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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, SEPTEMBER 30, 2011 BEA 11-50 James Rankin: (202) 606-5301 Kyle Brown: (202) 606-5302 (Personal Income) (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: AUGUST 2011 Personal income decreased $7.3 billion, or 0.1 percent, and disposable personal income (DPI) decreased $5.0 billion, or less than 0.1 percent, in August, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $22.7 billion, or 0.2 percent. In July, personal income increased $17.1 billion, or 0.1 percent, DPI increased $14.4 billion, or 0.1 percent, and PCE increased $76.6 billion, or 0.7 percent, based on revised estimates. Real disposable income decreased 0.3 percent in August, compared with a decrease of 0.2 percent in July. Real PCE decreased less than 0.1 percent, in contrast to an increase of 0.4 percent. 2011 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. 0.4 0.3 0.2 0.1 -0.1 0.3 0.0 0.2 0.0 0.1 0.3 0.1 -0.2 0.0 -0.3 0.3 -0.1 0.2 0.0 -0.2 -0.1 0.7 0.4 0.2 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 (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 decreased $12.2 billion in August, in contrast to an increase of $23.8 billion in July. Goods-producing industries' payrolls decreased $1.3 billion, in contrast to an increase of $6.3 billion; manufacturing payrolls decreased $2.9 billion, in contrast to an increase of $5.8 billion. Services-producing industries' payrolls decreased $10.9 billion, in contrast to an increase of $17.5 billion. Government wage and salary disbursements increased $0.4 billion, in contrast to a decrease of $1.8 billion. -more- -3- Other personal income Supplements to wages and salaries increased $1.1 billion in August, compared with an increase of $3.3 billion in July. Proprietors' income increased $6.5 billion in August, compared with an increase of $3.1 billion in July. Farm proprietors' income increased $0.7 billion, compared with an increase of $0.8 billion. Nonfarm proprietors' income increased $5.7 billion, compared with an increase of $2.5 billion. Rental income of persons increased $8.3 billion in August, compared with an increase of $8.1 billion in July. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $5.7 billion, compared with a decrease of $5.8 billion. Personal current transfer receipts decreased $7.1 billion in August, compared with a decrease of $10.7 billion in July. Government social benefits to persons for Medicaid decreased $10.5 billion, compared with a decrease of $13.6 billion. Contributions for government social insurance -- a subtraction in calculating personal income -decreased $1.3 billion in August, in contrast to an increase of $3.0 billion in July. Personal current taxes and disposable personal income Personal current taxes decreased $2.3 billion in August, in contrast to an increase of $2.7 billion in July. