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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, MARCH 29, 2010 James Rankin: Kyle Brown: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 10-12 PERSONAL INCOME AND OUTLAYS: FEBRUARY 2010 Personal income increased $1.2 billion, or less than 0.1 percent, and disposable personal income (DPI) increased $1.6 billion, or less than 0.1 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $34.7 billion, or 0.3 percent. In January, personal income increased $30.4 billion, or 0.3 percent, DPI decreased $26.0 billion, or 0.2 percent, and PCE increased $38.5 billion, or 0.4 percent, based on revised estimates. Real disposable income increased less than 0.1 percent in February, in contrast to a decrease of 0.4 percent in January. Real PCE increased 0.3 percent, compared with an increase of 0.2 percent. 2009 2010 Oct. Nov. Dec. Jan. (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2005) dollars Personal consumption expenditures: Current dollars Chained (2005) dollars Feb. 0.2 0.4 0.4 0.3 0.0 0.2 -0.1 0.4 0.2 0.5 0.3 -0.2 -0.4 0.0 0.0 0.6 0.3 0.5 0.3 0.4 0.2 0.4 0.2 0.3 0.3 ________________________ NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Compensation of employees Private wage and salary disbursements increased $2.0 billion in February, compared with an increase of $16.6 billion in January. Goods-producing industries' payrolls decreased $3.5 billion, in contrast to an increase of $5.2 billion; manufacturing payrolls decreased $1.4 billion, in contrast to an increase of $5.0 billion. Services-producing industries' payrolls increased $5.5 billion, compared with an increase of $11.4 billion. -more- -3- Government wage and salary disbursements increased $0.7 billion in February, compared with an increase of $6.8 billion in January. Pay raises for federal civilian and military personnel had added $7.1 billion to government payrolls in January. Employer contributions for employee pension and insurance funds increased $2.7 billion in February, compared with an increase of $3.2 billion in January. Employer contributions for government social insurance increased $0.3 billion in February, compared with an increase of $11.5 billion in January. The January change reflected an increase in the tax rates paid by employers to state unemployment insurance funds, which had boosted January contributions by $10.2 billion. (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 $6.1 billion in February, the same decrease as in January. Farm proprietors' income decreased $7.1 billion, the same decrease as in January. Nonfarm proprietors' income increased $1.0 billion, the same increase as in January. Rental income of persons increased $2.2 billion in February, compared with an increase of $1.9 billion in January. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $16.5 billion, the same decrease as in January. Personal current transfer receipts increased $16.6 billion in February, compared with an increase of $29.8 billion in January. The January change reflected the Making Work Pay Credit provision of the American Recovery and Reinvestment Act of 2009, which boosted January receipts by $19.8 billion. The Act provides for a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers. When an individual’s tax credit exceeds the taxes owed, the refundable tax credit payment is classified as “other” government social benefits to persons. Contributions for government social insurance -- a subtraction in calculating personal income -increased $0.7 billion in February, compared with an increase of $16.7 billion in January. As noted above, employer contributions were boosted $10.2 billion in January by increases in unemploymentinsurance rates. -more- -4- Personal current taxes and disposable personal income Personal current taxes decreased $0.5 billion in February, in contrast to an increase of $56.5 billion in January. Federal net nonwithheld income taxes (payments of estimated taxes plus final settlements less refunds) had been boosted in January by $52.5 billion, based on federal budget projections of higher final settlements and lower refunds for 2010. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $1.6 billion, or less than 0.1 percent, in February, in contrast to a decrease of $26.0 billion, or 0.2 percent, in January. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $36.4 billion in February, compared with an increase of $40.4 billion in January. PCE increased $34.7 billion, compared with an increase of $38.5 billion. Personal saving -- DPI less personal outlays -- was $340.0 billion in February, compared with $374.9 billion in January. Personal saving as a percentage of disposable personal income was 3.1 percent in February, compared with 3.4 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, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and PCE price index Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in February, in contrast to a decrease of 0.4 percent in January. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in February, compared with an increase of 0.2 percent in January. Purchases of durable goods decreased 0.2 percent, compared with a decrease of 0.7 percent. Purchases of nondurable goods increased 0.9 percent, compared with an increase of 0.7 percent. Purchases of services increased 0.3 percent, compared with an increase of 0.2 percent. PCE price index -- The price index for PCE decreased less than 0.1 percent in February, in contrast to an increase of 0.2 percent in January. The PCE price index, excluding food and energy, increased less than 0.1 percent, in contrast to a decrease of less than 0.1 percent. -more- -5- Revisions Estimates have been revised for October 2009 through January 2010. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) 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 41.2 52.5 0.3 0.4 11.4 30.4 0.1 0.3 Disposable personal income: Current Dollars Chained (2005) dollars 40.3 22.7 51.2 30.8 0.4 0.2 0.5 0.3 -47.6 -60.8 -26.0 -40.1 -0.4 -0.6 -0.2 -0.4 Personal consumption expenditures: Current dollars 26.4 Chained (2005) dollars 11.1 37.0 19.0 0.3 0.1 0.4 0.2 52.4 31.0 38.5 19.6 0.5 0.3 0.4 0.2 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 – May 3, 2010 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 2009 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net)................................................................. Equals: Personal saving........................................................................... Personal saving as a percentage of disposable personal income.... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ August September 2010 October r November r December r January r February p 11,975.2 7,742.7 6,242.0 5,057.4 1,043.3 645.7 4,014.1 973.6 3,040.5 1,184.6 1,500.7 1,045.0 455.7 12,011.9 7,762.6 6,259.5 5,073.7 1,045.2 646.2 4,028.6 978.7 3,049.9 1,185.8 1,503.1 1,046.2 456.9 12,028.7 7,749.1 6,245.9 5,061.8 1,038.0 642.8 4,023.8 978.7 3,045.2 1,184.1 1,503.2 1,047.2 456.0 12,049.5 7,762.6 6,257.5 5,070.7 1,033.9 642.8 4,036.7 978.1 3,058.7 1,186.9 1,505.1 1,048.6 456.4 12,095.6 7,776.7 6,269.6 5,081.6 1,037.7 646.5 4,043.9 977.4 3,066.5 1,188.1 1,507.0 1,049.7 457.3 12,148.1 7,780.0 6,271.8 5,081.0 1,034.2 644.7 4,046.8 976.7 3,070.1 1,190.8 1,508.2 1,051.0 457.2 12,178.5 7,818.2 6,295.2 5,097.6 1,039.4 649.7 4,058.2 977.5 3,080.7 1,197.6 1,522.9 1,054.2 468.7 12,179.7 7,823.7 6,297.9 5,099.6 1,035.9 648.3 4,063.7 979.1 3,084.5 1,198.3 1,525.9 1,056.9 469.0 1,035.0 28.2 1,006.8 273.3 1,762.3 1,241.8 520.5 2,123.4 2,090.6 1,158.4 131.5 800.7 32.8 961.5 1,071.7 10,903.5 10,437.7 10,068.4 3,245.0 1,038.7 2,206.2 6,823.4 215.3 154.0 92.1 61.9 465.8 4.3 1,038.4 25.8 1,012.6 277.9 1,763.1 1,234.9 528.2 2,133.7 2,100.9 1,162.8 137.4 800.7 32.8 963.8 1,072.4 10,939.5 10,567.3 10,197.4 3,353.6 1,102.7 2,250.8 6,843.8 215.5 154.4 92.5 61.9 372.2 3.4 1,040.2 23.5 1,016.7 282.6 1,763.9 1,228.0 535.9 2,155.3 2,122.4 1,176.3 138.1 808.0 32.8 962.3 1,068.8 10,959.8 10,503.3 10,132.8 3,278.4 1,012.4 2,266.0 6,854.5 215.6 154.8 92.9 61.9 456.5 4.2 1,050.5 29.3 1,021.2 285.0 1,776.2 1,231.2 545.0 2,138.7 2,105.8 1,175.7 129.9 800.2 32.9 963.5 1,067.3 10,982.2 10,557.0 10,188.6 3,304.9 1,034.5 2,270.3 6,883.7 209.4 159.1 93.8 65.3 425.2 3.9 1,062.2 35.2 1,027.0 286.7 1,788.5 1,234.4 554.1 2,146.8 2,113.8 1,181.5 127.1 805.2 32.9 965.2 1,069.3 11,026.3 10,604.8 