The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, AUGUST 31, 2006 James E. Rankin: Michael Armah: (202) 606-5301 (Personal Income) (202) 606-5302 (Personal Outlays) BEA 06-37 PERSONAL INCOME AND OUTLAYS: JULY 2006 Personal income increased $60.2 billion, or 0.5 percent, and disposable personal income (DPI) increased $63.9 billion, or 0.7 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $78.7 billion, or 0.8 percent. In June, personal income increased $60.0 billion, or 0.6 percent, DPI increased $47.8 billion, or 0.5 percent, and PCE increased $36.6 billion, or 0.4 percent, based on revised estimates. Mar. Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars 2006 Apr. May June (Percent change from preceding month) July 0.5 0.7 0.4 0.6 0.5 0.5 0.1 0.5 0.1 0.4 0.0 0.5 0.4 0.7 0.3 0.5 0.1 0.6 0.1 0.7 0.3 0.4 0.3 0.8 0.5 This news release also presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2006 (first quarter). These estimates reflect newly available first-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. NOTE.--Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Monthto-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2000) dollars. This news release is available on BEA's Web site at www.bea.gov/bea/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $33.9 billion in July, compared with an increase of $32.8 billion in June. Goods-producing industries' payrolls increased $3.5 billion, compared with an increase of $8.0 billion; manufacturing payrolls increased $2.1 billion, compared with an increase of $3.6 billion. Services-producing industries' payrolls increased $30.4 billion, compared with an increase of $24.8 billion. Government wage and salary disbursements increased $2.9 billion, compared with an increase of $3.5 billion. -more- -3- Other personal income Supplements to wages and salaries increased $8.1 billion in July, compared with an increase of $6.9 billion in June. Proprietors' income decreased $2.3 billion in July, compared with a decrease of $3.4 billion in June. Farm proprietors' income increased $1.2 billion, in contrast to a decrease of $2.3 billion. Nonfarm proprietors' income decreased $3.4 billion, compared with a decrease of $1.2 billion. Rental income of persons increased $2.5 billion in July, in contrast to a decrease of $5.7 billion in June. Personal income receipts on assets (personal interest income plus personal dividend income) increased $5.7 billion, compared with an increase of $24.0 billion. Personal current transfer receipts increased $14.8 billion, compared with an increase of $6.9 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $5.4 billion in July, compared with an increase of $5.0 billion in June. Personal current taxes and disposable personal income Personal current taxes decreased $3.7 billion in July, in contrast to an increase of $12.3 billion in June. Disposable personal income (DPI) -- personal income less personal current taxes -increased $63.9 billion, or 0.7 percent, in July, compared with an increase of $47.8 billion, or 0.5 percent, in June. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $79.7 billion in July, compared with an increase of $41.0 billion in June. PCE increased $78.7 billion, compared with an increase of $36.6 billion. Personal saving -- DPI less personal outlays -- was a negative $83.5 billion in July, compared with a negative $67.6 billion in June. Personal saving as a percentage of disposable personal income was a negative 0.9 percent in July, compared with a negative 0.7 percent in June. Negative personal saving reflects personal outlays that exceed disposable personal income. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth (which helped finance negative saving), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in July, compared with an increase of 0.4 percent in June. Real PCE -- PCE adjusted to remove price changes -- increased 0.5 percent in July, compared with an increase of 0.3 percent in June. Purchases of durable goods increased 1.6 percent, compared with an increase of 1.0 percent. Purchases of motor vehicles and parts accounted for most of the increases in July and in June. Purchases of nondurable goods increased 0.4 percent in July, compared with an increase of 0.2 percent in June. Purchases of services increased 0.4 percent, compared with an increase of 0.1 percent. PCE price index -- The PCE price index increased 0.3 percent in July, compared with an increase of 0.1 percent in June. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent. -more- -5- Revisions Estimates for personal income and DPI have been revised for January through June; estimates for PCE have been revised for April through June. Changes in personal income, currentdollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for May and June -- revised and as published in last month's release -- are shown below. For January through June, the revisions to wages and salaries reflected the incorporation of the most recently available BLS tabulations of first-quarter private wages and salaries from the quarterly census of employment and wages. Wages and salaries were revised up for all six months. Revisions to personal current taxes and to contributions for government social insurance reflected the revisions to wages and salaries. Change from preceding month May Previous Revised June Previous Revised (Billions of dollars) (Percent) Previous Revised Previous Revised (Billions of dollars) (Percent) Personal Income: Current dollars...................... 41.7 42.5 0.4 0.4 66.5 60.0 0.6 0.6 Disposable personal income: Current dollars...................... Chained (2000) dollars......... 34.6 -0.3 35.5 1.3 0.4 0.0 0.4 0.0 53.2 32.1 47.8 29.6 0.6 0.4 0.5 0.4 Personal consumption expenditures: Current dollars...................... Chained (2000) dollars......... 51.4 15.0 60.7 24.1 0.6 0.2 0.7 0.3 35.4 16.9 36.6 20.3 0.4 0.2 0.4 0.3 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 -- Personal Income and Outlays for August will be released on September 29, 2006, at 8:30 A.M. EDT. -more- Table 1.—Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2005 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 ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. 2006 Dec. Jan. r Feb. r Mar. r Apr. r May r June r July p 10,526.1 7,210.6 5,807.2 4,816.6 1,127.0 713.9 3,689.6 958.7 2,730.9 990.6 1,403.4 960.9 442.5 10,664.9 7,342.5 5,919.8 4,924.5 1,164.0 734.7 3,760.5 975.3 2,785.3 995.3 1,422.7 967.4 455.3 10,721.9 7,407.2 5,976.6 4,977.9 1,179.5 744.3 3,798.4 984.8 2,813.7 998.7 1,430.7 971.6 459.1 10,777.4 7,451.3 6,013.8 5,013.4 1,188.4 749.6 3,825.0 990.8 2,834.2 1,000.4 1,437.4 975.7 461.7 10,852.5 7,513.2 6,066.4 5,063.3 1,197.0 754.7 3,866.3 1,001.0 2,865.3 1,003.2 1,446.7 981.4 465.4 10,895.0 7,520.4 6,069.3 5,063.9 1,199.6 754.5 3,864.3 998.7 2,865.7 1,005.4 1,451.1 985.6 465.5 10,955.0 7,563.6 6,105.6 5,096.7 1,207.6 758.1 3,889.1 1,006.2 2,882.9 1,008.9 1,458.0 990.1 467.9 11,015.2 7,608.5 6,142.4 5,130.6 1,211.1 760.2 3,919.5 1,014.6 2,904.9 1,011.8 1,466.1 995.7 470.4 1,001.4 28.1 973.2 80.5 1,599.1 994.9 604.2 1,536.0 1,500.5 860.1 30.1 610.3 35.5 901.5 1,261.5 9,264.6 9,292.5 8,955.5 1,039.1 2,594.1 5,322.3 214.7 122.3 74.7 47.6 –27.8 –.3 1,006.6 24.6 982.0 78.0 1,600.8 992.0 608.8 1,566.3 1,531.9 901.4 28.6 601.9 34.4 929.3 1,317.8 9,347.1 9,371.3 9,034.4 1,069.8 2,655.7 5,308.9 216.6 120.4 75.2 45.2 –24.2 –.3 1,005.7 23.9 981.8 75.9 1,602.1 989.1 613.0 1,568.7 1,534.3 910.3 27.4 596.6 34.5 937.8 1,333.9 9,388.1 9,418.6 9,079.2 1,055.7 2,654.5 5,369.0 218.5 120.9 75.7 45.2 –30.6 –.3 1,012.5 23.2 989.3 76.4 1,603.9 986.2 617.8 1,576.3 1,541.7 917.9 27.4 596.4 34.6 943.0 1,346.2 9,431.3 9,465.7 9,123.8 1,066.9 2,664.5 5,392.5 220.4 121.4 76.3 45.2 –34.4 –.4 1,011.3 21.2 990.1 72.0 1,626.5 1,003.8 622.7 1,580.2 1,545.4 920.8 27.0 597.6 34.8 950.7 1,371.9 9,480.7 9,525.5 9,177.0 1,064.5 2,704.3 5,408.2 224.2 124.3 76.8 47.5 –44.8 –.5 1,017.8 19.0 998.8 67.4 1,649.6 1,021.4 628.2 1,591.1 1,556.1 927.9 27.0 601.2 35.0 951.3 1,378.7 9,516.2 9,590.6 9,237.7 1,058.7 2,728.9 5,450.1 228.1 124.8 77.3 47.5 –74.3 –.8 1,014.4 16.7 997.6 61.7 1,673.6 1,039.0 634.6 1,598.0 1,562.9 935.8 27.1 600.0 35.2 956.3 1,391.0 9,564.0 9,631.6 9,274.3 1,066.4 2,735.7 5,472.2 232.0 125.3 77.9 47.5 –67.6 –.7 1,012.1 17.9 994.2 64.2 1,679.3 1,038.4 641.0 1,612.8 1,577.4 931.4 27.3 618.7 35.4 961.7 1,387.3 9,627.9 9,711.3 9,353.0 1,083.8 2,762.8 5,506.4 232.5 125.9 78.4 47.5 –83.5 –.9 8,220.1 8,253.6 8,283.8 8,292.9 8,297.8 8,299.1 8,328.7 8,356.5 31,094 27,589 297,954 31,351 27,683 298,144 31,468 27,767 298,337 31,591 27,778 298,539 31,734 27,775 298,753 31,829 27,758 298,979 31,964 27,835 299,213 32,152 27,906 299,448 p Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2006. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.—Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2004 2005 2005 I 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 ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. II 2006 III IV Ir II r 9,731.4 6,665.3 5,392.1 4,450.3 1,050.8 688.0 3,399.5 899.2 2,500.3 941.8 1,273.2 866.1 407.1 10,239.2 7,030.3 5,664.8 4,687.1 1,101.3 704.7 3,585.8 937.2 2,648.5 977.7 1,365.5 933.2 432.3 10,048.8 6,889.6 5,555.7 4,587.3 1,078.9 696.9 3,508.4 918.2 2,590.3 968.4 1,333.9 909.8 424.1 10,161.5 6,953.7 5,601.3 4,627.6 1,087.5 697.3 3,540.0 930.4 2,609.7 973.7 1,352.4 924.7 427.7 10,262.7 7,093.6 5,715.2 4,734.6 1,113.9 709.7 3,620.7 945.5 2,675.2 980.6 1,378.4 942.1 436.3 10,483.7 7,184.4 5,787.0 4,798.9 1,124.9 715.0 3,673.9 954.9 2,719.0 988.1 1,397.4 956.1 441.3 10,721.4 7,400.3 5,970.1 4,972.0 1,177.3 742.8 3,794.7 983.6 2,811.0 998.1 1,430.3 971.6 458.7 10,900.8 7,532.4 6,080.4 5,074.6 1,201.4 755.8 3,873.2 1,002.0 2,871.3 1,005.8 1,451.9 985.7 466.3 911.1 36.2 874.9 127.0 1,427.9 890.8 537.1 1,426.5 1,398.4 791.4 36.0 571.0 28.1 826.4 1,049.8 8,681.6 8,507.2 8,211.5 986.3 2,345.2 4,880.1 186.0 109.7 66.8 42.9 174.3 2.0 970.7 30.2 940.4 72.8 1,519.4 945.0 574.4 1,526.6 1,480.9 844.9 31.3 604.6 45.7 880.6 1,203.1 9,036.1 9,070.9 8,742.4 1,033.1 2,539.3 5,170.0 209.4 119.2 72.0 47.1 –34.8 –.4 952.8 33.9 918.9 118.5 1,464.3 912.3 552.0 1,487.3 1,456.3 832.2 32.8 591.3 31.0 863.6 1,157.9 8,890.9 8,838.5 8,519.7 1,013.1 2,450.2 5,056.4 199.8 119.0 69.9 49.0 52.5 .6 965.8 28.7 937.1 102.8 1,500.5 934.8 565.7 1,510.1 1,477.2 844.4 30.7 602.1 33.0 871.5 1,191.8 8,969.7 9,000.4 8,674.6 1,042.3 2,508.6 5,123.7 208.5 117.3 71.3 46.0 –30.8 –.3 967.3 29.7 937.7 –11.5 1,532.7 951.2 581.5 1,569.0 1,489.2 848.5 30.2 610.4 79.8 888.5 1,215.0 9,047.7 9,180.3 8,847.3 1,057.3 2,584.9 5,205.1 214.6 118.5 72.7 45.8 –132.6 –1.5 996.8 28.7 968.1 81.5 1,580.2 981.7 598.5 1,539.8 1,500.8 854.6 31.6 614.5 39.0 898.9 1,247.6 9,236.1 9,264.5 8,927.8 1,019.6 2,613.5 5,294.7 214.9 121.8 74.2 47.6 –28.5 –.3 1,008.3 23.9 984.4 76.8 1,602.3 989.1 613.2 1,570.4 1,536.0 909.9 27.8 598.3 34.5 936.7 1,332.6 9,388.8 9,418.5 9,079.2 1,064.1 2,658.2 5,356.8 218.5 120.9 75.7 45.2 –29.7 –.3 1,014.5 19.0 995.5 67.0 1,649.9 1,021.4 628.5 1,589.8 1,554.8 928.1 27.0 599.6 35.0 952.8 1,380.5 9,520.3 9,582.6 9,229.6 1,063.2 2,723.0 5,443.5 228.1 124.8 77.3 47.5 –62.2 –.7 8,010.8 8,104.6 8,076.6 8,085.8 8,074.1 8,183.3 8,276.8 8,308.5 29,536 27,254 293,933 30,458 27,318 296,677 30,073 27,319 295,643 30,273 27,290 296,289 30,461 27,183 297,027 31,020 27,484 297,748 31,470 27,743 298,340 31,842 27,789 298,982 r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2006. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3.—Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2005 Dec. 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 ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ p Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2006. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 2006 Jan. r Feb. r Mar. r Apr. r May r June r July p 53.7 37.5 30.7 28.4 5.1 2.0 23.3 3.8 19.5 2.3 6.9 4.9 2.0 138.8 131.9 112.6 107.9 37.0 20.8 70.9 16.6 54.4 4.7 19.3 6.5 12.8 57.0 64.7 56.8 53.4 15.5 9.6 37.9 9.5 28.4 3.4 8.0 4.2 3.8 55.5 44.1 37.2 35.5 8.9 5.3 26.6 6.0 20.5 1.7 6.7 4.1 2.6 75.1 61.9 52.6 49.9 8.6 5.1 41.3 10.2 31.1 2.8 9.3 5.7 3.7 42.5 7.2 2.9 .6 2.6 –.2 –2.0 –2.3 .4 2.2 4.4 4.2 .1 60.0 43.2 36.3 32.8 8.0 3.6 24.8 7.5 17.2 3.5 6.9 4.5 2.4 60.2 44.9 36.8 33.9 3.5 2.1 30.4 8.4 22.0 2.9 8.1 5.6 2.5 6.0 –.6 6.5 –3.4 18.8 13.1 5.7 –1.3 –1.3 7.9 –.4 –8.9 .1 4.0 16.4 37.3 39.4 39.1 15.8 –.1 23.3 –.2 .5 .5 0 –2.0 5.2 –3.5 8.8 –2.5 1.7 –2.9 4.6 30.3 31.4 41.3 –1.5 –8.4 –1.1 27.8 56.3 82.5 78.8 78.9 30.7 61.6 –13.4 1.9 –1.9 .5 –2.4 3.6 –.9 –.7 –.2 –2.1 1.3 –2.9 4.2 2.4 2.4 8.9 –1.2 –5.3 .1 8.5 16.1 41.0 47.3 44.8 –14.1 –1.2 60.1 1.9 .5 .5 0 –6.4 6.8 –.7 7.5 .5 1.8 –2.9 4.8 7.6 7.4 7.6 0 –.2 .1 5.2 12.3 43.2 47.1 44.6 11.2 10.0 23.5 1.9 .5 .6 0 –3.8 –1.2 –2.0 .8 –4.4 22.6 17.6 4.9 3.9 3.7 2.9 –.4 1.2 .2 7.7 25.7 49.4 59.8 53.2 –2.4 39.8 15.7 3.8 2.9 .5 2.3 –10.4 6.5 –2.2 8.7 –4.6 23.1 17.6 5.5 10.9 10.7 7.1 0 3.6 .2 .6 6.8 35.5 65.1 60.7 –5.8 24.6 41.9 3.9 .5 .5 0 –29.5 –3.4 –2.3 –1.2 –5.7 24.0 17.6 6.4 6.9 6.8 7.9 .1 –1.2 .2 5.0 12.3 47.8 41.0 36.6 7.7 6.8 22.1 3.9 .5 .6 0 6.7 –2.3 1.2 –3.4 2.5 5.7 –.6 6.4 14.8 14.5 –4.4 .2 18.7 .2 5.4 –3.7 63.9 79.7 78.7 17.4 27.1 34.2 .5 .6 .5 0 –15.9 34.7 33.5 30.2 9.1 4.9 1.3 29.6 27.8 Table 4.—Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2004 2005 2005 I 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 ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ II 2006 III IV II r Ir 567.8 354.9 279.4 242.0 42.9 19.1 199.1 40.9 158.2 37.4 75.5 50.5 25.0 507.8 365.0 272.7 236.8 50.5 16.7 186.3 38.0 148.2 35.9 92.3 67.1 25.2 29.4 80.2 49.9 33.5 7.5 –1.2 26.0 1.9 24.2 16.3 30.4 21.5 8.8 112.7 64.1 45.6 40.3 8.6 .4 31.6 12.2 19.4 5.3 18.5 14.9 3.6 101.2 139.9 113.9 107.0 26.4 12.4 80.7 15.1 65.5 6.9 26.0 17.4 8.6 221.0 90.8 71.8 64.3 11.0 5.3 53.2 9.4 43.8 7.5 19.0 14.0 5.0 237.7 215.9 183.1 173.1 52.4 27.8 120.8 28.7 92.0 10.0 32.9 15.5 17.4 179.4 132.1 110.3 102.6 24.1 13.0 78.5 18.4 60.3 7.7 21.6 14.1 7.6 99.8 7.0 92.8 –6.0 91.3 –23.3 114.5 75.5 81.7 50.1 –16.8 48.5 –6.2 47.8 48.7 519.1 519.5 507.9 43.6 155.0 309.3 3.5 8.2 5.5 2.7 –.6 59.6 –6.0 65.5 –54.2 91.5 54.2 37.3 100.1 82.5 53.5 –4.7 33.6 17.6 54.2 153.3 354.5 563.7 530.9 46.8 194.1 289.9 23.4 9.5 5.2 4.2 –209.1 11.3 –.4 11.6 –4.9 –75.5 20.0 –95.5 38.9 32.8 23.8 .5 8.5 6.2 20.5 69.7 –40.3 116.2 104.9 6.7 37.5 60.7 3.6 7.8 1.0 6.6 –156.4 13.0 –5.2 18.2 –15.7 36.2 22.5 13.7 22.8 20.9 12.2 –2.1 10.8 2.0 7.9 33.9 78.8 161.9 154.9 29.2 58.4 67.3 8.7 –1.7 1.4 –3.0 –83.3 1.5 1.0 .6 –114.3 32.2 16.4 15.8 58.9 12.0 4.1 –.5 8.3 46.8 17.0 23.2 78.0 179.9 172.7 15.0 76.3 81.4 6.1 1.2 1.4 –.2 –101.8 29.5 –1.0 30.4 93.0 47.5 30.5 17.0 –29.2 11.6 6.1 1.4 4.1 –40.8 10.4 32.6 188.4 84.2 80.5 –37.7 28.6 89.6 .3 3.3 1.5 1.8 104.1 11.5 –4.8 16.3 –4.7 22.1 7.4 14.7 30.6 35.2 55.3 –3.8 –16.2 –4.5 37.8 85.0 152.7 154.0 151.4 44.5 44.7 62.1 3.6 –.9 1.5 –2.4 –1.2 6.2 –4.9 11.1 –9.8 47.6 32.3 15.3 19.4 18.8 18.2 –.8 1.3 .5 16.1 47.9 131.5 164.1 150.4 –.9 64.8 86.7 9.6 3.9 1.6 2.3 –32.5 280.9 93.8 –82.2 9.2 –11.7 109.2 93.5 31.7 r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2006. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5.—Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2005 2006 Dec. Feb. r Jan. r Mar. r Apr. r May r June r July 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 ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 0.5 .5 .5 .5 1.3 1.8 1.9 1.4 0.5 .9 1.0 .6 0.5 .6 .6 .5 0.7 .8 .9 .6 0.4 .1 0 .3 0.6 .6 .6 .5 0.5 .6 .6 .6 .6 –4.0 1.2 1.3 1.0 –.1 .4 1.3 .4 .5 –3.1 .1 –.3 .8 2.0 3.1 4.5 .9 –.1 –2.6 .1 –.3 .7 .2 .9 1.2 .4 .7 .7 .1 –.3 .8 .5 .6 .9 .5 –.1 –5.8 1.4 1.8 .8 .3 .8 1.9 .5 .6 –6.4 1.4 1.8 .9 .7 .1 .5 .4 –.3 –8.4 1.5 1.7 1.0 .4 .5 .9 .5 –.2 3.9 .3 –.1 1.0 .9 .6 –.3 .7 .4 1.5 0 .4 .9 3.0 2.4 –.3 .5 –1.3 0 1.1 .5 1.1 .4 .4 .6 –.2 1.5 .3 .7 –.5 .9 .8 .4 .7 .3 .4 .8 1.6 1.0 .6 0 .4 .3 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... .4 .4 .4 .1 .1 Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2006. p Table 6.—Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2004 2005 2005 I II 2006 III IV Ir II 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 ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 6.2 5.6 5.5 6.3 5.2 5.5 5.1 7.3 1.2 4.8 3.7 9.6 12.3 –4.5 6.8 –2.5 27.1 5.6 6.1 4.9 6.4 6.5 –42.7 6.4 6.1 7.0 7.0 6.6 14.6 4.1 4.8 –15.1 –18.2 9.3 –47.2 11.2 10.1 28.2 –1.8 6.6 4.6 7.1 6.8 6.5 4.7 8.3 5.9 5.1 2.7 6.4 5.0 4.6 3.8 3.3 5.7 8.9 5.2 5.1 5.6 9.4 12.6 13.3 9.7 6.9 7.3 7.6 6.2 5.6 .6 12.7 –43.3 .................. .................. 10.3 8.9 13.0 10.2 7.2 13.5 10.4 11.7 12.2 6.3 16.5 –7.3 3.7 8.0 4.8 12.2 8.0 11.2 3.6 3.5 8.6 4.7 –21.2 5.7 3.0 10.2 8.2 17.9 30.2 6.8 2.5 –41.9 12.4 13.7 10.4 5.0 7.0 15.2 5.7 7.0 18.6 7.0 4.8 6.8 –.4 10.1 6.6 4.6 1.5 7.5 12.1 9.9 5.4 4.0 8.3 8.4 7.9 8.2 5.9 12.7 6.5 3.7 –13.5 4.5 7.1 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2006. 3.6 1.2 –4.0 .5 –.6 5.5 Table 7.—Real Personal Consumption Expenditures by Major Type of Product (Months) 2005 2006 Dec. Jan. Feb. Mar. Apr. r May r June r July p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 7,945.8 1,161.8 2,310.5 4,491.6 7,977.5 1,195.2 2,343.3 4,465.4 8,011.3 1,181.0 2,346.4 4,505.3 8,022.6 1,195.2 2,338.6 4,512.8 8,032.0 1,192.1 2,347.6 4,515.5 8,056.1 1,185.8 2,352.5 4,538.5 8,076.4 1,197.5 2,357.1 4,544.7 8,117.9 1,216.3 2,366.8 4,561.1 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 36.2 19.6 5.2 14.7 31.7 33.4 32.8 –26.2 33.8 –14.2 3.1 39.9 11.3 14.2 –7.8 7.5 9.4 –3.1 9.0 2.7 24.1 –6.3 4.9 23.0 20.3 11.7 4.6 6.2 41.5 18.8 9.7 16.4 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. p r .5 1.7 .2 .3 .4 2.9 1.4 –.6 .4 –1.2 .1 .9 .1 1.2 –.3 .2 .1 –.3 .4 .1 .3 –.5 .2 .5 .3 1.0 .2 .1 .5 1.6 .4 .4 Preliminary Revised Table 8.—Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2004 2005 2005 I II 2006 III IV I II r Billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 7,577.1 1,085.7 2,179.2 4,323.9 7,841.2 1,145.3 2,276.8 4,436.6 7,739.4 1,116.8 2,241.5 4,395.3 7,819.8 1,150.8 2,268.4 4,420.0 7,895.3 1,175.9 2,287.6 4,454.5 7,910.2 1,137.9 2,309.6 4,476.7 8,003.8 1,190.5 2,342.8 4,494.5 8,054.8 1,191.8 2,352.4 4,532.9 Change from preceding period in billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 281.8 65.1 76.2 145.1 264.1 59.6 97.6 112.7 52.3 6.5 28.4 17.9 80.4 34.0 26.9 24.7 75.5 25.1 19.2 34.5 14.9 –38.0 22.0 22.2 93.6 52.6 33.2 17.8 51.0 1.3 9.6 38.4 4.8 19.8 5.9 1.6 2.6 .5 1.7 3.5 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. r Revised 3.9 6.4 3.6 3.5 3.5 5.5 4.5 2.6 2.7 2.4 5.2 1.6 4.2 12.8 4.9 2.3 3.9 9.0 3.4 3.2 .8 –12.3 3.9 2.0 Table 9.—Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2005 2006 Dec. Jan. Feb. Mar. Apr. r May r June r July p Chain-type price indexes (2000=100), seasonally adjusted Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. 112.715 89.432 112.294 118.505 113.258 89.501 113.351 118.900 113.340 89.389 113.150 119.180 113.737 89.264 113.953 119.502 114.265 89.288 115.212 119.780 114.676 89.278 116.017 120.095 114.842 89.046 116.084 120.416 115.223 89.097 116.754 120.733 110.574 111.423 108.512 110.758 111.971 108.629 110.928 111.988 108.735 111.264 112.390 109.065 111.529 112.931 109.292 111.767 113.378 109.541 111.996 113.519 109.751 112.149 113.904 109.863 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE ......................................................................................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. 0 –.2 –.2 .1 .5 .1 .9 .3 .1 –.1 –.2 .2 .4 –.1 .7 .3 .5 0 1.1 .2 .4 0 .7 .3 .1 –.3 .1 .3 .3 .1 .6 .3 .1 –.1 .1 .2 .5 .1 .2 0 .1 .3 .4 .3 .2 .5 .2 .2 .4 .2 .2 .1 .2 .1 .3 .1 Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p Table 10.—Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2005 2006 Dec. Disposable personal income ............................................................................... Personal consumption expenditures .................................................................. Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Jan. r –1.7 2.9 3.0 3.9 2.3 Feb. r 2.1 3.3 7.9 4.7 1.8 Mar. r 2.5 3.4 6.0 4.3 2.5 Apr. r 2.8 3.5 5.9 4.6 2.4 2.9 2.9 2.3 3.6 2.7 May r June r 2.7 3.4 6.2 3.9 2.6 2.6 2.7 2.3 3.5 2.4 July p 2.5 2.4 –1.7 3.8 2.6 p Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2006. Table 11.—Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2005 2006 Dec. Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. Preliminary Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p r Jan. Feb. Mar. Apr. r May r June r July p 2.9 –1.3 3.3 3.6 3.2 –1.5 4.3 3.7 3.0 –1.4 3.6 3.6 2.9 –1.5 3.5 3.5 3.0 –1.4 3.8 3.6 3.4 –1.6 5.0 3.6 3.5 –1.5 5.3 3.7 3.4 –1.1 4.8 3.6 2.1 2.8 1.8 2.0 3.1 1.6 2.0 2.8 1.6 2.0 2.7 1.6 2.2 2.8 1.8 2.2 3.3 1.8 2.3 3.4 2.0 2.4 3.3 2.0
@FedFRASER