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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, JANUARY 31, 2008 James E. Rankin: Michael Armah: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 08-04 PERSONAL INCOME AND OUTLAYS: DECEMBER 2007 Personal income increased $55.1 billion, or 0.5 percent, and disposable personal income (DPI) increased $47.5 billion, or 0.5 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $23.5 billion, or 0.2 percent. In November, personal income increased $47.6 billion, or 0.4 percent, DPI increased $37.6 billion, or 0.4 percent, and PCE increased $94.6 billion, or 1.0 percent, based on revised estimates. 2007 Aug. Sept. Oct. Nov. (Percent change from preceding month) Dec. Personal income, current dollars 0.5 0.5 0.2 0.4 0.5 Disposable personal income: Current dollars Chained (2000) dollars 0.5 0.5 0.5 0.2 0.2 -0.1 0.4 -0.2 0.5 0.2 Personal consumption expenditures: Current dollars Chained (2000) dollars 0.4 0.4 0.5 0.2 0.3 -0.1 1.0 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 (2000) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $21.4 billion in December, compared with an increase of $34.5 billion in November. Goods-producing industries' payrolls decreased $1.4 billion, in contrast to an increase of $6.8 billion; manufacturing payrolls decreased $2.0 billion, in contrast to an increase of $2.5 billion. Services-producing industries' payrolls increased $22.8 billion, compared with an increase of $27.7 billion. Government wage and salary disbursements increased $3.7 billion, compared with an increase of $4.0 billion. -more- -3- Other personal income Supplements to wages and salaries increased $4.8 billion in December, compared with an increase of $5.9 billion in November. Proprietors' income was unchanged in December, compared with an increase of $11.0 billion in November. Farm proprietors' income increased $2.9 billion, compared with an increase of $2.3 billion. Nonfarm proprietors' income decreased $2.8 billion, in contrast to an increase of $8.6 billion. Rental income of persons increased $2.9 billion in December, the same increase as in November. Personal income receipts on assets (personal interest income plus personal dividend income) increased $3.1 billion in December, compared with an increase of $3.3 billion in November. Personal current transfer receipts increased $22.0 billion in December, in contrast to a decrease of $8.9 billion in November. The December increase in personal current transfer receipts reflected an increase in Medicare part D prescription drug benefit payments; these payments were reduced in November as a result of the annual reconciliation of estimated and actual prescription drug costs. The December increase in personal current transfer receipts also reflected retroactive social security benefit payments of $7.0 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 $3.2 billion in December, compared with an increase of $5.0 billion in November. Personal current taxes and disposable personal income Personal current taxes increased $7.6 billion in December, compared with an increase of $10.0 billion in November. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $47.5 billion, or 0.5 percent, in December, compared with an increase of $37.6 billion, or 0.4 percent, in November. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $19.7 billion in December, compared with an increase of $90.7 billion in November. PCE increased $23.5 billion, compared with an increase of $94.6 billion. Personal saving -- DPI less personal outlays -- was a positive $26.0 billion in December, in contrast to a negative $1.8 billion in November. Personal saving as a percentage of disposable personal income was a 0.2 percent in December; in November, personal saving as a percentage of disposable personal income was 0.0 percent. 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, in contrast to a decrease of 0.2 percent in November. Real PCE -- PCE adjusted to remove price changes -- decreased less than 0.1 percent in December, in contrast to an increase of 0.4 percent in November. Purchases of durable goods decreased 0.3 percent, compared with a decrease of less than 0.1 percent. Purchases of nondurable goods decreased 0.2 percent, in contrast to an increase of 0.4 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.5 percent. The price index for PCE increased 0.2 percent in December, compared with an increase of 0.6 percent in November. The PCE price index, excluding food and energy, increased 0.2 percent, the same increase as in November. -more- -5- 2007 Personal Income and Outlays Personal income increased 6.2 percent in 2007 (that is, from the 2006 annual level to the 2007 annual level), compared with an increase of 6.6 percent in 2006. DPI increased 5.8 percent, compared with an increase of 5.9 percent. PCE increased 5.5 percent, compared with an increase of 5.9 percent. Real DPI increased 3.1 percent in 2007, the same increase as in 2006. Real PCE increased 2.9 percent, compared with an increase of 3.1 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...................... 24.8 25.3 0.2 0.2 43.1 47.6 0.4 0.4 Disposable personal income: Current dollars...................... Chained (2000) dollars......... 17.0 -13.2 18.1 -12.5 0.2 -0.2 0.2 -0.1 32.9 -21.9 37.6 -17.1 0.3 -0.3 0.4 -0.2 39.4 7.0 25.1 -5.4 0.4 0.1 0.3 -0.1 110.6 45.5 94.6 33.0 1.1 0.5 1.0 0.4 Personal consumption expenditures: Current dollars...................... Chained (2000) dollars......... -more- -6- This release also includes revised estimates of population, per capita disposable personal income (DPI), and per capita real DPI. The revised population estimates reflect newly available estimates from the Census Bureau for March 2000 through December 2007. BEA population estimates are a mid-month average of Census Bureau data. The revised per capita estimates reflect the revisions to the population estimates. Estimates for the complete revision period are available on BEA’s Web site at www.bea.gov/bea/dn/nipaweb/SelectTable.asp?Selected=Y#S2. 