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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, AUGUST 31, 2007 James E. Rankin: Michael Armah: (202) 606-5301 (Personal Income) (202) 606-5302 (Personal Outlays) BEA 07-39 PERSONAL INCOME AND OUTLAYS: JULY 2007 Personal income increased $61.9 billion, or 0.5 percent, and disposable personal income (DPI) increased $57.3 billion, or 0.6 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $37.8 billion, or 0.4 percent. In June, personal income increased $45.7 billion, or 0.4 percent, DPI increased $36.5 billion, or 0.4 percent, and PCE increased $16.1 billion, or 0.2 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 2007 Apr. May June (Percent change from preceding month) July 0.8 -0.1 0.4 0.4 0.5 0.8 0.4 -0.1 -0.4 0.4 -0.1 0.4 0.2 0.6 0.5 0.2 -0.2 0.6 0.3 0.6 0.1 0.2 0.0 0.4 0.3 This news release presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for January through March 2007 (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/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $26.9 billion in July, compared with an increase of $28.7 billion in June. Goods-producing industries' payrolls increased $1.2 billion, compared with an increase of $5.2 billion; manufacturing payrolls increased $1.9 billion, compared with an increase of $4.2 billion. Services-producing industries' payrolls increased $25.7 billion, compared with an increase of $23.5 billion. Government wage and salary disbursements increased $1.9 billion, compared with an increase of $3.8 billion. -more- -3- Other personal income Supplements to wages and salaries increased $6.3 billion in July, compared with an increase of $5.6 billion in June. Proprietors' income increased $5.2 billion in July, in contrast to a decrease of $1.6 billion in June. Farm proprietors' income decreased less than $0.1 billion, compared with a decrease of $2.7 billion. Nonfarm proprietors' income increased $5.2 billion, compared with an increase of $1.1 billion. Rental income of persons decreased $1.7 billion in July, in contrast to an increase of $4.4 billion in June. Personal income receipts on assets (personal interest income plus personal dividend income) increased $16.2 billion, compared with an increase of $8.8 billion. Personal current transfer receipts increased $11.0 billion, in contrast to a decrease of $0.1 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $3.8 billion in July, the same increase as in June. Personal current taxes and disposable personal income Personal current taxes increased $4.6 billion in July, compared with an increase of $9.2 billion in June. Disposable personal income (DPI) -- personal income less personal current taxes -increased $57.3 billion, or 0.6 percent, in July, compared with an increase of $36.5 billion, or 0.4 percent, in June. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $37.1 billion in July, compared with an increase of $26.0 billion in June. PCE increased $37.8 billion, compared with an increase of $16.1 billion. Personal saving -- DPI less personal outlays -- was $72.2 billion in July, compared with $52.0 billion in June. Personal saving as a percentage of disposable personal income was 0.7 percent in July, compared with 0.5 percent in June. 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 0.5 percent in July, compared with an increase of 0.2 percent in June. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in July, compared with an increase of less than 0.1 percent in June. Purchases of durable goods increased 0.5 percent, in contrast to a decrease of 1.8 percent. Purchases of nondurable goods increased 0.4 percent, compared with an increase of 0.1 percent. Purchases of services increased 0.2 percent, compared with an increase of 0.3 percent. PCE price index -- The PCE price index increased 0.1 percent in July, compared with an increase of 0.2 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 reflect the incorporation of the most recently available BLS tabulations of first-quarter private wages and salaries from the quarterly census of employment and wages. Revisions to personal current taxes and to contributions for government social insurance reflect 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...................... 50.5 48.2 0.4 0.4 51.7 45.7 0.4 0.4 Disposable personal income: Current dollars...................... Chained (2000) dollars......... 41.1 -6.6 40.2 -6.4 0.4 -0.1 0.4 -0.1 42.1 23.4 36.5 18.1 0.4 0.3 0.4 0.2 Personal consumption expenditures: Current dollars...................... Chained (2000) dollars......... 62.5 13.5 53.8 6.9 0.6 0.2 0.6 0.1 11.1 -2.4 16.1 1.3 0.1 0.0 0.2 0.0 BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- Personal Income and Outlays for August will be released on September 28, 2007, at 8:30 A.M. EDT. -more- Table 1.—Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2006 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 .................................................................. 2007 Dec. Jan. r Feb. r Mar. r Apr. r May r June r July p 11,272.9 7,646.4 6,193.0 5,153.6 1,199.2 747.4 3,954.4 1,006.3 2,948.1 1,039.4 1,453.5 990.6 462.9 11,375.5 7,712.1 6,248.4 5,200.7 1,203.4 750.9 3,997.2 1,014.9 2,982.3 1,047.7 1,463.7 995.7 468.0 11,467.5 7,761.5 6,291.2 5,239.1 1,205.9 754.4 4,033.2 1,018.2 3,015.1 1,052.1 1,470.3 999.3 471.0 11,564.7 7,821.1 6,343.6 5,288.5 1,217.3 760.8 4,071.2 1,027.0 3,044.2 1,055.1 1,477.5 1,002.7 474.8 11,557.5 