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $5.0 billion, or less than 0.1 percent, in August, in contrast to an increase of $14.4 billion, or 0.1 percent in July. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $26.3 billion in August, compared with an increase of $80.2 billion in July. PCE increased $22.7 billion, compared with an increase of $76.6 billion. Personal saving -- DPI less personal outlays -- was $519.3 billion in August, compared with $550.5 billion in July. Personal saving as a percentage of disposable personal income was 4.5 percent in August, compared with 4.7 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 www.bea.gov/national/nipaweb/Nipa-Frb.asp. -more- -4- Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.3 percent in August, compared with a decrease of 0.2 percent in July. Real PCE -- PCE adjusted to remove price changes -- decreased less than 0.1 percent in August, in contrast to an increase of 0.4 percent in July. Purchases of durable goods increased 0.1 percent, compared with an increase of 2.2 percent. Purchases of nondurable goods decreased 0.4 percent, compared with a decrease of 0.5 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.4 percent. PCE price index -- The price index for PCE increased 0.2 percent in August, compared with an increase of 0.4 percent in July. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent. Revisions Estimates have been revised for April through July. Changes in personal income, current-dollar 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 27.7 21.3 0.2 0.2 42.4 17.1 0.3 0.1 Disposable personal income: Current dollars Chained (2005) dollars 22.6 32.9 15.4 26.4 0.2 0.3 0.1 0.3 32.5 -9.3 14.4 -24.7 0.3 -0.1 0.1 -0.2 Personal consumption expenditures: Current dollars -14.3 Chained (2005) dollars -0.6 -21.7 -7.3 -0.1 0.0 -0.2 -0.1 88.4 42.9 76.6 32.8 0.8 0.5 0.7 0.4 -more- -5- BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release – October 28, 2011 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 2011 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 ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ 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 3 ............................................................ 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 4 .......................................................... Disposable personal income: Total, billions of chained (2005) dollars 4 ....................................... Per capita: Current dollars............................................................................ Chained (2005) dollars ............................................................... Population (midperiod, thousands) 5................................................. February March April r May r June r July r August p 12,780.3 8,126.2 6,536.8 5,346.5 1,087.4 697.5 4,259.2 1,025.3 3,233.9 1,190.2 1,589.4 12,850.6 8,177.6 6,582.9 5,391.9 1,090.2 698.0 4,301.6 1,035.5 3,266.1 1,191.0 1,594.7 12,909.7 8,213.9 6,614.8 5,422.8 1,099.4 705.9 4,323.4 1,042.5 3,280.8 1,192.0 1,599.1 12,962.2 8,244.2 6,641.6 5,449.1 1,105.6 709.3 4,343.5 1,051.4 3,292.1 1,192.5 1,602.6 12,997.2 8,268.4 6,662.3 5,470.2 1,110.5 713.2 4,359.7 1,050.7 3,309.0 1,192.1 1,606.1 13,018.5 8,274.7 6,666.8 5,475.7 1,109.9 711.9 4,365.8 1,053.7 3,312.0 1,191.1 1,607.9 13,035.6 8,300.0 6,688.8 5,499.5 1,116.2 717.7 4,383.3 1,056.3 3,327.0 1,189.3 1,611.2 13,028.3 8,289.3 6,677.0 5,487.3 1,114.9 714.8 4,372.4 1,051.7 3,320.7 1,189.7 1,612.3 1,100.9 488.5 1,103.0 491.7 1,105.0 494.1 1,106.9 495.7 1,108.7 497.4 1,110.4 497.4 1,112.4 498.8 1,114.3 498.0 1,086.6 63.0 1,023.6 1,097.1 66.1 1,031.1 1,103.1 69.2 1,033.9 1,105.9 68.3 1,037.6 1,106.6 67.3 1,039.3 1,107.2 66.4 1,040.7 1,110.3 67.2 1,043.2 1,116.8 67.9 1,048.9 369.7 1,772.2 1,003.1 769.1 2,331.2 2,291.1 702.8 544.3 436.5 121.5 61.0 424.9 40.1 384.9 1,780.2 1,004.7 775.4 2,322.9 2,284.0 701.4 547.9 430.7 116.4 60.6 427.0 38.9 400.3 1,779.2 1,006.4 772.8 2,330.1 2,290.7 705.1 551.1 429.0 114.5 62.4 428.6 39.3 398.3 1,791.8 1,011.1 780.6 2,342.7 2,303.2 713.1 553.1 433.3 110.8 63.1 429.8 39.4 396.8 1,802.6 1,015.9 786.7 2,346.4 2,307.0 711.4 553.9 438.5 106.4 61.8 435.0 39.4 395.7 1,812.6 1,020.7 791.9 2,352.7 2,313.3 712.1 554.7 440.5 109.3 63.6 433.3 39.3 403.8 1,806.8 1,008.9 797.9 2,342.0 2,302.3 715.2 555.8 426.9 104.9 64.0 435.5 39.6 412.1 1,801.1 997.1 804.0 2,334.9 2,295.6 716.1 558.1 416.4 101.2 65.4 438.4 39.3 905.7 1,352.8 11,427.5 10,828.8 10,498.0 3,546.0 1,139.9 2,406.1 6,952.0 160.8 170.0 96.6 73.5 598.6 912.1 1,367.1 11,483.5 10,908.1 10,577.7 3,603.3 1,162.6 2,440.7 6,974.4 160.3 170.1 96.6 73.5 575.4 916.8 1,377.7 11,532.1 10,969.3 10,639.2 3,627.4 1,161.0 2,466.4 7,011.9 159.8 170.2 96.7 73.5 562.8 920.5 1,391.5 11,570.8 10,998.0 10,669.6 3,647.1 1,157.7 2,489.4 7,022.5 157.9 170.5 96.9 73.5 572.8 923.7 1,403.0 11,594.2 11,016.7 10,690.1 3,625.5 1,144.4 2,481.1 7,064.7 155.9 170.6 97.1 73.5 577.5 924.3 1,408.9 11,609.6 10,993.2 10,668.4 3,595.6 1,129.3 2,466.3 7,072.8 154.0 170.9 97.3 73.5 616.3 927.3 1,411.6 11,624.0 11,073.4 10,745.0 3,632.0 1,153.7 2,478.3 7,113.0 157.3 171.1 97.5 73.5 550.5 926.0 1,409.3 11,619.0 11,099.7 10,767.7 3,638.9 1,153.0 2,486.0 7,128.8 160.6 171.3 97.8 73.5 519.3 5.2 5.0 4.9 5.0 5.0 5.3 4.7 4.5 9,305.0 9,337.7 9,346.8 9,350.1 9,361.1 9,386.1 9,376.2 9,353.1 10,176.3 10,185.5 10,188.3 10,187.6 10,190.2 10,216.6 10,191.9 10,162.7 36,683 32,666 311,521 36,842 32,678 311,696 36,977 32,668 311,870 37,080 32,648 312,049 37,132 32,636 312,240 37,158 32,700 312,440 37,178 32,598 312,654 37,133 32,479 312,899 p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2009 2010 2010 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 ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ 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 3 ............................................................ 