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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, FEBRUARY 1, 2007 James E. Rankin: Michael Armah: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 06-03 PERSONAL INCOME AND OUTLAYS: DECEMBER 2006 Personal income increased $60.6 billion, or 0.5 percent, and disposable personal income (DPI) increased $50.8 billion, or 0.5 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $67.1 billion, or 0.7 percent. In November, personal income increased $32.4 billion, or 0.3 percent, DPI increased $25.4 billion, or 0.3 percent, and PCE increased $51.1 billion, or 0.5 percent, based on revised estimates. 2006 Aug. Sept. Oct. Nov. (Percent change from preceding month) Dec. Personal income, current dollars 0.5 0.5 0.3 0.3 0.5 Disposable personal income: Current dollars Chained (2000) dollars 0.6 0.3 0.5 0.9 0.2 0.4 0.3 0.3 0.5 0.2 0.1 -0.1 0.0 0.3 0.3 0.5 0.5 0.5 0.7 0.3 Personal consumption expenditures: Current dollars Chained (2000) dollars NOTE.--Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2000) dollars. This news release is available on BEA's Web site at www.bea.gov/bea/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $36.7 billion in December, compared with an increase of $19.6 billion in November. Goods-producing industries' payrolls increased $4.3 billion, compared with an increase of $1.2 billion; manufacturing payrolls increased $1.8 billion, in contrast to a decrease of $0.8 billion. Services-producing industries' payrolls increased $32.4 billion, compared with an increase of $18.4 billion. Government wage and salary disbursements increased $2.7 billion, compared with an increase of $2.4 billion. -more- -3- Other personal income Supplements to wages and salaries increased $6.8 billion in December, compared with an increase of $5.6 billion in November. Proprietors' income increased less than $0.1 billion in December, compared with an increase of $2.2 billion in November. Farm proprietors' income decreased $3.1 billion, in contrast to an increase of $0.6 billion. Nonfarm proprietors' income increased $3.1 billion, compared with an increase of $1.6 billion. Rental income of persons decreased $2.2 billion in December, compared with a decrease of $1.2 billion in November. Personal income receipts on assets (personal interest income plus personal dividend income) increased $3.2 billion, compared with an increase of $3.4 billion. Personal current transfer receipts increased $19.0 billion in December, compared with an increase of $3.3 billion in November. The December increase in personal current transfer receipts reflected retroactive social security benefit payments of $6.7 billion at an annual rate, resulting from a recalculation of the earnings base underlying the benefits for recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -increased $5.7 billion in December, compared with an increase of $2.8 billion in November. Personal current taxes and disposable personal income Personal current taxes increased $9.9 billion in December, compared with an increase of $7.0 billion in November. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $50.8 billion, or 0.5 percent, in December, compared with an increase of $25.4 billion, or 0.3 percent, in November. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $68.1 billion in December, compared with an increase of $52.3 billion in November. PCE increased $67.1 billion, compared with an increase of $51.1 billion. Personal saving -- DPI less personal outlays -- was a negative $116.6 billion in December, compared with a negative $99.2 billion in November. Personal saving as a percentage of disposable personal income was a negative 1.2 percent in December, compared with a negative 1.0 percent in November. Negative personal saving reflects personal outlays that exceed disposable personal income. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth (which help finance consumption), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in December, compared with an increase of 0.3 percent in November. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in December, compared with an increase of 0.5 percent in November. Purchases of durable goods increased 1.2 percent, compared with an increase of 1.3 percent. Purchases of motor vehicles and parts accounted for most of the increase in December. Purchases of nondurable goods increased 0.6 percent in December, compared with an increase of 1.0 percent in November. Purchases of services increased less than 0.1 percent, compared with an increase of 0.2 percent. PCE prices -- The price index for PCE increased 0.4 percent in December, compared with an increase of less than 0.1 percent in November. Prices, excluding food and energy, increased 0.1 percent, compared with an increase of less than 0.1 percent. -more- -5- 2006 Personal Income and Outlays Personal income increased 6.4 percent in 2006 (that is, from the 2005 annual level to the 2006 annual level), compared with an increase of 5.2 percent in 2005. The acceleration in personal income growth was mostly accounted for by wage and salary disbursements. DPI increased 5.5 percent, compared with an increase of 4.1 percent. PCE increased 6.0 percent, compared with an increase of 6.5 percent. Real DPI increased 2.7 percent in 2006, compared with an increase of 1.2 percent in 2005. Real PCE increased 3.2 percent, compared with an increase of 3.5 percent. Revisions Estimates have been revised for October and November. Changes in personal income, currentdollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for October and November -- revised and as published in last month's release -- are shown below. Change from preceding month October Previous Revised (Billions of dollars) November Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars...................... 35.7 32.8 0.3 0.3 33.8 32.4 0.3 0.3 Disposable personal income: Current dollars...................... Chained (2000) dollars......... 21.2 36.5 20.3 34.6 0.2 0.4 0.2 0.4 27.0 22.7 25.4 21.6 0.3 0.3 0.3 0.3 Personal consumption expenditures: Current dollars...................... Chained (2000) dollars......... 26.2 40.3 24.4 37.6 0.3 0.5 0.3 0.5 50.5 43.3 51.1 44.1 0.5 0.5 0.5 0.5 -more- -6- BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- Personal Income and Outlays for January will be released on March 1, 2007, at 8:30 A.M. EST. Release dates in 2007 December 2006.. January 2007....... February 2007..... March 2007......... February 1 March 1 March 30 April 30 April 2007.... May 2007..... June 2007..... July 2007...... June 1 June 29 July 31 August 31 -more- August 2007......... September 2007... October 2007....... November 2007... September 28 November 1 November 30 December 21 Table 1.—Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2006 May Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. June July Aug. Sep. Oct. r Nov. r Dec. p 10,795.3 7,406.8 5,963.5 4,958.1 1,170.4 730.9 3,787.7 987.1 2,800.6 1,005.4 1,443.3 985.6 457.7 10,842.2 7,434.7 5,985.7 4,976.4 1,174.2 731.2 3,802.2 992.6 2,809.6 1,009.2 1,449.0 990.1 458.9 10,906.7 7,484.2 6,026.7 5,012.1 1,179.3 734.8 3,832.9 1,001.5 2,831.4 1,014.6 1,457.4 995.6 461.8 10,965.3 7,512.4 6,049.1 5,028.6 1,182.7 736.4 3,845.9 1,001.3 2,844.6 1,020.5 1,463.3 1,000.2 463.1 11,021.7 7,557.7 6,087.6 5,061.1 1,184.9 736.5 3,876.2 1,006.3 2,870.0 1,026.5 1,470.1 1,004.5 465.6 11,054.5 7,594.6 6,117.5 5,088.8 1,190.7 739.9 3,898.1 1,009.7 2,888.4 1,028.7 1,477.1 1,009.4 467.6 11,086.9 7,622.2 6,139.5 5,108.4 1,191.9 739.1 3,916.5 1,015.3 2,901.2 1,031.1 1,482.7 1,013.7 469.1 11,147.5 7,668.5 6,179.0 5,145.1 1,196.2 740.9 3,948.9 1,016.7 2,932.2 1,033.8 1,489.5 1,017.8 471.7 1,014.8 17.5 997.3 71.8 1,647.3 1,019.2 628.2 1,591.1 1,556.1 927.9 27.0 601.2 35.0 936.6 1,358.1 9,437.2 9,587.5 9,238.6 1,057.9 2,728.3 5,452.4 222.9 126.0 77.3 48.7 –150.3 –1.6 1,010.7 14.6 996.1 68.2 1,670.2 1,035.6 634.6 1,597.8 1,562.6 935.8 27.0 599.9 35.2 939.4 1,367.5 9,474.6 9,621.2 9,270.5 1,063.5 2,732.0 5,475.0 224.2 126.5 77.9 48.7 –146.6 –1.5 1,009.9 17.1 992.9 73.4 1,676.7 1,035.7 641.0 1,608.0 1,572.6 931.4 27.3 613.8 35.4 945.5 1,363.1 9,543.5 9,696.0 9,338.9 1,085.2 2,755.9 5,497.8 229.9 127.2 78.4 48.8 –152.4 –1.6 1,017.2 21.5 995.7 78.1 1,683.5 1,035.8 647.7 1,622.5 1,587.0 938.9 27.3 620.7 35.5 948.4 1,365.4 9,599.9 9,716.0 9,352.6 1,068.9 2,761.1 5,522.6 235.5 127.8 79.0 48.8 –116.1 –1.2 1,017.4 26.4 991.0 83.4 1,690.6 1,035.9 654.6 1,625.5 1,589.8 939.7 27.3 622.8 35.7 952.9 1,370.1 9,651.6 9,718.1 9,348.5 1,072.3 2,726.2 5,550.0 241.2 128.3 79.5 48.8 –66.5 –.7 1,022.6 28.9 993.7 80.9 1,693.6 1,032.0 661.6 1,620.9 1,585.0 940.4 27.0 617.6 35.9 958.1 1,382.6 9,671.9 9,744.2 9,372.9 1,074.4 2,711.4 5,587.1 242.0 129.3 79.8 49.6 –72.3 –.7 1,024.8 29.5 995.3 79.7 1,697.0 1,028.2 668.8 1,624.2 1,588.2 944.1 27.3 616.7 36.1 960.9 1,389.6 9,697.3 9,796.5 9,424.0 1,083.8 2,728.0 5,612.2 242.8 129.6 80.1 49.6 –99.2 –1.0 1,024.8 26.4 998.4 77.5 1,700.2 1,024.3 675.9 1,643.2 1,607.0 963.3 27.0 616.8 36.1 966.6 1,399.5 9,748.1 9,864.6 9,491.1 1,092.4 2,770.5 5,628.3 243.6 129.9 80.3 49.6 –116.6 –1.2 8,232.0 8,252.8 8,287.8 8,314.8 8,386.2 8,420.8 8,442.4 8,455.7 31,565 27,534 298,979 31,665 27,582 299,213 31,869 27,676 299,459 32,030 27,742 299,716 32,175 27,957 299,972 32,216 28,049 300,221 32,275 28,098 300,460 32,420 28,121 300,685 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.—Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2005 2006 2005 III Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. 