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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, FEBRUARY 1, 2010 James Rankin: Kyle Brown: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 10-03 PERSONAL INCOME AND OUTLAYS: DECEMBER 2009 Personal income increased $44.5 billion, or 0.4 percent, and disposable personal income (DPI) increased $45.9 billion, or 0.4 percent, in December, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $22.6 billion, or 0.2 percent. In November, personal income increased $61.1 billion, or 0.5 percent, DPI increased $60.7 billion, or 0.5 percent, and PCE increased $69.1 billion, or 0.7 percent, based on revised estimates. Real disposable income increased 0.3 percent in December, the same increase as in November. Real PCE increased 0.1 percent in December, compared with an increase of 0.4 percent in November. 2009 Aug. Sept. Oct. Nov. (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2005) dollars Personal consumption expenditures: Current dollars Chained (2005) dollars Dec. 0.3 0.3 0.3 0.5 0.4 0.3 0.0 0.3 0.2 0.4 0.1 0.5 0.3 0.4 0.3 1.3 1.0 -0.6 -0.7 0.6 0.3 0.7 0.4 0.2 0.1 ________________________ NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $6.3 billion in December, compared with an increase of $25.1 billion in November. Goods-producing industries' payrolls decreased $5.2 billion, in contrast to an increase of $2.9 billion; manufacturing payrolls decreased $2.2 billion, in contrast to an increase of $3.5 billion. Services-producing industries' payrolls increased $11.5 billion, compared with an increase of $22.3 billion. Government wage and salary disbursements increased $2.9 billion, compared with an increase of $1.8 billion. -more- -3- Other personal income Supplements to wages and salaries increased $1.3 billion in December, compared with an increase of $2.9 billion in November. Proprietors' income increased $8.9 billion in December, compared with an increase of $12.8 billion in November. Farm proprietors' income increased $7.0 billion, the same increase as in November. Nonfarm proprietors' income increased $1.9 billion in December, compared with an increase of $5.9 billion in November. Rental income of persons increased $2.0 billion in December, the same increase as in November. Personal income receipts on assets (personal interest income plus personal dividend income) increased $10.1 billion, the same increase as in November. Personal current transfer receipts increased $14.0 billion in December, compared with an increase of $9.8 billion in November. The December increase in personal current transfer