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 4 .......................................................... Disposable personal income: Total, billions of chained (2005) dollars 4 ....................................... Per capita: Current dollars............................................................................ Chained (2005) dollars ............................................................... Population (midperiod, thousands) 5................................................. II 2011 III IV II r I 11,930.2 7,801.4 6,270.3 5,095.0 1,063.4 660.9 4,031.7 989.6 3,042.0 1,175.3 1,531.1 12,373.5 7,971.4 6,408.2 5,217.4 1,059.2 674.2 4,158.2 1,006.0 3,152.2 1,190.8 1,563.1 12,137.7 7,852.5 6,301.6 5,113.0 1,036.9 655.3 4,076.0 987.4 3,088.7 1,188.6 1,550.9 12,325.6 7,960.0 6,399.8 5,203.5 1,058.6 673.6 4,144.9 1,004.5 3,140.4 1,196.3 1,560.2 12,453.2 8,022.2 6,454.5 5,264.7 1,070.5 682.2 4,194.2 1,015.9 3,178.3 1,189.9 1,567.7 12,577.6 8,050.8 6,477.0 5,288.4 1,070.8 685.5 4,217.6 1,016.1 3,201.5 1,188.6 1,573.7 12,846.9 8,172.5 6,578.2 5,387.1 1,092.3 700.4 4,294.7 1,034.4 3,260.3 1,191.1 1,594.4 12,992.6 8,262.4 6,656.9 5,465.0 1,108.7 711.5 4,356.3 1,051.9 3,304.4 1,191.9 1,605.5 1,073.1 458.0 1,089.9 473.2 1,083.4 467.5 1,087.6 472.6 1,092.0 475.7 1,096.8 476.9 1,103.0 491.4 1,108.7 496.9 941.2 39.2 902.0 1,036.4 52.2 984.2 981.7 44.6 937.1 1,025.6 45.8 979.7 1,057.0 58.3 998.7 1,081.5 60.1 1,021.4 1,095.6 66.1 1,029.5 1,106.5 67.3 1,039.2 305.9 1,707.7 1,108.9 598.8 2,138.1 2,099.9 664.5 493.8 374.1 130.6 51.5 385.4 38.2 350.2 1,721.2 1,003.4 717.7 2,281.2 2,242.9 690.2 518.4 405.4 138.7 57.9 432.4 38.3 344.1 1,693.3 1,026.1 667.2 2,242.1 2,204.1 678.6 505.6 386.6 152.8 55.8 424.8 38.0 349.1 1,724.5 1,014.1 710.4 2,252.1 2,214.1 688.3 511.5 389.8 137.4 57.3 429.9 38.0 352.8 1,723.4 983.9 739.4 2,289.4 2,251.4 693.9 521.4 405.2 135.8 59.0 436.1 37.9 354.8 1,743.5 989.6 753.9 2,341.2 2,301.9 699.9 535.3 439.8 128.7 59.4 438.7 39.3 385.0 1,777.2 1,004.7 772.5 2,328.1 2,288.6 703.1 547.8 432.1 117.5 61.3 426.9 39.5 396.9 1,802.3 1,015.9 786.4 2,347.3 2,307.9 712.2 553.9 437.4 108.8 62.8 432.7 39.4 964.1 1,141.4 10,788.8 10,236.3 9,866.1 3,197.5 1,029.6 2,167.8 6,668.7 213.7 156.5 89.1 67.4 552.6 986.8 1,193.9 11,179.7 10,586.9 10,245.5 3,387.0 1,085.5 2,301.5 6,858.5 173.4 168.0 95.1 72.9 592.8 976.0 1,146.4 10,991.3 10,457.2 10,103.7 3,338.1 1,058.0 2,280.1 6,765.6 188.3 165.2 93.4 71.9 534.1 985.7 1,175.4 11,150.2 10,527.0 10,184.8 3,340.1 1,071.7 2,268.3 6,844.7 174.4 167.8 94.8 72.9 623.3 991.5 1,212.8 11,240.4 10,614.8 10,276.6 3,386.5 1,087.5 