2006 IV I II III IV 10,239.2 7,030.3 5,664.8 4,687.1 1,101.3 704.7 3,585.8 937.2 2,648.5 977.7 1,365.5 933.2 432.3 10,897.4 7,493.1 6,037.7 5,023.7 1,181.4 737.9 3,842.4 997.8 2,844.5 1,013.9 1,455.4 992.7 462.6 10,262.7 7,093.6 5,715.2 4,734.6 1,113.9 709.7 3,620.7 945.5 2,675.2 980.6 1,378.4 942.1 436.3 10,483.7 7,184.4 5,787.0 4,798.9 1,124.9 715.0 3,673.9 954.9 2,719.0 988.1 1,397.4 956.1 441.3 10,721.4 7,400.3 5,970.1 4,972.0 1,177.3 742.8 3,794.7 983.6 2,811.0 998.1 1,430.3 971.6 458.7 10,807.3 7,425.5 5,980.9 4,975.0 1,173.0 732.8 3,802.0 990.8 2,811.2 1,005.9 1,444.5 985.7 458.9 10,964.5 7,518.1 6,054.5 5,033.9 1,182.3 735.9 3,851.7 1,003.0 2,848.7 1,020.5 1,463.6 1,000.1 463.5 11,096.3 7,628.4 6,145.3 5,114.1 1,193.0 740.0 3,921.2 1,013.9 2,907.3 1,031.2 1,483.1 1,013.6 469.5 970.7 30.2 940.4 72.8 1,519.4 945.0 574.4 1,526.6 1,480.9 844.9 31.3 604.6 45.7 880.6 1,203.1 9,036.1 9,070.9 8,742.4 1,033.1 2,539.3 5,170.0 209.4 119.2 72.0 47.1 –34.8 –.4 1,014.8 22.8 991.9 76.5 1,657.6 1,018.1 639.6 1,602.1 1,566.8 931.0 27.3 608.5 35.3 946.6 1,362.6 9,534.8 9,626.8 9,270.8 1,071.3 2,716.0 5,483.6 229.9 126.1 78.0 48.1 –92.0 –1.0 967.3 29.7 937.7 –11.5 1,532.7 951.2 581.5 1,569.0 1,489.2 848.5 30.2 610.4 79.8 888.5 1,215.0 9,047.7 9,180.3 8,847.3 1,057.3 2,584.9 5,205.1 214.6 118.5 72.7 45.8 –132.6 –1.5 996.8 28.7 968.1 81.5 1,580.2 981.7 598.5 1,539.8 1,500.8 854.6 31.6 614.5 39.0 898.9 1,247.6 9,236.1 9,264.5 8,927.8 1,019.6 2,613.5 5,294.7 214.9 121.8 74.2 47.6 –28.5 –.3 1,008.3 23.9 984.4 76.8 1,602.3 989.1 613.2 1,570.4 1,536.0 909.9 27.8 598.3 34.5 936.7 1,332.6 9,388.8 9,418.5 9,079.2 1,064.1 2,658.2 5,356.8 218.5 120.9 75.7 45.2 –29.7 –.3 1,011.9 17.5 994.3 71.4 1,647.7 1,019.2 628.5 1,589.7 1,554.7 928.1 27.0 599.6 35.0 938.8 1,361.0 9,446.2 9,577.0 9,228.1 1,061.8 2,721.4 5,444.9 222.9 126.0 77.3 48.7 –130.8 –1.4 1,014.8 21.7 993.2 78.3 1,683.6 1,035.8 647.8 1,618.6 1,583.1 936.7 27.3 619.1 35.5 948.9 1,366.2 9,598.3 9,710.0 9,346.7 1,075.5 2,747.7 5,523.5 235.5 127.8 79.0 48.8 –111.7 –1.2 1,024.0 28.3 995.8 79.4 1,696.9 1,028.2 668.8 1,629.4 1,593.4 949.3 27.1 617.0 36.0 961.8 1,390.5 9,705.8 9,801.8 9,429.3 1,083.5 2,736.6 5,609.2 242.8 129.6 80.0 49.6 –96.0 –1.0 8,104.6 8,322.7 8,074.1 8,183.3 8,276.8 8,245.4 8,329.6 8,439.6 30,458 27,318 296,677 31,849 27,800 299,373 30,461 27,183 297,027 31,020 27,484 297,748 31,470 27,743 298,340 31,595 27,578 298,982 32,025 27,792 299,716 32,304 28,089 300,455 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institu- tionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3.—Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2006 May Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ June July Aug. Sep. Oct. r Nov. r Dec. p 11.0 –28.1 –30.1 –32.3 –3.9 –5.3 –28.4 –5.6 –22.8 2.2 2.0 4.2 –2.3 46.9 27.9 22.2 18.3 3.8 .3 14.5 5.5 9.0 3.8 5.7 4.5 1.2 64.5 49.5 41.0 35.7 5.1 3.6 30.7 8.9 21.8 5.4 8.4 5.5 2.9 58.6 28.2 22.4 16.5 3.4 1.6 13.0 –.2 13.2 5.9 5.9 4.6 1.3 56.4 45.3 38.5 32.5 2.2 .1 30.3 5.0 25.4 6.0 6.8 4.3 2.5 32.8 36.9 29.9 27.7 5.8 3.4 21.9 3.4 18.4 2.2 7.0 4.9 2.0 32.4 27.6 22.0 19.6 1.2 –.8 18.4 5.6 12.8 2.4 5.6 4.3 1.5 60.6 46.3 39.5 36.7 4.3 1.8 32.4 1.4 31.0 2.7 6.8 4.1 2.6 4.7 –3.0 7.7 –2.4 21.9 16.5 5.5 10.9 10.7 7.1 0 3.6 .2 –3.9 .6 10.4 65.2 63.4 –6.2 24.4 45.2 1.3 .5 .5 0 –54.8 –4.1 –2.9 –1.2 –3.6 22.9 16.4 6.4 6.7 6.5 7.9 0 –1.3 .2 2.8 9.4 37.4 33.7 31.9 5.6 3.7 22.6 1.3 .5 .6 0 3.7 –.8 2.5 –3.2 5.2 