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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, MONDAY, MARCH 1, 2010 James Rankin: Kyle Brown: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 10-06 PERSONAL INCOME AND OUTLAYS: JANUARY 2010 Personal income increased $11.4 billion, or 0.1 percent, and disposable personal income (DPI) decreased $47.6 billion, or 0.4 percent, in January, according to the Bureau of Economic Analysis. The decrease in DPI reflected an increase in federal nonwithheld income taxes. Personal consumption expenditures (PCE) increased $52.4 billion, or 0.5 percent. In December, personal income increased $41.2 billion, or 0.3 percent, DPI increased $40.3 billion, or 0.4 percent, and PCE increased $26.4 billion, or 0.3 percent, based on revised estimates. Real disposable income decreased 0.6 percent in January, in contrast to an increase of 0.2 percent in December. Real PCE increased 0.3 percent, compared with an increase of 0.1 percent. 2009 Sept. Oct. Nov. Dec. (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 2010 Jan. 0.1 0.3 0.4 0.3 0.1 0.2 0.1 0.4 0.2 0.5 0.3 0.4 0.2 -0.4 -0.6 -0.6 -0.7 0.5 0.3 0.5 0.4 0.3 0.1 0.5 0.3 ________________________ NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $16.1 billion in January, compared with an increase of $2.3 billion in December. Goods-producing industries' payrolls increased $5.2 billion, in contrast to a decrease of $3.2 billion; manufacturing payrolls increased $5.0 billion, in contrast to a decrease of $1.5 billion. Services-producing industries' payrolls increased $10.8 billion, compared with an increase of $5.5 billion. Government wage and salary disbursements increased $6.1 billion, compared with an increase of $2.7 billion. Pay raises for federal civilian and military personnel added $7.1 billion to government payrolls in January. -more- -3- Other personal income Employer contributions for employee pension and insurance funds increased $3.2 billion in January, compared with an increase of $1.3 billion in December. Employer contributions for government social insurance increased $11.6 billion in January, and were unchanged in December. The January increase was boosted by $10.2 billion reflecting an increase in the tax rates paid by employers to state unemployment insurance funds. (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 decreased $3.2 billion in January, in contrast to an increase of $7.7 billion in December. Farm proprietors' income decreased $7.9 billion, in contrast to an increase of $5.9 billion. Nonfarm proprietors' income increased $4.7 billion, compared with an increase of $1.8 billion. Rental income of persons decreased $0.9 billion in January, in contrast to an increase of $1.9 billion in December. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $20.8 billion, in contrast to an increase of $11.0 billion. Personal current transfer receipts increased $16.1 billion, compared with an increase of $14.5 billion. The January change in personal current transfer receipts was reduced by retroactive social security benefits payments, which had added $8.5 billion to December benefit payments; these benefits resulted from a recalculation of the earnings base underlying the benefits for recent retirees. Contributions for government social insurance -- a subtraction in calculating personal income -increased $16.7 billion in January, compared with an increase of $0.3 billion in December. Employer contributions were boosted by $10.2 billion in January by increases in unemployment-insurance rates. Personal current taxes and disposable personal income Personal current taxes increased $59.0 billion in January, compared with an increase of $0.9 billion in December. Federal net nonwithheld income taxes (payments of estimated taxes plus final settlement less refunds) boosted the January change by $52.5 billion, based on federal budget projections of higher final settlements and lower refunds for 2010. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $47.6 billion, or 0.4 percent, in January, in contrast to an increase of $40.3 billion, or 0.4 percent in December. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $53.0 billion in January, compared with an increase of $21.6 billion in December. PCE increased $52.4 billion, compared with an increase of $26.4 billion. Personal saving -- DPI less personal outlays -- was $367.2 billion in January, compared with $467.9 billion in December. Personal saving as a percentage of disposable personal income was 3.3 percent in January, compared with 4.2 percent in December. 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 0.6 percent in January, in contrast to an increase of 0.2 percent in December. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in January, compared with an increase of 0.1 percent in December. Purchases of durable goods increased 0.7 percent, compared with an increase of 0.6 percent. Purchases of nondurable goods increased 0.8 percent, in contrast to a decrease of 0.8 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.3 percent. PCE price index -- The price index for PCE increased 0.2 percent in January, compared with an increase of 0.1 percent in December. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared with an increase of 0.1 percent. 2009 Personal Income and Outlays Personal income decreased 1.7 percent in 2009 (that is, from 2008 annual level to the 2009 annual level), in contrast to an increase of 2.9 percent in 2008. DPI increased 1.1 percent, compared with an increase of 3.9 percent. The difference between the change in personal income and the change in DPI in 2009 reflected a sharp decrease in personal current taxes in 2009. Personal current taxes decreased 23.1 percent in 2009, compared with a decrease of 3.9 percent in 2008. PCE decreased 0.4 percent, in contrast to an increase of 3.1 percent. Real DPI increased 0.9 percent in 2009, compared with an increase of 0.5 percent in 2008. Real PCE decreased 0.6 percent, compared with a decrease of 0.2 percent. -more- -5- Revisions Estimates of personal income have been revised for July through December; estimates for PCE have been revised for October through December. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for November and December -- revised and as published in last month's release -- are shown below. For July through September, the revisions to wages and salaries reflected the incorporation of the most recently available BLS tabulations of third-quarter wages and salaries from the quarterly census of employment and wages. Wages and salaries were revised down for all three months. Change from preceding month November Previous Revised (Billions of dollars) December Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars 61.1 51.6 0.5 0.4 44.5 41.2 0.4 0.3 Disposable personal income: Current Dollars Chained (2005) dollars 60.7 29.2 50.6 28.4 0.5 0.3 0.5 0.3 45.9 31.8 40.3 22.7 0.4 0.3 0.4 0.2 Personal consumption expenditures: Current dollars 69.1 Chained (2005) dollars 38.8 55.8 34.4 0.7 0.4 0.5 0.4 22.6 11.5 26.4 11.1 0.2 0.1 0.3 0.1 This news release also presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2009 (third quarter). These estimates reflect newly available third-quarter wage and salary tabulation from the quarterly census of employment and wages from the Bureau of Labor Statistics. -more- -6- Typically, social security, supplemental security income, and other benefit payments are boosted by cost-of-living adjustments in January based on the increase in the Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This year, there was no increase in the CPI-W. As a result, these benefit payments were not adjusted for changes in the cost-of-living this January. 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 – March 29, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for February. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2009 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........................................................ r r 2010 r r r r January p June July 12,029.7 7,823.6 6,318.9 5,131.4 1,059.7 657.4 4,071.8 987.1 3,084.6 1,187.4 1,504.7 1,043.4 461.3 11,975.2 7,742.7 6,242.0 5,057.4 1,043.3 645.7 4,014.1 973.6 3,040.5 1,184.6 1,500.7 1,045.0 455.7 12,011.9 7,762.6 6,259.5 5,073.7 1,045.2 646.2 4,028.6 978.7 3,049.9 1,185.8 1,503.1 1,046.2 456.9 12,028.7 7,749.1 6,245.9 5,061.8 1,038.0 642.8 4,023.8 978.7 3,045.2 1,184.1 1,503.2 1,047.2 456.0 12,066.2 7,762.6 6,257.5 5,070.7 1,033.9 642.8 4,036.7 978.1 3,058.7 1,186.9 1,505.1 1,048.6 456.4 12,117.8 7,776.6 6,269.6 5,081.6 1,037.7 646.5 4,043.9 977.4 3,066.5 1,188.1 1,507.0 1,049.7 457.2 12,159.0 7,782.9 6,274.7 5,083.9 1,034.5 645.0 4,049.4 978.1 3,071.3 1,190.8 1,508.2 1,051.0 457.2 12,170.4 7,819.9 6,296.9 5,100.0 1,039.7 650.0 4,060.2 979.4 3,080.8 1,196.9 1,523.0 1,054.2 468.8 1,031.2 30.6 1,000.6 268.7 1,761.5 1,248.7 512.8 2,116.6 2,083.9 1,159.1 132.0 792.8 32.7 971.9 1,070.5 10,959.3 10,420.6 10,050.6 3,235.1 1,022.5 2,212.6 6,815.6 215.2 154.8 91.7 63.1 538.6 4.9 1,035.0 28.2 1,006.8 273.3 1,762.3 1,241.8 520.5 