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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, MARCH 28, 2011 BEA 11-14 James Rankin: (202) 606-5301 Kyle Brown: (202) 606-5302 (Personal Income) (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: FEBRUARY 2011 Personal income increased $38.1 billion, or 0.3 percent, and disposable personal income (DPI) increased $36.0 billion, or 0.3 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $69.1 billion, or 0.7 percent. In January, personal income increased $147.4 billion, or 1.2 percent, DPI increased $92.0 billion, or 0.8 percent, and PCE increased $29.5 billion, or 0.3 percent, based on revised estimates. Real disposable income decreased 0.1 percent in February, in contrast to an increase of 0.5 percent in January. Real PCE increased 0.3 percent, in contrast to a decrease of less than 0.1 percent. 2010 2011 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. 0.5 0.3 0.5 1.2 0.3 0.5 0.3 0.3 0.2 0.5 0.2 0.8 0.5 0.3 -0.1 0.7 0.5 0.3 0.3 0.4 0.1 0.3 0.0 0.7 0.3 ________________________ NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Monthto-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- The January change in disposable personal income (DPI) was affected by two large special factors. Reduced employee contributions for government social insurance, which reflected provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, boosted DPI in January by reducing the employee social security contribution rates (employee contributions for government social insurance are a subtraction in the calculation of personal income). This effect was partly offset by the expiration of the Making Work Pay provisions of the American Recovery and Reinvestment Act of 2009, which boosted personal current taxes and reduced DPI (personal current taxes are a subtraction in the calculation of DPI). Excluding these two special factors, which are discussed more fully below, DPI increased $36.0 billion, or 0.3 percent, in February, following an increase of $25.2 billion, or 0.2 percent, in January. -more- -3- Wages and salaries Private wage and salary disbursements increased $16.4 billion in February, compared with an increase of $16.7 billion in January. Goods-producing industries' payrolls decreased $1.0 billion, in contrast to an increase of $12.0 billion; manufacturing payrolls decreased $1.6 billion, in contrast to an increase of $8.3 billion. Services-producing industries' payrolls increased $17.4 billion, compared with an increase of $4.7 billion. Government wage and salary disbursements increased $0.3 billion, compared with an increase of $2.5 billion. Other personal income Employer contributions for employee pension and insurance funds increased $2.7 billion in February, compared with an increase of $3.5 billion in January. Employer contributions for government social insurance increased $1.0 billion in February, compared with an increase of $8.9 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 $7.5 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.) Proprietors' income increased $2.9 billion in February, compared with an increase of $4.2 billion in January. Farm proprietors' income increased $0.5 billion, the same increase as in January. Nonfarm proprietors' income increased $2.5 billion in February, compared with an increase of $3.7 billion in January. Rental income of persons increased $8.3 billion in February, compared with an increase of $8.2 billion in January. Personal income receipts on assets (personal interest income plus personal dividend income) increased $7.7 billion, compared with an increase of $8.8 billion. Personal current transfer receipts increased $1.1 billion, in contrast to a decrease of $0.1 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $2.2 billion in February, in contrast to a decrease of $94.6 billion in January. The January change reflected decreases in personal contributions for government social insurance and increases in employer contributions. The January change in personal contributions for government social insurance reflected the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which temporarily decreased the social security contribution rate for employees and selfemployed workers by 2.0 percentage points for 2011, or $105.4 billion in January. As noted above, employer contributions were boosted $7.5 billion in January by increases in the unemployment insurance rate. -more- -4- Personal current taxes and disposable personal income Personal current taxes increased $2.2 billion in February, compared with an increase of $55.4 billion in January. The January change reflected the expiration of the Making Work Pay Credit provision of the American Recovery and Reinvestment Act of 2009, which had boosted federal withheld income taxes by $38.6 billion in January. The January change also reflected increased federal net nonwitheld income taxes (payments of estimated taxes plus final settlements less refunds), which had boosted January net withheld taxes by $11.3 billion. Disposable personal income (DPI) -personal income less personal current taxes -- increased $36.0 billion, or 0.3 percent, in February, compared with an increase of $92.0 billion, or 0.8 percent in January. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $69.8 billion in February, compared with an increase of $30.2 billion in January. PCE increased $69.1 billion, compared with an increase of $29.5 billion. Personal saving -- DPI less personal outlays -- was $676.7 billion in February, compared with $710.5 billion in January. Personal saving as a percentage of disposable personal income was 5.8 percent in February, compared with 6.1 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 price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.1 percent in February, in contrast to an increase of 0.5 percent in January. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in February, in contrast to a decrease of less than 0.1 percent in January. Purchases of durable goods increased 1.4 percent, compared with an increase of 0.2 percent. Purchases of motor vehicles and parts accounted for most of the increase in durable goods in February. Purchases of nondurable goods increased 0.4 percent in February, in contrast to a decrease of 0.1 percent in January. Purchases of services increased less than 0.1 percent, in contrast to a decrease of 0.1 percent. PCE price index -- The price index for PCE increased 0.4 percent in February, compared with an increase of 0.3 percent in January. The PCE price index, excluding food and energy, increased 0.2 percent, the same increase as in January. -more- -5- Revisions Estimates have been revised for October 2010 through January 2011. 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 56.6 60.0 0.4 0.5 133.2 147.4 1.0 1.2 Disposable personal income: Current dollars Chained (2005) dollars 48.5 15.3 52.6 21.0 0.4 0.1 0.5 0.2 78.3 40.0 92.0 48.7 0.7 0.4 0.8 0.5 Personal consumption expenditures: Current dollars 56.5 Chained (2005) dollars 25.0 40.7 12.7 0.5 0.3 0.4 0.1 23.7 -6.3 29.5 -4.2 0.2 -0.1 0.3 0.0 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 29, 2011 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 2010 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 2011 October r November r December r January r February p 12,558.8 8,016.7 6,428.2 5,236.3 1,061.7 679.3 4,174.6 1,014.1 3,160.5 1,191.9 1,588.5 12,615.3 8,040.9 6,448.0 5,264.0 1,068.8 682.3 4,195.2 1,017.6 3,177.6 1,184.0 1,592.9 12,612.3 8,050.9 6,455.0 5,275.0 1,070.5 684.4 4,204.6 1,020.3 3,184.3 1,179.9 1,595.9 12,680.3 8,092.4 6,491.2 5,307.1 1,072.1 685.1 4,234.9 1,028.3 3,206.7 1,184.1 1,601.2 12,715.8 8,092.8 6,489.1 5,305.0 1,071.5 683.9 4,233.6 1,027.0 3,206.6 1,184.1 1,603.7 12,775.8 8,115.8 6,508.3 5,323.1 1,073.9 686.8 4,249.2 1,034.3 3,214.9 1,185.3 1,607.4 12,923.2 8,147.4 6,527.7 5,339.8 1,085.9 695.1 4,253.9 1,034.2 3,219.8 1,187.8 1,619.7 12,961.3 8,167.8 6,544.3 5,356.2 1,084.9 693.5 4,271.3 1,039.0 3,232.3 1,188.1 1,623.5 1,107.8 480.8 1,110.2 482.7 1,112.8 483.1 1,115.6 485.6 1,118.1 485.6 1,120.8 486.6 1,124.3 495.5 1,127.0 496.5 1,050.5 44.4 1,006.1 301.2 1,902.8 1,190.1 712.7 2,295.2 2,257.8 1,219.5 123.2 915.1 37.4 1,007.6 1,170.7 11,388.2 10,696.2 10,322.1 3,384.0 1,081.2 2,302.7 6,938.1 201.8 172.3 101.2 71.1 692.0 6.1 1,061.3 48.5 1,012.8 303.6 1,888.0 1,174.7 713.3 2,332.5 2,295.2 1,221.5 150.5 923.3 37.3 1,011.0 1,178.9 11,436.4 10,743.2 10,373.2 3,421.8 1,081.8 2,340.0 6,951.4 197.1 172.9 101.8 71.1 693.2 6.1 1,066.7 52.6 1,014.1 306.7 1,878.5 1,159.3 719.2 2,321.5 2,284.5 1,229.5 133.3 921.6 37.0 1,012.0 1,185.1 11,427.3 10,769.6 10,403.6 3,453.0 1,100.5 2,352.5 6,950.6 192.5 173.5 102.4 71.1 657.7 5.8 1,073.5 54.0 1,019.5 307.3 1,893.4 1,175.1 718.3 2,330.5 2,291.2 1,229.8 128.7 932.7 39.3 1,016.9 1,199.9 11,480.4 10,844.3 10,477.5 3,512.8 1,136.5 2,376.3 6,964.7 190.6 176.3 