2,299.0 6,890.1 168.1 170.1 95.8 74.3 625.6 994.1 1,240.9 11,336.7 10,748.6 10,417.1 3,483.4 1,124.7 2,358.7 6,933.7 162.7 168.9 96.5 72.5 588.1 911.5 1,365.9 11,481.0 10,902.1 10,571.7 3,592.2 1,154.5 2,437.8 6,979.4 160.3 170.1 96.6 73.5 578.9 922.8 1,401.1 11,591.5 11,002.6 10,676.0 3,622.7 1,143.8 2,478.9 7,053.3 155.9 170.7 97.1 73.5 588.9 5.1 5.3 4.9 5.6 5.6 5.2 5.0 5.1 8,969.7 9,083.0 8,933.4 9,086.5 9,145.7 9,166.7 9,329.8 9,365.7 9,882.7 10,061.6 9,922.5 10,057.8 10,114.4 10,152.0 10,183.2 10,198.1 35,088 32,141 307,483 36,051 32,446 310,106 35,557 32,099 309,120 36,001 32,473 309,724 36,208 32,581 310,438 36,436 32,628 311,140 36,834 32,670 311,696 37,123 32,661 312,243 r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2011 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 ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ 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 3 ............................................................ 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 4 ................................................................ Disposable personal income, billions of chained (2005) dollars 4..... February March April r May r June r July r August p 155.3 69.4 55.4 53.5 16.4 10.4 37.2 7.7 29.5 1.8 14.0 70.3 51.4 46.1 45.4 2.8 0.5 42.4 10.2 32.2 0.8 5.3 59.1 36.3 31.9 30.9 9.2 7.9 21.8 7.0 14.7 1.0 4.4 52.5 30.3 26.8 26.3 6.2 3.4 20.1 8.9 11.3 0.5 3.5 35.0 24.2 20.7 21.1 4.9 3.9 16.2 –0.7 16.9 –0.4 3.5 21.3 6.3 4.5 5.5 –0.6 –1.3 6.1 3.0 3.0 –1.0 1.8 17.1 25.3 22.0 23.8 6.3 5.8 17.5 2.6 15.0 –1.8 3.3 –7.3 –10.7 –11.8 –12.2 –1.3 –2.9 –10.9 –4.6 –6.3 0.4 1.1 2.3 11.7 2.1 3.2 2.0 2.4 1.9 1.6 1.8 1.7 1.7 0.0 2.0 1.4 1.9 –0.8 0.9 3.1 –2.1 10.5 3.1 7.5 6.0 3.1 2.8 2.8 –0.9 3.7 0.7 –1.0 1.7 0.6 –0.9 1.4 3.1 0.8 2.5 6.5 0.7 5.7 15.0 5.4 1.6 3.8 –24.4 –25.7 –2.8 3.6 –10.7 –3.1 1.4 –14.1 1.3 15.2 8.0 1.6 6.3 –8.3 –7.1 –1.4 3.6 –5.8 –5.1 –0.4 2.1 –1.2 15.4 –1.0 1.7 –2.6 7.2 6.7 3.7 3.2 –1.7 –1.9 1.8 1.6 0.4 –2.0 12.6 4.7 7.8 12.6 12.5 8.0 2.0 4.3 –3.7 0.7 1.2 0.1 –1.5 10.8 4.8 6.1 3.7 3.8 –1.7 0.8 5.2 –4.4 –1.3 5.2 0.0 –1.1 10.0 4.8 5.2 6.3 6.3 0.7 0.8 2.0 2.9 1.8 –1.7 –0.1 8.1 –5.8 –11.8 6.0 –10.7 –11.0 3.1 1.1 –13.6 –4.4 0.4 2.2 0.3 8.3 –5.7 –11.8 6.1 –7.1 –6.7 0.9 2.3 –10.5 –3.7 1.4 2.9 –0.3 –88.8 105.2 50.2 42.5 41.9 43.5 12.3 31.3 –1.6 –0.4 1.0 0.0 1.0 7.6 6.4 14.3 56.0 79.3 79.7 57.3 22.7 34.6 22.4 –0.5 0.1 0.0 0.0 –23.2 4.7 10.6 48.6 61.2 61.5 24.1 –1.6 25.7 37.5 –0.5 0.1 0.1 0.0 –12.6 3.7 13.8 38.7 28.7 30.4 19.7 –3.3 23.0 10.6 –1.9 0.3 0.2 0.0 10.0 3.2 11.5 23.4 18.7 20.5 –21.6 –13.3 –8.3 42.2 –2.0 0.1 0.2 0.0 4.7 0.6 5.9 15.4 –23.5 –21.7 –29.9 –15.1 –14.8 8.1 –1.9 0.3 0.2 0.0 38.8 3.0 2.7 14.4 80.2 76.6 36.4 24.4 12.0 40.2 3.3 0.2 0.2 0.0 –65.8 –1.3 –2.3 –5.0 26.3 22.7 6.9 –0.7 7.7 15.8 3.3 0.2 0.3 0.0 –31.2 126.6 7.6 32.7 9.2 9.1 2.8 3.3 –0.7 11.0 2.6 25.0 26.4 –9.9 –24.7 –23.1 –29.2 p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. 