6.5 .1 6.4 10.2 10.0 –4.4 .3 13.9 .2 6.1 –4.4 68.9 74.8 68.4 21.7 23.9 22.8 5.7 .7 .5 .1 –5.8 7.3 4.4 2.8 4.7 6.8 .1 6.7 14.5 14.4 7.5 0 6.9 .1 2.9 2.3 56.4 20.0 13.7 –16.3 5.2 24.8 5.6 .6 .6 0 36.3 .2 4.9 –4.7 5.3 7.1 .1 6.9 3.0 2.8 .8 0 2.1 .2 4.5 4.7 51.7 2.1 –4.1 3.4 –34.9 27.4 5.7 .5 .5 0 49.6 5.2 2.5 2.7 –2.5 3.0 –3.9 7.0 –4.6 –4.8 .7 –.3 –5.2 .2 5.2 12.5 20.3 26.1 24.4 2.1 –14.8 37.1 .8 1.0 .3 .8 –5.8 2.2 .6 1.6 –1.2 3.4 –3.8 7.2 3.3 3.2 3.7 .3 –.9 .2 2.8 7.0 25.4 52.3 51.1 9.4 16.6 25.1 .8 .3 .3 0 –26.9 0 –3.1 3.1 –2.2 3.2 –3.9 7.1 19.0 18.8 19.2 –.3 .1 0 5.7 9.9 50.8 68.1 67.1 8.6 42.5 16.1 .8 .3 .2 0 –17.4 –19.4 20.8 35.0 27.0 71.4 34.6 21.6 13.3 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4.—Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2005 2006 2005 III Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ 2006 IV I II III IV 507.8 365.0 272.7 236.8 50.5 16.7 186.3 38.0 148.2 35.9 92.3 67.1 25.2 658.2 462.8 372.9 336.6 80.1 33.2 256.6 60.6 196.0 36.2 89.9 59.5 30.3 101.2 139.9 113.9 107.0 26.4 12.4 80.7 15.1 65.5 6.9 26.0 17.4 8.6 221.0 90.8 71.8 64.3 11.0 5.3 53.2 9.4 43.8 7.5 19.0 14.0 5.0 237.7 215.9 183.1 173.1 52.4 27.8 120.8 28.7 92.0 10.0 32.9 15.5 17.4 85.9 25.2 10.8 3.0 –4.3 –10.0 7.3 7.2 .2 7.8 14.2 14.1 .2 157.2 92.6 73.6 58.9 9.3 3.1 49.7 12.2 37.5 14.6 19.1 14.4 4.6 131.8 110.3 90.8 80.2 10.7 4.1 69.5 10.9 58.6 10.7 19.5 13.5 6.0 59.6 –6.0 65.5 –54.2 91.5 54.2 37.3 100.1 82.5 53.5 –4.7 33.6 17.6 54.2 153.3 354.5 563.7 530.9 46.8 194.1 289.9 23.4 9.5 5.2 4.2 –209.1 44.1 –7.4 51.5 3.7 138.2 73.1 65.2 75.5 85.9 86.1 –4.0 3.9 –10.4 66.0 159.5 498.7 555.9 528.4 38.2 176.7 313.6 20.5 6.9 6.0 1.0 –57.2 1.5 1.0 .6 –114.3 32.2 16.4 15.8 58.9 12.0 4.1 –.5 8.3 46.8 17.0 23.2 78.0 179.9 172.7 15.0 76.3 81.4 6.1 1.2 1.4 –.2 –101.8 29.5 –1.0 30.4 93.0 47.5 30.5 17.0 –29.2 11.6 6.1 1.4 4.1 –40.8 10.4 32.6 188.4 84.2 80.5 –37.7 28.6 89.6 .3 3.3 1.5 1.8 104.1 11.5 –4.8 16.3 –4.7 22.1 7.4 14.7 30.6 35.2 55.3 –3.8 –16.2 –4.5 37.8 85.0 152.7 154.0 151.4 44.5 44.7 62.1 3.6 –.9 1.5 –2.4 –1.2 3.6 –6.4 9.9 –5.4 45.4 30.1 15.3 19.3 18.7 18.2 –.8 1.3 .5 2.1 28.4 57.4 158.5 148.9 –2.3 63.2 88.1 4.4 5.1 1.6 3.5 –101.1 2.9 4.2 –1.1 6.9 35.9 16.6 19.3 28.9 28.4 8.6 .3 19.5 .5 10.1 5.2 152.1 133.0 118.6 13.7 26.3 78.6 12.6 1.8 1.7 .1 19.1 9.2 6.6 2.6 1.1 13.3 –7.6 21.0 10.8 10.3 12.6 –.2 –2.1 .5 12.9 24.3 107.5 91.8 82.6 8.0 –11.1 85.7 7.3 1.8 1.0 .8 15.7 93.8 218.1 –11.7 109.2 93.5 –31.4 84.2 110.0 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5.—Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2006 May June July Aug. Sep. Nov. r Oct. r Dec. p Based on current-dollar measures Personal income ................................................................................................... Compensation of employees, received .............................................................. Wage and salary disbursements ................................................................... Supplements to wages and salaries ............................................................. Proprietors’ income with inventory valuation and capital consumption adjustments .................................................................................................... Rental income of persons with capital consumption adjustment ..................... Personal income receipts on assets .................................