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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, OCTOBER 1, 2009 James E. Rankin: Brendan Leary: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 09-44 PERSONAL INCOME AND OUTLAYS: AUGUST 2009 Personal income increased $19.3 billion, or 0.2 percent, and disposable personal income (DPI) increased $15.5 billion, or 0.1 percent, in August, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $129.6 billion, or 1.3 percent. In July, personal income increased $19.4 billion, or 0.2 percent, DPI decreased $2.0 billion, or less than 0.1 percent, and PCE increased $25.2 billion, or 0.3 percent, based on revised estimates. Real disposable income decreased 0.2 percent in August, compared with a decrease of 0.1 percent in July. Real PCE increased 0.9 percent, compared with an increase of 0.2 percent. 2009 Apr. May June July (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2005) dollars Personal consumption expenditures: Current dollars Chained (2005) dollars Aug. 0.2 1.3 -1.1 0.2 0.2 0.9 0.9 1.6 1.5 -1.1 -1.6 0.0 -0.1 0.1 -0.2 -0.1 -0.2 0.1 0.0 0.7 0.2 0.3 0.2 1.3 0.9 ________________________ 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 (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $8.5 billion in August, compared with an increase of $8.6 billion in July. Goods-producing industries' payrolls decreased $5.5 billion, in contrast to an increase of $0.7 billion; manufacturing payrolls decreased $3.3 billion, in contrast to an increase of $4.7 billion. Services-producing industries' payrolls increased $14.0 billion, compared with an increase of $7.9 billion. Government wage and salary disbursements increased $2.5 billion, compared with an increase of $0.8 billion. -more- -3- Other personal income Supplements to wages and salaries increased $1.9 billion in August, compared with an increase of $2.0 billion in July. Proprietors' income increased $5.4 billion in August, compared with an increase of $7.3 billion in July. Farm proprietors' income decreased $1.6 billion, compared with a decrease of $1.2 billion. Nonfarm proprietors' income increased $7.0 billion, compared with an increase of $8.5 billion. Rental income of persons increased $5.8 billion in August, compared with an increase of $5.9 billion in July. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $15.6 billion, the same decrease as in July. Personal current transfer receipts increased $12.1 billion in August, compared with an increase of $11.7 billion in July. Contributions for government social insurance -- a subtraction in calculating personal income -increased $1.5 billion in August, compared with an increase of $1.2 billion in July. Personal current taxes and disposable personal income Personal current taxes increased $3.8 billion in August, compared with an increase of $21.5 billion in July. Disposable personal income (DPI) -- personal income less personal current taxes -increased $15.5 billion, or 0.1 percent, in August, in contrast to a decrease of $2.0 billion, or less than 0.1 percent, in July. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $127.3 billion in August, compared with an increase of $22.9 billion in July. PCE increased $129.6 billion, compared with an increase of $25.2 billion. Personal saving -- DPI less personal outlays -- was $324.1 billion in August, compared with $436.0 billion in July. Personal saving as a percentage of disposable personal income was 3.0 percent in August, compared with 4.0 percent in July. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. -more- -4- Real DPI, real PCE and PCE price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.2 percent in August, compared with a decrease of 0.1 percent in July. Real PCE -- PCE adjusted to remove price changes -- increased 0.9 percent in August, compared with an increase of 0.2 percent in July. Purchases of durable goods increased 5.8 percent, compared with an increase of 1.8 percent. Reflecting the impact of the federal CARS program (popularly called Acash for clunkers@), purchases of motor vehicles and parts accounted for most of the August increase in purchases of durable goods and more than accounted for the July increase. This program, which began in July and ended on August 24, 2009, provided credit for customers who purchased a qualifying new, more fuel efficient auto or light truck. For further information on how the CARS program is reflected in the GDP statistics, please see the FAQ at BEA’s Web site, www.bea.gov, “How will the federal Consumer Assistance to Recycle and Save Act of 2009 (i.e., the CARS program) be reflected in the National Income and Product Accounts (NIPAs)?” Purchases of nondurable goods increased 1.0 percent in August, in contrast to a decrease of 0.3 percent in July. Purchases of services increased 0.2 percent, compared with an increase of 0.1 percent. PCE price index -- The price index for PCE increased 0.3 percent in August, compared with an increase of less than 0.1 percent in July. The PCE price index, excluding food and energy, increased 0.1 percent, the same increase as in July. -more- -5- Revisions Estimates have been revised for April through July. Changes in personal income, currentdollar and chained (2005) dollar DPI, and current-dollar and chained (2005) 