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SS B E A N E W S R ELEA SE B U R E A U O F E C O N O M IC A N A LY SIS U .S. D E P A R T M E N T O F C O M M E R C E E M B A R G O E D U N T I L R E L E A S E A T 8 :3 0 A M . E S T , W E D N E S D A Y , M A R C H 1, 2 0 0 6 J a m e s E . R a n k in : (2 0 2 ) 6 0 6 -5 3 0 1 (P e rso n a l In c o m e ) M ic h a e l A rm a h : (2 0 2 ) 6 0 6 -5 3 0 2 (P e r s o n a l O u tla y s ) B E A 0 6 -0 6 P E R S O N A L IN C O M E A N D O U T L A Y S : JA N U A R Y 2006 P e r s o n a l in c o m e in c r e a s e d $ 7 5 .2 b illio n , o r 0 .7 p e r c e n t, a n d d is p o s a b le p e r s o n a l in c o m e (D P I ) in c r e a s e d $ 5 0 .2 b illio n , o r 0 .5 p e r c e n t, in J a n u a r y , a c c o r d in g t o th e B u r e a u o f E c o n o m ic A n a ly s is . P e r s o n a l c o n s u m p tio n e x p e n d itu r e s (P C E ) in c r e a s e d $ 7 6 .7 b illio n , o r 0 .9 p e r c e n t. In D e c e m b e r , p e r s o n a l in c o m e in c r e a s e d $ 5 4 .8 b illio n , o r 0 .5 p e r c e n t, D P I in c r e a s e d $ 4 7 .6 b illio n , o r 0 .5 p e r c e n t, a n d P C E in c r e a s e d $ 6 4 .2 b illio n , o r 0 .7 p e r c e n t, b a s e d o n r e v is e d e s tim a t e s . _________________ 2005 ______________ Sept. Oct. Nov. Dec. (Percent change from preceding month) 2006 Jan. 3.1 0.6 0.3 0.5 0.7 Current dollars 3.4 0.5 0.5 Chained (2000) dollars 2.5 0.4 0.3 0.7 0.5 0.5 0.1 0.4 0.2 0.5 0.7 0.9 -0.5 0.1 0.9 0.7 0.4 Personal income, current dollars Disposable personal income: Personal consum ption expenditures: Current dollars Chained (2000) dollars T h is n e w s r e le a s e p r e s e n t s r e v is e d e s t im a t e s o f w a g e s a n d s a la r ie s , p e r s o n a l t a x e s , a n d c o n t r ib u t io n s f o r g o v e r n m e n t s o c i a l in s u r a n c e f o r J u ly t h r o u g h S e p t e m b e r 2 0 0 5 (th ir d q u a r te r ). T h e s e e s t i m a t e s r e f l e c t n e w l y a v a i la b l e th ir d - q u a r t e r w a g e a n d s a la r y t a b u la t io n s f r o m t h e q u a r t e r ly c e n s u s o f e m p lo y m e n t a n d w a g e s fr o m th e B u r e a u o f L a b o r S ta tis tic s . NOTE.—Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-tomonth dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2000) dollars. T h is n e w s r e le a s e is a v a ila b le o n B E A 's W e b s it e a t w w w .b e a .g o v /b e a /r e ls .h t m . -m o re- - 2 - T h e J a n u a r y c h a n g e in p e r s o n a l in c o m e w a s b o o s t e d b y s e v e r a l s p e c ia l fa c to r s . N e w M e d ic a r e P r e s c r ip tio n D r u g P la n ( M e d ic a r e P la n D ) p a y m e n ts a n d c o s t - o f - liv in g a d ju s tm e n ts to se v e r a l fe d e r a l tr a n sfe r p a y m e n t p r o g r a m s b o o s t e d c u r r e n t p e r s o n a l tr a n sfe r r e c e ip ts ; p a y r a is e s fo r fe d e r a l c iv ilia n a n d m ilita r y p e r s o n n e l b o o s t e d g o v e r n m e n t w a g e a n d s a la r y d is b u r s e m e n ts . T h e January c h a n g e w a s r e d u c e d b y a n n u a l a d ju s tm e n ts to p e r s o n a l c o n tr ib u tio n s fo r g o v e r n m e n t s o c ia l in s u r a n c e a n d b y lu m p -s u m s o c ia l s e c u r ity b e n e f it p a y m e n ts th a t h a d b o o s t e d D e c e m b e r p e r s o n a l in c o m e . E x c lu d in g th e s e s p e c ia l fa c to r s , p e r s o n a l in c o m e in c r e a s e d $ 3 7 .6 b illio n , o r 0 .4 p e r c e n t, in J a n u a r y , a fte r in c r e a s in g $ 4 8 .3 b illio n , o r 0 .5 p e r c e n t, in D e c e m b e r . T h e s e s p e c ia l fa c to r s are d is c u s s e d m o r e fu lly b e lo w . D isp o sab le P ersonal In co m e and P ersonal O utlays Jan u ary 2001 th ro u gh J a n u a ry 2006 (B illio n s o f d o lla rs ; s e a s o n a lly a d ju s te d at a n n u a l ra te s) -m o re- - 3 - C o m p e n s a tio n o f e m p lo y e e s P r iv a te w a g e a n d s a la r y d is b u r s e m e n ts in c r e a s e d $ 3 4 .2 b i ll io n in J a n u a r y , c o m p a r e d w it h a n in c r e a s e o f $ 2 4 .2 b illio n in D e c e m b e r . G o o d s - p r o d u c in g in d u s tr ie s ' p a y r o lls in c r e a s e d $ 5 .2 b illio n , c o m p a r e d w it h a n in c r e a s e o f $ 3 .7 b illio n ; m a n u fa c tu r in g p a y r o lls in c r e a s e d $ 1 .3 b illio n , c o m p a r e d w it h a n in c r e a s e o f $ 0 .9 b illio n . S e r v ic e s - p r o d u c in g in d u s tr ie s ' p a y r o lls in c r e a s e d $ 2 9 .0 b illio n , c o m p a r e d w it h a n in c r e a s e o f $ 2 0 .5 b illio n . G o v e r n m e n t w a g e a n d s a la r y d is b u r s e m e n t s in c r e a s e d $ 6 .6 b i ll io n in J a n u a r y , c o m p a r e d w it h a n i n c r e a s e o f $ 1 .5 b i l l i o n i n D e c e m b e r . P a y r a is e s fo r c iv ilia n a n d m ilita r y p e r s o n n e l a d d e d $ 5 .4 b illio n to g o v e r n m e n t p a y r o lls in J a n u a r y . E m p lo y e r c o n tr ib u tio n s fo r e m p lo y e e p e n s io n a n d in s u r a n c e f u n d s in c r e a s e d $ 9 .6 b illio n in J a n u a r y , c o m p a r e d w ith a n in c r e a s e o f $ 3 .4 b illio n in D e c e m b e r . E m p lo y e r c o n tr ib u tio n s fo r g o v e r n m e n t s o c ia l in s u r a n c e in c r e a s e d $ 7 .0 b illio n in J a n u a ry , c o m p a r e d w it h a n in c r e a s e o f $ 1 .4 b illio n in D e c e m b e r . T h e J a n u a r y in c r e a s e r e f le c t e d a n in c r e a s e in th e ta x r a te p a id b y e m p lo y e r s to s ta te u n e m p lo y m e n t in s u r a n c e fu n d s a n d a n in c r e a s e in th e s o c ia l s e c u r it y t a x a b le w a g e b a s e ( fr o m $ 9 0 ,0 0 0 t o $ 9 4 ,2 0 0 ) ; t o g e t h e r , t h e s e c h a n g e s a d d e d $ 4 .2 b illio n in J a n u a ry . ( C h a n g e s in e m p lo y e r c o n tr ib u tio n s fo r g o v e r n m e n t s o c ia l in s u r a n c e d o n o t a f fe c t p e r s o n a l in c o m e , b e c a u s e e m p lo y e r c o n tr ib u tio n s fo r g o v e r n m e n t s o c ia l in s u r a n c e a re a ls o in c lu d e d in to ta l c o n tr ib u tio n s fo r g o v e r n m e n t s o c ia l in s u r a n c e , w h ic h is a s u b tr a c tio n in th e c a lc u la t io n o f p e r s o n a l in c o m e .) O t h e r p e r s o n a l in c o m e P r o p r ie to r s ' i n c o m e in c r e a s e d $ 2 .7 b i l l i o n in J a n u a r y , c o m p a r e d w i t h a n in c r e a s e o f $ 5 .1 b i l l i o n in D e c e m b e r . b illio n . F a r m p r o p r ie to r s ' in c o m e d e c r e a s e d $ 3 .2 b i ll io n , in c o n t r a s t t o a n in c r e a s e o f $ 2 .0 N o n f a r m p r o p r ie t o r s ' i n c o m e i n c r e a s e d $ 5 .9 b i l l i o n , c o m p a r e d w i t h a n i n c r e a s e o f $ 3 .1 b illio n . R e n ta l in c o m e o f p e r s o n s d e c r e a s e d $ 2 .7 b illio n in J a n u a r y , c o m p a r e d w ith a d e c r e a s e o f $ 3 .0 b illio n in D e c e m b e r . P e r s o n a l in c o m e r e c e ip ts o n a s s e ts (p e r s o n a l in te r e s t in c o m e p lu s p e r s o n a l d iv id e n d in c o m e ) in c r e a s e d $ 7 .6 b illio n , c o m p a r e d w it h a n in c r e a s e o f $ 1 6 .7 b illio n . -m o r e - - 4 - P e r s o n a l c u r r e n t tr a n sfe r r e c e ip ts in c r e a s e d $ 2 7 .9 b illio n in J a n u a r y , c o m p a r e d w ith a n in c r e a s e o f $ 8 .7 b illio n in D e c e m b e r . T h e J a n u a r y c h a n g e