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 2009 2010 2010 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 ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ 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 3 ............................................................ 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 4 ................................................................ Disposable personal income, billions of chained (2005) dollars 4..... II 2011 III IV II r I –530.0 –271.9 –280.6 –311.8 –144.3 –80.0 –167.3 –60.1 –107.3 31.2 8.6 443.3 170.0 137.9 122.4 –4.2 13.3 126.5 16.4 110.2 15.5 32.0 199.5 48.1 30.2 20.8 –4.1 –0.8 24.8 3.6 21.3 9.4 17.9 187.9 107.5 98.2 90.5 21.7 18.3 68.9 17.1 51.7 7.7 9.3 127.6 62.2 54.7 61.2 11.9 8.6 49.3 11.4 37.9 –6.4 7.5 124.4 28.6 22.5 23.7 0.3 3.3 23.4 0.2 23.2 –1.3 6.0 269.3 121.7 101.2 98.7 21.5 14.9 77.1 18.3 58.8 2.5 20.7 145.7 89.9 78.7 77.9 16.4 11.1 61.6 17.5 44.1 0.8 11.1 20.7 –12.1 16.8 15.2 7.2 10.7 4.2 5.1 4.4 3.1 4.8 1.2 6.2 14.5 5.7 5.5 –156.7 –12.6 –144.1 95.2 13.0 82.2 33.2 3.2 30.1 43.9 1.2 42.6 31.4 12.5 19.0 24.5 1.8 22.7 14.1 6.0 8.1 10.9 1.2 9.7 74.3 –457.7 –273.1 –184.6 258.9 257.5 59.0 32.2 35.9 79.7 6.5 44.3 1.4 44.3 13.5 –105.5 118.9 143.1 143.0 25.7 24.6 31.3 8.1 6.4 47.0 0.1 18.2 57.3 –11.9 69.2 57.2 57.5 2.9 2.9 8.6 4.1 2.0 37.1 –0.3 5.0 31.2 –12.0 43.2 10.0 10.0 9.7 5.9 3.2 –15.4 1.5 5.1 0.0 3.7 –1.1 –30.2 29.0 37.3 37.3 5.6 9.9 15.4 –1.6 1.7 6.2 –0.1 2.0 20.1 5.7 14.5 51.8 50.5 6.0 13.9 34.6 –7.1 0.4 2.6 1.4 30.2 33.7 15.1 18.6 –13.1 –13.3 3.2 12.5 –7.7 –11.2 1.9 –11.8 0.2 11.9 25.1 11.2 13.9 19.2 19.3 9.1 6.1 5.3 –8.7 1.5 5.8 –0.1 –23.2 –294.3 –235.7 –195.9 –169.4 –184.2 –79.3 –105.0 14.9 –31.9 5.5 4.2 1.2 –39.7 22.7 52.5 390.9 350.6 379.4 189.5 55.9 133.7 189.8 –40.3 11.5 6.0 5.5 40.2 14.5 20.0 179.6 106.0 113.7 68.1 19.2 49.0 45.5 –11.8 4.1 1.9 2.3 73.6 9.7 29.0 158.9 69.8 81.1 2.0 13.7 –11.8 79.1 –13.9 2.6 1.4 1.0 89.2 5.8 37.4 90.2 87.8 91.8 46.4 15.8 30.7 45.4 –6.3 2.3 1.0 1.4 2.3 2.6 28.1 96.3 133.8 140.5 96.9 37.2 59.7 43.6 –5.4 –1.2 0.7 –1.8 –37.5 –82.6 125.0 144.3 153.5 154.6 108.8 29.8 79.1 45.7 –2.4 1.2 0.1 1.0 –9.2 11.3 35.2 110.5 100.5 104.3 30.5 –10.7 41.1 73.9 –4.4 0.6 0.5 0.0 10.0 –742.6 –236.8 113.3 178.9 87.9 117.1 153.1 135.3 59.2 56.6 21.0 37.6 163.1 31.2 35.9 14.9 r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. 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 2011 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.................................................................................. 