57.7 91.8 –6.1 3.4 1.4 1.9 152.7 132.6 8.7 56.2 67.6 18.6 1.6 1.2 0.3 125.1 108.1 0.9 28.9 78.4 15.6 1.2 1.0 0.3 127.2 127.1 –3.2 59.6 70.7 –1.5 1.7 0.7 1.0 95.7 109.6 –12.0 44.5 77.1 –15.0 1.0 0.4 0.6 133.3 135.7 –11.7 75.5 71.9 –7.9 5.6 0.8 4.8 Equals: Personal saving ........................................................................... 38.2 –13.3 23.2 –78.2 15.7 –4.4 –21.8 276.0 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 285.6 237.0 91.5 –13.2 66.6 12.0 –15.2 246.7 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 2008 January February April r March May r June r July r August p Based on current-dollar measures Personal income........................................................................................ Compensation of employees, received .................................................... Wage and salary disbursements .......................................................... Supplements to wages and salaries..................................................... Proprietors’ income with inventory valuation and capital consumption adjustments .......................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ........................................................ Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ............................................................ Less: Contributions for government social insurance .............................. 0.1 0.1 0.0 0.6 0.2 0.3 0.3 0.2 0.4 0.4 0.5 0.1 0.3 0.1 0.1 0.4 1.9 0.3 0.3 0.3 0.1 0.2 0.2 0.2 –0.6 0.3 0.3 0.2 0.5 0.4 0.4 0.2 0.0 2.5 –0.1 –0.6 0.5 0.5 1.2 –0.5 1.8 –0.1 –0.6 0.6 0.6 0.2 0.2 4.6 –0.1 –0.6 0.6 0.8 0.4 0.0 21.0 0.0 –0.3 0.5 0.9 0.0 0.5 18.9 0.0 –0.3 0.6 10.4 0.2 0.7 17.0 0.0 –0.4 0.6 –1.0 0.1 0.4 5.8 1.0 1.3 0.6 –6.1 0.2 –0.8 5.6 1.0 1.2 0.6 0.9 0.3 Less: Personal current taxes ................................................................... 0.3 0.2 0.4 –0.4 –24.6 18.7 1.6 11.1 Equals: Disposable personal income...................................................... 0.0 0.2 0.4 0.4 5.7 –1.8 –0.8 –0.9 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 0.4 –0.1 0.4 0.5 0.0 0.3 –0.4 0.1 0.6 –0.9 1.2 0.5 0.3 –0.2 0.7 0.3 0.7 0.2 1.2 0.6 0.5 –1.5 1.2 0.5 0.1 –3.1 0.5 0.5 0.0 1.4 –0.6 0.1 Real disposable personal income ............................................................ –0.3 0.0 –2.5 –1.5 –0.9 Based on chained (2000) dollar measures 0.1 0.2 5.3 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2006 2007 2007 I II 2008 III IV II r I 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 .............................. 7.1 5.8 6.3 3.8 6.1 5.2 5.6 3.7 9.1 8.0 8.8 4.6 3.7 1.4 1.1 2.7 5.4 4.1 4.3 3.4 4.9 5.3 5.6 3.9 3.0 3.5 3.3 4.5 7.9 3.1 3.1 3.1 5.7 8.3 14.3 10.1 21.7 5.4 5.9 4.1 –9.6 9.6 7.9 12.4 6.9 4.3 5.9 –28.9 9.3 9.6 8.7 17.2 8.5 5.1 161.0 11.1 12.1 9.7 0.8 –0.3 5.3 –22.7 10.1 10.4 9.8 5.1 2.9 3.8 –27.3 5.1 2.1 9.8 4.1 3.9 –0.8 5.3 –0.4 –5.7 8.1 9.6 7.1 2.0 401.3 –0.3 –5.1 7.0 37.8 2.0 Less: Personal current taxes ................................................................... 12.0 10.3 18.3 8.5 3.3 5.1 3.9 –39.4 Equals: Disposable personal income...................................................... 6.4 5.5 7.9 3.0 5.7 4.9 2.9 16.7 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 5.9 3.1 6.8 6.0 5.5 2.9 5.5 5.9 7.4 7.1 8.8 6.7 5.7 3.3 8.4 4.8 4.6 0.3 4.2 5.6 5.3 –1.2 8.7 4.9 4.5 –4.3 6.3 5.3 5.5 –4.3 10.6 4.9 Real disposable personal income ............................................................ 