2,123.4 2,090.6 1,158.4 131.5 800.7 32.8 961.5 1,071.7 10,903.5 10,437.7 10,068.4 3,245.0 1,038.7 2,206.2 6,823.4 215.3 154.0 92.1 61.9 465.8 4.3 1,038.4 25.8 1,012.6 277.9 1,763.1 1,234.9 528.2 2,133.7 2,100.9 1,162.8 137.4 800.7 32.8 963.8 1,072.4 10,939.5 10,567.3 10,197.4 3,353.6 1,102.7 2,250.8 6,843.8 215.5 154.4 92.5 61.9 372.2 3.4 1,040.2 23.5 1,016.7 282.6 1,763.9 1,228.0 535.9 2,155.3 2,122.4 1,176.3 138.1 808.0 32.8 962.3 1,068.8 10,959.8 10,503.3 10,132.8 3,278.4 1,012.4 2,266.0 6,854.5 215.6 154.8 92.9 61.9 456.5 4.2 1,051.2 29.4 1,021.8 285.4 1,774.9 1,229.0 545.9 2,155.6 2,122.7 1,175.7 129.9 817.1 32.9 963.5 1,063.7 11,002.5 10,552.9 10,188.3 3,305.3 1,034.5 2,270.7 6,883.0 210.1 154.5 93.8 60.7 449.6 4.1 1,062.9 35.3 1,027.6 287.5 1,785.9 1,230.0 555.9 2,170.1 2,137.2 1,181.5 127.1 828.6 32.9 965.2 1,064.7 11,053.1 10,604.0 10,244.1 3,355.8 1,058.3 2,297.4 6,888.4 204.6 155.3 94.6 60.7 449.1 4.1 1,070.6 41.2 1,029.4 289.4 1,796.9 1,231.1 565.8 2,184.6 2,151.7 1,187.0 122.6 842.1 33.0 965.5 1,065.6 11,093.4 10,625.6 10,270.5 3,349.9 1,062.1 2,287.8 6,920.6 199.0 156.0 95.3 60.7 467.9 4.2 1,067.4 33.3 1,034.1 288.5 1,776.1 1,227.4 548.7 2,200.7 2,167.7 1,185.4 119.9 862.4 33.0 982.2 1,124.6 11,045.8 10,678.6 10,322.9 3,390.7 1,062.7 2,328.1 6,932.2 199.0 156.6 95.9 60.7 367.2 3.3 9,075.4 9,018.6 9,013.1 9,000.0 9,012.5 9,030.4 9,042.1 9,021.9 10,033.1 9,981.3 9,981.5 9,990.4 10,005.5 10,033.9 10,056.6 9,995.8 35,660 32,647 307,323 35,451 32,453 307,562 35,539 32,427 307,815 35,576 32,429 308,068 35,687 32,453 308,304 35,826 32,522 308,526 35,932 32,574 308,733 35,755 32,356 308,931 August September October November December p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 r 2008 III Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ 2009 IV I II III r IV r 12,238.8 8,042.4 6,545.9 5,404.6 1,206.5 742.0 4,198.1 1,048.3 3,149.8 1,141.3 1,496.6 1,023.9 472.7 12,030.3 7,786.8 6,284.4 5,102.0 1,063.1 658.2 4,038.8 986.6 3,052.2 1,182.4 1,502.5 1,043.9 458.5 12,286.6 8,069.1 6,567.7 5,419.2 1,206.2 740.3 4,213.0 1,047.8 3,165.2 1,148.5 1,501.4 1,026.7 474.7 12,233.5 8,050.3 6,543.5 5,388.6 1,192.2 732.2 4,196.5 1,039.4 3,157.1 1,154.9 1,506.8 1,033.2 473.6 11,952.7 7,805.8 6,307.8 5,136.0 1,107.3 681.0 4,028.8 1,002.3 3,026.5 1,171.8 1,498.0 1,037.8 460.2 12,048.8 7,815.9 6,313.1 5,128.8 1,067.8 662.0 4,061.0 989.3 3,071.7 1,184.4 1,502.8 1,042.0 460.8 12,005.2 7,751.4 6,249.2 5,064.3 1,042.1 644.9 4,022.2 977.0 3,045.2 1,184.8 1,502.3 1,046.1 456.2 12,114.3 7,774.0 6,267.3 5,078.7 1,035.4 644.8 4,043.3 977.9 3,065.5 1,188.6 1,506.7 1,049.8 456.9 1,106.3 48.7 1,057.5 210.4 1,994.4 1,308.0 686.4 1,875.9 1,843.2 1,070.3 50.6 722.4 32.6 990.6 1,432.4 10,806.4 10,520.0 10,129.9 3,403.2 1,095.2 2,308.0 6,726.8 237.7 152.3 87.9 64.5 286.4 2.7 1,041.3 29.4 1,012.0 268.3 1,792.0 1,237.4 554.6 2,108.8 2,076.1 1,156.7 120.2 799.2 32.7 967.0 1,101.4 10,928.9 10,457.4 10,088.5 3,255.2 1,034.9 2,220.2 6,833.4 214.3 154.6 92.2 62.4 471.5 4.3 1,114.4 49.3 1,065.1 222.2 2,001.4 1,327.8 