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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 30, 2007 James E. Rankin: Michael Armah: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 07-13 PERSONAL INCOME AND OUTLAYS: FEBRUARY 2007 Personal income increased $65.4 billion, or 0.6 percent, and disposable personal income (DPI) increased $53.8 billion, or 0.5 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $55.5 billion, or 0.6 percent. In January, personal income increased $110.5 billion, or 1.0 percent, DPI increased $74.2 billion, or 0.8 percent, and PCE increased $50.2 billion, or 0.5 percent, based on revised estimates. Oct. 2006 2007 Nov. Dec. Jan. Feb. (Percent change from preceding month) Personal income, current dollars 0.3 0.3 0.5 1.0 0.6 Disposable personal income: Current dollars Chained (2000) dollars 0.2 0.5 0.3 0.3 0.5 0.1 0.8 0.6 0.5 0.1 Personal consumption expenditures: Current dollars Chained (2000) dollars 0.3 0.5 0.4 0.4 0.7 0.4 0.5 0.3 0.6 0.2 NOTE.--Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2000) dollars. This news release is available on BEA's Web site at www.bea.gov/bea/rels.htm. -more- -2- Compensation of employees Private wage and salary disbursements increased $19.3 billion in February, compared with an increase of $64.9 billion in January. The January change in private wages and salaries reflected an adjustment of $50.0 billion (at an annual rate) for unusually large bonus payments and the exercise of stock options, based on data from state governments and from other sources. These types of irregular payments are not accounted for in the primary monthly source data for wages and salaries. (The February change to private wages and salaries was not affected because the $50 billion adjustment was made to each month of the first quarter.) Goods-producing industries' payrolls increased $1.6 billion, compared with an increase of $2.1 billion; manufacturing payrolls increased $0.7 billion, in contrast to a decrease of $0.5 billion. Services-producing industries' payrolls increased $17.7 billion, compared with an increase of $62.8 billion. Government wage and salary disbursements increased $4.5 billion in February, compared with an increase of $7.6 billion in January. Pay raises for federal civilian personnel added $0.6 billion to the change in government payrolls in February; pay raises for federal civilian and military personnel had added $4.6 billion to government payrolls in January. -more- -3- Employer contributions for employee pension and insurance funds increased $2.5 billion in February, compared with an increase of $6.8 billion in January. Employer contributions for government social insurance increased $1.5 billion in February, compared with an increase of $8.2 billion in January. The January increase reflected an increase in the tax rate paid by employers to state unemployment insurance funds and an increase in the social security taxable wage base (from $94,200 to $97,500); together, these changes added $3.0 billion to the January change. (Changes in employer contributions for government social insurance do not affect personal income, because employer contributions for government social insurance are also included in total contributions for government social insurance, which is a subtraction in the calculation of personal income.) Other personal