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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, AUGUST 4, 2008 James E. Rankin: Brendan Leary: Kurt Kunze: (202) 606-5301 606-5302 (Personal Income) (Personal Outlays) 606-9748 (Annual Revision) BEA 08-35 PERSONAL INCOME AND OUTLAYS: JUNE 2008 REVISED ESTIMATES: 2005 THROUGH MAY 2008 Personal income increased $6.8 billion, or 0.1 percent, and disposable personal income (DPI) decreased $210.3 billion, or 1.9 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $57.1 billion, or 0.6 percent. In May, personal income increased $219.3 billion, or 1.8 percent, DPI increased $595.4 billion, or 5.7 percent, and PCE increased $76.5 billion, or 0.8 percent, based on revised estimates. The pattern of changes in income reflect the pattern of payments associated with the Economic Stimulus Act of 2008. Real disposable income decreased 2.6 percent in June, in contrast to an increase of 5.2 percent in May. Real PCE decreased 0.2 percent, in contrast to an increase of 0.3 percent. Feb. Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars 2008 Mar. Apr. May (Percent change from preceding month) June 0.2 0.4 0.2 1.8 0.1 0.2 0.1 0.4 0.0 0.3 0.1 5.7 5.2 -1.9 -2.6 0.0 -0.2 0.6 0.3 0.3 0.1 0.8 0.3 0.6 -0.2 NOTE.--Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2000) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- In April, May, and June, changes in disposable personal income (DPI) -- personal income less personal current taxes -- were affected by the Economic Stimulus Act of 2008. The federal government issued rebate payments of $1.9 billion in April ($23.3 billion at an annual rate), $48.1 billion in May ($577.1 billion at an annual rate), and $27.9 billion in June ($334.4 billion at an annual rate). These rebates increased government social benefit payments and reduced personal current taxes. The rebates boosted the change in DPI $23.3 billion in April and $553.8 billion in May, and reduced the change in DPI $242.7 billion in June. Excluding these rebate payments, which are discussed more fully below, DPI increased $32.4 billion, or 0.3 percent, in June, after increasing $41.7 billion, or 0.4 percent, in May. -more- -3Wages and salaries Private wage and salary disbursements increased $11.1 billion in June, compared with an increase of $17.7 billion in May. Goods-producing industries' payrolls increased $1.2 billion, compared with an increase of $1.7 billion; manufacturing payrolls increased $0.8 billion, compared with an increase of $1.3 billion. Services-producing industries' payrolls increased $9.9 billion, compared with an increase of $16.2 billion. Government wage and salary disbursements increased $5.2 billion, compared with an increase of $4.6 billion. Other personal income Supplements to wages and salaries increased $3.1 billion in June, compared with an increase of $3.6 billion in May. Proprietors' income increased $6.9 billi on in June, compared with an increase of $4.9 billion in May. Farm proprietors' income increased $0.5 billion, compared with an increase of $0.4 billion. Nonfarm proprietors' income increased $6.4 billion, compared with an increase of $4.5 billion. Rental income of persons increased $7.7 billion in June, compared with an increase of $7.2 billion in May. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $4.2 billion, compared with a decrease of $4.1 billion. Personal current transfer receipts decreased $21.4 billion in June, in contrast to an increase of $187.5 billion in May. The June and May changes reflected provisions of the Economic Stimulus Act of 2008, which boosted the level of personal current transfer receipts by $149.4 billion (at an annual rate) in June, $179.6 billion in May, and $7.8 billion in April. These personal current transfer receipts reflected payments to individuals who either paid no income tax or whose payment exceeded the amount of income tax paid (see box below). Contributions for government social insurance -- a subtraction in calculating personal income -increased $1.6 billion in June, compared with an increase of $2.2 billion in May. -more- -4Personal current taxes and disposable personal income Personal current taxes increased $217.1 billion in June, in contrast to a decrease of $376.2 billion in May. Provisions of the Economic Stimulus Act of 2008 reduced the level of personal current taxes by $185.0 billion (at an annual rate) in June, $397.5 billion in May, and $15.5 billion in April. The reductions in current personal taxes reflected rebate payments to eligible individual taxpayers (see box below). Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $210.3 billion, or 1.9 percent, in June, in contrast to an increase of $595.4 billion, or 5.7 percent, in May. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $60.8 billion in June, compared with an increase of $80.2 billion in May. PCE increased $57.1 billion, compared with an increase of $76.5 billion. Personal saving -- DPI less personal outlays -- was $275.9 billion in June, compared with $547.0 billion in May. Personal saving as a percentage of disposable personal income was 2.5 percent in June, compared with 4.9 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. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- decreased 2.6 percent in June, in contrast to an increase of 5.2 percent in May. Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in June, in contrast to an increase of 0.3 percent in May. Purchases of durable goods decreased 1.6 percent, in contrast to an increase of 0.5 percent. Purchases of nondurable goods decreased 0.4 percent, in contrast to an increase of 0.4 percent. Purchases of services increased 0.2 percent, compared with an increase of 0.3 percent. PCE price index -- The PCE price index increased 0.8 percent in June, compared with an increase of 0.5 percent in May. The PCE price index, excluding food and energy, increased 0.3 percent, compared with an increase of 0.2 percent. -more- -5- Revision of the Personal Income and Outlays Estimates Personal income, personal outlays, DPI, and personal saving are revised, beginning with January 2005 to reflect the results of the annual revision in the national income and product accounts (NIPAs) released last week. 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. The revisions to personal income and outlays, for 2005-2007, 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, 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 $31.3 billion, or 0.3 percent, for 2005; was revised up $10.5 billion, or 0.1 percent, for 2006; and was revised down $2.4 billion, or less than 0.1 percent, for 2007. For 2005, the downward revision was primarily accounted for by downward revisions to personal dividend income and to nonfarm proprietors’ income. For 2006, upward revisions to personal interest income and to nonfarm proprietors’ income were partly offset by a downward revision to supplements to wages and salaries. For 2007, large downward revisions to supplements to wages and salaries, to rental income of persons, and to government social benefits to persons were mostly offset by an upward revision to personal interest income. Personal current taxes was revised down $1.3 billion for 2005, was revised down $1.1 billion for 2006, and was revised up $9.1 billion for 2007. DPI was revised down $30.0 billion, or 0.3 percent, for 2005; was revised up $11.6 billion, or 0.1 percent, for 2006; and was revised down $11.4 billion, or 0.1 percent, for 2007. The percent change from the preceding year in real DPI was revised down from 1.7 percent to 1.4 percent for 2005, was revised up from 3.1 percent to 3.5 percent for 2006, and was revised down from 3.1 percent to 2.8 percent for 2007. Personal outlays was revised down for all 3 years: $17.9 billion for 2005, $20.3 billion for 2006, and $21.0 billion for 2007. For 2005 and 2006, downward revisions to PCE mostly accounted for most of the revisions; for 2007, a downward revision to PCE more than accounted for the downward revision. The personal saving rate was revised down from 0.5 percent to 0.4 percent for 2005, was revised up from 0.4 percent to 0.7 percent for 2006, and was revised up from 0.5 percent to 0.6 percent for 2007. NOTE: BEA acknowledges the special efforts by the Bureau of Labor Statistics (BLS) to provide very preliminary data for the first quarter of 2008 from the quarterly census of employment and wages. BLS provided wage and salary data from 10 states for the securities, commodity contracts and investment industry. These data greatly improved the estimates of wages and salaries for the finance sector. -more- -6- Economic Stimulus Act of 2008 The Economic Stimulus Act of 2008 provides rebate payments to eligible individual taxpayers as well as tax reductions for businesses. For individuals, the amount of the rebate is determined by information reported on tax filings for 2007 and is based on filing status, level of adjusted gross income, and the number of qualifying children. According to the Joint Committee on Taxation and the Congressional Budget Office, rebates to individuals are expected to total $106.7 billion for 2008. The majority of rebates were sent during the initial round of payments, which began April 28, 2008, and will continue on a weekly basis through mid-July 2008. In the NIPAs, rebates for residents of the 50 states and the District of Columbia are recorded as either an offset to personal current taxes or as a social benefit payment to persons. Rebates for individuals with tax liabilities that exceed the rebate amount are treated as an offset to personal current taxes in the NIPAs. Rebates for individuals who pay no income taxes (or for whom the rebate would exceed the amount of the income taxes they do pay) are treated as a government social benefit payment to persons in the NIPAs. Annual Revision of the National Income and Product Accounts The estimates released today reflect the regular annual revision to the national income and product accounts (NIPAs), beginning with January 2005. 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 2008 Survey of Current Business will contain NIPA tables and an article describing the revisions. The revised estimates will be available on BEA’s Web site at www.bea.gov. 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 -- August 29, 2008, at 8:30 A.M. EDT for Personal Income and Outlays for July. -more- Table 1. Personal Income and Its Disposition (Months)—Continues [Billions of dollars] Seasonally adjusted at annual rates 2004 December Personal income................................................................................................. Compensation of employees, received ........................................................ Wage and salary disbursements ............................................................... Private industries ...................................................................................... Goods-producing industries .................................................................. Manufacturing.................................................................................... Services-producing industries............................................................... Trade, transportation, and utilities...................................................... Other services-producing industries.................................................. Government .............................................................................................. Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ......... Employer contributions for government social insurance.......................... Proprietors’ income with inventory valuation and capital consumption adjustments................................................................................................. Farm ............................................................................................................. Nonfarm ........................................................................................................ Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets............................................................. Personal interest income .............................................................................. Personal dividend income............................................................................. Personal current transfer receipts ................................................................ Government social benefits to persons ........................................................ Old-age, survivors, disability, and health insurance benefits..................... Government unemployment insurance benefits........................................ Other ......................................................................................................... Other current transfer receipts, from business (net) ..................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes ............................................................................ Equals: Disposable personal income............................................................... Less: Personal outlays ...................................................................................... Personal consumption expenditures................................................................. Durable goods .............................................................................................. Nondurable goods ........................................................................................ Services........................................................................................................ Personal interest payments 1............................................................................ Personal current transfer payments.................................................................. To government .............................................................................................. To the rest of the world (net) ......................................................................... Equals: Personal saving .................................................................................... Personal saving as a percentage of disposable personal income ............ Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ...................................................... Per capita: Current dollars .......................................................................................... Chained (2000) dollars.............................................................................. Population (midperiod, thousands) 3 ................................................................ 2005 January February March April May June July August September October 10,272.0 6,845.1 5,534.3 4,581.1 1,076.8 700.5 3,504.3 919.3 2,585.0 953.2 1,310.8 893.5 417.3 10,008.4 6,874.8 5,548.3 4,579.6 1,076.9 699.5 3,502.7 921.3 2,581.4 968.7 1,326.5 904.8 421.7 10,048.2 6,886.4 5,554.7 4,583.7 1,079.5 696.9 3,504.1 921.1 2,583.0 971.0 1,331.7 910.1 421.6 10,076.8 6,892.1 5,556.2 4,584.1 1,078.3 694.0 3,505.9 920.3 2,585.6 972.1 1,335.9 914.5 421.4 10,136.9 6,931.9 5,590.7 4,617.2 1,083.0 697.3 3,534.2 928.2 2,606.0 973.5 1,341.2 917.9 423.3 10,177.9 6,951.6 5,605.8 4,631.5 1,086.8 699.7 3,544.7 929.2 2,615.5 974.4 1,345.8 921.6 424.2 10,238.3 6,988.8 5,637.9 4,663.7 1,093.0 700.8 3,570.7 934.7 2,636.0 974.2 1,351.0 924.9 426.1 10,326.4 7,062.4 5,702.4 4,721.7 1,108.1 707.9 3,613.6 945.4 2,668.1 980.7 1,360.0 929.9 430.1 10,092.7 7,088.6 5,724.0 4,739.5 1,116.0 711.6 3,623.5 946.4 2,677.1 984.5 1,364.6 933.3 431.2 10,448.2 7,119.6 5,750.3 4,761.1 1,114.7 708.6 3,646.4 947.1 2,699.3 989.2 1,369.3 936.9 432.4 10,500.5 7,139.9 5,768.5 4,778.2 1,115.4 711.9 3,662.8 949.6 2,713.2 990.4 1,371.3 937.7 433.6 952.5 35.5 917.0 96.1 1,782.4 925.2 857.3 1,443.6 1,421.6 808.1 30.8 582.7 22.0 847.6 1,100.1 9,171.9 8,757.7 8,437.7 1,018.2 2,409.5 5,010.0 205.8 114.2 72.0 42.2 414.1 4.5 932.1 33.1 899.0 94.4 1,500.2 948.1 552.1 1,466.2 1,440.9 819.0 32.0 589.9 25.2 859.2 1,157.0 8,851.4 8,771.5 8,444.6 1,001.5 2,419.2 5,024.0 206.2 120.7 72.2 48.5 79.9 0.9 935.0 32.9 902.1 90.5 1,513.3 963.8 549.6 1,482.6 1,456.1 831.4 31.7 593.1 26.5 859.7 1,163.8 8,884.4 8,816.6 8,489.5 1,005.2 2,447.2 5,037.2 206.7 120.4 72.0 48.5 67.7 0.8 941.7 33.7 907.9 85.4 1,527.2 977.1 550.1 1,490.4 1,463.0 832.5 31.8 598.7 27.3 859.9 1,170.6 8,906.3 8,836.3 8,508.6 1,013.0 2,431.0 5,064.6 207.4 120.3 71.9 48.5 70.0 0.8 941.0 37.6 903.5 78.2 1,544.9 990.1 554.8 1,505.0 1,477.3 839.5 30.5 607.3 27.7 864.2 1,183.8 8,953.0 8,924.2 8,592.9 1,044.0 2,478.2 5,070.7 211.6 119.7 72.0 47.7 28.8 0.3 945.6 38.5 907.0 72.1 1,564.3 1,005.6 558.7 1,510.5 1,482.4 840.8 32.0 609.6 28.1 866.1 1,192.0 8,985.9 8,905.0 8,569.8 1,002.6 2,458.2 5,109.0 215.4 119.9 72.2 47.7 80.8 0.9 957.7 38.8 918.9 66.3 1,584.8 1,021.0 563.7 1,511.0 1,482.6 845.0 30.9 606.7 28.4 870.3 1,202.2 9,036.2 9,008.4 8,669.6 1,053.4 2,473.2 5,143.0 218.8 120.0 72.3 47.7 27.8 0.3 977.1 39.7 937.5 61.1 1,600.5 1,029.9 570.6 1,503.7 1,474.9 846.6 30.4 597.9 28.7 878.4 1,213.5 9,112.9 9,101.9 8,763.5 1,092.5 2,501.2 5,169.8 218.8 119.5 72.4 47.1 11.0 0.1 912.4 35.9 876.5 –280.5 1,616.7 1,038.2 578.5 1,636.6 1,495.5 850.8 31.7 613.0 141.1 881.0 1,221.6 8,871.1 9,113.1 8,774.5 1,026.8 2,553.9 5,193.8 218.9 119.7 72.6 47.1 –242.0 –2.7 991.7 35.8 955.9 48.6 1,633.6 1,046.0 587.6 1,538.5 1,501.5 851.8 30.0 619.7 37.1 883.9 1,231.7 9,216.5 9,174.4 8,835.2 996.9 2,609.2 5,229.0 219.3 119.9 72.8 47.1 42.1 0.5 989.4 31.0 958.4 52.8 1,663.9 1,065.5 598.4 1,540.9 1,501.2 855.0 33.6 612.5 39.7 886.4 1,242.1 9,258.4 9,217.8 8,877.6 984.7 2,634.3 5,258.7 219.0 121.2 73.1 48.2 40.6 0.4 8,369.1 8,053.9 8,064.9 8,062.5 8,077.2 8,107.0 8,145.9 8,177.2 7,923.6 8,150.5 8,173.1 31,096 28,375 294,949 29,989 27,287 295,154 30,082 27,307 295,340 30,136 27,281 295,532 30,273 27,312 295,741 30,362 27,392 295,963 30,507 27,501 296,204 30,739 27,583 296,456 29,897 26,704 296,717 31,034 27,444 296,984 31,148 27,497 297,235 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 1. Personal Income and Its Disposition (Months)—Continues [Billions of dollars] Seasonally adjusted at annual rates 2005 2006 November December Personal income................................................................................................. Compensation of employees, received ........................................................ Wage and salary disbursements ............................................................... Private industries ...................................................................................... Goods-producing industries .................................................................. Manufacturing.................................................................................... Services-producing industries............................................................... Trade, transportation, and utilities...................................................... Other services-producing industries.................................................. Government .............................................................................................. Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ......... Employer contributions for government social insurance.......................... Proprietors’ income with inventory valuation and capital consumption adjustments................................................................................................. Farm ............................................................................................................. Nonfarm ........................................................................................................ Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets............................................................. Personal interest income .............................................................................. Personal dividend income............................................................................. Personal current transfer receipts ................................................................ Government social benefits to persons ........................................................ Old-age, survivors, disability, and health insurance benefits..................... Government unemployment insurance benefits........................................ Other ......................................................................................................... Other current transfer receipts, from business (net) ..................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes ............................................................................ Equals: Disposable personal income............................................................... Less: Personal outlays ...................................................................................... Personal consumption expenditures................................................................. Durable goods .............................................................................................. Nondurable goods ........................................................................................ Services........................................................................................................ Personal interest payments 1............................................................................ Personal current transfer payments.................................................................. To government .............................................................................................. To the rest of the world (net) ......................................................................... Equals: Personal saving .................................................................................... Personal saving as a percentage of disposable personal income ............ Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ...................................................... Per capita: Current dollars .......................................................................................... Chained (2000) dollars.............................................................................. Population (midperiod, thousands) 3 ................................................................ January February March April May June July August September 10,555.7 7,163.5 5,789.4 4,795.7 1,112.9 707.7 3,682.8 954.3 2,728.5 993.7 1,374.1 939.7 434.4 10,626.9 7,209.7 5,831.7 4,834.9 1,125.5 712.5 3,709.4 960.8 2,748.6 996.8 1,378.0 941.2 436.8 10,740.1 7,305.8 5,917.7 4,912.4 1,154.8 728.2 3,757.6 971.0 2,786.7 1,005.2 1,388.2 944.8 443.4 10,784.8 7,347.8 5,955.5 4,947.4 1,170.5 736.1 3,776.9 976.5 2,800.4 1,008.1 1,392.3 946.7 445.6 10,819.8 7,360.4 5,966.1 4,956.3 1,170.4 734.7 3,785.9 977.7 2,808.2 1,009.9 1,394.3 948.3 446.0 10,882.0 7,381.1 5,983.2 4,971.6 1,166.1 732.4 3,805.4 984.0 2,821.4 1,011.7 1,397.8 951.0 446.8 10,899.0 7,344.0 5,947.4 4,934.1 1,156.2 724.8 3,777.9 974.4 2,803.4 1,013.4 1,396.6 952.8 443.8 10,958.5 7,367.5 5,967.8 4,953.3 1,156.5 724.0 3,796.8 978.8 2,818.0 1,014.5 1,399.7 955.0 444.7 11,002.3 7,408.3 6,004.9 4,982.7 1,158.3 726.0 3,824.4 986.2 2,838.2 1,022.2 1,403.4 956.5 446.9 11,054.9 7,433.9 6,026.8 4,998.0 1,160.8 726.8 3,837.2 986.9 2,850.3 1,028.7 1,407.1 959.4 447.8 11,111.2 7,483.7 6,070.9 5,033.8 1,163.6 726.9 3,870.2 991.3 2,878.9 1,037.1 1,412.7 962.7 450.1 994.0 27.8 966.2 60.7 1,692.4 1,082.0 610.4 1,533.5 1,505.2 855.7 31.2 618.3 28.3 888.5 1,251.4 9,304.3 9,219.3 8,878.9 1,005.9 2,584.0 5,289.0 218.9 121.5 73.3 48.2 85.0 0.9 1,000.0 24.4 975.6 60.5 1,720.6 1,096.8 623.9 1,529.6 1,502.2 865.5 30.0 606.6 27.4 893.5 1,264.0 9,363.0 9,265.5 8,924.6 1,022.8 2,580.0 5,321.9 219.0 121.8 73.7 48.2 97.5 1.0 1,002.0 20.3 981.7 56.1 1,726.2 1,088.5 637.7 1,562.9 1,537.5 904.5 30.3 602.7 25.4 913.0 1,304.0 9,436.0 9,332.6 8,990.5 1,051.0 2,636.2 5,303.3 221.5 120.7 74.0 46.7 103.4 1.1 1,003.7 17.1 986.5 52.1 1,735.1 1,084.9 650.2 1,564.7 1,540.2 914.0 29.4 596.8 24.6 918.6 1,317.0 9,467.8 9,380.3 9,035.3 1,039.9 2,629.2 5,366.2 223.9 121.1 74.4 46.7 87.5 0.9 1,008.5 14.3 994.1 50.3 1,745.0 1,082.3 662.7 1,575.3 1,551.4 923.4 29.3 598.7 23.9 919.7 1,326.9 9,493.0 9,400.6 9,053.1 1,048.6 2,622.5 5,381.9 226.1 121.4 74.8 46.7 92.3 1.0 1,015.5 10.6 1,004.8 48.6 1,778.0 1,103.4 674.5 1,580.7 1,557.0 926.8 30.1 600.1 23.7 921.8 1,339.4 9,542.6 9,477.9 9,123.0 1,054.5 2,670.8 5,397.7 227.7 127.2 75.2 52.0 64.7 0.7 1,019.5 9.4 1,010.1 46.1 1,809.4 1,123.3 686.0 1,596.5 1,572.7 935.4 29.6 607.7 23.7 916.4 1,339.1 9,559.9 9,521.5 9,165.3 1,042.8 2,684.6 5,437.9 228.7 127.6 75.6 52.0 38.4 0.4 1,019.8 9.5 1,010.3 42.3 1,841.1 1,143.4 697.7 1,606.2 1,582.4 942.6 29.0 610.8 23.8 918.4 1,344.6 9,613.9 9,554.5 9,197.4 1,049.9 2,689.1 5,458.4 229.2 128.0 76.0 52.0 59.3 0.6 1,009.5 11.6 997.9 40.7 1,852.9 1,144.5 708.4 1,613.8 1,589.6 941.6 30.7 617.3 24.2 923.0 1,348.3 9,653.9 9,639.1 9,276.9 1,061.2 2,726.6 5,489.1 233.6 128.5 76.4 52.2 14.9 0.2 1,016.1 13.6 1,002.5 40.0 1,865.8 1,147.3 718.5 1,624.0 1,599.3 948.3 29.9 621.1 24.7 924.8 1,353.8 9,701.1 9,658.6 9,290.8 1,048.6 2,744.7 5,497.4 238.9 129.0 76.8 52.2 42.6 0.4 1,014.6 16.2 998.4 40.5 1,878.6 1,150.8 727.8 1,622.5 1,597.3 952.3 29.7 615.3 25.2 928.7 1,366.6 9,744.6 9,657.6 9,283.3 1,053.5 2,707.7 5,522.0 244.9 129.4 77.3 52.2 87.0 0.9 8,235.0 8,287.3 8,313.7 8,340.0 8,348.9 8,357.3 8,348.9 8,375.1 8,379.5 8,392.7 8,449.1 31,279 27,684 297,465 31,453 27,839 297,686 31,675 27,908 297,897 31,761 27,977 298,098 31,823 27,988 298,306 31,965 27,995 298,530 31,998 27,944 298,768 32,151 28,008 299,025 32,256 27,998 299,292 32,384 28,016 299,566 32,499 28,178 299,847 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 1. Personal Income and Its Disposition (Months)—Continues [Billions of dollars] Seasonally adjusted at annual rates 2006 October Personal income................................................................................................. Compensation of employees, received ........................................................ Wage and salary disbursements ............................................................... Private industries ...................................................................................... Goods-producing industries .................................................................. Manufacturing.................................................................................... Services-producing industries............................................................... Trade, transportation, and utilities...................................................... Other services-producing industries.................................................. Government .............................................................................................. Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ......... Employer contributions for government social insurance.......................... Proprietors’ income with inventory valuation and capital consumption adjustments................................................................................................. Farm ............................................................................................................. Nonfarm ........................................................................................................ Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets............................................................. Personal interest income .............................................................................. Personal dividend income............................................................................. Personal current transfer receipts ................................................................ Government social benefits to persons ........................................................ Old-age, survivors, disability, and health insurance benefits..................... Government unemployment insurance benefits........................................ Other ......................................................................................................... Other current transfer receipts, from business (net) ..................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes ............................................................................ Equals: Disposable personal income............................................................... Less: Personal outlays ...................................................................................... Personal consumption expenditures................................................................. Durable goods .............................................................................................. Nondurable goods ........................................................................................ Services........................................................................................................ Personal interest payments 1............................................................................ Personal current transfer payments.................................................................. To government .............................................................................................. To the rest of the world (net) ......................................................................... Equals: Personal saving .................................................................................... Personal saving as a percentage of disposable personal income ............ Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ...................................................... Per capita: Current dollars .......................................................................................... Chained (2000) dollars.............................................................................. Population (midperiod, thousands) 3 ................................................................ 2007 November December January February March April May June July August 11,156.9 7,536.1 6,117.9 5,078.5 1,176.2 734.7 3,902.4 998.6 2,903.7 1,039.3 1,418.3 965.2 453.0 11,208.9 7,577.5 6,154.3 5,112.4 1,180.4 735.9 3,932.0 1,004.5 2,927.5 1,041.8 1,423.2 968.1 455.1 11,308.3 7,644.8 6,214.6 5,170.1 1,192.1 744.0 3,978.0 1,010.5 2,967.5 1,044.5 1,430.2 971.1 459.2 11,396.0 7,698.5 6,263.2 5,206.5 1,196.5 745.3 4,010.0 1,014.4 2,995.7 1,056.7 1,435.3 974.5 460.8 11,477.2 7,733.9 6,293.8 5,233.6 1,195.4 745.9 4,038.1 1,018.8 3,019.3 1,060.3 1,440.0 977.7 462.3 11,545.9 7,769.4 6,324.8 5,262.0 1,203.4 748.1 4,058.7 1,029.3 3,029.4 1,062.8 1,444.6 980.7 463.8 11,546.3 7,749.7 6,303.7 5,238.0 1,200.4 745.5 4,037.6 1,032.0 3,005.6 1,065.7 1,446.0 984.1 461.9 11,572.6 7,752.0 6,303.1 5,235.0 1,198.7 742.0 4,036.3 1,036.2 3,000.1 1,068.1 1,449.0 987.8 461.2 11,613.5 7,778.6 6,325.3 5,254.6 1,202.9 744.4 4,051.7 1,041.2 3,010.5 1,070.6 1,453.3 991.3 462.1 11,675.2 7,801.4 6,344.1 5,269.6 1,201.0 742.9 4,068.6 1,033.6 3,034.9 1,074.5 1,457.3 994.0 463.3 11,726.7 7,829.9 6,369.1 5,287.8 1,201.7 741.6 4,086.1 1,032.3 3,053.9 1,081.2 1,460.8 996.6 464.2 1,013.6 19.6 994.0 39.2 1,886.3 1,150.3 736.0 1,617.0 1,591.2 951.6 30.8 608.7 25.8 935.4 1,381.2 9,775.7 9,696.3 9,317.2 1,050.8 2,686.9 5,579.5 247.6 131.4 77.7 53.8 79.4 0.8 1,021.1 23.5 997.6 38.6 1,889.4 1,146.0 743.5 1,621.4 1,594.9 955.0 29.3 610.6 26.6 939.1 1,397.9 9,811.1 9,712.7 9,330.6 1,053.8 2,683.1 5,593.7 250.2 131.9 78.2 53.8 98.4 1.0 1,032.6 28.1 1,004.6 36.8 1,890.0 1,140.5 749.5 1,651.0 1,623.4 971.0 31.0 621.4 27.6 946.9 1,419.6 9,888.7 9,808.0 9,423.1 1,070.0 2,741.3 5,611.8 252.5 132.4 78.6 53.8 80.7 0.8 1,028.4 36.0 992.4 33.9 1,907.7 1,154.2 753.5 1,684.1 1,654.6 975.2 31.9 647.4 29.5 956.6 1,442.4 9,953.6 9,861.7 9,478.7 1,073.2 2,743.8 5,661.7 248.2 134.8 79.1 55.7 91.8 0.9 1,040.3 39.8 1,000.6 34.1 1,930.1 1,171.9 758.3 1,698.6 1,668.1 981.9 32.0 654.2 30.5 959.9 1,459.5 10,017.7 9,914.6 9,535.2 1,075.6 2,751.0 5,708.6 244.0 135.4 79.7 55.7 103.1 1.0 1,042.9 42.2 1,000.7 37.2 1,954.9 1,190.5 764.3 1,704.4 1,673.2 988.6 29.9 654.7 31.2 962.9 1,476.6 10,069.3 9,936.3 9,560.6 1,081.0 2,789.5 5,690.1 239.9 135.8 80.1 55.7 133.0 1.3 1,047.4 41.0 1,006.4 42.3 1,969.9 1,199.6 770.3 1,696.3 1,665.0 989.8 32.4 642.8 31.3 959.3 1,483.4 10,062.9 10,002.1 9,614.0 1,077.6 2,791.7 5,744.6 251.6 136.5 80.5 56.0 60.8 0.6 1,051.6 42.2 1,009.4 45.1 1,982.7 1,206.2 776.5 1,699.2 1,667.6 999.2 31.3 637.1 31.7 958.1 1,489.7 10,082.9 10,064.8 9,665.1 1,098.3 2,826.0 5,740.8 262.8 136.9 80.8 56.0 18.0 0.2 1,051.5 43.7 1,007.9 46.4 1,994.9 1,212.4 782.5 1,701.9 1,669.9 1,003.5 30.0 636.4 32.0 959.9 1,495.2 10,118.3 10,103.9 9,693.3 1,080.1 2,835.5 5,777.8 273.4 137.2 81.2 56.0 14.4 0.1 1,067.4 46.5 1,020.9 43.3 2,012.8 1,224.2 788.6 1,712.8 1,680.5 1,003.5 33.5 643.5 32.3 962.5 1,495.9 10,179.3 10,144.2 9,731.0 1,075.1 2,854.6 5,801.2 275.4 137.8 81.5 56.3 35.1 0.3 1,068.7 47.6 1,021.2 41.6 2,031.0 1,236.2 794.7 1,720.0 1,687.4 1,011.2 29.7 646.5 32.6 964.4 1,499.2 10,227.5 10,182.4 9,766.3 1,091.0 2,829.8 5,845.5 278.0 138.1 81.8 56.3 45.1 0.4 8,499.7 8,522.7 8,556.1 8,590.7 8,624.7 8,637.5 8,609.0 8,597.0 8,607.8 8,644.8 8,678.2 32,573 28,322 300,111 32,665 28,376 300,354 32,898 28,465 300,588 33,090 28,559 300,804 33,281 28,653 301,001 33,430 28,677 301,205 33,384 28,561 301,426 33,425 28,499 301,660 33,514 28,511 301,914 33,686 28,608 302,178 33,816 28,693 302,450 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 1. Personal Income and Its Disposition (Months)—Table Ends [Billions of dollars] Seasonally adjusted at annual rates 2007 September Personal income................................................................................................. Compensation of employees, received ........................................................ Wage and salary disbursements ............................................................... Private industries ...................................................................................... Goods-producing industries .................................................................. Manufacturing.................................................................................... Services-producing industries............................................................... Trade, transportation, and utilities...................................................... Other services-producing industries.................................................. Government .............................................................................................. Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ......... Employer contributions for government social insurance.......................... Proprietors’ income with inventory valuation and capital consumption adjustments................................................................................................. Farm ............................................................................................................. Nonfarm ........................................................................................................ Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets............................................................. Personal interest income .............................................................................. Personal dividend income............................................................................. Personal current transfer receipts ................................................................ Government social benefits to persons ........................................................ Old-age, survivors, disability, and health insurance benefits..................... Government unemployment insurance benefits........................................ Other ......................................................................................................... Other current transfer receipts, from business (net) ..................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes ............................................................................ Equals: Disposable personal income............................................................... Less: Personal outlays ...................................................................................... Personal consumption expenditures................................................................. Durable goods .............................................................................................. Nondurable goods ........................................................................................ Services........................................................................................................ Personal interest payments 1............................................................................ Personal current transfer payments.................................................................. To government .............................................................................................. To the rest of the world (net) ......................................................................... Equals: Personal saving .................................................................................... Personal saving as a percentage of disposable personal income ............ Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ...................................................... Per capita: Current dollars .......................................................................................... Chained (2000) dollars.............................................................................. Population (midperiod, thousands) 3 ................................................................ October 2008 November December January February March April May June p 11,789.2 7,886.7 6,420.0 5,333.5 1,210.2 745.6 4,123.2 1,039.9 3,083.3 1,086.6 1,466.7 998.8 467.9 11,821.0 7,903.9 6,434.0 5,344.5 1,211.7 745.6 4,132.8 1,042.8 3,090.0 1,089.4 1,469.9 1,002.0 467.8 11,871.3 7,945.2 6,469.4 5,377.8 1,222.6 754.0 4,155.2 1,047.2 3,108.0 1,091.6 1,475.7 1,005.8 469.9 11,924.0 7,973.9 6,493.1 5,398.0 1,220.2 751.0 4,177.7 1,054.9 3,122.8 1,095.1 1,480.8 1,009.9 470.9 11,948.2 8,001.5 6,512.8 5,407.1 1,221.5 752.4 4,185.7 1,056.4 3,129.3 1,105.7 1,488.7 1,014.0 474.7 11,975.7 8,028.1 6,536.0 5,425.9 1,223.0 753.5 4,203.0 1,056.5 3,146.5 1,110.1 1,492.1 1,016.2 475.9 12,019.7 8,059.1 6,565.8 5,452.4 1,228.3 756.4 4,224.1 1,060.8 3,163.4 1,113.4 1,493.3 1,015.7 477.6 12,047.2 8,070.6 6,571.9 5,453.8 1,221.1 753.6 4,232.6 1,057.0 3,175.7 1,118.1 1,498.7 1,021.1 477.7 12,266.5 8,096.5 6,594.3 5,471.5 1,222.8 754.9 4,248.8 1,057.6 3,191.1 1,122.7 1,502.3 1,023.6 478.7 12,273.3 8,116.0 6,610.6 5,482.6 1,224.0 755.7 4,258.7 1,059.2 3,199.5 1,127.9 1,505.4 1,025.9 479.5 1,055.2 48.1 1,007.1 40.6 2,049.0 1,248.1 800.8 1,729.0 1,696.2 1,011.7 34.5 650.1 32.8 971.3 1,509.6 10,279.5 10,219.3 9,799.7 1,092.6 2,855.3 5,851.8 281.3 138.4 82.1 56.3 60.2 0.6 1,068.0 47.0 1,021.0 39.9 2,052.9 1,246.0 807.0 1,728.1 1,695.1 1,006.6 33.1 655.5 32.9 971.8 1,514.0 10,306.9 10,236.0 9,817.1 1,090.3 2,860.8 5,866.0 279.2 139.6 82.3 57.3 71.0 0.7 1,079.0 47.1 1,032.0 38.8 2,056.3 1,242.9 813.4 1,727.9 1,694.9 1,002.8 32.8 659.2 33.1 975.9 1,521.9 10,349.4 10,336.2 9,919.6 1,084.8 2,924.1 5,910.7 276.8 139.8 82.5 57.3 13.2 0.1 1,074.3 47.3 1,027.0 37.2 2,059.4 1,239.4 820.0 1,757.3 1,724.2 1,019.3 36.9 667.9 33.2 978.1 1,525.7 10,398.3 10,355.4 9,941.4 1,074.0 2,933.8 5,933.7 274.0 139.9 82.6 57.3 42.9 0.4 1,074.5 41.7 1,032.8 38.1 2,056.4 1,232.0 824.4 1,766.3 1,734.2 1,024.1 37.0 673.1 32.1 988.5 1,535.1 10,413.1 10,393.1 9,984.6 1,072.5 2,946.9 5,965.3 267.9 140.6 82.7 57.9 20.0 0.2 1,069.1 42.1 1,027.0 38.8 2,054.2 1,224.6 829.6 1,776.6 1,744.3 1,030.6 38.2 675.5 32.3 991.0 1,540.8 10,434.9 10,385.2 9,982.7 1,075.4 2,935.1 5,972.2 261.7 140.8 82.9 57.9 49.7 0.5 1,071.4 41.0 1,030.4 40.5 2,051.7 1,217.2 834.5 1,791.3 1,758.9 1,042.5 39.3 677.1 32.4 994.4 1,547.7 10,472.0 10,436.3 10,039.7 1,065.3 2,970.2 6,004.2 255.6 141.0 83.1 57.9 35.7 0.3 1,071.7 40.6 1,031.1 46.9 2,047.1 1,208.3 838.8 1,805.5 1,773.1 1,039.1 40.6 693.5 32.4 994.6 1,540.7 10,506.6 10,474.8 10,074.3 1,062.8 2,990.9 6,020.5 258.9 141.6 83.4 58.2 31.8 0.3 1,076.6 41.0 1,035.6 54.1 2,043.0 1,199.4 843.6 1,993.0 1,960.6 1,049.7 41.5 869.5 32.4 996.8 1,164.5 11,102.0 10,555.0 10,150.8 1,064.6 3,026.3 6,059.8 262.3 141.9 83.7 58.2 547.0 4.9 1,083.5 41.5 1,042.0 61.8 2,038.8 1,190.5 848.3 1,971.6 1,939.2 1,052.7 42.1 844.4 32.4 998.4 1,381.6 10,891.7 10,615.8 10,207.9 1,048.8 3,066.3 6,092.8 265.6 142.2 84.0 58.2 275.9 2.5 8,690.3 8,688.4 8,672.0 8,689.0 8,674.2 8,680.8 8,684.7 8,693.6 9,145.0 8,904.3 33,956 28,706 302,728 34,018 28,676 302,989 34,131 28,599 303,228 34,266 28,633 303,457 34,291 28,565 303,670 34,340 28,568 303,866 34,440 28,562 304,068 34,528 28,570 304,287 36,457 30,031 304,521 35,737 29,216 304,776 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)—Continues [Billions of dollars] Seasonally adjusted at annual rates 2004 2005 2006 2007 2004 9,727.2 6,671.4 5,394.5 4,451.4 1,049.2 686.9 3,402.2 898.6 2,503.6 943.1 1,276.9 868.5 408.3 10,269.8 7,025.8 5,671.7 4,690.9 1,099.2 704.0 3,591.7 938.2 2,653.5 980.7 1,354.1 926.0 428.1 10,993.9 7,432.6 6,027.2 5,004.2 1,167.2 731.2 3,837.1 986.7 2,850.4 1,023.0 1,405.3 956.8 448.5 11,663.2 7,818.6 6,362.0 5,286.7 1,205.4 746.0 4,081.3 1,035.2 3,046.1 1,075.2 1,456.6 991.9 464.7 10,025.5 6,823.6 5,518.1 4,565.9 1,073.6 699.3 3,492.3 918.1 2,574.2 952.2 1,305.5 889.1 416.4 10,044.5 6,884.4 5,553.1 4,582.5 1,078.3 696.8 3,504.2 920.9 2,583.3 970.6 1,331.4 909.8 421.6 10,184.4 6,957.4 5,611.5 4,637.5 1,087.6 699.3 3,549.9 930.7 2,619.2 974.0 1,346.0 921.4 424.5 10,289.1 7,090.2 5,725.6 4,740.8 1,112.9 709.3 3,627.8 946.3 2,681.5 984.8 1,364.7 933.4 431.3 10,561.0 7,171.0 5,796.5 4,802.9 1,117.9 710.7 3,685.0 954.9 2,730.1 993.6 1,374.5 939.5 434.9 911.6 37.3 874.3 118.4 1,432.1 895.1 537.0 1,422.5 1,396.1 788.0 36.0 572.0 26.4 828.8 1,046.3 8,680.9 8,499.2 8,195.9 983.9 2,343.7 4,868.3 191.3 112.1 68.9 43.1 181.7 2.1 959.8 34.1 925.7 40.9 1,596.9 1,022.0 574.9 1,520.7 1,481.9 844.5 31.3 606.1 38.8 874.3 1,207.8 9,062.0 9,029.5 8,694.1 1,020.8 2,514.1 5,159.2 215.0 120.4 72.5 47.9 32.5 0.4 1,014.7 16.2 998.6 44.3 1,824.8 1,125.4 699.4 1,603.0 1,578.1 938.9 29.9 609.3 24.9 925.5 1,353.2 9,640.7 9,570.0 9,207.2 1,052.1 2,685.2 5,469.9 235.4 127.4 76.2 51.1 70.7 0.7 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 1,681.4 999.4 32.3 649.6 31.9 965.1 1,492.8 10,170.5 10,113.1 9,710.2 1,082.8 2,833.0 5,794.4 265.4 137.5 81.2 56.3 57.4 0.6 944.4 36.5 908.0 101.7 1,564.1 912.3 651.8 1,437.1 1,415.7 802.8 32.2 580.8 21.4 845.5 1,090.7 8,934.8 8,710.6 8,393.3 1,004.1 2,409.3 4,979.9 203.5 113.8 71.5 42.2 224.2 2.5 936.3 33.2 903.0 90.1 1,513.6 963.0 550.6 1,479.7 1,453.4 827.6 31.8 593.9 26.4 859.6 1,163.8 8,880.7 8,808.1 8,480.9 1,006.6 2,432.4 5,041.9 206.8 120.5 72.0 48.5 72.5 0.8 948.1 38.3 909.8 72.2 1,564.7 1,005.6 559.1 1,508.8 1,480.8 841.8 31.2 607.8 28.1 866.9 1,192.7 8,991.7 8,945.9 8,610.8 1,033.3 2,469.9 5,107.6 215.3 119.9 72.2 47.7 45.8 0.5 960.4 37.1 923.3 –56.9 1,616.9 1,038.0 578.9 1,559.6 1,490.6 849.7 30.7 610.2 69.0 881.1 1,222.3 9,066.9 9,129.8 8,791.1 1,038.7 2,554.8 5,197.6 219.0 119.7 72.6 47.1 –62.9 –0.7 994.5 27.7 966.7 58.0 1,692.3 1,081.4 610.9 1,534.7 1,502.9 858.8 31.6 612.5 31.8 889.5 1,252.5 9,308.6 9,234.2 8,893.7 1,004.4 2,599.4 5,289.9 218.9 121.5 73.4 48.2 74.4 0.8 8,008.9 8,121.4 8,407.0 8,644.0 8,158.8 8,060.4 8,110.0 8,084.0 8,231.8 29,563 27,274 293,644 30,576 27,403 296,373 32,222 28,098 299,199 33,667 28,614 302,087 30,316 27,683 294,722 30,069 27,292 295,342 30,381 27,401 295,969 30,557 27,245 296,719 31,293 27,673 297,462 IV Personal income................................................................................................. Compensation of employees, received ........................................................ Wage and salary disbursements ............................................................... Private industries ...................................................................................... Goods-producing industries .................................................................. Manufacturing.................................................................................... Services-producing industries............................................................... Trade, transportation, and utilities...................................................... Other services-producing industries.................................................. Government .............................................................................................. Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ......... Employer contributions for government social insurance.......................... Proprietors’ income with inventory valuation and capital consumption adjustments................................................................................................. Farm ............................................................................................................. Nonfarm ........................................................................................................ Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets............................................................. Personal interest income .............................................................................. Personal dividend income............................................................................. Personal current transfer receipts ................................................................ Government social benefits to persons ........................................................ Old-age, survivors, disability, and health insurance benefits..................... Government unemployment insurance benefits........................................ Other ......................................................................................................... Other current transfer receipts, from business (net) ..................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes ............................................................................ Equals: Disposable personal income............................................................... Less: Personal outlays ...................................................................................... Personal consumption expenditures................................................................. Durable goods .............................................................................................. Nondurable goods ........................................................................................ Services........................................................................................................ Personal interest payments 1............................................................................ Personal current transfer payments.................................................................. To government .............................................................................................. To the rest of the world (net) ......................................................................... Equals: Personal saving .................................................................................... Personal saving as a percentage of disposable personal income ............ Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ...................................................... Per capita: Current dollars .......................................................................................... Chained (2000) dollars.............................................................................. Population (midperiod, thousands) 3 ................................................................ 2005 I II III IV 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)—Table Ends [Billions of dollars] Seasonally adjusted at annual rates 2006 I Personal income................................................................................................. Compensation of employees, received ........................................................ Wage and salary disbursements ............................................................... Private industries ...................................................................................... Goods-producing industries .................................................................. Manufacturing.................................................................................... Services-producing industries............................................................... Trade, transportation, and utilities...................................................... Other services-producing industries.................................................. Government .............................................................................................. Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ......... Employer contributions for government social insurance.......................... Proprietors’ income with inventory valuation and capital consumption adjustments................................................................................................. Farm ............................................................................................................. Nonfarm ........................................................................................................ Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets............................................................. Personal interest income .............................................................................. Personal dividend income............................................................................. Personal current transfer receipts ................................................................ Government social benefits to persons ........................................................ Old-age, survivors, disability, and health insurance benefits..................... Government unemployment insurance benefits........................................ Other ......................................................................................................... Other current transfer receipts, from business (net) ..................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes ............................................................................ Equals: Disposable personal income............................................................... Less: Personal outlays ...................................................................................... Personal consumption expenditures................................................................. Durable goods .............................................................................................. Nondurable goods ........................................................................................ Services........................................................................................................ Personal interest payments 1............................................................................ Personal current transfer payments.................................................................. To government .............................................................................................. To the rest of the world (net) ......................................................................... Equals: Personal saving .................................................................................... Personal saving as a percentage of disposable personal income ............ Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ...................................................... Per capita: Current dollars .......................................................................................... Chained (2000) dollars.............................................................................. Population (midperiod, thousands) 3 ................................................................ II 2007 III IV I II 2008 III IV I II 10,781.6 7,338.0 5,946.4 4,938.7 1,165.2 733.0 3,773.5 975.1 2,798.4 1,007.7 1,391.6 946.6 445.0 10,913.2 7,364.2 5,966.2 4,953.0 1,159.6 727.1 3,793.4 979.1 2,814.3 1,013.2 1,398.0 952.9 445.1 11,056.1 7,441.9 6,034.2 5,004.8 1,160.9 726.6 3,843.9 988.1 2,855.8 1,029.4 1,407.8 959.5 448.2 11,224.7 7,586.1 6,162.2 5,120.3 1,182.9 738.2 3,937.5 1,004.5 2,932.9 1,041.9 1,423.9 968.1 455.8 11,473.0 7,734.0 6,294.0 5,234.0 1,198.4 746.4 4,035.6 1,020.8 3,014.8 1,059.9 1,440.0 977.6 462.3 11,577.5 7,760.1 6,310.7 5,242.5 1,200.7 744.0 4,041.9 1,036.5 3,005.4 1,068.1 1,449.4 987.7 461.7 11,730.4 7,839.3 6,377.7 5,297.0 1,204.3 743.4 4,092.6 1,035.3 3,057.4 1,080.8 1,461.6 996.5 465.1 11,872.1 7,941.0 6,465.5 5,373.4 1,218.2 750.2 4,155.3 1,048.3 3,106.9 1,092.1 1,475.5 1,005.9 469.6 11,981.2 8,029.6 6,538.2 5,428.5 1,224.2 754.1 4,204.3 1,057.9 3,146.4 1,109.7 1,491.4 1,015.3 476.1 12,195.7 8,094.4 6,592.2 5,469.3 1,222.6 754.8 4,246.7 1,057.9 3,188.8 1,122.9 1,502.1 1,023.5 478.6 1,004.7 17.3 987.5 52.8 1,735.4 1,085.3 650.2 1,567.6 1,543.0 914.0 29.7 599.4 24.6 917.1 1,316.0 9,465.6 9,371.2 9,026.3 1,046.5 2,629.3 5,350.5 223.8 121.1 74.4 46.7 94.4 1.0 1,018.3 9.8 1,008.4 45.6 1,809.5 1,123.4 686.1 1,594.5 1,570.7 934.9 29.6 606.2 23.8 918.9 1,341.1 9,572.1 9,518.0 9,161.9 1,049.1 2,681.5 5,431.3 228.5 127.6 75.6 52.0 54.2 0.6 1,013.4 13.8 999.6 40.4 1,865.8 1,147.6 718.2 1,620.1 1,595.4 947.4 30.1 617.9 24.7 925.5 1,356.2 9,699.9 9,651.8 9,283.7 1,054.4 2,726.3 5,502.9 239.1 129.0 76.8 52.2 48.1 0.5 1,022.4 23.7 998.7 38.2 1,888.6 1,145.6 743.0 1,629.8 1,603.1 959.2 30.4 613.6 26.7 940.4 1,399.6 9,825.1 9,739.0 9,357.0 1,058.2 2,703.8 5,595.0 250.1 131.9 78.2 53.8 86.1 0.9 1,037.2 39.3 997.9 35.1 1,930.9 1,172.2 758.7 1,695.7 1,665.3 981.9 31.3 652.1 30.4 959.8 1,459.5 10,013.5 9,904.2 9,524.9 1,076.6 2,761.5 5,686.8 244.0 135.3 79.6 55.7 109.3 1.1 1,050.2 42.3 1,007.9 44.6 1,982.5 1,206.1 776.5 1,699.2 1,667.5 997.5 31.2 638.8 31.7 959.1 1,489.4 10,088.0 10,056.9 9,657.5 1,085.3 2,817.7 5,754.4 262.6 136.9 80.8 56.0 31.1 0.3 1,063.8 47.4 1,016.4 41.8 2,030.9 1,236.2 794.7 1,720.6 1,688.0 1,008.8 32.5 646.7 32.5 966.0 1,501.6 10,228.8 10,182.0 9,765.6 1,086.2 2,846.6 5,832.8 278.2 138.1 81.8 56.3 46.8 0.5 1,073.8 47.1 1,026.7 38.6 2,056.2 1,242.7 813.5 1,737.8 1,704.7 1,009.6 34.3 660.9 33.1 975.3 1,520.5 10,351.5 10,309.2 9,892.7 1,083.0 2,906.2 5,903.5 276.7 139.8 82.5 57.3 42.4 0.4 1,071.7 41.6 1,030.1 39.1 2,054.1 1,224.6 829.5 1,778.1 1,745.8 1,032.4 38.2 675.3 32.2 991.3 1,541.2 10,440.0 10,404.9 10,002.3 1,071.0 2,950.7 5,980.6 261.7 140.8 82.9 57.9 35.1 0.3 1,077.3 41.0 1,036.2 54.3 2,043.0 1,199.4 843.6 1,923.4 1,891.0 1,047.1 41.4 802.5 32.4 996.6 1,362.3 10,833.4 10,548.5 10,144.3 1,058.7 3,027.8 6,057.7 262.3 141.9 83.7 58.2 284.9 2.6 8,334.2 8,360.4 8,407.1 8,526.2 8,617.7 8,604.5 8,671.1 8,683.1 8,680.0 8,914.6 31,753 27,958 298,101 32,038 27,983 298,774 32,380 28,064 299,568 32,712 28,387 300,351 33,267 28,630 301,004 33,441 28,523 301,667 33,820 28,669 302,452 34,138 28,636 303,225 34,357 28,565 303,868 35,574 29,273 304,528 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months)—Continues [Billions of dollars] Seasonally adjusted at annual rates 2005 January Personal income..................................... Compensation of employees, received ........................................... Wage and salary disbursements ... Private industries .......................... Goods-producing industries ...... Manufacturing........................ Services-producing industries... Trade, transportation, and utilities................................ Other services-producing industries ........................... Government .................................. Supplements to wages and salaries......................................... Employer contributions for employee pension and insurance funds......................... Employer contributions for government social insurance..... Proprietors’ income with inventory valuation and capital consumption adjustments ............. Farm ................................................. Nonfarm ............................................ Rental income of persons with capital consumption adjustment... Personal income receipts on assets. Personal interest income .................. Personal dividend income................. Personal current transfer receipts .... Government social benefits to persons ......................................... Old-age, survivors, disability, and health insurance benefits .......... Government unemployment insurance benefits ..................... Other ............................................. Other current transfer receipts, from business (net) ............................... Less: Contributions for government social insurance.............................. Less: Personal current taxes ................ Equals: Disposable personal income... Less: Personal outlays .......................... Personal consumption expenditures..... Durable goods .................................. Nondurable goods ............................ Services............................................ Personal interest payments 1................ Personal current transfer payments...... To government .................................. To the rest of the world (net) ............. Equals: Personal saving ........................ Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ... February March April May June 2006 July August September October November December January February –263.6 39.8 28.6 60.1 41.0 60.4 88.1 –233.7 355.5 52.3 55.2 71.2 113.2 44.7 29.7 14.0 –1.5 0.1 –1.0 –1.6 11.6 6.4 4.1 2.6 –2.6 1.4 5.7 1.5 0.4 –1.2 –2.9 1.8 39.8 34.5 33.1 4.7 3.3 28.3 19.7 15.1 14.3 3.8 2.4 10.5 37.2 32.1 32.2 6.2 1.1 26.0 73.6 64.5 58.0 15.1 7.1 42.9 26.2 21.6 17.8 7.9 3.7 9.9 31.0 26.3 21.6 –1.3 –3.0 22.9 20.3 18.2 17.1 0.7 3.3 16.4 23.6 20.9 17.5 –2.5 –4.2 20.0 46.2 42.3 39.2 12.6 4.8 26.6 96.1 86.0 77.5 29.3 15.7 48.2 42.0 37.8 35.0 15.7 7.9 19.3 2.0 –0.2 –0.8 7.9 1.0 5.5 10.7 1.0 0.7 2.5 4.7 6.5 10.2 5.5 –3.6 15.5 1.6 2.3 2.6 1.1 20.4 1.4 9.5 0.9 20.5 –0.2 32.1 6.5 9.0 3.8 22.2 4.7 13.9 1.2 15.3 3.3 20.1 3.1 38.1 8.4 13.7 2.9 15.7 5.2 4.2 5.3 4.6 5.2 9.0 4.6 4.7 2.0 2.8 3.9 10.2 4.1 11.3 5.3 4.4 3.4 3.7 3.3 5.0 3.4 3.6 0.8 2.0 1.5 3.6 1.9 4.4 –0.1 –0.2 1.9 0.9 1.9 4.0 1.1 1.2 1.2 0.8 2.4 6.6 2.2 –20.4 –2.4 –18.0 2.9 –0.2 3.1 6.7 0.8 5.8 –0.7 3.9 –4.4 4.6 0.9 3.5 12.1 0.3 11.9 19.4 0.9 18.6 –64.7 –3.8 –61.0 79.3 –0.1 79.4 –2.3 –4.8 2.5 4.6 –3.2 7.8 6.0 –3.4 9.4 2.0 –4.1 6.1 1.7 –3.2 4.8 –1.7 –282.2 22.9 –305.2 22.6 –3.9 13.1 15.7 –2.5 16.4 –5.1 13.9 13.3 0.5 7.8 –7.2 17.7 13.0 4.7 14.6 –6.1 19.4 15.5 3.9 5.5 –5.8 20.5 15.4 5.0 0.5 –5.2 15.7 8.9 6.9 –7.3 –341.6 16.2 8.3 7.9 132.9 329.1 16.9 7.8 9.1 –98.1 4.2 30.3 19.5 10.8 2.4 7.9 28.5 16.5 12.0 –7.4 –0.2 28.2 14.8 13.5 –3.9 –4.4 5.6 –8.3 13.8 33.3 –4.0 8.9 –3.6 12.5 1.8 19.3 15.2 6.9 14.3 5.1 0.2 –7.7 20.6 6.0 –0.3 4.0 –3.0 35.3 2.7 10.9 12.4 1.1 7.0 1.3 4.2 1.6 4.2 1.0 3.2 0.7 9.8 39.0 9.5 1.2 7.2 –0.3 3.2 0.1 5.6 –1.3 8.6 1.5 2.3 –1.1 –2.9 –0.5 –8.8 1.3 15.1 –1.7 6.7 3.6 –7.2 –2.4 5.8 –1.2 –11.7 0.3 –3.9 –0.9 –5.9 3.2 1.3 0.8 0.4 0.4 0.3 0.3 112.4 –104.0 2.6 –11.4 –0.9 –2.0 –0.8 11.6 56.9 –320.5 13.8 6.9 –16.7 9.7 14.0 0.4 6.5 0.2 6.3 –334.2 0.5 6.8 33.0 45.1 44.9 3.7 28.0 13.2 0.5 –0.3 –0.2 0.0 –12.2 0.2 6.8 21.9 19.7 19.1 7.8 –16.2 27.4 0.7 –0.1 –0.1 0.0 2.3 4.3 13.2 46.7 87.9 84.3 31.0 47.2 6.1 4.2 –0.6 0.1 –0.8 –41.2 1.9 8.2 32.9 –19.2 –23.1 –41.4 –20.0 38.3 3.8 0.2 0.2 0.0 52.0 4.2 10.2 50.3 103.4 99.8 50.8 15.0 34.0 3.4 0.1 0.1 0.0 –53.0 8.1 11.3 76.7 93.5 93.9 39.1 28.0 26.8 0.0 –0.5 0.1 –0.6 –16.8 2.6 8.1 –241.8 11.2 11.0 –65.7 52.7 24.0 0.1 0.2 0.2 0.0 –253.0 2.9 10.1 345.4 61.3 60.7 –29.9 55.3 35.2 0.4 0.2 0.2 0.0 284.1 2.5 10.4 41.9 43.4 42.4 –12.2 25.1 29.7 –0.3 1.3 0.3 1.1 –1.5 2.1 9.3 45.9 1.5 1.3 21.2 –50.3 30.3 –0.1 0.3 0.2 0.0 44.4 5.0 12.6 58.7 46.2 45.7 16.9 –4.0 32.9 0.1 0.3 0.4 0.0 12.5 19.5 40.0 73.0 67.1 65.9 28.2 56.2 –18.6 2.5 –1.1 0.3 –1.5 5.9 5.6 13.0 31.8 47.7 44.8 –11.1 –7.0 62.9 2.4 0.4 0.4 0.0 –15.9 –315.2 11.0 –2.4 14.7 29.8 38.9 31.3 –253.6 226.9 22.6 61.9 52.3 26.4 26.3 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months)—Continues [Billions of dollars] Seasonally adjusted at annual rates 2006 March Personal income..................................... Compensation of employees, received ........................................... Wage and salary disbursements ... Private industries .......................... Goods-producing industries ...... Manufacturing........................ Services-producing industries... Trade, transportation, and utilities................................ Other services-producing industries ........................... Government .................................. Supplements to wages and salaries......................................... Employer contributions for employee pension and insurance funds......................... Employer contributions for government social insurance..... Proprietors’ income with inventory valuation and capital consumption adjustments ............. Farm ................................................. Nonfarm ............................................ Rental income of persons with capital consumption adjustment... Personal income receipts on assets. Personal interest income .................. Personal dividend income................. Personal current transfer receipts .... Government social benefits to persons ......................................... Old-age, survivors, disability, and health insurance benefits .......... Government unemployment insurance benefits ..................... Other ............................................. Other current transfer receipts, from business (net) ............................... Less: Contributions for government social insurance.............................. Less: Personal current taxes ................ Equals: Disposable personal income... Less: Personal outlays .......................... Personal consumption expenditures..... Durable goods .................................. Nondurable goods ............................ Services............................................ Personal interest payments 1................ Personal current transfer payments...... To government .................................. To the rest of the world (net) ............. Equals: Personal saving ........................ Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ... April May June July 2007 August September October November December January February March April 35.0 62.2 17.0 59.5 43.8 52.6 56.3 45.7 52.0 99.4 87.7 81.2 68.7 0.4 12.6 10.6 8.9 –0.1 –1.4 9.0 20.7 17.1 15.3 –4.3 –2.3 19.5 –37.1 –35.8 –37.5 –9.9 –7.6 –27.5 23.5 20.4 19.2 0.3 –0.8 18.9 40.8 37.1 29.4 1.8 2.0 27.6 25.6 21.9 15.3 2.5 0.8 12.8 49.8 44.1 35.8 2.8 0.1 33.0 52.4 47.0 44.7 12.6 7.8 32.2 41.4 36.4 33.9 4.2 1.2 29.6 67.3 60.3 57.7 11.7 8.1 46.0 53.7 48.6 36.4 4.4 1.3 32.0 35.4 30.6 27.1 –1.1 0.6 28.1 35.5 31.0 28.4 8.0 2.2 20.6 –19.7 –21.1 –24.0 –3.0 –2.6 –21.1 1.2 6.3 –9.6 4.4 7.4 0.7 4.4 7.3 5.9 6.0 3.9 4.4 10.5 2.7 7.8 1.8 13.2 1.8 –18.0 1.7 14.6 1.1 20.2 7.7 12.1 6.5 28.6 8.4 24.8 2.2 23.8 2.5 40.0 2.7 28.2 12.2 23.6 3.6 10.1 2.5 –23.8 2.9 2.0 3.5 –1.2 3.1 3.7 3.7 5.6 5.6 4.9 7.0 5.1 4.7 4.6 1.4 1.6 2.7 1.8 2.2 1.5 2.9 3.3 2.5 2.9 3.0 3.4 3.2 3.0 3.4 0.4 0.8 –3.0 0.9 2.2 0.9 2.3 2.9 2.1 4.1 1.6 1.5 1.5 –1.9 4.8 –2.8 7.6 7.0 –3.7 10.7 4.0 –1.2 5.3 0.3 0.1 0.2 –10.3 2.1 –12.4 6.6 2.0 4.6 –1.5 2.6 –4.1 –1.0 3.4 –4.4 7.5 3.9 3.6 11.5 4.6 7.0 –4.2 7.9 –12.2 11.9 3.8 8.2 2.6 2.4 0.1 4.5 –1.2 5.7 –1.8 9.9 –2.6 12.5 10.6 –1.7 33.0 21.1 11.8 5.4 –2.5 31.4 19.9 11.5 15.8 –3.8 31.7 20.1 11.7 9.7 –1.6 11.8 1.1 10.7 7.6 –0.7 12.9 2.8 10.1 10.2 0.5 12.8 3.5 9.3 –1.5 –1.3 7.7 –0.5 8.2 –5.5 –0.6 3.1 –4.3 7.5 4.4 –1.8 0.6 –5.5 6.0 29.6 –2.9 17.7 13.7 4.0 33.1 0.2 22.4 17.7 4.8 14.5 3.1 24.8 18.6 6.0 5.8 5.1 15.0 9.1 6.0 –8.1 11.2 5.6 15.7 9.7 7.2 9.7 –2.0 –6.1 3.7 28.5 31.2 13.5 5.1 –8.2 9.4 3.4 8.6 7.2 –1.0 6.7 4.0 –0.7 3.4 16.0 4.2 6.7 6.7 1.2 –0.1 1.9 0.8 1.4 –0.5 7.6 –0.6 3.1 1.7 6.5 –0.8 3.8 –0.2 –5.8 1.1 –6.6 –1.5 1.9 1.7 10.8 0.9 26.0 0.1 6.8 –2.1 0.5 2.5 –11.9 –0.7 –0.2 0.0 0.1 0.4 0.5 0.5 0.6 0.8 1.0 1.9 1.0 0.7 0.1 1.1 9.9 25.2 20.3 17.8 8.7 –6.7 15.7 2.2 0.3 0.4 0.0 4.8 2.1 12.5 49.6 77.3 69.9 5.9 48.3 15.8 1.6 5.8 0.4 5.3 –27.6 –5.4 –0.3 17.3 43.6 42.3 –11.7 13.8 40.2 1.0 0.4 0.4 0.0 –26.3 2.0 5.5 54.0 33.0 32.1 7.1 4.5 20.5 0.5 0.4 0.4 0.0 20.9 4.6 3.7 40.0 84.6 79.5 11.3 37.5 30.7 4.4 0.5 0.4 0.2 –44.4 1.8 5.5 47.2 19.5 13.9 –12.6 18.1 8.3 5.3 0.5 0.4 0.0 27.7 3.9 12.8 43.5 –1.0 –7.5 4.9 –37.0 24.6 6.0 0.4 0.5 0.0 44.4 6.7 14.6 31.1 38.7 33.9 –2.7 –20.8 57.5 2.7 2.0 0.4 1.6 –7.6 3.7 16.7 35.4 16.4 13.4 3.0 –3.8 14.2 2.6 0.5 0.5 0.0 19.0 7.8 21.7 77.6 95.3 92.5 16.2 58.2 18.1 2.3 0.5 0.4 0.0 –17.7 9.7 22.8 64.9 53.7 55.6 3.2 2.5 49.9 –4.3 2.4 0.5 1.9 11.1 3.3 17.1 64.1 52.9 56.5 2.4 7.2 46.9 –4.2 0.6 0.6 0.0 11.3 3.0 17.1 51.6 21.7 25.4 5.4 38.5 –18.5 –4.1 0.4 0.4 0.0 29.9 –3.6 6.8 –6.4 65.8 53.4 –3.4 2.2 54.5 11.7 0.7 0.4 0.3 –72.2 8.9 8.4 –8.4 26.2 4.4 13.2 56.4 50.6 23.0 33.4 34.6 34.0 12.8 –28.5 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months)—Table Ends [Billions of dollars] Seasonally adjusted at annual rates 2007 May Personal income..................................... Compensation of employees, received ........................................... Wage and salary disbursements ... Private industries .......................... Goods-producing industries ...... Manufacturing........................ Services-producing industries... Trade, transportation, and utilities................................ Other services-producing industries ........................... Government .................................. Supplements to wages and salaries......................................... Employer contributions for employee pension and insurance funds......................... Employer contributions for government social insurance..... Proprietors’ income with inventory valuation and capital consumption adjustments ............. Farm ................................................. Nonfarm ............................................ Rental income of persons with capital consumption adjustment... Personal income receipts on assets. Personal interest income .................. Personal dividend income................. Personal current transfer receipts .... Government social benefits to persons ......................................... Old-age, survivors, disability, and health insurance benefits .......... Government unemployment insurance benefits ..................... Other ............................................. Other current transfer receipts, from business (net) ............................... Less: Contributions for government social insurance.............................. Less: Personal current taxes ................ Equals: Disposable personal income... Less: Personal outlays .......................... Personal consumption expenditures..... Durable goods .................................. Nondurable goods ............................ Services............................................ Personal interest payments 1................ Personal current transfer payments...... To government .................................. To the rest of the world (net) ............. Equals: Personal saving ........................ Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ... June July August 2008 September October November December January February March April June p May 26.3 40.9 61.7 51.5 62.5 31.8 50.3 52.7 24.2 27.5 44.0 27.5 219.3 6.8 2.3 –0.6 –3.0 –1.7 –3.5 –1.3 26.6 22.2 19.6 4.2 2.4 15.4 22.8 18.8 15.0 –1.9 –1.5 16.9 28.5 25.0 18.2 0.7 –1.3 17.5 56.8 50.9 45.7 8.5 4.0 37.1 17.2 14.0 11.0 1.5 0.0 9.6 41.3 35.4 33.3 10.9 8.4 22.4 28.7 23.7 20.2 –2.4 –3.0 22.5 27.6 19.7 9.1 1.3 1.4 8.0 26.6 23.2 18.8 1.5 1.1 17.3 31.0 29.8 26.5 5.3 2.9 21.1 11.5 6.1 1.4 –7.2 –2.8 8.5 25.9 22.4 17.7 1.7 1.3 16.2 19.5 16.3 11.1 1.2 0.8 9.9 4.2 5.0 –7.6 –1.3 7.6 2.9 4.4 7.7 1.5 0.1 4.3 –3.8 0.6 1.6 –5.5 2.4 10.4 2.5 24.4 3.9 19.0 6.7 29.4 5.4 6.7 2.8 18.0 2.2 14.8 3.5 6.5 10.6 17.2 4.4 16.9 3.3 12.3 4.7 15.4 4.6 8.4 5.2 3.0 4.3 4.0 3.5 5.9 3.2 5.8 5.1 7.9 3.4 1.2 5.4 3.6 3.1 3.7 3.5 2.7 2.6 2.2 3.2 3.8 4.1 4.1 2.2 –0.5 5.4 2.5 2.3 –0.7 0.9 1.2 0.9 3.7 –0.1 2.1 1.0 3.8 1.2 1.7 0.1 1.0 0.8 4.2 1.2 3.0 –0.1 1.5 –1.5 15.9 2.8 13.0 1.3 1.1 0.3 –13.5 0.5 –14.1 12.8 –1.1 13.9 11.0 0.1 11.0 –4.7 0.2 –5.0 0.2 –5.6 5.8 –5.4 0.4 –5.8 2.3 –1.1 3.4 0.3 –0.4 0.7 4.9 0.4 4.5 6.9 0.5 6.4 2.8 12.8 6.6 6.2 2.9 1.3 12.2 6.2 6.0 2.7 –3.1 17.9 11.8 6.1 10.9 –1.7 18.2 12.0 6.1 7.2 –1.0 18.0 11.9 6.1 9.0 –0.7 3.9 –2.1 6.2 –0.9 –1.1 3.4 –3.1 6.4 –0.2 –1.6 3.1 –3.5 6.6 29.4 0.9 –3.0 –7.4 4.4 9.0 0.7 –2.2 –7.4 5.2 10.3 1.7 –2.5 –7.4 4.9 14.7 6.4 –4.6 –8.9 4.3 14.2 7.2 –4.1 –8.9 4.8 187.5 7.7 –4.2 –8.9 4.7 –21.4 2.6 2.3 10.6 6.9 8.8 –1.1 –0.2 29.3 10.0 10.1 14.6 14.2 187.5 –21.4 9.4 4.3 0.0 7.7 0.5 –5.1 –3.8 16.5 4.8 6.5 11.9 –3.4 10.6 3.0 –1.1 –5.7 –1.3 –0.7 3.5 7.1 –3.8 3.0 4.8 3.6 –1.4 5.4 –0.3 3.7 4.1 8.7 0.1 5.2 1.2 2.4 1.1 1.6 1.3 16.4 0.9 176.0 0.6 –25.1 0.4 0.3 0.3 0.3 0.2 0.1 0.2 0.1 –1.1 0.2 0.1 0.0 0.0 0.0 –1.2 6.3 20.0 62.7 51.1 20.7 34.3 –3.8 11.2 0.4 0.3 0.0 –42.8 1.8 5.5 35.4 39.1 28.2 –18.2 9.5 37.0 10.6 0.3 0.4 0.0 –3.6 2.6 0.7 61.0 40.3 37.7 –5.0 19.1 23.4 2.0 0.6 0.3 0.3 20.7 1.9 3.3 48.2 38.2 35.3 15.9 –24.8 44.3 2.6 0.3 0.3 0.0 10.0 6.9 10.4 52.0 36.9 33.4 1.6 25.5 6.3 3.3 0.3 0.3 0.0 15.1 0.5 4.4 27.4 16.7 17.4 –2.3 5.5 14.2 –2.1 1.2 0.2 1.0 10.8 4.1 7.9 42.5 100.2 102.5 –5.5 63.3 44.7 –2.4 0.2 0.2 0.0 –57.8 2.2 3.8 48.9 19.2 21.8 –10.8 9.7 23.0 –2.8 0.1 0.1 0.0 29.7 10.4 9.4 14.8 37.7 43.2 –1.5 13.1 31.6 –6.1 0.7 0.1 0.6 –22.9 2.5 5.7 21.8 –7.9 –1.9 2.9 –11.8 6.9 –6.2 0.2 0.2 0.0 29.7 3.4 6.9 37.1 51.1 57.0 –10.1 35.1 32.0 –6.1 0.2 0.2 0.0 –14.0 0.2 –7.0 34.6 38.5 34.6 –2.5 20.7 16.3 3.3 0.6 0.3 0.3 –3.9 2.2 –376.2 595.4 80.2 76.5 1.8 35.4 39.3 3.4 0.3 0.3 0.0 515.2 1.6 217.1 –210.3 60.8 57.1 –15.8 40.0 33.0 3.3 0.3 0.3 0.0 –271.1 –12.0 10.8 37.0 33.4 12.1 –1.9 –16.4 17.0 –14.8 6.6 3.9 8.9 451.4 –240.7 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. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)—Continues [Billions of dollars] Seasonally adjusted at annual rates 2004 2005 2006 2007 2005 I Personal income................................................................................................. Compensation of employees, received ........................................................ Wage and salary disbursements ............................................................... Private industries ...................................................................................... Goods-producing industries .................................................................. Manufacturing.................................................................................... Services-producing industries............................................................... Trade, transportation, and utilities...................................................... Other services-producing industries.................................................. Government .............................................................................................. Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ......... Employer contributions for government social insurance.......................... Proprietors’ income with inventory valuation and capital consumption adjustments................................................................................................. Farm ............................................................................................................. Nonfarm ........................................................................................................ Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets............................................................. Personal interest income .............................................................................. Personal dividend income............................................................................. Personal current transfer receipts ................................................................ Government social benefits to persons ........................................................ Old-age, survivors, disability, and health insurance benefits..................... Government unemployment insurance benefits........................................ Other ......................................................................................................... Other current transfer receipts, from business (net) ..................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes ............................................................................ Equals: Disposable personal income............................................................... Less: Personal outlays ...................................................................................... Personal consumption expenditures................................................................. Durable goods .............................................................................................. Nondurable goods ........................................................................................ Services........................................................................................................ Personal interest payments 1............................................................................ Personal current transfer payments.................................................................. To government .............................................................................................. To the rest of the world (net) ......................................................................... Equals: Personal saving .................