1.2 0.9 0.9 0.9 0.6 0.6 0.7 0.3 0.5 0.4 0.5 0.3 0.4 0.4 0.4 0.2 0.3 0.3 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.3 0.3 0.2 –0.1 –0.1 –0.2 0.1 0.1 4.2 0.3 0.2 0.5 –1.0 –8.9 8.4 0.4 1.0 4.1 0.4 0.2 0.8 –0.4 0.7 1.1 0.5 0.5 4.0 –0.1 0.2 –0.3 0.3 0.5 0.8 0.4 0.2 –0.5 0.7 0.5 1.0 0.5 0.4 1.0 0.3 0.1 –0.4 0.6 0.5 0.8 0.2 0.4 0.8 0.2 0.1 –0.3 0.6 0.5 0.7 0.3 0.1 0.4 0.1 0.3 2.1 –0.3 –1.2 0.8 –0.5 0.3 0.2 0.1 0.6 2.1 –0.3 –1.2 0.8 –0.3 –0.1 –0.2 0.0 0.4 1.2 1.1 1.3 0.0 0.8 1.6 2.0 1.4 0.3 0.6 0.7 –0.1 1.1 0.5 0.3 0.5 –0.3 0.9 0.2 0.2 –0.6 –1.2 –0.3 0.6 –0.2 –0.8 –1.3 –0.6 0.1 0.7 1.0 2.2 0.5 0.6 0.2 0.2 –0.1 0.3 0.2 0.3 0.3 –0.1 –0.2 –0.2 –0.3 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. 1.4 0.1 0.4 0.1 0.1 0.0 0.0 0.0 0.1 0.0 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2009 2010 2010 I II 2011 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.................................................................................. –4.3 –3.4 –4.3 0.6 3.7 2.2 2.2 2.1 6.9 2.5 1.9 4.8 6.3 5.6 6.4 2.4 4.2 3.2 3.5 1.9 4.1 1.4 1.4 1.6 8.8 6.2 6.4 5.4 4.6 4.5 4.9 2.8 –14.3 32.1 –21.1 –19.8 –23.6 13.8 –2.3 –20.5 –2.1 10.1 14.5 0.8 –9.5 19.9 6.7 2.4 4.6 3.6 14.8 24.3 14.8 –4.5 55.0 10.9 6.2 7.3 6.8 19.1 5.9 7.6 –4.6 28.5 1.8 4.0 10.5 5.9 12.8 4.3 –0.3 –11.4 17.4 6.8 2.4 13.4 3.3 9.6 2.4 4.7 2.3 8.1 9.4 1.1 9.6 3.5 5.3 38.6 8.0 6.3 10.2 –2.2 –29.3 46.8 5.2 4.0 13.0 5.8 4.5 7.4 3.3 5.1 10.7 3.9 –1.7 –5.4 –7.1 –4.6 0.2 3.8 5.9 5.4 6.2 2.8 4.6 8.6 7.6 9.1 2.7 3.2 0.2 5.3 –2.0 4.8 3.7 5.7 6.0 5.5 2.7 5.6 11.9 14.4 10.8 2.6 6.1 13.1 11.0 14.1 2.7 4.0 3.4 –3.7 6.9 4.3 0.2 1.5 1.8 1.2 0.4 0.6 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. r Revised –7.6 –2.3 1.3 1.8 1.0 4.9 1.7 5.6 0.7 2.3 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2011 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 ..................................................................................... 9,348.6 3,327.0 1,262.8 2,070.8 6,027.8 9,382.1 3,355.3 1,285.2 2,079.3 6,034.2 9,399.5 3,351.0 1,284.1 2,076.2 6,055.2 9,394.2 3,348.0 1,277.3 2,078.8 6,052.7 9,395.7 3,328.4 1,261.1 2,073.2 6,072.6 9,388.4 3,317.3 1,242.1 2,077.7 6,075.7 9,421.2 3,328.1 1,269.8 2,066.3 6,097.8 9,418.2 3,320.5 1,270.9 2,058.7 6,101.8 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 3.3 15.9 13.0 4.6 –11.4 33.5 28.3 22.4 8.5 6.4 17.4 –4.3 –1.1 –3.1 21.0 –5.3 –3.0 –6.8 2.6 –2.5 1.5 –19.6 –16.2 –5.6 19.9 –7.3 –11.1 –19.0 4.5 3.1 32.8 10.8 27.7 –11.4 22.1 –3.0 –7.6 1.1 –7.6 4.0 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.0 0.5 1.0 0.2 –0.2 0.4 0.8 1.8 0.4 0.1 0.2 –0.1 –0.1 –0.1 0.3 –0.1 –0.1 –0.5 0.1 0.0 0.0 –0.6 –1.3 –0.3 0.3 –0.1 –0.3 –1.5 0.2 0.1 0.4 0.3 2.2 –0.5 0.4 0.0 –0.2 0.1 –0.4 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 2009 2010 2010 I II 2011 III IV I II r 9,328.4 3,306.0 1,242.4 2,067.4 6,027.5 9,376.7 3,344.4 1,277.4 2,075.4 6,039.1 9,392.7 3,331.2 1,260.2 2,076.6 6,067.0 48.3 38.4 35.0 8.0 11.6 16.0 –13.2 –17.2 1.2 27.9 2.1 4.7 11.7 1.6 0.8 0.7 –1.6 –5.3 0.2 1.9 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,037.5 