Full text of Bureau of Economic Analysis (BEA) News Releases : Personal Income And Outlays: June 2007|Revised Estimates: 2004 Through May 2007, BEA 07-35 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, JULY 31, 2007
James E. Rankin:
Michael Armah:
Kurt Kunze:

(202) 606-5301 (Personal Income)
606-5302 (Personal Outlays)

BEA 07-35

606-9748 (Annual Revision)
PERSONAL INCOME AND OUTLAYS: JUNE 2007
REVISED ESTIMATES: 2004 THROUGH MAY 2007

Personal income increased $51.7 billion, or 0.4 percent, and disposable personal income (DPI)
increased $42.1 billion, or 0.4 percent, in June, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $11.1 billion, or 0.1 percent. In May, personal
income increased $50.5 billion, or 0.4 percent, DPI increased $41.1 billion, or 0.4 percent, and PCE
increased $62.5 billion, or 0.6 percent, based on revised estimates.
2007
Feb.
Mar.
Apr.
May
(Percent change from preceding month)
Personal income, current dollars
Disposable personal income:
Current dollars
Chained (2000) dollars
Personal consumption expenditures:
Current dollars
Chained (2000) dollars

June

0.7

0.8

-0.2

0.4

0.4

0.7
0.4

0.8
0.3

-0.3
-0.6

0.4
-0.1

0.4
0.3

0.6
0.3

0.2
-0.2

0.6
0.3

0.6
0.2

0.1
0.0

The estimates released today reflect the annual revision to the national income and product
accounts, beginning with January 2004. Annual revisions, which are usually released in July,
incorporate source data that are more complete, more detailed, and otherwise more reliable than those
previously available. This release includes revised estimates of monthly personal income, disposable
personal income, and outlays and provides an overview of the effects of the revision.
The August 2007 Survey of Current Business will contain national income and product accounts
tables and an article describing the revisions. The revised estimates will be available from BEA's
Web site at www.bea.gov.

NOTE.--Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-tomonth dollar changes are differences between these published estimates. Month-to-month percent changes are
calculated from unrounded data and are not annualized. “Real” estimates are in chained (2000) dollars.

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Wages and salaries
Private wage and salary disbursements increased $29.1 billion in June, compared with an
increase of $23.4 billion in May. Goods-producing industries' payrolls increased $5.1 billion,
compared with an increase of $4.7 billion; manufacturing payrolls increased $3.5 billion, compared
with an increase of $0.9 billion. Services-producing industries' payrolls increased $23.9 billion,
compared with an increase of $18.8 billion. Government wage and salary disbursements increased
$4.7 billion, compared with an increase of $3.7 billion.

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Other personal income
Supplements to wages and salaries increased $5.7 billion in June, compared with an increase of
$5.3 billion in May.
Proprietors' income increased $3.8 billion in June, compared with an increase of $2.7 billion in
May. Farm proprietors' income decreased $0.9 billion, compared with a decrease of $2.4 billion.
Nonfarm proprietors' income increased $4.7 billion, compared with an increase of $5.0 billion.
Rental income of persons increased $3.0 billion in June, compared with an increase of $1.5
billion in May. Personal income receipts on assets (personal interest income plus personal dividend
income) increased $8.8 billion, compared with an increase of $9.1 billion. Personal current transfer
receipts increased $0.6 billion in June, compared with an increase of $8.2 billion in May.
Contributions for government social insurance -- a subtraction in calculating personal income -increased $4.2 billion in June, compared with an increase of $3.3 billion in May.
Personal current taxes and disposable personal income
Personal current taxes increased $9.7 billion in June, compared with an increase $9.3 billion in
May. Disposable personal income (DPI) -- personal income less personal current taxes -- increased
$42.1 billion, or 0.4 percent, in June, compared with an increase of $41.1 billion, or 0.4 percent, in
May.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments
increased $16.4 billion in June, compared with an increase of $67.9 billion in May. PCE increased
$11.1 billion, compared with an increase of $62.5 billion.
Personal saving -- DPI less personal outlays -- was $64.0 billion in June, compared with $38.5
billion in May. Personal saving as a percentage of disposable personal income was 0.6 percent in
June, compared with 0.4 percent in May. 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, go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp.

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Real DPI and real PCE
Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in June, in contrast
to a decrease of 0.1 percent in May.
Real PCE -- PCE adjusted to remove price changes -- decreased less than 0.1 percent in June,
in contrast to an increase of 0.2 percent in May. Purchases of durable goods decreased 1.6 percent,
in contrast to an increase of 1.7 percent. Purchases of motor vehicles and parts accounted for about
half of the decrease in June. Purchases of nondurable goods increased less than 0.1 percent in June,
compared with an increase of 0.2 percent in May. Purchases of services increased 0.2 percent, in
contrast to a decrease of 0.1 percent.
PCE price index -- The PCE price index increased 0.1 percent in June, compared with an
increase of 0.5 percent in May. The PCE price index, excluding food and energy, increased 0.1
percent in June, the same increase as in May.

Revision of the Personal Income and Outlays Estimates
Personal income, personal outlays, DPI, and personal saving are revised, beginning with
January 2004 to reflect the results of the annual revision in the national income and product accounts
(NIPAs) released last week. The NIPAs usually are revised each July to incorporate newly available
and more comprehensive source data, as well as improved estimating methodologies.
The revised annual revisions to the estimates of personal income and outlays for 2004-2006
are shown in table 12. Revised and previously published monthly estimates of personal income,
DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in table 13;
revised and previously published annual and quarterly estimates are shown in table 14.
Personal income was revised down $4.2 billion, or less than 0.1 percent, for 2004; was
revised up $61.9 billion, or 0.6 percent, for 2005; and was revised up $92.2 billion, or 0.8 percent,
for 2006. For 2004, a downward revision to rental income of persons was partly offset by an
upward revision to compensation of employees. For 2005, large upward revisions to personal
interest income and to personal dividend income were partly offset by a large downward revision to
rental income of persons. For 2006, large upward revisions to personal interest income and to
personal dividend income were partly offset by downward revisions to compensation of employees,
to rental income of persons, and to proprietors’ income. Within compensation of employees,
supplements to wages and salaries accounted for most of the downward revision, although wage and
salary disbursements was also revised down. In addition, contributions for government social
insurance, which are subtracted in the calculation of personal income, was revised down.

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Disposable personal income (DPI) was revised down $0.7 billion, or less than 0.1 percent, for
2004; was revised up $55.9 billion, or 0.6 percent, for 2005; and was revised up $100.0 billion, or
1.0 percent, for 2006. The revisions were roughly similar to those to personal income, reflecting
small revisions to personal current taxes. Personal current taxes was revised down $3.5 billion for
2004; was revised up $6.0 billion for 2005, and was revised down $7.8 billion for 2006. The percent
change from the preceding year in real DPI was unrevised at 3.6 percent for 2004, was revised up
from 1.2 percent to 1.7 percent for 2005, and was revised up from 2.6 percent to 3.1 percent for
2006.
Personal outlays was revised down for all 3 years: $8.0 billion for 2004, $23.5 billion for
2005, and $35.2 billion for 2006. Downward revisions to PCE more than accounted for the
revisions for all 3 years. The personal saving rate was revised up from 2.0 percent to 2.1 percent for
2004, was revised up from negative 0.4 percent to positive 0.5 percent for 2005, and was revised up
from negative 1.0 percent to positive 0.4 percent for 2006.

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 July will be released on
August 31, 2007, at 8:30 A.M. EDT.

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Table 1.—Personal Income and Its Disposition (Months)
[Billions of dollars]
Seasonally adjusted at annual rates
2003

2004

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Personal income ..................................................................................................

9,389.0

9,434.4

9,486.6

9,527.3

Compensation of employees, received ........................................................

6,444.9

6,484.3

6,512.4

6,530.6

Wage and salary disbursements ..............................................................
Private industries ......................................................................................
Goods-producing industries ..................................................................
Manufacturing ...................................................................................
Services-producing industries ..............................................................
Trade, transportation, and utilities ...................................................
Other services-producing industries ................................................
Government ...............................................................................................

5,217.2
4,302.5
1,029.8
682.1
3,272.7
868.5
2,404.3
914.7

5,240.9
4,313.5
1,017.7
670.3
3,295.8
874.6
2,421.1
927.4

5,263.9
4,332.9
1,017.1
668.5
3,315.9
878.6
2,437.3
930.9

Supplements to wages and salaries ........................................................
Employer contributions for employee pension and insurance funds ......
Employer contributions for government social insurance ........................

1,227.7
838.3
389.4

1,243.4
845.4
398.0

Proprietors’ income with inventory valuation and capital consumption
adjustments ..................................................................................................
Farm ..............................................................................................................
Nonfarm .........................................................................................................

850.9
33.6
817.2

858.9
38.8
820.1

Oct.

9,575.8

9,641.1

9,671.9

9,720.2

9,789.2

9,803.5

9,886.7

6,579.6

6,629.9

6,644.9

6,698.0

6,733.5

6,772.7

6,810.7

5,277.8
4,341.4
1,019.0
667.0
3,322.4
879.3
2,443.2
936.4

5,319.4
4,375.2
1,031.3
676.2
3,343.9
887.9
2,456.1
944.2

5,362.2
4,421.4
1,044.4
684.6
3,377.0
893.4
2,483.6
940.8

5,372.0
4,430.2
1,045.5
683.4
3,384.6
895.8
2,488.8
941.8

5,417.7
4,473.5
1,058.0
694.2
3,415.5
902.2
2,513.3
944.2

5,446.3
4,499.7
1,066.3
699.6
3,433.4
905.1
2,528.3
946.7

5,479.5
4,531.2
1,070.7
701.3
3,460.5
912.1
2,548.5
948.2

5,510.3
4,559.5
1,072.6
700.3
3,486.9
918.3
2,568.6
950.9

1,248.5
848.7
399.8

1,252.7
852.1
400.7

1,260.2
857.1
403.1

1,267.8
861.4
406.4

1,272.9
865.8
407.1

1,280.3
870.3
409.9

1,287.2
875.2
412.0

1,293.2
879.2
414.0

1,300.3
884.3
416.0

876.9
40.6
836.3

902.2
41.4
860.8

900.1
40.4
859.7

909.8
39.7
870.1

916.2
38.7
877.5

916.5
35.0
881.5

915.2
32.6
882.6

910.5
31.4
879.1

937.1
37.1
899.9

Rental income of persons with capital consumption adjustment ............

157.8

145.7

140.7

134.8

129.7

125.7

122.6

124.0

116.0

76.4

107.4

Personal income receipts on assets ............................................................
Personal interest income ..............................................................................
Personal dividend income .............................................................................

1,350.6
901.8
448.8

1,356.0
894.1
461.9

1,359.5
887.6
471.9

1,363.9
882.4
481.5

1,372.7
883.4
489.3

1,383.8
885.5
498.4

1,396.5
888.7
507.8

1,408.9
891.8
517.1

1,420.1
894.0
526.1

1,431.5
896.4
535.1

1,446.0
900.7
545.3

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) ...................................

1,377.2
1,347.6
760.8
51.7
535.1
29.7

1,397.2
1,370.9
769.9
44.9
556.2
26.3

1,408.5
1,383.6
778.4
43.3
562.0
24.9

1,408.9
1,384.8
779.2
39.6
566.1
24.1

1,411.8
1,388.5
781.3
34.9
572.3
23.3

1,416.4
1,393.7
783.2
36.7
573.9
22.7

1,417.7
1,395.6
785.2
35.4
574.9
22.1

1,404.8
1,383.3
781.2
33.0
569.0
21.6

1,440.4
1,404.2
796.8
35.7
571.8
36.2

1,452.8
1,401.1
793.1
32.0
576.0
51.7

1,430.0
1,409.0
797.8
32.4
578.8
21.0

Less: Contributions for government social insurance ..............................

792.4

807.8

811.4

813.2

818.2

824.6

826.0

832.0

836.0

840.3

844.4

Less: Personal current taxes .............................................................................

1,018.1

1,005.6

1,008.5

1,010.2

1,016.4

1,025.6

1,031.3

1,050.3

1,061.7

1,074.2

1,082.6

Equals: Disposable personal income ...............................................................

8,370.9

8,428.8

8,478.1

8,517.1

8,559.3

8,615.5

8,640.6

8,669.8

8,727.4

8,729.4

8,804.1

Less: Personal outlays .......................................................................................

8,173.9

8,265.1

8,287.8

8,345.7

8,373.8

8,478.3

8,446.6

8,518.1

8,535.6

8,607.4

8,667.7

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) .......................................................................

7,885.3
955.7
2,232.2
4,697.4
181.9
106.8
63.7
43.1

7,975.3
959.6
2,272.5
4,743.1
181.6
108.3
65.2
43.0

7,998.3
968.3
2,267.8
4,762.1
180.5
109.1
66.1
43.0

8,056.7
980.8
2,312.3
4,763.5
179.1
109.8
66.8
43.0

8,079.9
972.1
2,298.4
4,809.4
182.8
111.2
67.5
43.7

8,180.2
997.6
2,342.8
4,839.8
186.2
111.8
68.1
43.7

8,144.7
954.8
2,341.9
4,848.1
189.4
112.5
68.8
43.7

8,213.0
985.5
2,347.3
4,880.3
192.1
113.0
69.4
43.6

8,227.0
972.9
2,347.6
4,906.4
195.0
113.6
70.0
43.6

8,295.3
1,002.4
2,365.7
4,927.2
198.0
114.1
70.5
43.6

8,353.3
996.9
2,407.9
4,948.4
201.0
113.3
71.1
42.2

Equals: Personal saving .....................................................................................

197.0

163.7

190.2

171.4

185.5

137.2

193.9

151.8

191.8

122.0

136.4

Personal saving as a percentage of disposable personal income ..........

2.4

1.9

2.2

2.0

2.2

1.6

2.2

1.8

2.2

1.4

1.5

7,867.8

7,892.6

7,910.1

7,923.3

7,945.7

7,959.3

7,960.3

7,982.6

8,030.5

8,023.4

8,051.5

28,606
26,887
292,626

28,785
26,954
292,816

28,934
26,996
293,011

29,046
27,021
293,226

29,167
27,076
293,455

29,336
27,101
293,687

29,397
27,082
293,930

29,470
27,134
294,189

29,639
27,272
294,455

29,619
27,224
294,722

29,846
27,295
294,981

Addenda:
Disposable personal income:
Total, billions of chained (2000) dollars 2 ....................................................
Per capita:
Current dollars ..........................................................................................
Chained (2000) dollars .............................................................................
Population (midperiod, thousands) 3 .................................................................
See footnotes at the end of the table.

Table 1.—Personal Income and Its Disposition (Months)—Continued
[Billions of dollars]
Seasonally adjusted at annual rates
2004
Nov.

2005
Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.
10,472.0

Personal income ..................................................................................................

9,917.8

10,272.0

10,032.3

10,074.6

10,115.4

10,189.5

10,225.3

10,287.5

10,363.0

10,150.8

Compensation of employees, received ........................................................

6,815.2

6,845.1

6,877.3

6,889.4

6,904.6

6,944.1

6,954.1

6,985.6

7,066.0

7,082.9

7,116.6

Wage and salary disbursements ..............................................................
Private industries ......................................................................................
Goods-producing industries ..................................................................
Manufacturing ...................................................................................
Services-producing industries ..............................................................
Trade, transportation, and utilities ...................................................
Other services-producing industries ................................................
Government ...............................................................................................

5,509.8
4,557.1
1,071.5
697.3
3,485.6
916.6
2,569.1
952.6

5,534.3
4,581.1
1,076.8
700.5
3,504.3
919.3
2,585.0
953.2

5,551.3
4,582.7
1,075.7
700.8
3,507.0
920.8
2,586.2
968.6

5,558.0
4,586.6
1,076.0
698.9
3,510.6
920.3
2,590.2
971.4

5,568.1
4,595.1
1,075.1
695.3
3,520.0
922.4
2,597.6
973.0

5,601.4
4,626.0
1,082.1
698.6
3,543.9
931.7
2,612.2
975.4

5,607.3
4,630.1
1,085.1
699.6
3,545.0
930.1
2,614.9
977.2

5,633.4
4,654.3
1,091.4
701.3
3,562.9
932.6
2,630.3
979.0

5,703.2
4,721.4
1,108.5
709.3
3,612.9
945.4
2,667.5
981.8

5,715.2
4,731.3
1,115.5
711.9
3,615.8
943.3
2,672.6
983.8

5,742.8
4,756.1
1,115.8
708.6
3,640.3
945.3
2,695.0
986.7

Supplements to wages and salaries ........................................................
Employer contributions for employee pension and insurance funds ......
Employer contributions for government social insurance ........................