receipts reflected retroactive social security benefits payments of $8.5 billion at an annual rate, resulting from a recalculation of the earnings base underlying the benefits of recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -increased $0.8 billion in December, compared with an increase of $3.6 billion in November. Personal current taxes and disposable personal income Personal current taxes decreased $1.4 billion in December, in contrast to an increase of $0.3 billion in November. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $45.9 billion, or 0.4 percent, in December, compared with an increase of $60.7 billion, or 0.5 percent, in November. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $18.0 billion in December, compared with an increase of $64.5 billion in November. PCE increased $22.6 billion, compared with an increase of $69.1 billion. Personal saving -- DPI less personal outlays -- was $534.2 billion in December, compared with $506.3 billion in November. Personal saving as a percentage of disposable personal income was 4.8 percent in December, compared with 4.5 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, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. -more- -4- Real DPI, real PCE and PCE price index Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in December, the same increase as in November. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in December, compared with an increase of 0.4 percent in November. Purchases of durable goods increased 0.2 percent, compared with an increase of 2.3 percent. Purchases of nondurable goods decreased 0.8 percent, in contrast to an increase of 1.0 percent. Purchases of services increased 0.4 percent, in contrast to a decrease of less than 0.1 percent. PCE price index -- The price index for PCE increased 0.1 percent in December, compared with an increase of 0.3 percent in November. The PCE price index excluding food and energy increased 0.1 percent, compared to an increase of less than 0.1 percent. Revisions Estimates have been revised for October and November. Changes in personal income, currentdollar and chained (2005) dollar DPI, and current-dollar and chained (2005) 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 33.6 31.0 0.3 0.3 49.7 61.1 0.4 0.5 Disposable personal income: Current Dollars Chained (2005) dollars 50.2 20.4 41.8 9.7 0.5 0.2 0.4 0.1 54.1 24.1 60.7 29.2 0.5 0.2 0.5 0.3 Personal consumption expenditures: Current dollars 63.5 Chained (2005) dollars 34.5 64.1 32.3 0.6 0.4 0.6 0.3 47.9 20.4 69.1 38.8 0.5 0.2 0.7 0.4 -more- -5- This release 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 April 2000 through December 2009. 