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 (Billions of dollars) July Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars -133.4 -135.3 -1.1 -1.1 3.8 19.4 0.0 0.2 Disposable personal income: Current Dollars Chained (2005) dollars -119.9 -164.5 -119.6 -163.7 -1.1 -1.6 -1.1 -1.6 -4.6 -7.6 -2.0 -5.6 0.0 -0.1 0.0 -0.1 Personal consumption expenditures: Current dollars 60.9 Chained (2005) dollars 6.2 71.3 16.2 0.6 0.1 0.7 0.2 25.0 19.7 25.2 19.5 0.2 0.2 0.3 0.2 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 30, 2009 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 2009 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ February March April r May r June r July r August p 12,038.3 7,863.0 6,362.2 5,193.2 1,125.6 690.4 4,067.6 1,011.5 3,056.1 1,169.0 1,500.9 1,036.7 464.2 11,937.1 7,798.4 6,301.0 5,129.4 1,105.5 680.4 4,023.9 1,002.8 3,021.1 1,171.5 1,497.4 1,037.8 459.6 11,882.7 7,756.0 6,260.3 5,085.5 1,090.7 672.1 3,994.8 992.7 3,002.1 1,174.8 1,495.7 1,038.9 456.8 11,911.6 7,737.5 6,241.3 5,060.7 1,078.7 667.2 3,982.0 990.2 2,991.8 1,180.6 1,496.2 1,040.6 455.5 12,069.6 7,731.6 6,234.4 5,049.4 1,067.5 659.5 3,981.9 991.6 2,990.3 1,185.0 1,497.2 1,042.0 455.2 11,934.3 7,714.3 6,216.8 5,029.4 1,057.7 653.9 3,971.7 987.5 2,984.2 1,187.4 1,497.5 1,043.4 454.1 11,953.7 7,725.7 6,226.2 5,038.0 1,058.4 658.6 3,979.6 986.0 2,993.6 1,188.2 1,499.5 1,045.0 454.5 11,973.0 7,738.6 6,237.2 5,046.5 1,052.9 655.3 3,993.6 990.9 3,002.7 1,190.7 1,501.4 1,046.2 455.2 1,050.2 31.0 1,019.2 242.2 1,894.0 1,261.0 633.0 1,966.0 1,933.5 1,120.4 87.8 725.3 32.5 977.1 1,215.9 10,822.4 10,347.8 9,972.7 3,183.0 1,031.2 2,151.8 6,789.7 221.2 153.9 90.1 63.8 474.5 4.4 1,036.2 26.1 1,010.1 245.9 1,845.5 1,243.4 602.1 1,979.7 1,947.2 1,129.1 92.4 725.7 32.5 968.6 1,189.5 10,747.7 10,386.0 10,011.3 3,219.7 1,030.2 2,189.5 6,791.6 220.4 154.2 90.4 63.8 361.7 3.4 1,027.1 25.0 1,002.1 249.7 1,797.1 1,225.8 571.2 2,016.2 1,983.6 1,136.0 108.3 739.3 32.6 963.3 1,156.4 10,726.3 10,353.1 9,978.9 3,190.3 1,014.3 2,176.0 6,788.6 219.7 154.6 90.7 63.8 373.2 3.5 1,026.0 27.1 998.9 255.4 1,785.2 1,233.5 551.8 2,068.3 2,035.7 1,148.4 113.9 773.4 32.6 960.9 1,083.4 10,828.1 10,340.3 9,968.1 3,166.8 1,000.6 2,166.2 6,801.3 218.2 154.1 91.0 63.1 487.8 4.5 1,026.8 29.1 997.7 261.9 1,773.4 1,241.1 532.3 2,236.1 2,203.4 1,145.7 121.6 936.1 32.7 960.2 1,068.5 11,001.1 10,350.4 9,979.3 3,179.4 1,011.5 2,167.9 6,799.9 216.7 154.5 91.4 63.1 650.7 5.9 1,031.2 30.6 1,000.6 268.7 1,761.5 1,248.7 512.8 2,116.6 2,083.9 1,159.1 132.0 792.8 32.7 958.0 1,052.7 10,881.5 10,420.6 10,050.6 3,235.1 1,022.5 2,212.6 6,815.6 215.2 154.8 91.7 63.1 460.9 4.2 