673.7 1,874.3 1,841.7 1,080.5 57.7 703.5 32.6 994.9 1,437.3 10,849.3 10,613.6 10,220.1 3,463.0 1,088.5 2,374.5 6,757.1 238.3 155.2 88.5 66.7 235.7 2.2 1,083.6 39.0 1,044.5 236.7 1,958.1 1,292.9 665.2 1,898.0 1,865.3 1,087.0 70.3 708.0 32.7 993.3 1,434.3 10,799.1 10,389.9 10,009.8 3,227.5 1,019.9 2,207.6 6,782.3 228.8 151.3 89.5 61.8 409.2 3.8 1,037.8 27.3 1,010.5 245.9 1,845.5 1,243.4 602.1 1,987.3 1,954.7 1,128.5 96.2 730.1 32.5 969.7 1,187.3 10,765.4 10,362.3 9,987.7 3,197.7 1,025.2 2,172.4 6,790.0 220.4 154.2 90.4 63.8 403.1 3.7 1,028.0 28.9 999.1 262.0 1,773.4 1,241.1 532.3 2,140.3 2,107.7 1,151.1 122.5 834.1 32.7 970.9 1,082.6 10,966.2 10,370.5 9,999.3 3,193.8 1,011.5 2,182.2 6,805.6 216.7 154.5 91.4 63.1 595.7 5.4 1,037.9 25.8 1,012.0 277.9 1,763.1 1,234.9 528.2 2,137.5 2,104.7 1,165.8 135.7 803.2 32.8 962.5 1,071.0 10,934.3 10,502.8 10,132.9 3,292.3 1,051.3 2,241.0 6,840.6 215.5 154.4 92.5 61.9 431.5 3.9 1,061.6 35.3 1,026.3 287.4 1,785.9 1,230.0 555.9 2,170.1 2,137.2 1,181.4 126.5 829.3 32.9 964.7 1,064.7 11,049.7 10,594.2 10,234.3 3,337.0 1,051.7 2,285.3 6,897.3 204.6 155.3 94.5 60.7 455.5 4.1 9,504.6 9,082.7 9,442.0 9,494.4 9,188.7 9,105.5 9,010.5 9,028.4 9,911.3 10,004.9 9,838.3 9,920.4 9,926.4 10,077.5 9,984.4 10,032.0 35,450 32,514 304,831 35,543 32,538 307,483 35,551 32,238 305,177 35,304 32,431 305,890 35,124 32,387 306,496 35,709 32,815 307,101 35,522 32,436 307,815 35,815 32,516 308,521 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2009 June 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............ July r August r September 2010 r October r November r December r January p –117.2 3.5 1.9 –0.6 –6.5 –3.1 6.0 –3.9 9.8 2.4 1.6 1.4 0.2 –54.5 –80.9 –76.9 –74.0 –16.4 –11.7 –57.7 –13.5 –44.1 –2.8 –4.0 1.6 –5.6 36.7 19.9 17.5 16.3 1.9 0.5 14.5 5.1 9.4 1.2 2.4 1.2 1.2 16.8 –13.5 –13.6 –11.9 –7.2 –3.4 –4.8 0.0 –4.7 –1.7 0.1 1.0 –0.9 37.5 13.5 11.6 8.9 –4.1 0.0 12.9 –0.6 13.5 2.8 1.9 1.4 0.4 51.6 14.0 12.1 10.9 3.8 3.7 7.2 –0.7 7.8 1.2 1.9 1.1 0.8 41.2 6.3 5.1 2.3 –3.2 –1.5 5.5 0.7 4.8 2.7 1.2 1.3 0.0 11.4 37.0 22.2 16.1 5.2 5.0 10.8 1.3 9.5 6.1 14.8 3.2 11.6 4.4 1.5 2.9 6.8 –11.9 7.6 –19.5 –119.5 –119.5 13.4 10.4 –143.3 0.0 0.5 –12.5 –104.6 70.2 71.3 55.7 11.0 44.7 15.7 –1.5 0.3 0.3 0.0 –174.9 3.8 –2.4 6.2 4.6 0.8 –6.9 7.7 6.8 6.7 –0.7 –0.5 7.9 0.1 –10.4 1.2 –55.8 17.1 17.8 9.9 16.2 –6.4 7.8 0.1 –0.8 0.4 –1.2 –72.8 3.4 –2.4 5.8 4.6 0.8 –6.9 7.7 10.3 10.3 4.4 5.9 0.0 0.0 2.3 0.7 36.0 129.6 129.0 108.6 64.0 44.6 20.4 0.2 0.4 0.4 0.0 –93.6 1.8 –2.3 4.1 4.7 0.8 –6.9 7.7 21.6 21.5 13.5 0.7 7.3 0.0 –1.5 –3.6 20.3 –64.0 –64.6 –75.2 –90.3 15.2 10.7 0.1 0.4 0.4 0.0 84.3 11.0 5.9 5.1 2.8 11.0 1.0 10.0 0.3 0.3 –0.6 –8.2 9.1 0.1 1.2 –5.1 42.7 49.6 55.5 26.9 22.1 4.7 28.5 –5.5 –0.3 0.9 –1.2 –6.9 11.7 5.9 5.8 2.1 11.0 1.0 10.0 14.5 14.5 5.8 –2.8 11.5 0.0 1.7 1.0 50.6 51.1 55.8 50.5 23.8 26.7 5.4 –5.5 0.8 0.8 0.0 –0.5 7.7 5.9 1.8 1.9 11.0 1.1 9.9 14.5 14.5 5.5 –4.5 13.5 0.1 0.3 0.9 40.3 21.6 26.4 –5.9 3.8 –9.6 32.2 –5.6 0.7 0.7 0.0 18.8 –3.2 –7.9 4.7 –0.9 –20.8 –3.7 –17.1 16.1 16.0 –1.6 –2.7 20.3 0.0 16.7 59.0 –47.6 53.0 52.4 40.8 0.6 40.3 11.6 0.0 0.6 0.6 0.0 –100.7 –46.6 –150.2 –56.8 –51.8 –5.5 0.2 –13.1 8.9 12.5 15.1 17.9 28.4 11.7 22.7 –20.2 –60.8 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 r 2008 III Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ 2009 IV I III r II IV r 344.7 179.7 137.0 84.8 –6.4 –11.5 91.2 3.6 87.6 52.2 42.8 30.9 11.9 –208.5 –255.6 –261.5 –302.6 –143.4 –83.8 –159.3 –61.7 –97.6 41.1 5.9 20.0 –14.2 –6.3 36.3 28.5 16.4 –4.4 –5.0 20.8 –2.9 23.7 12.1 7.9 5.0 2.9 –53.1 –18.8 –24.2 –30.6 –14.0 –8.1 –16.5 –8.4 –8.1 6.4 5.4 6.5 –1.1 –280.8 –244.5 –235.7 –252.6 –84.9 –51.2 –167.7 –37.1 –130.6 16.9 –8.8 4.6 –13.4 96.1 10.1 5.3 –7.2 –39.5 –19.0 32.2 –13.0 45.2 12.6 4.8 4.2 0.6 –43.6 –64.5 –63.9 –64.5 –25.7 –17.1 –38.8 –12.3 –26.5 0.4 –0.5 4.1 –4.6 109.1 22.6 18.1 14.4 –6.7 –0.1 21.1 0.9 20.3 3.8 4.4 3.7 0.7 9.9 9.3 0.6 65.5 –37.1 41.6 –78.7 157.9 155.4 66.6 18.3 70.7 2.4 31.3 –58.5 403.3 295.7 303.5 38.2 –65.3 103.5 265.4 –19.1 11.3 5.6 5.8 107.5 –65.0 –19.3 –45.5 57.9 –202.4 –70.6 –131.8 232.9 232.9 86.4 69.6 76.8 0.1 –23.6 –331.0 122.5 –62.6 –41.4 –148.0 –60.3 –87.8 106.6 –23.4 2.3 4.3 –2.1 185.1 2.5 –0.1 2.6 19.4 4.1 21.2 –17.0 –62.7 –62.7 16.0 19.0 –97.8 0.0 6.0 111.1 –117.4 21.4 25.4 –11.9 –38.0 26.1 37.3 –5.6 1.6 1.1 0.5 –138.7 –30.8 –10.3 –20.6 14.5 –43.3 –34.9 –8.5 23.7 23.6 6.5 12.6 4.5 0.1 –1.6 –3.0 –50.2 –223.7 –210.3 –235.5 –68.6 –166.9 25.2 –9.5 –3.9 1.0 –4.9 173.5 –45.8 –11.7 –34.0 9.2 –112.6 –49.5 –63.1 89.3 89.4 41.5 25.9 22.1 –0.2 –23.6 –247.0 –33.7 –27.6 –22.1 –29.8 5.3 –35.2 7.7 –8.4 2.9 0.9 2.0 –6.1 –9.8 1.6 –11.4 16.1 –72.1 –2.3 –69.8 153.0 153.0 22.6 26.3 104.0 0.2 1.2 –104.7 200.8 8.2 11.6 –3.9 –13.7 9.8 15.6 –3.7 0.3 1.0 –0.7 192.6 9.9 –3.1 12.9 15.9 –10.3 –6.2 –4.1 –2.8 –3.0 14.7 13.2 –30.9 0.1 –8.4 –11.6 –31.9 132.3 133.6 98.5 39.8 58.8 35.0 –1.2 –0.1 1.1 –1.2 –164.2 23.7 9.5 14.3 9.5 22.8 –4.9 27.7 32.6 32.5 15.6 –9.2 26.1 0.1 2.2 –6.3 115.4 91.4 101.4 44.7 0.4 44.3 56.7 –10.9 0.9 2.0 –1.2 24.0 –140.8 50.7 –421.9 93.6 –56.8 –220.7 52.4 82.1 –305.7 6.0 –83.2 151.1 –95.0 –93.1 17.9 47.6 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2009 July r June August r 2010 September r October r November r December r January 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................................................................................................ –1.0 0.0 0.0 0.1 –0.5 –1.0 –1.2 –0.3 0.3 0.3 0.3 0.2 0.1 –0.2 –0.2 0.0 0.3 0.2 0.2 0.1 0.4 0.2 0.2 0.1 0.3 0.1 0.1 0.1 0.1 0.5 0.4 1.0 0.4 2.6 –0.7 0.6 –3.7 –5.3 0.0 –1.2 –0.9 0.4 1.7 0.0 –0.6 1.5 0.3 –1.1 0.1 –0.5 0.3 1.7 0.0 –0.6 1.5 0.5 0.2 0.1 0.3 0.2 1.7 0.0 –0.6 1.5 1.0 –0.2 –0.3 0.2 1.1 1.0 0.6 0.1 1.9 0.0 0.1 –0.5 0.4 1.1 0.7 0.6 0.1 1.8 0.7 0.2 0.1 0.5 0.7 0.7 0.6 0.1 1.8 0.7 0.0 0.1 0.4 –0.3 –0.3 –1.2 –0.3 –3.0 0.7 1.7 5.5 –0.4 0.7 1.8 1.1 2.1 0.2 0.2 0.3 1.6 –0.3 0.1 1.3 3.3 6.2 2.0 0.3 –0.6 –2.2 –8.2 0.7 0.2 0.5 0.8 2.2 0.2 0.4 0.5 1.5 2.3 1.2 0.1 0.3 –0.2 0.4 –0.4 0.5 0.5 1.2 0.1 1.8 0.2 0.2 0.3 0.1 0.2 –0.2 –0.6 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ –0.5 –1.5 –0.6 –0.5 –0.1 0.0 –0.1 0.1 0.1 0.2 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 r 2008 III 2009 IV I III r II IV r Based on current-dollar measures Personal income........................................................................................ Compensation of employees, received .................................................... Wage and salary disbursements .......................................................... Supplements to wages and salaries..................................................... Proprietors’ income with inventory valuation and capital consumption adjustments .......................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ........................................................ Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ............................................................ Less: Contributions for government social insurance, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ 2.9 2.3 2.1 2.9 –1.7 –3.2 –4.0 0.4 –0.2 1.8 1.8 2.1 –1.7 –0.9 –1.5 1.4 –8.9 –11.6 –13.6 –2.3 3.3 0.5 0.3 1.3 –1.4 –3.3 –4.0 –0.1 3.7 1.2 1.2 1.2 0.9 45.2 –1.8 3.3 –10.3 9.2 3.3 –3.9 3.9 –5.9 27.5 –10.2 –5.4 –19.2 12.4 –2.4 –23.1 1.1 0.9 44.0 0.8 6.6 –9.5 –12.3 2.4 38.0 –4.2 –10.6 28.8 –8.4 –10.1 –5.0 5.1 –0.6 –0.8 –1.8 –15.9 16.4 –21.1 –14.5 –32.8 20.2 –9.2 –53.1 –1.2 –3.7 28.9 –14.7 –0.7 –38.9 34.6 0.5 –30.9 7.7 3.9 26.7 –2.3 –2.0 –3.0 –0.5 –3.4 –4.2 –1.2 9.5 14.4 5.3 –1.6 22.7 6.3 0.9 –2.3 4.3 3.1 1.1 –5.6 4.7 4.1 –0.4 –4.3 –5.5 –3.8 1.6 1.0 –1.4 –12.8 4.5 2.2 –8.0 –24.5 –22.9 –25.3 1.5 –0.9 –3.7 2.1 –6.2 0.5 0.5 –0.5 –5.2 1.8 0.9 5.5 12.9 16.7 11.2 2.1 4.1 5.5 0.1 8.1 3.4 –0.9 6.2 –1.0 –3.6 0.2 1.9 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ –1.5 0.5 –4.4 0.9 –0.6 –8.5 0.6 3.4 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. –3.2 0.2 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2009 June July August 2010 September October r November r December r January p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,201.3 3,114.9 1,083.5 2,024.5 6,081.9 9,216.8 3,130.4 1,106.4 2,019.6 6,082.8 9,304.4 3,213.3 1,180.6 2,035.0 6,091.3 9,236.5 3,135.2 1,081.2 2,045.3 6,097.7 9,265.1 3,158.6 1,103.8 2,048.2 6,103.8 9,299.5 3,199.0 1,130.0 2,064.3 6,099.8 9,310.6 3,187.9 1,136.3 2,048.6 6,120.9 9,341.6 3,213.3 1,144.6 2,065.6 6,127.5 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 16.2 8.8 11.0 –1.3 7.6 15.5 15.5 22.9 –4.9 0.9 87.6 82.9 74.2 15.4 8.5 –67.9 –78.1 –99.4 10.3 6.4 28.6 23.4 22.6 2.9 6.1 34.4 40.4 26.2 16.1 –4.0 11.1 –11.1 6.3 –15.7 21.1 31.0 25.4 8.3 17.0 6.6 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.2 0.3 1.0 –0.1 0.1 0.2 0.5 2.1 –0.2 0.0 1.0 2.7 6.7 0.8 0.1 –0.7 –2.4 –8.4 0.5 0.1 0.3 0.7 2.1 0.1 0.1 0.4 1.3 2.4 0.8 –0.1 0.1 –0.3 0.6 –0.8 0.3 0.3 0.8 0.7 0.8 0.1 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 r 2008 III 2009 IV I IV r II III 9,189.0 3,105.4 1,071.7 2,025.7 6,078.8 9,252.6 3,159.6 1,122.7 2,033.3 6,090.6 9,291.7 3,181.8 1,123.4 2,053.7 6,108.2 63.6 54.2 