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. 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 1, 2010 at 8:30 A.M. EST for Personal Income and Outlays for January. Release Dates for 2010 December 2009…February 1 January 2010 ….. March 1 February 2010… March 29 March 2010…… May 3 April 2010…May 28 May 2010… June 28 June 2010… August 3 July 2010…. August 30 -more- August 2010…… October 1 September 2010.. November 1 October 2010…. November 24 November 2010.. December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2009 Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ August September October r November r December p May June July 12,146.9 7,820.1 6,317.0 5,132.0 1,066.2 660.5 4,065.8 991.0 3,074.8 1,185.0 1,503.1 1,042.0 461.1 12,029.7 7,823.6 6,318.9 5,131.4 1,059.7 657.4 4,071.8 987.1 3,084.6 1,187.4 1,504.7 1,043.4 461.3 12,050.6 7,829.0 6,322.6 5,138.1 1,060.5 662.5 4,077.6 985.7 3,091.8 1,184.6 1,506.4 1,045.0 461.4 12,084.5 7,845.7 6,337.2 5,151.3 1,055.6 660.0 4,095.7 991.1 3,104.6 1,185.8 1,508.6 1,046.2 462.4 12,116.5 7,849.7 6,339.9 5,155.7 1,050.4 660.3 4,105.3 991.1 3,114.2 1,184.1 1,509.8 1,047.2 462.7 12,147.5 7,858.7 6,347.2 5,160.4 1,048.1 657.5 4,112.2 991.7 3,120.5 1,186.9 1,511.5 1,048.7 462.8 12,208.6 7,888.5 6,374.2 5,185.5 1,051.0 661.0 4,134.5 996.1 3,138.4 1,188.7 1,514.4 1,049.8 464.6 12,253.1 7,899.0 6,383.3 5,191.8 1,045.8 658.8 4,146.0 999.6 3,146.3 1,191.6 1,515.7 1,050.9 464.8 1,026.8 29.1 997.7 261.9 1,773.4 1,241.1 532.3 2,236.1 2,203.4 1,145.7 121.6 936.1 32.7 971.4 1,083.0 11,063.9 10,350.4 9,979.3 3,179.4 1,011.5 2,167.9 6,799.9 216.7 154.5 91.4 63.1 713.5 6.4 1,031.2 30.6 1,000.6 268.7 1,761.5 1,248.7 512.8 2,116.6 2,083.9 1,159.1 132.0 792.8 32.7 971.9 1,070.5 10,959.3 10,420.6 10,050.6 3,235.1 1,022.5 2,212.6 6,815.6 215.2 154.8 91.7 63.1 538.6 4.9 1,035.0 28.2 1,006.8 273.3 1,762.3 1,241.8 520.5 2,123.4 2,090.6 1,158.4 131.5 800.7 32.8 972.5 1,086.4 10,964.2 10,437.7 10,068.4 3,245.0 1,038.7 2,206.2 6,823.4 215.3 154.0 92.1 61.9 526.5 4.8 1,038.4 25.8 1,012.6 277.9 1,763.1 1,234.9 528.2 2,133.7 2,100.9 1,162.8 137.4 800.7 32.8 974.4 1,086.5 10,998.0 10,567.3 10,197.4 3,353.6 1,102.7 2,250.8 6,843.8 215.5 154.4 92.5 61.9 430.7 3.9 1,040.2 23.5 1,016.7 282.6 1,763.9 1,228.0 535.9 2,155.3 2,122.4 1,176.3 138.1 808.0 32.8 975.0 1,085.5 11,031.1 10,503.3 10,132.8 3,278.4 1,012.4 2,266.0 6,854.5 215.6 154.8 92.9 61.9 527.8 4.8 1,054.0 30.4 1,023.5 285.4 1,773.9 1,228.1 545.8 2,151.3 2,118.4 1,175.7 129.4 813.2 32.9 975.7 1,074.7 11,072.9 10,562.8 10,196.9 