102.7 73.6 636.1 5.5 1,079.5 55.5 1,024.0 308.3 1,913.1 1,190.9 722.2 2,339.0 2,300.4 1,228.9 131.1 940.4 38.6 1,016.9 1,204.0 11,511.8 10,876.6 10,511.4 3,520.9 1,129.7 2,391.2 6,990.5 188.6 176.6 103.0 73.6 635.2 5.5 1,087.4 57.0 1,030.4 309.5 1,938.6 1,206.7 731.9 2,343.6 2,305.2 1,239.2 123.4 942.6 38.4 1,019.1 1,211.4 11,564.4 10,915.7 10,552.1 3,543.1 1,138.3 2,404.8 7,009.0 186.7 176.9 103.3 73.6 648.7 5.6 1,091.6 57.5 1,034.1 317.7 1,947.4 1,205.7 741.8 2,343.5 2,304.9 1,240.7 122.9 941.3 38.6 924.5 1,266.8 11,656.4 10,945.9 10,581.6 3,571.2 1,141.8 2,429.4 7,010.4 187.1 177.2 103.6 73.6 710.5 6.1 1,094.5 58.0 1,036.6 326.0 1,955.1 1,204.7 750.4 2,344.6 2,307.3 1,245.5 113.3 948.5 37.3 926.7 1,269.0 11,692.4 11,015.7 10,650.7 3,624.4 1,160.5 2,463.9 7,026.3 187.6 177.4 103.9 73.6 676.7 5.8 9,249.9 9,252.5 9,253.9 9,288.2 9,306.0 9,332.0 9,433.4 9,428.9 10,263.4 10,290.6 10,275.9 10,302.8 10,323.8 10,344.8 10,393.5 10,384.2 36,714 33,088 310,185 36,839 33,149 310,439 36,780 33,074 310,691 36,923 33,136 310,927 36,998 33,180 311,149 37,143 33,226 311,345 37,418 33,364 311,521 37,511 33,314 311,706 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 2009 2010 r 2009 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.................................................... 2010 IV I II III IV r 12,174.9 7,806.7 6,274.1 5,100.5 1,064.0 661.5 4,036.6 990.5 3,046.1 1,173.6 1,532.6 12,546.7 7,991.1 6,405.0 5,217.9 1,056.5 673.1 4,161.5 1,010.1 3,151.3 1,187.1 1,586.1 12,164.0 7,798.7 6,263.9 5,088.3 1,046.7 649.8 4,041.6 986.9 3,054.7 1,175.6 1,534.8 12,239.0 7,831.4 6,284.9 5,110.0 1,046.1 658.3 4,064.0 988.2 3,075.7 1,174.9 1,546.5 12,350.3 7,858.1 6,291.4 5,105.9 1,032.2 652.6 4,073.7 988.0 3,085.8 1,185.5 1,566.7 12,517.1 7,969.9 6,388.8 5,195.7 1,054.3 672.4 4,141.4 1,005.4 3,136.0 1,193.1 1,581.1 12,595.5 8,036.2 6,443.7 5,258.5 1,067.0 682.0 4,191.4 1,017.3 3,174.1 1,185.3 1,592.4 12,724.0 8,100.3 6,496.2 5,311.7 1,072.5 685.3 4,239.2 1,029.8 3,209.4 1,184.5 1,604.1 1,072.0 460.6 1,106.8 479.2 1,074.0 460.8 1,084.0 462.5 1,095.8 470.9 1,103.1 478.0 1,110.3 482.2 1,118.2 485.9 1,011.9 30.5 981.5 274.0 1,919.7 1,222.3 697.4 2,132.8 2,096.8 1,164.5 128.6 803.7 36.0 970.3 1,140.0 11,034.9 10,379.6 10,001.3 3,230.7 1,026.5 2,204.2 6,770.6 216.8 161.4 95.0 66.5 655.3 5.9 1,055.0 44.9 1,010.1 300.9 1,907.6 1,194.9 712.7 2,296.4 2,259.0 1,213.9 136.6 908.6 37.4 1,004.4 1,166.8 11,379.9 10,720.7 10,349.1 3,425.7 1,089.4 2,336.3 6,923.4 198.9 172.7 100.8 71.9 659.2 5.8 1,006.4 28.0 978.4 279.1 1,891.1 1,213.3 677.8 2,159.3 2,123.4 1,172.6 145.0 805.9 35.8 970.6 1,117.0 11,047.0 10,423.6 10,040.7 3,276.1 1,045.2 2,231.0 6,764.6 220.9 161.9 95.6 66.3 623.4 5.6 1,022.1 36.2 985.9 282.8 1,889.2 1,205.8 683.4 2,188.2 2,152.5 1,188.8 143.4 820.2 35.8 974.8 1,117.2 11,121.7 10,505.7 10,131.5 3,312.9 1,043.9 2,269.0 6,818.6 207.8 166.4 97.0 69.5 616.0 5.5 1,030.7 36.8 994.0 292.7 1,911.1 1,208.7 702.4 2,245.5 2,208.9 1,191.3 146.1 871.5 