in c u r r e n t tr a n sfe r r e c e ip ts r e fle c t e d p a y m e n ts fo r th e n e w M e d ic a r e P r e s c r ip tio n D r u g P la n (M e d ic a r e P a r t D ) a n d 4 .1 -p e r c e n t c o s t - o f - liv in g a d ju stm e n ts t o s o c ia l s e c u r ity b e n e f it s a n d to s e v e r a l o th e r fe d e r a l tr a n sfe r p a y m e n t p r o g r a m s; to g e th e r , t h e s e c h a n g e s a d d e d $ 4 9 .7 b illio n to th e J a n u a r y in c r e a s e . T h e J a n u a r y c h a n g e in c u r r e n t tr a n sfe r r e c e ip t s w a s r e d u c e d b y lu m p - s u m s o c ia l s e c u r it y b e n e f it s p a y m e n ts , w h ic h h a d a d d e d $ 6 .5 b illio n to D e c e m b e r b e n e f it p a y m e n ts ; t h e s e b e n e f it p a y m e n ts r e s u lt e d fr o m a r e c a lc u la tio n o f th e e a r n in g s b a s e u n d e r ly in g th e b e n e f it s fo r r e c e n t r e tir e e s . C o n tr ib u tio n s fo r g o v e r n m e n t s o c ia l in s u r a n c e — a s u b tr a c tio n in c a lc u la tin g p e r s o n a l in c o m e — in c r e a s e d $ 1 7 .6 b illio n in J a n u a r y , c o m p a r e d w ith a n in c r e a s e o f $ 3 .0 b illio n in D e c e m b e r . The J a n u a r y in c r e a s e r e fle c t e d in c r e a s e s in b o th e m p lo y e r a n d p e r s o n a l c o n tr ib u tio n s fo r g o v e r n m e n t s o c ia l in s u r a n c e . A s n o t e d a b o v e , e m p lo y e r c o n tr ib u tio n s w e r e b o o s t e d $ 4 .2 b illio n in J a n u a r y b y in c r e a s e s in u n e m p lo y m e n t -in s u r a n c e r a te s a n d in th e s o c ia l s e c u r it y ta x a b le w a g e b a s e . The J a n u a r y in c r e a s e in p e r s o n a l c o n tr ib u tio n s fo r g o v e r n m e n t s o c ia l in s u r a n c e r e fle c t e d a n in c r e a s e in t h e m o n t h ly p r e m iu m p a id b y p a r t ic ip a n t s in t h e s u p p le m e n t a r y m e d ic a l in s u r a n c e p r o g r a m (M e d ic a r e B ) a n d th e in c r e a s e in th e s o c ia l s e c u r ity ta x a b le w a g e b a s e ; to g e th e r , th e s e c h a n g e s a d d e d $ 6 .8 b illio n to J a n u a r y p e r s o n a l c o n tr ib u tio n s . P e r s o n a l c u r r e n t ta x e s a n d d is p o s a b le p e r s o n a l in c o m e P e r s o n a l c u r r e n t t a x e s in c r e a s e d $ 2 5 .0 b illio n in J a n u a r y , c o m p a r e d w it h a n in c r e a s e o f $ 7 .2 b illio n in D e c e m b e r . I n d e x a tio n p r o v is io n s o f c u r r e n t ta x la w r e d u c e d fe d e r a l w ith h e ld in c o m e t a x e s b y $ 4 .1 b illio n in J a n u a r y . F e d e r a l n e t n o n w ith h e ld in c o m e t a x e s (p a y m e n ts o f e s tim a te d ta x e s p lu s fin a l s e t t le m e n t s l e s s r e fu n d s ) b o o s t e d th e J a n u a r y in c r e a s e b y $ 5 .6 b illio n , b a s e d o n fe d e r a l b u d g e t p r o je c tio n s fo r 2 0 0 6 . D is p o s a b le p e r s o n a l in c o m e ( D P I ) — p e r s o n a l in c o m e le s s p e r s o n a l c u r r e n t t a x e s — in c r e a s e d $ 5 0 .2 b illio n , o r 0 .5 p e r c e n t, in J a n u a r y , c o m p a r e d w it h a n in c r e a s e o f $ 4 7 .6 b illio n , o r 0 .5 p e r c e n t, in D e c e m b e r . -m o re- -5 - P e r s o n a l o u tla y s a n d p e r s o n a l s a v in g P e r s o n a l o u t la y s — P C E , p e r s o n a l in te r e s t p a y m e n ts , a n d p e r s o n a l c u r r e n t tr a n s fe r p a y m e n ts in c r e a s e d $ 7 7 .9 b illio n in J a n u a r y , c o m p a r e d w ith a n in c r e a s e o f $ 6 5 .6 b illio n in D e c e m b e r . PCE in c r e a s e d $ 7 6 .7 b illio n , c o m p a r e d w it h a n in c r e a s e o f $ 6 4 .2 b illio n . P e r s o n a l s a v in g - - D P I le s s p e r s o n a l o u tla y s — w a s a n e g a t iv e $ 6 3 .3 b illio n in J a n u a ry , c o m p a r e d w it h a n e g a t iv e $ 3 5 .7 b illio n in D e c e m b e r . P e r s o n a l s a v in g a s a p e r c e n ta g e o f d is p o s a b le p e r s o n a l in c o m e w a s a n e g a t iv e 0 .7 p e r c e n t in J a n u a r y , c o m p a r e d w it h a n e g a t iv e 0 .4 p e r c e n t in D e c e m b e r . N e g a t iv e p e r s o n a l s a v in g r e f le c t s p e r s o n a l o u tla y s th a t e x c e e d d is p o s a b le p e r s o n a l in c o m e . S a v in g fr o m c u r r e n t in c o m e m a y b e n e a r z e r o o r n e g a t iv e w h e n o u tla y s a re f in a n c e d b y b o r r o w in g ( in c lu d in g b o r r o w in g f in a n c e d t h r o u g h c r e d it c a r d s o r h o m e e q u it y lo a n s ) , b y s e ll in g in v e s tm e n ts o r o th e r a s s e ts , o r b y u s in g s a v in g s fr o m p r e v io u s p e r io d s . F o r m o r e in fo r m a tio n , s e e t h e F A Q s o n “ P e r s o n a l S a v i n g ” o n B E A ’s W e b s it e . R eal D P I and real PC E R e a l D P I — D P I a d ju s te d t o r e m o v e p r ic e c h a n g e s - - in c r e a s e d 0 .1 p e r c e n t in J a n u a r y , c o m p a r e d w it h a n in c r e a s e o f 0 .5 p e r c e n t in D e c e m b e r . In J a n u a r y , th e s m a lle r in c r e a s e in r e a l D P I t h a n in c u r r e n t-d o lla r D P I r e f le c t e d a n in c r e a s e in t h e P C E i m p lic it p r ic e d e f la t o r , w h ic h is u s e d t o d e fla te D P I . T h e P C E p r i c e d e f l a t o r i n c r e a s e d 0 . 5 p e r c e n t i n J a n u a r y ; f o l l o w i n g n o c h a n g e 1i n D e c e m b e r ; m o s t o f th e J a n u a r y in c r e a s e w a s a c c o u n te d fo r b y in c r e a s e s in f o o d a n d e n e r g y p r ic e s . R e a l P C E — P C E a d ju ste d to r e m o v e p r ic e c h a n g e s — in c r e a s e d 0 .4 p e r c e n t in J a n u a ry , c o m p a r e d w ith a n in c r e a s e o f 0 .7 p e r c e n t in D e c e m b e r . p e r c e n t , c o m p a r e d w it h a n in c r e a s e o f 4 .1 p e r c e n t. P u r c h a s e s o f d u r a b l e g o o d s i n c r e a s e d 1 .3 P u r c h a s e s o f m o to r v e h ic le s a n d p a r ts d e c e le r a te d s h a r p ly in J a n u a r y . P u r c h a s e s o f n o n d u r a b l e g o o d s i n c r e a s e d 1 .3 p e r c e n t , c o m p a r e d w it h a n in c r e a s e o f 0 .4 p e r c e n t. P u r c h a s e s o f s e r v ic e s d e c r e a s e d 0 .3 p e r c e n t, in c o n tr a s t to a n in c r e a s e o f 0 .3 p e r c e n t. 2 0 0 5 P e r s o n a l I n c o m e a n d O u tla y s P e r s o n a l in c o m e in c r e a s e d 5 .5 p e r c e n t in 2 0 0 5 (th a t is , fr o m th e 2 0 0 4 a n n u a l le v e l to th e 2 0 0 5 a n n u a l le v e l) , c o m p a r e d w it h a n in c r e a s e o f 5 .9 p e r c e n t in 2 0 0 4 . c o m p a r e d w i t h a n i n c r e a s e o f 6 .1 p e r c e n t . D P I in c r e a s e d 4 .3 p e r c e n t, P C E in c r e a s e d 6 .5 p e r c e n t, th e s a m e in c r e a s e a s in 2 0 0 4 . R e a l D P I i n c r e a s e d 1 .5 p e r c e n t i n 2 0 0 5 , c o m p a r e d w i t h a n i n c r e a s e o f 3 . 