3,307.9 1,033.8 2,274.1 6,889.0 210.2 155.7 93.9 61.9 510.1 4.6 1,066.8 37.4 1,029.4 287.4 1,784.0 1,228.2 555.8 2,161.1 2,128.2 1,181.5 126.6 820.0 32.9 979.3 1,075.0 11,133.6 10,627.3 10,266.0 3,372.9 1,056.9 2,315.9 6,893.1 204.7 156.6 94.7 61.9 506.3 4.5 1,075.7 44.4 1,031.3 289.4 1,794.1 1,228.4 565.7 2,175.1 2,142.1 1,187.2 123.9 831.0 33.0 980.1 1,073.6 11,179.5 10,645.3 10,288.6 3,359.8 1,057.3 2,302.5 6,928.8 199.3 157.4 95.5 61.9 534.2 4.8 9,122.0 9,075.4 9,087.6 9,079.3 9,080.1 9,086.4 9,109.5 9,128.3 10,183.3 10,033.1 10,036.9 10,034.8 10,055.3 10,065.0 10,094.2 10,126.0 36,028 33,160 307,095 35,660 32,647 307,323 35,649 32,634 307,562 35,729 32,600 307,815 35,807 32,640 308,068 35,915 32,646 308,304 36,086 32,717 308,526 36,211 32,798 308,736 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2008 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ 2009 IV I II III IV 12,238.8 8,042.4 6,545.9 5,404.6 1,206.5 742.0 4,198.1 1,048.3 3,149.8 1,141.3 1,496.6 1,023.9 472.7 12,072.1 7,836.3 6,330.6 5,148.1 1,069.7 665.8 4,078.4 994.2 3,084.2 1,182.5 1,505.7 1,043.9 461.8 12,286.6 8,069.1 6,567.7 5,419.2 1,206.2 740.3 4,213.0 1,047.8 3,165.2 1,148.5 1,501.4 1,026.7 474.7 12,233.5 8,050.3 6,543.5 5,388.6 1,192.2 732.2 4,196.5 1,039.4 3,157.1 1,154.9 1,506.8 1,033.2 473.6 11,952.7 7,805.8 6,307.8 5,136.0 1,107.3 681.0 4,028.8 1,002.3 3,026.5 1,171.8 1,498.0 1,037.8 460.2 12,048.8 7,815.9 6,313.1 5,128.8 1,067.8 662.0 4,061.0 989.3 3,071.7 1,184.4 1,502.8 1,042.0 460.8 12,083.9 7,841.5 6,333.2 5,148.4 1,055.5 661.0 4,092.9 989.3 3,103.5 1,184.8 1,508.3 1,046.1 462.2 12,203.1 7,882.1 6,368.2 5,179.2 1,048.3 659.1 4,130.9 995.8 3,135.1 1,189.0 1,513.8 1,049.8 464.1 1,106.3 48.7 1,057.5 210.4 1,994.4 1,308.0 686.4 1,875.9 1,843.2 1,070.3 50.6 722.4 32.6 990.6 1,432.4 10,806.4 10,520.0 10,129.9 3,403.2 1,095.2 2,308.0 6,726.8 237.7 152.3 87.9 64.5 286.4 2.7 1,042.3 29.9 1,012.4 268.3 1,791.5 1,236.9 554.6 2,106.9 2,074.2 1,156.7 120.3 797.2 32.7 973.2 1,107.6 10,964.5 10,461.8 10,092.6 3,257.6 1,034.4 2,223.3 6,835.0 214.3 154.9 92.3 62.7 502.7 4.6 1,114.4 49.3 1,065.1 222.2 2,001.4 1,327.8 673.7 1,874.3 1,841.7 1,080.5 57.7 703.5 32.6 994.9 1,437.3 10,849.3 10,613.6 10,220.1 3,463.0 1,088.5 2,374.5 6,757.1 238.3 155.2 88.5 66.7 235.7 2.2 1,083.6 39.0 1,044.5 236.7 1,958.1 1,292.9 665.2 1,898.0 1,865.3 1,087.0 70.3 708.0 32.7 993.3 1,434.3 10,799.1 10,389.9 10,009.8 3,227.5 1,019.9 2,207.6 6,782.3 228.8 151.3 89.5 61.8 409.2 3.8 1,037.8 27.3 1,010.5 245.9 1,845.5 1,243.4 602.1 1,987.3 1,954.7 1,128.5 96.2 730.1 32.5 969.7 1,187.3 10,765.4 10,362.3 9,987.7 3,197.7 