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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, FEBRUARY 2, 2009 James E. Rankin: Brendan Leary: (202) 606-5301 (Personal Income) (202) 606-5302 (Personal Outlays) BEA 09-03 PERSONAL INCOME AND OUTLAYS: DECEMBER 2008 Personal income decreased $25.3 billion, or 0.2 percent, and disposable personal income (DPI) decreased $25.1 billion, or 0.2 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $102.4 billion, or 1.0 percent. In November, personal income decreased $44.0 billion, or 0.4 percent, DPI decreased $33.9 billion, or 0.3 percent, and PCE decreased $77.8 billion, or 0.8 percent, based on revised estimates. Real disposable income increased 0.3 percent in December, compared with an increase of 0.8 percent in November. Real PCE decreased 0.5 percent, in contrast to an increase of 0.3 percent. The price index for PCE decreased 0.5 percent, compared with a decrease of 1.1 percent. 2008 Aug. Sept. Oct. Nov. (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars Dec. 0.3 0.0 -0.1 -0.4 -0.2 -1.1 -1.1 0.1 0.0 0.0 0.5 -0.3 0.8 -0.2 0.3 -0.2 -0.1 -0.4 -0.5 -1.1 -0.6 -0.8 0.3 -1.0 -0.5 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 decreased $23.5 billion in December, compared with a decrease of $12.1 billion in November. Goods-producing industries' payrolls decreased $15.7 billion, compared with a decrease of $4.4 billion; manufacturing payrolls decreased $9.6 billion, compared with a decrease of $3.1 billion. Services-producing industries' payrolls decreased $7.8 billion, compared with a decrease $7.7 billion. Government wage and salary disbursements increased $2.3 billion, compared with an increase of $1.7 billion. -more- -3- Other personal income Proprietors' income decreased $6.8 billion in December, compared with a decrease of $17.6 billion in November. Farm proprietors' income decreased $0.9 billion, compared with a decrease of $1.3 billion. Nonfarm proprietors' income decreased $5.9 billion, compared with a decrease of $16.3 billion. Rental income of persons increased $4.3 billion in December, compared with an increase of $2.8 billion in November. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $29.0 billion, compared with a decrease of $28.8 billion. Personal current transfer receipts increased $24.4 billion in December, compared with an increase of $7.5 billion in November. The December increase in personal current transfer receipts reflected retroactive social security benefits payments of $7.4 billion at an annual rate, resulting from a recalculation of the earnings base underlying the benefits for recent retirees. The December increase in personal current transfer receipts also reflected provisions of the Supplemental Appropriations Act of 2008, which provides up to 13 weeks of additional unemployment compensation benefits to those who have exhausted their regular unemployment benefits. The additional unemployment benefits boosted the level of personal current transfer receipts by $7.1 billion in December. Contributions for government social insurance -- a subtraction in calculating personal income -decreased $3.1 billion in December, compared with a decrease of $1.9 billion in November. Personal current taxes and disposable personal income Personal current taxes decreased $0.2 billion in December, compared with a decrease of $10.1 billion in November. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $25.1 billion, or 0.2 percent, in December, compared with a decrease of $33.9 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 decreased $104.6 billion in December, compared with a decrease of $80.0 billion in November. PCE decreased $102.4 billion, compared with a decrease of $77.8 billion. Personal saving -- DPI less personal outlays -- was $378.6 billion in December, compared with $299.1 billion in November. Personal saving as a percentage of disposable personal income was 3.6 percent in December, compared with 2.8 percent in November. 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 www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in December, compared with an increase of 0.8 percent in November. Real PCE -- PCE adjusted to remove price changes -- decreased 0.5 percent in December, in contrast to an increase of 0.3 percent in November. Purchases of durable goods decreased 0.8 percent, in contrast to an increase of 1.0 percent. Purchases of nondurable goods decreased 1.8 percent in December, in contrast to an increase of 0.9 percent in November. Purchases of services increased 0.1 percent, in contrast to a decrease of less than 0.1 percent. PCE price index -- the price index for PCE decreased 0.5 percent in December, compared with a decrease of 1.1 percent in November. The PCE price index, excluding food and energy, was essentially unchanged in December and in November. -more- -5- 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...................... 11.3 -11.3 0.1 -0.1 -20.7 -44.0 -0.2 -0.4 Disposable personal income: Current dollars...................... Chained (2000) dollars......... 16.7 61.2 -2.0 47.0 0.2 0.7 0.0 0.5 -11.8 88.1 -33.9 70.7 -0.1 1.0 -0.3 0.8 Personal consumption expenditures: Current dollars...................... -102.6 -116.2 Chained (2000) dollars......... -38.6 -48.7 -1.0 -0.5 -1.1 -0.6 -56.1 45.6 -77.8 28.5 -0.6 0.6 -0.8 0.3 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 2008. 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/national/nipaweb/SelectTable.asp?Selected=Y#S2. -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 -- March 2, 2009, at 8:30 A.M. EST for Personal Income and Outlays for January. Release Dates for 2009 December 2008.. January 2009....... February 2009..... March 2009......... February 2 March 2 March 27 April 30 April 2009.... June 1 May 2009..... June 26 June 2009..... August 4 July 2009...... August 28 -more- August 2009......... September 2009... October 2009....... November 2009... October 1 October 30 November 25 December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2008 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....................... August September October r November r December p May June July 12,219.8 8,033.1 6,530.9 5,407.3 1,212.4 744.9 4,194.9 1,047.1 3,147.8 1,123.6 1,502.1 1,024.4 477.7 12,233.6 8,049.3 6,543.8 5,415.4 1,214.6 745.6 4,200.9 1,050.3 3,150.6 1,128.4 1,505.5 1,027.4 478.2 12,136.0 8,067.8 6,559.3 5,425.0 1,217.4 746.3 4,207.6 1,048.9 3,158.7 1,134.3 1,508.5 1,029.8 478.8 