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 -- February 29, 2008 at 8:30 A.M. EST for Personal Income and Outlays for January Release dates in 2008 December 2007.. January 2008....... February 2008..... March 2008......... January 31 February 29 March 28 May 1 April 2008.... May 2008..... June 2008..... July 2008...... May 30 June 27 August 4 August 29 -more- August 2008......... September 2008... October 2008....... November 2008... September 29 October 31 November 26 December 24 Table 1.—Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2007 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 11,575.7 7,796.8 6,314.1 5,252.3 1,211.3 752.5 4,041.0 1,032.2 3,008.8 1,061.8 1,482.6 1,010.8 471.8 11,626.5 7,832.3 6,344.2 5,279.4 1,216.1 756.0 4,063.3 1,042.9 3,020.4 1,064.7 1,488.1 1,014.5 473.6 11,693.1 7,861.0 6,366.9 5,299.1 1,215.9 755.7 4,083.3 1,045.2 3,038.1 1,067.7 1,494.1 1,019.2 475.0 11,746.7 7,885.3 6,386.6 5,312.9 1,217.1 756.1 4,095.8 1,048.1 3,047.6 1,073.7 1,498.7 1,022.8 475.9 11,800.4 7,931.7 6,427.1 5,349.9 1,219.4 756.0 4,130.4 1,058.7 3,071.8 1,077.2 1,504.7 1,026.2 478.4 11,825.7 7,937.9 6,428.9 5,347.3 1,215.5 753.6 4,131.8 1,056.4 3,075.4 1,081.6 1,509.0 1,030.7 478.2 11,873.3 7,982.3 6,467.4 5,381.8 1,222.3 756.1 4,159.5 1,064.0 3,095.5 1,085.6 1,514.9 1,034.3 480.6 11,928.4 8,012.3 6,492.5 5,403.2 1,220.9 754.1 4,182.3 1,065.2 3,117.1 1,089.3 1,519.7 1,037.6 482.1 1,039.1 33.1 1,006.1 61.6 1,930.1 1,148.4 781.7 1,719.7 1,691.9 1,022.7 31.6 637.7 27.8 971.6 1,476.8 10,098.9 10,079.7 9,684.5 1,086.6 2,838.1 5,759.8 259.5 135.7 85.3 50.5 19.1 .2 1,041.1 34.4 1,006.7 66.5 1,941.5 1,151.8 789.7 1,720.4 1,692.5 1,027.3 31.5 633.7 27.9 975.2 1,486.1 10,140.4 10,112.0 9,705.6 1,068.6 2,835.4 5,801.5 270.1 136.4 85.9 50.5 28.4 .3 1,051.3 36.2 1,015.1 66.9 1,959.0 1,161.5 797.5 1,733.2 1,705.4 1,027.6 31.5 646.2 27.9 978.4 1,484.5 10,208.5 10,153.7 9,742.0 1,063.4 2,854.3 5,824.3 272.9 138.7 86.5 52.2 54.8 .5 1,050.7 38.7 1,012.0 68.3 1,976.3 1,171.1 805.1 1,746.6 1,718.6 1,038.7 32.1 647.7 28.0 980.4 1,488.0 10,258.7 10,198.3 9,783.1 1,085.8 2,830.6 5,866.7 275.8 139.3 87.1 52.2 60.5 .6 1,043.9 41.0 1,002.9 70.1 1,993.2 1,180.8 812.4 1,747.1 1,719.0 1,037.4 31.5 650.2 28.0 985.7 1,495.1 10,305.3 10,250.6 9,832.0 1,095.7 2,854.0 5,882.3 278.7 140.0 87.8 52.2 54.7 .5 1,050.0 42.7 1,007.3 73.1 1,996.4 1,176.9 819.5 1,754.1 1,726.0 1,036.1 31.5 658.3 28.1 985.7 1,502.3 10,323.4 10,272.1 9,857.1 1,091.9 2,867.5 5,897.6 274.4 140.6 88.1 52.5 51.2 .5 1,061.0 45.0 1,015.9 76.0 1,999.7 1,173.0 826.6 1,745.2 1,717.0 1,027.3 32.3 657.5 28.1 990.7 1,512.3 10,361.0 10,362.8 9,951.7 1,088.9 2,920.5 5,942.3 270.2 140.9 88.4 52.5 –1.8 0 1,061.0 