10,241.8 3,355.8 1,058.6 2,297.3 6,886.0 203.1 159.8 94.6 65.3 421.5 3.8 1,068.1 41.1 1,027.0 288.3 1,800.8 1,237.6 563.2 2,176.2 2,143.3 1,187.0 143.8 812.6 33.0 965.3 1,070.6 11,077.5 10,636.2 10,278.8 3,350.6 1,062.9 2,287.6 6,928.2 196.9 160.5 95.3 65.3 441.3 4.0 1,062.0 34.0 1,028.0 290.2 1,784.3 1,236.6 547.7 2,206.0 2,172.9 1,185.5 137.0 850.4 33.0 982.0 1,127.1 11,051.5 10,676.6 10,317.3 3,373.6 1,048.2 2,325.4 6,943.8 198.1 161.2 95.9 65.3 374.9 3.4 1,055.9 26.9 1,029.0 292.4 1,767.8 1,235.5 532.2 2,222.6 2,189.6 1,188.8 142.7 858.1 33.0 982.7 1,126.6 11,053.1 10,713.0 10,352.0 3,385.2 1,044.2 2,341.0 6,966.8 199.2 161.8 96.6 65.3 340.0 3.1 9,018.6 9,013.1 9,000.0 9,010.0 9,027.6 9,034.4 9,020.2 9,006.4 9,981.3 9,981.5 9,990.4 9,984.0 10,005.3 10,036.1 9,996.0 9,997.8 35,451 32,453 307,562 35,539 32,427 307,815 35,576 32,429 308,068 35,621 32,384 308,304 35,739 32,429 308,526 35,880 32,507 308,733 35,773 32,357 308,930 35,756 32,343 309,121 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 r 2008 III Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net)................................................................. Equals: Personal saving........................................................................... Personal saving as a percentage of disposable personal income.... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ 2009 IV I II III IV r 12,238.8 8,042.4 6,545.9 5,404.6 1,206.5 742.0 4,198.1 1,048.3 3,149.8 1,141.3 1,496.6 1,023.9 472.7 12,026.1 7,786.6 6,284.1 5,101.7 1,063.1 658.1 4,038.6 986.5 3,052.1 1,182.4 1,502.5 1,043.9 458.5 12,286.6 8,069.1 6,567.7 5,419.2 1,206.2 740.3 4,213.0 1,047.8 3,165.2 1,148.5 1,501.4 1,026.7 474.7 12,233.5 8,050.3 6,543.5 5,388.6 1,192.2 732.2 4,196.5 1,039.4 3,157.1 1,154.9 1,506.8 1,033.2 473.6 11,952.7 7,805.8 6,307.8 5,136.0 1,107.3 681.0 4,028.8 1,002.3 3,026.5 1,171.8 1,498.0 1,037.8 460.2 12,048.8 7,815.9 6,313.1 5,128.8 1,067.8 662.0 4,061.0 989.3 3,071.7 1,184.4 1,502.8 1,042.0 460.8 12,005.2 7,751.4 6,249.2 5,064.3 1,042.1 644.9 4,022.2 977.0 3,045.2 1,184.8 1,502.3 1,046.1 456.2 12,097.7 7,773.1 6,266.3 5,077.8 1,035.3 644.7 4,042.5 977.4 3,065.1 1,188.6 1,506.8 1,049.8 457.0 1,106.3 48.7 1,057.5 210.4 1,994.4 1,308.0 686.4 1,875.9 1,843.2 1,070.3 50.6 722.4 32.6 990.6 1,432.4 10,806.4 10,520.0 10,129.9 3,403.2 1,095.2 2,308.0 6,726.8 237.7 152.3 87.9 64.5 286.4 2.7 1,041.0 29.3 1,011.7 268.1 1,792.6 1,238.5 554.2 2,104.8 2,072.0 1,156.7 122.0 793.3 32.7 966.9 1,102.5 10,923.6 10,458.7 10,089.1 3,255.2 1,035.0 2,220.2 6,833.9 213.9 155.7 92.2 63.5 464.9 4.3 1,114.4 49.3 1,065.1 222.2 2,001.4 1,327.8 673.7 1,874.3 1,841.7 1,080.5 57.7 703.5 32.6 994.9 1,437.3 10,849.3 10,613.6 10,220.1 3,463.0 1,088.5 2,374.5 6,757.1 238.3 155.2 88.5 66.7 235.7 2.2 1,083.6 39.0 1,044.5 236.7 1,958.1 1,292.9 