12,168.8 8,091.7 6,580.6 5,442.0 1,221.1 744.5 4,220.8 1,049.1 3,171.7 1,138.6 1,511.1 1,031.3 479.8 12,173.2 8,081.5 6,570.4 5,428.3 1,214.6 740.0 4,213.6 1,044.3 3,169.3 1,142.1 1,511.2 1,032.6 478.6 12,161.9 8,080.5 6,567.3 5,422.0 1,209.0 737.1 4,213.0 1,036.7 3,176.3 1,145.3 1,513.2 1,035.0 478.2 12,117.9 8,070.7 6,557.0 5,409.9 1,204.6 734.0 4,205.3 1,029.6 3,175.8 1,147.0 1,513.7 1,036.7 477.0 12,092.6 8,049.5 6,535.6 5,386.4 1,188.9 724.4 4,197.5 1,025.2 3,172.3 1,149.3 1,513.9 1,038.4 475.5 1,076.1 38.4 1,037.7 58.3 2,052.3 1,208.7 843.6 1,995.3 1,962.9 1,051.8 41.5 869.6 32.4 995.4 1,083.5 36.1 1,047.4 68.3 2,052.8 1,204.5 848.3 1,976.0 1,943.5 1,057.0 42.0 844.5 32.4 996.3 1,090.0 35.0 1,055.0 72.8 2,054.1 1,210.9 843.2 1,849.0 1,816.5 1,067.4 47.6 701.5 32.5 997.7 1,079.8 32.5 1,047.3 77.3 2,055.6 1,217.4 838.2 1,864.3 1,831.7 1,067.5 62.4 701.9 32.6 999.8 1,071.8 29.6 1,042.2 55.5 2,057.3 1,223.8 833.4 1,904.8 1,845.3 1,072.0 67.5 705.8 59.5 997.8 1,074.5 27.1 1,047.4 86.3 2,028.5 1,199.2 829.4 1,889.2 1,856.5 1,074.5 64.6 717.4 32.7 997.1 1,056.9 25.8 1,031.1 89.1 1,999.7 1,174.5 825.2 1,896.7 1,863.9 1,082.8 64.2 716.9 32.8 995.2 1,050.1 24.9 1,025.2 93.4 1,970.7 1,149.9 820.8 1,921.1 1,888.3 1,088.7 79.6 719.9 32.8 992.1 Less: Personal current taxes ................................................................... 1,147.9 1,363.0 1,371.3 1,520.3 1,514.3 1,505.0 1,494.9 1,494.7 Equals: Disposable personal income...................................................... 11,071.9 10,870.6 10,764.7 10,648.6 10,658.9 10,656.9 10,623.0 10,597.9 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 10,544.3 10,144.2 1,065.5 3,025.4 6,053.3 253.8 146.4 83.7 62.7 10,595.9 10,196.4 1,049.1 3,063.0 6,084.2 252.9 146.7 84.0 62.7 10,585.0 10,187.1 1,016.6 3,068.4 6,102.0 250.9 147.1 84.4 62.7 10,567.4 10,170.9 1,033.7 3,042.4 6,094.8 248.9 147.5 84.8 62.7 10,527.3 10,132.4 998.4 3,022.9 6,111.2 246.9 148.0 85.3 62.7 10,403.9 10,016.2 946.0 2,933.2 6,137.0 244.1 143.6 85.8 57.8 10,323.9 9,938.4 949.7 2,852.7 6,136.1 241.3 144.1 86.3 57.8 10,219.3 9,836.0 937.4 2,752.2 6,146.4 238.5 144.8 86.9 57.8 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 527.5 4.8 274.7 2.5 179.7 1.7 81.2 0.8 131.6 1.2 253.1 2.4 299.1 2.8 378.6 3.6 9,119.1 8,885.5 8,751.0 8,657.6 8,658.7 8,705.7 8,776.4 8,800.1 36,406 29,985 304,121 35,716 29,194 304,360 35,340 28,729 304,608 34,928 28,398 304,870 34,931 28,376 305,138 34,896 28,507 305,390 34,758 28,716 305,624 34,651 28,773 305,848 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2007 2008 2007 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....................... 2008 IV I II III IV 11,663.2 7,818.6 6,362.0 5,286.7 1,205.4 746.0 4,081.3 1,035.2 3,046.1 1,075.2 1,456.6 991.9 464.7 12,099.0 8,047.6 6,543.2 5,413.5 1,212.3 742.2 4,201.3 1,044.2 3,157.1 1,129.7 1,504.4 1,026.9 477.5 11,730.4 7,839.3 6,377.7 5,297.0 1,204.3 743.4 4,092.6 1,035.3 3,057.4 1,080.8 1,461.6 996.5 465.1 11,872.1 7,941.0 6,465.5 5,373.4 1,218.2 750.2 4,155.3 1,048.3 3,106.9 1,092.1 1,475.5 1,005.9 469.6 11,960.5 8,009.7 6,518.0 5,408.3 1,217.7 748.4 4,190.5 1,050.4 3,140.2 1,109.7 1,491.7 1,015.3 476.4 12,152.2 8,033.5 6,531.3 5,407.9 1,212.7 745.0 4,195.2 1,048.4 3,146.7 1,123.4 