51.0 7.6 11.8 39.1 22.2 0.7 20.4 17.6 2.8 7.2 20.4 1.5 0.8 1.7 2.8 0.2 4.1 1.2 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,290.9 3,206.0 1,146.3 2,057.3 6,083.1 9,235.6 3,144.1 1,101.3 2,037.0 6,088.4 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –23.0 –67.7 –53.6 –17.5 42.3 –55.3 –61.9 –45.0 –20.3 5.3 9,267.7 3,193.6 1,139.6 2,051.5 6,072.4 9,195.3 3,110.4 1,076.8 2,026.1 6,080.4 9,209.2 3,129.8 1,087.2 2,035.5 6,076.0 Change from preceding period in billions of chained (2005) dollars –83.3 –64.2 –36.1 –29.9 –20.1 –72.4 –83.2 –62.8 –25.4 8.0 13.9 19.4 10.4 9.4 –4.4 –20.2 –24.4 –15.5 –9.8 2.8 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... r Revised –0.2 –2.1 –4.5 –0.8 0.7 –0.6 –1.9 –3.9 –1.0 0.1 –3.5 –7.7 –11.7 –5.6 –1.3 –3.1 –10.0 –20.3 –4.9 0.5 0.6 2.5 3.9 1.9 –0.3 –0.9 –3.1 –5.6 –1.9 0.2 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2009 June July August 2010 September October r November r December r January p Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 109.228 103.877 94.389 109.302 112.061 109.236 103.680 93.903 109.255 112.174 109.594 104.383 93.429 110.618 112.353 109.701 104.584 93.647 110.807 112.410 109.961 104.663 93.743 110.876 112.764 110.155 104.918 93.683 111.303 112.927 110.307 105.101 93.501 111.687 113.063 110.501 105.538 92.870 112.717 113.131 108.596 108.855 109.293 108.871 108.131 108.933 109.281 108.938 113.576 109.019 109.710 109.060 114.413 109.129 109.826 109.182 115.178 109.374 110.009 109.335 117.773 109.436 110.190 109.359 118.759 109.533 110.323 109.425 122.241 109.539 110.527 109.410 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 0.5 1.5 0.0 2.1 0.1 0.0 –0.2 –0.5 0.0 0.1 0.3 0.7 –0.5 1.2 0.2 0.1 0.2 0.2 0.2 0.1 0.2 0.1 0.1 0.1 0.3 0.2 0.2 –0.1 0.4 0.1 0.1 0.2 –0.2 0.3 0.1 0.2 0.4 –0.7 0.9 0.1 8.4 0.1 0.6 0.1 –0.4 0.1 0.0 0.1 5.0 0.1 0.4 0.1 0.7 0.1 0.1 0.1 0.7 0.2 0.2 0.1 2.3 0.1 0.2 0.0 0.8 0.1 0.1 0.1 2.9 0.0 0.2 0.0 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 June Disposable personal income.................................................................... Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... –0.2 –1.5 –4.1 –7.2 –2.7 –0.1 r July 0.9 –0.7 –2.2 –2.8 –1.9 0.0 August r 1.8 0.3 –0.2 2.0 –1.3 0.5 September 2010 r 1.8 0.0 –0.8 –3.7 0.6 0.4 October r 1.7 0.6 1.0 2.1 0.5 0.4 November r 0.9 0.9 2.2 4.4 1.1 0.3 December r January p 0.8 1.7 3.7 6.6 2.4 0.7 0.0 1.4 2.7 4.6 1.9 0.8 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2009. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 June Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... July August September 2010 October r November r December r January p –0.4 –3.5 –1.4 –4.5 1.2 –0.9 –4.5 –1.9 –5.6 0.9 –0.6 –3.6 –2.2 –4.3 1.0 –0.6 –3.6 –1.8 –4.4 0.9 0.1 –2.0 –1.5 –2.2 1.1 1.4 1.7 –1.1 3.0 1.3 2.1 3.7 –0.9 5.9 1.3 2.1 3.7 –1.4 6.2 1.3 –26.2 1.5 –0.2 2.0 –29.0 1.3 –0.8 1.8 –23.8 1.3 –0.5 1.7 –22.6 1.2 –0.5 1.6 –15.2 1.4 0.1 1.6 5.6 1.5 1.5 1.6 18.2 1.5 2.2 1.6 19.5 1.4 2.1 1.4 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.