665.2 1,898.0 1,865.3 1,087.0 70.3 708.0 32.7 993.3 1,434.3 10,799.1 10,389.9 10,009.8 3,227.5 1,019.9 2,207.6 6,782.3 228.8 151.3 89.5 61.8 409.2 3.8 1,037.8 27.3 1,010.5 245.9 1,845.5 1,243.4 602.1 1,987.3 1,954.7 1,128.5 96.2 730.1 32.5 969.7 1,187.3 10,765.4 10,362.3 9,987.7 3,197.7 1,025.2 2,172.4 6,790.0 220.4 154.2 90.4 63.8 403.1 3.7 1,028.0 28.9 999.1 262.0 1,773.4 1,241.1 532.3 2,140.3 2,107.7 1,151.1 122.5 834.1 32.7 970.9 1,082.6 10,966.2 10,370.5 9,999.3 3,193.8 1,011.5 2,182.2 6,805.6 216.7 154.5 91.4 63.1 595.7 5.4 1,037.9 25.8 1,012.0 277.9 1,763.1 1,234.9 528.2 2,137.5 2,104.7 1,165.8 135.7 803.2 32.8 962.5 1,071.0 10,934.3 10,502.8 10,132.9 3,292.3 1,051.3 2,241.0 6,840.6 215.5 154.4 92.5 61.9 431.5 3.9 1,060.3 35.2 1,025.1 286.7 1,788.5 1,234.4 554.1 2,153.9 2,121.0 1,181.4 133.6 806.0 32.9 964.7 1,069.1 11,028.7 10,599.3 10,236.4 3,337.1 1,052.0 2,285.1 6,899.3 203.1 159.8 94.5 65.3 429.3 3.9 9,504.6 9,081.6 9,442.0 9,494.4 9,188.7 9,105.5 9,010.5 9,024.0 9,911.3 9,999.0 9,838.3 9,920.4 9,926.4 10,077.5 9,984.4 10,008.5 35,450 32,514 304,831 35,526 32,519 307,483 35,551 32,238 305,177 35,304 32,431 305,890 35,124 32,387 306,496 35,709 32,815 307,101 35,522 32,436 307,815 35,747 32,440 308,521 r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2009 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, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net)................................................................. Equals: Personal saving........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ August September 2010 October r November r December r January r February p –54.5 –80.9 –76.9 –74.0 –16.4 –11.7 –57.7 –13.5 –44.1 –2.8 –4.0 1.6 –5.6 36.7 19.9 17.5 16.3 1.9 0.5 14.5 5.1 9.4 1.2 2.4 1.2 1.2 16.8 –13.5 –13.6 –11.9 –7.2 –3.4 –4.8 0.0 –4.7 –1.7 0.1 1.0 –0.9 20.8 13.5 11.6 8.9 –4.1 0.0 12.9 –0.6 13.5 2.8 1.9 1.4 0.4 46.1 14.1 12.1 10.9 3.8 3.7 7.2 –0.7 7.8 1.2 1.9 1.1 0.9 52.5 3.3 2.2 –0.6 –3.5 –1.8 2.9 –0.7 3.6 2.7 1.2 1.3 –0.1 30.4 38.2 23.4 16.6 5.2 5.0 11.4 0.8 10.6 6.8 14.7 3.2 11.5 1.2 5.5 2.7 2.0 –3.5 –1.4 5.5 1.6 3.8 0.7 3.0 2.7 0.3 3.8 –2.4 6.2 4.6 0.8 –6.9 7.7 6.8 6.7 –0.7 –0.5 7.9 0.1 –10.4 1.2 –55.8 17.1 17.8 9.9 16.2 –6.4 7.8 0.1 –0.8 0.4 –1.2 –72.8 3.4 –2.4 5.8 4.6 0.8 –6.9 7.7 10.3 10.3 4.4 5.9 0.0 0.0 2.3 0.7 36.0 129.6 129.0 108.6 64.0 44.6 20.4 0.2 0.4 0.4 0.0 –93.6 1.8 –2.3 4.1 4.7 0.8 –6.9 7.7 21.6 21.5 13.5 0.7 7.3 0.0 –1.5 –3.6 20.3 –64.0 –64.6 –75.2 –90.3 15.2 10.7 0.1 0.4 0.4 0.0 84.3 10.3 5.8 4.5 2.4 12.3 3.2 9.1 –16.6 –16.6 –0.6 –8.2 –7.8 0.1 1.2 –1.5 22.4 53.7 55.8 26.5 22.1 4.3 29.2 –6.2 4.3 0.9 3.4 –31.3 11.7 5.9 5.8 1.7 12.3 3.2 9.1 8.1 8.0 5.8 –2.8 5.0 0.0 1.7 2.0 44.1 47.8 53.2 50.9 24.1 27.0 2.3 –6.3 0.7 0.8 0.0 –3.7 5.9 5.9 0.0 1.6 12.3 3.2 9.1 29.4 29.5 5.5 16.7 7.4 0.1 0.1 1.3 51.2 31.4 37.0 –5.2 4.3 –9.7 42.2 –6.2 0.7 0.7 0.0 19.8 –6.1 –7.1 1.0 1.9 –16.5 –1.0 –15.5 29.8 29.6 –1.5 –6.8 37.8 0.0 16.7 56.5 –26.0 40.4 38.5 23.0 –14.7 37.8 15.6 1.2 0.7 0.6 0.0 –66.4 –6.1 –7.1 1.0 2.2 –16.5 –1.1 –15.5 16.6 16.7 3.3 5.7 7.7 0.0 0.7 –0.5 1.6 36.4 34.7 11.6 –4.0 15.6 23.0 1.1 0.6 0.7 0.0 –34.9 –56.8 –51.8 –5.5 0.2 –13.1 8.9 10.0 –6.4 17.6 21.3 6.8 30.8 –14.2 –40.1 –13.8 1.8 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 r 2008 III Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net)................................................................. Equals: Personal saving........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ 2009 IV I II III IV r 344.7 179.7 137.0 84.8 –6.4 –11.5 91.2 3.6 87.6 52.2 42.8 30.9 11.9 –212.7 –255.8 –261.8 –302.9 –143.4 –83.9 –159.5 –61.8 –97.7 41.1 5.9 20.0 –14.2 –6.3 36.3 28.5 16.4 –4.4 –5.0 20.8 –2.9 23.7 12.1 7.9 5.0 2.9 –53.1 –18.8 –24.2 –30.6 –14.0 –8.1 –16.5 –8.4 –8.1 6.4 5.4 6.5 –1.1 –280.8 –244.5 –235.7 –252.6 –84.9 –51.2 –167.7 –37.1 –130.6 16.9 –8.8 4.6 –13.4 96.1 10.1 5.3 –7.2 –39.5 –19.0 32.2 –13.0 45.2 12.6 4.8 4.2 0.6 –43.6 –64.5 –63.9 –64.5 –25.7 –17.1 –38.8 –12.3 –26.5 0.4 –0.5 4.1 –4.6 92.5 21.7 17.1 13.5 –6.8 –0.2 20.3 0.4 19.9 3.8 4.5 3.7 0.8 9.9 9.3 0.6 65.5 –37.1 41.6 –78.7 157.9 155.4 66.6 18.3 70.7 2.4 31.3 –58.5 403.3 295.7 303.5 38.2 –65.3 103.5 265.4 –19.1 11.3 5.6 5.8 107.5 –65.3 –19.4 –45.8 57.7 –201.8 –69.5 –132.2 228.9 228.8 86.4 71.4 70.9 0.1 –23.7 –329.9 117.2 –61.3 –40.8 –148.0 –60.2 –87.8 107.1 –23.8 3.4 4.3 –1.0 178.5 2.5 –0.1 2.6 19.4 4.1 21.2 –17.0 –62.7 –62.7 16.0 19.0 –97.8 0.0 6.0 111.1 –117.4 21.4 25.4 –11.9 –38.0 26.1 37.3 –5.6 1.6 1.1 0.5 –138.7 –30.8 –10.3 –20.6 14.5 –43.3 –34.9 –8.5 23.7 23.6 6.5 12.6 4.5 0.1 –1.6 –3.0 –50.2 –223.7 –210.3 –235.5 –68.6 –166.9 25.2 –9.5 –3.9 1.0 –4.9 173.5 –45.8 –11.7 –34.0 9.2 –112.6 –49.5 –63.1 89.3 89.4 41.5 25.9 22.1 –0.2 –23.6 –247.0 –33.7 –27.6 –22.1 –29.8 5.3 –35.2 7.7 –8.4 2.9 0.9 2.0 –6.1 –9.8 1.6 –11.4 16.1 –72.1 –2.3 –69.8 153.0 153.0 22.6 26.3 104.0 0.2 1.2 –104.7 200.8 8.2 11.6 –3.9 –13.7 9.8 15.6 –3.7 0.3 1.0 –0.7 192.6 9.9 –3.1 12.9 15.9 –10.3 –6.2 –4.1 –2.8 –3.0 14.7 13.2 –30.9 0.1 –8.4 –11.6 –31.9 132.3 133.6 98.5 39.8 58.8 35.0 –1.2 –0.1 1.1 –1.2 –164.2 22.4 9.4 13.1 8.8 25.4 –0.5 25.9 16.4 16.3 15.6 –2.1 2.8 0.1 2.2 –1.9 94.4 96.5 103.5 44.8 0.7 44.1 58.7 –12.4 5.4 2.0 3.4 –2.2 –140.8 50.7 –423.0 87.7 –56.8 –220.7 52.4 82.1 –305.7 6.0 –83.2 151.1 –95.0 –93.1 13.5 24.1 r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2009 July August September 2010 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ –0.5 –1.0 –1.2 –0.3 0.3 0.3 0.3 0.2 0.1 –0.2 –0.2 0.0 0.2 0.2 0.2 0.1 0.4 0.2 0.2 0.1 0.4 0.0 0.0 0.1 0.3 0.5 0.4 1.0 0.0 0.1 0.0 0.2 0.4 1.7 0.0 –0.6 1.5 0.3 –1.1 0.1 –0.5 0.3 1.7 0.0 –0.6 1.5 0.5 0.2 0.1 0.3 0.2 1.7 0.0 –0.6 1.5 