1,038.5 29.4 1,009.1 274.6 1,745.9 1,242.4 503.6 2,128.3 2,095.6 1,158.8 131.1 805.7 32.8 959.2 1,074.2 10,879.5 10,443.5 10,075.8 3,241.1 1,036.1 2,205.0 6,834.6 212.6 155.2 92.1 63.1 436.0 4.0 1,043.9 27.8 1,016.1 280.4 1,730.3 1,236.0 494.3 2,140.4 2,107.6 1,163.3 136.9 807.5 32.8 960.7 1,078.0 10,895.0 10,570.8 10,205.4 3,345.8 1,090.9 2,254.9 6,859.6 210.0 155.5 92.5 63.1 324.1 3.0 9,302.5 9,169.3 9,094.5 9,065.8 9,050.9 8,988.0 8,991.6 8,967.7 9,995.3 9,897.0 9,887.0 9,973.0 10,125.6 9,961.9 9,956.3 9,936.6 35,362 32,659 306,049 35,095 32,317 306,243 35,003 32,264 306,443 35,311 32,522 306,648 35,850 32,997 306,865 35,433 32,438 307,103 35,398 32,394 307,351 35,418 32,302 307,614 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2007 2008 2008 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ II 2009 III IV I II r 11,894.1 7,862.7 6,408.9 5,319.8 1,212.9 753.5 4,106.9 1,044.7 3,062.2 1,089.1 1,453.8 993.0 460.8 12,238.8 8,042.4 6,545.9 5,404.6 1,206.5 742.0 4,198.1 1,048.3 3,149.8 1,141.3 1,496.6 1,023.9 472.7 12,142.2 8,017.5 6,533.0 5,407.7 1,217.1 750.1 4,190.6 1,055.3 3,135.3 1,125.3 1,484.5 1,014.0 470.5 12,292.9 8,032.8 6,539.2 5,402.8 1,210.6 745.3 4,192.2 1,050.7 3,141.5 1,136.4 1,493.5 1,021.7 471.8 12,286.6 8,069.1 6,567.7 5,419.2 1,206.2 740.3 4,213.0 1,047.8 3,165.2 1,148.5 1,501.4 1,026.7 474.7 12,233.5 8,050.3 6,543.5 5,388.6 1,192.2 732.2 4,196.5 1,039.4 3,157.1 1,154.9 1,506.8 1,033.2 473.6 11,952.7 7,805.8 6,307.8 5,136.0 1,107.3 681.0 4,028.8 1,002.3 3,026.5 1,171.8 1,498.0 1,037.8 460.2 11,971.8 7,727.8 6,230.9 5,046.5 1,068.0 660.2 3,978.5 989.8 2,988.8 1,184.4 1,496.9 1,042.0 454.9 1,096.4 39.4 1,056.9 144.9 2,031.5 1,266.4 765.1 1,718.0 1,687.8 1,003.7 32.3 651.7 30.2 959.3 1,490.9 10,403.1 10,224.3 9,826.4 3,365.0 1,160.5 2,204.5 6,461.4 256.8 141.0 82.3 58.7 178.9 1.7 1,106.3 48.7 1,057.5 210.4 1,994.4 1,308.0 686.4 1,875.9 1,843.2 1,070.3 50.6 722.4 32.6 990.6 1,432.4 10,806.4 10,520.0 10,129.9 3,403.2 1,095.2 2,308.0 6,726.8 237.7 152.3 87.9 64.5 286.4 2.7 1,115.2 57.2 1,057.9 179.9 2,020.8 1,304.6 716.2 1,794.1 1,761.5 1,049.1 35.7 676.7 32.6 985.3 1,531.8 10,610.4 10,484.1 10,095.1 3,447.2 1,145.8 2,301.4 6,647.9 239.8 149.2 86.1 63.1 126.3 1.2 1,111.9 49.4 1,062.5 202.8 1,997.3 1,306.6 690.7 1,937.0 1,904.4 1,064.5 38.7 801.3 32.6 988.9 1,326.2 10,966.7 10,592.2 10,194.7 3,474.9 1,126.5 2,348.4 6,719.8 243.9 153.6 87.4 66.2 374.4 3.4 1,114.4 49.3 1,065.1 222.2 2,001.4 1,327.8 673.7 1,874.3 1,841.7 1,080.5 57.7 703.5 32.6 994.9 1,437.3 10,849.3 10,613.6 10,220.1 3,463.0 1,088.5 2,374.5 6,757.1 238.3 155.2 88.5 66.7 235.7 2.2 1,083.6 39.0 1,044.5 236.7 1,958.1 1,292.9 