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ II III IV 563.6 361.0 281.8 243.1 41.3 18.0 201.8 40.3 161.5 38.7 79.2 52.9 26.2 542.6 354.4 277.2 239.5 50.0 17.1 189.5 39.6 149.9 37.6 77.2 57.5 19.8 724.1 406.8 355.5 313.3 68.0 27.2 245.4 48.5 196.9 42.3 51.2 30.8 20.4 669.3 386.0 334.8 282.5 38.2 14.8 244.2 48.5 195.7 52.2 51.3 35.1 16.2 19.0 60.8 35.0 16.6 4.7 –2.5 11.9 2.8 9.1 18.4 25.9 20.7 5.2 139.9 73.0 58.4 55.0 9.3 2.5 45.7 9.8 35.9 3.4 14.6 11.6 2.9 104.7 132.8 114.1 103.3 25.3 10.0 77.9 15.6 62.3 10.8 18.7 12.0 6.8 271.9 80.8 70.9 62.1 5.0 1.4 57.2 8.6 48.6 8.8 9.8 6.1 3.6 100.3 8.1 92.2 –14.6 95.5 –19.0 114.4 71.5 79.4 46.7 –16.8 49.5 –7.9 50.2 45.2 518.4 511.5 492.3 41.2 153.5 297.5 8.8 10.6 7.6 2.9 6.8 48.2 –3.2 51.4 –77.5 164.8 126.9 37.9 98.2 85.8 56.5 –4.7 34.1 12.4 45.5 161.5 381.1 530.3 498.2 36.9 170.4 290.9 23.7 8.3 3.6 4.8 –149.2 54.9 –17.9 72.9 3.4 227.9 103.4 124.5 82.3 96.2 94.4 –1.4 3.2 –13.9 51.2 145.4 578.7 540.5 513.1 31.3 171.1 310.7 20.4 7.0 3.7 3.2 38.2 41.5 27.8 13.6 –4.3 175.3 88.9 86.4 110.3 103.3 60.5 2.4 40.3 7.0 39.6 139.6 529.8 543.1 503.0 30.7 147.8 324.5 30.0 10.1 5.0 5.2 –13.3 –8.1 –3.3 –5.0 –11.6 –50.5 50.7 –101.2 42.6 37.7 24.8 –0.4 13.1 5.0 14.1 73.1 –54.1 97.5 87.6 2.5 23.1 62.0 3.3 6.7 0.5 6.3 –151.7 11.8 5.1 6.8 –17.9 51.1 42.6 8.5 29.1 27.4 14.2 –0.6 13.9 1.7 7.3 28.9 111.0 137.8 129.9 26.7 37.5 65.7 8.5 –0.6 0.2 –0.8 –26.7 12.3 –1.2 13.5 –129.1 52.2 32.4 19.8 50.8 9.8 7.9 –0.5 2.4 40.9 14.2 29.6 75.2 183.9 180.3 5.4 84.9 90.0 3.7 –0.2 0.4 –0.6 –108.7 34.1 –9.4 43.4 114.9 75.4 43.4 32.0 –24.9 12.3 9.1 0.9 2.3 –37.2 8.4 30.2 241.7 104.4 102.6 –34.3 44.6 92.3 –0.1 1.8 0.8 1.1 137.3 279.0 112.5 285.6 237.0 –98.4 49.6 –26.0 147.8 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)—Table Ends [Billions of dollars] Seasonally adjusted at anual rates 2006 Personal income................................................................................................. Compensation of employees, received ........................................................ Wage and salary disbursements ............................................................... Private industries ...................................................................................... Goods-producing industries .................................................................. Manufacturing.................................................................................... Services-producing industries............................................................... Trade, transportation, and utilities...................................................... Other services-producing industries.................................................. Government .............................................................................................. Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ......... Employer contributions for government social insurance.......................... Proprietors’ income with inventory valuation and capital consumption adjustments................................................................................................. Farm ............................................................................................................. Nonfarm ........................................................................................................ Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets............................................................. Personal interest income .............................................................................. Personal dividend income............................................................................. Personal current transfer receipts ................................................................ Government social benefits to persons ........................................................ Old-age, survivors, disability, and health insurance benefits..................... Government unemployment insurance benefits........................................ Other ......................................................................................................... Other current transfer receipts, from business (net) ..................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes ............................................................................ Equals: Disposable personal income............................................................... Less: Personal outlays ...................................................................................... Personal consumption expenditures................................................................. Durable goods .............................................................................................. Nondurable goods ........................................................................................ Services........................................................................................................ Personal interest payments 1............................................................................ Personal current transfer payments.................................................................. To government .............................................................................................. To the rest of the world (net) ......................................................................... Equals: Personal saving .................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ 2007 III I II I II I II 220.6 167.0 149.9 135.8 47.3 22.3 88.5 20.2 68.3 14.1 17.1 7.1 10.1 131.6 26.2 19.8 14.3 –5.6 –5.9 19.9 4.0 15.9 5.5 6.4 6.3 0.1 142.9 77.7 68.0 51.8 1.3 –0.5 50.5 9.0 41.5 16.2 9.8 6.6 3.1 168.6 144.2 128.0 115.5 22.0 11.6 93.6 16.4 77.1 12.5 16.1 8.6 7.6 248.3 147.9 131.8 113.7 15.5 8.2 98.1 16.3 81.9 18.0 16.1 9.5 6.5 104.5 26.1 16.7 8.5 2.3 –2.4 6.3 15.7 –9.4 8.2 9.4 10.1 –0.6 152.9 79.2 67.0 54.5 3.6 –0.6 50.7 –1.2 52.0 12.7 12.2 8.8 3.4 141.7 101.7 87.8 76.4 13.9 6.8 62.7 13.0 49.5 11.3 13.9 9.4 4.5 109.1 88.6 72.7 55.1 6.0 3.9 49.0 9.6 39.5 17.6 15.9 9.4 6.5 214.5 64.8 54.0 40.8 –1.6 0.7 42.4 0.0 42.4 13.2 10.7 8.2 2.5 10.2 –10.4 20.8 –5.2 43.1 3.9 39.3 32.9 40.1 55.2 –1.9 –13.1 –7.2 27.6 63.5 157.0 137.0 132.6 42.1 29.9 60.6 4.9 –0.4 1.0 –1.5 20.0 13.6 –7.5 20.9 –7.2 74.1 38.1 35.9 26.9 27.7 20.9 –0.1 6.8 –0.8 1.8 25.1 106.5 146.8 135.6 2.6 52.2 80.8 4.7 6.5 1.2 5.3 –40.2 –4.9 4.0 –8.8 –5.2 56.3 24.2 32.1 25.6 24.7 12.5 0.5 11.7 0.9 6.6 15.1 127.8 133.8 121.8 5.3 44.8 71.6 10.6 1.4 1.2 0.2 –6.1 9.0 9.9 –0.9 –2.2 22.8 –2.0 24.8 9.7 7.7 11.8 0.3 –4.3 2.0 14.9 43.4 125.2 87.2 73.3 3.8 –22.5 92.1 11.0 2.9 1.4 1.6 38.0 14.8 15.6 –0.8 –3.1 42.3 26.6 15.7 65.9 62.2 22.7 0.9 38.5 3.7 19.4 59.9 188.4 165.2 167.9 18.4 57.7 91.8 –6.1 3.4 1.4 1.9 23.2 13.0 3.0 10.0 9.5 51.6 33.9 17.8 3.5 2.2 15.6 –0.1 –13.3 1.3 –0.7 29.9 74.5 152.7 132.6 8.7 56.2 67.6 18.6 1.6 1.2 0.3 –78.2 13.6 5.1 8.5 –2.8 48.4 30.1 18.2 21.4 20.5 11.3 1.3 7.9 0.8 6.9 12.2 140.8 125.1 108.1 0.9 28.9 78.4 15.6 1.2 1.0 0.3 15.7 10.0 –0.3 10.3 –3.2 25.3 6.5 18.8 17.2 16.7 0.8 1.8 14.2 0.6 9.3 18.9 122.7 127.2 127.1 –3.2 59.6 70.7 –1.5 1.7 0.7 1.0 –4.4 –2.1 –5.5 3.4 0.5 –2.1 –18.1 16.0 40.3 41.1 22.8 3.9 14.4 –0.9 16.0 20.7 88.5 95.7 109.6 –12.0 44.5 77.1 –15.0 1.0 0.4 0.6 –7.3 5.6 –0.6 6.1 15.2 –11.1 –25.2 14.1 145.3 145.2 14.7 3.2 127.2 0.2 5.3 –178.9 393.4 143.6 142.0 –12.3 77.1 77.1 0.6 1.1 0.8 0.3 249.8 102.4 26.2 46.7 119.1 91.5 –13.2 66.6 12.0 –3.1 234.6 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. IV 2008 III IV Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months)—Continues Seasonally adjusted at monthly rates 2005 January February March April May June 2006 July August September October November December January February 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................................................... –2.6 0.4 0.3 1.2 0.4 0.2 0.1 0.4 0.3 0.1 0.0 0.3 0.6 0.6 0.6 0.4 0.4 0.3 0.3 0.3 0.6 0.5 0.6 0.4 0.9 1.1 1.1 0.7 –2.3 0.4 0.4 0.3 3.5 0.4 0.5 0.3 0.5 0.3 0.3 0.1 0.5 0.3 0.4 0.2 0.7 0.6 0.7 0.3 1.1 1.3 1.5 0.7 0.4 0.6 0.6 0.3 –2.1 0.3 0.7 –0.1 0.5 1.3 2.0 –6.6 8.7 –0.2 0.5 0.6 0.2 0.2 –1.7 –15.8 2.5 –35.6 1.6 –4.1 0.9 1.7 –0.5 1.1 –5.7 0.9 1.4 0.1 0.5 –8.4 1.2 1.3 0.8 1.0 –7.8 1.3 1.6 0.7 0.4 –8.0 1.3 1.5 0.9 0.0 –7.9 ................ ................ 1.0 1.0 1.0 0.9 0.8 0.8 1.2 1.4 1.6 –0.5 8.8 –6.0 8.7 1.9 1.9 1.8 0.2 15.0 1.7 1.5 2.0 –0.5 –0.3 1.7 1.4 2.2 –0.3 –7.4 0.3 –0.7 2.2 2.2 –7.2 0.5 –0.3 2.0 0.1 1.4 5.2 –3.5 0.1 0.6 0.4 0.0 0.6 0.2 0.5 1.1 0.5 0.2 0.7 0.4 0.5 0.8 0.6 0.9 0.9 0.8 0.3 0.7 –2.7 0.3 0.8 3.9 0.3 0.8 0.5 0.2 0.7 0.5 0.6 1.0 0.6 2.2 3.2 0.8 0.6 1.0 0.3 0.1 –1.6 0.4 0.3 0.5 0.4 1.2 0.3 0.2 0.8 –0.7 0.5 1.0 3.1 1.9 0.1 –0.3 –4.0 –0.8 0.8 1.2 5.1 0.6 0.7 1.1 3.7 1.1 0.5 0.1 –6.0 2.1 0.5 0.7 –2.9 2.2 0.7 0.5 –1.2 1.0 0.6 0.0 2.2 –1.9 0.6 0.5 1.7 –0.2 0.6 0.7 2.8 2.2 –0.4 0.5 –1.1 –0.3 1.2 –3.8 0.1 0.0 0.2 0.4 0.3 0.8 0.6 0.3 0.3 Based on chained (2000) dollar measures Real disposable personal income................ 0.5 0.4 –3.1 2.9 Seasonally adjusted at monthly rates 2006 March April May June July 2007 August September October November December January February March April 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................................................... 0.3 0.2 0.2 0.1 0.6 0.3 0.3 0.3 0.2 –0.5 –0.6 –0.1 0.5 0.3 0.3 0.2 0.4 0.6 0.6 0.3 0.5 0.3 0.4 0.3 0.5 0.7 0.7 0.4 0.4 0.7 0.8 0.4 0.5 0.5 0.6 0.3 0.9 0.9 1.0 0.5 0.8 0.7 0.8 0.4 0.7 0.5 0.5 0.3 0.6 0.5 0.5 0.3 0.0 –0.3 –0.3 0.1 0.5 0.7 0.4 0.0 –1.0 0.7 –0.1 –0.1 0.7 1.1 –0.4 1.2 0.2 0.4 –3.4 0.6 –0.2 1.9 0.7 –3.5 1.9 2.0 1.8 0.3 –5.1 1.8 1.8 1.7 1.0 –8.3 1.8 1.8 1.7 0.6 –3.7 0.6 0.1 1.5 0.5 –1.9 0.7 0.2 1.4 0.6 1.3 0.7 0.3 1.3 –0.1 –3.1 0.4 0.0 1.1 –0.3 –1.5 0.2 –0.4 1.0 0.3 –4.8 0.0 –0.5 0.8 1.8 –7.8 0.9 1.2 0.5 2.0 0.5 1.2 1.5 0.6 0.9 9.2 1.3 1.6 0.8 0.3 13.7 0.8 0.8 0.8 –0.5 0.1 0.7 0.3 0.2 0.9 0.5 –0.6 0.0 0.2 0.2 0.4 0.6 0.5 0.3 0.4 0.2 0.4 0.5 0.4 0.9 0.4 0.7 1.1 0.3 0.4 1.2 0.4 0.8 1.6 0.8 1.0 1.6 0.7 0.3 1.2 0.6 0.3 1.2 0.5 –0.4 0.5 –0.1 0.2 0.8 –0.3 0.3 0.8 0.6 1.8 0.3 0.5 –1.1 0.5 0.7 0.4 0.7 0.2 0.4 0.9 1.1 1.4 0.6 0.1 –1.2 0.7 0.2 –0.1 0.5 –1.3 0.4 0.4 –0.3 –0.8 1.0 0.1 0.3 –0.1 0.3 1.0 1.5 2.2 0.3 0.6 0.3 0.1 0.9 0.6 0.2 0.3 0.8 0.3 0.5 1.4 –0.3 0.6 –0.3 0.1 1.0 0.3 0.4 0.4 0.4 0.1 –0.3 Based on chained (2000) dollars Real disposable personal income................ 0.1 0.1 –0.1 0.3 0.1 0.2 0.7 0.6 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months)—Table Ends Seasonally adjusted at monthly rates 2007 May June July August 2008 September October November December January February March April 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................................................... Real disposable personal income................ 0.2 0.0 0.0 0.2 0.4 0.3 0.4 0.3 0.5 0.3 0.3 0.3 0.4 0.4 0.4 0.2 0.5 0.7 0.8 0.4 0.3 0.2 0.2 0.2 0.4 0.5 0.6 0.4 0.4 0.4 0.4 0.3 0.2 0.3 0.3 0.5 0.2 0.3 0.4 0.2 0.4 0.4 0.5 0.1 0.2 0.1 0.1 0.4 1.8 0.3 0.3 0.2 0.1 0.2 0.2 0.2 0.4 0.0 1.5 0.1 –1.3 1.2 1.0 –0.4 0.0 –0.5 0.2 0.0 0.5 0.6 6.5 0.6 0.6 0.8 0.2 3.0 0.6 0.5 0.8 0.2 –6.6 0.9 1.0 0.8 0.6 –4.1 0.9 1.0 0.8 0.4 –2.3 0.9 1.0 0.8 0.5 –1.6 0.2 –0.2 0.8 –0.1 –2.9 0.2 –0.2 0.8 0.0 –4.2 0.1 –0.3 0.8 1.7 2.5 –0.1 –0.6 0.5 0.5 1.8 –0.1 –0.6 0.6 0.6 4.6 –0.1 –0.6 0.6 0.8 15.7 –0.2 –0.7 0.5 0.8 15.3 –0.2 –0.7 0.6 10.4 14.2 –0.2 –0.7 0.6 –1.1 –0.1 0.4 0.2 0.2 0.4 0.4 0.3 0.0 0.6 0.2 0.2 0.5 0.7 0.7 0.5 0.1 0.3 0.3 0.4 0.5 0.4 0.2 0.3 0.5 1.1 0.6 0.1 0.3 0.4 0.2 0.3 0.4 0.4 0.0 –0.5 0.3 0.2 –24.4 5.7 0.2 18.6 –1.9 0.5 1.9 1.2 –0.1 0.3 –1.7 0.3 0.6 0.4 –0.5 0.7 0.4 0.4 1.5 –0.9 0.8 0.3 0.1 0.9 0.1 0.2 –0.2 0.2 0.2 1.0 –0.5 2.2 0.8 0.2 –1.0 0.3 0.4 0.4 –0.1 0.4 0.5 0.0 0.3 –0.4 0.1 0.6 –0.9 1.2 0.5 0.3 –0.2 0.7 0.3 0.8 0.2 1.2 0.7 0.6 –1.5 1.3 0.5 –0.1 0.1 0.4 0.4 0.1 0.1 0.0 0.1 5.2 –2.6 Based on chained (2000) dollar measures p Preliminary 0.0 –0.2 0.2 –0.2 Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2004 2005 2006 2007 2005 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..................................................................... Less: Contributions for government social insurance ....................................... Less: Personal current taxes ............................................................................ Equals: Disposable personal income............................................................... Addenda: Personal consumption expenditures................................................................. Durable goods .............................................................................................. Nondurable goods ........................................................................................ Services........................................................................................................ 6.2 5.7 5.5 6.6 5.6 5.3 5.1 6.0 7.1 5.8 6.3 3.8 6.1 5.2 5.6 3.7 0.8 3.6 2.6 8.2 12.4 –11.0 7.1 –2.1 27.1 5.3 6.4 4.5 6.4 5.3 –65.5 11.5 14.2 7.0 6.9 5.5 15.4 4.4 5.7 8.3 14.3 10.1 21.7 5.4 5.9 12.0 6.4 4.1 –9.6 9.6 7.9 12.4 6.9 4.3 10.3 5.5 –3.4 –38.3 –12.3 24.1 –49.1 12.4 6.8 29.7 –2.4 6.4 4.4 7.0 6.5 6.1 3.8 7.3 6.0 5.9 3.1 6.8 6.0 5.5 2.9 5.5 5.9 4.2 1.0 3.9 5.1 5.7 4.3 4.3 4.5 4.2 7.9 8.4 5.7 11.0 4.6 5.1 2.9 5.2 5.3 15.0 –58.8 ........................ ........................ 14.2 14.0 20.0 18.9 13.5 17.8 6.3 15.0 24.0 8.1 14.2 –6.2 3.4 6.7 3.8 10.3 10.3 10.3 5.1 3.4 11.1 6.3 11.1 6.3 5.3 8.6 2.1 14.5 7.2 4.8 –12.6 7.2 7.3 2.5 –1.3 7.5 Based on chained (2000) dollar measures Real disposable personal income..................................................................... 