1,502.2 1,024.4 477.8 12,159.4 8,080.4 6,570.1 5,431.7 1,217.7 743.6 4,214.0 1,047.4 3,166.6 1,138.3 1,510.3 1,031.2 479.0 12,124.1 8,066.9 6,553.3 5,406.1 1,200.8 731.8 4,205.3 1,030.5 3,174.8 1,147.2 1,513.6 1,036.7 476.9 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 1,681.4 999.4 32.3 649.6 31.9 965.1 1,072.4 34.5 1,037.9 63.9 2,040.4 1,206.3 834.1 1,869.8 1,835.1 1,058.3 52.0 724.7 34.7 995.2 1,063.8 47.4 1,016.4 41.8 2,030.9 1,236.2 794.7 1,720.6 1,688.0 1,008.8 32.5 646.7 32.5 966.0 1,073.8 47.1 1,026.7 38.6 2,056.2 1,242.7 813.5 1,737.8 1,704.7 1,009.6 34.3 660.9 33.1 975.3 1,071.7 41.6 1,030.1 39.1 2,054.1 1,224.6 829.5 1,778.1 1,745.8 1,032.4 38.2 675.3 32.2 992.2 1,076.9 38.0 1,039.0 58.6 2,052.3 1,208.7 843.6 1,926.3 1,893.9 1,050.0 41.4 802.5 32.4 995.4 1,080.5 32.4 1,048.2 68.5 2,055.7 1,217.4 838.3 1,872.7 1,831.2 1,068.9 59.2 703.1 41.5 998.4 1,060.5 25.9 1,034.6 89.6 1,999.6 1,174.5 825.1 1,902.3 1,869.6 1,082.0 69.5 718.0 32.8 994.8 Less: Personal current taxes ................................................................... 1,492.8 1,462.0 1,501.6 1,520.5 1,535.0 1,346.1 1,468.6 1,498.2 Equals: Disposable personal income...................................................... 10,170.5 10,637.0 10,228.8 10,351.5 10,425.5 10,806.0 10,690.7 10,625.9 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 10,113.1 9,710.2 1,082.8 2,833.0 5,794.4 265.4 137.5 81.2 56.3 10,454.6 10,058.5 1,022.7 2,966.9 6,068.9 251.4 144.7 84.4 60.3 10,182.0 9,765.6 1,086.2 2,846.6 5,832.8 278.2 138.1 81.8 56.3 10,309.2 9,892.7 1,083.0 2,906.2 5,903.5 276.7 139.8 82.5 57.3 10,404.9 10,002.3 1,071.0 2,950.7 5,980.6 261.7 140.8 82.9 57.9 10,538.2 10,138.0 1,059.3 3,026.2 6,052.5 253.8 146.4 83.7 62.7 10,559.9 10,163.5 1,016.2 3,044.6 6,102.7 248.9 147.5 84.8 62.7 10,315.7 9,930.2 944.4 2,846.0 6,139.8 241.3 144.2 86.3 57.8 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 57.4 0.6 182.4 1.7 46.8 0.5 42.4 0.4 20.6 0.2 267.9 2.5 130.8 1.2 310.3 2.9 8,644.0 8,752.3 8,671.1 8,683.1 8,667.9 8,891.0 8,689.1 8,760.4 33,706 28,648 301,737 34,929 28,740 304,530 33,858 28,702 302,108 34,179 28,670 302,865 34,351 28,560 303,498 35,531 29,234 304,128 35,066 28,501 304,872 34,768 28,664 305,620 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2008 May June July August September October r November r December p Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance....................... 216.7 15.0 11.8 6.2 1.1 0.4 5.1 –0.8 5.9 5.5 3.2 2.9 0.3 13.8 16.2 12.9 8.1 2.2 0.7 6.0 3.2 2.8 4.8 3.4 3.0 0.5 –97.6 18.5 15.5 9.6 2.8 0.7 6.7 –1.4 8.1 5.9 3.0 2.4 0.6 32.8 23.9 21.3 17.0 3.7 –1.8 13.2 0.2 13.0 4.3 2.6 1.5 1.0 4.4 –10.2 –10.2 –13.7 –6.5 –4.5 –7.2 –4.8 –2.4 3.5 0.1 1.3 –1.2 –11.3 –1.0 –3.1 –6.3 –5.6 –2.9 –0.6 –7.6 7.0 3.2 2.0 2.4 –0.4 –44.0 –9.8 –10.3 –12.1 –4.4 –3.1 –7.7 –7.1 –0.5 1.7 0.5 1.7 –1.2 –25.3 –21.2 –21.4 –23.5 –15.7 –9.6 –7.8 –4.4 –3.5 2.3 0.2 1.7 –1.5 4.9 –1.0 5.8 9.2 0.5 –4.3 4.8 187.8 187.8 10.8 0.9 176.1 0.0 0.9 7.4 –2.3 9.7 10.0 0.5 –4.2 4.7 –19.3 –19.4 5.2 0.5 –25.1 0.0 0.9 6.5 –1.1 7.6 4.5 1.3 6.4 –5.1 –127.0 –127.0 10.4 5.6 –143.0 0.1 1.4 –10.2 –2.5 –7.7 4.5 1.5 6.5 –5.0 15.3 15.2 0.1 14.8 0.4 0.1 2.1 –8.0 –2.9 –5.1 –21.8 1.7 6.4 –4.8 40.5 13.6 4.5 5.1 3.9 26.9 –2.0 2.7 –2.5 5.2 30.8 –28.8 –24.6 –4.0 –15.6 11.2 2.5 –2.9 11.6 –26.8 –0.7 –17.6 –1.3 –16.3 2.8 –28.8 –24.7 –4.2 7.5 7.4 8.3 –0.4 –0.5 0.1 –1.9 –6.8 –0.9 –5.9 4.3 –29.0 –24.6 –4.4 24.4 24.4 5.9 15.4 3.0 0.0 –3.1 Less: Personal current taxes ................................................................... –379.6 215.1 8.3 149.0 –6.0 –9.3 –10.1 –0.2 Equals: Disposable personal income...................................................... 