665.2 1,898.0 1,865.3 1,087.0 70.3 708.0 32.7 993.3 1,434.3 10,799.1 10,389.9 10,009.8 3,227.5 1,019.9 2,207.6 6,782.3 228.8 151.3 89.5 61.8 409.2 3.8 1,037.8 27.3 1,010.5 245.9 1,845.5 1,243.4 602.1 1,987.3 1,954.7 1,128.5 96.2 730.1 32.5 969.7 1,187.3 10,765.4 10,362.3 9,987.7 3,197.7 1,025.2 2,172.4 6,790.0 220.4 154.2 90.4 63.8 403.1 3.7 1,028.0 28.9 999.1 262.0 1,773.4 1,241.1 532.3 2,140.3 2,107.7 1,151.1 122.5 834.1 32.7 959.7 1,068.2 10,903.6 10,370.5 9,999.3 3,193.8 1,011.5 2,182.2 6,805.6 216.7 154.5 91.4 63.1 533.1 4.9 9,645.4 9,504.6 9,583.9 9,498.8 9,442.0 9,494.4 9,188.7 9,034.8 9,860.6 9,911.3 9,826.8 10,059.0 9,838.3 9,920.4 9,926.4 10,020.0 34,478 32,679 301,737 35,486 32,546 304,529 34,960 32,379 303,498 36,059 33,075 304,128 35,586 32,270 304,872 35,335 32,460 305,620 35,153 32,413 306,245 35,531 32,652 306,872 r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2009 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ February March April r May r June r July r August p –158.3 –158.2 –151.8 –164.8 –50.8 –31.3 –114.0 –21.9 –92.1 13.0 –6.3 1.5 –7.8 –101.2 –64.6 –61.2 –63.8 –20.1 –10.0 –43.7 –8.7 –35.0 2.5 –3.5 1.1 –4.6 –54.4 –42.4 –40.7 –43.9 –14.8 –8.3 –29.1 –10.1 –19.0 3.3 –1.7 1.1 –2.8 28.9 –18.5 –19.0 –24.8 –12.0 –4.9 –12.8 –2.5 –10.3 5.8 0.5 1.7 –1.3 158.0 –5.9 –6.9 –11.3 –11.2 –7.7 –0.1 1.4 –1.5 4.4 1.0 1.4 –0.3 –135.3 –17.3 –17.6 –20.0 –9.8 –5.6 –10.2 –4.1 –6.1 2.4 0.3 1.4 –1.1 19.4 11.4 9.4 8.6 0.7 4.7 7.9 –1.5 9.4 0.8 2.0 1.6 0.4 19.3 12.9 11.0 8.5 –5.5 –3.3 14.0 4.9 9.1 2.5 1.9 1.2 0.7 –19.7 –5.7 –14.0 3.3 –48.8 –17.9 –30.9 52.2 52.5 30.2 3.9 18.4 –0.3 –12.9 –200.4 42.2 77.2 75.7 68.9 25.7 43.2 6.8 –0.7 2.3 0.3 2.0 –35.2 –14.0 –4.9 –9.1 3.7 –48.5 –17.6 –30.9 13.7 13.7 8.7 4.6 0.4 0.0 –8.5 –26.4 –74.7 38.2 38.6 36.7 –1.0 37.7 1.9 –0.8 0.3 0.3 0.0 –112.8 –9.1 –1.1 –8.0 3.8 –48.4 –17.6 –30.9 36.5 36.4 6.9 15.9 13.6 0.1 –5.3 –33.1 –21.4 –32.9 –32.4 –29.4 –15.9 –13.5 –3.0 –0.7 0.4 0.3 0.0 11.5 –1.1 2.1 –3.2 5.7 –11.9 7.7 –19.4 52.1 52.1 12.4 5.6 34.1 0.0 –2.4 –73.0 101.8 –12.8 –10.8 –23.5 –13.7 –9.8 12.7 –1.5 –0.5 0.3 –0.7 114.6 0.8 2.0 –1.2 6.5 –11.8 7.6 –19.5 167.8 167.7 –2.7 7.7 162.7 0.1 –0.7 –14.9 173.0 10.1 11.2 12.6 10.9 1.7 –1.4 –1.5 0.4 0.4 0.0 162.9 4.4 1.5 2.9 6.8 –11.9 7.6 –19.5 –119.5 –119.5 13.4 10.4 –143.3 0.0 –2.2 –15.8 –119.6 70.2 71.3 55.7 11.0 44.7 15.7 –1.5 0.3 0.3 0.0 –189.8 7.3 –1.2 8.5 5.9 –15.6 –6.3 –9.2 11.7 11.7 –0.3 –0.9 12.9 0.1 1.2 21.5 –2.0 22.9 25.2 6.0 13.6 –7.6 19.0 –2.6 0.4 0.4 0.0 –24.9 5.4 –1.6 7.0 5.8 –15.6 –6.4 –9.3 12.1 12.0 4.5 5.8 1.8 0.0 1.5 3.8 15.5 127.3 129.6 104.7 54.8 49.9 25.0 –2.6 0.3 0.4 0.0 –111.9 –211.6 21.0 –133.2 –98.3 –74.8 –10.0 –28.7 