1,305.4
889.5
415.9

1,310.8
893.5
417.3

1,326.0
903.8
422.2

1,331.4
909.0
422.4

1,336.5
913.7
422.8

1,342.6
917.7
425.0

1,346.8
921.5
425.3

1,352.2
925.5
426.7

1,362.8
931.3
431.6

1,367.8
935.5
432.3

1,373.8
940.0
433.8

Proprietors’ income with inventory valuation and capital consumption
adjustments ..................................................................................................
Farm ..............................................................................................................
Nonfarm .........................................................................................................

943.8
36.8
907.0

952.5
35.5
917.0

945.2
30.9
914.3

946.5
29.7
916.8

954.6
29.8
924.8

962.8
33.6
929.2

967.9
34.2
933.7

982.7
34.2
948.4

983.3
32.7
950.6

925.3
29.4
895.9

992.6
30.6
962.1

Rental income of persons with capital consumption adjustment ............

101.5

96.1

92.3

87.5

83.1

78.8

74.5

70.2

64.1

–264.2

50.6

Personal income receipts on assets ............................................................
Personal interest income ..............................................................................
Personal dividend income .............................................................................

1,463.9
911.1
552.8

1,782.4
925.2
857.3

1,508.3
949.1
559.2

1,527.8
964.9
562.9

1,546.8
977.9
568.9

1,567.9
989.8
578.1

1,590.1
1,004.5
585.6

1,612.2
1,018.9
593.3

1,628.5
1,026.8
601.7

1,644.1
1,034.0
610.1

1,659.2
1,040.6
618.6

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) ...................................

1,437.8
1,416.7
802.5
33.3
580.8
21.2

1,443.6
1,421.6
808.1
30.8
582.7
22.0

1,469.3
1,445.5
819.6
33.6
592.3
23.9

1,484.2
1,459.5
832.3
32.0
595.2
24.7

1,488.3
1,463.0
833.4
31.4
598.2
25.3

1,502.4
1,476.9
840.4
30.9
605.6
25.5

1,505.8
1,480.0
841.7
32.0
606.3
25.8

1,507.3
1,481.2
845.9
29.9
605.4
26.1

1,500.9
1,474.5
847.5
30.6
596.4
26.4

1,643.8
1,496.7
851.7
31.1
613.9
147.0

1,537.3
1,502.2
852.7
30.0
619.5
35.0

Less: Contributions for government social insurance ..............................

844.5

847.6

860.1

860.8

862.0

866.4

867.1

870.3

879.7

881.1

884.3

Less: Personal current taxes .............................................................................

1,089.3

1,100.1

1,158.8

1,166.3

1,174.2

1,188.1

1,194.5

1,203.9

1,215.7

1,222.4

1,232.3

Equals: Disposable personal income ...............................................................

8,828.6

9,171.9

8,873.5

8,908.3

8,941.3

9,001.4

9,030.8

9,083.6

9,147.4

8,928.3

9,239.7

Less: Personal outlays .......................................................................................

8,706.4

8,757.7

8,771.4

8,824.5

8,861.2

8,945.3

8,935.5

9,031.5

9,130.4

9,134.7

9,196.7

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) .......................................................................

8,389.0
997.1
2,410.6
4,981.4
203.6
113.8
71.6
42.2

8,437.7
1,018.2
2,409.5
5,010.0
205.8
114.2
72.0
42.2

8,442.6
1,000.8
2,415.2
5,026.6
207.2
121.6
72.5
49.2

8,494.2
1,009.1
2,442.5
5,042.6
208.3
122.0
72.9
49.2

8,529.5
1,019.1
2,438.6
5,071.7
209.3
122.4
73.2
49.2

8,611.5
1,051.8
2,485.7
5,074.0
213.6
120.2
73.7
46.6

8,597.2
1,005.2
2,478.2
5,113.8
217.6
120.6
74.0
46.6

8,689.2
1,050.9
2,489.1
5,149.1
221.4
121.0
74.4
46.6

8,787.9
1,096.6
2,513.1
5,178.2
221.9
120.6
74.8
45.8

8,791.4
1,032.7
2,552.2
5,206.5
222.4
121.0
75.1
45.8

8,852.4
1,003.1
2,605.8
5,243.5
223.0
121.3
75.5
45.8

Equals: Personal saving .....................................................................................

122.1

414.1

102.1

83.8

80.1

56.1

95.3

52.1

17.0

–206.4

43.0

Personal saving as a percentage of disposable personal income ..........

1.4

4.5

1.2

.9

.9

.6

1.1

.6

.2

–2.3

.5

8,055.4

8,369.1

8,085.9

8,092.7

8,091.0

8,114.4

8,132.0

8,176.2

8,199.4

7,971.3

8,174.9

29,904
27,286
295,225

31,043
28,326
295,460

30,011
27,348
295,671

30,109
27,352
295,871

30,198
27,326
296,092

30,377
27,383
296,326

30,451
27,421
296,563

30,604
27,547
296,812

30,792
27,601
297,074

30,027
26,809
297,339

31,047
27,469
297,606

Addenda:
Disposable personal income:
Total, billions of chained (2000) dollars 2 ....................................................
Per capita:
Current dollars ..........................................................................................
Chained (2000) dollars .............................................................................
Population (midperiod, thousands) 3 .................................................................
See footnotes at the end of the table.

Table 1.—Personal Income and Its Disposition (Months)—Continued
[Billions of dollars]
Seasonally adjusted at annual rates
2005

2006

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Personal income ..................................................................................................

10,518.1

10,558.4

10,625.8

10,749.5

10,787.5

10,824.4

10,873.9

10,893.9

10,978.6

10,987.7

11,028.0

Compensation of employees, received ........................................................

7,128.2

7,148.7

7,197.9

7,314.7

7,359.9

7,371.6

7,370.9

7,338.6

7,406.1

7,414.4

7,432.0

Wage and salary disbursements ..............................................................
Private industries ......................................................................................
Goods-producing industries ..................................................................
Manufacturing ...................................................................................
Services-producing industries ..............................................................
Trade, transportation, and utilities ...................................................
Other services-producing industries ................................................
Government ...............................................................................................

5,752.3
4,764.0
1,117.1
710.0
3,646.9
945.6
2,701.3
988.3

5,768.9
4,777.6
1,116.2
705.3
3,661.5
950.3
2,711.1
991.3

5,812.6
4,818.1
1,125.6
709.9
3,692.5
956.8
2,735.7
994.5

5,916.3
4,915.5
1,154.6
728.2
3,760.8
967.5
2,793.3
1,000.9

5,956.0
4,951.1
1,164.9
735.7
3,786.2
973.0
2,813.2
1,004.9

5,964.5
4,956.9
1,164.3
734.9
3,792.6
974.7
2,817.9
1,007.6

5,960.2
4,949.7
1,156.0
726.8
3,793.7
981.3
2,812.4
1,010.5

5,927.4
4,913.8
1,151.0
722.4
3,762.8
974.9
2,787.9
1,013.6

5,987.5
4,970.2
1,160.7
720.8
3,809.4
986.5
2,822.9
1,017.4

5,993.0
4,971.2
1,156.0
723.0
3,815.1
983.7
2,831.4
1,021.8

6,006.0
4,979.0
1,158.0
724.7
3,821.0
983.9
2,837.2
1,026.9

Supplements to wages and salaries ........................................................
Employer contributions for employee pension and insurance funds ......
Employer contributions for government social insurance ........................

1,375.9
941.6
434.3

1,379.8
944.7
435.1

1,385.4
947.5
437.9

1,398.4
952.2
446.2

1,403.9
955.3
448.6

1,407.2
958.2
448.9

1,410.6
962.2
448.4

1,411.2
965.4
445.8

1,418.6
968.8
449.8

1,421.4
971.4
450.0

1,426.0
975.5
450.5

Proprietors’ income with inventory valuation and capital consumption
adjustments ..................................................................................................
Farm ..............................................................................................................
Nonfarm .........................................................................................................

991.5
30.0
961.5

991.1
28.3
962.8

995.3
26.2
969.1

998.9
23.2
975.8

994.9
20.7
974.2

1,006.3
18.5
987.8

1,011.3
15.2
996.1

1,018.6
14.2
1,004.3

1,010.7
14.3
996.4

1,002.9
16.6
986.3

1,007.0
18.0
989.0

Rental income of persons with capital consumption adjustment ............

54.2

61.5

62.1

60.6

58.3

58.0

57.0

55.7

53.3

52.8

52.7

Personal income receipts on assets ............................................................
Personal interest income ..............................................................................
Personal dividend income .............................................................................

1,687.2
1,059.9
627.4

1,710.4
1,074.2
636.2

1,730.8
1,085.8
645.0

1,722.4
1,069.7
652.7

1,724.3
1,064.6
659.8

1,730.0
1,062.7
667.3

1,768.4
1,093.5
674.8

1,796.3
1,113.7
682.7

1,822.3
1,131.0
691.4

1,821.9
1,122.1
699.8

1,827.8
1,119.3
708.4

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) ...................................

1,542.6
1,504.7
855.8
33.6
615.4
37.8

1,533.9
1,507.1
856.5
31.0
619.7
26.8

1,532.3
1,505.6
866.3
30.0
609.3
26.6

1,567.5
1,541.6
907.8
32.1
601.7
25.9

1,570.4
1,544.7
917.7
29.7
597.3
25.7

1,579.7
1,554.2
926.6
28.6
599.0
25.5

1,587.0
1,561.5
930.8
30.5
600.2
25.5

1,600.5
1,574.7
939.7
29.6
605.4
25.8

1,609.8
1,583.6
949.8
27.5
606.3
26.2

1,620.2
1,593.4
947.7
31.1
614.6
26.8

1,634.3
1,606.9
958.2
29.2
619.5
27.4

Less: Contributions for government social insurance ..............................

885.5

887.3

892.6

914.7

920.4

921.2

920.6

915.9

923.7

924.5

925.7

Less: Personal current taxes .............................................................................

1,240.8

1,249.4

1,262.9

1,306.6

1,320.2

1,329.0

1,338.2

1,338.0

1,351.5

1,347.9

1,352.7

Equals: Disposable personal income ...............................................................

9,277.3

9,309.0

9,362.9

9,442.9

9,467.3

9,495.5

9,535.7

9,555.9

9,627.1

9,639.8

9,675.3

Less: Personal outlays .......................................................................................

9,233.7

9,233.5

9,269.8

9,341.9

9,389.7

9,420.5

9,497.0

9,549.7

9,582.1

9,673.3

9,680.4

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) .......................................................................

8,887.7
987.2
2,631.0
5,269.5
222.6
123.4
75.8
47.6

8,887.2
1,007.2
2,575.6
5,304.4
222.5
123.8
76.2
47.6

8,923.2
1,022.8
2,567.2
5,333.3
222.6
124.1
76.5
47.6

8,995.0
1,049.7
2,622.0
5,323.3
225.0
121.9
76.5
45.3

9,040.3
1,035.7
2,619.8
5,384.8
227.2
122.2
76.9
45.3

9,068.8
1,042.4
2,624.6
5,401.9
229.1
122.6
77.2
45.3

9,139.2
1,049.1
2,674.0
5,416.2
230.2
127.6
77.7
49.9

9,190.6
1,037.5
2,700.2
5,452.8
231.0
128.0
78.1
49.9

9,221.8
1,041.7
2,702.4
5,477.7
231.7
128.5
78.6
49.9

9,307.9
1,063.3
2,743.8
5,500.8
236.8
128.6
79.1
49.5

9,309.1
1,045.4
2,747.9
5,515.7
242.2
129.1
79.6
49.5

Equals: Personal saving .....................................................................................

43.6

75.5

93.1

101.0

77.6

74.9

38.7

6.3

45.0

–33.5

–5.0

Personal saving as a percentage of disposable personal income ..........

.5

.8

1.0

1.1

.8

.8

.4

.1

.5

–.3

–.1

8,189.6

8,248.7

8,299.9

8,333.3

8,348.4

8,351.1

8,345.5

8,327.6

8,372.6

8,358.3

8,368.6

31,146
27,495
297,864

31,227
27,670
298,108

31,383
27,820
298,343

31,629
27,913
298,551

31,690
27,945
298,747

31,761
27,934
298,964

31,871
27,893
299,194

31,914
27,812
299,429

32,125
27,939
299,674

32,140
27,867
299,933

32,230
27,877
300,195

Addenda:
Disposable personal income:
Total, billions of chained (2000) dollars 2 ....................................................
Per capita:
Current dollars ..........................................................................................
Chained (2000) dollars .............................................................................
Population (midperiod, thousands) 3 .................................................................
See footnotes at the end of the table.

Table 1.—Personal Income and Its Disposition (Months)—Continued
[Billions of dollars]
Seasonally adjusted at annual rates
2006

2007

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June p

Personal income .....................................................................................................................

11,077.0

11,140.4

11,187.3

11,272.9

11,401.1

11,480.4

11,570.9

11,547.5

11,598.0

11,649.7

Compensation of employees, received ...........................................................................

7,481.2

7,556.4

7,596.9

7,646.4

7,743.6

7,778.4

7,830.3

7,807.5

7,839.9

7,879.5

Wage and salary disbursements .................................................................................
Private industries .........................................................................................................
Goods-producing industries ....................................................................................
Manufacturing ......................................................................................................
Services-producing industries .................................................................................
Trade, transportation, and utilities ......................................................................
Other services-producing industries ...................................................................
Government .................................................................................................................

6,048.6
5,016.2
1,161.4
725.4
3,854.8
989.7
2,865.1
1,032.4

6,115.7
5,080.6
1,185.4
741.3
3,895.3
996.1
2,899.2
1,035.1

6,150.2
5,113.0
1,189.5
741.2
3,923.4
1,004.2
2,919.3
1,037.3

6,193.0
5,153.6
1,199.2
747.4
3,954.4
1,006.3
2,948.1
1,039.4

6,276.9
5,229.2
1,204.2
747.2
4,025.0
1,013.7
3,011.3
1,047.7

6,306.1
5,253.9
1,205.8
749.3
4,048.1
1,015.5
3,032.7
1,052.1

6,351.3
5,296.2
1,216.1
754.0
4,080.1
1,021.7
3,058.4
1,055.1

6,326.2
5,266.8
1,219.6
756.7
4,047.2
1,022.4
3,024.9
1,059.4

6,353.4
5,290.2
1,224.3
757.6
4,066.0
1,026.5
3,039.5
1,063.1

6,387.1
5,319.3
1,229.4
761.1
4,089.9
1,032.6
3,057.3
1,067.8

Supplements to wages and salaries ...........................................................................
Employer contributions for employee pension and insurance funds .........................
Employer contributions for government social insurance ..........................................

1,432.6
979.4
453.2

1,440.7
982.8
457.9

1,446.7
986.7
459.9

1,453.5
990.6
462.9

1,466.8
995.7
471.1

1,472.3
999.3
473.0

1,479.1
1,002.7
476.4

1,481.3
1,007.3
474.0

1,486.6
1,010.9
475.7

1,492.3
1,014.6
477.8

Proprietors’ income with inventory valuation and capital consumption
adjustments ....................................................................................................................
Farm .................................................................................................................................
Nonfarm ............................................................................................................................

1,001.0
19.7
981.3

1,002.8
22.7
980.0

1,007.1
24.1
982.9

1,019.4
25.0
994.5

1,019.8
27.2
992.6

1,029.6
29.5
1,000.1

1,032.9
30.5
1,002.3

1,032.1
27.6
1,004.5

1,034.8
25.2
1,009.5

1,038.6
24.3
1,014.2

Rental income of persons with capital consumption adjustment ..............................

53.1

51.6

51.1

50.0

51.2

53.0

55.4

56.4

57.9

60.9

Personal income receipts on assets ...............................................................................
Personal interest income .................................................................................................
Personal dividend income ................................................................................................

1,834.6
1,117.6
717.1

1,835.8
1,110.4
725.5

1,836.6
1,102.7
733.9

1,837.2
1,095.3
741.9

1,859.5
1,110.7
748.8

1,882.5
1,126.1
756.4

1,906.6
1,141.5
765.0

1,915.7
1,142.3
773.4

1,924.8
1,143.1
781.7

1,933.6
1,143.9
789.7

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) ......................................................

