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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 27, 2009 James E. Rankin: Brendan Leary: (202) 606-5301 (Personal Income) (202) 606-5302 (Personal Outlays) BEA 09-12 PERSONAL INCOME AND OUTLAYS: FEBRUARY 2009 Personal income decreased $29.1 billion, or 0.2 percent, and disposable personal income (DPI) decreased $10.5 billion, or 0.1 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $17.2 billion, or 0.2 percent. In January, personal income increased $20.5 billion, or 0.2 percent, DPI increased $164.6 billion, or 1.6 percent, and PCE increased $94.8 billion, or 1.0 percent, based on revised estimates. Real disposable income decreased 0.4 percent in February, in contrast to an increase of 1.3 percent in January. Real PCE decreased 0.2 percent, in contrast to an increase of 0.7 percent. The price index for PCE increased 0.3 percent, the same increase as in January. Oct. Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars 2008 2009 Nov. Dec. Jan. Feb. (Percent change from preceding month) -0.1 -0.5 -0.3 0.2 -0.2 0.0 0.4 -0.4 0.7 -0.3 0.2 1.6 1.3 -0.1 -0.4 -1.2 -0.8 -0.7 0.4 -1.1 -0.6 1.0 0.7 0.2 -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/newsreleases/rels.htm. -more- -2- Compensation of employees Private wage and salary disbursements decreased $29.9 billion in February, compared with a decrease of $27.1 billion in January. The January change in private wages and salaries was reduced by an adjustment of $20.0 billion (at an annual rate) for smaller-than-usual bonus payments. This type of irregular payment is not accounted for in the primary monthly source data for wages and salaries. The adjustment to January wages was derived from state government estimates based on tax data and from other sources. (The negative $20.0 billion adjustment was also made to the February estimate, and a similar adjustment will be made to March.) Goods-producing industries' payrolls decreased $12.6 billion, compared with a decrease of $14.3 billion; manufacturing payrolls decreased $5.1 billion, compared with a decrease of $10.9 billion. Services-producing industries' payrolls decreased $17.2 billion, compared with a decrease of $12.8 billion. -more- -3- Government wage and salary disbursements increased $3.9 billion, compared with an increase of $14.3 billion. 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 $9.7 billion to government payrolls in January. Employer contributions for employee pension and insurance funds increased $4.7 billion in February, compared with an increase of $7.1 billion in January. Employer contributions for government social insurance decreased $2.2 billion in February, in contrast to an increase of $2.9 billion in January. The January change 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 $102,000 to $106,800); together, these changes added $4.6 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 decreased $1.0 billion in February, compared with a decrease of $5.2 billion in January. Farm proprietors' income decreased $1.5 billion, compared with a decrease of $0.1 billion. Nonfarm proprietors' income increased $0.5 billion, in contrast to a decrease of $5.1 billion. Rental income of persons decreased $0.2 billion in February, compared with decrease of $0.7 billion in January. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $24.9 billion, compared with a decrease of $22.5 billion. -more- -4- Personal current transfer receipts increased $16.2 billion in February, compared with an increase of $56.7 billion in January. The January change in current transfer receipts reflected 5.8percent cost-of-living adjustments to social security benefits and to several other federal transfer payment programs; together, these changes added $41.1 billion to the January change. The January change in current transfer receipts was reduced by lump-sum social security benefits payments, which had added $7.4 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 -decreased $4.2 billion in February, in contrast to an increase of $4.9 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 $4.6 billion in January by increases in unemployment-insurance rates and in the social security taxable wage base. The January change in personal contributions for government social insurance reflected increases in the monthly premium paid by participants in the supplementary medical insurance program (Medicare part B) and in the social security taxable wage base; these changes added $2.8 billion to January personal contributions. Personal current taxes and disposable personal income Personal current taxes decreased $18.6 billion in February, compared with a decrease of $144.1 billion in January. Federal net nonwithheld income taxes (payments of estimated taxes plus final settlements less refunds) had been reduced in January by $114.0 billion, based on the Office of Tax Analysis projections of lower final settlements and higher refunds for 2009. Indexation provisions of current tax law reduced federal withheld income taxes by $4.0 billion in January. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $10.5 billion, or 0.1 percent, in February, in contrast to an increase of $164.6 billion, or 1.6 percent, in January. -more- -5- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $16.9 billion in February, compared with an increase of $94.7 billion in January. PCE increased $17.2 billion, compared with an increase of $94.8 billion. Personal saving -- DPI less personal outlays -- was $450.7 billion in February, compared with $478.1 billion in January. Personal saving as a percentage of disposable personal income was 4.2 percent in February, compared with 4.4 percent in January. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, which help finance consumption, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- decreased 0.4 percent in February, in contrast to an increase of 1.3 percent in January. Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in February, in contrast to an increase of 0.7 percent in January. Purchases of durable goods decreased 1.5 percent, in contrast to an increase of 3.2 percent. Purchases of motor vehicle and parts accounted for most of the decrease in durable goods in February and about one-half the increase in January. Purchases of nondurable goods decreased less than 0.1 percent in February, in contrast to an increase of 1.2 percent in January. Purchases of services decreased less than 0.1 percent, in contrast to an increase of 0.1 percent. PCE prices -- The price index for PCE increased 0.3 percent in February, the same increase as in January. Prices, excluding food and energy, increased 0.2 percent, the same increase as in January. -more- -6- Revisions Estimates have been revised for October 2008 through January 2009. 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. The upward revision to January personal consumption expenditures primarily reflected a large upward revision to the retail sales source data used to derive these estimates. Change from preceding month December Previous Revised January Previous Revised (Billions of dollars) (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars...................... -24.0 -40.5 -0.2 -0.3 44.8 20.5 0.4 0.2 Disposable personal income: Current dollars...................... Chained (2000) dollars......... -17.8 30.9 -32.9 17.1 -0.2 0.4 -0.3 0.2 183.0 133.9 164.6 113.6 1.7 1.5 1.6 1.3 Personal consumption expenditures: Current dollars...................... -101.2 -109.0 Chained (2000) dollars......... -41.3 -48.9 -1.0 -0.5 -1.1 -0.6 56.4 30.4 94.8 57.5 0.6 0.4 1.0 0.7 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 -- April 30, 2009 at 8:30 A.M. EDT for Personal Income and Outlays for March. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2008 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....................... August September 2009 October r November r December r January r February p 12,139.9 8,072.3 6,563.5 5,429.2 1,213.0 745.3 4,216.2 1,049.2 3,167.0 1,134.3 1,508.8 1,029.8 479.1 12,179.8 8,104.2 6,592.2 5,453.6 1,214.0 742.6 4,239.6 1,052.6 3,186.9 1,138.6 1,511.9 1,031.3 480.6 12,191.4 8,102.3 6,589.8 5,447.7 1,208.0 738.9 4,239.7 1,049.2 3,190.4 1,142.1 1,512.5 1,032.6 479.9 12,178.9 8,106.6 6,591.7 5,447.0 1,205.4 737.5 4,241.6 1,043.9 3,197.7 1,144.7 1,514.9 1,035.0 479.9 12,122.1 8,089.7 6,574.8 5,427.8 1,197.0 731.7 4,230.9 1,038.6 3,192.3 1,146.9 1,514.9 1,036.7 478.2 12,081.6 8,056.0 6,541.8 5,393.5 1,179.4 721.3 4,214.1 1,029.9 3,184.2 1,148.3 1,514.2 1,038.4 475.8 12,102.1 8,053.2 6,529.0 5,366.4 1,165.1 710.4 4,201.3 1,033.5 3,167.8 1,162.6 1,524.2 1,045.5 478.7 12,073.0 8,029.7 6,503.0 5,336.5 1,152.5 705.3 4,184.1 1,028.0 3,156.1 1,166.5 1,526.7 1,050.2 476.5 1,090.0 35.0 1,055.0 72.8 2,054.1 1,210.9 843.2 1,849.0 1,816.5 1,067.4 47.6 701.5 32.5 998.2 1,079.8 32.5 1,047.3 77.3 2,055.6 1,217.4 838.2 1,864.3 1,831.7 1,067.5 62.4 701.9 32.6 1,001.4 1,071.8 29.6 1,042.2 55.5 2,057.3 1,223.8 833.4 1,904.8 1,845.3 1,072.0 67.5 705.8 59.5 1,000.3 1,075.0 27.0 1,048.0 87.1 2,023.0 1,203.6 819.4 1,887.2 1,854.5 1,074.5 64.6 715.4 32.7 1,000.1 1,057.4 26.1 1,031.3 90.9 1,988.6 1,183.4 805.2 1,892.5 1,859.8 1,082.8 64.2 712.7 32.8 997.0 1,049.3 25.9 1,023.4 96.1 1,954.0 1,163.2 790.8 1,918.3 1,885.5 1,088.3 82.4 714.8 32.8 992.1 1,044.1 25.8 1,018.3 95.4 1,931.5 1,149.9 781.6 1,975.0 1,942.3 1,124.9 89.1 728.2 32.7 997.0 1,043.1 24.3 1,018.8 95.2 1,906.6 1,136.5 770.1 1,991.2 1,958.5 1,133.8 98.0 726.6 32.7 992.8 Less: Personal current taxes ................................................................... 