3.5 2.8 0.6 –0.7 11.9 Based on chained (2000) dollar measures r Revised 4.4 –0.6 3.1 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2008 January February March April r May r June r July r August p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,317.3 1,239.7 2,395.4 4,706.2 8,304.6 1,241.8 2,388.3 4,699.6 8,326.2 1,229.5 2,410.1 4,707.3 8,334.6 1,230.8 2,419.0 4,705.7 8,355.1 1,237.1 2,427.3 4,712.8 8,334.4 1,217.0 2,415.9 4,717.9 8,293.0 1,178.0 2,399.2 4,721.0 8,293.3 1,196.7 2,392.4 4,715.6 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 10.1 –3.3 –5.0 16.6 –12.7 2.1 –7.1 –6.6 21.6 –12.3 21.8 7.7 8.4 1.3 8.9 –1.6 20.5 6.3 8.3 7.1 –20.7 –20.1 –11.4 5.1 –41.4 –39.0 –16.7 3.1 0.3 18.7 –6.8 –5.4 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.1 –0.3 –0.2 0.4 –0.2 0.2 –0.3 –0.1 0.3 –1.0 0.9 0.2 0.1 0.1 0.4 0.0 0.2 0.5 0.3 0.2 –0.2 –1.6 –0.5 0.1 –0.5 –3.2 –0.7 0.1 0.0 1.6 –0.3 –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 2006 2007 2007 I II 2008 III IV II r I Billions of chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,029.0 1,185.1 2,335.3 4,529.9 8,252.8 1,242.4 2,392.6 4,646.2 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 237.3 50.7 82.6 109.0 223.8 57.3 57.3 116.3 8,197.2 1,227.3 2,380.1 4,616.1 8,237.3 1,242.3 2,391.5 4,632.7 8,278.5 1,249.4 2,398.6 4,659.8 8,298.2 1,250.6 2,400.2 4,676.1 8,316.1 1,237.0 2,397.9 4,704.3 8,341.3 1,228.3 2,420.7 4,712.1 17.9 –13.6 –2.3 28.2 25.2 –8.7 22.8 7.8 0.9 –4.3 –0.4 2.4 1.2 –2.8 3.9 0.7 Change from preceding period in billions of chained (2000) dollars 77.3 26.6 20.3 34.6 40.1 15.0 11.4 16.6 41.2 7.1 7.1 27.1 19.7 1.2 1.6 16.3 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... r Revised 3.0 4.5 3.7 2.5 2.8 4.8 2.5 2.6 3.9 9.2 3.5 3.1 2.0 5.0 1.9 1.4 2.0 2.3 1.2 2.4 1.0 0.4 0.3 1.4 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2008 January February March April r May r June r July r August p Chain-type price indexes (2000=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 120.052 86.508 123.030 126.760 120.212 86.598 122.903 127.083 120.585 86.636 123.245 127.557 120.869 86.382 123.625 127.934 121.419 86.123 124.646 128.451 122.346 86.205 126.793 128.967 123.129 86.277 128.294 129.563 123.171 86.129 127.910 129.870 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 115.975 118.262 112.900 116.141 118.392 113.029 116.357 118.701 113.134 116.532 119.003 113.309 116.742 119.578 113.482 117.072 120.574 113.775 117.409 121.374 114.043 117.695 121.315 114.257 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE............................................................................................................. Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.3 0.1 0.7 0.2 0.1 0.1 –0.1 0.3 0.3 0.0 0.3 0.4 0.2 –0.3 0.3 0.3 0.5 –0.3 0.8 0.4 0.8 0.1 1.7 0.4 0.6 0.1 1.2 0.5 0.0 –0.2 –0.3 0.2 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 0.2 0.3 0.2 0.1 0.1 0.1 0.2 0.3 0.1 0.2 0.3 0.2 0.2 0.5 0.2 0.3 0.8 0.3 0.3 0.7 0.2 0.2 0.0 0.2 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 January February April r March May r June r July r August p Disposable personal income.................................................................... 0.8 0.5 0.4 0.9 6.4 3.5 1.6 0.3 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 1.7 1.3 0.8 2.1 1.2 1.4 0.5 1.4 1.5 –0.3 0.9 2.2 1.3 –0.1 1.5 1.5 1.4 –1.7 1.4 2.0 1.1 –1.6 0.7 1.7 0.4 –4.5 –0.3 1.5 0.1 –4.7 0.1 0.9 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 January February March April r May r June r July r August p Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 3.6 –1.3 6.5 3.2 3.5 –1.4 6.1 3.1 3.4 –1.2 5.6 3.3 3.4 –1.2 5.5 3.3 3.5 –1.3 5.6 3.4 4.1 –1.3 7.2 3.5 4.6 –1.0 8.2 3.8 4.5 –0.9 8.0 3.8 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 2.2 3.5 1.8 2.1 3.4 1.7 2.2 3.3 1.7 2.2 3.3 1.8 2.2 3.5 1.9 2.3 4.1 2.0 2.5 4.7 2.1 2.6 4.6 2.2 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions.
@FedFRASER