1.0 –0.2 –0.3 0.2 1.0 0.9 0.7 0.3 1.7 –0.8 0.1 –0.1 0.2 1.1 0.6 0.7 0.3 1.7 0.4 0.2 0.2 0.4 0.6 0.6 0.7 0.3 1.6 1.4 0.0 0.1 0.5 –0.6 0.6 –0.9 –0.1 –2.7 1.4 1.7 5.3 –0.2 –0.6 0.8 –0.9 –0.1 –2.8 0.8 0.1 0.0 0.0 0.2 0.3 1.6 –0.3 0.1 1.3 3.3 6.2 2.0 0.3 –0.6 –2.2 –8.2 0.7 0.2 0.6 0.8 2.2 0.2 0.4 0.5 1.5 2.3 1.2 0.0 0.4 –0.2 0.4 –0.4 0.6 0.4 0.7 –1.4 1.7 0.2 0.3 0.3 –0.4 0.7 0.3 0.1 0.3 –0.2 –0.4 –0.2 0.0 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ –0.6 –0.5 –0.1 0.0 –0.1 0.1 0.1 –0.1 0.2 0.2 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 r 2008 III 2009 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ 2.9 2.3 2.1 2.9 –1.7 –3.2 –4.0 0.4 –0.2 1.8 1.8 2.1 –1.7 –0.9 –1.5 1.4 –8.9 –11.6 –13.6 –2.3 3.3 0.5 0.3 1.3 –1.4 –3.3 –4.0 –0.1 3.1 1.1 1.1 1.2 0.9 45.2 –1.8 3.3 –10.3 9.2 3.3 –3.9 3.9 –5.9 27.4 –10.1 –5.3 –19.3 12.2 –2.4 –23.0 1.1 0.9 44.0 0.8 6.6 –9.5 –12.3 2.4 38.0 –4.2 –10.6 28.8 –8.4 –10.1 –5.0 5.1 –0.6 –0.8 –1.8 –15.9 16.4 –21.1 –14.5 –32.8 20.2 –9.2 –53.1 –1.2 –3.7 28.9 –14.7 –0.7 –38.9 34.6 0.5 –30.9 7.7 3.9 26.7 –2.3 –2.0 –3.0 –0.5 –3.4 –4.2 –1.2 8.9 13.2 5.9 –0.2 21.1 3.1 0.9 –0.7 3.5 3.1 1.1 –5.6 4.7 4.1 –0.4 –4.3 –5.5 –3.8 1.6 1.0 –1.4 –12.8 4.5 2.2 –8.0 –24.5 –22.9 –25.3 1.5 –0.9 –3.7 2.1 –6.2 0.5 0.5 –0.5 –5.2 1.8 0.9 5.5 12.9 16.7 11.2 2.1 4.1 5.6 0.3 8.1 3.5 –0.9 6.2 –1.0 –3.6 0.1 1.0 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ r Revised –1.5 0.5 –4.5 0.9 –0.6 –8.5 0.6 3.4 –3.2 0.2 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2009 July August September 2010 October r November r December r January r February p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,216.8 3,130.4 1,106.4 2,019.6 6,082.8 9,304.4 3,213.3 1,180.6 2,035.0 6,091.3 9,236.5 3,135.2 1,081.2 2,045.3 6,097.7 9,262.5 3,158.1 1,103.9 2,047.8 6,101.7 9,293.4 3,199.0 1,130.2 2,064.1 6,093.8 9,312.4 3,188.4 1,137.1 2,048.3 6,122.2 9,332.0 3,197.0 1,129.2 2,063.0 6,133.3 9,363.7 3,213.7 1,126.8 2,080.6 6,148.7 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 15.5 15.5 22.9 –4.9 0.9 87.6 82.9 74.2 15.4 8.5 –67.9 –78.1 –99.4 10.3 6.4 26.0 22.9 22.7 2.5 4.0 30.9 40.9 26.3 16.3 –7.9 19.0 –10.6 6.9 –15.8 28.4 19.6 8.6 –7.9 14.7 11.1 31.7 16.7 –2.4 17.6 15.4 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.2 0.5 2.1 –0.2 0.0 1.0 2.7 6.7 0.8 0.1 –0.7 –2.4 –8.4 0.5 0.1 0.3 0.7 2.1 0.1 0.1 0.3 1.3 2.4 0.8 –0.1 0.2 –0.3 0.6 –0.8 0.5 0.2 0.3 –0.7 0.7 0.2 0.3 0.5 –0.2 0.9 0.3 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 r 2008 III 2009 IV I IV r II III 9,189.0 3,105.4 1,071.7 2,025.7 6,078.8 9,252.6 3,159.6 1,122.7 2,033.3 6,090.6 9,289.5 3,181.9 1,123.7 2,053.4 6,105.9 63.6 54.2 51.0 7.6 11.8 36.9 22.3 1.0 20.1 15.3 2.8 7.2 20.4 1.5 0.8 1.6 2.8 0.4 4.0 1.0 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,290.9 3,206.0 1,146.3 2,057.3 6,083.1 