1,025.2 2,172.4 6,790.0 220.4 154.2 90.4 63.8 403.1 3.7 1,028.0 28.9 999.1 262.0 1,773.4 1,241.1 532.3 2,140.3 2,107.7 1,151.1 122.5 834.1 32.7 970.9 1,082.6 10,966.2 10,370.5 9,999.3 3,193.8 1,011.5 2,182.2 6,805.6 216.7 154.5 91.4 63.1 595.7 5.4 1,037.9 25.8 1,012.0 277.9 1,763.1 1,234.9 528.2 2,137.5 2,104.7 1,165.8 135.7 803.2 32.8 974.0 1,086.1 10,997.8 10,502.8 10,132.9 3,292.3 1,051.3 2,241.0 6,840.6 215.5 154.4 92.5 61.9 495.0 4.5 1,065.5 37.4 1,028.1 287.4 1,784.0 1,228.2 555.8 2,162.5 2,129.6 1,181.5 126.7 821.4 32.9 978.4 1,074.4 11,128.6 10,611.8 10,250.5 3,346.8 1,049.3 2,297.5 6,903.7 204.7 156.6 94.7 61.9 516.9 4.6 9,504.6 9,120.7 9,442.0 9,494.4 9,188.7 9,105.5 9,082.3 9,108.1 9,911.3 10,035.3 9,838.3 9,920.4 9,926.4 10,077.5 10,042.3 10,095.1 35,450 32,514 304,831 35,659 32,637 307,484 35,551 32,238 305,177 35,304 32,431 305,890 35,124 32,387 306,496 35,709 32,815 307,101 35,728 32,625 307,815 36,071 32,721 308,522 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2009 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ June July August September October r November r December p 177.1 15.9 13.4 9.0 –11.2 –7.5 20.3 1.3 19.0 4.4 2.5 1.4 1.1 –117.2 3.5 1.9 –0.6 –6.5 –3.1 6.0 –3.9 9.8 2.4 1.6 1.4 0.2 20.9 5.4 3.7 6.7 0.8 5.1 5.8 –1.4 7.2 –2.8 1.7 1.6 0.1 33.9 16.7 14.6 13.2 –4.9 –2.5 18.1 5.4 12.8 1.2 2.2 1.2 1.0 32.0 4.0 2.7 4.4 –5.2 0.3 9.6 0.0 9.6 –1.7 1.2 1.0 0.3 31.0 9.0 7.3 4.7 –2.3 –2.8 6.9 0.6 6.3 2.8 1.7 1.5 0.1 61.1 29.8 27.0 25.1 2.9 3.5 22.3 4.4 17.9 1.8 2.9 1.1 1.8 44.5 10.5 9.1 6.3 –5.2 –2.2 11.5 3.5 7.9 2.9 1.3 1.1 0.2 0.8 2.0 –1.2 6.5 –11.8 7.6 –19.5 167.8 167.7 –2.7 7.7 162.7 0.1 2.1 –11.4 188.5 10.1 11.2 12.6 10.9 1.7 –1.4 –1.5 0.4 0.4 0.0 178.5 4.4 1.5 2.9 6.8 –11.9 7.6 –19.5 –119.5 –119.5 13.4 10.4 –143.3 0.0 0.5 –12.5 –104.6 70.2 71.3 55.7 11.0 44.7 15.7 –1.5 0.3 0.3 0.0 –174.9 3.8 –2.4 6.2 4.6 0.8 –6.9 7.7 6.8 6.7 –0.7 –0.5 7.9 0.1 0.6 15.9 4.9 17.1 17.8 9.9 16.2 –6.4 7.8 0.1 –0.8 0.4 –1.2 –12.1 3.4 –2.4 5.8 4.6 0.8 –6.9 7.7 10.3 10.3 4.4 5.9 0.0 0.0 1.9 0.1 33.8 129.6 129.0 108.6 64.0 44.6 20.4 0.2 0.4 0.4 0.0 –95.8 1.8 –2.3 4.1 4.7 0.8 –6.9 7.7 21.6 21.5 13.5 0.7 7.3 0.0 0.6 –1.0 33.1 –64.0 –64.6 –75.2 –90.3 15.2 10.7 0.1 0.4 0.4 0.0 97.1 13.8 6.9 6.8 2.8 10.0 0.1 9.9 –4.0 –4.0 –0.6 –8.7 5.2 0.1 0.7 –10.8 41.8 59.5 64.1 29.5 21.4 8.1 34.5 –5.4 0.9 1.0 0.0 –17.7 12.8 7.0 5.9 2.0 10.1 0.1 10.0 9.8 9.8 5.8 –2.8 6.8 0.0 3.6 0.3 60.7 64.5 69.1 65.0 23.1 41.8 4.1 –5.5 0.9 0.8 0.0 –3.8 8.9 7.0 1.9 2.0 10.1 0.2 9.9 14.0 13.9 5.7 –2.7 11.0 0.1 0.8 –1.4 45.9 18.0 22.6 –13.1 0.4 –13.4 35.7 –5.4 0.8 0.8 0.0 27.9 2.6 166.8 –46.6 –150.2 