1,372.0 1,522.3 1,517.7 1,504.6 1,487.1 1,479.5 1,335.4 1,316.8 Equals: Disposable personal income...................................................... 10,767.9 10,657.5 10,673.7 10,674.2 10,635.0 10,602.1 10,766.7 10,756.2 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 10,585.0 10,187.1 1,016.6 3,068.4 6,102.0 250.9 147.1 84.4 62.7 10,567.4 10,170.9 1,033.7 3,042.4 6,094.8 248.9 147.5 84.8 62.7 10,527.3 10,132.4 998.4 3,022.9 6,111.2 246.9 148.0 85.3 62.7 10,393.8 10,013.3 945.3 2,934.5 6,133.5 237.7 142.9 85.8 57.1 10,311.5 9,939.7 950.8 2,843.6 6,145.2 228.4 143.4 86.3 57.1 10,193.9 9,830.7 942.8 2,739.1 6,148.8 219.2 144.0 86.9 57.1 10,288.6 9,925.5 971.8 2,789.5 6,164.2 218.4 144.7 87.6 57.1 10,305.5 9,942.7 959.4 2,813.0 6,170.3 217.5 145.3 88.1 57.1 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 182.9 1.7 90.1 0.8 146.4 1.4 280.4 2.6 323.5 3.0 408.2 3.8 478.1 4.4 450.7 4.2 8,753.6 8,664.8 8,670.7 8,706.8 8,769.7 8,786.8 8,900.4 8,860.7 35,350 28,737 304,608 34,957 28,421 304,870 34,980 28,416 305,138 34,953 28,510 305,390 34,798 28,695 305,624 34,665 28,730 305,845 35,180 29,081 306,049 35,123 28,934 306,244 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2007 2008 r 2007 III Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance....................... 2008 IV I II III IV r 11,663.2 7,818.6 6,362.0 5,286.7 1,205.4 746.0 4,081.3 1,035.2 3,046.1 1,075.2 1,456.6 991.9 464.7 12,102.6 8,055.1 6,550.1 5,420.6 1,209.0 741.4 4,211.6 1,046.7 3,164.9 1,129.5 1,504.9 1,026.9 478.0 11,730.4 7,839.3 6,377.7 5,297.0 1,204.3 743.4 4,092.6 1,035.3 3,057.4 1,080.8 1,461.6 996.5 465.1 11,872.1 7,941.0 6,465.5 5,373.4 1,218.2 750.2 4,155.3 1,048.3 3,106.9 1,092.1 1,475.5 1,005.9 469.6 11,960.5 8,009.7 6,518.0 5,408.3 1,217.7 748.4 4,190.5 1,050.4 3,140.2 1,109.7 1,491.7 1,015.3 476.4 12,152.2 8,033.5 6,531.3 5,407.9 1,212.7 745.0 4,195.2 1,048.4 3,146.7 1,123.4 1,502.2 1,024.4 477.8 12,170.4 8,092.9 6,581.8 5,443.5 1,211.7 742.2 4,231.8 1,050.4 3,181.5 1,138.3 1,511.1 1,031.2 479.9 12,127.5 8,084.1 6,569.4 5,422.8 1,193.9 730.2 4,228.8 1,037.5 3,191.4 1,146.7 1,514.7 1,036.7 478.0 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 1,681.4 999.4 32.3 649.6 31.9 965.1 1,072.4 34.6 1,037.9 64.4 2,037.7 1,208.5 829.1 1,869.1 1,834.4 1,058.3 52.3 723.8 34.7 996.0 1,063.8 47.4 1,016.4 41.8 2,030.9 1,236.2 794.7 1,720.6 1,688.0 1,008.8 32.5 646.7 32.5 966.0 1,073.8 47.1 1,026.7 38.6 2,056.2 1,242.7 813.5 1,737.8 1,704.7 1,009.6 34.3 660.9 33.1 975.3 1,071.7 41.6 1,030.1 39.1 2,054.1 1,224.6 829.5 1,778.1 1,745.8 1,032.4 38.2 675.3 32.2 992.2 1,076.9 38.0 1,039.0 58.6 2,052.3 1,208.7 843.6 1,926.3 1,893.9 1,050.0 41.4 802.5 32.4 995.4 1,080.5 32.4 1,048.2 68.5 2,055.7 1,217.4 838.3 1,872.7 1,831.2 1,068.9 59.2 703.1 41.5 1,000.0 1,060.6 26.3 1,034.2 91.4 1,988.5 1,183.4 805.1 1,899.3 1,866.6 1,081.9 70.4 714.3 32.8 996.4 Less: Personal current taxes ................................................................... 1,492.8 1,460.6 1,501.6 1,520.5 1,535.0 1,346.1 1,470.7 1,490.4 Equals: Disposable personal income...................................................... 