596.3 –201.3 –105.9 –116.1 10.3 –2.0 –33.9 –25.1 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) ................................................................. 70.1 70.7 2.3 35.0 33.4 –0.9 0.3 0.3 0.0 51.6 52.2 –16.4 37.6 30.9 –0.9 0.3 0.3 0.0 –10.9 –9.3 –32.5 5.4 17.8 –2.0 0.4 0.4 0.0 –17.6 –16.2 17.1 –26.0 –7.2 –2.0 0.4 0.4 0.0 –40.1 –38.5 –35.3 –19.5 16.4 –2.0 0.5 0.5 0.0 –123.4 –116.2 –52.4 –89.7 25.8 –2.8 –4.4 0.5 –4.9 –80.0 –77.8 3.7 –80.5 –0.9 –2.8 0.5 0.5 0.0 –104.6 –102.4 –12.3 –100.5 10.3 –2.8 0.7 0.6 0.0 Equals: Personal saving ........................................................................... 526.1 –252.8 –95.0 –98.5 50.4 121.5 46.0 79.5 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 451.8 –233.6 –134.5 –93.4 1.1 47.0 70.7 23.7 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 2007 2008 2007 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....................... 2008 IV I II III IV 669.3 386.0 334.8 282.5 38.2 14.8 244.2 48.5 195.7 52.2 51.3 35.1 16.2 435.8 229.0 181.2 126.8 6.9 –3.8 120.0 9.0 111.0 54.5 47.8 35.0 12.8 152.9 79.2 67.0 54.5 3.6 –0.6 50.7 –1.2 52.0 12.7 12.2 8.8 3.4 141.7 101.7 87.8 76.4 13.9 6.8 62.7 13.0 49.5 11.3 13.9 9.4 4.5 88.4 68.7 52.5 34.9 –0.5 –1.8 35.2 2.1 33.3 17.6 16.2 9.4 6.8 191.7 23.8 13.3 –0.4 –5.0 –3.4 4.7 –2.0 6.5 13.7 10.5 9.1 1.4 7.2 46.9 38.8 23.8 5.0 –1.4 18.8 –1.0 19.9 14.9 8.1 6.8 1.2 –35.3 –13.5 –16.8 –25.6 –16.9 –11.8 –8.7 –16.9 8.2 8.9 3.3 5.5 –2.1 41.5 27.8 13.6 –4.3 175.3 88.9 86.4 110.3 103.3 60.5 2.4 40.3 7.0 39.6 16.2 –9.5 25.7 23.9 40.3 –8.0 48.3 156.5 153.7 58.9 19.7 75.1 2.8 30.1 13.6 5.1 8.5 –2.8 48.4 30.1 18.2 21.4 20.5 11.3 1.3 7.9 0.8 6.9 10.0 –0.3 10.3 –3.2 25.3 6.5 18.8 17.2 16.7 0.8 1.8 14.2 0.6 9.3 –2.1 –5.5 3.4 0.5 –2.1 –18.1 16.0 40.3 41.1 22.8 3.9 14.4 –0.9 16.9 5.2 –3.6 8.9 19.5 –1.8 –15.9 14.1 148.2 148.1 17.6 3.2 127.2 0.2 3.2 3.6 –5.6 9.2 9.9 3.4 8.7 –5.3 –53.6 –62.7 18.9 17.8 –99.4 9.1 3.0 –20.0 –6.5 –13.6 21.1 –56.1 –42.9 –13.2 29.6 38.4 13.1 10.3 14.9 –8.7 –3.6 Less: Personal current taxes ................................................................... 139.6 –30.8 12.2 18.9 14.5 –188.9 122.5 29.6 Equals: Disposable personal income...................................................... 529.8 466.5 140.8 122.7 74.0 380.5 –115.3 –64.8 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 543.1 503.0 30.7 147.8 324.5 30.0 10.1 5.0 5.2 341.5 348.3 –60.1 133.9 274.5 –14.0 7.2 3.2 4.0 125.1 108.1 0.9 28.9 78.4 15.6 1.2 1.0 0.3 127.2 127.1 –3.2 59.6 70.7 –1.5 1.7 0.7 1.0 95.7 109.6 –12.0 44.5 77.1 –15.0 1.0 0.4 0.6 133.3 135.7 –11.7 75.5 71.9 –7.9 5.6 0.8 4.8 21.7 25.5 –43.1 18.4 50.2 –4.9 1.1 1.1 0.0 –244.2 –233.3 –71.8 –198.6 37.1 –7.6 –3.3 1.5 –4.9 Equals: Personal saving ........................................................................... –13.3 125.0 15.7 –4.4 –21.8 247.3 –137.1 179.5 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 237.0 108.3 66.6 12.0 –15.2 223.1 –201.9 71.3 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2008 May June July August September October r November r December 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 .............................. 