86.0 –14.9 152.6 –62.9 –163.7 3.6 –5.6 –23.9 –19.7 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2007 2008 2008 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ II 2009 III IV I II r 626.0 387.0 340.0 286.1 36.9 14.8 249.1 48.7 200.4 53.9 46.9 32.9 14.1 344.7 179.7 137.0 84.8 –6.4 –11.5 91.2 3.6 87.6 52.2 42.8 30.9 11.9 41.9 38.2 25.7 6.3 –8.2 –7.5 14.5 –1.6 16.1 19.5 12.4 8.8 3.6 150.7 15.3 6.2 –4.9 –6.5 –4.8 1.6 –4.6 6.2 11.1 9.0 7.7 1.3 –6.3 36.3 28.5 16.4 –4.4 –5.0 20.8 –2.9 23.7 12.1 7.9 5.0 2.9 –53.1 –18.8 –24.2 –30.6 –14.0 –8.1 –16.5 –8.4 –8.1 6.4 5.4 6.5 –1.1 –280.8 –244.5 –235.7 –252.6 –84.9 –51.2 –167.7 –37.1 –130.6 16.9 –8.8 4.6 –13.4 19.1 –78.0 –76.9 –89.5 –39.3 –20.8 –50.3 –12.5 –37.7 12.6 –1.1 4.2 –5.3 –36.6 10.1 –46.7 –1.6 201.8 138.9 62.9 113.0 104.2 60.4 2.4 41.3 8.8 37.5 138.5 487.4 543.6 503.7 143.3 27.5 115.8 360.5 26.7 13.0 5.9 7.1 –56.1 9.9 9.3 0.6 65.5 –37.1 41.6 –78.7 157.9 155.4 66.6 18.3 70.7 2.4 31.3 –58.5 403.3 295.7 303.5 38.2 –65.3 103.5 265.4 –19.1 11.3 5.6 5.8 107.5 13.1 9.3 3.7 11.9 –49.0 –18.2 –30.8 40.4 40.3 26.0 1.8 12.5 0.2 12.7 9.9 32.0 59.1 75.9 –1.7 –26.9 25.2 77.6 –20.9 4.2 1.5 2.7 –27.2 –3.3 –7.8 4.6 22.9 –23.5 2.0 –25.5 142.9 142.9 15.4 3.0 124.6 0.0 3.6 –205.6 356.3 108.1 99.6 27.7 –19.3 47.0 71.9 4.1 4.4 1.3 3.1 248.1 2.5 –0.1 2.6 19.4 4.1 21.2 –17.0 –62.7 –62.7 16.0 19.0 –97.8 0.0 6.0 111.1 –117.4 21.4 25.4 –11.9 –38.0 26.1 37.3 –5.6 1.6 1.1 0.5 –138.7 –30.8 –10.3 –20.6 14.5 –43.3 –34.9 –8.5 23.7 23.6 6.5 12.6 4.5 0.1 –1.6 –3.0 –50.2 –223.7 –210.3 –235.5 –68.6 –166.9 25.2 –9.5 –3.9 1.0 –4.9 173.5 –45.8 –11.7 –34.0 9.2 –112.6 –49.5 –63.1 89.3 89.4 41.5 25.9 22.1 –0.2 –23.6 –247.0 –33.7 –27.6 –22.1 –29.8 5.3 –35.2 7.7 –8.4 2.9 0.9 2.0 –6.1 –9.8 1.6 –11.4 16.1 –72.1 –2.3 –69.8 153.0 153.0 22.6 26.3 104.0 0.2 –10.0 –119.1 138.2 8.2 11.6 –3.9 –13.7 9.8 15.6 –3.7 0.3 1.0 –0.7 130.0 240.6 209.9 –140.8 50.7 –85.7 –59.4 –85.1 232.2 –56.8 –220.7 52.4 82.1 –305.7 6.0 –153.9 93.6 r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2009 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ –1.3 –2.0 –2.3 –0.4 –0.8 –0.8 –1.0 –0.2 –0.5 –0.5 –0.6 –0.1 0.2 –0.2 –0.3 0.0 1.3 –0.1 –0.1 0.1 –1.1 –0.2 –0.3 0.0 0.2 0.1 0.2 0.1 0.2 0.2 0.2 0.1 –1.8 1.4 –2.5 –1.4 –4.7 2.7 –1.3 –14.2 0.4 –1.3 1.5 –2.6 –1.4 –4.9 0.7 –0.9 –2.2 –0.7 –0.9 1.5 –2.6 –1.4 –5.1 1.8 –0.6 –2.8 –0.2 –0.1 2.3 –0.7 0.6 –3.4 2.6 –0.2 –6.3 0.9 0.1 2.6 –0.7 0.6 –3.5 8.1 –0.1 –1.4 1.6 0.4 2.6 –0.7 0.6 –3.7 –5.3 –0.2 –1.5 –1.1 0.7 2.2 –0.9 –0.5 –1.8 0.6 0.1 2.0 0.0 0.5 2.1 –0.9 –0.5 –1.8 0.6 0.2 0.4 0.1 0.8 2.2 2.6 2.0 0.1 0.4 1.2 –0.1 1.7 0.0 –0.3 –0.9 –1.5 –0.6 0.0 –0.1 –0.7 –1.4 –0.4 0.2 0.1 0.4 1.1 0.1 0.0 