36.6 987.8 1,134.7 11,215.6 10,603.9 10,230.8 3,380.0 1,060.7 2,319.3 6,850.9 203.8 169.2 98.5 70.7 611.8 5.5 1,049.7 38.9 1,010.8 298.8 1,914.4 1,205.3 709.2 2,286.1 2,249.1 1,208.1 136.8 904.2 37.0 1,001.9 1,149.1 11,368.0 10,663.7 10,285.4 3,377.5 1,074.1 2,303.4 6,907.9 206.0 172.3 100.1 72.2 704.3 6.2 1,059.5 48.5 1,011.0 303.8 1,889.7 1,174.7 715.0 2,316.4 2,279.2 1,223.5 135.7 920.0 37.2 1,010.2 1,178.2 11,417.3 10,736.3 10,366.3 3,419.6 1,087.8 2,331.8 6,946.7 197.1 172.9 101.8 71.1 681.0 6.0 1,080.2 55.5 1,024.7 308.4 1,915.0 1,190.9 724.2 2,337.7 2,298.9 1,232.6 127.7 938.6 38.8 1,017.6 1,205.1 11,518.9 10,878.9 10,513.6 3,525.6 1,134.8 2,390.8 6,988.1 188.6 176.6 103.0 73.6 640.0 5.6 9,191.1 9,224.8 9,128.7 9,109.7 9,111.7 9,226.6 9,252.1 9,308.7 10,099.8 10,241.4 10,079.7 10,080.4 10,113.3 10,251.9 10,276.6 10,323.8 35,888 32,847 307,483 36,697 33,025 310,106 35,888 32,746 307,815 36,049 32,673 308,521 36,282 32,717 309,120 36,704 33,100 309,724 36,778 33,103 310,438 37,021 33,181 311,140 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 2010 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 2011 October r November r December r January r February p 18.8 31.9 27.8 29.3 7.5 6.2 21.7 7.9 13.9 –1.5 4.1 56.5 24.2 19.8 27.7 7.1 3.0 20.6 3.5 17.1 –7.9 4.4 –3.0 10.0 7.0 11.0 1.7 2.1 9.4 2.7 6.7 –4.1 3.0 68.0 41.5 36.2 32.1 1.6 0.7 30.3 8.0 22.4 4.2 5.3 35.5 0.4 –2.1 –2.1 –0.6 –1.2 –1.3 –1.3 –0.1 0.0 2.5 60.0 23.0 19.2 18.1 2.4 2.9 15.6 7.3 8.3 1.2 3.7 147.4 31.6 19.4 16.7 12.0 8.3 4.7 –0.1 4.9 2.5 12.3 38.1 20.4 16.6 16.4 –1.0 –1.6 17.4 4.8 12.5 0.3 3.8 2.3 1.8 2.4 1.9 2.6 0.4 2.8 2.5 2.5 0.0 2.7 1.0 3.5 8.9 2.7 1.0 2.2 4.1 –1.9 1.6 –14.5 –15.5 0.9 1.4 1.3 10.9 –12.9 3.2 0.2 3.7 18.7 0.2 28.1 33.3 22.8 11.7 11.0 10.5 –4.7 –0.5 0.6 –1.1 –27.8 10.8 4.1 6.7 2.4 –14.8 –15.4 0.6 37.3 37.4 2.0 27.3 8.2 –0.1 3.4 8.2 48.2 47.0 51.1 37.8 0.6 37.3 13.3 –4.7 0.6 0.6 0.0 1.2 5.4 4.1 1.3 3.1 –9.5 –15.4 5.9 –11.0 –10.7 8.0 –17.2 –1.7 –0.3 1.0 6.2 –9.1 26.4 30.4 31.2 18.7 12.5 –0.8 –4.6 0.6 0.6 0.0 –35.5 6.8 1.4 5.4 0.6 14.9 15.8 –0.9 9.0 6.7 0.3 –4.6 11.1 2.3 4.9 14.8 53.1 74.7 73.9 59.8 36.0 23.8 14.1 –1.9 2.8 0.3 2.5 –21.6 6.0 1.5 4.5 1.0 19.7 15.8 3.9 8.5 9.2 –0.9 2.4 7.7 –0.7 0.0 4.1 31.4 32.3 33.9 8.1 –6.8 14.9 25.8 –2.0 0.3 0.3 0.0 –0.9 7.9 1.5 6.4 1.2 25.5 15.8 9.7 4.6 4.8 10.3 –7.7 2.2 –0.2 2.2 7.4 52.6 39.1 40.7 22.2 8.6 13.6 18.5 –1.9 0.3 0.3 0.0 13.5 4.2 0.5 3.7 8.2 8.8 –1.0 9.9 –0.1 –0.3 1.5 –0.5 –1.3 0.2 –94.6 55.4 92.0 30.2 29.5 28.1 3.5 24.6 1.4 0.4 0.3 0.3 0.0 61.8 2.9 0.5 2.5 8.3 7.7 –1.0 8.6 1.1 2.4 4.8 –9.6 7.2 –1.3 2.2 2.2 36.0 69.8 69.1 53.2 18.7 34.5 15.9 0.5 0.2 0.3 0.0 –33.8 –0.9 –18.2 2.6 27.2 1.4 –14.7 34.3 26.9 17.8 21.0 26.0 21.0 101.4 48.7 –4.5 –9.3 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 2009 2010 r 2009 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 ...... 