1.8 0.2 0.2 0.2 0.1 0.2 0.2 0.2 –0.8 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.0 –0.1 –0.2 0.0 –0.1 0.0 0.0 0.1 –0.4 –0.1 –0.2 0.0 –0.2 –0.3 –0.3 0.0 0.5 18.9 0.0 –0.3 0.6 10.4 0.1 0.7 17.0 0.0 –0.4 0.6 –1.0 0.1 0.6 6.6 0.1 0.5 –0.6 –6.4 0.1 –0.9 6.2 0.1 0.5 –0.6 0.8 0.2 –0.7 –28.1 0.1 0.5 –0.6 2.2 –0.2 0.2 55.3 –1.4 –2.0 –0.5 –0.8 –0.1 –1.6 3.3 –1.4 –2.1 –0.5 0.4 –0.2 –0.6 4.8 –1.5 –2.1 –0.5 1.3 –0.3 Less: Personal current taxes ................................................................... –24.9 18.7 0.6 10.9 –0.4 –0.6 –0.7 0.0 Equals: Disposable personal income...................................................... 5.7 –1.8 –1.0 –1.1 0.1 0.0 –0.3 –0.2 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 0.7 0.2 1.2 0.6 0.5 –1.5 1.2 0.5 –0.1 –3.1 0.2 0.3 –0.2 1.7 –0.8 –0.1 –0.4 –3.4 –0.6 0.3 –1.1 –5.2 –3.0 0.4 –0.8 0.4 –2.7 0.0 –1.0 –1.3 –3.5 0.2 Real disposable personal income ............................................................ 5.2 –2.6 0.5 0.8 0.3 Based on chained (2000) dollar measures –1.5 –1.1 0.0 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2007 2008 2007 III 2008 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 .............................. 6.1 5.2 5.6 3.7 3.7 2.9 2.8 3.3 5.4 4.1 4.3 3.4 4.9 5.3 5.6 3.9 3.0 3.5 3.3 4.5 6.6 1.2 0.8 2.8 0.2 2.4 2.4 2.2 –1.2 –0.7 –1.0 0.9 4.1 –9.6 9.6 7.9 12.4 6.9 4.3 1.5 59.7 2.0 –0.7 6.1 9.1 3.1 5.3 –22.7 10.1 10.4 9.8 5.1 2.9 3.8 –27.3 5.1 2.1 9.8 4.1 3.9 –0.8 5.3 –0.4 –5.7 8.1 9.6 7.1 2.0 401.3 –0.3 –5.1 7.0 37.8 1.3 1.3 87.6 0.7 2.9 –2.5 –10.7 1.2 –7.2 192.3 –10.5 –13.4 –6.1 6.5 –1.4 Less: Personal current taxes ................................................................... 10.3 –2.1 3.3 5.1 3.9 –40.8 41.7 8.3 Equals: Disposable personal income...................................................... 5.5 4.6 5.7 4.9 2.9 15.4 –4.2 –2.4 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 5.5 2.9 5.5 5.9 3.6 –5.5 4.7 4.7 4.6 0.3 4.2 5.6 5.3 –1.2 8.7 4.9 4.5 –4.3 6.3 5.3 5.5 –4.3 10.6 4.9 1.0 –15.3 2.4 3.4 –8.9 –25.4 –23.6 2.5 Real disposable personal income ............................................................ 2.8 1.3 10.7 –8.8 3.3 Based on chained (2000) dollar measures 3.1 0.6 –0.7 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2008 May June July August September October r November r December p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,355.1 1,237.1 2,427.3 4,712.8 8,334.4 1,217.0 2,415.9 4,717.9 8,281.4 1,178.5 2,392.0 4,716.6 8,269.3 1,200.4 2,378.5 4,703.9 8,231.0 1,161.4 2,358.3 4,713.4 8,182.3 1,103.2 2,332.6 4,730.8 8,210.8 1,114.3 2,353.8 4,729.9 8,167.5 1,105.4 2,312.0 4,734.2 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 20.5 6.3 8.3 7.1 –20.7 –20.1 –11.4 5.1 –53.0 –38.5 –23.9 –1.3 –12.1 21.9 –13.5 –12.7 –38.3 –39.0 –20.2 9.5 –48.7 –58.2 –25.7 17.4 28.5 11.1 21.2 –0.9 –43.3 –8.9 –41.8 4.3 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.2 