10,170.5 10,642.1 10,228.8 10,351.5 10,425.5 10,806.0 10,699.7 10,637.1 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 10,113.1 9,710.2 1,082.8 2,833.0 5,794.4 265.4 137.5 81.2 56.3 10,450.7 10,057.9 1,023.2 2,965.1 6,069.6 248.2 144.5 84.4 60.1 10,182.0 9,765.6 1,086.2 2,846.6 5,832.8 278.2 138.1 81.8 56.3 10,309.2 9,892.7 1,083.0 2,906.2 5,903.5 276.7 139.8 82.5 57.3 10,404.9 10,002.3 1,071.0 2,950.7 5,980.6 261.7 140.8 82.9 57.9 10,538.2 10,138.0 1,059.3 3,026.2 6,052.5 253.8 146.4 83.7 62.7 10,559.9 10,163.5 1,016.2 3,044.6 6,102.7 248.9 147.5 84.8 62.7 10,299.7 9,927.9 946.3 2,839.0 6,142.5 228.4 143.4 86.3 57.1 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 57.4 0.6 191.4 1.8 46.8 0.5 42.4 0.4 20.6 0.2 267.9 2.5 139.8 1.3 337.4 3.2 8,644.0 8,752.6 8,671.1 8,683.1 8,667.9 8,891.0 8,696.4 8,754.2 33,706 28,648 301,737 34,946 28,741 304,529 33,858 28,702 302,108 34,179 28,670 302,865 34,351 28,560 303,498 35,531 29,234 304,128 35,096 28,525 304,872 34,805 28,644 305,619 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ 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 2008 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....................... August September 2009 October r November r December r January r February p –93.7 23.0 19.7 13.8 –1.6 –0.3 15.3 –1.1 16.4 5.9 3.3 2.4 0.9 39.9 31.9 28.7 24.4 1.0 –2.7 23.4 3.4 19.9 4.3 3.1 1.5 1.5 11.6 –1.9 –2.4 –5.9 –6.0 –3.7 0.1 –3.4 3.5 3.5 0.6 1.3 –0.7 –12.5 4.3 1.9 –0.7 –2.6 –1.4 1.9 –5.3 7.3 2.6 2.4 2.4 0.0 –56.8 –16.9 –16.9 –19.2 –8.4 –5.8 –10.7 –5.3 –5.4 2.2 0.0 1.7 –1.7 –40.5 –33.7 –33.0 –34.3 –17.6 –10.4 –16.8 –8.7 –8.1 1.4 –0.7 1.7 –2.4 20.5 –2.8 –12.8 –27.1 –14.3 –10.9 –12.8 3.6 –16.4 14.3 10.0 7.1 2.9 –29.1 –23.5 –26.0 –29.9 –12.6 –5.1 –17.2 –5.5 –11.7 3.9 2.5 4.7 –2.2 6.5 –1.1 7.6 4.5 1.3 6.4 –5.1 –127.0 –127.0 10.4 5.6 –143.0 0.1 1.9 –10.2 –2.5 –7.7 4.5 1.5 6.5 –5.0 15.3 15.2 0.1 14.8 0.4 0.1 3.2 –8.0 –2.9 –5.1 –21.8 1.7 6.4 –4.8 40.5 13.6 4.5 5.1 3.9 26.9 –1.1 3.2 –2.6 5.8 31.6 –34.3 –20.2 –14.0 –17.6 9.2 2.5 –2.9 9.6 –26.8 –0.2 –17.6 –0.9 –16.7 3.8 –34.4 –20.2 –14.2 5.3 5.3 8.3 –0.4 –2.7 0.1 –3.1 –8.1 –0.2 –7.9 5.2 –34.6 –20.2 –14.4 25.8 25.7 5.5 18.2 2.1 0.0 –4.9 –5.2 –0.1 –5.1 –0.7 –22.5 –13.3 –9.2 56.7 56.8 36.6 6.7 13.4 –0.1 4.9 –1.0 –1.5 0.5 –0.2 –24.9 –13.4 –11.5 16.2 16.2 8.9 8.9 –1.6 0.0 –4.2 Less: Personal current taxes ................................................................... 9.0 150.3 –4.6 –13.1 –17.5 –7.6 –144.1 –18.6 Equals: Disposable personal income...................................................... –102.7 –110.4 16.2 0.5 –39.2 –32.9 164.6 –10.5 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. –10.9 –9.3 –32.5 5.4 17.8 –2.0 0.4 0.4 0.0 –17.6 –16.2 17.1 –26.0 –7.2 –2.0 0.4 0.4 0.0 –40.1 –38.5 –35.3 –19.5 16.4 –2.0 0.5 0.5 0.0 –133.5 –119.1 –53.1 –88.4 22.3 –9.2 –5.1 0.5 –5.6 –82.3 –73.6 5.5 –90.9 11.7 –9.3 0.5 0.5 0.0 –117.6 –109.0 –8.0 –104.5 3.6 –9.2 0.6 0.6 0.0 94.7 94.8 29.0 50.4 15.4 –0.8 0.7 0.7 0.0 16.9 17.2 –12.4 23.5 6.1 –0.9 0.6 0.5 0.0 Equals: Personal saving ........................................................................... –91.8 –92.8 56.3 134.0 43.1 84.7 69.9 –27.4 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... –131.9 –88.8 5.9 36.1 62.9 17.1 113.6 –39.7 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2007 2008 r 2007 III Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance....................... 2008 IV I II IV r III 669.3 386.0 334.8 282.5 38.2 14.8 244.2 48.5 195.7 52.2 51.3 35.1 16.2 439.4 236.5 188.1 133.9 3.6 –4.6 130.3 11.5 118.8 54.3 48.3 35.0 13.3 152.9 79.2 67.0 54.5 3.6 –0.6 50.7 –1.2 52.0 12.7 12.2 8.8 3.4 141.7 101.7 87.8 76.4 13.9 6.8 62.7 13.0 49.5 11.3 13.9 9.4 4.5 88.4 68.7 52.5 34.9 –0.5 –1.8 35.2 2.1 33.3 17.6 16.2 9.4 6.8 191.7 23.8 13.3 –0.4 –5.0 –3.4 4.7 –2.0 6.5 13.7 10.5 9.1 1.4 18.2 59.4 50.5 35.6 –1.0 –2.8 36.6 2.0 34.8 14.9 8.9 6.8 2.1 –42.9 –8.8 –12.4 –20.7 –17.8 –12.0 –3.0 –12.9 9.9 8.4 3.6 5.5 –1.9 41.5 27.8 13.6 –4.3 175.3 88.9 86.4 110.3 103.3 60.5 2.4 40.3 7.0 39.6 16.2 –9.4 25.7 24.4 37.6 –5.8 43.3 155.8 153.0 58.9 20.0 74.2 2.8 30.9 13.6 5.1 8.5 –2.8 48.4 30.1 18.2 21.4 20.5 11.3 1.3 7.9 0.8 6.9 10.0 –0.3 10.3 –3.2 25.3 6.5 18.8 17.2 16.7 0.8 1.8 14.2 0.6 9.3 –2.1 –5.5 3.4 0.5 –2.1 –18.1 16.0 40.3 41.1 22.8 3.9 14.4 –0.9 16.9 5.2 –3.6 8.9 19.5 –1.8 –15.9 14.1 148.2 148.1 17.6 3.2 127.2 0.2 3.2 3.6 –5.6 9.2 9.9 3.4 8.7 –5.3 –53.6 –62.7 18.9 17.8 –99.4 9.1 4.6 –19.9 –6.1 –14.0 22.9 –67.2 –34.0 –33.2 26.6 35.4 13.0 11.2 11.2 –8.7 –3.6 Less: Personal current taxes ................................................................... 139.6 –32.2 12.2 18.9 14.5 –188.9 124.6 19.7 Equals: Disposable personal income...................................................... 529.8 471.6 140.8 122.7 74.0 380.5 –106.3 –62.6 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 543.1 503.0 30.7 147.8 324.5 30.0 10.1 5.0 5.2 337.6 347.7 –59.6 132.1 275.2 –17.2 7.0 3.2 3.8 125.1 108.1 0.9 28.9 78.4 15.6 1.2 1.0 0.3 127.2 127.1 –3.2 59.6 70.7 –1.5 1.7 0.7 1.0 95.7 109.6 –12.0 44.5 77.1 –15.0 1.0 0.4 0.6 133.3 135.7 –11.7 75.5 71.9 –7.9 5.6 0.8 4.8 21.7 25.5 –43.1 18.4 50.2 –4.9 1.1 1.1 0.0 –260.2 –235.6 –69.9 –205.6 39.8 –20.5 –4.1 1.5 –5.6 Equals: Personal saving ........................................................................... –13.3 134.0 15.7 –4.4 –21.8 247.3 –128.1 197.6 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 237.0 108.6 66.6 12.0 –15.2 223.1 –194.6 57.8 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 2008 July August September 2009 October r November r December r January r February 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 .............................. –0.8 0.3 0.3 0.2 0.3 0.4 0.4 0.2 0.1 0.0 0.0 0.0 –0.1 0.1 0.0 0.2 –0.5 –0.2 –0.3 0.0 –0.3 –0.4 –0.5 0.0 0.2 0.0 –0.2 0.7 –0.2 –0.3 –0.4 0.2 0.6 6.6 0.1 0.5 –0.6 –6.4 0.2 –0.9 6.2 0.1 0.5 –0.6 0.8 0.3 –0.7 –28.1 0.1 0.5 –0.6 2.2 –0.1 0.3 56.8 –1.7 –1.7 –1.7 –0.9 0.0 –1.6 4.3 –1.7 –1.7 –1.7 0.3 –0.3 –0.8 5.7 –1.7 –1.7 –1.8 1.4 –0.5 –0.5 –0.8 –1.2 –1.1 –1.2 3.0 0.5 –0.1 –0.2 –1.3 –1.2 –1.5 0.8 –0.4 Less: Personal current taxes ................................................................... 