income Proprietors' income increased $11.1 billion in February, compared with an increase of $0.4 billion in January. Farm proprietors' income increased $3.3 billion, the same increase as in January. Nonfarm proprietors' income increased $7.8 billion in February, in contrast to a decrease of $2.8 billion in January. Rental income of persons increased $0.1 billion in February, in contrast to a decrease of $0.5 billion in January. Personal income receipts on assets (personal interest income plus personal dividend income) increased $16.9 billion, compared with an increase of $16.3 billion. Personal current transfer receipts increased $13.2 billion in February, compared with an increase of $26.2 billion in January. The January change in current transfer receipts reflected 3.3percent cost-of-living adjustments to social security benefits and to several other federal transfer payment programs; together, these changes added $21.2 billion to the January change. The January change in current transfer receipts was reduced by lump-sum social security benefits payments, which had added $6.7 billion to December benefit payments; these benefit payments resulted from a recalculation of the earnings base underlying the benefits for recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -increased $3.7 billion in February, compared with an increase of $19.4 billion in January. The January increase reflected increases in both employer and personal contributions for government social insurance. As noted above, employer contributions were boosted $3.0 billion in January by increases in unemployment-insurance rates and in the social security taxable wage base. The January increase in personal contributions for government social insurance reflected an increase in the monthly premium paid by participants in the supplementary medical insurance program (Medicare part B) and the increase in the social security taxable wage base; these changes added $5.3 billion to January personal contributions. -more- -4- Personal current taxes and disposable personal income Personal current taxes increased $11.7 billion in February, compared with an increase of $36.2 billion in January. Indexation provisions of current tax law reduced federal withheld income taxes by $4.0 billion in January. Federal net nonwithheld income taxes (payments of estimated taxes plus final settlements less refunds) boosted the January increase by $11.1 billion, based on federal budget projections for 2007. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $53.8 billion, or 0.5 percent, in February, compared with an increase of $74.2 billion, or 0.8 percent, in January. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $58.3 billion in February, compared with an increase of $52.7 billion in January. PCE increased $55.5 billion, compared with an increase of $50.2 billion. Personal saving -- DPI less personal outlays -- was a negative $119.6 billion in February, compared with a negative $115.1 billion in January. Personal saving as a percentage of disposable personal income was a negative 1.2 percent in February, the same as in January. Negative personal saving reflects personal outlays that exceed disposable personal income. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth (which help finance consumption), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. -more- -5- Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in February, compared with an increase of 0.6 percent in January. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in February, compared with an increase of 0.3 percent in January. Purchases of durable goods decreased 0.1 percent, in contrast to an increase of 1.1 percent. Purchases of nondurable goods decreased 0.4 percent, in contrast to an increase of 0.1 percent. Purchases of services increased 0.5 percent, compared with an increase of 0.3 percent. PCE prices -- The price index for PCE increased 0.4 percent in February, compared with an increase of 0.2 percent in January. Prices, excluding food and energy, increased 0.3 percent, compared with an increase of 0.2 percent. This acceleration primarily reflects a sharp acceleration in the producer price index for offices of physicians. Revisions Estimates have been revised for October through January. Changes in personal income, current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for December and January -- revised and as published in last month's release -- are shown below. Change from preceding month December Previous Revised (Billions of dollars) January Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars...................... 55.7 55.9 0.5 0.5 108.1 110.5 1.0 1.0 Disposable personal income: Current dollars...................... Chained (2000) dollars......... 46.0 11.7 46.2 12.3 0.5 0.1 0.5 0.1 73.0 46.0 74.2 48.3 0.8 0.5 0.8 0.6 Personal consumption expenditures: Current dollars...................... Chained (2000) dollars......... 69.4 32.7 67.7 31.7 0.7 0.4 0.7 0.4 51.9 28.2 50.2 27.8 0.5 0.3 0.5 0.3 -more- -6- BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- Personal Income and Outlays for March will be released on April 30, 2007 at 8:30 A.M. EDT. -more- Table 1.—Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2006 Aug. Sep. Oct. r Nov. r Dec. r Jan. r Feb. p 10,892.5 7,467.9 6,011.6 4,997.0 1,172.2 730.5 3,824.8 995.2 2,829.6 1,014.6 1,456.3 995.6 460.7 10,937.1 7,480.0 6,019.0 4,998.5 1,171.3 729.3 3,827.2 993.9 2,833.3 1,020.5 1,461.1 1,000.2 460.9 10,988.7 7,519.8 6,052.3 5,025.8 1,171.1 727.4 3,854.7 997.8 2,857.0 1,026.5 1,467.5 1,004.5 463.0 11,024.1 7,558.4 6,083.8 5,054.9 1,177.6 731.4 3,877.3 1,000.2 2,877.1 1,028.9 1,474.6 1,009.5 465.1 11,058.2 7,589.3 6,108.9 5,077.9 1,178.5 730.1 3,899.4 1,006.4 2,893.0 1,031.0 1,480.4 1,013.6 466.8 11,114.1 7,631.0 6,144.2 5,111.1 1,183.1 732.1 3,928.0 1,007.9 2,920.1 1,033.0 1,486.9 1,017.7 469.1 11,224.6 7,718.4 6,216.6 5,176.0 1,185.2 731.6 3,990.8 1,011.2 2,979.6 1,040.6 1,501.8 1,024.5 477.3 11,290.0 7,746.2 6,240.4 5,195.3 1,186.8 732.3 4,008.5 1,011.3 2,997.2 1,045.1 1,505.8 1,027.0 478.8 1,009.9 17.1 992.9 73.4 1,676.7 1,035.7 641.0 1,608.0 1,572.6 931.4 27.3 613.8 35.4 943.4 1,360.8 9,531.8 9,696.0 9,338.9 1,085.2 2,755.9 5,497.8 229.9 127.2 78.4 48.8 –164.2 –1.7 1,017.2 21.5 995.7 78.1 1,683.5 1,035.8 647.7 1,622.5 1,587.0 938.9 27.3 620.7 35.5 944.2 1,361.0 9,576.1 9,716.0 9,352.7 1,068.9 2,761.1 5,522.6 235.5 127.8 79.0 48.8 –139.8 –1.5 1,017.4 26.4 991.0 83.4 1,690.6 1,035.9 654.6 1,625.5 1,589.8 939.7 27.3 622.8 35.7 948.0 1,365.6 9,623.0 9,718.1 9,348.5 1,072.3 2,726.2 5,550.0 241.2 128.3 79.5 48.8 –95.0 –1.0 1,023.9 28.4 995.5 82.8 1,691.0 1,029.4 661.6 1,621.5 1,585.6 941.6 27.0 617.0 35.9 953.4 1,377.8 