1,637.4
1,609.3
962.3
29.8
617.3
28.1

1,634.0
1,605.0
963.0
30.9
611.0
29.0

1,639.7
1,610.0
966.9
28.9
614.2
29.6

1,669.5
1,639.1
986.2
31.2
621.8
30.4

1,696.4
1,668.8
990.0
31.6
647.3
27.6

1,710.4
1,682.8
1,000.5
31.9
650.3
27.6

1,725.3
1,697.6
1,007.8
31.9
657.9
27.7

1,711.4
1,683.7
1,010.2
31.9
641.5
27.7

1,719.6
1,691.8
1,022.7
31.6
637.5
27.8

1,720.2
1,692.4
1,027.4
31.6
633.4
27.9

Less: Contributions for government social insurance .................................................

930.3

940.2

944.0

949.7

969.4

973.5

979.6

975.7

979.0

983.2

Less: Personal current taxes ................................................................................................

1,364.9

1,384.7

1,399.8

1,418.6

1,446.5

1,458.2

1,472.5

1,477.2

1,486.5

1,496.2

Equals: Disposable personal income ..................................................................................

9,712.1

9,755.7

9,787.5

9,854.4

9,954.6

10,022.2

10,098.4

10,070.3

10,111.4

10,153.5

Less: Personal outlays ..........................................................................................................

9,677.7

9,712.4

9,739.1

9,820.0

9,878.8

9,927.9

9,945.7

10,005.1

10,073.0

10,089.4

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) ..........................................................................................

9,300.1
1,052.8
2,705.4
5,541.9
248.0
129.6
80.1
49.5

9,331.3
1,051.7
2,688.6
5,591.0
249.9
131.2
80.6
50.6

9,355.7
1,053.3
2,689.2
5,613.1
251.6
131.8
81.2
50.6

9,434.2
1,064.4
2,738.5
5,631.3
253.3
132.5
81.8
50.6

9,497.5
1,075.6
2,741.1
5,680.8
248.3
133.0
82.7
50.4

9,550.8
1,072.7
2,751.0
5,727.1
243.3
133.7
83.4
50.4

9,573.0
1,073.6
2,786.1
5,713.4
238.3
134.4
84.1
50.4

9,626.5
1,069.1
2,793.8
5,763.6
243.0
135.5
84.7
50.8

9,689.0
1,085.8
2,834.1
5,769.1
247.8
136.1
85.3
50.8

9,700.1
1,068.8
2,833.8
5,797.5
252.6
136.7
85.9
50.8

Equals: Personal saving ........................................................................................................

34.4

43.3

48.3

34.4

75.8

94.4

152.7

65.2

38.5

64.0

Personal saving as a percentage of disposable personal income .............................

.4

.4

.5

.3

.8

.9

1.5

.6

.4

.6

8,426.4

8,484.1

8,509.6

8,538.4

8,601.1

8,635.4

8,662.4

8,612.8

8,606.2

8,629.6

32,324
28,045
300,459

32,442
28,213
300,714

32,522
28,276
300,953

32,719
28,350
301,183

33,029
28,538
301,389

33,232
28,634
301,583

33,461
28,703
301,799

33,342
28,516
302,028

33,453
28,473
302,262

33,565
28,528
302,500

Addenda:
Disposable personal income:
Total, billions of chained (2000) dollars 2 .......................................................................
Per capita:
Current dollars .............................................................................................................
Chained (2000) dollars ................................................................................................
Population (midperiod, thousands) 3 ....................................................................................

p Preliminary
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
2003

2004

2005

2006

2003
IV

2004
I

II

III

IV

Personal income ........................................................................................................................................

9,163.6

9,727.2

10,301.1

10,983.4

9,341.3

9,482.8

9,629.6

9,770.9

10,025.5

Compensation of employees, received ..............................................................................................

6,310.4

6,671.4

7,024.6

7,440.8

6,434.3

6,509.1

6,618.2

6,734.7

6,823.6

Wage and salary disbursements ....................................................................................................
Private industries ............................................................................................................................
Goods-producing industries .......................................................................................................
Manufacturing .........................................................................................................................
Services-producing industries ....................................................................................................
Trade, transportation, and utilities .........................................................................................
Other services-producing industries ......................................................................................
Government ....................................................................................................................................

5,112.7
4,208.3
1,007.9
668.9
3,200.4
858.3
2,342.1
904.4

5,394.5
4,451.4
1,049.2
686.9
3,402.2
898.6
2,503.6
943.1

5,667.9
4,686.9
1,098.7
704.1
3,588.3
937.0
2,651.2
980.9

6,018.2
4,997.6
1,166.8
731.0
3,830.8
985.1
2,845.7
1,020.6

5,210.4
4,298.2
1,029.1
682.2
3,269.0
871.6
2,397.5
912.2

5,260.9
4,329.3
1,017.9
668.6
3,311.4
877.5
2,433.9
931.6

5,351.2
4,408.9
1,040.4
681.4
3,368.5
892.4
2,476.2
942.3

5,447.8
4,501.5
1,065.0
698.4
3,436.5
906.4
2,530.0
946.4

5,518.1
4,565.9
1,073.6
699.3
3,492.3
918.1
2,574.2
952.2

Supplements to wages and salaries ..............................................................................................
Employer contributions for employee pension and insurance funds ............................................
Employer contributions for government social insurance .............................................................

1,197.7
815.6
382.1

1,276.9
868.5
408.3

1,356.8
927.7
429.1

1,422.6
970.7
451.8

1,223.9
834.7
389.2

1,248.2
848.7
399.5

1,266.9
861.4
405.5

1,286.9
874.9
412.0

1,305.5
889.1
416.4

Proprietors’ income with inventory valuation and capital consumption adjustments ...............
Farm ....................................................................................................................................................
Nonfarm ...............................................................................................................................................

811.3
29.2
782.1

911.6
37.3
874.3

969.9
30.8
939.1

1,006.7
19.4
987.4

840.8
32.5
808.3

879.3
40.3
839.1

908.7
39.6
869.1

914.1
33.0
881.1

944.4
36.5
908.0

Rental income of persons with capital consumption adjustment .................................................

133.0

118.4

42.9

54.5

147.6

140.4

126.0

105.5

101.7

Personal income receipts on assets ..................................................................................................
Personal interest income ....................................................................................................................
Personal dividend income ..................................................................................................................

1,336.6
914.1
422.6

1,432.1
895.1
537.0

1,617.8
1,018.9
598.9

1,796.5
1,100.2
696.3

1,343.1
902.4
440.7

1,359.8
888.1
471.8

1,384.4
885.9
498.5

1,420.1
894.0
526.1

1,564.1
912.3
651.8

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) .........................................................................

1,351.0
1,316.7
741.3
52.8
522.5
34.3

1,422.5
1,396.1
788.0
36.0
572.0
26.4

1,520.7
1,483.1
845.3
31.3
606.4
37.6

1,612.5
1,585.3
946.4
29.9
609.0
27.2

1,367.6
1,336.4
753.9
51.4
531.1
31.2

1,404.9
1,379.8
775.8
42.6
561.4
25.1

1,415.3
1,392.6
783.2
35.7
573.7
22.7

1,432.7
1,396.2
790.4
33.6
572.2
36.5

1,437.1
1,415.7
802.8
32.2
580.8
21.4

Less: Contributions for government social insurance ....................................................................

778.6

828.8

874.8

927.6

791.9

810.8

822.9

836.1

845.5

Less: Personal current taxes ...................................................................................................................

1,001.1

1,046.3

1,209.1

1,354.3

1,015.4

1,008.1

1,024.5

1,062.1

1,090.7

Equals: Disposable personal income .....................................................................................................

8,162.5

8,680.9

9,092.0

9,629.1

8,326.0

8,474.7

8,605.1

8,708.9

8,934.8

Less: Personal outlays .............................................................................................................................

7,987.7

8,499.2

9,047.4

9,590.3

8,143.5

8,299.5

8,432.9

8,553.7

8,710.6

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) .............................................................................................................

7,703.6
942.7
2,190.2
4,570.8
182.5
101.5
61.3
40.2

8,195.9
983.9
2,343.7
4,868.3
191.3
112.1
68.9
43.1

8,707.8
1,023.9
2,516.2
5,167.8
217.7
121.8
74.5
47.3

9,224.5
1,048.9
2,688.0
5,487.6
238.0
127.8
78.9
48.9

7,855.3
957.4
2,229.5
4,668.4
181.9
106.3
63.2
43.1

8,010.1
969.6
2,284.2
4,756.3
180.4
109.1
66.0
43.0

8,135.0
974.8
2,327.7
4,832.4
186.1
111.8
68.1
43.7

8,245.1
986.9
2,353.5
4,904.6
195.0
113.6
70.0
43.6

8,393.3
1,004.1
2,409.3
4,979.9
203.5
113.8
71.5
42.2

Equals: Personal saving ...........................................................................................................................

174.9

181.7

44.6

38.8

182.5

175.1

172.2

155.2

224.2

Personal saving as a percentage of disposable personal income ................................................

2.1

2.1

.5

.4

2.2

2.1

2.0

1.8

2.5

7,729.9

8,008.9

8,147.9

8,396.9

7,837.3

7,908.7

7,955.1

8,012.2

8,158.8

28,020
26,535
291,311

29,517
27,232
294,096

30,616
27,436
296,972

32,115
28,005
299,833

28,473
26,802
292,415

28,922
26,990
293,018

29,300
27,087
293,691

29,576
27,210
294,455

30,265
27,636
295,222

Addenda:
Disposable personal income:
Total, billions of chained (2000) dollars 2 ..........................................................................................
Per capita:
Current dollars ................................................................................................................................
Chained (2000) dollars ...................................................................................................................
Population (midperiod, thousands) 3 .......................................................................................................
See footnotes at the end of the table.

Table 2.—Personal Income and Its Disposition (Years and Quarters)—Continued
[Billions of dollars]
Seasonally adjusted at annual rates
2005

2006

2007

I

II

III

IV

I

II

III

IV

I

II

Personal income .....................................................................................................................

10,074.1

10,234.1

10,328.6

10,567.4

10,787.1

10,915.5

11,030.9

11,200.2

11,484.1

11,598.4

Compensation of employees, received ...........................................................................

6,890.5

6,961.3

7,088.5

7,158.3

7,348.7

7,371.9

7,442.5

7,599.9

7,784.1

7,842.3

Wage and salary disbursements .................................................................................
Private industries .........................................................................................................
Goods-producing industries ....................................................................................
Manufacturing ......................................................................................................
Services-producing industries .................................................................................
Trade, transportation, and utilities ......................................................................
Other services-producing industries ...................................................................
Government .................................................................................................................

5,559.1
4,588.1
1,075.6
698.3
3,512.5
921.2
2,591.4
971.0

5,614.0
4,636.8
1,086.2
699.8
3,550.6
931.5
2,619.1
977.2

5,720.4
4,736.3
1,113.2
709.9
3,623.0
944.6
2,678.4
984.1

5,777.9
4,786.6
1,119.6
708.4
3,666.9
950.9
2,716.0
991.4

5,945.6
4,941.1
1,161.3
732.9
3,779.9
971.7
2,808.1
1,004.4

5,958.4
4,944.6
1,155.9
723.3
3,788.6
980.9
2,807.8
1,013.8

6,015.8
4,988.8
1,158.5
724.3
3,830.3
985.8
2,844.5
1,027.0

6,153.0
5,115.7
1,191.4
743.3
3,924.4
1,002.2
2,922.2
1,037.2

6,311.4
5,259.8
1,208.7
750.2
4,051.1
1,016.9
3,034.1
1,051.7

6,355.6
5,292.1
1,224.4
758.4
4,067.7
1,027.2
3,040.5
1,063.5

Supplements to wages and salaries ...........................................................................
Employer contributions for employee pension and insurance funds .........................
Employer contributions for government social insurance ..........................................

1,331.3
908.9
422.5

1,347.2
921.6
425.7

1,368.1
935.6
432.5

1,380.4
944.6
435.8

1,403.1
955.2
447.9

1,413.5
965.5
448.0

1,426.7
975.4
451.3

1,446.9
986.7
460.2

1,472.7
999.2
473.5

1,486.7
1,010.9
475.8

Proprietors’ income with inventory valuation and capital consumption
adjustments ....................................................................................................................
Farm .................................................................................................................................
Nonfarm ............................................................................................................................

948.8
30.1
918.6

971.1
34.0
937.1

967.1
30.9
936.2

992.6
28.2
964.4

1,000.1
20.8
979.3

1,013.5
14.6
998.9

1,003.6
18.1
985.5

1,009.8
23.9
985.8

1,027.4
29.1
998.3

1,035.1
25.7
1,009.4

Rental income of persons with capital consumption adjustment ..............................

87.6

74.5

–49.8

59.3

59.0

55.4

52.9

50.9

53.2

58.4

Personal income receipts on assets ...............................................................................
Personal interest income .................................................................................................
Personal dividend income ................................................................................................

1,527.6
964.0
563.6

1,590.0
1,004.4
585.7

1,643.9
1,033.8
610.1

1,709.5
1,073.3
636.2

1,725.6
1,065.7
659.9

1,795.7
1,112.7
682.9

1,828.1
1,119.7
708.4

1,836.6
1,102.8
733.8

1,882.9
1,126.1
756.8

1,924.7
1,143.1
781.6

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) ......................................................

1,480.6
1,456.0
828.4
32.3
595.2
24.6

1,505.2
1,479.4
842.7
30.9
605.8
25.8

1,560.6
1,491.1
850.6
30.6
610.0
69.5

1,536.2
1,505.8
859.5
31.5
614.8
30.4

1,572.5
1,546.9
917.4
30.2
599.3
25.7

1,599.1
1,573.3
940.1
29.2
603.9
25.9

1,630.6
1,603.2
956.1
30.0
617.1
27.4

1,647.7
1,618.0
972.0
30.3
615.7
29.7

1,710.7
1,683.1
999.4
31.8
651.8
27.6

1,717.1
1,689.3
1,020.1
31.7
637.5
27.8

Less: Contributions for government social insurance .................................................

861.0

867.9

881.7

888.5

918.8

920.1

926.8

944.6

974.1

979.3

Less: Personal current taxes ................................................................................................

1,166.4

1,195.5

1,223.5

1,251.0

1,318.6

1,342.6

1,355.2

1,401.0

1,459.0

1,486.7

Equals: Disposable personal income ..................................................................................

8,907.7

9,038.6

9,105.1

9,316.4

9,468.5

9,572.9

9,675.8

9,799.2

10,025.1

10,111.7

Less: Personal outlays ..........................................................................................................

8,819.0

8,970.8

9,153.9

9,245.7

9,384.0

9,542.9

9,677.1

9,757.2

9,917.5

10,055.8

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) ..........................................................................................

8,488.8
1,009.7
2,432.1
5,047.0
208.3
122.0
72.9
49.2

8,632.6
1,036.0
2,484.3
5,112.3
217.5
120.6
74.0
46.6

8,810.5
1,044.1
2,557.0
5,209.4
222.4
121.0
75.1
45.8

8,899.3
1,005.7
2,591.3
5,302.4
222.6
123.7
76.2
47.6

9,034.7
1,042.6
2,622.1
5,370.0
227.1
122.2
76.9
45.3

9,183.9
1,042.8
2,692.2
5,448.9
231.0
128.0
78.1
49.9

9,305.7
1,053.8
2,732.4
5,519.5
242.3
129.1
79.6
49.5

9,373.7
1,056.5
2,705.4
5,611.8
251.6
131.8
81.2
50.6

9,540.5
1,074.0
2,759.4
5,707.1
243.3
133.7
83.4
50.4

9,671.9
1,074.6
2,820.6
5,776.8
247.8
136.1
85.3
50.8

Equals: Personal saving ........................................................................................................

88.7

67.8

–48.8

70.8

84.5

30.0

–1.4

42.0

107.6

55.9

Personal saving as a percentage of disposable personal income .............................

1.0

.8

–.5

.8

.9

.3

.4

1.1

.6

8,089.8

8,140.9

8,115.4

8,246.0

8,344.2

8,348.6

8,384.5

8,510.7

8,633.0

8,616.1

30,106
27,342
295,878

30,477
27,450
296,567

30,622
27,293
297,339

31,252
27,661
298,105

31,693
27,930
298,754

31,970
27,881
299,432

32,231
27,930
300,196

32,561
28,280
300,950

33,241
28,625
301,590

33,453
28,505
302,263

Addenda:
Disposable personal income:
Total, billions of chained (2000) dollars 2 .......................................................................
Per capita:
Current dollars .............................................................................................................
Chained (2000) dollars ................................................................................................
Population (midperiod, thousands) 3 ....................................................................................

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 institu-

0

tionalized 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
2004
Jan.

Feb.

Mar.

Apr.

May

June

2005
July

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

354.2 –239.7

Feb.

Personal income ..................................................................................................

45.4

52.2

40.7

48.5

65.3

30.8

48.3

69.0

14.3

83.2

31.1

Compensation of employees, received ........................................................