2010 IV I II IV r III –216.2 –259.1 –284.9 –314.6 –143.6 –79.7 –170.8 –60.4 –110.5 29.6 25.8 371.8 184.4 130.9 117.4 –7.5 11.6 124.9 19.6 105.2 13.5 53.5 –39.4 –20.3 –23.8 –23.1 –16.3 –9.3 –6.9 –3.0 –3.8 –0.6 3.4 75.0 32.7 21.0 21.7 –0.6 8.5 22.4 1.3 21.0 –0.7 11.7 111.3 26.7 6.5 –4.1 –13.9 –5.7 9.7 –0.2 10.1 10.6 20.2 166.8 111.8 97.4 89.8 22.1 19.8 67.7 17.4 50.2 7.6 14.4 78.4 66.3 54.9 62.8 12.7 9.6 50.0 11.9 38.1 –7.8 11.3 128.5 64.1 52.5 53.2 5.5 3.3 47.8 12.5 35.3 –0.8 11.7 35.4 –9.5 34.8 18.6 4.1 –0.7 10.0 1.7 11.8 8.4 7.3 7.1 7.2 4.2 7.9 3.7 –90.1 –20.3 –69.7 52.0 –189.6 –92.4 –97.2 253.6 254.2 96.2 77.9 80.1 –0.7 –16.9 –298.2 82.0 –125.4 –103.2 –148.8 –57.0 –91.8 45.6 –29.4 7.1 5.3 1.9 207.4 43.1 14.4 28.6 26.9 –12.1 –27.4 15.3 163.6 162.2 49.4 8.0 104.9 1.4 34.1 26.8 345.0 341.1 347.8 195.0 62.9 132.1 152.8 –17.9 11.3 5.8 5.4 3.9 5.9 0.0 5.9 9.7 –34.8 –16.2 –18.6 –0.9 –0.7 14.4 17.3 –32.2 –0.3 –1.0 4.5 –43.9 126.2 120.6 100.7 40.5 60.3 19.9 2.5 3.0 1.3 1.7 –170.1 15.7 8.2 7.5 3.7 –1.9 –7.5 5.6 28.9 29.1 16.2 –1.6 14.3 0.0 4.2 0.2 74.7 82.1 90.8 36.8 –1.3 38.0 54.0 –13.1 4.5 1.4 3.2 –7.4 8.6 0.6 8.1 9.9 21.9 2.9 19.0 57.3 56.4 2.5 2.7 51.3 0.8 13.0 17.5 93.9 98.2 99.3 67.1 16.8 50.3 32.3 –4.0 2.8 1.5 1.2 –4.2 19.0 2.1 16.8 6.1 3.3 –3.4 6.8 40.6 40.2 16.8 –9.3 32.7 0.4 14.1 14.4 152.4 59.8 54.6 –2.5 13.4 –15.9 57.0 2.2 3.1 1.6 1.5 92.5 9.8 9.6 0.2 5.0 –24.7 –30.6 5.8 30.3 30.1 15.4 –1.1 15.8 0.2 8.3 29.1 49.3 72.6 80.9 42.1 13.7 28.4 38.8 –8.9 0.6 1.7 –1.1 –23.3 20.7 7.0 13.7 4.6 25.3 16.2 9.2 21.3 19.7 9.1 –8.0 18.6 1.6 7.4 26.9 101.6 142.6 147.3 106.0 47.0 59.0 41.4 –8.5 3.7 1.2 2.5 –41.0 –447.4 56.9 33.7 141.6 –101.5 –113.3 –19.0 0.7 2.0 32.9 114.9 138.6 25.5 24.7 56.6 47.2 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 2010 July August September 2011 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................................................................................... 0.2 0.4 0.4 0.3 0.4 0.3 0.3 0.3 0.0 0.1 0.1 0.2 0.5 0.5 0.6 0.3 0.3 0.0 0.0 0.2 0.5 0.3 0.3 0.2 1.2 0.4 0.3 0.8 0.3 0.3 0.3 0.2 0.2 0.5 –0.8 –1.3 0.1 0.1 0.4 1.6 0.0 1.0 0.8 –0.8 –1.3 0.1 1.6 0.3 0.7 0.4 0.5 1.0 –0.5 –1.3 0.8 –0.5 0.1 0.5 –0.1 0.6 0.2 0.8 1.4 –0.1 0.4 0.5 1.3 0.5 0.6 0.3 1.0 1.3 0.5 0.4 0.0 0.3 0.3 0.7 0.4 1.3 1.3 1.3 0.2 0.2 0.6 0.5 0.4 2.7 0.5 –0.1 1.3 0.0 –9.3 4.6 0.8 0.3 2.6 0.4 –0.1 1.2 0.0 0.2 0.2 0.3 0.3 0.7 1.1 0.5 0.2 0.5 1.1 0.1 1.6 0.2 0.3 0.9 1.7 0.5 0.0 0.7 1.7 3.3 1.0 0.2 0.3 0.2 –0.6 0.6 0.4 0.4 0.6 0.8 0.6 0.3 0.3 0.8 0.3 1.0 0.0 0.7 1.5 1.6 1.4 0.2 0.3 0.2 1.1 0.5 0.0 –0.1 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts .......... Real disposable personal income ............................................... 