9,646.3 9,749.0 9,376.0 1,074.1 2,711.5 5,590.4 242.7 130.2 79.8 50.5 –102.7 –1.1 1,025.3 28.6 996.7 83.5 1,691.6 1,022.8 668.8 1,625.1 1,589.1 945.8 27.3 616.0 36.1 956.6 1,385.9 9,672.3 9,785.5 9,410.8 1,080.8 2,720.6 5,609.4 244.3 130.5 80.1 50.5 –113.2 –1.2 1,026.6 24.9 1,001.6 83.1 1,692.1 1,016.2 675.9 1,643.1 1,607.0 964.8 27.0 615.2 36.1 961.7 1,395.6 9,718.5 9,855.1 9,478.5 1,084.4 2,764.3 5,629.7 245.8 130.8 80.3 50.5 –136.6 –1.4 1,027.0 28.2 998.8 82.6 1,708.4 1,026.2 682.2 1,669.3 1,633.2 967.2 27.4 638.6 36.1 981.1 1,431.8 9,792.7 9,907.8 9,528.7 1,094.9 2,771.0 5,662.8 248.2 131.0 80.6 50.5 –115.1 –1.2 1,038.1 31.5 1,006.6 82.7 1,725.3 1,036.2 689.0 1,682.5 1,646.4 976.6 27.7 642.1 36.1 984.8 1,443.5 9,846.5 9,966.1 9,584.2 1,094.8 2,770.8 5,718.5 250.5 131.3 80.9 50.5 –119.6 –1.2 8,277.6 8,294.2 8,361.4 8,401.2 8,422.8 8,435.1 8,483.4 8,495.4 31,794 27,610 299,801 31,914 27,641 300,065 32,042 27,841 300,326 32,091 27,949 300,592 32,151 27,998 300,836 32,280 28,017 301,070 32,502 28,156 301,296 32,660 28,179 301,481 July Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. 2007 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.—Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2005 2006 r 2005 III Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. 2006 IV I II III IV r 10,239.2 7,030.3 5,664.8 4,687.1 1,101.3 704.7 3,585.8 937.2 2,648.5 977.7 1,365.5 933.2 432.3 10,883.4 7,477.0 6,022.7 5,008.8 1,175.4 734.0 3,833.5 993.7 2,839.7 1,013.9 1,454.3 992.7 461.5 10,262.7 7,093.6 5,715.2 4,734.6 1,113.9 709.7 3,620.7 945.5 2,675.2 980.6 1,378.4 942.1 436.3 10,483.7 7,184.4 5,787.0 4,798.9 1,124.9 715.0 3,673.9 954.9 2,719.0 988.1 1,397.4 956.1 441.3 10,721.4 7,400.3 5,970.1 4,972.0 1,177.3 742.8 3,794.7 983.6 2,811.0 998.1 1,430.3 971.6 458.7 10,807.3 7,425.5 5,980.9 4,975.0 1,173.0 732.8 3,802.0 990.8 2,811.2 1,005.9 1,444.5 985.7 458.9 10,939.4 7,489.3 6,027.6 5,007.1 1,171.5 729.1 3,835.6 995.6 2,840.0 1,020.5 1,461.6 1,000.1 461.5 11,065.5 7,592.9 6,112.3 5,081.3 1,179.7 731.2 3,901.6 1,004.8 2,896.7 1,031.0 1,480.6 1,013.6 467.0 970.7 30.2 940.4 72.8 1,519.4 945.0 574.4 1,526.6 1,480.9 844.9 31.3 604.6 45.7 880.6 1,203.1 9,036.1 9,070.9 8,742.4 1,033.1 2,539.3 5,170.0 209.4 119.2 72.0 47.1 –34.8 –.4 1,015.1 22.6 992.5 77.4 1,656.3 1,016.7 639.6 1,602.2 1,566.9 931.4 27.3 608.3 35.3 944.5 1,360.6 9,522.8 9,625.5 9,268.9 1,070.3 2,714.9 5,483.7 230.3 126.3 78.0 48.3 –102.8 –1.1 967.3 29.7 937.7 –11.5 1,532.7 951.2 581.5 1,569.0 1,489.2 848.5 30.2 610.4 79.8 888.5 1,215.0 9,047.7 9,180.3 8,847.3 1,057.3 2,584.9 5,205.1 214.6 118.5 72.7 45.8 –132.6 –1.5 996.8 28.7 968.1 81.5 1,580.2 981.7 598.5 1,539.8 1,500.8 854.6 31.6 614.5 39.0 898.9 1,247.6 9,236.1 9,264.5 8,927.8 1,019.6 2,613.5 5,294.7 214.9 121.8 74.2 47.6 –28.5 –.3 1,008.3 23.9 984.4 76.8 1,602.3 989.1 613.2 1,570.4 1,536.0 909.9 27.8 598.3 34.5 936.7 1,332.6 9,388.8 9,418.5 9,079.2 1,064.1 2,658.2 5,356.8 218.5 120.9 75.7 45.2 –29.7 –.3 1,011.9 17.5 994.3 71.4 1,647.7 1,019.2 628.5 1,589.7 1,554.7 928.1 27.0 599.6 35.0 938.8 1,361.0 9,446.2 9,577.0 9,228.1 1,061.8 2,721.4 5,444.9 222.9 126.0 77.3 48.7 –130.8 –1.4 1,014.8 21.7 993.2 78.3 1,683.6 1,035.8 647.8 1,618.6 1,583.1 936.7 27.3 619.1 35.5 945.2 1,362.5 9,577.0 9,710.0 9,346.7 1,075.5 2,747.7 5,523.5 235.5 127.8 79.0 48.8 –133.0 –1.4 1,025.3 27.3 998.0 83.1 1,691.6 1,022.8 668.8 1,629.9 1,593.9 950.7 27.1 616.1 36.0 957.2 1,386.5 9,679.0 9,796.5 9,421.8 1,079.8 2,732.1 5,609.8 244.3 130.5 80.0 50.5 –117.5 –1.2 8,104.6 8,313.0 8,074.1 8,183.3 8,276.8 8,245.4 8,311.0 8,419.7 30,440 27,302 296,852 31,773 27,737 299,715 30,443 27,167 297,206 30,995 27,462 297,985 31,437 27,714 298,651 31,560 27,548 299,312 31,916 27,698 300,064 32,174 27,988 300,833 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 3.—Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2006 July Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ Aug. Sep. 2007 Oct. r Nov. r Dec. r Jan. r Feb. p 50.3 33.2 25.9 20.6 –2.0 –.7 22.6 2.6 20.0 5.4 7.3 5.5 1.8 44.6 12.1 7.4 1.5 –.9 –1.2 2.4 –1.3 3.7 5.9 4.8 4.6 .2 51.6 39.8 33.3 27.3 –.2 –1.9 27.5 3.9 23.7 6.0 6.4 4.3 2.1 35.4 38.6 31.5 29.1 6.5 4.0 22.6 2.4 20.1 2.4 7.1 5.0 2.1 34.1 30.9 25.1 23.0 .9 –1.3 22.1 6.2 15.9 2.1 5.8 4.1 1.7 55.9 41.7 35.3 33.2 4.6 2.0 28.6 1.5 27.1 2.0 6.5 4.1 2.3 110.5 87.4 72.4 64.9 2.1 –.5 62.8 3.3 59.5 7.6 14.9 6.8 8.2 65.4 27.8 23.8 19.3 1.6 .7 17.7 .1 17.6 4.5 4.0 2.5 1.5 –.8 2.5 –3.2 5.2 6.5 .1 6.4 10.2 10.0 –4.4 .3 13.9 .2 4.0 –6.7 57.2 74.8 68.4 21.7 23.9 22.8 5.7 .7 .5 .1 –17.6 7.3 4.4 2.8 4.7 6.8 .1 6.7 14.5 14.4 7.5 0 6.9 .1 .8 .2 44.3 20.0 13.8 –16.3 5.2 24.8 5.6 .6 .6 0 24.4 .2 4.9 –4.7 5.3 7.1 .1 6.9 3.0 2.8 .8 0 2.1 .2 3.8 4.6 46.9 2.1 –4.2 3.4 –34.9 27.4 5.7 .5 .5 0 44.8 6.5 2.0 4.5 –.6 .4 –6.5 7.0 –4.0 –4.2 1.9 –.3 –5.8 .2 5.4 12.2 23.3 30.9 27.5 1.8 –14.7 40.4 1.5 1.9 .3 1.7 –7.7 1.4 .2 1.2 .7 .6 –6.6 7.2 3.6 3.5 4.2 .3 –1.0 .2 3.2 8.1 26.0 36.5 34.8 6.7 9.1 19.0 1.6 .3 .3 0 –10.5 1.3 –3.7 4.9 –.4 .5 –6.6 7.1 18.0 17.9 19.0 –.3 –.8 0 5.1 9.7 46.2 69.6 67.7 3.6 43.7 20.3 1.5 .3 .2 0 –23.4 .4 3.3 –2.8 –.5 16.3 10.0 6.3 26.2 26.2 2.4 .4 23.4 0 19.4 36.2 74.2 52.7 50.2 10.5 6.7 33.1 2.4 .2 .3 0 21.5 11.1 3.3 7.8 .1 16.9 10.0 6.8 13.2 13.2 9.4 .3 3.5 0 3.7 11.7 53.8 58.3 55.5 –.1 –.2 55.7 2.3 .3 .3 0 –4.5 24.8 16.6 67.2 39.8 21.6 12.3 48.3 12.0 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4.—Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2005 2006 r 2005 III Personal income ................................................................................................... Compensation of employees, received ......................................................... Wage and salary disbursements ............................................................... Private industries ....................................................................................... Goods-producing industries ................................................................... Manufacturing .................................................................................... Services-producing industries ............................................................... Trade, transportation, and utilities .................................................... Other services-producing industries ................................................. Government ................................................................................................ Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ....... Employer contributions for government social insurance ......................... Proprietors’ income with inventory valuation and capital consumption adjustments ................................................................................................... Farm ............................................................................................................... Nonfarm .......................................