39.4

28.1

18.2

49.0

50.3

15.0

53.1

35.5

39.2

38.0

4.5

29.9

32.2

12.1

Wage and salary disbursements ..............................................................
Private industries ......................................................................................
Goods-producing industries .................................................................
Manufacturing ..................................................................................
Services-producing industries ..............................................................
Trade, transportation, and utilities ..................................................
Other services-producing industries ...............................................
Government ..............................................................................................

23.7
11.0
–12.1
–11.8
23.1
6.1
16.8
12.7

23.0
19.4
–.6
–1.8
20.1
4.0
16.2
3.5

13.9
8.5
1.9
–1.5
6.5
.7
5.9
5.5

41.6
33.8
12.3
9.2
21.5
8.6
12.9
7.8

42.8
46.2
13.1
8.4
33.1
5.5
27.5
–3.4

9.8
8.8
1.1
–1.2
7.6
2.4
5.2
1.0

45.7
43.3
12.5
10.8
30.9
6.4
24.5
2.4

28.6
26.2
8.3
5.4
17.9
2.9
15.0
2.5

33.2
31.5
4.4
1.7
27.1
7.0
20.2
1.5

30.8
28.3
1.9
–1.0
26.4
6.2
20.1
2.7

–.5
–2.4
–1.1
–3.0
–1.3
–1.7
.5
1.7

24.5
24.0
5.3
3.2
18.7
2.7
15.9
.6

17.0
1.6
–1.1
.3
2.7
1.5
1.2
15.4

6.7
3.9
.3
–1.9
3.6
–.5
4.0
2.8

Supplements to wages and salaries .......................................................
Employer contributions for employee pension and insurance funds .....
Employer contributions for government social insurance .......................

15.7
7.1
8.6

5.1
3.3
1.8

4.2
3.4
.9

7.5
5.0
2.4

7.6
4.3
3.3

5.1
4.4
.7

7.4
4.5
2.8

6.9
4.9
2.1

6.0
4.0
2.0

7.1
5.1
2.0

5.1
5.2
–.1

5.4
4.0
1.4

15.2
10.3
4.9

5.4
5.2
.2

Proprietors’ income with inventory valuation and capital consumption
adjustments .................................................................................................
Farm ..............................................................................................................
Nonfarm ........................................................................................................

8.0
5.2
2.9

18.0
1.8
16.2

25.3
.8
24.5

–2.1
–1.0
–1.1

9.7
–.7
10.4

6.4
–1.0
7.4

.3
–3.7
4.0

–1.3
–2.4
1.1

–4.7
–1.2
–3.5

26.6
5.7
20.8

6.7
–.3
7.1

8.7
–1.3
10.0

–7.3
–4.6
–2.7

1.3
–1.2
2.5

Rental income of persons with capital consumption adjustment ...........

–12.1

–5.0

–5.9

–5.1

–4.0

–3.1

1.4

–8.0

–39.6

31.0

–5.9

–5.4

–3.8

–4.8

Personal income receipts on assets ...........................................................
Personal interest income ..............................................................................
Personal dividend income ............................................................................

5.4
–7.7
13.1

3.5
–6.5
10.0

4.4
–5.2
9.6

8.8
1.0
7.8

11.1
2.1
9.1

12.7
3.2
9.4

12.4
3.1
9.3

11.2
2.2
9.0

11.4
2.4
9.0

14.5
4.3
10.2

17.9
10.4
7.5

318.5 –274.1
14.1
23.9
304.5 –298.1

19.5
15.8
3.7

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) ...................................

20.0
23.3
9.1
–6.8
21.1
–3.4

11.3
12.7
8.5
–1.6
5.8
–1.4

.4
1.2
.8
–3.7
4.1
–.8

2.9
3.7
2.1
–4.7
6.2
–.8

4.6
5.2
1.9
1.8
1.6
–.6

1.3
1.9
2.0
–1.3
1.0
–.6

–12.9
–12.3
–4.0
–2.4
–5.9
–.5

35.6
20.9
15.6
2.7
2.8
14.6

12.4
–3.1
–3.7
–3.7
4.2
15.5

–22.8
7.9
4.7
.4
2.8
–30.7

7.8
7.7
4.7
.9
2.0
.2

5.8
4.9
5.6
–2.5
1.9
.8

25.7
23.9
11.5
2.8
9.6
1.9

42.3

14.9
14.0
12.7
–1.6
2.9
.8

Less: Contributions for government social insurance ..............................

15.4

3.6

1.8

5.0

6.4

1.4

6.0

4.0

4.3

4.1

.1

3.1

12.5

.7

Less: Personal current taxes ............................................................................

–12.5

2.9

1.7

6.2

9.2

5.7

19.0

11.4

12.5

8.4

6.7

10.8

58.7

7.5

Equals: Disposable personal income ...............................................................

57.9

49.3

39.0

42.2

56.2

25.1

29.2

57.6

2.0

74.7

24.5

Less: Personal outlays .......................................................................................

91.2

22.7

57.9

28.1

104.5

–31.7

71.5

17.5

71.8

60.3

38.7

51.3

13.7

53.1

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) ......................................................................

90.0
3.9
40.3
45.7
–.3
1.5
1.5
–.1

23.0
8.7
–4.7
19.0
–1.1
.8
.9
0

58.4
12.5
44.5
1.4
–1.4
.7
.7
0

23.2
–8.7
–13.9
45.9
3.7
1.4
.7
.7

100.3
25.5
44.4
30.4
3.4
.6
.6
0

–35.5
–42.8
–.9
8.3
3.2
.7
.7
0

68.3
30.7
5.4
32.2
2.7
.5
.6
–.1

14.0
–12.6
.3
26.1
2.9
.6
.6
0

68.3
29.5
18.1
20.8
3.0
.5
.5
0

58.0
–5.5
42.2
21.2
3.0
–.8
.6
–1.4

35.7
.2
2.7
33.0
2.6
.5
.5
0

48.7
21.1
–1.1
28.6
2.2
.4
.4
0

4.9
–17.4
5.7
16.6
1.4
7.4
.5
7.0

51.6
8.3
27.3
16.0
1.1
.4
.4
0

Equals: Personal saving ....................................................................................

–33.3

26.5

–18.8

14.1

–48.3

56.7

–42.1

40.0

–69.8

14.4

–14.3

292.0 –312.0

–18.3

Addendum:
Real disposable personal income, billions of chained (2000) dollars 2 ..........

24.8

17.5

13.2

22.4

13.6

1.0

22.3

47.9

–7.1

28.1

3.9

313.7 –283.2

6.8

See footnotes at the end of the table.

343.3 –298.4

34.8

Table 3.—Personal Income and Its Disposition, Change from Preceding Period (Months)—Continued
[Billions of dollars]
Seasonally adjusted at annual rates
2005
Mar.

Apr.

May

June

July

2006
Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

Personal income ......................................................................

40.8

74.1

35.8

62.2

75.5

–212.2

321.2

46.1

40.3

67.4

123.7

38.0

36.9

Compensation of employees, received ...........................

15.2

39.5

10.0

31.5

80.4

16.9

33.7

11.6

20.5

49.2

116.8

45.2

11.7

–.7

Wage and salary disbursements ..................................
Private industries ..........................................................
Goods-producing industries .....................................
Manufacturing ......................................................
Services-producing industries ..................................
Trade, transportation, and utilities ......................
Other services-producing industries ...................
Government ..................................................................

10.1
8.5
–.9
–3.6
9.4
2.1
7.4
1.6

33.3
30.9
7.0
3.3
23.9
9.3
14.6
2.4

5.9
4.1
3.0
1.0
1.1
–1.6
2.7
1.8

26.1
24.2
6.3
1.7
17.9
2.5
15.4
1.8

69.8
67.1
17.1
8.0
50.0
12.8
37.2
2.8

12.0
9.9
7.0
2.6
2.9
–2.1
5.1
2.0

27.6
24.8
.3
–3.3
24.5
2.0
22.4
2.9

9.5
7.9
1.3
1.4
6.6
.3
6.3
1.6

16.6
13.6
–.9
–4.7
14.6
4.7
9.8
3.0

43.7
40.5
9.4
4.6
31.0
6.5
24.6
3.2

103.7
97.4
29.0
18.3
68.3
10.7
57.6
6.4

39.7
35.6
10.3
7.5
25.4
5.5
19.9
4.0

8.5
5.8
–.6
–.8
6.4
1.7
4.7
2.7

–4.3
–7.2
–8.3
–8.1
1.1
6.6
–5.5
2.9

Supplements to wages and salaries ...........................
Employer contributions for employee pension and
insurance funds .......................................................
Employer contributions for government social
insurance ..................................................................

5.1

6.1

4.2

5.4

10.6

5.0

6.0

2.1

3.9

5.6

13.0

5.5

3.3

3.4

4.7

4.0

3.8

4.0

5.8

4.2

4.5

1.6

3.1

2.8

4.7

3.1

2.9

4.0

.4

2.2

.3

1.4

4.9

.7

1.5

.5

.8

2.8

8.3

2.4

.3

–.5

8.1
.1
8.0

8.2
3.8
4.4

5.1
.6
4.5

14.8
0
14.7

.6
–1.5
2.2

–58.0
–3.3
–54.7

67.3
1.2
66.2

–1.1
–.6
–.6

–.4
–1.7
1.3

4.2
–2.1
6.3

3.6
–3.0
6.7

–4.0
–2.5
–1.6

11.4
–2.2
13.6

5.0
–3.3
8.3

Rental income of persons with capital consumption
adjustment .......................................................................

–4.4

–4.3

–4.3

–4.3

–6.1

–328.3

314.8

3.6

7.3

.6

–1.5

–2.3

–.3

–1.0

Personal income receipts on assets ...............................
Personal interest income ..................................................
Personal dividend income ................................................

19.0
13.0
6.0

21.1
11.9
9.2

22.2
14.7
7.5

22.1
14.4
7.7

16.3
7.9
8.4

15.6
7.2
8.4

15.1
6.6
8.5

28.0
19.3
8.8

23.2
14.3
8.8

20.4
11.6
8.8

–8.4
–16.1
7.7

1.9
–5.1
7.1

5.7
–1.9
7.5

38.4
30.8
7.5

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) .......

4.1
3.5

14.1
13.9

3.4
3.1

1.5
1.2

–6.4
–6.7

142.9
22.2

–106.5
5.5

5.3
2.5

–8.7
2.4

–1.6
–1.5

35.2
36.0

2.9
3.1

9.3
9.5

7.3
7.3

1.1
–.6
3.0
.6

7.0
–.5
7.4
.2

1.3
1.1
.7
.3

4.2
–2.1
–.9
.3

1.6
.7
–9.0
.3

4.2
.5
17.5
120.6

1.0
–1.1
5.6
–112.0

3.1
3.6
–4.1
2.8

.7
–2.6
4.3
–11.0

9.8
–1.0
–10.4
–.2

41.5
2.1
–7.6
–.7

9.9
–2.4
–4.4
–.2

8.9
–1.1
1.7
–.2

4.2
1.9
1.2
0

Less: Contributions for government social insurance

1.2

4.4

.7

3.2

9.4

1.4

3.2

1.2

1.8

5.3

22.1

5.7

.8

–.6

Less: Personal current taxes ................................................

7.9

13.9

6.4

9.4

11.8

6.7

9.9

8.5

8.6

13.5

43.7

13.6

8.8

9.2

Proprietors’ income with inventory valuation and
capital consumption adjustments ................................
Farm ..................................................................................
Nonfarm ............................................................................

49.5

Equals: Disposable personal income ...................................

33.0

60.1

29.4

52.8

63.8

–219.1

311.4

37.6

31.7

53.9

80.0

24.4

28.2

40.2

Less: Personal outlays ...........................................................

36.7

84.1

–9.8

96.0

98.9

4.3

62.0

37.0

–.2

36.3

72.1

47.8

30.8

76.5

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) ..........................................

35.3
10.0
–3.9
29.1
1.0
.4
.3
0

82.0
32.7
47.1
2.3
4.3
–2.2
.5
–2.6

–14.3
–46.6
–7.5
39.8
4.0
.4
.3
0

92.0
45.7
10.9
35.3
3.8
.4
.4
0

98.7
45.7
24.0
29.1
.5
–.4
.4
–.8

3.5
–63.9
39.1
28.3
.5
.4
.3
0

61.0
–29.6
53.6
37.0
.6
.3
.4
0

35.3
–15.9
25.2
26.0
–.4
2.1
.3
1.8

–.5
20.0
–55.4
34.9
–.1
.4
.4
0

36.0
15.6
–8.4
28.9
.1
.3
.3
0

71.8
26.9
54.8
–10.0
2.4
–2.2
0
–2.3

45.3
–14.0
–2.2
61.5
2.2
.3
.4
0

28.5
6.7
4.8
17.1
1.9
.4
.3
0

70.4
6.7
49.4
14.3
1.1
5.0
.5
4.6

Equals: Personal saving ........................................................

–3.7

–24.0

39.2

–43.2

–35.1

–223.4

249.4

.6

31.9

17.6

7.9

–23.4

–2.7

–36.2

Addendum:
Real disposable personal income, billions of chained
(2000) dollars 2 .................................................................

–1.7

23.4

17.6

44.2

23.2

–228.1

203.6

14.7

59.1

51.2

33.4

15.1

2.7

–5.6

See footnotes at the end of the table.

Table 3.—Personal Income and Its Disposition, Change from Preceding Period (Months)—Continued
[Billions of dollars]
Seasonally adjusted at annual rates
2006
May

June

July

Aug.

2007
Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June p

Personal income ......................................................................

20.0

84.7

9.1

40.3

49.0

63.4

46.9

85.6

128.2

79.3

90.5

–23.4

50.5

Compensation of employees, received ...........................

–32.3

67.5

8.3

17.6

49.2

75.2

40.5

49.5

97.2

34.8

51.9

–22.8

32.4

51.7
39.6

Wage and salary disbursements ..................................
Private industries ..........................................................
Goods-producing industries .....................................
Manufacturing ......................................................
Services-producing industries ..................................
Trade, transportation, and utilities ......................
Other services-producing industries ...................
Government ..................................................................

–32.8
–35.9
–5.0
–4.4
–30.9
–6.4
–24.5
3.1

60.1
56.4
9.7
–1.6
46.6
11.6
35.0
3.8

5.5
1.0
–4.7
2.2
5.7
–2.8
8.5
4.4

13.0
7.8
2.0
1.7
5.9
.2
5.8
5.1

42.6
37.2
3.4
.7
33.8
5.8
27.9
5.5

67.1
64.4
24.0
15.9
40.5
6.4
34.1
2.7

34.5
32.4
4.1
–.1
28.1
8.1
20.1
2.2

42.8
40.6
9.7
6.2
31.0
2.1
28.8
2.1

83.9
75.6
5.0
–.2
70.6
7.4
63.2
8.3

29.2
24.7
1.6
2.1
23.1
1.8
21.4
4.4

45.2
42.3
10.3
4.7
32.0
6.2
25.7
3.0

–25.1
–29.4
3.5
2.7
–32.9
.7
–33.5
4.3

27.2
23.4
4.7
.9
18.8
4.1
14.6
3.7

33.7
29.1
5.1
3.5
23.9
6.1
17.8
4.7

Supplements to wages and salaries ...........................
Employer contributions for employee pension and
insurance funds .......................................................
Employer contributions for government social
insurance ..................................................................

.6

7.4

2.8

4.6

6.6

8.1

6.0

6.8

13.3

5.5

6.8

2.2

5.3

5.7

3.2

3.4

2.6

4.1

3.9

3.4

3.9

3.9

5.1

3.6

3.4

4.6

3.6

3.7

–2.6

4.0

.2

.5

2.7

4.7

2.0

3.0

8.2

1.9

3.4

–2.4

1.7

2.1

Proprietors’ income with inventory valuation and
capital consumption adjustments ................................
Farm ..................................................................................
Nonfarm ............................................................................

7.3
–1.0
8.2

–7.9
.1
–7.9

–7.8
2.3
–10.1

4.1
1.4
2.7

–6.0
1.7
–7.7

1.8
3.0
–1.3

4.3
1.4
2.9

12.3
.9
11.6

.4
2.2
–1.9

9.8
2.3
7.5

3.3
1.0
2.2

–.8
–2.9
2.2

2.7
–2.4
5.0

3.8
–.9
4.7

Rental income of persons with capital consumption
adjustment .......................................................................

–1.3

–2.4

–.5

–.1

.4

–1.5

–.5

–1.1

1.2

1.8

2.4

1.0

1.5

3.0

Personal income receipts on assets ...............................
Personal interest income ..................................................
Personal dividend income ................................................