7,817.3 6,336.2 5,277.1 1,220.8 763.5 4,056.3 1,026.7 3,029.5 1,059.2 1,481.0 1,007.3 473.8 11,605.7 7,848.0 6,361.9 5,300.0 1,224.2 764.4 4,075.8 1,030.4 3,045.4 1,061.8 1,486.1 1,010.8 475.3 11,651.4 7,886.0 6,394.3 5,328.7 1,229.4 768.6 4,099.3 1,038.1 3,061.1 1,065.6 1,491.7 1,014.6 477.2 11,713.3 7,921.0 6,423.1 5,355.6 1,230.6 770.5 4,125.0 1,041.5 3,083.5 1,067.5 1,498.0 1,019.1 478.8 1,019.4 25.0 994.5 50.0 1,837.2 1,095.3 741.9 1,669.5 1,639.1 986.2 31.2 621.8 30.4 949.7 1,418.6 9,854.4 9,820.0 9,434.2 1,064.4 2,738.5 5,631.3 253.3 132.5 81.8 50.6 34.4 .3 1,019.8 27.2 992.6 51.2 1,859.5 1,110.7 748.8 1,696.4 1,668.8 990.0 31.6 647.3 27.6 963.5 1,440.8 9,934.7 9,878.8 9,497.5 1,075.6 2,741.1 5,680.8 248.3 133.0 82.7 50.4 55.9 .6 1,029.6 29.5 1,000.1 53.0 1,882.5 1,126.1 756.4 1,710.4 1,682.8 1,000.5 31.9 650.3 27.6 969.5 1,454.2 10,013.3 9,927.9 9,550.8 1,072.7 2,751.0 5,727.1 243.3 133.7 83.4 50.4 85.4 .9 1,032.9 30.5 1,002.3 55.4 1,906.6 1,141.5 765.0 1,725.3 1,697.6 1,007.8 31.9 657.9 27.7 976.6 1,469.1 10,095.5 9,945.7 9,573.0 1,073.6 2,786.1 5,713.4 238.3 134.4 84.1 50.4 149.8 1.5 1,030.3 27.0 1,003.3 57.8 1,915.7 1,142.3 773.4 1,711.4 1,683.7 1,010.2 31.9 641.6 27.7 975.1 1,474.6 10,082.9 10,017.9 9,633.2 1,069.0 2,794.5 5,769.7 247.5 137.2 84.7 52.5 65.0 .6 1,030.7 23.9 1,006.8 60.6 1,924.8 1,143.1 781.7 1,719.8 1,692.0 1,022.7 31.6 637.8 27.8 978.2 1,482.6 10,123.1 10,081.6 9,687.0 1,087.0 2,838.0 5,762.0 256.8 137.8 85.3 52.5 41.5 .4 1,029.1 21.2 1,007.9 65.0 1,933.6 1,143.9 789.7 1,719.7 1,691.8 1,026.7 31.5 633.6 27.9 982.0 1,491.8 10,159.6 10,107.6 9,703.1 1,068.5 2,838.6 5,796.0 266.1 138.4 85.9 52.5 52.0 .5 1,034.3 21.2 1,013.1 63.3 1,949.8 1,152.3 797.5 1,730.7 1,702.8 1,028.1 31.5 643.2 27.9 985.8 1,496.4 10,216.9 10,144.7 9,740.9 1,072.1 2,851.7 5,817.2 264.7 139.0 86.5 52.5 72.2 .7 8,538.4 8,583.9 8,627.7 8,659.9 8,624.8 8,618.4 8,636.5 8,677.9 32,719 28,350 301,183 32,963 28,481 301,389 33,202 28,608 301,583 33,451 28,694 301,799 33,384 28,556 302,028 33,491 28,513 302,262 33,585 28,550 302,507 33,746 28,662 302,761 p Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2007. 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 2005 2006 2006 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 2007 III IV Ir II r 10,301.1 7,024.6 5,667.9 4,686.9 1,098.7 704.1 3,588.3 937.0 2,651.2 980.9 1,356.8 927.7 429.1 10,983.4 7,440.8 6,018.2 4,997.6 1,166.8 731.0 3,830.8 985.1 2,845.7 1,020.6 1,422.6 970.7 451.8 10,787.1 7,348.7 5,945.6 4,941.1 1,161.3 732.9 3,779.9 971.7 2,808.1 1,004.4 1,403.1 955.2 447.9 10,915.5 7,371.9 5,958.4 4,944.6 1,155.9 723.3 3,788.6 980.9 2,807.8 1,013.8 1,413.5 965.5 448.0 11,030.9 7,442.5 6,015.8 4,988.8 1,158.5 724.3 3,830.3 985.8 2,844.5 