12.2 3.8 –8.3 –2.1 0.8 20.5 6.3 9.7 23.1 29.2 18.8 31.8 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2008 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ 2009 IV I II III IV 344.7 179.7 137.0 84.8 –6.4 –11.5 91.2 3.6 87.6 52.2 42.8 30.9 11.9 –166.7 –206.1 –215.3 –256.5 –136.8 –76.2 –119.7 –54.1 –65.6 41.2 9.1 20.0 –10.9 –6.3 36.3 28.5 16.4 –4.4 –5.0 20.8 –2.9 23.7 12.1 7.9 5.0 2.9 –53.1 –18.8 –24.2 –30.6 –14.0 –8.1 –16.5 –8.4 –8.1 6.4 5.4 6.5 –1.1 –280.8 –244.5 –235.7 –252.6 –84.9 –51.2 –167.7 –37.1 –130.6 16.9 –8.8 4.6 –13.4 96.1 10.1 5.3 –7.2 –39.5 –19.0 32.2 –13.0 45.2 12.6 4.8 4.2 0.6 35.1 25.6 20.1 19.6 –12.3 –1.0 31.9 0.0 31.8 0.4 5.5 4.1 1.4 119.2 40.6 35.0 30.8 –7.2 –1.9 38.0 6.5 31.6 4.2 5.5 3.7 1.9 9.9 9.3 0.6 65.5 –37.1 41.6 –78.7 157.9 155.4 66.6 18.3 70.7 2.4 31.3 –58.5 403.3 295.7 303.5 38.2 –65.3 103.5 265.4 –19.1 11.3 5.6 5.8 107.5 –64.0 –18.8 –45.1 57.9 –202.9 –71.1 –131.8 231.0 231.0 86.4 69.7 74.8 0.1 –17.4 –324.8 158.1 –58.2 –37.3 –145.6 –60.8 –84.7 108.2 –23.4 2.6 4.4 –1.8 216.3 2.5 –0.1 2.6 19.4 4.1 21.2 –17.0 –62.7 –62.7 16.0 19.0 –97.8 0.0 6.0 111.1 –117.4 21.4 25.4 –11.9 –38.0 26.1 37.3 –5.6 1.6 1.1 0.5 –138.7 –30.8 –10.3 –20.6 14.5 –43.3 –34.9 –8.5 23.7 23.6 6.5 12.6 4.5 0.1 –1.6 –3.0 –50.2 –223.7 –210.3 –235.5 –68.6 –166.9 25.2 –9.5 –3.9 1.0 –4.9 173.5 –45.8 –11.7 –34.0 9.2 –112.6 –49.5 –63.1 89.3 89.4 41.5 25.9 22.1 –0.2 –23.6 –247.0 –33.7 –27.6 –22.1 –29.8 5.3 –35.2 7.7 –8.4 2.9 0.9 2.0 –6.1 –9.8 1.6 –11.4 16.1 –72.1 –2.3 –69.8 153.0 153.0 22.6 26.3 104.0 0.2 1.2 –104.7 200.8 8.2 11.6 –3.9 –13.7 9.8 15.6 –3.7 0.3 1.0 –0.7 192.6 9.9 –3.1 12.9 15.9 –10.3 –6.2 –4.1 –2.8 –3.0 14.7 13.2 –30.9 0.1 3.1 3.5 31.6 132.3 133.6 98.5 39.8 58.8 35.0 –1.2 –0.1 1.1 –1.2 –100.7 27.6 11.6 16.1 9.5 20.9 –6.7 27.6 25.0 24.9 15.7 –9.0 18.2 0.1 4.4 –11.7 130.8 109.0 117.6 54.5 –2.0 56.5 63.1 –10.8 2.2 2.2 0.0 21.9 –140.8 50.7 –383.9 124.0 –56.8 –220.7 52.4 82.1 –305.7 6.0 –83.2 151.1 –23.2 –35.2 25.8 52.8 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2009 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ 1.5 0.2 0.2 0.2 –1.0 0.0 0.0 0.1 0.2 0.1 0.1 0.1 0.3 0.2 0.2 0.1 0.3 0.1 0.0 0.1 0.3 0.1 0.1 0.1 0.5 0.4 0.4 0.2 0.4 0.1 0.1 0.1 0.1 2.6 –0.7 0.6 –3.5 8.1 0.2 –1.0 1.7 0.4 2.6 –0.7 0.6 –3.7 –5.3 0.0 –1.2 –0.9 0.4 1.7 0.0 –0.6 1.5 0.3 0.1 1.5 0.0 0.3 1.7 0.0 –0.6 1.5 0.5 0.2 0.0 0.3 0.2 1.7 0.0 –0.6 1.5 1.0 0.1 –0.1 0.3 1.3 1.0 0.6 0.0 1.9 –0.2 0.1 –1.0 0.4 1.2 0.7 0.6 0.0 1.8 0.5 0.4 0.0 0.5 0.8 0.7 0.6 0.0 1.8 0.6 0.1 –0.1 0.4 0.1 0.4 1.1 0.1 0.0 0.7 1.8 1.1 2.1 0.2 0.2 0.3 1.6 –0.3 0.1 1.3 3.3 6.2 2.0 0.3 –0.6 –2.2 –8.2 0.7 0.2 0.6 0.9 