27.9
20.2
7.9

26.0
17.3
8.7

–.4
–8.9
8.4

5.9
–2.8
8.6

6.8
–1.7
8.7

1.2
–7.2
8.4

.8
–7.7
8.4

.6
–7.4
8.0

22.3
15.4
6.9

23.0
15.4
7.6

24.1
15.4
8.6

9.1
.8
8.4

9.1
.8
8.3

8.8
.8
8.0

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) .......

13.5
13.2

9.3
8.9

10.4
9.8

14.1
13.5

3.1
2.4

–3.4
–4.3

5.7
5.0

29.8
29.1

26.9
29.7

14.0
14.0

14.9
14.8

–13.9
–13.9

8.2
8.1

.6
.6

8.9
–.9
5.2
.3

10.1
–2.1
.9
.4

–2.1
3.6
8.3
.6

10.5
–1.9
4.9
.6

4.1
.6
–2.2
.7

.7
1.1
–6.3
.9

3.9
–2.0
3.2
.6

19.3
2.3
7.6
.8

3.8
.4
25.5
–2.8

10.5
.3
3.0
0

7.3
0
7.6
.1

2.4
0
–16.4
0

12.5
–.3
–4.0
.1

4.7
0
–4.1
.1

Less: Contributions for government social insurance

–4.7

7.8

.8

1.2

4.6

9.9

3.8

5.7

19.7

4.1

6.1

–3.9

3.3

4.2

Less: Personal current taxes ................................................

–.2

13.5

–3.6

4.8

12.2

19.8

15.1

18.8

27.9

11.7

14.3

4.7

9.3

9.7

Equals: Disposable personal income ...................................

20.2

71.2

12.7

35.5

36.8

43.6

31.8

66.9

100.2

67.6

76.2

–28.1

41.1

42.1

Less: Personal outlays ...........................................................

52.7

32.4

91.2

7.1

–2.7

34.7

26.7

80.9

58.8

49.1

17.8

59.4

67.9

16.4

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) ..........................................

51.4
–11.6
26.2
36.6
.8
.4
.4
0

31.2
4.2
2.2
24.9
.7
.5
.5
0

86.1
21.6
41.4
23.1
5.1
.1
.5
–.4

1.2
–17.9
4.1
14.9
5.4
.5
.5
0

–9.0
7.4
–42.5
26.2
5.8
.5
.5
0

31.2
–1.1
–16.8
49.1
1.9
1.6
.5
1.1

24.4
1.6
.6
22.1
1.7
.6
.6
0

78.5
11.1
49.3
18.2
1.7
.7
.6
0

63.3
11.2
2.6
49.5
–5.0
.5
.9
–.2

53.3
–2.9
9.9
46.3
–5.0
.7
.7
0

22.2
.9
35.1
–13.7
–5.0
.7
.7
0

53.5
–4.5
7.7
50.2
4.7
1.1
.6
.4

62.5
16.7
40.3
5.5
4.8
.6
.6
0

11.1
–17.0
–.3
28.4
4.8
.6
.6
0

Equals: Personal saving ........................................................

–32.4

38.7

–78.5

28.5

39.4

8.9

5.0

–13.9

41.4

18.6

58.3

–87.5

–26.7

25.5

Addendum:
Real disposable personal income, billions of chained
(2000) dollars 2 .................................................................

–17.9

45.0

–14.3

10.3

57.8

57.7

25.5

28.8

62.7

34.3

27.0

–49.6

–6.6

23.4

Preliminary
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
p

Table 4.—Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)
[Billions of dollars]
Seasonally adjusted at annual rates
2003

2004

2005

2006

2004
I

II

III

IV

Personal income ...........................................................................................................................................................................

281.7

563.6

573.9

682.3

141.5

146.8

141.3

254.6

Compensation of employees, received .................................................................................................................................

219.2

361.0

353.2

416.2

74.8

109.1

116.5

88.9

Wage and salary disbursements .......................................................................................................................................
Private industries ...............................................................................................................................................................
Goods-producing industries ..........................................................................................................................................
Manufacturing ...........................................................................................................................................................
Services-producing industries .......................................................................................................................................
Trade, transportation, and utilities ...........................................................................................................................
Other services-producing industries .........................................................................................................................
Government .......................................................................................................................................................................

131.8
93.3
–2.8
–6.6
96.2
15.2
81.0
38.5

281.8
243.1
41.3
18.0
201.8
40.3
161.5
38.7

273.4
235.5
49.5
17.2
186.1
38.4
147.6
37.8

350.3
310.7
68.1
26.9
242.5
48.1
194.5
39.7

50.5
31.1
–11.2
–13.6
42.4
5.9
36.4
19.4

90.3
79.6
22.5
12.8
57.1
14.9
42.3
10.7

96.6
92.6
24.6
17.0
68.0
14.0
53.8
4.1

70.3
64.4
8.6
.9
55.8
11.7
44.2
5.8

Supplements to wages and salaries .................................................................................................................................
Employer contributions for employee pension and insurance funds ..............................................................................
Employer contributions for government social insurance ................................................................................................

87.4
70.5
16.9

79.2
52.9
26.2

79.9
59.2
20.8

65.8
43.0
22.7

24.3
14.0
10.3

18.7
12.7
6.0

20.0
13.5
6.5

18.6
14.2
4.4

Proprietors’ income with inventory valuation and capital consumption adjustments ..................................................
Farm .......................................................................................................................................................................................
Nonfarm ..................................................................................................................................................................................

42.9
18.6
24.3

100.3
8.1
92.2

58.3
–6.5
64.8

36.8
–11.4
48.3

38.5
7.8
30.8

29.4
–.7
30.0

5.4
–6.6
12.0

30.3
3.5
26.9

Rental income of persons with capital consumption adjustment ....................................................................................

–19.9

–14.6

–75.5

11.6

–7.2

–14.4

–20.5

–3.8

Personal income receipts on assets .....................................................................................................................................
Personal interest income .......................................................................................................................................................
Personal dividend income .....................................................................................................................................................

3.4
–22.0
25.4

95.5
–19.0
114.4

185.7
123.8
61.9

178.7
81.3
97.4

16.7
–14.3
31.1

24.6
–2.2
26.7

35.7
8.1
27.6

144.0
18.3
125.7

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) ............................................................................................................

64.8
67.8
33.8
–.4
34.3
–3.0

71.5
79.4
46.7
–16.8
49.5
–7.9

98.2
87.0
57.3
–4.7
34.4
11.2

91.8
102.2
101.1
–1.4
2.6
–10.4

37.3
43.4
21.9
–8.8
30.3
–6.1

10.4
12.8
7.4
–6.9
12.3
–2.4

17.4
3.6
7.2
–2.1
–1.5
13.8

4.4
19.5
12.4
–1.4
8.6
–15.1

Less: Contributions for government social insurance .......................................................................................................

28.6

50.2

46.0

52.8

18.9

12.1

13.2

9.4

Less: Personal current taxes ......................................................................................................................................................

–50.7

45.2

162.8

145.2

–7.3

16.4

37.6

28.6

Equals: Disposable personal income ........................................................................................................................................

332.4

518.4

411.1

537.1

148.7

130.4

103.8

225.9

Less: Personal outlays ................................................................................................................................................................

342.4

511.5

548.2

542.9

156.0

133.4

120.8

156.9

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) ...............................................................................................................................................

352.9
18.8
110.6
223.6
–13.9
3.3
3.1
.2

492.3
41.2
153.5
297.5
8.8
10.6
7.6
2.9

511.9
40.0
172.5
299.5
26.4
9.7
5.6
4.2

516.7
25.0
171.8
319.8
20.3
6.0
4.4
1.6

154.8
12.2
54.7
87.9
–1.5
2.8
2.8
–.1

124.9
5.2
43.5
76.1
5.7
2.7
2.1
.7

110.1
12.1
25.8
72.2
8.9
1.8
1.9
–.1

148.2
17.2
55.8
75.3
8.5
.2
1.5
–1.4

Equals: Personal saving ..............................................................................................................................................................

–9.8

6.8

–137.1

–5.8

–7.4

–2.9

–17.0

69.0

Addendum:
Real disposable personal income, billions of chained (2000) dollars 2 ...................................................................................

167.7

279.0

139.0

249.0

71.4

46.4

57.1

146.6

See footnotes at the end of the table.

Table 4.—Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)—Continued
[Billions of dollars]
Seasonally adjusted at annual rates
2005

2006

I

II

Personal income .........................................................................................................................................

48.6

160.0

94.5

238.8

Compensation of employees, received ...............................................................................................

66.9

70.8

127.2

69.8

Wage and salary disbursements .....................................................................................................
Private industries .............................................................................................................................
Goods-producing industries ........................................................................................................
Manufacturing ..........................................................................................................................
Services-producing industries .....................................................................................................
Trade, transportation, and utilities ..........................................................................................
Other services-producing industries .......................................................................................
Government .....................................................................................................................................

41.0
22.2
2.0
–1.0
20.2
3.1
17.2
18.8

54.9
48.7
10.6
1.5
38.1
10.3
27.7
6.2

106.4
99.5
27.0
10.1
72.4
13.1
59.3
6.9

57.5
50.3
6.4
–1.5
43.9
6.3
37.6
7.3

Supplements to wages and salaries ...............................................................................................
Employer contributions for employee pension and insurance funds .............................................
Employer contributions for government social insurance ..............................................................

25.8
19.8
6.1

15.9
12.7
3.2

20.9
14.0
6.8

Proprietors’ income with inventory valuation and capital consumption adjustments .................
Farm .....................................................................................................................................................
Nonfarm ................................................................................................................................................

4.4
–6.4
10.6

22.3
3.9
18.5

Rental income of persons with capital consumption adjustment ..................................................

–14.1

Personal income receipts on assets ...................................................................................................
Personal interest income .....................................................................................................................
Personal dividend income ...................................................................................................................

–36.5
51.7
–88.2

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) ..........................................................................

43.5
40.3
25.6
.1
14.4
3.2

Less: Contributions for government social insurance .....................................................................

15.5

6.9

Less: Personal current taxes ....................................................................................................................

75.7

29.1

Equals: Disposable personal income ......................................................................................................

–27.1

130.9

66.5

211.3

152.1

Less: Personal outlays ..............................................................................................................................

108.4

151.8

183.1

91.8

138.3

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) ..............................................................................................................

95.5
5.6
22.8
67.1
4.8
8.2
1.4
7.0

143.8
26.3
52.2
65.3
9.2
–1.4
1.1
–2.6

177.9
8.1
72.7
97.1
4.9
.4
1.1
–.8

88.8
–38.4
34.3
93.0
.2
2.7
1.1
1.8

135.4
36.9
30.8
67.6
4.5
–1.5
.7
–2.3

Equals: Personal saving ............................................................................................................................

–135.5

–20.9

–116.6

119.6

Addendum:
Real disposable personal income, billions of chained (2000) dollars 2 .................................................

–69.0

51.1

–25.5

130.6

1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.

III

IV

I

2007

II

III

IV

I

II

219.7

128.4

115.4

169.3

283.9

114.3

190.4

23.2

70.6

157.4

184.2

58.2

167.7
154.5
41.7
24.5
113.0
20.8
92.1
13.0

12.8
3.5
–5.4
–9.6
8.7
9.2
–.3
9.4

57.4
44.2
2.6
1.0
41.7
4.9
36.7
13.2

137.2
126.9
32.9
19.0
94.1
16.4
77.7
10.2

158.4
144.1
17.3
6.9
126.7
14.7
111.9
14.5

44.2
32.3
15.7
8.2
16.6
10.3
6.4
11.8

12.3
9.0
3.3

22.7
10.6
12.1

10.4
10.3
.1

13.2
9.9
3.3

20.2
11.3
8.9

25.8
12.5
13.3

14.0
11.7
2.3

–4.0
–3.1
–.9

25.5
–2.7
28.2

7.5
–7.4
14.9

13.4
–6.2
19.6

–9.9
3.5
–13.4

6.2
5.8
.3

17.6
5.2
12.5

7.7
–3.4
11.1

–13.1

–124.3

109.1

–.3

–3.6

–2.5

–2.0

2.3

5.2

62.4
40.4
22.1

53.9
29.4
24.4

65.6
39.5
26.1

16.1
–7.6
23.7

70.1
47.0
23.0

32.4
7.0
25.5

8.5
–16.9
25.4

46.3
23.3
23.0

41.8
17.0
24.8

24.6
23.4
14.3
–1.4
10.6
1.2

55.4
11.7
7.9
–.3
4.2
43.7

–24.4
14.7
8.9
.9
4.8
–39.1

36.3
41.1
57.9
–1.3
–15.5
–4.7

26.6
26.4
22.7
–1.0
4.6
.2

31.5
29.9
16.0
.8
13.2
1.5

17.1
14.8
15.9
.3
–1.4
2.3

63.0
65.1
27.4
1.5
36.1
–2.1

6.4
6.2
20.7
–.1
–14.3
.2

13.8

6.8

30.3

1.3

6.7

17.8

29.5

5.2

28.0

27.5

67.6

24.0

12.6

45.8

58.0

27.7

104.4

102.9

123.4

225.9

86.6

158.9

134.2

80.1

160.3

138.3

149.2
.2
70.1
78.9
3.9
5.8
1.2
4.6

121.8
11.0
40.2
70.6
11.3
1.1
1.5
–.4

68.0
2.7
–27.0
92.3
9.3
2.7
1.6
1.1

166.8
17.5
54.0
95.3
–8.3
1.9
2.2
–.2

131.4
.6
61.2
69.7
4.5
2.4
1.9
.4

13.7

–54.5

–31.4

43.4

65.6

–51.7

98.2

4.4

35.9

126.2

122.3

–16.9

Table 5.—Personal Income and Its Disposition, Percent Change from Preceding Period (Months)
Seasonally adjusted at monthly rates
2004
Jan.

Feb.

Mar.

Apr.

May

June

2005
July

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

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
.6
.5
1.3

0.6
.4
.4
.4

0.4
.3
.3
.3

0.5
.8
.8
.6

0.7
.8
.8
.6

0.3
.2
.2
.4

0.5
.8
.9
.6

0.7
.5
.5
.5

0.1
.6
.6
.5

0.8
.6
.6
.6

0.3
.1
0
.4

3.6
.4
.4
.4

–2.3
.5
.3
1.2

0.4
.2
.1
.4

.9

2.1

2.9

–.2

1.1

.7

0

–.1

–.5

2.9

.7

.9

–.8

.1

–7.7
.4
–.9
2.9
1.5
1.9
–1.2
.7

–3.4
.3
–.7
2.2
.8
.5
.3
.6

–4.2
.3
–.6
2.0
0
.2
.2
.5

–3.8
.6
.1
1.6
.2
.6
.6
.5

–3.1
.8
.2
1.9
.3
.8
.9
.7

–2.5
.9
.4
1.9
.1
.2
.6
.3

1.1
.9
.3
1.8
–.9
.7
1.8
.3

–6.5
.8
.3
1.7
2.5
.5
1.1
.7

–34.1
.8
.3
1.7
.9
.5
1.2
0

40.6
1.0
.5
1.9
–1.6
.5
.8
.9

–5.5
1.2
1.2
1.4
.6
0
.6
.3

–5.4
21.8
1.5
55.1
.4
.4
1.0
3.9

–4.0
–15.4
2.6
–34.8
1.8
1.5
5.3
–3.3

–5.1
1.3
1.7
.7
1.0
.1
.6
.4

1.1
.4
1.8
1.0

.3
.9
–.2
.4

.7
1.3
2.0
0

.3
–.9
–.6
1.0

1.2
2.6
1.9
.6

–.4
–4.3
0
.2

.8
3.2
.2
.7

.2
–1.3
0
.5

.8
3.0
.8
.4

.7
–.5
1.8
.4

.4
0
.1
.7

.6
2.1
0
.6

.1
–1.7
.2
.3

.6
.8
1.1
.3

.4

0

3.9

–3.4

.1

Based on chained (2000) dollar measures
Real disposable personal income ........................................

.3

.2

.2

.3

.2

0

.3

.6

–.1

Seasonally adjusted at monthly rates
2005
Mar.

Apr.

May

June

July

2006
Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

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 ............................................................................