3,098.0 1,108.3 1,983.4 5,935.5 9,220.9 3,230.7 1,188.3 2,041.3 5,991.8 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –174.2 –94.9 –63.5 –35.7 –81.5 183.4 132.7 80.0 57.9 56.3 9,121.2 3,173.3 1,147.5 2,021.1 5,947.4 9,186.9 3,202.9 1,169.3 2,030.8 5,984.3 9,247.1 3,240.8 1,194.1 2,045.8 6,008.1 Change from preceding period in billions of chained (2005) dollars 61.0 48.7 26.7 23.4 14.5 65.7 29.6 21.8 9.7 36.9 60.2 37.9 24.8 15.0 23.8 81.3 65.2 48.3 21.6 19.4 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... r Revised –1.9 –3.0 –5.4 –1.8 –1.4 2.0 4.3 7.2 2.9 0.9 2.7 6.4 9.9 4.8 1.0 2.9 3.8 7.8 1.9 2.5 2.6 4.8 8.8 3.0 1.6 3.6 8.3 17.2 4.3 1.3 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2011 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: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... 112.299 106.586 90.253 116.199 115.336 112.747 107.396 90.438 117.389 115.584 113.194 108.254 90.394 118.801 115.801 113.580 108.935 90.619 119.756 116.026 113.780 108.929 90.720 119.681 116.341 113.637 108.391 90.897 118.711 116.413 114.054 109.134 90.835 119.939 116.653 114.332 109.590 90.701 120.758 116.834 110.803 115.158 132.887 111.996 110.213 110.974 116.089 137.557 112.514 110.421 111.112 117.106 142.690 112.984 110.539 111.329 117.595 145.959 113.402 110.767 111.622 118.000 144.180 113.580 111.049 111.804 118.171 137.723 113.452 111.299 112.026 118.604 141.590 113.879 111.502 112.189 119.316 143.289 114.221 111.722 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... 0.4 0.8 0.1 1.1 0.2 0.4 0.8 0.2 1.0 0.2 0.4 0.8 0.0 1.2 0.2 0.3 0.6 0.2 0.8 0.2 0.2 0.0 0.1 –0.1 0.3 –0.1 –0.5 0.2 –0.8 0.1 0.4 0.7 –0.1 1.0 0.2 0.2 0.4 –0.1 0.7 0.2 0.2 0.7 2.3 0.3 0.1 0.2 0.8 3.5 0.5 0.2 0.1 0.9 3.7 0.4 0.1 0.2 0.4 2.3 0.4 0.2 0.3 0.3 –1.2 0.2 0.3 0.2 0.1 –4.5 –0.1 0.2 0.2 0.4 2.8 0.4 0.2 0.1 0.6 1.2 0.3 0.2 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (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 2011 January Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 2.8 2.9 5.8 12.0 3.0 1.5 February April r March 2.7 2.9 5.9 12.8 2.8 1.4 2.4 2.6 4.5 9.3 2.3 1.7 May r 1.8 2.5 4.7 9.2 2.6 1.4 June r 1.2 2.2 4.0 7.8 2.2 1.4 July r 1.2 2.0 3.4 6.3 1.9 1.4 August p 0.9 2.2 3.5 7.1 1.9 1.6 0.3 1.8 2.3 7.0 0.2 1.5 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2011 January Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 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 1.5 1.2 –2.3 3.0 1.6 1.8 2.1 –1.8 4.0 1.6 2.0 3.0 –1.8 5.4 1.5 2.4 3.9 –1.4 6.5 1.6 2.6 4.4 –1.0 7.1 1.7 2.6 4.5 –0.5 7.0 1.7 2.8 4.7 –0.2 7.2 1.8 2.9 4.8 –0.5 7.4 1.9 1.0 1.8 7.9 1.3 0.8 1.1 2.4 11.9 1.7 0.9 1.0 3.1 16.5 2.1 1.0 1.2 3.3 19.8 2.5 1.1 1.3 3.6 21.9 2.7 1.3 1.4 3.9 20.8 2.8 1.4 1.6 4.3 20.1 2.9 1.5 1.6 4.8 19.6 3.0 1.6 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.