2.1 0.4 0.5 0.7 2.0 2.2 1.8 0.1 0.2 –0.4 0.0 –0.6 0.5 0.1 0.1 0.3 0.3 0.2 0.3 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ 0.0 1.7 –0.5 –1.5 0.1 0.0 –0.1 0.0 0.0 0.2 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 2008 III 2009 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ 2.9 2.3 2.1 2.9 –1.4 –2.6 –3.3 0.6 –0.2 1.8 1.8 2.1 –1.7 –0.9 –1.5 1.4 –8.9 –11.6 –13.6 –2.3 3.3 0.5 0.3 1.3 1.2 1.3 1.3 1.5 4.0 2.1 2.2 1.5 0.9 45.2 –1.8 3.3 –10.3 9.2 3.3 –3.9 3.9 –5.8 27.5 –10.2 –5.4 –19.2 12.3 –1.8 –22.7 1.5 0.9 44.0 0.8 6.6 –9.5 –12.3 2.4 38.0 –4.2 –10.6 28.8 –8.4 –10.1 –5.0 5.1 –0.6 –0.8 –1.8 –15.9 16.4 –21.1 –14.5 –32.8 20.2 –9.2 –53.1 –1.2 –3.7 28.9 –14.7 –0.7 –38.9 34.6 0.5 –30.9 7.7 3.9 26.7 –2.3 –2.0 –3.0 –0.5 1.3 1.3 1.2 11.1 14.3 4.8 –2.1 22.6 4.8 1.8 –4.2 4.8 3.1 1.1 –5.6 4.7 4.1 –0.4 –4.3 –5.6 –3.7 1.6 1.0 –1.4 –12.8 4.5 2.2 –8.0 –24.5 –22.9 –25.3 1.5 –0.9 –3.7 2.1 –6.2 0.5 0.5 –0.5 –5.2 1.8 0.9 5.5 12.9 16.7 11.2 2.1 4.7 6.8 –0.7 10.5 3.7 –0.9 6.2 –0.3 –1.4 0.3 2.1 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ –1.5 0.5 –4.0 1.3 –0.6 –8.5 0.6 3.4 –3.2 0.2 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2009 May June July August September October r November r December p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,185.1 3,106.1 1,072.5 2,025.8 6,074.3 9,201.3 3,114.9 1,083.5 2,024.5 6,081.9 9,216.8 3,130.4 1,106.4 2,019.6 6,082.8 9,304.4 3,213.3 1,180.6 2,035.0 6,091.3 9,236.5 3,135.2 1,081.2 2,045.3 6,097.7 9,268.8 3,156.2 1,102.8 2,046.8 6,109.6 9,307.6 3,199.4 1,128.0 2,066.4 6,107.2 9,319.1 3,184.3 1,130.0 2,050.5 6,132.5 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 4.3 11.1 13.3 –1.1 –6.0 16.2 8.8 11.0 –1.3 7.6 15.5 15.5 22.9 –4.9 0.9 87.6 82.9 74.2 15.4 8.5 –67.9 –78.1 –99.4 10.3 6.4 32.3 21.0 21.6 1.5 11.9 38.8 43.2 25.2 19.6 –2.4 11.5 –15.1 2.0 –15.9 25.3 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.0 0.4 1.2 –0.1 –0.1 0.2 0.3 1.0 –0.1 0.1 0.2 0.5 2.1 –0.2 0.0 1.0 2.7 6.7 0.8 0.1 –0.7 –2.4 –8.4 0.5 0.1 0.3 0.7 2.0 0.1 0.2 0.4 1.4 2.3 1.0 0.0 0.1 –0.5 0.2 –0.8 0.4 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 2008 III 2009 IV I II III IV 9,189.0 3,105.4 1,071.7 2,025.7 6,078.8 9,252.6 3,159.6 1,122.7 2,033.3 6,090.6 9,298.5 3,180.0 1,120.3 2,054.6 6,116.4 63.6 54.2 51.0 7.6 11.8 45.9 20.4 –2.4 21.3 25.8 2.8 7.2 20.4 1.5 0.8 2.0 2.6 –0.9 4.3 1.7 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,290.9 3,206.0 1,146.3 2,057.3 6,083.1 9,237.3 3,143.7 1,100.5 2,037.3 6,090.5 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –23.0 –67.7 –53.6 –17.5 42.3 –53.6 –62.3 –45.8 –20.0 7.4 9,267.7 