0.4
.2
.2
.4

0.7
.6
.6
.5

0.4
.1
.1
.3

0.6
.5
.5
.4

.9

.9

.5

1.5

–5.0
1.2
1.3
1.1
.3
.1
.7
.4

–5.3
1.4
1.2
1.6
.9
.5
1.2
.7

–5.4
1.4
1.5
1.3
.2
.1
.5
.3

–5.8
1.4
1.4
1.3
.1
.4
.8
.6

.4
1.0
–.2
.6

1.0
3.2
1.9
0

–.2
–4.4
–.3
.8

1.1
4.5
.4
.7

0.7
1.2
1.2
.8

–2.0
.2
.2
.4

3.2
.5
.5
.4

0.4
.2
.2
.2

.1

–5.9

7.3

–8.7 .............. ..............
1.0
1.0
.9
.8
.7
.6
1.4
1.4
1.4
–.4
9.5
–6.5
1.1
.2
.4
1.0
.6
.8
.7
–2.4
3.5
1.1
4.4
1.0
.6

0
–5.8
1.6
.5

.7
–2.9
2.1
.7

0.4
.3
.3
.3

0.6
.7
.8
.4

–.1

0

.4

7.1
1.7
1.8
1.4
.3
.1
.7
.4

13.5
1.4
1.4
1.4
–.6
.2
.7
.3

.9
1.2
1.1
1.4
–.1
.6
1.1
.6

.4
–1.6
1.0
.5

0
2.0
–2.1
.7

.4
1.5
–.3
.5

.6

1.2
1.6
1.8
.9

0.4
.6
.7
.4

0.3
.2
.1
.2

0.5
0
–.1
.2

.4

–.4

1.1

.5

–2.4
–.5
–1.5
1.2
2.3
2.5
3.5
.9

–3.7
.1
–.5
1.1
.2
.6
1.0
.3

–.6
.3
–.2
1.1
.6
.1
.7
.3

–1.7
2.2
2.9
1.1
.5
–.1
.7
.4

.8
2.6
2.1
–.2

.5
–1.3
–.1
1.2

.3
.6
.2
.3

.8
.6
1.9
.3

.4

.2

0

–.1

Based on chained (2000) dollar measures
Real disposable personal income ........................................

0

.3

.2

.5

.3

–2.8

2.6

.2

.7

Table 5.—Personal Income and Its Disposition, Percent Change from Preceding Period (Months)—Continued
Seasonally adjusted at monthly rates
2006
May

June

July

Aug.

2007
Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June 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 ............................................................................

0.2
–.4
–.6
0

0.8
.9
1.0
.5

0.1
.1
.1
.2

0.4
.2
.2
.3

0.4
.7
.7
.5

0.6
1.0
1.1
.6

0.4
.5
.6
.4

0.8
.7
.7
.5

1.1
1.3
1.4
.9

0.7
.4
.5
.4

0.8
.7
.7
.5

–0.2
–.3
–.4
.2

0.4
.4
.4
.4

0.4
.5
.5
.4

.7

–.8

–.8

.4

–.6

.2

.4

1.2

0

1.0

.3

–.1

.3

.4

–2.2
1.6
1.8
1.2
.9
–.5
0
.2

–4.4
1.4
1.6
1.3
.6
.9
1.0
.7

–1.0
0
–.8
1.2
.6
.1
–.3
.1

–.1
.3
–.2
1.2
.9
.1
.4
.4

.8
.4
–.2
1.2
.2
.5
.9
.4

–2.9
.1
–.6
1.2
–.2
1.1
1.5
.4

–.9
0
–.7
1.2
.3
.4
1.1
.3

–2.1
0
–.7
1.1
1.8
.6
1.3
.7

2.4
1.2
1.4
.9
1.6
2.1
2.0
1.0

3.3
1.2
1.4
1.0
.8
.4
.8
.7

4.6
1.3
1.4
1.1
.9
.6
1.0
.8

1.9
.5
.1
1.1
–.8
–.4
.3
–.3

2.6
.5
.1
1.1
.5
.3
.6
.4

5.1
.5
.1
1.0
0
.4
.6
.4

.6
–1.1
1.0
.7

.3
.4
.1
.5

.9
2.1
1.5
.4

0
–1.7
.1
.3

–.1
.7
–1.5
.5

.3
–.1
–.6
.9

.3
.2
0
.4

.8
1.1
1.8
.3

.7
1.0
.1
.9

.6
–.3
.4
.8

.2
.1
1.3
–.2

.6
–.4
.3
.9

.6
1.6
1.4
.1

.1
–1.6
0
.5

.4

.3

–.6

–.1

.3

Based on chained (2000) dollar measures
Real disposable personal income ........................................
p

Preliminary

–.2

.5

–.2

.1

.7

.7

.3

.3

.7

Table 6.—Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters)
Seasonally adjusted at annual rates
2003

2004

2005

2006

2004
I

II

III

IV

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 .........................................................................

3.2
3.6
2.6
7.9

6.2
5.7
5.5
6.6

5.9
5.3
5.1
6.3

6.6
5.9
6.2
4.8

6.2
4.7
3.9
8.2

6.3
6.9
7.0
6.1

6.0
7.2
7.4
6.4

10.8
5.4
5.3
5.9

5.6
–13.1
.3
–2.3
6.4
5.0

12.4
–11.0
7.1
–2.1
27.1
5.3

6.4
–63.8
13.0
13.8
11.5
6.9

3.8
27.2
11.0
8.0
16.3
6.0

19.7
–18.1
5.1
–6.2
31.4
11.4

14.0
–35.2
7.4
–1.0
24.6
3.0

2.4
–50.9
10.7
3.7
24.1
5.0

14.0
–13.7
47.1
8.4
135.5
1.3

Less: Contributions for government social insurance ...........................................

3.8

6.4

5.5

6.0

9.9

6.1

6.6

4.6

Less: Personal current taxes ..................................................................................

–4.8

4.5

15.6

12.0

–2.8

6.7

15.5

11.2

Equals: Disposable personal income ....................................................................

4.2

6.4

4.7

5.9

7.3

6.3

4.9

10.8

Addenda:
Personal consumption expenditures ......................................................................
Durable goods ....................................................................................................
Nondurable goods ..............................................................................................
Services ..............................................................................................................

4.8
2.0
5.3
5.1

6.4
4.4
7.0
6.5

6.2
4.1
7.4
6.2

5.9
2.4
6.8
6.2

8.1
5.2
10.2
7.7

6.4
2.2
7.8
6.6

5.5
5.1
4.5
6.1

7.4
7.1
9.8
6.3

2.4

2.9

7.5

Based on chained (2000) dollar measures
Real disposable personal income ..........................................................................

2.2

3.6

1.7

3.1

3.7

Seasonally adjusted at annual rates
2005
I

II

2006
III

IV

I

II

2007
III

IV

I

II

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 .........................................................................

2.0
4.0
3.0
8.1
1.8
–44.8
–9.0
24.6
–44.1
12.7

6.5
4.2
4.0
4.9

3.7
7.5
7.8
6.4

9.6
4.0
4.1
3.6

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

10.5
10.1
10.7
7.3

4.0
3.0
2.8
3.9

9.8
–1.6
11.0
–47.8 ................. .................
17.4
14.3
16.9
17.9
12.2
16.2
16.6
17.8
18.2
6.8
15.6
–6.1

3.0
–1.8
3.8
–2.8
15.8
9.8

5.5
–22.4
17.3
18.9
14.7
6.9

–3.9
–16.7
7.4
2.5
15.8
8.1

2.5
–14.0
1.9
–5.9
15.1
4.3

7.2
19.2
10.5
8.7
13.1
16.2

3.0
45.4
9.2
6.2
13.8
1.5
2.1

Less: Contributions for government social insurance ...........................................

7.5

3.3

6.5

3.1

14.4

.6

3.0

7.9

13.1

Less: Personal current taxes ..................................................................................

30.8

10.4

9.7

9.3

23.4

7.5

3.8

14.2

17.6

7.8

Equals: Disposable personal income ....................................................................

–1.2

6.0

3.0

9.6

6.7

4.5

4.4

5.2

9.5

3.5

Addenda:
Personal consumption expenditures ......................................................................
Durable goods ....................................................................................................
Nondurable goods ..............................................................................................
Services ..............................................................................................................

4.6
2.3
3.8
5.5

7.0
10.8
8.9
5.3

8.5
3.2
12.2
7.8

4.1
–13.9
5.5
7.3

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

5.6
.2
9.2
5.0

6.2

5.9

–.8

Based on chained (2000) dollar measures
Real disposable personal income .........................................................................

–3.3

2.5

–1.2

6.6

4.9

.2

1.7

Table 7.—Real Personal Consumption Expenditures by Major Type of Product (Months)
2003
Dec.

2004
Jan.

Feb.

Mar.

Apr.

May

June

2005
July

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

7,654.4
1,102.5
2,204.8
4,360.2

7,699.2
1,125.5
2,214.6
4,375.6

7,693.3
1,104.9
2,224.1
4,377.2

7,716.5
1,116.1
2,236.9
4,378.4

44.8
23.0
9.8
15.4

–5.9
–20.6
9.5
1.6

23.2
11.2
12.8
1.2

.6
2.1
.4
.4

–.1
–1.8
.4
0

.3
1.0
.6
0

Billions of chained (2000) dollars, seasonally adjusted at annual rates
Personal consumption expenditures .................
Durable goods ...................................................
Nondurable goods .............................................
Services ..............................................................

7,411.4
1,052.1
2,131.9
4,236.4

7,467.9
1,055.8
2,157.9
4,263.3

7,462.4
1,064.8
2,140.6
4,267.1

7,495.0
1,078.1
2,171.7
4,258.2

7,500.6
1,067.9
2,158.0
4,284.9

7,557.2
1,096.5
2,173.1
4,301.8

7,503.6
1,049.6
2,163.6
4,297.1

7,562.0
1,086.7
2,174.2
4,313.3

7,570.0
1,077.8
2,176.6
4,325.8

7,624.5
1,110.1
2,193.4
4,336.4

7,639.3
1,102.2
2,203.2
4,347.5

Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates
Personal consumption expenditures .................
Durable goods ...................................................
Nondurable goods .............................................
Services ..............................................................

–2.1
–9.2
–11.3
16.2

56.5
3.7
26.0
26.9

–5.5
9.0
–17.3
3.8

32.6
13.3
31.1
–8.9

5.6
–10.2
–13.7
26.7

56.6
28.6
15.1
16.9

–53.6
–46.9
–9.5
–4.7

58.4
37.1
10.6
16.2

8.0
–8.9
2.4
12.5

54.5
32.3
16.8
10.6

14.8
–7.9
9.8
11.1

15.1
.3
1.6
12.7

Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures .................
Durable goods ...................................................
Nondurable goods .............................................
Services ..............................................................

0
–.9
–.5
.4

.8
.3
1.2
.6

–.1
.9
–.8
.1

.4
1.2
1.5
–.2

.1
–.9
–.6
.6

.8
2.7
.7
.4

–.7
–4.3
–.4
–.1

.8
3.5
.5
.4

.1
–.8
.1
.3

.7
3.0
.8
.2

.2
–.7
.4
.3

.2
0
.1
.3

2005
Mar.

Apr.

May

June

July

2006
Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

7,938.0
1,174.4
2,313.4
4,472.2

7,971.8
1,159.9
2,314.6
4,514.1

7,975.9
1,169.0
2,308.9
4,516.6

7,998.6
1,175.9
2,326.5
4,516.2

4.1
9.1
–5.7
2.5

22.7
6.9
17.6
–.4

.1
.8
–.2
.1

.3
.6
.8
0

Billions of chained (2000) dollars, seasonally adjusted at annual rates
Personal consumption expenditures .................
Durable goods ....................................................
Nondurable goods ..............................................
Services ..............................................................

7,718.4
1,127.1
2,219.5
4,388.2

7,763.0
1,164.1
2,244.2
4,378.4

7,741.6
1,110.4
2,242.5
4,401.5

7,821.2
1,164.4
2,254.8
4,424.0

7,877.2
1,219.5
2,254.3
4,435.7

7,849.0
1,152.7
2,265.4
4,449.5

7,832.2
1,118.4
2,263.0
4,461.9

7,845.6
1,101.4
2,289.8
4,461.6

7,874.9
1,125.7
2,285.1
4,475.8

7,910.1
1,144.3
2,285.4
4,494.9

Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates
Personal consumption expenditures .................
Durable goods ....................................................
Nondurable goods ..............................................
Services ..............................................................

1.9
11.0
–17.4
9.8

44.6
37.0
24.7
–9.8

–21.4
–53.7
–1.7
23.1

79.6
54.0
12.3
22.5

56.0
55.1
–.5
11.7

–28.2
–66.8
11.1
13.8

–16.8
–34.3
–2.4
12.4

13.4
–17.0
26.8
–.3

29.3
24.3
–4.7
14.2

35.2
18.6
.3
19.1

27.9
30.1
28.0
–22.7

33.8
–14.5
1.2
41.9

Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures .................
Durable goods ....................................................
Nondurable goods ..............................................
Services ..............................................................

0
1.0
–.8
.2

.6
3.3
1.1
–.2

–.3
–4.6
–.1
.5

1.0
4.9
.5
.5

.7
4.7
0
.3

–.4
–5.5
.5
.3

–.2
–3.0
–.1
.3

.2
–1.5
1.2
0

.4
2.2
–.2
.3

.4
1.7
0
.4

.4
2.6
1.2
–.5

2006
May

June

July

Aug.

.4
–1.2
0
.9

2007
Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June p

8,211.7
1,223.4
2,388.4
4,625.1

8,233.2
1,220.9
2,378.9
4,656.1

8,246.7
1,242.0
2,382.9
4,650.1

8,244.3
1,221.7
2,383.6
4,661.5

13.5
21.1
4.0
–6.0

–2.4
–20.3
.7
11.4

.2
1.7
.2
–.1

0
–1.6
0
.2

Billions of chained (2000) dollars, seasonally adjusted at annual rates
Personal consumption expenditures .................
Durable goods ....................................................
Nondurable goods ..............................................
Services ..............................................................

8,009.2
1,163.4
2,326.3
4,535.8

8,020.1
1,171.2
2,324.1
4,542.6

8,070.6
1,194.7
2,346.6
4,551.8

8,051.8
1,175.0
2,343.2
4,551.6

8,068.9
1,189.3
2,341.9
4,558.6

8,115.1
1,188.0
2,355.3
4,590.4

8,134.2
1,193.9
2,362.8
4,597.1

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

Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates
Personal consumption expenditures .................
Durable goods ....................................................
Nondurable goods ..............................................
Services ..............................................................

10.6
–12.5
–.2
19.6

10.9
7.8
–2.2
6.8

50.5
23.5
22.5
9.2

–18.8
–19.7
–3.4
–.2

17.1
14.3
–1.3
7.0

46.2
–1.3
13.4
31.8

19.1
5.9
7.5
6.7

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

21.5
–2.5
–9.5
31.0

Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates
Personal consumption expenditures .................
Durable goods ....................................................
Nondurable goods ..............................................
Services ..............................................................
p

Preliminary

.1
–1.1
0
.4

.1
.7
–.1
.1

.6
2.0
1.0
.2

–.2
–1.6
–.1
0

.2
1.2
–.1
.2

.6
–.1
.6
.7

.2
.5
.3
.1

.5
1.4
1.1
0

.4
1.2
–.1
.5

.3
–.4
0
.6

–.2
.2
.1
–.5

.3
–.2
–.4
.7

Table 8.—Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Seasonally adjusted at annual rates
2003

2004

2005

2006

2003

2004

IV

I

II

III

IV

7,520.5
1,071.3
2,164.9
4,294.6

7,585.5
1,091.5
2,181.4
4,325.2

7,664.3
1,110.1
2,207.5
4,361.1

65.0
20.2
16.5
30.6

78.8
18.6
26.1
35.9

3.5
7.8
3.1
2.9

4.2
7.0
4.9
3.4

Billions of chained (2000) dollars
Personal consumption expenditures .....................................................................
Durable goods ........................................................................................................
Nondurable goods ..................................................................................................
Services ..................................................................................................................

7,295.3
1,020.6
2,103.0
4,178.8

7,561.4
1,084.8
2,177.6
4,311.0

7,803.6
1,137.4
2,255.4
4,427.3

8,044.1
1,180.5
2,337.7
4,545.5

7,394.3
1,051.4
2,132.5
4,220.2

7,475.1
1,066.2
2,156.7
4,262.9

Change from preceding period in billions of chained (2000) dollars
Personal consumption expenditures .....................................................................
Durable goods ........................................................................................................
Nondurable goods ..................................................................................................
Services ..................................................................................................................

196.0
55.8
65.9
78.4

266.1
64.2
74.6
132.2

242.2
52.6
77.8
116.3

240.5
43.1
82.3
118.2

41.4
1.8
9.5
29.5

80.8
14.8
24.2
42.7

45.4
5.1
8.2
31.7

Percent change from preceding period in chained (2000) dollars
Personal consumption expenditures .....................................................................
Durable goods ........................................................................................................
Nondurable goods ..................................................................................................
Services ..................................................................................................................