0.5 0.3 0.2 –0.2 –1.6 –0.5 0.1 –0.6 –3.2 –1.0 0.0 –0.1 1.9 –0.6 –0.3 –0.5 –3.2 –0.8 0.2 –0.6 –5.0 –1.1 0.4 0.3 1.0 0.9 0.0 –0.5 –0.8 –1.8 0.1 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2007 2008 2007 III 2008 IV I II III IV 8,341.3 1,228.3 2,420.7 4,712.1 8,260.6 1,180.1 2,376.3 4,711.3 8,186.9 1,107.7 2,332.8 4,731.6 –80.7 –48.2 –44.4 –0.8 –73.7 –72.4 –43.5 20.3 –3.8 –14.8 –7.1 –0.1 –3.5 –22.4 –7.1 1.7 Billions of chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,252.8 1,242.4 2,392.6 4,646.2 8,276.2 1,188.3 2,381.9 4,714.8 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 223.8 57.3 57.3 116.3 23.4 –54.1 –10.7 68.6 8,278.5 1,249.4 2,398.6 4,659.8 8,298.2 1,250.6 2,400.2 4,676.1 8,316.1 1,237.0 2,397.9 4,704.3 Change from preceding period in billions of chained (2000) dollars 41.2 7.1 7.1 27.1 19.7 1.2 1.6 16.3 17.9 –13.6 –2.3 28.2 25.2 –8.7 22.8 7.8 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 2.8 4.8 2.5 2.6 0.3 –4.4 –0.4 1.5 2.0 2.3 1.2 2.4 1.0 0.4 0.3 1.4 0.9 –4.3 –0.4 2.4 1.2 –2.8 3.9 0.7 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2008 July August September October r November r December p May June Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 121.419 86.123 124.646 128.451 122.346 86.205 126.793 128.967 123.017 86.264 128.282 129.379 123.002 86.110 127.920 129.574 123.106 85.957 128.186 129.661 122.419 85.744 125.766 129.730 121.047 85.223 121.205 129.735 120.434 84.799 119.050 129.836 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 116.742 119.578 113.482 117.072 120.574 113.775 117.286 121.348 114.025 117.493 121.292 114.230 117.664 121.406 114.427 117.657 120.634 114.456 117.651 119.042 114.461 117.621 118.336 114.439 Chain-type price indexes (2000=100), seasonally adjusted Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE............................................................................................................. Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.5 –0.3 0.8 0.4 0.8 0.1 1.7 0.4 0.5 0.1 1.2 0.3 0.0 –0.2 –0.3 0.2 0.1 –0.2 0.2 0.1 –0.6 –0.2 –1.9 0.1 –1.1 –0.6 –3.6 0.0 –0.5 –0.5 –1.8 0.1 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 0.2 0.5 0.2 0.3 0.8 0.3 0.2 0.6 0.2 0.2 0.0 0.2 0.1 0.1 0.2 0.0 –0.6 0.0 0.0 –1.3 0.0 0.0 –0.6 0.0 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 May June July August September October r November r December p Disposable personal income.................................................................... 6.1 3.2 1.2 –0.2 –0.4 0.2 1.2 1.3 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 1.4 –1.7 1.4 2.0 1.1 –1.6 0.7 1.7 0.2 –4.4 –0.6 1.4 –0.2 –4.4 –0.5 0.7 –0.6 –7.8 –1.7 1.2 –1.1 –12.2 –2.6 1.6 –1.2 –11.0 –2.1 1.0 –1.7 –11.1 –3.7 1.0 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 May June July August September October r November r December p Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 3.5 –1.3 5.6 3.4 4.1 –1.3 7.2 3.5 4.5 –1.1 8.2 3.7 4.4 –0.9 8.0 3.5 4.1 –0.9 7.7 3.2 3.2 –1.2 5.3 3.0 1.4 –1.6 –0.3 2.8 0.6 –1.9 –2.6 2.6 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 2.2 3.5 1.9 2.3 4.1 2.0 2.4 4.6 2.1 2.4 4.6 2.2 2.3 4.3 2.1 2.0 3.3 1.9 1.9 1.3 1.8 1.7 0.4 1.6 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions.
@FedFRASER