3,193.6 1,139.6 2,051.5 6,072.4 9,195.3 3,110.4 1,076.8 2,026.1 6,080.4 9,209.2 3,129.8 1,087.2 2,035.5 6,076.0 Change from preceding period in billions of chained (2005) dollars –83.3 –64.2 –36.1 –29.9 –20.1 –72.4 –83.2 –62.8 –25.4 8.0 13.9 19.4 10.4 9.4 –4.4 –20.2 –24.4 –15.5 –9.8 2.8 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –0.2 –2.1 –4.5 –0.8 0.7 –0.6 –1.9 –4.0 –1.0 0.1 –3.5 –7.7 –11.7 –5.6 –1.3 –3.1 –10.0 –20.3 –4.9 0.5 0.6 2.5 3.9 1.9 –0.3 –0.9 –3.1 –5.6 –1.9 0.2 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2009 May June July August September October r November r December p Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 108.644 102.379 94.344 107.024 111.944 109.228 103.877 94.389 109.302 112.061 109.236 103.680 93.903 109.255 112.174 109.594 104.383 93.429 110.618 112.353 109.701 104.584 93.647 110.807 112.410 110.010 104.825 93.763 111.116 112.756 110.294 105.439 93.726 112.086 112.868 110.401 105.529 93.589 112.300 112.984 100.171 108.694 108.648 108.712 108.596 108.855 109.293 108.871 108.131 108.933 109.281 108.938 113.576 109.019 109.710 109.060 114.413 109.129 109.826 109.182 116.259 109.364 110.086 109.346 121.315 109.378 110.389 109.338 121.615 109.459 110.511 109.433 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 0.1 0.0 –0.2 0.1 0.1 0.5 1.5 0.0 2.1 0.1 0.0 –0.2 –0.5 0.0 0.1 0.3 0.7 –0.5 1.2 0.2 0.1 0.2 0.2 0.2 0.1 0.3 0.2 0.1 0.3 0.3 0.3 0.6 0.0 0.9 0.1 0.1 0.1 –0.1 0.2 0.1 0.2 0.1 0.0 0.1 8.4 0.1 0.6 0.1 –0.4 0.1 0.0 0.1 5.0 0.1 0.4 0.1 0.7 0.1 0.1 0.1 1.6 0.2 0.2 0.2 4.3 0.0 0.3 0.0 0.2 0.1 0.1 0.1 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 May Disposable personal income.................................................................... Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... –1.3 –1.8 –4.8 –9.1 –2.7 –0.2 June –0.2 –1.5 –4.1 –7.2 –2.7 –0.1 July 1.4 –0.7 –2.2 –2.8 –1.9 0.0 August September 2.3 0.3 –0.2 2.0 –1.3 0.5 2.5 0.0 –0.8 –3.7 0.6 0.4 October r 2.3 0.6 1.0 2.0 0.5 0.5 November r December p 1.5 1.0 2.2 4.2 1.2 0.4 1.5 1.8 3.6 6.0 2.5 0.9 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 May Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... June July August September October r November r December p –0.3 –3.7 –1.5 –4.7 1.5 –0.4 –3.5 –1.4 –4.5 1.2 –0.9 –4.5 –1.9 –5.6 0.9 –0.6 –3.6 –2.2 –4.3 1.0 –0.6 –3.6 –1.8 –4.4 0.9 0.1 –1.9 –1.5 –2.0 1.1 1.5 2.2 –1.0 3.7 1.2 2.1 4.1 –0.8 6.5 1.2 –27.7 1.6 –0.1 2.1 –26.2 1.5 –0.2 2.0 –29.0 1.3 –0.8 1.8 –23.8 1.3 –0.5 1.7 –22.6 1.2 –0.5 1.6 –14.4 1.4 0.2 1.7 8.8 1.4 1.7 1.6 21.0 1.5 2.4 1.6 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.