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ............................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ................................................................. Government social benefits to persons ......................................................... Old-age, survivors, disability, and health insurance benefits ................... Government unemployment insurance benefits ....................................... Other .......................................................................................................... Other current transfer receipts, from business (net) .................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ 2006 IV I II III IV r 507.8 365.0 272.7 236.8 50.5 16.7 186.3 38.0 148.2 35.9 92.3 67.1 25.2 644.2 446.7 357.9 321.7 74.1 29.3 247.7 56.5 191.2 36.2 88.8 59.5 29.2 101.2 139.9 113.9 107.0 26.4 12.4 80.7 15.1 65.5 6.9 26.0 17.4 8.6 221.0 90.8 71.8 64.3 11.0 5.3 53.2 9.4 43.8 7.5 19.0 14.0 5.0 237.7 215.9 183.1 173.1 52.4 27.8 120.8 28.7 92.0 10.0 32.9 15.5 17.4 85.9 25.2 10.8 3.0 –4.3 –10.0 7.3 7.2 .2 7.8 14.2 14.1 .2 132.1 63.8 46.7 32.1 –1.5 –3.7 33.6 4.8 28.8 14.6 17.1 14.4 2.6 126.1 103.6 84.7 74.2 8.2 2.1 66.0 9.2 56.7 10.5 19.0 13.5 5.5 59.6 –6.0 65.5 –54.2 91.5 54.2 37.3 100.1 82.5 53.5 –4.7 33.6 17.6 54.2 153.3 354.5 563.7 530.9 46.8 194.1 289.9 23.4 9.5 5.2 4.2 –209.1 44.4 –7.6 52.1 4.6 136.9 71.7 65.2 75.6 86.0 86.5 –4.0 3.7 –10.4 63.9 157.5 486.7 554.6 526.5 37.2 175.6 313.7 20.9 7.1 6.0 1.2 –68.0 1.5 1.0 .6 –114.3 32.2 16.4 15.8 58.9 12.0 4.1 –.5 8.3 46.8 17.0 23.2 78.0 179.9 172.7 15.0 76.3 81.4 6.1 1.2 1.4 –.2 –101.8 29.5 –1.0 30.4 93.0 47.5 30.5 17.0 –29.2 11.6 6.1 1.4 4.1 –40.8 10.4 32.6 188.4 84.2 80.5 –37.7 28.6 89.6 .3 3.3 1.5 1.8 104.1 11.5 –4.8 16.3 –4.7 22.1 7.4 14.7 30.6 35.2 55.3 –3.8 –16.2 –4.5 37.8 85.0 152.7 154.0 151.4 44.5 44.7 62.1 3.6 –.9 1.5 –2.4 –1.2 3.6 –6.4 9.9 –5.4 45.4 30.1 15.3 19.3 18.7 18.2 –.8 1.3 .5 2.1 28.4 57.4 158.5 148.9 –2.3 63.2 88.1 4.4 5.1 1.6 3.5 –101.1 2.9 4.2 –1.1 6.9 35.9 16.6 19.3 28.9 28.4 8.6 .3 19.5 .5 6.4 1.5 130.8 133.0 118.6 13.7 26.3 78.6 12.6 1.8 1.7 .1 –2.2 10.5 5.6 4.8 4.8 8.0 –13.0 21.0 11.3 10.8 14.0 –.2 –3.0 .5 12.0 24.0 102.0 86.5 75.1 4.3 –15.6 86.3 8.8 2.7 1.0 1.7 15.5 93.8 208.4 –11.7 109.2 93.5 –31.4 65.6 108.7 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 5.—Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2006 July Aug. Sep. 2007 Nov. r Oct. r Dec. r Jan. r Feb. p Based on current-dollar measures Personal income ................................................................................................... Compensation of employees, received .............................................................. Wage and salary disbursements ................................................................... Supplements to wages and salaries ............................................................. Proprietors’ income with inventory valuation and capital consumption adjustments .................................................................................................... Rental income of persons with capital consumption adjustment ..................... Personal income receipts on assets .................................