4 p e r c e n t i n 2 0 0 4 . R e a l P C E in c r e a s e d 3 .6 p e r c e n t, c o m p a r e d w it h a n in c r e a s e o f 3 .9 p e r c e n t. -m o r e - - 6 - R e v is io n s E s tim a te s h a v e b e e n r e v is e d fo r J u ly th r o u g h D e c e m b e r . C h a n g e s in p e r s o n a l in c o m e , c u r r e n t- d o lla r a n d c h a in e d ( 2 0 0 0 ) d o lla r D P I , a n d c u r r e n t-d o lla r a n d c h a in e d ( 2 0 0 0 ) d o lla r P C E fo r N o v e m b e r a n d D e c e m b e r — r e v is e d a n d a s p u b lis h e d in la s t m o n th 's r e le a s e — a re s h o w n b e lo w . F o r J u ly th r o u g h D e c e m b e r , th e r e v is io n s to w a g e s a n d s a la r ie s r e fle c t e d th e in c o r p o r a tio n o f t h e m o s t r e c e n t ly a v a ila b le B L S t a b u la t io n s o f th ir d -q u a r te r p r iv a t e w a g e s a n d s a la r ie s f r o m t h e q u a r te r ly c e n s u s o f e m p lo y m e n t a n d w a g e s . W a g e s a n d s a la r ie s w e r e r e v is e d u p fo r a ll s ix m o n th s . R e v is io n s to p e r s o n a l c u r r e n t t a x e s a n d t o c o n tr ib u tio n s fo r g o v e r n m e n t s o c ia l in s u r a n c e r e f le c t e d t h e r e v is io n s t o w a g e s a n d s a la r ie s . C h a n g e fr o m p r e c e d in g m o n th N ovem ber Previous Revised D ecem b er Previous Revised Previous Revised (Percent) (Billions of (Percent) (Billions of dollars) Previous Revised Personal Income: Current dollars..................... 44.6 32.0 0.4 0.3 41.1 54.8 0.4 0.5 Current dollars..................... 39.0 28.4 0.4 0.3 35.5 47.6 0.4 0.5 Chained (2000) dollars........ 64.7 58.5 0.8 0.7 33.2 42.8 0.4 0.5 Current dollars..................... 48.6 45.7 0.5 0.5 80.2 64.2 0.9 0.7 Chained (2000) dollars........ 72.2 72.8 0.9 0.9 • 72.9 57.4 0.9 0.7 Disposable personal income: Personal consumption expenditures: This release also includes revised estimates o f population, per capita disposable personal income (DPI), and per capita real DPI. The revised population estimates reflect newly available estimates from the Census Bureau for April 2000 through January 2006. The revised per capita estimates reflect the revisions to the population estimates. Estimates for the complete revision period are available on BEA’s Web site at www.bea.gov/bea/dn/nipaweb/SelectTable.asp?Selected=Y#S2. -m o r e - - 7 - B E A ’ s n a t i o n a l , i n t e r n a t i o n a l , r e g i o n a l , a n d i n d u s t r y e s t i m a t e s ; t h e S u r v e y o f C u r r e n t B u s in e s s - , a n d B E A n e w s r e l e a s e s a r e a v a i la b l e w i t h o u t c h a r g e o n B E A ’s W e b s i t e a t w w w . b e a . g o v . B y v is it in g th e s it e , y o u c a n a ls o s u b s c r ib e to r e c e iv e f r e e e - m a il s u m m a r ie s o f B E A r e le a s e s a n d a n n o u n c em e n ts. * * * N e x t r e le a s e — P e r s o n a l I n c o m e a n d O u tla y s fo r F e b r u a r y w ill b e r e le a s e d o n M a r c h 3 1 , 2 0 0 6 , a t 8 : 3 0 A .M . E S T . -m o re- T a b le 1.— P e rs o n a l In c o m e an d Its D is p o s itio n (M o n th s ) [Billions of dollars] Seasonally adjusted at annual rates 2005 June P e rs o n a l In c o m e ..................................................................................................... 2006 July»- A u g .1- S e p.r O ct.'' N o v .' Dec.*' Jan , p 1 0,6 1 0 ,1 1 0 ,2 3 1 .5 1 0 ,2 8 3 .9 1 0 ,0 7 8 .3 10 ,3 89 .1 10,448 .1 1 0,4 8 0 .1 1 0 ,5 3 4 .9 ............................................................... 7 ,0 8 6 .1 7 ,1 5 0 .4 7 ,1 7 0 .1 7 ,2 1 2 .4 7,2 5 0.1 7 ,2 5 8 .0 7 ,2 8 8 .4 7 ,3 4 5 .7 ..................................................................... 5 ,6 9 5 .7 5 ,7 4 4 .2 5 ,7 5 5 .1 5 ,7 8 7 .7 Private industries .................................................................................... Goods-producing in d u s trie s ................................................................ Manufacturing ................................................................................. Services-producing industries ............................................................ Trade, transportation, and u tilitie s .................................................. Other services-producing industries ............................................... G o ve rn m e nt............................................................................................ 5 ,8 1 7 .5 5 ,8 2 2 .2 5 ,8 4 7 .8 4,727.4 1 , 1 1 1 .8 717.5 3,615.6 955.9 2,659.7 968.4 4,772.6 1,123.8 721.8 3,648.9 963.6 2,685.2 971.6 4,780.5 1,131.6 725.9 3,648.9 961.1 2,687.8 974.6 4,808.8 1,134.5 726.3 3,674.3 963.7 2,710.6 978.9 5 ,8 8 8 .6 4,837.3 1,145.6 735.6 3,691.7 967.7 2,724.0 980.2 4,839.3 1,144.4 730.6 3,694.9 971.0 2,723.9 982.8 4,863.5 1,148.1 731.5 3,715.4 975.4 2,740.0 984.3 4,897.7 1,153.3 732.8 3,744.4 978.3 2,766.1 990.9 ............................................................... 1 ,3 9 0 .4 Employer contributions for employee pension and insurance fu n d s ...... Employer contributions for government social in s u ra n c e ....................... 1 ,4 0 6 .2 1 ,4 1 5 .0 1 ,4 2 4 .7 1 ,4 3 2 .6 1 ,4 3 5 .8 965.6 424.8 1 ,4 4 0 .6 978.5 427.7 987.0 428.0 1 ,4 5 7.1 994.8 429.8 1,000.5 432.1 1,003.6 432.1 1,007.0 433.5 T,016.6 440.5 9 4 5 .7 9 4 7 .3 8 9 1 .4 9 5 8 .4 9 6 1 .4 9 6 8 .3 9 7 3 .4 15.8 929.9 17.4 874.1 17.7 940.7 9 76.1 19.0 928.2 19.1 942.3 2 1 .0 23.0 950.4 19.8 956.3 C o m p e n s a tio n o f e m p lo y e e s , r e c e iv e d W a g e a n d s a la ry d is b u r s e m e n ts S u p p le m e n ts to w a g e s a n d s a la rie s P r o p r ie to r s ’ in c o m e w ith in v e n to ry v a lu a t io n a n d c a p ita l c o n s u m p tio n a d j u s t m e n t s ............................................................................................................ Farm ........................................................................................................ N o n fa rm ...................................................................................................... 947.3 R e n ta l in c o m e o f p e r s o n s w ith c a p it a l c o n s u m p tio n a d j u s t m e n t .............. 9 9 .7 9 6 .5 -2 1 3 .4 8 3 .6 8 0 .2 8 4 .5 8 1 .5 7 8 .8 P e r s o n a l in c o m e re c e ip ts o n a s s e t s ................................................................... 1 ,4 5 2 .8 1 ,4 6 0 .9 1 ,4 6 8 .8 1 ,4 7 6 .9 Personal interest income ............................................................................ Personal dividend in c o m e ........................................................................... 1 ,4 9 3 .6 1 ,5 1 0 .3 1 ,5 2 7 .0 944.9 507.9 948.1 512.8 951.2 517.6 1 ,5 3 4 .6 954.4 522.5 965.9 527.7 977.5 532.9 989.0 538.0 992.3 542.3 P e r s o n a l c u r re n t tr a n s fe r r e c e i p t s ........................................................................ 1 ,5 1 4 .8 1 ,5 0 2 .4 1 ,6 3 5 .9 1 ,5 3 6 .0 1 ,5 4 5 .0 Government social benefits to p e rs o n s ...................................................... Old-age, survivors, disability, and health insurance b e n e fits .................. Government unemployment insurance benefits ..................................... Other ...................................................................................................... Other current transfer receipts, from business (net) .................................. 1 ,5 4 1 .5 1 ,5 5 0 .2 1,5 78.1 1,485.5 845.6 28.1 611.8 29.3 1,473.1 847.3 27.9 597.9 29.3 1,478.1 851.2 27.6 599.3 157.8 1,498.5 851.9 30.0 616.5 37.5 1,504.6 854.8 30.7 619.1 40.4 1,512.1 855.3 29.6 627.1 29.5 1,520.7 865.5 28.8 626.4 29.5 1,548.8 908.3 27.2 613.2 29.3 L e s s : C o n tr ib u tio n s f o r g o v e r n m e n t s o c ia l in s u ra n c e L e s s : P e rs o n a l c u r re n t t a x e s .................................. 8 6 7 .6 8 7 3 .5 8 7 4 .5 8 78.1 8 8 2 .2 8 8 2 .6 8 8 5 .6 9 0 3 .2 ...................................................................................... 