2.8
5.8
3.2
1.9

3.6
6.3
3.5
3.2

3.2
4.9
3.6
2.7

3.1
3.8
3.6
2.7

2.3
.7
1.8
2.8

4.4
5.8
4.6
4.1

2.4
1.9
1.5
3.0

Seasonally adjusted at annual rates
2005
I

II

2006
III

IV

I

II

2007
III

IV

I

II

Billions of chained (2000) dollars
Personal consumption expenditures .....................................................................
Durable goods ........................................................................................................
Nondurable goods ..................................................................................................
Services ..................................................................................................................

7,709.4
1,116.0
2,226.8
4,381.3

7,775.2
1,146.3
2,247.2
4,401.3

7,852.8
1,163.5
2,260.9
4,449.1

7,876.9
1,123.8
2,286.8
4,477.5

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

8,241.4
1,228.2
2,381.8
4,655.9

74.5
25.6
17.8
35.2

25.7
5.0
–4.8
25.2

3.7
8.8
3.0
3.1

1.3
1.6
–.8
2.2

Change from preceding period in billions of chained (2000) dollars
Personal consumption expenditures .....................................................................
Durable goods ........................................................................................................
Nondurable goods ..................................................................................................
Services ..................................................................................................................

45.1
5.9
19.3
20.2

65.8
30.3
20.4
20.0

77.6
17.2
13.7
47.8

24.1
–39.7
25.9
28.4

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

Percent change from preceding period in chained (2000) dollars
Personal consumption expenditures .....................................................................
Durable goods ........................................................................................................
Nondurable goods ..................................................................................................
Services ..................................................................................................................

2.4
2.2
3.5
1.9

3.5
11.3
3.7
1.8

4.1
6.2
2.5
4.4

1.2
–13.0
4.7
2.6

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)
2003

2004

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

2005
July

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

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 .........................................................

106.401 106.801 107.187 107.502 107.731 108.252 108.553 108.617 108.686 108.807 109.355 109.606 109.601 109.750 110.089
90.806 90.880 90.927 90.973 91.019 90.977 90.962 90.685 90.263 90.298 90.453 90.443 90.465 90.578 90.415
104.707 105.317 105.953 106.485 106.517 107.821 108.251 107.970 107.870 107.868 109.304 109.344 108.810 108.605 109.207
110.890 111.264 111.607 111.876 112.249 112.516 112.830 113.153 113.430 113.634 113.831 114.255 114.509 114.847 115.179
105.938 106.198 106.437 106.691 106.955 107.135 107.336 107.486 107.569 107.746 107.975 108.219 108.312 108.629 108.837
105.593 105.974 106.335 106.625 106.772 107.292 107.576 107.587 107.607 107.671 108.261 108.489 108.441 108.555 108.884
104.826 105.033 105.210 105.422 105.591 105.700 105.856 105.958 105.983 106.100 106.315 106.529 106.589 106.896 107.063
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 .........................................................

.2
–.3
.4
.3

.4
.1
.6
.3

.4
.1
.6
.3

.3
.1
.5
.2

.2
.1
0
.3

.5
0
1.2
.2

.3
0
.4
.3

.1
–.3
–.3
.3

.1
–.5
–.1
.2

.1
0
0
.2

.5
.2
1.3
.2

.2
0
0
.4

0
0
–.5
.2

.1
.1
–.2
.3

.3
–.2
.6
.3

.2
.2

.2
.4

.2
.3

.2
.3

.2
.1

.2
.5

.2
.3

.1
0

.1
0

.2
.1

.2
.5

.2
.2

.1
0

.3
.1

.2
.3

.1

.2

.2

.2

.2

.1

.1

.1

0

.1

.2

.2

.1

.3

.2

May

June

July

Aug.

Sep.

2005
Mar.

Apr.

2006
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

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 ..........................................................

110.518
90.418
109.890
115.586

110.940
90.347
110.775
115.899

111.063
90.528
110.525
116.195

111.107
90.250
110.410
116.401

111.570
89.927
111.498
116.750

112.013
89.589
112.678
117.023

113.033
89.689
115.164
117.526

113.289
89.628
114.912
118.118

112.862
89.470
112.731
118.522

112.816
89.374
112.340
118.662

113.322
89.379
113.345
119.040

113.410
89.284
113.193
119.298

113.708
89.164
113.676
119.609

114.266
89.210
114.939
119.936

109.108
109.291

109.231
109.717

109.477
109.776

109.558
109.778

109.720
110.258

109.839
110.718

110.075
111.810

110.325
112.019

110.557
111.475

110.680
111.403

110.863
111.921

111.037
111.973

111.334
112.260

111.635
112.819

107.274

107.343

107.534

107.569

107.691

107.766

107.934

108.121

108.342

108.467

108.600

108.747

109.027

109.277

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 ..........................................................
See footnotes at the end of the table.

.4
0
.6
.4

.4
–.1
.8
.3

.1
.2
–.2
.3

0
–.3
–.1
.2

.4
–.4
1.0
.3

.4
–.4
1.1
.2

.9
.1
2.2
.4

.2
–.1
–.2
.5

–.4
–.2
–1.9
.3

0
–.1
–.3
.1

.4
0
.9
.3

.1
–.1
–.1
.2

.3
–.1
.4
.3

.5
.1
1.1
.3

.2
.4

.1
.4

.2
.1

.1
0

.1
.4

.1
.4

.2
1.0

.2
.2

.2
–.5

.1
–.1

.2
.5

.2
0

.3
.3

.3
.5

.2

.1

.2

0

.1

.1

.2

.2

.2

.1

.1

.1

.3

.2

Table 9.—Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)—Continued
2006
May

June

July

Aug.

2007
Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June 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 ..........................................................

114.756
89.177
116.074
120.226

114.989
88.942
116.277
120.594

115.336
88.999
116.931
120.857

115.619
88.968
117.274
121.191

115.263
88.514
115.523
121.580

114.992
88.522
114.150
121.805

115.021
88.223
113.811
122.108

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

116.927
87.559
117.439
123.794

117.494
87.421
118.933
124.071

117.663
87.483
118.885
124.378

111.853
113.351

112.124
113.549

112.266
113.908

112.533
114.168

112.759
113.703

112.954
113.322

113.021
113.321

113.182
113.726

113.572
114.039

113.773
114.397

113.846
114.981

113.981
115.319

114.127
115.906

114.291
116.040

109.494

109.729

109.845

110.080

110.290

110.442

110.478

110.602

110.992

111.212

111.278

111.362

111.446

111.565

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 ..........................................................

.4
0
1.0
.2

.2
–.3
.2
.3

.3
.1
.6
.2

.2
0
.3
.3

–.3
–.5
–1.5
.3

–.2
0
–1.2
.2

0
–.3
–.3
.2

.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

.1
.1
0
.2

.2
.5

.2
.2

.1
.3

.2
.2

.2
–.4

.2
–.3

.1
0

.1
.4

.3
.3

.2
.3

.1
.5

.1
.3

.1
.5

.1
.1

.2

.2

.1

.2

.2

.1

0

.1

.4

.2

.1

.1

.1

.1

Preliminary
1. This index is a supplemental measure that is based on household expenditures for which there are observable
p

price measures. It excludes most implicit prices (for example, the services furnished without payment by financial
intermediaries) and the expenses of nonprofit institutions.

Table 10.—Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
2003
Dec.

2004
Jan.

Feb.

Mar.

Apr.

May

June

2005
July

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Disposable personal income ...............................

3.9

3.9

4.3

4.4

4.0

3.4

3.1

2.2

2.3

3.5

3.4

2.6

6.4

2.4

2.3

Personal consumption expenditures ..................
Durable goods .....................................................
Nondurable goods ...............................................
Services ...............................................................

3.1
5.0
3.5
2.5

3.8
7.4
4.3
2.9

4.1
11.3
3.6
2.9

4.2
10.7
4.3
2.8

3.9
6.8
4.0
3.3

4.3
8.7
4.7
3.3

3.0
2.9
2.9
3.1

3.3
5.0
3.0
3.1

2.5
.7
2.0
3.1

3.7
6.4
3.3
3.4

3.8
5.9
3.8
3.4

3.2
3.9
2.9
3.3

3.9
7.0
3.9
3.3

3.0
4.7
3.1
2.7

3.4
4.8
4.5
2.6

May

June

July

2005
Mar.

Apr.

2006
Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

Disposable personal income ...............................

2.1

2.1

2.2

2.7

2.7

–0.7

1.9

1.7

2.4

–0.8

3.1

3.2

3.2

2.8

Personal consumption expenditures ..................
Durable goods .....................................................
Nondurable goods ...............................................
Services ...............................................................

3.0
4.5
2.2
3.1

3.5
9.0
4.0
2.2

2.4
1.3
3.2
2.3

4.2
10.9
4.2
3.0

4.2
12.2
3.7
2.8

3.7
6.9
4.1
2.9

2.7
.8
3.2
2.9

2.7
–.1
3.9
2.6

2.9
2.1
3.6
2.7

2.7
1.7
3.2
2.7

3.2
6.3
4.0
2.2

3.3
3.9
3.5
3.1

3.3
3.7
4.0
2.9

3.0
1.0
3.7
3.1

2006
May

June

July

Aug.

2007
Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June p

Disposable personal income ...............................

2.4

2.4

1.9

5.0

3.1

3.6

3.2

2.9

3.2

3.4

3.7

3.2

3.3

3.1

Personal consumption expenditures ..................
Durable goods .....................................................
Nondurable goods ...............................................
Services ...............................................................

3.5
4.8
3.7
3.1

2.5
.6
3.1
2.7

2.5
–2.0
4.1
2.6

2.6
1.9
3.4
2.3

3.0
6.3
3.5
2.2

3.4
7.9
2.9
2.9

3.3
6.1
3.4
2.7

3.3
5.8
4.5
2.3

3.4
4.3
3.1
3.3

3.2
5.3
3.0
2.9

3.0
4.7
3.4
2.4

2.9
3.8
2.3
3.1

3.0
6.8
2.4
2.5

2.8
4.3
2.6
2.6

p

Preliminary

Table 11.—Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
2003
Dec.

2004
Jan.

Feb.

Mar.

Apr.

May

June

2005
July

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Personal consumption expenditures (PCE) ......
Durable goods .....................................................
Nondurable goods ...............................................
Services ...............................................................

2.0
–3.9
1.9
3.3

2.1
–3.4
2.0
3.3

2.0
–3.0
1.5
3.3

1.9
–2.8
1.5
3.1

2.4
–2.4
2.5
3.3

2.9
–1.8
4.6
3.1

3.1
–1.5
4.8
3.3

2.9
–1.6
4.1
3.3

2.7
–1.8
3.2
3.3

2.5
–1.3
2.6
3.2

3.0
–.9
4.5
3.1

3.3
–.7
4.8
3.3

3.0
–.4
3.9
3.3

2.8
–.3
3.1
3.2

2.7
–.6
3.1
3.2

Addenda:
PCE excluding food and energy ........................
Market-based PCE 1 ...........................................
Market-based PCE excluding food and energy 1

1.5
1.7
1.0

1.7
1.8
1.2

1.8
1.6
1.3

1.9
1.5
1.4

2.0
1.9
1.5

2.1
2.6
1.5

2.2
2.8
1.6

2.1
2.5
1.5

2.1
2.2
1.4

2.1
2.0
1.4

2.1
2.6
1.5

2.3
3.0
1.7

2.2
2.7
1.7

2.3
2.4
1.8

2.3
2.4
1.8

2005
Mar.

Apr.

May

June

July

2006
Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

Personal consumption expenditures (PCE) .......
Durable goods .....................................................
Nondurable goods ...............................................
Services ...............................................................

2.8
–.6
3.2
3.3

3.0
–.7
4.0
3.3

2.6
–.5
2.5
3.3

2.4
–.8
2.0
3.2

2.7
–.8
3.3
3.2

3.1
–.7
4.5
3.2

3.9
–.7
6.8
3.4

3.6
–.9
5.1
3.8

3.0
–1.1
3.1
3.7

2.9
–1.2
3.2
3.6

3.3
–1.3
4.4
3.7

3.0
–1.3
3.6
3.6

2.9
–1.4
3.4
3.5

3.0
–1.3
3.8
3.5

Addenda:
PCE excluding food and energy ........................
Market-based PCE 1 ...........................................
Market-based PCE excluding food and energy 1

2.3
2.5
1.8

2.1
2.8
1.7

2.2
2.3
1.7

2.1
2.0
1.6

2.1
2.5
1.6

2.1
2.9
1.7

2.2
3.8
1.7

2.2
3.5
1.7

2.2
2.8
1.7

2.2
2.7
1.8

2.1
3.1
1.6

2.0
2.8
1.6

2.0
2.7
1.6

2.2
2.8
1.8

2006
May

June

July

Aug.

2007
Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June p

Personal consumption expenditures (PCE) .......
Durable goods .....................................................
Nondurable goods ...............................................
Services ...............................................................

3.3
–1.5
5.0
3.5

3.5
–1.4
5.3
3.6

3.4
–1.0
4.9
3.5

3.2
–.7
4.1
3.6

2.0
–1.3
.3
3.4

1.5
–1.2
–.7
3.1

1.9
–1.4
1.0
3.0

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

Addenda:
PCE excluding food and energy ........................
Market-based PCE 1 ...........................................
Market-based PCE excluding food and energy 1

2.2
3.3
1.8

2.3
3.4
2.0

2.3
3.3
2.0

2.5
3.1
2.1

2.4
1.7
2.2

2.4
1.2
2.1

2.2
1.7
2.0

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

p Preliminary
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.

Table 12.—Revisions to Personal Income and Its Disposition
Billions of dollars
Revised estimates
2004

Revisions as a percentage of
previously published

Revisions to previously published

2005

2006

2004

2005

2004

2006

2005

2006

Personal income ....................................................................................................

9,727.2

10,301.1

10,983.4

–4.2

61.9

92.2

0

0.6

0.8

Compensation of employees, received ..........................................................

6,671.4

7,024.6

7,440.8

6.1

–5.7

–45.1

.1

–.1

–.6

Wage and salary disbursements ................................................................
Private industries ........................................................................................
Goods-producing industries ...................................................................
Manufacturing ....................................................................................
Services-producing industries ................................................................
Trade, transportation, and utilities ....................................................
Other services-producing industries ..................................................
Government ................................................................................................

5,394.5
4,451.4
1,049.2
686.9
3,402.2
898.6
2,503.6
943.1

5,667.9
4,686.9
1,098.7
704.1
3,588.3
937.0
2,651.2
980.9

6,018.2
4,997.6
1,166.8
731.0
3,830.8
985.1
2,845.7
1,020.6

2.4
1.1
–1.6
–1.1
2.7
–.6
3.3
1.3

3.1
–.2
–2.6
–.6
2.5
–.2
2.7
3.2

–12.9
–19.6
–13.7
–5.8
–5.9
–10.0
4.1
6.7

0
0
–.2
–.2
.1
–.1
.1
.1

.1
0
–.2
–.1
.1
0
.1
.3

–.2
–.4
–1.2
–.8
–.2
–1.0
.1
.7

Supplements to wages and salaries ..........................................................
Employer contributions for employee pension and insurance funds .......
Employer contributions for government social insurance .........................

1,276.9
868.5
408.3

1,356.8
927.7
429.1

1,422.6
970.7
451.8

3.7
2.4
1.2

–8.7
–5.5
–3.2

–32.3
–22.0
–10.3

.3
.3
.3

–.6
–.6
–.7

–2.2
–2.2
–2.2

Proprietors’ income with inventory valuation and capital consumption
adjustments ...................................................................................................
Farm ................................................................................................................
Nonfarm ...........................................................................................................

911.6
37.3
874.3

969.9
30.8
939.1

1,006.7
19.4
987.4

.5
1.1
–.6

–.8
.6
–1.3

–8.4
–3.2
–5.1

.1
3.0
–.1

–.1
2.0
–.1

–.8
–14.2
–.5

Rental income of persons with capital consumption adjustment .............

118.4

42.9

54.5

–8.6

–29.9

–22.9

–6.8

–41.1

–29.6

Personal income receipts on assets ..............................................................
Personal interest income ................................................................................
Personal dividend income ..............................................................................

1,432.1
895.1
537.0

1,617.8
1,018.9
598.9

1,796.5
1,100.2
696.3

4.2
4.3
–.1

98.4
73.9
24.5

140.2
83.5
56.7

.3
.5
0

6.5
7.8
4.3

8.5
8.2
8.9

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) .....................................