0.0 –0.2 0.0 0.3 0.0 –0.1 0.4 0.3 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 2009 2010 r 2009 III 2010 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.................................................................................. –1.7 –3.2 –4.3 1.7 3.1 2.4 2.1 3.5 –1.3 –1.0 –1.5 0.9 2.5 1.7 1.3 3.1 3.7 1.4 0.4 5.3 5.5 5.8 6.3 3.7 2.5 3.4 3.5 2.9 4.1 3.2 3.3 3.0 –8.2 23.4 –9.0 –7.0 –12.2 13.5 –1.7 –20.7 0.7 4.3 9.8 –0.6 –2.2 2.2 7.7 3.5 2.3 3.1 2.4 15.3 –7.0 –5.2 –10.2 –0.2 –0.4 1.6 –1.6 6.4 5.4 –0.4 –2.5 3.3 5.5 1.7 0.1 2.7 3.4 14.7 4.7 1.0 11.6 10.9 5.4 6.4 3.4 7.6 8.7 0.7 –1.1 3.9 7.4 5.9 5.2 5.5 3.8 6.9 –5.1 –9.8 3.4 5.4 3.3 10.5 1.7 8.0 6.1 5.5 5.6 5.2 3.7 3.0 9.4 3.6 –1.0 –4.4 –5.3 –4.0 0.7 3.5 6.0 6.1 6.0 2.3 5.0 13.3 17.1 11.6 1.2 3.7 4.6 –0.5 7.0 3.2 4.0 8.3 6.6 9.2 1.9 2.1 –0.3 5.1 –2.7 3.4 3.2 5.1 5.2 5.0 2.3 5.8 13.0 18.4 10.5 2.4 1.3 5.6 0.3 1.0 0.6 1.9 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. r Revised –4.6 0.6 0.4 1.4 –1.1 –4.4 –0.2 0.0 0.0 1.3 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2010 July August September 2011 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 ..................................................................................... 9,302.6 3,231.9 1,172.0 2,060.4 6,071.0 9,333.9 3,254.3 1,172.2 2,081.2 6,080.9 9,355.4 3,279.4 1,193.6 2,087.1 6,078.7 9,402.8 3,323.5 1,235.4 2,094.2 6,084.1 9,426.6 3,330.0 1,231.2 2,103.6 6,101.3 9,439.3 3,331.7 1,244.9 2,094.3 6,112.1 9,435.1 3,332.4 1,247.9 2,092.5 6,107.4 9,459.0 3,356.5 1,265.6 2,100.9 6,108.2 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 13.3 9.6 15.8 –4.0 4.1 31.3 22.4 0.2 20.8 9.9 21.5 25.1 21.4 5.9 –2.2 47.4 44.1 41.8 7.1 5.4 23.8 6.5 –4.2 9.4 17.2 12.7 1.7 13.7 –9.3 10.8 –4.2 0.7 3.0 –1.8 –4.7 23.9 24.1 17.7 8.4 0.8 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.1 0.3 1.4 –0.2 0.1 0.3 0.7 0.0 1.0 0.2 0.2 0.8 1.8 0.3 0.0 0.5 1.3 3.5 0.3 0.1 0.3 0.2 –0.3 0.5 0.3 0.1 0.1 1.1 –0.4 0.2 0.0 0.0 0.2 –0.1 –0.1 0.3 0.7 1.4 0.4 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 2009 2010 r 2009 III 2010 IV I IV r II III 9,275.7 3,222.6 1,157.8 2,063.4 6,053.4 9,330.6 3,255.2 1,179.3 2,076.2 6,076.9 9,422.9 3,328.4 1,237.2 2,097.4 6,099.2 54.9 32.6 21.5 12.8 23.5 92.3 73.2 57.9 21.2 22.3 2.4 4.1 7.6 2.5 1.6 4.0 9.3 21.1 4.1 1.5 Billions of chained (2005) dollars Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... 9,153.9 3,117.4 1,094.6 2,017.4 6,032.7 9,313.6 3,250.4 1,178.3 2,072.6 6,064.7 Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... –111.1 –62.9 –41.8 –23.8 –49.6 159.7 133.0 83.7 55.2 32.0 9,161.6 3,138.2 1,118.3 2,016.9 6,020.7 9,182.9 3,151.8 1,115.1 2,032.3 6,028.7 9,225.4 3,195.4 1,138.9 2,053.5 6,029.6 Change from preceding period in billions of chained (2005) dollars 44.6 54.2 50.1 8.6 –7.0 21.3 13.6 –3.2 15.4 8.0 42.5 43.6 23.8 21.2 0.9 50.3 27.2 18.9 9.9 23.8 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... r Revised –1.2 –2.0 –3.7 –1.2 –0.8 1.7 4.3 7.7 2.7 0.5 2.0 7.2 20.1 1.7 –0.5 0.9 1.7 –1.1 3.1 0.5 1.9 5.7 8.8 4.2 0.1 2.2 3.4 6.8 1.9 1.6 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2010 July August September 2011 r October November r December r r January February p Chain-type price indexes (2005=100), seasonally Personal consumption expenditures (PCE)............................