1 ,2 1 6.1 1 ,2 1 7 .2 1 ,2 1 9 .2 1 ,2 2 4 .8 1 ,2 3 6 .4 1 ,2 4 0.1 1 ,2 4 7 .3 1 ,2 7 2 .3 9 ,3 3 7 .8 E q u a ls : D is p o s a b le p e r s o n a l in c o m e ...................................................................... 9 ,0 1 5 .4 9 ,0 6 6 .7 8 ,8 5 9 .2 9 ,1 6 4 .3 9 ,2 1 1 .6 9 ,2 4 0 .0 9 ,2 8 7 .6 ................................................................................................. 9 ,0 6 5 .4 9 ,1 8 6 .8 9 ,1 4 9 .1 9 ,1 8 5 .9 9 ,2 1 0 .5 9 ,2 5 7 .7 9 ,3 2 3 .3 9 ,4 0 1 .2 Personal consumption e x p e n d itu re s ............................................................... Durable g o o d s ............................................................................................ Nondurable g o o d s ...................................................................................... Services ...................................................................................................... Personal interest pa ym ents 1 .......................................................................... Personal current transfer p a y m e n ts ................................................................ T o government ........................................................................................... To the rest of the world (net) ..................................................................... 8,737.3 1,051.2 2,546.8 5,139.2 208.8 119.3 74.4 44.9 8,858.0 1,130.0 2,566.9 5,161.2 209.5 119.4 75.0 44.4 8,819.1 1,031.7 2,603.6 5,183.8 8,876.0 965.5 2,658.9 5,251.6 119.8 75.4 44.4 8,854.8 990.9 2,644.1 5,219.8 210.7 120.4 76.0 44.4 122.9 76.7 46.2 8,921.7 1,000.9 2,633.0 5,287.9 212.4 123.6 77.4 46.2 8,985.9 1,040.3 2,637.5 5,308.2 213.2 124.2 78.0 46.2 9,062.6 1,054.2 2,697.0 5,311.4 213.7 124.8 78.6 46.2 E q u a ls : P e rs o n a l s a v in g ............................................................................................... -5 0 .0 -1 2 0 .2 -2 8 9 .9 -2 1 .7 1.1 -1 7 .7 -3 5 .7 -6 3 .3 P e r s o n a l s a v in g a s a p e r c e n ta g e o f d is p o s a b le p e r s o n a l i n c o m e ........... -.6 - 1 .3 -3 .3 -.2 -.2 -.4 -.7 8,133.0 8,155.2 7,935.0 8,131.4 8,160.3 8,218.8 8,261.6 8,266.4 30,404 27,428 296,522 30,551 27,480 296,769 29,826 26,715 297,027 30,827 27,352 297,285 30,960 27,427 297,534 31,032 27,602 297,756 31,171 27,728 297,954 31,320 27,726 298,147 L e s s : P e rs o n a l o u tla y s 2 1 0 .1 2 1 1 .6 0 A ddenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ................................................... Per capita: Current dollars ....................................................................................... Chained (2000) dollars ........................................................................... Population (midperiod, thousands ) 3 ............................................................... p Pr e l i m i n a r y r R e v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s f or t h e t hird qu art er of 2005. 1. C o n s i s t s o f n o n m o r t g a g e i n t e r e st p a i d b y h o u se h o l d s. 2 . E q u a l s d i sp o sa b l e p e r so n a l i n c o m e d e f l a t e d b y t h e i m p l i ci t p r i c e d e f l a t o r f o r p e r so n a l c o n su m p t i o n e x p e n d i t u r e s. 3. Po p u la t i o n t io nalized i s t h e t ot al p o p u l a t i o n o f t h e U n i t e d St a t e s, i n c l u d i n g t h e A r m e d pop ul at ion. F o r c e s o v e r s e a s a n d t h e i n st i t u T h e m o n t h l y e st i m a t e i s t h e a v e r a g e o f e st i m a t e s f o r t h e f i r st o f t h e m o n t h a n d t h e f i r st o f t h e f o l l o w i n g m o n t h ; t h e a n n u a l a n d q u a r t e r l y e st i m a t e s a r e a v e r a g e s o f t h e m o n t h l y e st i m a t e s. T a b le 2 .— P erso n al In c o m e an d Its D is p o s itio n (Y e a rs an d Q u arters) [Billions of dollars] Seasonally adjusted at annual rates 2004 2005r 2004 IV III P e rs o n a l in c o m e 2005 II IV ' III' ............................................ 9 ,7 1 3 .3 1 0 ,2 4 9 .3 9 ,7 2 9 .2 1 0 ,0 2 4 .8 1 0 ,0 7 3 .4 1 0 ,1 8 5 .7 1 0 ,2 5 0 .4 1 0 ,4 8 7 .7 C o m p e n s a tio n o f e m p lo y e e s , re c e iv e d 6 ,6 8 7 .6 7 ,1 2 6 .2 6 ,7 2 4 .2 6 .8 9 5 .8 7 .0 0 1 .7 7 .0 6 0 .2 7 ,1 7 7 .6 7 ,2 6 5 .5 W a g e a n d s a la ry d is b u r s e m e n ts 5 .3 8 9 .4 5 .7 2 3 .4 5 ,4 2 2 .0 5 .5 6 2 .9 5 ,6 2 9 .9 5 .6 7 2 .3 4.450.0 1,049.9 687.7 3.400.1 899.7 2.500.4 939.5 4,751.8 1, 120.6 722.0 3,631.2 955.8 2.675.4 971.6 5 .7 6 2 .3 4.479.2 1.062.3 696.1 3,416.8 906.3 2,510.5 942.8 4.612.9 1,083.0 707.8 3.529.9 931.1 2.598.8 950.0 4.668.1 1.099.2 715.3 3.568.8 937.8 2,631.0 961.8 5 .8 2 9 .2 4,705.0 1,107.2 715.5 3,597.9 951.1 2.646.8 967.3 4.787.3 1,130.0 724.7 3.657.4 962.8 2.694.5 975.0 4.846.7 1,146.1 732.6 3.700.7 971.4 2.729.3 982.4 1 ,2 9 8.1 1 ,4 0 2 .8 1 ,3 0 2 .3 1 .3 3 2 .9 1 .3 7 1 .8 1 .3 8 7 .9 895.5 402.7 976.2 426.6 897.9 404.4 919.6 413.4 1 ,4 1 5 .3 950.0 421.9 1 .4 3 6 .3 964.4 423.5 986.8 428.5 1.003.7 432.6 8 8 9 .6 9 3 8 .7 889 .1 9 0 0 .9 9 1 7 .9 9 3 6 .6 35.8 853.8 20. 8 917.8 29.7 859.4 24.6 876.3 24.7 893.2 9 3 2 .4 9 6 7 .7 19.6 917.1 18.0 914.3 946.6 .............. Private industries ................................... Goods-producing in d u s trie s ............... M anu fa cturing ................................ Services-producing industries ............ Trade, transportation, and utilities .. Other services-producing industries G o ve rn m e nt........................................... S u p p le m e n ts to w a g e s a n d s a la rie s ........................................................... Employer contributions for employee pension and insurance funds .... Employer contributions for government social in s u ra n c e .................... P r o p r ie to r s ’ in c o m e w ith in v e n to r y v a lu a tio n a n d c a p ita l c o n s u m p tio n a d j u s t m e n t s .......................................................................................................... Farm ....................................................................................................... N o n fa rm ................................................................................................... R e n ta l in c o m e o f p e r s o n s w ith c a p ita l c o n s u m p tio n a d ju s tm e n t P e rs o n a l in c o m e re c e ip ts o n a s s e ts Personal interest income ............... Personal dividend in c o m e .............. P e rs o n a l c u r re n t t r a n s fe r r e c e i p t s ................................................. Government social benefits to p e rs o n s ................................... Old-age, survivors, disability, and health insurance benefits G overnm ent unemployment insurance benefits .................. O ther .................................................................................. Other current transfer receipts, from business (net) ............... L e s s : C o n tr ib u tio n s f o r g o v e r n m e n t s o c ia l in s u ra n c e 21.0 1 3 4 .2 7 3 .3 122.1 1 2 8 .7 1 1 8 .0 1 0 4 .4 11.1 82.1 1 ,3 9 6 .5 1 ,4 5 6 .7 1 ,3 7 8 .2 1 ,4 9 3 .6 1 ,4 0 7 .9 1 ,4 3 9 .8 905.9 490.6 945.0 511.7 904.7 473.5 907.4 586.2 1 .4 6 8 .9 1 .5 1 0 .3 915.4 492.5 936.0 503.8 951.2 517.6 977.5 532.9 1 ,4 2 7 .5 1 ,5 2 5 .5 1 ,4 4 1 .5 1 .4 4 9 .2 1 ,4 8 8 .8 1 .5 0 9 .6 1,394.5 789.3 36.0 569.2 33.0 1 .5 5 8.1 1,483.9 844.7 28.9 610.3 41.6 1,397.1 793.7 33.3 570.1 44.4 1 ,5 4 5 .6 1.419.5 805.5 32.4 581.5 29.8 1.459.7 828.0 29.4 602.2 29.1 1.480.4 842.2 28.0 610.2 29.2 1.483.2 850.1 28.5 604.6 74.8 1.512.5 858.6 29.7 624.2 33.1 - 8 2 2 .2 8 7 1 .2 8 2 5 .9 8 4 3 .5 8 6 1 .0 8 6 4 .9 8 7 5 .4 8 8 3 .5 L e s s : P e rs o n a l c u r r e n t ta x e s 1 ,0 4 9 .1 1 ,2 0 9 .8 1 ,0 5 8 .4 1 .0 9 4 .3 1 ,1 7 1 .4 1 ,2 0 6 .0 1 ,2 2 0 .4 1 .2 4 1 .3 E q u a ls : D is p o s a b le p e r s o n a l In c o m e 8 ,6 6 4 .2 9 ,0 3 9 .5 8 ,6 7 0 .9 8 .9 3 0 .4 8 ,9 0 2 .0 8 .9 7 9 .7 9 .0 3 0 .0 9 .2 4 6 .4 L e s s : P e r s o n a l o u tla y s 8 ,5 1 2 .5 9 ,0 7 3 .4 8 ,5 6 6 .3 8 .7 2 5 .0 8 .8 5 4 .6 9 ,0 0 1 .2 9 .1 7 3 .9 9 .2 6 3 .8 8.214.3 987.8 2.368.3 4,858.2 186.7 111.5 68. 