0.7 1.8 1.1 2.1 0.2 0.3 0.2 1.3 –0.3 0.3 1.3 3.2 5.3 2.3 0.4 –0.7 –1.6 0.0 –0.1 –0.3 –0.2 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ –2.2 0.2 –1.4 –1.0 –0.8 –0.1 –0.3 0.9 –0.2 1.5 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2007 2008 2008 I II 2009 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ 5.6 5.2 5.6 3.3 2.9 2.3 2.1 2.9 1.4 1.9 1.6 3.4 5.1 0.8 0.4 2.4 –0.2 1.8 1.8 2.1 –1.7 –0.9 –1.5 1.4 –8.9 –11.6 –13.6 –2.3 0.6 –3.9 –4.8 –0.3 –3.2 –1.1 11.0 12.3 9.0 7.0 4.1 10.2 4.9 0.9 45.2 –1.8 3.3 –10.3 9.2 3.3 –3.9 3.9 4.9 31.3 –9.1 –5.4 –15.5 9.5 5.4 2.6 1.2 –1.2 61.7 –4.6 0.6 –13.5 35.9 1.4 –43.8 14.1 0.9 44.0 0.8 6.6 –9.5 –12.3 2.4 38.0 –4.2 –10.6 28.8 –8.4 –10.1 –5.0 5.1 –0.6 –0.8 –1.8 –15.9 16.4 –21.1 –14.5 –32.8 20.2 –9.2 –53.1 –1.2 –3.7 28.9 –14.7 –0.7 –38.9 34.6 –4.0 –34.5 5.2 5.4 4.4 2.4 5.5 5.9 3.1 1.1 –5.6 4.7 4.1 3.1 –0.2 –8.9 4.5 4.8 4.0 3.3 –6.6 8.4 4.4 1.0 –1.4 –12.8 4.5 2.2 –8.0 –24.5 –22.9 –25.3 1.5 –0.9 –3.7 2.1 –6.2 0.5 0.5 –0.5 –5.2 1.8 0.9 0.6 3.4 –3.2 0.2 –1.7 3.8 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ r Revised 2.6 2.2 –1.5 0.5 –0.9 –2.4 –0.9 9.8 –0.6 –8.5 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2009 January February March April r May r June r July r August p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,210.6 3,128.8 1,094.7 2,028.0 6,078.3 9,218.9 3,141.3 1,091.8 2,042.5 6,074.9 9,198.1 3,119.2 1,075.2 2,035.9 6,074.9 9,180.8 3,095.0 1,059.2 2,026.9 6,080.3 9,185.1 3,106.1 1,072.5 2,025.8 6,074.3 9,201.3 3,114.9 1,083.5 2,024.5 6,081.9 9,220.8 3,126.5 1,103.3 2,018.4 6,090.3 9,307.7 3,205.5 1,167.4 2,038.7 6,101.7 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 53.5 55.3 28.5 27.7 1.3 8.3 12.5 –2.9 14.5 –3.4 –20.8 –22.1 –16.6 –6.6 0.0 –17.3 –24.2 –16.0 –9.0 5.4 4.3 11.1 13.3 –1.1 –6.0 16.2 8.8 11.0 –1.3 7.6 19.5 11.6 19.8 –6.1 8.4 86.9 79.0 64.1 20.3 11.4 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.6 1.8 2.7 1.4 0.0 0.1 0.4 –0.3 0.7 –0.1 –0.2 –0.7 –1.5 –0.3 0.0 –0.2 –0.8 –1.5 –0.4 0.1 0.0 0.4 1.2 –0.1 –0.1 0.2 0.3 1.0 –0.1 0.1 0.2 0.4 1.8 –0.3 0.1 0.9 2.5 5.8 1.0 0.2 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2007 2008 2008 I II 2009 III IV I II r 9,195.3 3,110.4 1,076.8 2,026.1 6,080.4 9,209.2 3,129.8 1,087.2 2,035.5 6,076.0 9,189.0 3,105.4 1,071.7 2,025.7 6,078.8 13.9 19.4 10.4 9.4 –4.4 –20.2 –24.4 –15.5 –9.8 2.8 0.6 2.5 3.9 1.9 –0.3 –0.9 –3.1 –5.6 –1.9 0.2 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,313.9 3,273.7 1,199.9 2,074.8 6,040.8 9,290.9 3,206.0 1,146.3 2,057.3 6,083.1 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 240.4 99.8 49.5 51.2 141.1 –23.0 –67.7 –53.6 –17.5 42.3 9,349.6 