0.7 11.0 –0.3 –0.9 –1.2 –0.5 –9.7 –1.4 Equals: Disposable personal income...................................................... –0.9 –1.0 0.2 0.0 –0.4 –0.3 1.6 –0.1 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ –0.1 –3.1 0.2 0.3 –0.2 1.7 –0.8 –0.1 –0.4 –3.4 –0.6 0.3 –1.2 –5.3 –2.9 0.4 –0.7 0.6 –3.1 0.2 –1.1 –0.8 –3.7 0.1 1.0 3.1 1.8 0.3 0.2 –1.3 0.8 0.1 Real disposable personal income ............................................................ –1.5 –1.0 0.2 1.3 –0.4 Based on chained (2000) dollar measures 0.1 0.4 0.7 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2007 2008 r 2007 III 2008 IV I II IV r III Based on current-dollar measures Personal income........................................................................................ Compensation of employees, received .................................................... Wage and salary disbursements .......................................................... Supplements to wages and salaries..................................................... Proprietors’ income with inventory valuation and capital consumption adjustments .......................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ........................................................ Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ............................................................ Less: Contributions for government social insurance .............................. 6.1 5.2 5.6 3.7 3.8 3.0 3.0 3.3 5.4 4.1 4.3 3.4 4.9 5.3 5.6 3.9 3.0 3.5 3.3 4.5 6.6 1.2 0.8 2.8 0.6 3.0 3.1 2.4 –1.4 –0.4 –0.8 0.9 4.1 –9.6 9.6 7.9 12.4 6.9 4.3 1.5 60.8 1.9 –0.5 5.5 9.1 3.2 5.3 –22.7 10.1 10.4 9.8 5.1 2.9 3.8 –27.3 5.1 2.1 9.8 4.1 3.9 –0.8 5.3 –0.4 –5.7 8.1 9.6 7.1 2.0 401.3 –0.3 –5.1 7.0 37.8 1.3 1.3 87.6 0.7 2.9 –2.5 –10.7 1.9 –7.2 216.2 –12.4 –10.7 –14.9 5.8 –1.4 Less: Personal current taxes ................................................................... 10.3 –2.2 3.3 5.1 3.9 –40.8 42.5 5.5 Equals: Disposable personal income...................................................... 5.5 4.6 5.7 4.9 2.9 15.4 –3.9 –2.3 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 5.5 2.9 5.5 5.9 3.6 –5.5 4.7 4.7 4.6 0.3 4.2 5.6 5.3 –1.2 8.7 4.9 4.5 –4.3 6.3 5.3 5.5 –4.3 10.6 4.9 1.0 –15.3 2.4 3.4 –9.0 –24.8 –24.4 2.6 Real disposable personal income ............................................................ 2.8 1.3 10.7 –8.5 2.7 Based on chained (2000) dollar measures r Revised 3.1 0.6 –0.7 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2008 July August September 2009 October r November r December r January r February p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,281.4 1,178.5 2,392.0 4,716.6 8,269.3 1,200.4 2,378.5 4,703.9 8,231.0 1,161.4 2,358.3 4,713.4 8,167.7 1,101.9 2,325.4 4,724.9 8,196.4 1,114.2 2,337.5 4,732.2 8,147.5 1,109.8 2,292.8 4,731.1 8,205.0 1,145.2 2,320.6 4,735.8 8,190.6 1,128.2 2,320.1 4,733.9 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... –53.0 –38.5 –23.9 –1.3 –12.1 21.9 –13.5 –12.7 –38.3 –39.0 –20.2 9.5 –63.3 –59.5 –32.9 11.5 28.7 12.3 12.1 7.3 –48.9 –4.4 –44.7 –1.1 57.5 35.4 27.8 4.7 –14.4 –17.0 –0.5 –1.9 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... –0.6 –3.2 –1.0 0.0 –0.1 1.9 –0.6 –0.3 –0.5 –3.2 –0.8 0.2 –0.8 –5.1 –1.4 0.2 0.4 1.1 0.5 0.2 –0.6 –0.4 –1.9 0.0 0.7 3.2 