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ...................................................................... Less: Contributions for government social insurance ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 0.1 –.4 –.5 .1 0.4 .4 .4 .4 0.6 .7 .7 .6 0.5 .4 .4 .4 0.5 .6 .6 .5 0.3 .5 .5 .5 0.3 .4 .4 .4 0.5 .6 .6 .5 .5 –3.2 1.3 1.6 .9 .7 –.4 0 .1 –.4 –5.0 1.4 1.6 1.0 .4 .3 .7 .4 –.1 7.6 .4 0 1.0 .6 .6 –.3 .7 .7 6.4 .4 0 1.1 .9 .3 .2 .6 0 6.8 .4 0 1.1 .2 .5 .3 .5 .5 –3.0 .2 –.4 1.1 –.3 .5 .9 .2 .2 –1.5 .2 –.4 1.1 .2 .3 .5 .3 0 –2.7 .2 –.4 1.1 1.2 .6 .7 .5 .7 –.6 .9 .8 .3 .5 .1 .4 .7 2.0 .9 .4 .1 –1.5 .2 .5 0 .3 –1.3 .5 .3 .2 –.5 .7 .5 .9 .6 .4 .7 .8 1.6 .3 .4 .3 .2 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... p r –.2 .3 .4 .3 .9 Preliminary Revised Table 6.—Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2005 2006 2005 III 2006 IV I II III IV Based on current-dollar measures Personal income ................................................................................................... Compensation of employees, received .............................................................. Wage and salary disbursements ................................................................... Supplements to wages and salaries ............................................................. Proprietors’ income with inventory valuation and capital consumption adjustments .................................................................................................... Rental income of persons with capital consumption adjustment ..................... Personal income receipts on assets .................................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ...................................................................... Less: Contributions for government social insurance ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 5.2 5.5 5.1 7.3 6.5 –42.7 6.4 6.1 7.0 7.0 6.6 14.6 4.1 6.5 4.7 8.3 5.9 6.4 6.6 6.6 6.6 8.9 5.2 5.1 5.6 9.4 12.6 13.3 9.7 3.2 1.4 .7 4.1 5.9 5.1 5.0 5.4 4.9 6.0 6.1 5.4 4.5 .6 12.7 5.0 .................. .................. 9.1 8.9 13.0 7.7 7.2 13.5 11.3 11.7 12.2 4.9 16.5 –7.3 7.5 8.0 4.8 13.3 8.0 11.2 5.5 3.5 8.6 4.7 –21.2 5.7 3.0 10.2 8.2 17.9 30.2 6.8 1.4 –25.2 11.8 12.7 10.4 5.0 .9 8.8 2.5 1.2 44.6 9.0 6.7 12.8 7.5 4.4 1.5 6.6 3.7 5.6 3.2 –2.9 13.6 2.7 5.6 7.3 4.6 7.0 18.6 7.0 4.8 6.7 –.9 9.9 6.7 5.2 5.3 3.9 5.9 3.6 3.0 –1.6 6.4 –1.5 4.1 5.4 6.0 3.7 7.0 6.1 4.0 8.3 8.4 7.9 8.2 5.9 12.7 6.5 3.7 –13.5 4.5 7.1 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... 1.2 2.7 –.6 5.5 4.6 Table 7.—Real Personal Consumption Expenditures by Major Type of Product (Months) 2006 May June July Aug. Sep. Oct. r Nov. r Dec. p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 8,058.7 1,184.9 2,352.1 4,542.1 8,075.0 1,194.2 2,353.9 4,548.9 8,110.1 1,218.0 2,360.9 4,558.1 8,100.7 1,199.0 2,357.4 4,566.4 8,122.8 1,209.5 2,362.1 4,575.4 8,160.4 1,211.5 2,379.5 4,592.8 8,204.5 1,226.7 2,402.5 4,601.8 8,232.8 1,241.4 2,417.6 4,603.8 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 27.5 –6.8 4.8 26.8 16.3 9.3 1.8 6.8 35.1 23.8 7.0 9.2 –9.4 –19.0 –3.5 8.3 22.1 10.5 4.7 9.0 37.6 2.0 17.4 17.4 44.1 15.2 23.0 9.0 28.3 14.7 15.1 2.0 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. p r .3 –.6 .2 .6 .2 .8 .1 .1 .4 2.0 .3 .2 –.1 –1.6 –.1 .2 .3 .9 .2 .2 .5 .2 .7 .4 .5 1.3 1.0 .2 .3 1.2 .6 0 Preliminary Revised Table 8.—Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2005 2006 2005 III 2006 IV I II III IV 8,055.0 1,190.3 2,351.1 4,535.4 8,111.2 1,208.8 2,360.1 4,566.6 8,199.2 1,226.5 2,399.9 4,599.4 Billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 7,841.2 1,145.3 2,276.8 4,436.6 8,092.3 1,204.0 2,363.5 4,549.0 7,895.3 1,175.9 2,287.6 4,454.5 7,910.2 1,137.9 2,309.6 4,476.7 8,003.8 1,190.5 2,342.8 4,494.5 Change from preceding period in billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 264.1 59.6 97.6 112.7 251.1 58.7 86.7 112.4 75.5 25.1 19.2 34.5 14.9 –38.0 22.0 22.2 93.6 52.6 33.2 17.8 51.2 –.2 8.3 40.9 56.2 18.5 9.0 31.2 88.0 17.7 39.8 32.8 2.8 6.4 1.5 2.8 4.4 6.0 6.9 2.9 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 3.5 5.5 4.5 2.6 3.2 5.1 3.8 2.5 3.9 9.0 3.4 3.2 .8 –12.3 3.9 2.0 4.8 19.8 5.9 1.6 2.6 –.1 1.4 3.7 Table 9.—Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2006 May June July Aug. Sep. Oct. r Nov. r Dec. p Chain-type price indexes (2000=100), seasonally adjusted Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. 114.650 89.279 116.015 120.049 114.815 89.049 116.082 120.368 115.160 89.096 116.749 120.625 115.465 89.145 117.143 120.948 115.098 88.659 115.434 121.308 114.867 88.679 113.967 121.657 114.875 88.348 113.569 121.966 115.294 87.991 114.615 122.262 111.736 113.374 109.537 111.963 113.513 109.745 112.076 113.852 109.803 112.369 114.131 110.062 112.565 113.652 110.233 112.844 113.299 110.460 112.886 113.282 110.479 113.027 113.722 110.589 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE ......................................................................................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. .3 0 .7 .2 .1 –.3 .1 .3 .3 .1 .6 .2 .3 .1 .3 .3 –.3 –.5 –1.5 .3 –.2 0 –1.3 .3 0 –.4 –.3 .3 .4 –.4 .9 .2 .2 .4 .2 .2 .1 .2 .1 .3 .1 .3 .2 .2 .2 –.4 .2 .2 –.3 .2 0 0 0 .1 .4 .1 Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p Table 10.—Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2006 May Disposable personal income ............................................................................... Personal consumption expenditures .................................................................. Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. p r June 1.9 3.4 6.1 3.9 2.6 July 1.7 2.7 2.0 3.4 2.5 Aug. 1.7 2.3 –1.6 3.5 2.5 Sep. 4.6 2.7 3.3 3.0 2.4 Oct. r 3.2 3.2 7.1 3.0 2.6 Nov. r 3.4 3.6 9.2 2.9 2.9 3.1 3.7 7.4 4.2 2.8 Dec. p 2.9 3.6 6.8 4.6 2.5 Preliminary Revised Table 11.—Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2006 May Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. Preliminary Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p r June July Aug. Sep. Oct. r Nov. r Dec. p 3.3 –1.6 5.0 3.5 3.5 –1.5 5.3 3.6 3.4 –1.1 4.8 3.6 3.2 –.7 4.0 3.6 1.9 –1.3 .3 3.4 1.5 –1.3 –.6 3.1 1.9 –1.4 .9 3.0 2.3 –1.6 2.1 3.2 2.2 3.2 1.8 2.3 3.4 2.0 2.3 3.3 1.9 2.4 3.1 2.1 2.4 1.6 2.1 2.4 1.1 2.1 2.2 1.6 1.9 2.2 2.1 1.9