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ...................................................................... Less: Contributions for government social insurance ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 0.5 .4 .4 .5 0.4 .2 .1 .3 0.5 .5 .6 .4 0.3 .5 .5 .5 0.3 .4 .4 .4 0.5 .5 .6 .4 1.0 1.1 1.2 1.0 0.6 .4 .4 .3 –.1 7.6 .4 0 1.0 .6 .4 –.5 .6 .7 6.4 .4 0 1.1 .9 .1 0 .5 0 6.8 .4 0 1.1 .2 .4 .3 .5 .6 –.8 0 –.6 1.1 –.2 .6 .9 .2 .1 .8 0 –.6 1.1 .2 .3 .6 .3 .1 –.5 0 –.6 1.1 1.1 .5 .7 .5 0 –.5 1.0 1.0 .9 1.6 2.0 2.6 .8 1.1 .1 1.0 1.0 1.0 .8 .4 .8 .5 .7 2.0 .9 .4 .1 –1.5 .2 .5 0 .3 –1.3 .5 .3 .2 –.5 .7 .4 .6 .3 .3 .7 .3 1.6 .4 .5 1.0 .2 .6 .6 0 0 1.0 .1 .6 .1 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... p r .3 .2 .8 .5 .3 Preliminary Revised Table 6.—Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2005 2006 r 2005 III 2006 IV I II III IV r Based on current-dollar measures Personal income ................................................................................................... Compensation of employees, received .............................................................. Wage and salary disbursements ................................................................... Supplements to wages and salaries ............................................................. Proprietors’ income with inventory valuation and capital consumption adjustments .................................................................................................... Rental income of persons with capital consumption adjustment ..................... Personal income receipts on assets .................................................................. Personal interest income ............................................................................... Personal dividend income .............................................................................. Personal current transfer receipts ...................................................................... Less: Contributions for government social insurance ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 5.2 5.5 5.1 7.3 6.5 –42.7 6.4 6.1 7.0 7.0 6.6 14.6 4.1 6.5 4.7 8.3 5.9 6.3 6.4 6.3 6.5 8.9 5.2 5.1 5.6 9.4 12.6 13.3 9.7 3.2 1.4 .7 4.1 5.0 3.5 3.2 4.8 4.7 5.7 5.7 5.3 4.6 .6 12.7 6.3 .................. .................. 9.0 8.9 13.0 7.6 7.2 13.5 11.3 11.7 12.2 5.0 16.5 –7.3 7.3 8.0 4.8 13.1 8.0 11.2 5.4 3.5 8.6 4.7 –21.2 5.7 3.0 10.2 8.2 17.9 30.2 6.8 1.4 –25.2 11.8 12.7 10.4 5.0 .9 8.8 2.5 1.2 44.6 9.0 6.7 12.8 7.5 2.7 .4 5.7 4.2 26.9 1.9 –4.9 13.6 2.8 5.2 7.2 4.3 7.0 18.6 7.0 4.8 6.7 –.9 9.9 6.7 5.2 5.3 3.9 5.9 3.3 1.6 –2.2 6.4 –1.5 3.2 5.3 6.0 3.6 6.9 6.1 4.0 8.3 8.4 7.9 8.2 5.9 12.7 6.5 3.7 –13.5 4.5 7.1 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... r Revised 1.2 2.6 –.6 5.5 4.6 Table 7.—Real Personal Consumption Expenditures by Major Type of Product (Months) 2006 July Aug. Sep. 2007 Oct. r Nov. r Dec. r Jan. r Feb. p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 8,110.1 1,218.0 2,360.9 4,558.1 8,100.7 1,199.0 2,357.4 4,566.4 8,122.8 1,209.5 2,362.1 4,575.4 8,165.8 1,211.1 2,377.2 4,600.4 8,195.1 1,222.8 2,392.3 4,605.3 8,226.8 1,231.7 2,412.6 4,609.9 8,254.6 1,245.1 2,414.2 4,624.9 8,269.1 1,243.9 2,404.2 4,648.8 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 35.1 23.8 7.0 9.2 –9.4 –19.0 –3.5 8.3 22.1 10.5 4.7 9.0 43.0 1.6 15.1 25.0 29.3 11.7 15.1 4.9 31.7 8.9 20.3 4.6 27.8 13.4 1.6 15.0 14.5 –1.2 –10.0 23.9 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. p r .4 2.0 .3 .2 –.1 –1.6 –.1 .2 .3 .9 .2 .2 .5 .1 .6 .5 .4 1.0 .6 .1 .4 .7 .8 .1 .3 1.1 .1 .3 .2 –.1 –.4 .5 Preliminary Revised Table 8.—Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2005 2006 r 2005 III 2006 IV I II III IV r 8,055.0 1,190.3 2,351.1 4,535.4 8,111.2 1,208.8 2,360.1 4,566.6 8,195.9 1,221.9 2,394.0 4,605.2 Billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 7,841.2 1,145.3 2,276.8 4,436.6 8,091.4 1,202.9 2,362.0 4,550.4 7,895.3 1,175.9 2,287.6 4,454.5 7,910.2 1,137.9 2,309.6 4,476.7 8,003.8 1,190.5 2,342.8 4,494.5 Change from preceding period in billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 264.1 59.6 97.6 112.7 250.2 57.6 85.2 113.8 75.5 25.1 19.2 34.5 14.9 –38.0 22.0 22.2 93.6 52.6 33.2 17.8 51.2 –.2 8.3 40.9 56.2 18.5 9.0 31.2 84.7 13.1 33.9 38.6 2.8 6.4 1.5 2.8 4.2 4.4 5.9 3.4 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. r Revised 3.5 5.5 4.5 2.6 3.2 5.0 3.7 2.6 3.9 9.0 3.4 3.2 .8 –12.3 3.9 2.0 4.8 19.8 5.9 1.6 2.6 –.1 1.4 3.7 Table 9.—Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2006 July Aug. Sep. 2007 Oct. r Nov. r Dec. r Jan. r Feb. p Chain-type price indexes (2000=100), seasonally adjusted Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. 115.160 89.096 116.749 120.625 115.465 89.145 117.143 120.948 115.098 88.659 115.434 121.308 114.830 88.677 114.081 121.530 114.844 88.383 113.740 121.810 115.225 88.038 114.600 122.132 115.445 87.931 114.799 122.449 115.914 88.012 115.269 123.019 112.076 113.852 109.803 112.369 114.131 110.062 112.565 113.652 110.233 112.757 113.281 110.389 112.808 113.286 110.435 112.948 113.683 110.547 113.211 113.882 110.792 113.586 114.382 111.187 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE ......................................................................................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. .3 .1 .6 .2 .3 .1 .3 .3 –.3 –.5 –1.5 .3 –.2 0 –1.2 .2 0 –.3 –.3 .2 .3 –.4 .8 .3 .2 –.1 .2 .3 .4 .1 .4 .5 .1 .3 .1 .3 .2 .2 .2 –.4 .2 .2 –.3 .1 0 0 0 .1 .4 .1 .2 .2 .2 .3 .4 .4 Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p Table 10.—Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2006 July Disposable personal income ............................................................................... Personal consumption expenditures .................................................................. Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. p r Aug. 1.5 2.3 –1.6 3.5 2.5 Sep. 4.4 2.7 3.3 3.0 2.4 2007 Oct. r 2.9 3.2 7.1 3.0 2.6 3.2 3.7 9.2 2.8 3.1 Nov. r 2.9 3.6 7.1 3.8 2.9 Dec. r Jan. r 2.6 3.5 6.0 4.4 2.6 Feb. p 2.8 3.5 4.2 3.0 3.6 2.6 3.2 5.3 2.5 3.2 Preliminary Revised Table 11.—Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2006 July Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. Preliminary Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p r Aug. Sep. 2007 Oct. r Nov. r Dec. r Jan. r Feb. p 3.4 –1.1 4.8 3.6 3.2 –.7 4.0 3.6 1.9 –1.3 .3 3.4 1.5 –1.3 –.5 3.0 1.9 –1.3 1.1 2.9 2.2 –1.6 2.1 3.1 1.9 –1.8 1.3 3.0 2.3 –1.5 1.9 3.2 2.3 3.3 1.9 2.4 3.1 2.1 2.4 1.6 2.1 2.3 1.1 2.0 2.1 1.6 1.9 2.1 2.0 1.9 2.2 1.7 2.0 2.4 2.1 2.3