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... Addenda: PCE excluding food and energy.................................................. Food 1 ......................................................................................... Energy goods and services 2 ...................................................... Market-based PCE 3 ................................................................... Market-based PCE excluding food and energy 3 ........................ 110.962 104.713 92.243 111.771 114.282 111.137 105.155 92.273 112.446 114.316 111.207 105.305 92.188 112.728 114.343 111.432 105.702 91.977 113.477 114.474 111.510 105.740 91.739 113.676 114.574 111.792 106.354 91.426 114.835 114.674 112.153 107.173 91.480 116.106 114.785 112.601 107.988 91.684 117.284 115.031 110.299 113.836 117.102 110.923 110.141 110.328 113.919 119.873 111.182 110.243 110.327 114.212 120.838 111.276 110.259 110.379 114.317 124.159 111.460 110.236 110.456 114.370 124.281 111.532 110.304 110.474 114.459 129.352 111.851 110.325 110.654 115.212 132.266 112.192 110.452 110.826 116.106 136.888 112.693 110.642 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)............................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... Addenda: PCE excluding food and energy.................................................. Food 1 ......................................................................................... Energy goods and services 2 ...................................................... Market-based PCE 3 ................................................................... Market-based PCE excluding food and energy 3 ........................ 0.2 0.4 –0.3 0.7 0.1 0.2 0.4 0.0 0.6 0.0 0.1 0.1 –0.1 0.3 0.0 0.2 0.4 –0.2 0.7 0.1 0.1 0.0 –0.3 0.2 0.1 0.3 0.6 –0.3 1.0 0.1 0.3 0.8 0.1 1.1 0.1 0.4 0.8 0.2 1.0 0.2 0.0 0.1 2.6 0.2 0.1 0.0 0.1 2.4 0.2 0.1 0.0 0.3 0.8 0.1 0.0 0.0 0.1 2.7 0.2 0.0 0.1 0.0 0.1 0.1 0.1 0.0 0.1 4.1 0.3 0.0 0.2 0.7 2.3 0.3 0.1 0.2 0.8 3.5 0.4 0.2 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (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 2010 July Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... August 1.7 1.9 3.9 6.5 2.7 0.9 September 2.1 1.3 1.9 –0.4 3.1 1.0 2.1 2.3 5.4 10.7 3.0 0.9 2011 October r 2.6 2.5 6.0 12.2 3.2 0.9 November r 2.5 2.7 5.4 10.0 3.3 1.4 December r 2.2 2.6 5.5 10.6 3.1 1.2 January r February p 2.9 2.7 5.5 11.8 2.6 1.3 2.7 2.5 5.1 11.9 2.1 1.2 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2010 July Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... August September 2011 October r November r December r January r February p 1.5 0.8 –1.4 1.8 1.9 1.4 0.6 –1.0 1.4 1.7 1.3 0.5 –1.4 1.4 1.7 1.2 0.8 –1.8 2.0 1.4 1.0 0.6 –2.0 1.8 1.3 1.1 1.0 –2.2 2.5 1.2 1.2 1.2 –1.9 2.7 1.2 1.6 2.1 –1.4 3.9 1.3 1.3 0.7 5.6 1.3 1.1 1.2 0.7 4.0 1.2 1.1 1.1 1.3 4.2 1.2 1.0 0.9 1.3 6.3 1.2 0.8 0.8 1.3 4.0 1.1 0.8 0.7 1.2 7.4 1.2 0.7 0.8 1.7 6.7 1.3 0.8 0.9 2.4 11.0 1.7 0.9 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
@FedFRASER