1,027.0 1,426.7 975.4 451.3 11,200.2 7,599.9 6,153.0 5,115.7 1,191.4 743.3 3,924.4 1,002.2 2,922.2 1,037.2 1,446.9 986.7 460.2 11,469.2 7,764.9 6,294.4 5,242.7 1,208.9 755.4 4,033.9 1,020.0 3,013.8 1,051.7 1,470.5 999.2 471.3 11,604.9 7,850.4 6,364.1 5,301.9 1,224.8 765.5 4,077.1 1,031.8 3,045.4 1,062.2 1,486.3 1,010.9 475.4 969.9 30.8 939.1 42.9 1,617.8 1,018.9 598.9 1,520.7 1,483.1 845.3 31.3 606.4 37.6 874.8 1,209.1 9,092.0 9,047.4 8,707.8 1,023.9 2,516.2 5,167.8 217.7 121.8 74.5 47.3 44.6 .5 1,006.7 19.4 987.4 54.5 1,796.5 1,100.2 696.3 1,612.5 1,585.3 946.4 29.9 609.0 27.2 927.6 1,354.3 9,629.1 9,590.3 9,224.5 1,048.9 2,688.0 5,487.6 238.0 127.8 78.9 48.9 38.8 .4 1,000.1 20.8 979.3 59.0 1,725.6 1,065.7 659.9 1,572.5 1,546.9 917.4 30.2 599.3 25.7 918.8 1,318.6 9,468.5 9,384.0 9,034.7 1,042.6 2,622.1 5,370.0 227.1 122.2 76.9 45.3 84.5 .9 1,013.5 14.6 998.9 55.4 1,795.7 1,112.7 682.9 1,599.1 1,573.3 940.1 29.2 603.9 25.9 920.1 1,342.6 9,572.9 9,542.9 9,183.9 1,042.8 2,692.2 5,448.9 231.0 128.0 78.1 49.9 30.0 .3 1,003.6 18.1 985.5 52.9 1,828.1 1,119.7 708.4 1,630.6 1,603.2 956.1 30.0 617.1 27.4 926.8 1,355.2 9,675.8 9,677.1 9,305.7 1,053.8 2,732.4 5,519.5 242.3 129.1 79.6 49.5 –1.4 0 1,009.8 23.9 985.8 50.9 1,836.6 1,102.8 733.8 1,647.7 1,618.0 972.0 30.3 615.7 29.7 944.6 1,401.0 9,799.2 9,757.2 9,373.7 1,056.5 2,705.4 5,611.8 251.6 131.8 81.2 50.6 42.0 .4 1,027.4 29.1 998.3 53.2 1,882.9 1,126.1 756.8 1,710.7 1,683.1 999.4 31.8 651.8 27.6 969.8 1,454.7 10,014.5 9,917.5 9,540.5 1,074.0 2,759.4 5,707.1 243.3 133.7 83.4 50.4 97.0 1.0 1,030.1 24.1 1,006.0 61.1 1,924.7 1,143.1 781.6 1,717.0 1,689.2 1,019.9 31.7 637.6 27.8 978.4 1,483.0 10,121.9 10,069.0 9,674.4 1,074.8 2,823.7 5,775.9 256.8 137.8 85.3 52.5 52.8 .5 8,147.9 8,396.9 8,344.2 8,348.6 8,384.5 8,510.7 8,623.9 8,626.5 30,616 27,436 296,972 32,115 28,005 299,833 31,693 27,930 298,754 31,970 27,881 299,432 32,231 27,930 300,196 32,561 28,280 300,950 33,206 28,595 301,590 33,487 28,539 302,266 r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2007. 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 2006 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 ............ 2007 Jan. r Feb. r Mar. r Apr. r May r June r July p 85.6 49.5 42.8 40.6 9.7 6.2 31.0 2.1 28.8 2.1 6.8 3.9 3.0 102.6 65.7 55.4 47.1 4.2 3.5 42.8 8.6 34.2 8.3 10.2 5.1 5.1 92.0 49.4 42.8 38.4 2.5 3.5 36.0 3.3 32.8 4.4 6.6 3.6 3.0 97.2 59.6 52.4 49.4 11.4 6.4 38.0 8.8 29.1 3.0 7.2 3.4 3.8 –7.2 –3.8 –7.4 –11.4 3.5 2.7 –14.9 –.3 –14.7 4.1 3.5 4.6 –1.0 48.2 30.7 25.7 22.9 3.4 .9 19.5 3.7 15.9 2.6 5.1 3.5 1.5 45.7 38.0 32.4 28.7 5.2 4.2 23.5 7.7 15.7 3.8 5.6 3.8 1.9 61.9 35.0 28.8 26.9 1.2 1.9 25.7 3.4 22.4 1.9 6.3 4.5 1.6 12.3 .9 11.6 –1.1 .6 –7.4 8.0 29.8 29.1 19.3 2.3 7.6 .8 5.7 18.8 66.9 80.9 78.5 11.1 49.3 18.2 1.7 .7 .6 0 –13.9 .4 2.2 –1.9 1.2 22.3 15.4 6.9 26.9 29.7 3.8 .4 25.5 –2.8 13.8 22.2 80.3 58.8 63.3 11.2 2.6 49.5 –5.0 .5 .9 –.2 21.5 9.8 2.3 7.5 1.8 23.0 15.4 7.6 14.0 14.0 10.5 .3 3.0 0 6.0 13.4 78.6 49.1 53.3 –2.9 9.9 46.3 –5.0 .7 .7 0 29.5 3.3 1.0 2.2 2.4 24.1 15.4 8.6 14.9 14.8 7.3 0 7.6 .1 7.1 14.9 82.2 17.8 22.2 .9 35.1 –13.7 –5.0 .7 .7 0 64.4 –2.6 –3.5 1.0 2.4 9.1 .8 8.4 –13.9 –13.9 2.4 0 –16.3 0 –1.5 5.5 –12.6 72.2 60.2 –4.6 8.4 56.3 9.2 2.8 .6 2.1 –84.8 .4 –3.1 3.5 2.8 9.1 .8 8.3 8.4 8.3 12.5 –.3 –3.8 .1 3.1 8.0 40.2 63.7 53.8 18.0 43.5 –7.7 9.3 .6 .6 0 –23.5 –1.6 –2.7 1.1 4.4 8.8 .8 8.0 –.1 –.2 4.0 –.1 –4.2 .1 3.8 9.2 36.5 26.0 16.1 –18.5 .6 34.0 9.3 .6 .6 0 10.5 5.2 0 5.2 –1.7 16.2 8.4 7.8 11.0 11.0 1.4 0 9.6 0 3.8 4.6 57.3 37.1 37.8 3.6 13.1 21.2 –1.4 .6 .6 0 20.2 28.8 45.5 43.8 32.2 –35.1 –6.4 18.1 41.4 p Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2007. 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income 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 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 ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ 2006 2006 I II 2007 III IV Ir II r 573.9 353.2 273.4 235.5 49.5 17.2 186.1 38.4 147.6 37.8 79.9 59.2 20.8 682.3 416.2 350.3 310.7 68.1 26.9 242.5 48.1 194.5 39.7 65.8 43.0 22.7 219.7 190.4 167.7 154.5 41.7 24.5 113.0 20.8 92.1 13.0 22.7 10.6 12.1 128.4 23.2 12.8 3.5 –5.4 –9.6 8.7 9.2 –.3 9.4 10.4 10.3 .1 115.4 70.6 57.4 44.2 2.6 1.0 41.7 4.9 36.7 13.2 13.2 9.9 3.3 169.3 157.4 137.2 126.9 32.9 19.0 94.1 16.4 77.7 10.2 20.2 11.3 8.9 269.0 165.0 141.4 127.0 17.5 12.1 109.5 17.8 91.6 14.5 23.6 12.5 11.1 135.7 85.5 69.7 59.2 15.9 10.1 43.2 11.8 31.6 10.5 15.8 11.7 4.1 58.3 –6.5 64.8 –75.5 185.7 123.8 61.9 98.2 87.0 57.3 –4.7 34.4 11.2 46.0 162.8 411.1 548.2 511.9 40.0 172.5 299.5 26.4 9.7 5.6 4.2 –137.1 36.8 –11.4 48.3 11.6 178.7 81.3 97.4 91.8 102.2 101.1 –1.4 2.6 –10.4 52.8 145.2 537.1 542.9 516.7 25.0 171.8 319.8 20.3 6.0 4.4 1.6 –5.8 7.5 –7.4 14.9 –.3 16.1 –7.6 23.7 36.3 41.1 57.9 –1.3 –15.5 –4.7 30.3 67.6 152.1 138.3 135.4 36.9 30.8 67.6 4.5 –1.5 .7 –2.3 13.7 13.4 –6.2 19.6 –3.6 70.1 47.0 23.0 26.6 26.4 22.7 –1.0 4.6 .2 1.3 24.0 104.4 158.9 149.2 .2 70.1 78.9 3.9 5.8 1.2 4.6 –54.5 –9.9 3.5 –13.4 –2.5 32.4 7.0 25.5 31.5 29.9 16.0 .8 13.2 1.5 6.7 12.6 102.9 134.2 121.8 11.0 40.2 70.6 11.3 1.1 1.5 –.4 –31.4 6.2 5.8 .3 –2.0 8.5 –16.9 25.4 17.1 14.8 15.9 .3 –1.4 2.3 17.8 45.8 123.4 80.1 68.0 2.7 –27.0 92.3 9.3 2.7 1.6 1.1 43.4 17.6 5.2 12.5 2.3 46.3 23.3 23.0 63.0 65.1 27.4 1.5 36.1 –2.1 25.2 53.7 215.3 160.3 166.8 17.5 54.0 95.3 –8.3 1.9 2.2 –.2 55.0 2.7 –5.0 7.7 7.9 41.8 17.0 24.8 6.3 6.1 20.5 –.1 –14.2 .2 8.6 28.3 107.4 151.5 133.9 .8 64.3 68.8 13.5 4.1 1.9 2.1 –44.2 139.0 249.0 98.2 4.4 35.9 126.2 113.2 2.6 r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2007. 