47.9 1,013.1 78.9 2,002.8 1,169.1 833.7 1,767.2 1,739.1 1,045.2 33.4 660.4 28.2 993.9 1,519.9 10,408.5 10,382.5 9,975.2 1,083.0 2,923.1 5,969.1 266.0 141.3 88.8 52.5 26.0 .2 8,597.0 8,619.9 8,668.1 8,712.3 8,727.2 8,714.7 8,697.6 8,715.9 33,478 28,499 301,660 33,587 28,551 301,914 33,783 28,685 302,178 33,919 28,806 302,450 34,042 28,829 302,728 34,072 28,762 302,989 34,169 28,683 303,228 34,299 28,722 303,461 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.—Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2006 2007 2006 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 .................................................................. 2007 IV I II III IV 10,983.4 7,440.8 6,018.2 4,997.6 1,166.8 731.0 3,830.8 985.1 2,845.7 1,020.6 1,422.6 970.7 451.8 11,667.3 7,859.2 6,367.4 5,299.4 1,214.6 755.0 4,084.8 1,041.6 3,043.2 1,068.0 1,491.8 1,016.8 475.0 11,030.9 7,442.5 6,015.8 4,988.8 1,158.5 724.3 3,830.3 985.8 2,844.5 1,027.0 1,426.7 975.4 451.3 11,200.2 7,599.9 6,153.0 5,115.7 1,191.4 743.3 3,924.4 1,002.2 2,922.2 1,037.2 1,446.9 986.7 460.2 11,469.2 7,764.9 6,294.4 5,242.7 1,208.9 755.4 4,033.9 1,020.0 3,013.8 1,051.7 1,470.5 999.2 471.3 11,577.3 7,801.9 6,318.9 5,256.9 1,212.6 754.1 4,044.3 1,033.7 3,010.6 1,061.9 1,483.0 1,010.9 472.1 11,746.7 7,892.7 6,393.5 5,320.6 1,217.5 755.9 4,103.1 1,050.7 3,052.5 1,072.9 1,499.2 1,022.7 476.4 11,875.8 7,977.5 6,463.0 5,377.4 1,219.6 754.6 4,157.8 1,061.9 3,096.0 1,085.5 1,514.5 1,034.2 480.3 1,006.7 19.4 987.4 54.5 1,796.5 1,100.2 696.3 1,612.5 1,585.3 946.4 29.9 609.0 27.2 927.6 1,354.3 9,629.1 9,590.3 9,224.5 1,048.9 2,688.0 5,487.6 238.0 127.8 78.9 48.9 38.8 .4 1,043.0 36.5 1,006.4 64.9 1,947.2 1,154.7 792.5 1,731.4 1,703.5 1,022.6 31.9 649.1 27.9 978.4 1,483.3 10,184.0 10,131.7 9,732.0 1,079.6 2,833.0 5,819.4 262.2 137.4 86.1 51.4 52.3 .5 1,003.6 18.1 985.5 52.9 1,828.1 1,119.7 708.4 1,630.6 1,603.2 956.1 30.0 617.1 27.4 926.8 1,355.2 9,675.8 9,677.1 9,305.7 1,053.8 2,732.4 5,519.5 242.3 129.1 79.6 49.5 –1.4 0 1,009.8 23.9 985.8 50.9 1,836.6 1,102.8 733.8 1,647.7 1,618.0 972.0 30.3 615.7 29.7 944.6 1,401.0 9,799.2 9,757.2 9,373.7 1,056.5 2,705.4 5,611.8 251.6 131.8 81.2 50.6 42.0 .4 1,027.4 29.1 998.3 53.2 1,882.9 1,126.1 756.8 1,710.7 1,683.1 999.4 31.8 651.8 27.6 969.8 1,454.7 10,014.5 9,917.5 9,540.5 1,074.0 2,759.4 5,707.1 243.3 133.7 83.4 50.4 97.0 1.0 1,038.4 33.1 1,005.3 62.1 1,930.0 1,148.4 781.6 1,717.1 1,689.4 1,020.1 31.7 637.6 27.8 972.2 1,477.6 10,099.7 10,069.2 9,674.0 1,074.7 2,822.7 5,776.5 259.5 135.7 85.3 50.5 30.5 .3 1,048.7 38.6 1,010.0 68.4 1,976.2 1,171.1 805.0 1,742.3 1,714.4 1,034.6 31.7 648.1 28.0 981.5 1,489.2 10,257.5 10,200.9 9,785.7 1,081.6 2,846.3 5,857.8 275.8 139.3 87.1 52.2 56.7 .6 1,057.3 45.2 1,012.1 76.0 1,999.6 1,173.0 826.6 1,755.5 1,727.4 1,036.2 32.4 658.8 28.1 990.1 1,511.5 10,364.3 10,339.2 9,928.0 1,087.9 2,903.7 5,936.3 270.2 140.9 88.4 52.5 25.1 .2 8,396.9 8,660.6 8,384.5 8,510.7 