3,262.1 1,193.2 2,070.1 6,087.1 9,351.0 3,257.8 1,175.7 2,081.4 6,092.5 9,267.7 3,193.6 1,139.6 2,051.5 6,072.4 Change from preceding period in billions of chained (2005) dollars –14.0 –42.7 –28.0 –15.9 27.4 1.4 –4.3 –17.5 11.3 5.4 –83.3 –64.2 –36.1 –29.9 –20.1 –72.4 –83.2 –62.8 –25.4 8.0 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... r Revised 2.6 3.1 4.3 2.5 2.4 –0.2 –2.1 –4.5 –0.8 0.7 –0.6 –5.1 –8.9 –3.0 1.8 0.1 –0.5 –5.7 2.2 0.4 –3.5 –7.7 –11.7 –5.6 –1.3 –3.1 –10.0 –20.3 –4.9 0.5 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2009 January February March April r May r June r July r August p Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 108.272 101.755 94.227 106.126 111.702 108.592 102.511 94.386 107.207 111.797 108.485 102.292 94.365 106.883 111.747 108.571 102.335 94.488 106.882 111.857 108.644 102.379 94.344 107.024 111.944 109.228 103.877 94.389 109.302 112.061 109.270 103.688 93.933 109.256 112.221 109.641 104.396 93.476 110.616 112.418 102.273 108.010 108.211 107.900 105.708 108.202 108.605 108.155 102.315 108.307 108.541 108.346 99.934 108.586 108.602 108.628 100.171 108.694 108.648 108.712 108.596 108.855 109.293 108.871 108.194 108.967 109.296 108.950 113.690 109.066 109.702 109.042 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 0.2 0.4 –0.1 0.6 0.1 0.3 0.7 0.2 1.0 0.1 –0.1 –0.2 0.0 –0.3 0.0 0.1 0.0 0.1 0.0 0.1 0.1 0.0 –0.2 0.1 0.1 0.5 1.5 0.0 2.1 0.1 0.0 –0.2 –0.5 0.0 0.1 0.3 0.7 –0.5 1.2 0.2 1.8 0.1 0.3 0.2 3.4 0.2 0.4 0.2 –3.2 0.1 –0.1 0.2 –2.3 0.3 0.1 0.3 0.2 0.1 0.0 0.1 8.4 0.1 0.6 0.1 –0.4 0.1 0.0 0.1 5.1 0.1 0.4 0.1 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 January Disposable personal income.................................................................... Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... 1.5 –1.6 –4.4 –9.1 –2.1 –0.1 February 0.7 –1.3 –3.2 –8.5 –0.5 –0.3 March 0.8 –1.7 –4.6 –9.1 –2.4 –0.2 April r May r 1.7 –1.9 –5.2 –10.2 –2.7 –0.3 –1.8 –1.8 –4.8 –9.1 –2.7 –0.2 June r –0.9 –1.5 –4.1 –7.2 –2.7 –0.1 July r 0.6 –0.7 –2.3 –3.1 –2.0 0.1 August p 1.3 0.3 –0.4 0.9 –1.1 0.7 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 January Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... February March April r May r June r July r August p 0.5 –3.5 –1.8 –4.3 2.5 0.6 –2.9 –1.7 –3.5 2.4 0.2 –3.5 –1.8 –4.2 2.0 0.1 –3.5 –1.6 –4.3 1.8 –0.3 –3.7 –1.5 –4.7 1.5 –0.4 –3.5 –1.4 –4.5 1.2 –0.8 –4.5 –1.9 –5.6 1.0 –0.5 –3.6 –2.1 –4.3 1.0 –22.8 1.7 0.6 2.1 –20.6 1.8 0.7 2.1 –24.8 1.7 0.4 2.1 –26.1 1.7 0.2 2.2 –27.7 1.6 –0.1 2.1 –26.2 1.5 –0.2 2.0 –28.9 1.4 –0.8 1.8 –23.7 1.3 –0.5 1.7 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
@FedFRASER