1,422.5
1,396.1
788.0
36.0
572.0
26.4

1,520.7
1,483.1
845.3
31.3
606.4
37.6

1,612.5
1,585.3
946.4
29.9
609.0
27.2

–4.0
–2.3
–3.4
0
1.0
–1.7

–5.9
2.2
.4
0
1.8
–8.1

10.3
18.4
15.0
2.6
.7
–8.1

–.3
–.2
–.4
0
.2
–6.0

–.4
.1
0
0
.3
–17.7

.6
1.2
1.6
9.5
.1
–22.9

Less: Contributions for government social insurance ................................

828.8

874.8

927.6

2.4

–5.8

–18.1

.3

–.7

–1.9

Less: Personal current taxes ...............................................................................

1,046.3

1,209.1

1,354.3

–3.5

6.0

–7.8

–.3

.5

–.6

Equals: Disposable personal income .................................................................

8,680.9

9,092.0

9,629.1

–.7

55.9

100.0

0

.6

1.0

Less: Personal outlays .........................................................................................

8,499.2

9,047.4

9,590.3

–8.0

–23.5

–35.2

–.1

–.3

–.4

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) ........................................................................

8,195.9
983.9
2,343.7
4,868.3
191.3
112.1
68.9
43.1

8,707.8
1,023.9
2,516.2
5,167.8
217.7
121.8
74.5
47.3

9,224.5
1,048.9
2,688.0
5,487.6
238.0
127.8
78.9
48.9

–15.6
–2.4
–1.5
–11.8
5.3
2.4
2.1
.2

–34.6
–9.2
–23.1
–2.2
8.3
2.6
2.5
.2

–44.4
–21.4
–26.9
3.9
7.7
1.5
.9
.6

–.2
–.2
–.1
–.2
2.8
2.2
3.1
.5

–.4
–.9
–.9
0
4.0
2.2
3.5
.4

–.5
–2.0
–1.0
.1
3.3
1.2
1.2
1.2

Equals: Personal saving .......................................................................................

181.7

44.6

38.8

7.4

79.4

135.2 .................... .................... ....................

Personal saving as a percentage of disposable personal income ............

2.1

.5

.4

.1

.9

1.4 .................... .................... ....................

8,008.9

8,147.9

8,396.9

–1.9

43.3

78.3

0

.5

.9

29,517
27,232
294,096

30,616
27,436
296,972

32,115
28,005
299,833

–14
–18
118

176
134
120

321
250
118

0
–.1
0

.6
.5
0

1.0
.9
0

Addenda:
Disposable personal income:
Total, billions of chained (2000) dollars 2 ......................................................
Per capita:
Current dollars ............................................................................................
Chained (2000) dollars ...............................................................................
Population (midperiod, thousands) 3 ...................................................................

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.

Table 13.—Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)
2003

2004

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

2005
July

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Seasonally adjusted at annual rates
Change from preceding period in billions of
dollars:
Personal income .................................................
Previously published .......................................
Disposable personal income ..............................
Previously published .......................................
Personal consumption expenditures ..................
Previously published .......................................

35.5
35.5
35.1
35.1
16.8
16.8

45.4
59.6
57.9
66.4
90.0
92.4

52.2
51.6
49.3
46.7
23.0
28.2

40.7
44.0
39.0
39.6
58.4
64.6

48.5
47.6
42.2
41.7
23.2
16.1

65.3
62.5
56.2
53.6
100.3
109.9

30.8
21.2
25.1
18.1
–35.5
–35.2

48.3
54.9
29.2
40.7
68.3
74.0

69.0
49.3
57.6
40.7
14.0
10.8

14.3
14.0
2.0
4.5
68.3
67.6

83.2
91.4
74.7
80.1
58.0
57.9

31.1
29.1
24.5
23.9
35.7
39.2

354.2
344.7
343.3
336.8
48.7
51.2

–239.7
–240.0
–298.4
–295.6
4.9
7.4

42.3
32.5
34.8
25.7
51.6
51.3

Personal saving as a percentage of disposable
personal income ..................................................
Previously published ...........................................

2.4
2.4

1.9
2.1

2.2
2.3

2.0
2.0

2.2
2.2

1.6
1.5

2.2
2.1

1.8
1.7

2.2
2.0

1.4
1.2

1.5
1.4

1.4
1.2

4.5
4.3

1.2
.9

.9
.6

Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates
Personal income ......................................................
Previously published ...........................................

.4
.4

.5
.6

.6
.5

.4
.5

.5
.5

.7
.7

.3
.2

.5
.6

.7
.5

.1
.1

.8
.9

.3
.3

3.6
3.5

–2.3
–2.3

.4
.3

Disposable personal income ...................................
Previously published ...........................................

.4
.4

.7
.8

.6
.6

.5
.5

.5
.5

.7
.6

.3
.2

.3
.5

.7
.5

0
.1

.9
.9

.3
.3

3.9
3.8

–3.3
–3.2

.4
.3

Personal consumption expenditures .......................
Previously published ...........................................

.2
.2

1.1
1.2

.3
.4

.7
.8

.3
.2

1.2
1.4

–.4
–.4

.8
.9

.2
.1

.8
.8

.7
.7

.4
.5

.6
.6

.1
.1

.6
.6

Percent change from preceding period for chained (2000) dollar measures, seasonally adjusted at monthly rates
Real disposable personal income ..........................
Previously published ...........................................

.2
.2

.3
.4

.2
.2

.2
.1

.3
.3

.2
.2

0
0

.3
.4

.6
.4

–.1
–.1

.4
.4

0
.1

3.9
3.8

–3.4
–3.4

.1
0

Real personal consumption expenditures ..............
Previously published ...........................................

0
0

.8
.8

–.1
0

.4
.5

.1
0

.8
.9

–.7
–.7

.8
.9

.1
0

.7
.7

.2
.2

.2
.3

.6
.6

–.1
–.1

.3
.3

2005
Mar.

Apr.

May

June

July

2006
Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

Seasonally adjusted at annual rates
Change from preceding period in billions of
dollars:
Personal income .................................................
Previously published .......................................
Disposable personal income ..............................
Previously published .......................................
Personal consumption expenditures ..................
Previously published .......................................

40.8
24.9
33.0
17.2
35.3
48.3

74.1
48.7
60.1
29.7
82.0
85.4

35.8
27.8
29.4
20.7
–14.3
–9.8

62.2
53.8
52.8
45.5
92.0
80.2

75.5
81.7
63.8
74.3
98.7
109.1

–212.2
–184.8
–219.1
–191.2
3.5
–8.4

321.2
292.6
311.4
281.9
61.0
57.0

46.1
56.5
37.6
44.4
35.3
29.1

40.3
19.8
31.7
11.0
–.5
4.8

67.4
53.7
53.9
37.3
36.0
39.1

123.7
138.8
80.0
82.5
71.8
78.9

38.0
57.0
24.4
41.0
45.3
44.8

36.9
55.5
28.2
43.2
28.5
44.6

49.5
6.9
40.2
–4.5
70.4
51.4

Personal saving as a percentage of disposable
personal income ..................................................
Previously published ...........................................

.9
.2

.6
–.4

1.1
–.1

.6
–.5

.2
–.9

–2.3
–3.0

.5
–.5

.5
–.3

.8
–.3

1.0
–.3

1.1
–.3

.8
–.3

.8
–.4

.4
–1.0

Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates
Personal income ......................................................
Previously published ...........................................

.4
.2

.7
.5

.4
.3

.6
.5

.7
.8

–2.0
–1.8

3.2
2.9

.4
.5

.4
.2

.6
.5

1.2
1.3

.4
.5

.3
.5

.5
.1

Disposable personal income ...................................
Previously published ...........................................

.4
.2

.7
.3

.3
.2

.6
.5

.7
.8

–2.4
–2.1

3.5
3.2

.4
.5

.3
.1

.6
.4

.9
.9

.3
.4

.3
.5

.4
0

Personal consumption expenditures .......................
Previously published ...........................................

.4
.6

1.0
1.0

–.2
–.1

1.1
.9

1.1
1.3

0
–.1

.7
.6

.4
.3

0
.1

.4
.4

.8
.9

.5
.5

.3
.5

.8
.6

Percent change from preceding period for chained (2000) dollar measures, seasonally adjusted at monthly rates
Real disposable personal income ...........................
Previously published ...........................................

0
–.2

.3
0

.2
.2

.5
.5

.3
.4

–2.8
–2.5

2.6
2.2

.2
.3

.7
.5

.6
.4

.4
.4

.2
.4

0
.1

–.1
–.5

Real personal consumption expenditures ..............
Previously published ...........................................

0
.1

.6
.6

–.3
–.1

1.0
.9

.7
.8

–.4
–.5

–.2
–.3

.2
.1

.4
.4

.4
.5

.4
.4

.4
.4

.1
.1

.3
.1

Table 13.—Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)—Continued
2006
May

June

July

Aug.

2007

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Seasonally adjusted at annual rates
Change from preceding period in billions of dollars:
Personal income ..............................................................................................................
Previously published ....................................................................................................
Disposable personal income ...........................................................................................
Previously published ....................................................................................................
Personal consumption expenditures ...............................................................................
Previously published ....................................................................................................

20.0
11.0
20.2
10.4
51.4
63.4

84.7
46.9
71.2
37.4
31.2
31.9

9.1
50.3
12.7
57.2
86.1
68.4

40.3
44.6
35.5
44.3
1.2
13.8

49.0
51.6
36.8
46.9
–9.0
–4.2

63.4
61.4
43.6
44.4
31.2
27.5

46.9
39.4
31.8
30.4
24.4
34.8

85.6
60.7
66.9
50.0
78.5
67.7

128.2
123.8
100.2
89.7
63.3
69.8

79.3
74.0
67.6
62.0
53.3
61.7

90.5
88.5
76.2
73.9
22.2
34.8

–23.4
–27.2
–28.1
–29.7
53.5
50.7

50.5
47.3
41.1
37.6
62.5
52.0

Personal saving as a percentage of disposable personal income ....................................
Previously published ........................................................................................................

.1
–1.6

.5
–1.5

–.3
–1.7

–.1
–1.5

.4
–1.0

.4
–.8

.5
–.9

.3
–1.1

.8
–.8

.9
–.8

1.5
–.4

.6
–1.2

.4
–1.4

Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates
Personal income ...................................................................................................................
Previously published ........................................................................................................

.2
.1

.8
.4

.1
.5

.4
.4

.4
.5

.6
.6

.4
.4

.8
.5

1.1
1.1

.7
.7

.8
.8

–.2
–.2

.4
.4

Disposable personal income ................................................................................................
Previously published ........................................................................................................

.2
.1

.7
.4

.1
.6

.4
.5

.4
.5

.4
.5

.3
.3

.7
.5

1.0
.9

.7
.6

.8
.7

–.3
–.3

.4
.4

Personal consumption expenditures ....................................................................................
Previously published ........................................................................................................

.6
.7

.3
.3

.9
.7

0
.1

–.1
0

.3
.3

.3
.4

.8
.7

.7
.7

.6
.6

.2
.4

.6
.5

.6
.5

Percent change from preceding period for chained (2000) dollar measures, seasonally adjusted at monthly rates
Real disposable personal income .......................................................................................
Previously published ........................................................................................................

–.2
–.2

.5
.3

–.2
.3

.1
.2

.7
.8

.7
.7

.3
.3

.3
.2

.7
.6

.4
.3

.3
.3

–.6
–.6

–.1
–.1

Real personal consumption expenditures ...........................................................................
Previously published ........................................................................................................

.1
.3

.1
.2

.6
.4

–.2
–.1

.2
.3

.6
.5

.2
.4

.5
.4

.4
.4

.3
.4

–.2
–.1

.3
.2

.2
.1

Table 14.—Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters)
Seasonally adjusted at annual rates
2003

2004

2005

2006

2003

2004

IV

I

II

III

IV

Change from preceding period in billions of dollars:
Personal income .....................................................................................................
Previously published ..........................................................................................
Disposable personal income ..................................................................................
Previously published ..........................................................................................
Personal consumption expenditures ......................................................................
Previously published ..........................................................................................

281.7
281.7
332.4
332.4
352.9
352.9

563.6
567.8
518.4
519.1
492.3
507.9

573.9
507.8
411.1
354.5
511.9
530.9

682.3
652.0
537.1
493.0
516.7
526.5

137.7
137.7
65.0
65.0
72.7
72.7

141.5
156.4
148.7
155.6
154.8
162.7

146.8
142.8
130.4
125.5
124.9
130.1

141.3
127.4
103.8
99.2
110.1
116.9

254.6
251.5
225.9
224.9
148.2
149.8

Personal saving as a percentage of disposable personal income ...........................
Previously published ..............................................................................................

2.1
2.1

2.1
2.0

.5
–.4

.4
–1.0

2.2
2.2

2.1
2.1

2.0
2.0

1.8
1.6

2.5
2.3

Percent change from preceding period for current-dollar measures
Personal income .........................................................................................................
Previously published ..............................................................................................

3.2
3.2

6.2
6.2

5.9
5.2

6.6
6.4

6.1
6.1

6.2
6.9

6.3
6.2

6.0
5.4

10.8
10.7

Disposable personal income ......................................................................................
Previously published ..............................................................................................

4.2
4.2

6.4
6.4

4.7
4.1

5.9
5.5

3.2
3.2

7.3
7.7

6.3
6.0

4.9
4.7

10.8
10.7

Personal consumption expenditures ..........................................................................
Previously published ..............................................................................................

4.8
4.8

6.4
6.6

6.2
6.5

5.9
6.0

3.8
3.8

8.1
8.5

6.4
6.6

5.5
5.9

7.4
7.4

Real disposable personal income ..............................................................................
Previously published ..............................................................................................

2.2
2.2

3.6
3.6

1.7
1.2

3.1
2.6

1.7
1.7

3.7
3.9

2.4
2.4

2.9
2.8

7.5
7.5

Real personal consumption expenditures ..................................................................
Previously published ..............................................................................................

2.8
2.8

3.6
3.9

3.2
3.5

3.1
3.2

2.3
2.3

4.4
4.7

2.4
2.9

3.5
3.9

4.2
4.3

Percent change from preceding period for chained (2000) dollar measures

Seasonally adjusted at annual rates
2005
I

II

2006
III

IV

I

II

2007
III

IV

I

Change from preceding period in billions of dollars:
Personal income .....................................................................................................
Previously published ..........................................................................................
Disposable personal income ..................................................................................
Previously published ..........................................................................................
Personal consumption expenditures ......................................................................
Previously published ..........................................................................................

48.6
29.4
–27.1
–40.3
95.5
104.9

160.0
112.7
130.9
78.8
143.8
154.9

94.5
101.2
66.5
78.0
177.9
172.7

238.8
221.0
211.3
188.4
88.8
80.5

219.7
237.7
152.1
152.7
135.4
151.4

128.4
85.9
104.4
57.4
149.2
148.9

115.4
132.1
102.9
130.8
121.8
118.6

169.3
157.2
123.4
127.3
68.0
75.1

283.9
256.3
225.9
199.2
166.8
179.2

Personal saving as a percentage of disposable personal income ...........................
Previously published ..............................................................................................

1.0
.6

.8
–.3

–.5
–1.5

.8
–.3

.9
–.3

.3
–1.4

0
–1.4

.4
–.9

1.1
–.7

Personal income .........................................................................................................
Previously published ..............................................................................................

2.0
1.2

6.5
4.6

3.7
4.0

9.6
8.9

8.6
9.4

4.8
3.2

4.3
5.0

6.3
5.9

10.5
9.6

Disposable personal income ......................................................................................
Previously published ..............................................................................................

–1.2
–1.8

6.0
3.6

3.0
3.5

9.6
8.6

6.7
6.8

4.5
2.5

4.4
5.7

5.2
5.4

9.5
8.5

Personal consumption expenditures ..........................................................................
Previously published ..............................................................................................

4.6
5.1

7.0
7.5

8.5
8.2

4.1
3.7

6.2
7.0

6.8
6.7

5.4
5.2

3.0
3.3

7.3
7.8

Percent change from preceding period for current-dollar measures

Percent change from preceding period for chained (2000) dollar measures
Real disposable personal income ..............................................................................
Previously published ..............................................................................................

–3.3
–4.0

2.5
.5

–1.2
–.6

6.6
5.5

4.9
4.6

.2
–1.5

1.7
3.2

6.2
6.4

5.9
4.8

Real personal consumption expenditures ..................................................................
Previously published ..............................................................................................

2.4
2.7

3.5
4.2

4.1
3.9

1.2
.8

4.4
4.8

2.4
2.6

2.8
2.8

3.9
4.2

3.7
4.2