8,623.9 8,607.1 8,702.6 8,709.3 32,183 28,064 299,199 33,712 28,669 302,087 32,299 27,989 299,568 32,626 28,336 300,351 33,270 28,650 301,004 33,480 28,532 301,667 33,915 28,773 302,452 34,180 28,722 303,226 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 2007 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 45.9 20.3 15.8 13.2 .9 –1.4 12.3 6.2 6.1 2.6 4.3 3.5 .8 50.8 35.5 30.1 27.1 4.8 3.5 22.3 10.7 11.6 2.9 5.5 3.7 1.8 66.6 28.7 22.7 19.7 –.2 –.3 20.0 2.3 17.7 3.0 6.0 4.7 1.4 53.6 24.3 19.7 13.8 1.2 .4 12.5 2.9 9.5 6.0 4.6 3.6 .9 53.7 46.4 40.5 37.0 2.3 –.1 34.6 10.6 24.2 3.5 6.0 3.4 2.5 25.3 6.2 1.8 –2.6 –3.9 –2.4 1.4 –2.3 3.6 4.4 4.3 4.5 –.2 47.6 44.4 38.5 34.5 6.8 2.5 27.7 7.6 20.1 4.0 5.9 3.6 2.4 55.1 30.0 25.1 21.4 –1.4 –2.0 22.8 1.2 21.6 3.7 4.8 3.3 1.5 4.0 1.2 3.0 3.3 11.7 3.4 8.3 8.3 8.2 12.5 –.3 –3.8 .1 1.7 6.8 39.1 63.9 52.7 17.7 43.5 –8.5 10.6 .6 .6 0 –24.8 2.0 1.3 .6 4.9 11.4 3.4 8.0 .7 .6 4.6 –.1 –4.0 .1 3.6 9.3 41.5 32.3 21.1 –18.0 –2.7 41.7 10.6 .7 .6 0 9.3 10.2 1.8 8.4 .4 17.5 9.7 7.8 12.8 12.9 .3 0 12.5 0 3.2 –1.6 68.1 41.7 36.4 –5.2 18.9 22.8 2.8 2.3 .6 1.7 26.4 –.6 2.5 –3.1 1.4 17.3 9.6 7.6 13.4 13.2 11.1 .6 1.5 .1 2.0 3.5 50.2 44.6 41.1 22.4 –23.7 42.4 2.9 .6 .6 0 5.7 –6.8 2.3 –9.1 1.8 16.9 9.7 7.3 .5 .4 –1.3 –.6 2.5 0 5.3 7.1 46.6 52.3 48.9 9.9 23.4 15.6 2.9 .7 .7 0 –5.8 6.1 1.7 4.4 3.0 3.2 –3.9 7.1 7.0 7.0 –1.3 0 8.1 .1 0 7.2 18.1 21.5 25.1 –3.8 13.5 15.3 –4.3 .6 .3 .3 –3.5 11.0 2.3 8.6 2.9 3.3 –3.9 7.1 –8.9 –9.0 –8.8 .8 –.8 0 5.0 10.0 37.6 90.7 94.6 –3.0 53.0 44.7 –4.2 .3 .3 0 –53.0 0 2.9 –2.8 2.9 3.1 –3.9 7.1 22.0 22.1 17.9 1.1 2.9 .1 3.2 7.6 47.5 19.7 23.5 –5.9 2.6 26.8 –4.2 .4 .4 0 27.8 –7.5 22.9 48.2 44.2 14.9 –12.5 –17.1 18.3 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 2006 2007 2006 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 ............ 2007 IV I II III IV 682.3 416.2 350.3 310.7 68.1 26.9 242.5 48.1 194.5 39.7 65.8 43.0 22.7 683.9 418.4 349.2 301.8 47.8 24.0 254.0 56.5 197.5 47.4 69.2 46.1 23.2 115.4 70.6 57.4 44.2 2.6 1.0 41.7 4.9 36.7 13.2 13.2 9.9 3.3 169.3 157.4 137.2 126.9 32.9 19.0 94.1 16.4 77.7 10.2 20.2 11.3 8.9 269.0 165.0 141.4 127.0 17.5 12.1 109.5 17.8 91.6 14.5 23.6 12.5 11.1 108.1 37.0 24.5 14.2 3.7 –1.3 10.4 13.7 –3.2 10.2 12.5 11.7 .8 169.4 90.8 74.6 63.7 4.9 1.8 58.8 17.0 41.9 11.0 16.2 11.8 4.3 129.1 84.8 69.5 56.8 2.1 –1.3 54.7 11.2 43.5 12.6 15.3 11.5 3.9 36.8 –11.4 48.3 11.6 178.7 81.3 97.4 91.8 102.2 101.1 –1.4 2.6 –10.4 52.8 145.2 537.1 542.9 516.7 25.0 171.8 319.8 20.3 6.0 4.4 1.6 –5.8 36.3 17.1 19.0 10.4 150.7 54.5 96.2 118.9 118.2 76.2 2.0 40.1 .7 50.8 129.0 554.9 541.4 507.5 30.7 145.0 331.8 24.2 9.6 7.2 2.5 13.5 –9.9 3.5 –13.4 –2.5 32.4 7.0 25.5 31.5 29.9 16.0 .8 13.2 1.5 6.7 12.6 102.9 134.2 121.8 11.0 40.2 70.6 11.3 1.1 1.5 –.4 –31.4 6.2 5.8 .3 –2.0 8.5 –16.9 25.4 17.1 14.8 15.9 .3 –1.4 2.3 17.8 45.8 123.4 80.1 68.0 2.7 –27.0 92.3 9.3 2.7 1.6 1.1 43.4 17.6 5.2 12.5 2.3 46.3 23.3 23.0 