6 42.9 8,746.2 1.026.5 2.564.6 5,155.1 206.5 120.7 74.8 46.0 8,263.2 993.8 2,378.4 4,891.0 190.3 8.535.8 1,017.3 2.476.6 5.041.8 198.1 8.927.9 72.5 48.3 8,677.0 1.035.5 2.533.7 5.107.8 205.3 118.8 73.9 44.9 8.844.0 1.050.9 2.604.9 5.188.3 69.4 43.4 8.416.1 1.008.6 2.437.1 4.970.4 196.2 112.7 71.0 41.7 119.9 75.4 44.4 2,643.1 5.282.6 212.4 123.6 77.3 46.2 1 5 1 .8 -3 3 .9 1 0 4 .6 2 0 5 .4 4 7 .4 -2 1 .5 -1 4 3 .9 -1 7 .4 1.2 2 .3 .5 -. 2 Personal consumption expenditures Durable g o o d s ........................... Nondurable g o o d s ..................... S e rv ic e s ..................................... Personal interest pa ym ents 1 ......... Personal current transfer payments To g o v e rn m e n t.......................... To the rest of the world ( n e t ) .... E q u a ls : P e rs o n a l s a v in g P e rs o n a l s a v in g a s a p e r c e n ta g e o f d is p o s a b le p e r s o n a l i n c o m e ........... 1 .8 112.8 120.8 210.1 - 1, 002.2 1.6 -.2 A ddenda: Disposable personal income: Total, billions of chained (2000) dollars Per capita: C urrent dollars ................................ Chained (2000) dollars ................... Population (midperiod, thousands ) 3 ........ 8,004.3 8 , 1 2 1 .8 7,993.3 8,169.2 8,098.1 8 , 102.6 8,074.2 8,213.6 29,477 27,232 293,933 30,469 27,376 296,677 29,463 27,160 294,301 30,269 27,689 295,037 30,111 27,391 295,643 30,307 27,347 296,289 30,401 27,183 297,027 31,054 27,586 297,748 r R e v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s f o r t h e t hird q u a r t e r o f 20 0 5 . 1. C o n s i s t s o f n o n m o r t g a g e i n t e r e st p a i d b y h o u se h o l d s. 2 . E q u a l s d i sp o sa b l e p e r so n a l i n c o m e d e f l a t e d b y t h e i m p l i ci t p r i c e d e f l a t o r f o r p e r so n a l c o n su m p t i o n e x p e n d i t u r e s. 3. Po p u l a t i o n t ionalized i s t h e t ot al p o p u l a t i o n o f t h e U n i t e d St a t e s, i n c l u d i n g t h e A r m e d pop ulat ion. T h e m o n t h l y e st i m a t e i s t h e a v e r a g e F o r c e s o v e r s e a s a n d t h e i n st i t u o f e st i m a t e s f o r t h e f i r st o f t h e m o n t h a n d t h e f i r st o f t h e f o l l o w i n g m o n t h ; t h e a n n u a l a n d q u a r t e r l y e st i m a t e s a r e a v e r a g e s o f t h e m o n t h l y e st i m a t e s. T a b le 3.— P e rs o n a l In c o m e an d Its D is p o s itio n , C h a n g e fro m P rec ed in g P erio d (M o n th s) [Billions of dollars] Seasonally adjusted at annual rates 2005 June P e rs o n a l in c o m e July ^ A u g .r 2006 S ep .r O c t.' N o v .' D e c .' Jan .p ....................................................... 50.9 52.4 -2 0 5 .6 310.8 59.0 32.0 54.8 75.2 ........ 27.3 64.3 19.7 42.3 37.7 7.9 30.4 57.3 .............. 24.6 48.5 10.9 32.6 23.8 5.0 2.4 18.8 5.0 13.8 .9 29.8 45.2 4.7 28.3 2.9 .4 25.4 28.5 25.6 2.0 40.8 4.3 33.3 7.7 25.5 3.2 7.9 7.8 4.1 -2 .5 -.1 2.6 24.2 3.7 .9 20.5 4.4 16.1 1.5 34.2 5.2 1.3 29.0 2.9 26.1 2.7 1.4 C o m p e n s a tio n o f e m p lo y e e s , re c e iv e d W a g e a n d s a la r y d is b u r s e m e n ts Private industries .................................... Goods-producing in d u s trie s ................ M an ufac tu rin g ................................. Services-producing industries ............. Trade, transportation, and utilities ... Other services-producing industries G o v e rn m e nt............................................. S u p p le m e n ts to w a g e s a n d s a la rie s ............................................................. 1.2 Employer contributions for employee pension and insurance funds Employer contributions for government social in s u ra n c e ...................... P r o p r ie to r s ’ in c o m e w ith in v e n to r y v a lu a tio n a n d c a p ita l c o n s u m p tio n a d j u s t m e n t s .................................................................................... ....................... 12.0 11.1 -1 .2 -5 .0 3.2 3.3 2.6 2.6 22.8 3.0 4.3 9.3 17.4 4.0 13.4 1.3 15.8 8.8 9.7 7.9 12.9 2.9 8.5 .3 7.8 3.2 5.7 2.3 4.8 3.1 16.5 3.4 1.4 9.6 7.0 0 1.8 0 6.6 12.2 1.6 -5 5 .9 67.0 -3 .9 16.1 3.0 3.2 -1 .7 -1 .6 -54.1 6.9 .3 1.4 5.1 66.6 1.9 5.0 2.0 3.1 -3 .2 5.9 R e n ta l in c o m e o f p e r s o n s w ith c a p it a l c o n s u m p tio n a d ju s tm e n t -4 .4 -3 .2 -3 0 9 .9 297.0 -3 .4 4.3 -3 .0 -2 .7 P e rs o n a l In c o m e r e c e ip ts o n a s s e t s ..................................................... 13.1 8.1 7.9 8.1 16.7 8.9 4.1 3.2 4.9 3.1 4.8 16.7 3.2 4.9 11.5 5.2 11.6 16.7 7.6 5.2 11.5 5.1 3.3 4.3 5.7 -1 2 .4 133.5 -9 9 .9 9.0 5.7 3.4 .4 1.9 -1 2 .4 1.7 20.4 .7 2.4 17.2 -12 0.3 6.1 -3 .5 5.0 3.9 - .3 1.4 128.5 8.7 27.9 7.5 .5 -1.1 8.6 10.2 -.8 2.9 28.1 42.8 -1 .6 -13.2 -10 .9 1.0 3.6 4.1 .4 Farm .....................................................................................................“ N o n fa rm .............................................................................. Personal interest income ................................................................ Personal dividend in c o m e .............................................................. 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, frombusiness (net) ........................ Less: Contributions for government social insurance .............;.... Less: Personal current taxes.................................................................. Equals: Disposable personal income .................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures....................................................... Durable goods...................................................................................... Nondurable goods............................................................................... Services.............................................................................................." Personal interest payments1 .............................................................. Personal current transfer payments........................................................ To government..................................................................................... Tothe rest of the world (net)............................................................. Equals: Personal saving ............................................................................ Addendum: Real disposable personal income, billions of chained (2000) dollars*1 2. .1 2.9 ZZZZ. 1. C o n s i s t s o f n o n m o r t g a g e i n t e r e st p a i d b y h o u se h o l d s. 2 . Eq u a l s d i sp o sa b l e p e r so n a l i n c o m e d e f l a t e d b y t h e i m p l i ci t p r i c e d e f l a t o r f o r p e r so n a l c o n su m p t i o n e x p e n d i t u r e s. 0 5.9 2.6 8.0 - .7 0 -.2 3.0 17.6 25.0 10.1 1.1 2.0 5.6 11.6 3.7 7.2 51.3 -2 0 7 .5 305.1 47.3 28.4 47.6 50.2 94.0 121.4 -3 7 .7 36.8 24.6 47.2 65.6 77.9 90.1 42.3 21.7 26.0 3.5 .5 .4 120.7 78.8 -3 8 .9 -9 8 .3 36.7 35.7 -4 0 .8 40.5 36.0 21.2 45.7 35.4 -2 5 .9 36.3 64.2 39.4 4.5 20.3 76.7 13.9 59.5 3.2 .5 0 r Re v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s f or t h e t hird q u art e r o f 2 00 5. -1 3 .9 2.9 .7 40.8 -5 3 .2 p Pr e l i m i n a r y -.2 1.6 2.7 35.9 20.1 22.0 .7 22.6 .6 .1 .6 .4 .4 - .5 -7 0 .2 22.2 0 .6 .6 .6 0 -25 .4 14.8 31.8 .9 2.5 .7 1.8 .8 .7 .7 0 .8 .6 .6 0 .6 .6 0 -1 6 9 .7 268.2 22.8 -1 8 .8 -1 8 .0 -2 7 .6 -22 0 .2 196.4 28.9 58.5 42.8 4.8 T a b le 4.— P e rs o n a l In c o m e an d Its D is p o s itio n , C h a n g e fro m P re c e d in g P erio d (Y e ars an d Q u arters) [Billions of dollars] Seasonally adjusted at annual rates 2004 2 0 0 5- 2004 IV III P e rs o n a l In c o m e ............................................................................................... 2005 I II III- IV - 5 4 4 .2 5 3 6 .0 1 1 4 .9 2 9 5 .6 4 8 .6 1 1 2 .3 6 4 .7 .............................................................. 3 6 6 .5 4 3 8 .6 1 2 0 .6 1 7 1 .6 1 0 5 .9 5 8 .5 1 1 7 .4 8 7 .9 ..................................................................... 2 7 8 .3 Private Industries ................................................................................... Goods-producing in d u s trie s ................................................................ M anu fa cturing ................................................................................ Services-producing industries ............................................................ Trade, transportation, and u tilitie s ................................................. Other services-producing industries .............................................. G o ve rn m e n t........................................................................................ 3 3 4 .0 1 0 3 .9 1 4 0 .9 6 7 .0 4 2 .4 9 0 .0 6 6 .9 242.2 42.7 19.0 199.5 41.1 158.4 36.2 301.8 70.7 34.3 231.1 56.1 175.0 32.1 98.9 26.7 18.5 72.0 16.8 55.2 5.1 133.7 20.7 11.7 113.1 24.8 88.3 7.2 55.2 16.2 7.5 38.9 6.7 32.2 36.9 82.3 8 .0 .2 2 2 .8 1 1 .8 29.1 13.3 15.8 5.5 59.4 16.1 7.9 43.3 S u p p le m e n ts to w a g e s a n d s a la rie s .............................................................. 88.1 Employer contributions for employee pension and insurance fu n d s ...... Employer contributions for governm ent social in s u ra n c e ....................... 1 0 4 .7 1 6 .8 3 0 .6 3 8 .9 65.5 22.7 80.7 23.9 10.4 6.4 21.7 9.0 30.4 8.5 C o m p e n s a tio n o f e m p lo y e e s , re c e iv e d W a g e a n d s a la ry d is b u r s e m e n ts 2 3 7 .3 9.2 59.5 11.7 47.7 7.7 34.8 7.4 16.1 2 7 .4 2 1 .0 14.4 22.4 5.0 16.9 4.1 1.6 8 .6 P r o p r ie to r s ’ in c o m e w ith In v e n to ry v a lu a tio n a n d c a p ita l c o n s u m p tio n a d j u s t m e n t s ............................................................................................................. Farm .......................................................................................................... N o n fa rm ...................................................................................................... R e n ta l in c o m e o f p e r s o n s w ith c a p ita l c o n s u m p tio n a d j u s t m e n t .............. 7 9 .4 49.1 -9 .3 1 1 .8 17 .0 1 8 .7 -5.1 16.9 3 5 .3 .1 71.4 -1 5 .0 64.0 -1 4 .4 5.2 - 4 .2 8.1 16.9 -5.1 23.9 - 1 .6 - 2 .8 3.0 32.3 2 .5 -6 0 .9 -1 9 .7 6 .6 -1 0 .7 -1 3 .6 -1 1 5 .5 9 3 .2 ................................................................... 5 7 .8 6 0 .2 1 4 .3 1 1 5 .4 Personal interest income ........................................................................... Personal dividend in c o m e .......................................................................... -8 5 .7 3 1 .9 29 .1 4 1 .4 -1 1 .7 69.5 39.1 - .4 14.7 2.7 112.7 8 .0 2 0 .6 21.1 -9 3 .7 11.3 15.2 13.8 26.3 15.3 P e r s o n a l in c o m e re c e ip ts o n a s s e ts P e rs o n a l c u r r e n t t r a n s fe r re c e ip ts ....................................................................... 8 3 .5 9 8 .0 2 1 .7 7 .7 Government social benefits to p e rs o n s ...................................................... Old-age, survivors, disability, and health insurance b e n e fits ................. Government unemployment insurance benefits ..................................... Other ...................................................................................................... Other current transfer receipts, from business (net) .................................. 3 9 .6 2 0 .8 4 8 .5 -1 2 .5 81.0 50.0 -1 6 .8 47.8 2.5 89.4 55.4 -7.1 41.1 6.3 22.4 1 1 .8 20.7 14.2 -1 .4 2 .8 8 .8 - 2 .0 -.6 29.3 8.5 8 .6 15.5 40.2 22.5 -3 .0 20.7 - .7 .................................. 4 5 .6 4 9 .0 1 2 .9 1 7 .6 L e s s : P e rs o n a l c u r r e n t t a x e s ...................................................................................... 4 9 .2 1 6 0 .7 2 4 .4 3 5 .9 L e s s : C o n tr ib u tio n s f o r g o v e r n m e n t s o c ia l in s u ra n c e - .9 11.4 -1 4 .6 8 .0 .1 7.9 .5 -5 .6 45.6 1 7 .5 3 .9 1 0 .5 8.1 77.1 3 4 .6 1 4 .4 2 0 .9 2 1 6 .4 1 .2 19.6 -4 1 .7 ...................................................................... 4 9 5 .0 3 7 5 .3 9 0 .6 2 5 9 .5 -2 8 .4 7 7 .7 5 0 .3 ................................................................................................. 5 1 6 .2 5 6 0 .9 1 2 7 .2 1 5 8 .7 1 2 9 .6 1 4 6 .6 1 7 2 .7 8 9 .9 Personal consumption e x p e n d itu re s ............................................................... Durable g o o d s ............................................................................................ Nondurable g o o d s ...................................................................................... S e rv ic e s ...................................................................................................... Personal interest pa ym ents 1 ..................................................... :................... Personal current transfer p a y m e n ts ................................................................ To government ........................................................................................... To the rest of the world ( n e t ) ..................................................................... 504.4 37.7 179.3 287.4 3.5 531.9 38.7 196.3 296.9 19.8 9.2 117.6 19.2 23.2 75.1 152.9 14.8 58.7 79.4 5.9 119.7 8.7 39.5 71.4 1.9 141.2 18.2 57.1 8.1 6.5 1.7 6 .2 83.9 -4 8 .7 38.2 94.3 2.3 3.7 1.9 3.1 1 .6 - .1 - .1 1 .6 -1 .7 6 .6 7.2 - 2 .0 1.4 -3 .4 167.0 15.4 71.2 80.5 4.8 E q u a ls : P e rs o n a l s a v in g ............................................................................................... -2 1 .0 -1 8 5 .7 -3 6 .6 1 0 0 .8 -1 5 8 .0 -6 8 .9 -1 2 2 .4 1 2 6 .5 262.5 117.5 54.5 175.9 -71.1 4.5 -2 8 .4 139.4 E q u a ls : D is p o s a b le p e rs o n a l In c o m e L e s s : P e rs o n a l o u tla y s 8 .2 8.1 1.5 1.5 6 6 .0 1.1 1.5 - .5 1 .8 A ddendum : Real disposable personal income, billions of chained (2000) dollars 2 ........... r R e v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s f or t he t hird qu art e r o f 200 5. 1. C o n s i s t s o f n o n m o r t g a g e i n t e r e st p a i d b y h o u se h o l d s. 2 . E q u a l s d i sp o sa b l e p e r so n a l i n c o m e d e f l a t e d b y t h e i m p l i ci t p r i c e d e f l a t o r f o r p e r so n a l c o n su m p t i o n e x p e n d i t u r e s. T a b le 5.