1.2 0.1 –0.2 –1.5 0.0 0.0 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2007 2008 r 2007 III 2008 IV I II III IV r 8,341.3 1,228.3 2,420.7 4,712.1 8,260.6 1,180.1 2,376.3 4,711.3 8,170.5 1,108.6 2,318.6 4,729.4 –80.7 –48.2 –44.4 –0.8 –90.1 –71.5 –57.7 18.1 –3.8 –14.8 –7.1 –0.1 –4.3 –22.1 –9.4 1.5 Billions of chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,252.8 1,242.4 2,392.6 4,646.2 8,272.1 1,188.5 2,378.4 4,714.3 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 223.8 57.3 57.3 116.3 19.3 –53.9 –14.2 68.1 8,278.5 1,249.4 2,398.6 4,659.8 8,298.2 1,250.6 2,400.2 4,676.1 8,316.1 1,237.0 2,397.9 4,704.3 Change from preceding period in billions of chained (2000) dollars 41.2 7.1 7.1 27.1 19.7 1.2 1.6 16.3 17.9 –13.6 –2.3 28.2 25.2 –8.7 22.8 7.8 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... r Revised 2.8 4.8 2.5 2.6 0.2 –4.3 –0.6 1.5 2.0 2.3 1.2 2.4 1.0 0.4 0.3 1.4 0.9 –4.3 –0.4 2.4 1.2 –2.8 3.9 0.7 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2008 July August September 2009 October r November r December r January r February p Chain-type price indexes (2000=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 123.017 86.264 128.282 129.379 123.002 86.110 127.920 129.574 123.106 85.957 128.186 129.661 122.602 85.785 126.209 129.819 121.275 85.333 121.673 129.865 120.665 84.952 119.482 129.972 120.974 84.854 120.226 130.167 121.397 85.033 121.265 130.348 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 117.286 121.348 114.025 117.493 121.292 114.230 117.664 121.406 114.427 117.742 120.814 114.516 117.757 119.240 114.506 117.749 118.515 114.484 117.976 118.826 114.696 118.262 119.263 114.971 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE............................................................................................................. Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.5 0.1 1.2 0.3 0.0 –0.2 –0.3 0.2 0.1 –0.2 0.2 0.1 –0.4 –0.2 –1.5 0.1 –1.1 –0.5 –3.6 0.0 –0.5 –0.4 –1.8 0.1 0.3 –0.1 0.6 0.2 0.3 0.2 0.9 0.1 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 0.2 0.6 0.2 0.2 0.0 0.2 0.1 0.1 0.2 0.1 –0.5 0.1 0.0 –1.3 0.0 0.0 –0.6 0.0 0.2 0.3 0.2 0.2 0.4 0.2 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 July August September 2009 October r November r December r January r February p Disposable personal income.................................................................... 1.3 –0.2 –0.2 0.2 1.1 1.1 2.7 2.2 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.2 –4.4 –0.6 1.4 –0.2 –4.4 –0.5 0.7 –0.6 –7.8 –1.7 1.2 –1.3 –12.3 –2.9 1.5 –1.4 –11.0 –2.8 1.1 –1.9 –10.7 –4.5 0.9 –1.3 –7.6 –3.1 0.6 –1.4 –9.1 –2.9 0.7 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 July August September 2009 October r November r December r January r February p Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 4.5 –1.1 8.2 3.7 4.4 –0.9 8.0 3.5 4.1 –0.9 7.7 3.2 3.3 –1.2 5.6 3.0 1.6 –1.5 0.1 2.9 0.8 –1.7 –2.2 2.7 0.8 –1.9 –2.3 2.7 1.0 –1.8 –1.3 2.6 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 2.4 4.6 2.1 2.4 4.6 2.2 2.3 4.3 2.1 2.1 3.5 2.0 2.0 1.5 1.9 1.8 0.6 1.7 1.7 0.5 1.6 1.8 0.7 1.7 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions.
@FedFRASER