63.0 65.1 27.4 1.5 36.1 –2.1 25.2 53.7 215.3 160.3 166.8 17.5 54.0 95.3 –8.3 1.9 2.2 –.2 55.0 11.0 4.0 7.0 8.9 47.1 22.3 24.8 6.4 6.3 20.7 –.1 –14.2 .2 2.4 22.9 85.2 151.7 133.5 .7 63.3 69.4 16.2 2.0 1.9 .1 –66.5 10.3 5.5 4.7 6.3 46.2 22.7 23.4 25.2 25.0 14.5 0 10.5 .2 9.3 11.6 157.8 131.7 111.7 6.9 23.6 81.3 16.3 3.6 1.8 1.7 26.2 8.6 6.6 2.1 7.6 23.4 1.9 21.6 13.2 13.0 1.6 .7 10.7 .1 8.6 22.3 106.8 138.3 142.3 6.3 57.4 78.5 –5.6 1.6 1.3 .3 –31.6 249.0 263.7 35.9 126.2 113.2 –16.8 95.5 6.7 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 2007 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 .......................................................................................................... 0.4 .3 .3 .3 0.4 .5 .5 .4 0.6 .4 .4 .4 0.5 .3 .3 .3 0.5 .6 .6 .4 0.2 .1 0 .3 0.4 .6 .6 .4 0.5 .4 .4 .3 .4 5.7 .6 .3 1.1 .5 .2 .5 .4 .2 7.9 .6 .3 1.0 0 .4 .6 .4 1.0 .6 .9 .8 1.0 .7 .3 –.1 .7 –.1 2.1 .9 .8 1.0 .8 .2 .2 .5 –.6 2.7 .9 .8 .9 0 .5 .5 .5 .6 4.2 .2 –.3 .9 .4 0 .5 .2 1.0 4.0 .2 –.3 .9 –.5 .5 .7 .4 0 3.9 .2 –.3 .8 1.3 .3 .5 .5 .5 1.7 1.6 –.1 .2 –1.7 –.1 .7 .4 –.5 .7 .4 .4 2.1 –.8 .7 .5 .9 .8 .3 .3 –.3 .5 .3 1.0 –.3 1.8 .8 .2 –.5 .1 .5 –.1 –.2 .2 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... p r –.1 .3 .6 .5 .2 Preliminary Revised Table 6.—Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2006 2007 2006 III 2007 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 .......................................................................................................... 6.6 5.9 6.2 4.8 6.2 5.6 5.8 4.9 4.3 3.9 3.9 3.8 6.3 8.7 9.4 5.8 10.0 9.0 9.5 6.7 3.8 1.9 1.6 3.4 6.0 4.7 4.8 4.4 4.5 4.4 4.4 4.2 3.8 27.2 11.0 8.0 16.3 6.0 6.0 12.0 5.9 3.6 19.1 8.4 4.9 13.8 7.4 5.5 9.5 5.8 –3.9 –16.7 7.4 2.5 15.8 8.1 3.0 3.8 4.4 2.5 –14.0 1.9 –5.9 15.1 4.3 7.9 14.2 5.2 7.2 19.2 10.5 8.7 13.1 16.2 11.1 16.2 9.1 4.4 85.9 10.4 8.2 13.8 1.5 1.0 6.5 3.4 4.0 47.1 9.9 8.2 12.5 6.0 3.9 3.2 6.4 3.3 52.2 4.8 .6 11.2 3.1 3.6 6.1 4.2 5.9 2.4 6.8 6.2 5.5 2.9 5.4 6.0 5.4 4.3 6.1 5.3 3.0 1.0 –3.9 6.9 7.3 6.8 8.2 7.0 5.7 .3 9.5 5.0 4.7 2.6 3.4 5.7 5.9 2.3 8.3 5.5 –.8 4.5 .3 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... 3.1 3.1 1.7 6.2 5.4 Table 7.—Real Personal Consumption Expenditures by Major Type of Product (Months) 2007 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 .............................................................................................. 8,244.3 1,242.9 2,386.4 4,643.8 8,250.2 1,221.4 2,385.1 4,665.9 8,272.0 1,217.2 2,398.8 4,676.3 8,308.4 1,247.3 2,389.7 4,698.3 8,326.4 1,261.2 2,402.0 4,693.8 8,321.0 1,256.0 2,403.4 4,691.2 8,354.0 1,255.6 2,412.9 4,713.5 8,353.1 1,252.4 2,407.7 4,719.8 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 5.8 22.2 6.6 –16.6 5.9 –21.5 –1.3 22.1 21.8 –4.2 13.7 10.4 36.4 30.1 –9.1 22.0 18.0 13.9 12.3 –4.5 –5.4 –5.2 1.4 –2.6 33.0 –.4 9.5 22.3 –.9 –3.2 –5.2 6.3 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. p r .1 1.8 .3 –.4 .1 –1.7 –.1 .5 .3 –.4 .6 .2 .4 2.5 –.4 .5 .2 1.1 .5 –.1 –.1 –.4 .1 –.1 .4 0 .4 .5 0 –.3 –.2 .1 Preliminary Revised Table 8.—Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2006 2007 2006 III 2007 IV I II III IV 8,244.3 1,228.4 2,383.8 4,656.7 8,302.2 1,241.9 2,396.8 4,689.5 8,342.7 1,254.7 2,408.0 4,708.2 Billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 8,044.1 1,180.5 2,337.7 4,545.5 8,276.2 1,237.0 2,393.8 4,671.3 8,063.8 1,186.3 2,343.9 4,554.0 8,141.2 1,197.6 2,368.8 4,595.5 8,215.7 1,223.2 2,386.6 4,630.7 Change from preceding period in billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 240.5 43.1 82.3 118.2 232.1 56.5 56.1 125.8 54.5 16.1 18.3 22.4 77.4 11.3 24.9 41.5 74.5 25.6 17.8 35.2 28.6 5.2 –2.8 26.0 57.9 13.5 13.0 32.8 40.5 12.8 11.2 18.7 2.8 4.5 2.2 2.8 2.0 4.2 1.9 1.6 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 3.1 3.8 3.6 2.7 2.9 4.8 2.4 2.8 2.8 5.6 3.2 2.0 3.9 3.9 4.3 3.7 3.7 8.8 3.0 3.1 1.4 1.7 –.5 2.3 Table 9.—Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2007 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 .............................................. 117.474 87.421 118.925 124.038 117.644 87.484 118.881 124.346 117.776 87.363 118.989 124.557 117.755 87.044 118.451 124.877 118.087 86.865 118.813 125.329 118.465 86.933 119.311 125.726 119.129 86.715 121.036 126.078 119.425 86.466 121.409 126.478 114.105 115.934 111.485 114.270 116.083 111.623 114.457 116.173 111.768 114.645 116.053 111.876 114.946 116.333 112.105 115.203 116.698 112.320 115.451 117.426 112.563 115.714 117.731 112.831 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE ......................................................................................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. .5 –.2 1.3 .2 .1 .1 0 .2 .1 –.1 .1 .2 0 –.4 –.5 .3 .3 –.2 .3 .4 .3 .1 .4 .3 .6 –.3 1.4 .3 .2 –.3 .3 .3 .1 .5 .1 .1 .1 .1 .2 .1 .1 .2 –.1 .1 .3 .2 .2 .2 .3 .2 .2 .6 .2 .2 .3 .2 Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p Table 10.—Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2007 May Disposable personal income ............................................................................... Personal consumption expenditures .................................................................. Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. p r June 3.2 2.9 6.8 2.6 2.4 July 3.0 2.9 4.3 2.6 2.7 Aug. 3.7 2.5 1.9 2.2 2.7 Sep. 4.1 3.2 6.2 2.0 3.2 Oct. r 3.6 3.2 6.0 2.6 3.0 Nov. r 2.7 2.5 5.7 2.0 2.2 2.2 2.7 5.2 2.1 2.5 Dec. p 2.1 2.2 3.4 .8 2.6 Preliminary Revised Table 11.—Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2007 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 2.4 –2.0 2.5 3.2 2.3 –1.6 2.2 3.1 2.1 –1.8 1.8 3.1 1.8 –2.2 1.0 3.0 2.5 –1.9 2.8 3.1 3.0 –1.8 4.5 3.2 3.6 –1.7 6.3 3.3 3.5 –1.6 5.9 3.3 2.0 2.3 1.8 1.9 2.2 1.7 2.0 2.0 1.8 1.9 1.7 1.6 1.9 2.3 1.6 2.0 3.0 1.7 2.2 3.6 1.9 2.2 3.5 2.0
@FedFRASER