— P e rso n al In c o m e an d Its D is p o s itio n , P e rc e n t C h a n g e fro m P rec ed in g P erio d (M o n th s ) Seasonally adjusted at monthly rates 2005 June P e rs o n a l in c o m e ........................................................................................ Compensation of employees, re c e iv e d ..................................................... Wage and salary d is b u rs e m e n ts .............................................................. Supplements to wages and s a la rie s .......................................................... Proprietors' income with Inventory valuation and capital consumption adjustments ..................................................................................... Rental Income of persons with capital consumption adjustment ................... Personal Income receipts on a s s e ts ..................................................... Personal interest income ........................................................................ Personal dividend in c o m e .......................................................................... Personal current transfer r e c e ip ts ............................................................. July ^ A u g .' 2006 Sep.'- O c t.' N o v .' D e c .' Jan.p OJ g 0 .5 0 .5 -2 .0 3.1 0 .6 0 .3 0 ,5 .4 .4 .9 .9 .3 .6 .2 .6 .5 .5 1 1 .2 1.1 .6 .7 .6 .2 4 4 3 1 -j 1.3 - 4 .3 .9 .2 -5 .9 7 .5 .3 -4 1 .7 54 5 -3 .2 3 .6 .5 1.1 1.2 1 .0 1.1 12 .4 1 .0 -.8 .3 .9 8.9 .5 .3 .9 1 1 .3 .3 .7 .1 1 .0 .8 Less: Contributions for governm ent social insurance ..................................... - 6 .1 .4 .6 1 0 -.2 .5 0 7 Q g 12 10 .6 1.8 .3 2 .0 L e s s : P e rs o n a l c u r r e n t t a x e s .................................................................................... .8 .1 .2 .5 .9 .3 .6 2 .0 E q u a ls : D is p o s a b le p e r s o n a l in c o m e ...................................................................... .5 .6 -2 .3 3.4 .5 .3 .5 .5 Personal consumption expenditures ............................................................... Durable g o o d s .................................................................................... Nondurable g o o d s ................................................................................. S e rv ic e s .................................................................................................. 1 .0 1.4 7.5 .4 -4 .0 - 2 .8 .5 3.7 .7 3.9 .7 .6 .6 - 1 .0 .7 .2 .4 - .4 - 8 .7 1.4 .4 .2 4.2 .9 .5 .9 13 2.3 .4 .1 Real disposable personal In c o m e ................................................................... .4 .3 - 2 .7 2.5 .4 .7 .5 .1 A ddenda: .8 1 .6 p Pr e l i m i n a r y r R e v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s f or t h e t hird q u art e r o f 200 5. Table 6.— Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2004 2004 2005' III P e rs o n a l in c o m e ............................................................................................................ Compensation of employees, re c e iv e d ........................................................... W age and salary d is b u rs e m e n ts ................................................................ 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 a s s e ts .............................................................. Personal interest income ............................................................................ Personal dividend in c o m e .......................................................................... Personal current transfer re c e ip ts .................................................................. 2005 IV I II III' IV ' 5 .9 5 .5 4 .9 1 2 .7 2 .0 4 .5 2 .6 9 .6 5.8 5.4 7.3 6 .6 6 .2 8.1 7.5 1 0 .6 1 0 .8 6.3 4.9 6.5 5.3 9.8 5.0 4.7 1 2 .2 3.4 3.0 4.8 6 .8 8 .0 9.8 1.9 4.3 -1 .3 16.5 - 4 .0 -4 4 .9 4.3 5.4 23.6 37.9 7.8 -29 .5 - 2 1 .0 3.6 -50.2 11.4 8.4 -38.6 9.4 9.3 9.5 5.7 8.1 6.1 - 1 .8 16.0 8.3 6.7 11.4 13.5 1 1 .8 11 5 12.3 -3 .2 3.7 6 .2 5.5 -4 5 .4 4.3 4.3 4.3 6.9 Less: Contributions for governm ent social Insurance ..................................... 5.9 6 .0 6.5 8 .8 8.5 1.8 4.9 L e s s : P e rs o n a l c u r r e n t t a x e s ...................................................................................... 4 .9 15 .3 9 .8 1 4 .3 3 1 .3 1 2 .4 4 .8 7 .0 E q u a ls : D is p o s a b le p e r s o n a l in c o m e ...................................................................... 6.1 4 .3 4 .3 1 2 .5 - 1 .3 3 .5 2 .3 9 .9 Personal consumption e x p e n d itu re s ............................................................ Durable g o o d s ............................................................................................ Nondurable g o o d s ............................................................................ Services ................................................................................................. 6.5 4.0 5.9 7.6 8.1 6.1 5.8 3.5 8 .2 6.5 3.9 8.3 6.3 6.1 4.0 6.4 10.3 6.7 Real disposable personal in c o m e ................................................................... 3.4 1.5 2 .8 9.1 -.2 1 .2 13.5 6.3 134.9 2 .2 A ddenda: r R e v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s f or t h e t hird q u a rt e r o f 2 0 0 5 . 6 .8 7.9 6.1 3.8 -1 7 .3 5.9 7.3 9.5 5.3 11.7 6.5 7.5 -3 .4 .2 -1 .4 7.1 6 .6 6 .0 Table 7.— Real Personal Consumption Expenditures by Major Type of Product (Months) 2005 June July Aug. 2006 Sep. O ct.'' Nov.'- Dec.'- Jan.p Billions of chained (2000) dollars, seasonally adjusted at annual rates P e rs o n a l c o n s u m p tio n e x p e n d itu r e s ...................................................... Durable goods ............................................................................ Nondurable goods ........................................................................... Services .......................................................... ................................ 7 ,8 8 2 .1 7 ,9 6 7 .5 7 ,8 9 9 .2 7 ,8 5 6 .9 7 ,8 6 3 .0 7 ,9 3 5 .8 1,163.5 2,304.3 4,435.0 1,255.9 2,306.1 4,443.7 7 ,9 9 3 .2 1,149.8 2,314.5 4,452.2 1,103.6 2,296.7 4,464.5 8 ,0 2 2 .8 1,075.1 2,316.9 4,472.1 1,116.5 2,339.1 4,488.7 1,161.8 2,348.6 4,500.2 1]176.4 2Î378.8 4,488.3 Change from preceding period in billions o f chained (2000) dollars, seasonally adjusted at annual rates P e rs o n a l c o n s u m p tio n e x p e n d itu r e s .................................................. Durable goods ................................................................................ Nondurable goods ......................................................................... Services .......................................................................................... 8 0 .4 8 5 .4 -6 8 .3 -4 2 .3 6.1 51.4 24.5 13.5 7 2 .8 5 7 .4 92.4 -106.1 8.4 8.5 -4 6 .2 -1 7 .8 12.3 -28.5 2 9 .6 41.4 2 0 .2 2 2 .2 7.6 16.6 45.3 9.5 11.5 14.6 30.2 -1 1 .9 1.8 8.7 Percent change from preceding period In chained (2000) dollars, seasonally adjusted at monthly rates P e rs o n a l c o n s u m p tio n e x p e n d itu re s ...................................................... Durable goods ................................................................................ Nondurable goods ........................................................................... Services ........................................................................................ 1 .0 1.1 -.9 -.5 .1 .9 .7 .4 4.6 7 .9 -.8 - 2 .6 .9 3.9 .1 .2 -8 .5 .4 -4 .0 1.1 .2 .3 .2 .4 4.1 .4 .3 13 13 - .3 .3 1 .0 p Pr e l i m i n a r y r R e v i se d Table 8.— Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2004 2005r 2004 2005 IV III II 1 III IV «• Billions of chained (2000) dollars P e rs o n a l c o n s u m p tio n e x p e n d itu r e s ...................................................... Durable goods ................................................................................ Nondurable goods .......................................................................... Services .......................................................................................... 7 ,5 8 8 .6 7 ,8 5 8 .2 7 ,6 1 7 .5 7 ,6 9 8 .8 7 ,7 6 4 .9 7 ,8 2 9 .5 1,089.9 2,200.4 4,310.9 7 ,9 0 7 .9 1,138.4 2,298.0 4,437.5 7 ,9 3 0 .6 1,100.4 2,206.9 4,324.0 1,115.1 2,236.5 4,362.1 1,122.3 2,265.6 4,392.0 1,143.9 2,285.9 4,417.6 1,169.7 2,305.8 4,453.5 1,117.8 2,334.8 4,487.0 Change from preceding period in billions of chained (2000) dollars P e rs o n a l c o n s u m p tio n e x p e n d itu re s ...................................................... Durable goods ................................................................................ Nondurable goods .......................................................................... Services .......................................................................................... 2 8 2 .0 2 6 9 .6 8 0 .9 8 1 .3 66.1 61.4 98.6 127.0 6 4 .6 48.5 97.6 126.6 7 8 .4 2 2 .7 27.9 14.7 29.6 38.1 7.2 29.1 29.9 2 1 .6 25.8 19.9 35.9 -5 1 .9 29.0 33.5 2 0 .8 35.4 20.3 25.6 Percent change from preceding period in chained (2000) dollars P e rs o n a l c o n s u m p tio n e x p e n d itu r e s ...................................................... Durable goods ......................................................................... Nondurable goods ........................................................................... Services ........................................................................... r Re v i se d 3 .9 3 .6 4 .4 4 .3 3 .5 3 .4 4.1 1 .2 6 .0 4.5 4.4 2.9 1 0 .8 5.5 5.5 3.6 2 .6 7.9 3.6 2.3 9.3 3.5 3.3 -1 6 .6 5.1 3.0 4.7 3.0 3.9 3.4 5.3 2 .8 T a b le 9.— P rice In d e x e s fo r P ers o n a l C o n s u m p tio n E xp e n d itu re s: L e ve l an d P e rc e n t C h an g e From P reced in g P e rio d (M o n th s ) 2005 July June Aug. 2006 Sep. O c t.r N o v.r D e c .r Jan.p Chain-type price indexes (2000=100), seasonally adjusted P e rs o n a l c o n s u m p tio n e x p e n d itu r e s (P C E ) .................................................... Durable goods .............................................................................. Nondurable goods .......................................................................... Services .................................................................................. 1 1 0 .8 5 8 1 11 .1 8 1 1 11 .6 5 1 1 1 2 .7 0 7 1 1 2 .8 9 0 1 1 2 .4 3 2 90.354 110.536 115.888 1 1 2 .4 2 6 89.979 111.318 116.154 89.742 112.499 116.442 89.795 115.138 116.929 89.804 114.766 117.440 1 1 2 .9 6 9 89.637 112.572 117.813 89.537 112.307 117.965 89.606 113.385 118.347 109.203 109.864 107.617 109.264 110.213 107.657 109.428 110.704 107.787 109.658 111.834 107.946 109.846 111.988 108.098 110.045 111.418 108.288 110.196 111.388 108.439 110.369 111.936 108.548 A ddenda: PCE excluding food and e n e rg y .................................................................... Market-based P C E 1 ................................................................................... Market-based PCE excluding food and en e rg y 1 .................................... Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE ............................................................................................................... 0 Durable goods ......................................................................................... Nondurable goods ................................................................................ Services .................................................................................. - .4 -.2 .2 .3 .4 .9 -.4 o - .4 .7 - .3 .1 0 -.2 - .1 1 1.1 .2 2.3 .4 - .3 .4 - 1 .9 .3 -.2 1 0 .1 .3 .2 .2 .1 .1 .1 2 - .5 .2 .2 .5 A ddenda: PCE excluding food and e n e rg y ..................................................................... Market-based P C E 1 ............................................................................. Market-based PCE excluding food and en e rg y 1 ............................................ .1 0 0 .1 .2 .3 .4 1 .0 .1 .1 0 .2 5 o .1 .2 .1 p Pr e l i m i n a r y r R e v i se d 1. T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a s e d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e pri ce m e a su r e s. It e x c l u d e s m o st i m p l i ci t p r i c e s ( f o r e x a m p l e , t h e se r v i c e s f u r n i sh e d w i t h o u t p aym ent by f ina nc ial i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s. Table 10.— Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2005 June J u ly A u g .r 2006 S ep.'' O ct.'- D e c.r N o v.r Ja n./’ D is p o s a b le p e r s o n a l I n c o m e ....................................................................................... 2 .5 2 .3 - 0 .9 1 .6 1.5 1 .8 -1 .6 2 .2 P e rs o n a l c o n s u m p tio n e x p e n d i t u r e s ........................................................................ 4 .6 4 .7 3 .8 2 .9 2 .5 3 .2 3 .3 3 .6 Durable goods ................................................................................... Nondurable goods ........................................................................................ Services .................................................................................................... 9.1 13.1 5 .0 .7 -2 .3 .9 2.1 6 .3 5 .4 5 .0 5 .2 3 .3 3 .6 4 .8 4 .8 5 .0 3 .3 3 .0 3 .0 3 .0 2 .9 2 .9 2 .8 2 .4 p Pr e l i m i n a r y r R e v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d sa l a r y e st i m a t e s f or t he t hird q u art er o f 2005. Table 1 1 — Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2005 June P e rs o n a l c o n s u m p tio n e x p e n d itu r e s ( P C E ) ............................................................ Durable goods ...................................................................................... Nondurable goods ........................................................................... Services .............................................................................................. July Aug. 2006 Sep. O c t.'’ 2 .2 2 .6 2 .9 3 .8 3 .4 -.5 -.6 -.5 -.5 -.7 N o v.’’ 2 .8 -.9 D e c .r Jan.? 2 .8 3.1 - 1 .1 - 1 .3 2 .0 3 .3 4 .4 6 .8 5 .2 3.1 3 .3 4 .3 2 .9 2 .9 2 .9 3 .2 3 .4 3 .3 3 .3 3 .3 A ddenda: PCE excluding food and e n e rg y ..................................................................... Market-based P C E 1 .................................................................................... Market-based PCE excluding food and e n erg y 1 ............................................ p Pr e l i m i n a r y ' Re v i se d 1. T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t ha t i s b a s e d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e p r i c e m e a su r e s. It e x c l u d e s m o st i m p l i ci t p r i c e s (f or e xam pl e, i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s. t h e se r v i c e s f u r n i sh e d w i t h o u t paym ent b y f ina nc ial 1.9 1.9 2 .0 2 .0 1.9 1 .9 1.9 1.8 2.1 2 .4 2 .9 3 .5 2 .7 2 .7 3.1 1.6 1.6 1 .7 3 .8 1 .7 1.6 1.6 1 .7 1.5
@FedFRASER