9,235.1 3,144.2 1,101.4 2,037.0 6,087.8 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –23.0 –67.7 –53.6 –17.5 42.3 –55.8 –61.8 –44.9 –20.3 4.7 9,267.7 3,193.6 1,139.6 2,051.5 6,072.4 9,195.3 3,110.4 1,076.8 2,026.1 6,080.4 9,209.2 3,129.8 1,087.2 2,035.5 6,076.0 Change from preceding period in billions of chained (2005) dollars –83.3 –64.2 –36.1 –29.9 –20.1 –72.4 –83.2 –62.8 –25.4 8.0 13.9 19.4 10.4 9.4 –4.4 –20.2 –24.4 –15.5 –9.8 2.8 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... r Revised –0.2 –2.1 –4.5 –0.8 0.7 –0.6 –1.9 –3.9 –1.0 0.1 –3.5 –7.7 –11.7 –5.6 –1.3 –3.1 –10.0 –20.3 –4.9 0.5 0.6 2.5 3.9 1.9 –0.3 –0.9 –3.1 –5.6 –1.9 0.2 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2009 July August September 2010 October r November r December r January r February p Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 109.236 103.680 93.903 109.255 112.174 109.594 104.383 93.429 110.618 112.353 109.701 104.584 93.647 110.807 112.410 109.994 104.664 93.743 110.878 112.815 110.202 104.919 93.682 111.305 112.998 110.374 105.103 93.501 111.691 113.164 110.555 105.542 92.852 112.729 113.212 110.552 105.355 92.689 112.529 113.304 108.131 108.933 109.281 108.938 113.576 109.019 109.710 109.060 114.413 109.129 109.826 109.182 115.181 109.412 110.032 109.361 117.782 109.489 110.213 109.385 118.773 109.608 110.348 109.452 122.185 109.599 110.529 109.410 121.414 109.631 110.546 109.472 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 0.0 –0.2 –0.5 0.0 0.1 0.3 0.7 –0.5 1.2 0.2 0.1 0.2 0.2 0.2 0.1 0.3 0.1 0.1 0.1 0.4 0.2 0.2 –0.1 0.4 0.2 0.2 0.2 –0.2 0.3 0.1 0.2 0.4 –0.7 0.9 0.0 0.0 –0.2 –0.2 –0.2 0.1 –0.4 0.1 0.0 0.1 5.0 0.1 0.4 0.1 0.7 0.1 0.1 0.1 0.7 0.3 0.2 0.2 2.3 0.1 0.2 0.0 0.8 0.1 0.1 0.1 2.9 0.0 0.2 0.0 –0.6 0.0 0.0 0.1 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 July Disposable personal income.................................................................... Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... 0.9 –0.7 –2.2 –2.8 –1.9 0.0 August 1.8 0.3 –0.2 2.0 –1.3 0.5 September 2010 October 1.8 0.0 –0.8 –3.7 0.6 0.4 r 1.4 0.6 1.0 2.1 0.5 0.3 November r 0.6 0.8 2.2 4.4 1.1 0.2 December r 0.6 1.7 3.7 6.7 2.4 0.7 January r February p 0.0 1.3 2.2 3.2 1.7 0.9 1.0 1.6 2.3 3.2 1.9 1.2 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 July Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... August September 2010 October r November r December r January r February p –0.9 –4.5 –1.9 –5.6 0.9 –0.6 –3.6 –2.2 –4.3 1.0 –0.6 –3.6 –1.8 –4.4 0.9 0.1 –2.0 –1.5 –2.2 1.2 1.5 1.7 –1.1 3.0 1.3 2.1 3.7 –0.9 5.9 1.4 2.1 3.7 –1.5 6.2 1.4 1.8 2.8 –1.8 5.0 1.3 –29.0 1.3 –0.8 1.8 –23.8 1.3 –0.5 1.7 –22.6 1.2 –0.5 1.6 –15.2 1.4 0.1 1.7 5.6 1.5 1.6 1.7 18.2 1.6 2.2 1.6 19.5 1.5 2.1 1.4 14.9 1.3 1.8 1.2 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.