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 2006 2007 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 .......................................................................................................... 0.8 .7 .7 .5 0.9 .9 .9 .7 0.8 .6 .7 .4 0.8 .8 .8 .5 –0.1 0 –.1 .2 0.4 .4 .4 .3 0.4 .5 .5 .4 0.5 .4 .5 .4 1.2 –2.1 0 –.7 1.1 1.8 .6 1.3 .7 0 2.4 1.2 1.4 .9 1.6 1.5 1.6 .8 1.0 3.3 1.2 1.4 1.0 .8 .6 .9 .8 .3 4.6 1.3 1.4 1.1 .9 .7 1.0 .8 –.2 4.3 .5 .1 1.1 –.8 –.2 .4 –.1 0 4.9 .5 .1 1.1 .5 .3 .5 .4 –.2 7.2 .5 .1 1.0 0 .4 .6 .4 .5 –2.7 .8 .7 1.0 .6 .4 .3 .6 .8 1.1 1.8 .3 .7 1.0 .1 .9 .6 –.3 .4 .8 .2 .1 1.3 –.2 .6 –.4 .3 1.0 .6 1.7 1.6 –.1 .2 –1.7 0 .6 .4 .3 .5 .4 –.1 .2 .5 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... .3 .5 .5 .4 –.4 Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2007. p Table 6.—Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2005 2006 2006 I II 2007 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 .......................................................................................................... 5.9 5.3 5.1 6.3 6.6 5.9 6.2 4.8 8.6 11.1 12.1 6.8 4.8 1.3 .9 3.0 4.3 3.9 3.9 3.8 6.3 8.7 9.4 5.8 10.0 9.0 9.5 6.7 4.8 4.5 4.5 4.4 6.4 –63.8 13.0 13.8 11.5 6.9 5.5 15.6 4.7 3.8 27.2 11.0 8.0 16.3 6.0 6.0 12.0 5.9 3.0 –1.8 3.8 –2.8 15.8 9.8 14.4 23.4 6.7 5.5 –22.4 17.3 18.9 14.7 6.9 .6 7.5 4.5 –3.9 –16.7 7.4 2.5 15.8 8.1 3.0 3.8 4.4 2.5 –14.0 1.9 –5.9 15.1 4.3 7.9 14.2 5.2 7.2 19.2 10.5 8.7 13.1 16.2 11.1 16.2 9.1 1.0 74.5 9.2 6.2 13.8 1.5 3.6 8.0 4.4 6.2 4.1 7.4 6.2 5.9 2.4 6.8 6.2 6.2 15.5 4.9 5.2 6.8 .1 11.1 6.0 5.4 4.3 6.1 5.3 3.0 1.0 –3.9 6.9 7.3 6.8 8.2 7.0 5.7 .3 9.7 4.9 5.4 .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 2007. 1.7 3.1 4.9 .2 1.7 6.2 Table 7.—Real Personal Consumption Expenditures by Major Type of Product (Months) 2006 2007 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 .............................................................................................. 8,174.4 1,211.0 2,388.2 4,599.1 8,206.1 1,225.3 2,386.1 4,620.7 8,229.3 1,220.8 2,385.2 4,646.4 8,211.7 1,223.4 2,388.4 4,625.1 8,240.1 1,220.8 2,379.6 4,662.1 8,247.0 1,243.3 2,386.3 4,646.4 8,248.3 1,221.2 2,387.7 4,661.7 8,273.5 1,227.1 2,396.7 4,672.8 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 40.2 17.1 25.4 2.0 31.7 14.3 –2.1 21.6 23.2 –4.5 –.9 25.7 –17.6 2.6 3.2 –21.3 28.4 –2.6 –8.8 37.0 6.9 22.5 6.7 –15.7 1.3 –22.1 1.4 15.3 25.2 5.9 9.0 11.1 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 1.4 1.1 0 .4 1.2 –.1 .5 .3 –.4 0 .6 –.2 .2 .1 –.5 .3 –.2 –.4 .8 .1 1.8 .3 –.3 0 –1.8 .1 .3 .3 .5 .4 .2 Preliminary Revised Table 8.—Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2005 2006 2006 I II 2007 III IV I II r Billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 7,803.6 1,137.4 2,255.4 4,427.3 8,044.1 1,180.5 2,337.7 4,545.5 7,961.9 1,167.8 2,312.3 4,501.0 8,009.3 1,170.2 2,325.6 4,531.6 8,063.8 1,186.3 2,343.9 4,554.0 8,141.2 1,197.6 2,368.8 4,595.5 8,215.7 1,223.2 2,386.6 4,630.7 8,245.2 1,228.4 2,384.5 4,656.7 Change from preceding period in billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 242.2 52.6 77.8 116.3 240.5 43.1 82.3 118.2 85.0 44.0 25.5 23.5 47.4 2.4 13.3 30.6 54.5 16.1 18.3 22.4 77.4 11.3 24.9 41.5 74.5 25.6 17.8 35.2 29.5 5.2 –2.1 26.0 3.7 8.8 3.0 3.1 1.4 1.7 –.3 2.3 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. r Revised 3.2 4.9 3.6 2.7 3.1 3.8 3.6 2.7 4.4 16.6 4.5 2.1 2.4 .8 2.3 2.7 2.8 5.6 3.2 2.0 3.9 3.9 4.3 3.7 Table 9.—Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2006 2007 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 .............................................. 115.417 87.895 114.669 122.453 115.740 87.779 114.876 122.951 116.064 87.862 115.337 123.266 116.582 87.754 116.647 123.538 116.910 87.559 117.438 123.765 117.464 87.421 118.930 124.018 117.641 87.485 118.885 124.339 117.741 87.360 118.984 124.498 113.182 113.726 110.602 113.572 114.039 110.992 113.773 114.397 111.212 113.846 114.981 111.278 113.961 115.320 111.364 114.092 115.907 111.449 114.265 116.055 111.585 114.414 116.136 111.721 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 .............................................. .3 –.4 .8 .3 .3 –.1 .2 .4 .3 .1 .4 .3 .4 –.1 1.1 .2 .3 –.2 .7 .2 .5 –.2 1.3 .2 .2 .1 0 .3 .1 –.1 .1 .1 .1 .4 .1 .3 .3 .4 .2 .3 .2 .1 .5 .1 .1 .3 .1 .1 .5 .1 .2 .1 .1 .1 .1 .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 2006 2007 Dec. Disposable personal income ............................................................................... Personal consumption expenditures .................................................................. Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Jan. r 2.9 3.3 5.8 4.5 2.3 Feb. r 3.0 3.4 4.3 3.1 3.3 Mar. r 3.3 3.2 5.3 3.0 2.9 Apr. r 3.7 3.0 4.7 3.4 2.4 3.3 3.0 3.8 2.3 3.2 May r June r 3.5 3.0 6.9 2.6 2.4 3.2 2.8 4.3 2.7 2.6 July p 3.8 2.5 2.7 2.1 2.7 p Preliminary r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the first quarter of 2007. Table 11.—Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2006 2007 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 2.3 –1.7 2.1 3.2 2.1 –1.8 1.4 3.3 2.3 –1.6 1.9 3.3 2.5 –1.6 2.6 3.3 2.3 –1.9 2.2 3.2 2.4 –2.0 2.5 3.2 2.3 –1.6 2.2 3.1 2.1 –1.8 1.8 3.0 2.3 2.1 2.0 2.4 1.9 2.2 2.5 2.2 2.3 2.3 2.4 2.1 2.1 2.2 1.9 2.0 2.3 1.8 1.9 2.2 1.7 1.9 2.0 1.7