3.6 1.4 3.5 2.8 –4.7 Seasonally adjusted at annual rates 2006 I II 2007 III IV I II 2008 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..................................................................... Less: Contributions for government social insurance ....................................... Less: Personal current taxes ............................................................................ Equals: Disposable personal income............................................................... Addenda: Personal consumption expenditures................................................................. Durable goods .............................................................................................. Nondurable goods ........................................................................................ Services........................................................................................................ 8.6 9.6 10.8 5.1 5.0 1.4 1.3 1.9 5.3 4.3 4.6 2.8 6.2 8.0 8.8 4.7 9.1 8.0 8.8 4.6 3.7 1.4 1.1 2.7 5.4 4.1 4.3 3.4 4.9 5.3 5.6 3.9 3.7 4.5 4.6 4.4 7.4 3.3 3.3 2.9 4.2 –31.4 10.6 1.4 28.3 8.9 13.0 21.9 6.9 5.5 –44.3 18.2 14.8 24.0 7.0 0.8 7.8 4.6 –1.9 –38.7 13.0 8.9 20.1 6.6 2.9 4.6 5.4 3.6 –19.8 5.0 –0.7 14.5 2.4 6.6 13.4 5.3 5.9 –28.9 9.3 9.6 8.7 17.2 8.5 18.3 7.9 5.1 161.0 11.1 12.1 9.7 0.8 –0.3 8.5 3.0 5.3 –22.7 10.1 10.4 9.8 5.1 2.9 3.3 5.7 3.8 –27.3 5.1 2.1 9.8 4.1 3.9 5.1 4.9 –0.8 5.3 –0.4 –5.7 8.1 9.6 6.7 5.5 3.5 2.1 270.1 –2.1 –8.0 7.0 36.9 2.2 –39.0 15.9 6.1 17.8 4.7 4.7 6.1 1.0 8.2 6.2 5.4 2.1 6.9 5.4 3.2 1.4 –3.3 6.9 7.4 7.1 8.8 6.7 5.7 3.3 8.4 4.8 4.6 0.3 4.2 5.6 5.3 –1.2 8.7 4.9 4.5 –4.3 6.3 5.3 5.8 –4.5 10.9 5.3 Real disposable personal income..................................................................... 5.1 1.3 2.3 3.1 0.6 –0.1 11.3 Based on chained (2000) dollar measures 5.8 4.4 –0.6 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2004 2005 December January February March April May June 2006 July August September October November December January February Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ 7,699.2 1,125.5 2,214.6 4,375.6 7,683.7 1,104.4 2,215.6 4,376.5 7,706.5 1,110.5 2,233.4 4,376.6 7,702.4 1,119.9 2,213.0 4,384.7 7,752.2 1,155.2 2,241.0 4,378.1 7,731.5 1,108.0 2,238.2 4,397.8 7,815.5 1,167.9 2,251.8 4,418.7 7,863.7 1,216.5 2,250.2 4,429.0 7,837.3 1,147.4 2,268.6 4,439.3 7,813.3 1,112.7 2,261.4 4,449.8 7,837.0 1,099.7 2,291.8 4,452.7 7,858.5 1,125.1 2,283.2 4,462.5 7,899.3 1,145.1 2,283.8 4,485.6 7,921.2 1,177.0 2,311.9 4,455.7 7,959.1 1,165.4 2,313.8 4,498.6 40.8 20.0 0.6 23.1 21.9 31.9 28.1 –29.9 37.9 –11.6 1.9 42.9 0.5 1.8 0.0 0.5 0.3 2.8 1.2 –0.7 0.5 –1.0 0.1 1.0 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ 44.8 23.0 9.8 15.4 –15.5 –21.1 1.0 0.9 22.8 6.1 17.8 0.1 –4.1 9.4 –20.4 8.1 49.8 35.3 28.0 –6.6 –20.7 –47.2 –2.8 19.7 84.0 59.9 13.6 20.9 48.2 48.6 –1.6 10.3 –26.4 –69.1 18.4 10.3 –24.0 –34.7 –7.2 10.5 23.7 –13.0 30.4 2.9 21.5 25.4 –8.6 9.8 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ 0.6 2.1 0.4 0.4 –0.2 –1.9 0.0 0.0 0.3 0.5 0.8 0.0 –0.1 0.8 –0.9 0.2 0.6 3.2 1.3 –0.2 –0.3 –4.1 –0.1 0.5 1.1 5.4 0.6 0.5 0.6 4.2 –0.1 0.2 –0.3 –5.7 0.8 0.2 –0.3 –3.0 –0.3 0.2 0.3 –1.2 1.3 0.1 0.3 2.3 –0.4 0.2 2006 March April May June July 2007 August September October November December January February March April Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ 7,962.0 1,176.8 2,306.5 4,499.9 7,989.8 1,182.8 2,328.6 4,500.8 8,004.3 1,170.4 2,330.9 4,521.5 8,012.2 1,181.8 2,326.5 4,524.9 8,052.3 1,194.0 2,341.5 4,539.6 8,037.7 1,179.7 2,344.1 4,533.7 8,049.1 1,191.4 2,340.4 4,539.6 8,101.1 1,188.5 2,352.6 4,579.4 8,105.4 1,195.6 2,349.6 4,581.0 8,153.2 1,218.1 2,377.1 4,584.1 8,180.9 1,224.0 2,375.4 4,607.7 8,209.4 1,225.1 2,375.5 4,633.6 8,201.1 1,232.9 2,389.5 4,607.1 8,224.9 1,231.9 2,382.1 4,637.2 28.5 1.1 0.1 25.9 –8.3 7.8 14.0 –26.5 23.8 –1.0 –7.4 30.1 0.3 0.1 0.0 0.6 –0.1 0.6 0.6 –0.6 0.3 –0.1 –0.3 0.7 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ 2.9 11.4 –7.3 1.3 27.8 6.0 22.1 0.9 14.5 –12.4 2.3 20.7 7.9 11.4 –4.4 3.4 40.1 12.2 15.0 14.7 –14.6 –14.3 2.6 –5.9 11.4 11.7 –3.7 5.9 52.0 –2.9 12.2 39.8 4.3 7.1 –3.0 1.6 47.8 22.5 27.5 3.1 27.7 5.9 –1.7 23.6 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ 0.0 1.0 –0.3 0.0 0.3 0.5 1.0 0.0 0.2 –1.0 0.1 0.5 0.1 1.0 –0.2 0.1 0.5 1.0 0.6 0.3 –0.2 –1.2 0.1 –0.1 0.1 1.0 –0.2 0.1 0.6 –0.2 0.5 0.9 0.1 0.6 –0.1 0.0 0.6 1.9 1.2 0.1 0.3 0.5 –0.1 0.5 2007 May June July August 2008 September October November December January February March June p April May 8,335.9 1,230.3 2,419.5 4,706.8 8,361.5 1,236.1 2,427.9 4,718.8 8,345.3 1,216.6 2,417.8 4,726.5 9.7 0.8 9.4 –0.5 25.6 5.8 8.4 12.0 –16.2 –19.5 –10.1 7.7 0.1 0.1 0.4 0.0 0.3 0.5 0.4 0.3 –0.2 –1.6 –0.4 0.2 Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ 8,240.8 1,258.2 2,393.8 4,622.5 8,246.2 1,236.7 2,398.5 4,638.4 8,264.0 1,233.1 2,407.4 4,649.3 8,286.8 1,255.3 2,390.1 4,671.5 8,284.6 1,259.9 2,398.3 4,658.6 8,275.6 1,256.3 2,394.9 4,655.9 8,311.8 1,252.5 2,405.2 4,682.9 8,307.2 1,243.0 2,400.4 4,689.6 8,317.3 1,239.7 2,395.4 4,706.2 8,304.6 1,241.8 2,388.3 4,699.6 8,326.2 1,229.5 2,410.1 4,707.3 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ 15.9 26.3 11.7 –14.7 5.4 –21.5 4.7 15.9 17.8 –3.6 8.9 10.9 22.8 22.2 –17.3 22.2 –2.2 4.6 8.2 –12.9 –9.0 –3.6 –3.4 –2.7 36.2 –3.8 10.3 27.0 –4.6 –9.5 –4.8 6.7 10.1 –3.3 –5.0 16.6 –12.7 2.1 –7.1 –6.6 21.6 –12.3 21.8 7.7 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ p Preliminary 0.2 2.1 0.5 –0.3 0.1 –1.7 0.2 0.3 0.2 –0.3 0.4 0.2 0.3 1.8 –0.7 0.5 0.0 0.4 0.3 –0.3 –0.1 –0.3 –0.1 –0.1 0.4 –0.3 0.4 0.6 –0.1 –0.8 –0.2 0.1 0.1 –0.3 –0.2 0.4 –0.2 0.2 –0.3 –0.1 0.3 –1.0 0.9 0.2 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2004 2005 2006 2007 2004 2005 IV I II III IV Billions of chained (2000) dollars Personal consumption expenditures ......................... Durable goods ............................................................ Nondurable goods ...................................................... Services...................................................................... 7,561.4 1,084.8 2,177.6 4,311.0 7,791.7 1,134.4 2,252.7 4,420.9 8,029.0 1,185.1 2,335.3 4,529.9 8,252.8 1,242.4 2,392.6 4,646.2 7,664.3 1,110.1 2,207.5 4,361.1 7,697.5 1,111.6 2,220.7 4,379.3 7,766.4 1,143.7 2,243.7 4,398.2 7,838.1 1,158.9 2,260.1 4,439.4 7,864.9 1,123.3 2,286.3 4,466.9 68.9 32.1 23.0 18.9 71.7 15.2 16.4 41.2 26.8 –35.6 26.2 27.5 1.7 0.6 2.4 1.7 3.6 12.1 4.2 1.7 3.7 5.4 3.0 3.8 1.4 –11.7 4.7 2.5 III IV I II 8,278.5 1,249.4 2,398.6 4,659.8 8,298.2 1,250.6 2,400.2 4,676.1 8,316.1 1,237.0 2,397.9 4,704.3 8,347.5 1,227.7 2,421.7 4,717.4 19.7 1.2 1.6 16.3 17.9 –13.6 –2.3 28.2 31.4 –9.3 23.8 13.1 1.0 0.4 0.3 1.4 0.9 –4.3 –0.4 2.4 1.5 –3.0 4.0 1.1 Change from preceding period in billions of chained (2000) dollars Personal consumption expenditures ......................... Durable goods ............................................................ Nondurable goods ...................................................... Services...................................................................... 266.1 64.2 74.6 132.2 230.3 49.6 75.1 109.9 237.3 50.7 82.6 109.0 223.8 57.3 57.3 116.3 78.8 18.6 26.1 35.9 33.2 1.5 13.2 18.2 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ......................... Durable goods ............................................................ Nondurable goods ...................................................... Services...................................................................... 3.6 6.3 3.5 3.2 3.0 4.6 3.4 2.6 3.0 4.5 3.7 2.5 2.8 4.8 2.5 2.6 4.2 7.0 4.9 3.4 Seasonally adjusted at annual rates 2006 2007 I II III IV I 7,947.4 1,173.1 2,310.8 4,484.7 8,002.1 1,178.3 2,328.7 4,515.7 8,046.3 1,188.4 2,342.0 4,537.6 8,119.9 1,200.7 2,359.8 4,581.5 II 2008 Billions of chained (2000) dollars Personal consumption expenditures ......................... Durable goods ............................................................ Nondurable goods ...................................................... Services...................................................................... 8,197.2 1,227.3 2,380.1 4,616.1 8,237.3 1,242.3 2,391.5 4,632.7 Change from preceding period in billions of chained (2000) dollars Personal consumption expenditures ......................... Durable goods ............................................................ Nondurable goods ...................................................... Services...................................................................... 82.5 49.8 24.5 17.8 54.7 5.2 17.9 31.0 44.2 10.1 13.3 21.9 Personal consumption expenditures ......................... Durable goods ............................................................ Nondurable goods ...................................................... Services...................................................................... 4.3 18.9 4.4 1.6 2.8 1.8 3.1 2.8 2.2 3.5 2.3 2.0 73.6 12.3 17.8 43.9 77.3 26.6 20.3 34.6 40.1 15.0 11.4 16.6 41.2 7.1 7.1 27.1 Percent change from preceding period in chained (2000) dollars 3.7 4.2 3.1 3.9 3.9 9.2 3.5 3.1 2.0 5.0 1.9 1.4 2.0 2.3 1.2 2.4 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)—Continues 2004 2005 December January February March April May June 2006 July August September October November December January February 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 ............................. 109.601 90.465 108.810 114.509 109.912 90.674 109.203 114.804 110.171 90.515 109.590 115.103 110.477 90.452 109.869 115.514 110.854 90.363 110.601 115.831 110.852 90.479 109.845 116.182 110.938 90.185 109.854 116.403 111.451 89.807 111.174 116.737 111.965 89.487 112.596 117.006 113.086 89.592 115.403 117.521 113.286 89.537 114.962 118.110 112.993 89.405 113.192 118.533 112.988 89.309 112.983 118.655 113.506 89.294 114.037 119.033 113.529 89.228 113.638 119.296 108.312 108.441 108.628 108.727 108.809 108.988 109.077 109.248 109.202 109.631 109.463 109.535 109.549 109.590 109.682 110.130 109.792 110.686 110.038 111.916 110.295 112.055 110.535 111.659 110.655 111.625 110.854 112.155 111.031 112.117 106.589 106.874 107.042 107.245 107.326 107.521 107.568 107.660 107.740 107.946 108.138 108.357 108.466 108.615 108.748 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE .................................................. Durable goods .............................. Nondurable goods ........................ Services........................................ Addenda: PCE excluding food and energy ... Market-based PCE 1 .................... Market-based PCE excluding food and energy 1 ............................. 0.0 0.0 –0.5 0.2 0.3 0.2 0.4 0.3 0.2 –0.2 0.4 0.3 0.3 –0.1 0.3 0.4 0.3 –0.1 0.7 0.3 0.0 0.1 –0.7 0.3 0.1 –0.3 0.0 0.2 0.5 –0.4 1.2 0.3 0.5 –0.4 1.3 0.2 1.0 0.1 2.5 0.4 0.2 –0.1 –0.4 0.5 –0.3 –0.1 –1.5 0.4 0.0 –0.1 –0.2 0.1 0.5 0.0 0.9 0.3 0.0 –0.1 –0.3 0.2 0.1 0.0 0.3 0.3 0.2 0.2 0.2 0.2 0.1 0.4 0.2 –0.1 0.1 0.1 0.1 0.5 0.1 0.5 0.2 1.1 0.2 0.1 0.2 –0.4 0.1 0.0 0.2 0.5 0.2 0.0 0.1 0.3 0.2 0.2 0.1 0.2 0.0 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 May June July 2006 March April 2007 August September October November December January February March April 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 ............................. 113.708 89.101 113.706 119.611 114.189 89.152 114.699 119.939 114.510 89.096 115.177 120.276 114.796 88.834 115.588 120.639 115.213 88.874 116.446 120.924 115.594 88.882 117.093 121.265 115.337 88.421 115.696 121.650 115.016 88.413 114.213 121.847 115.121 88.129 114.198 122.115 115.580 87.835 115.323 122.426 115.869 87.682 115.517 122.881 116.155 87.795 115.812 123.207 116.581 87.673 116.747 123.513 116.894 87.473 117.201 123.887 111.342 112.262 111.641 112.715 111.879 113.062 112.141 113.317 112.277 113.749 112.549 114.131 112.767 113.782 112.954 113.357 112.983 113.438 113.129 113.913 113.504 114.208 113.718 114.506 113.823 114.938 114.033 115.204 109.040 109.268 109.522 109.741 109.841 110.092 110.292 110.451 110.434 110.536 110.937 111.151 111.200 111.332 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE .................................................. Durable goods .............................. Nondurable goods ........................ Services........................................ Addenda: PCE excluding food and energy ... Market-based PCE 1 .................... Market-based PCE excluding food and energy 1 ............................. 0.2 –0.1 0.1 0.3 0.4 0.1 0.9 0.3 0.3 –0.1 0.4 0.3 0.2 –0.3 0.4 0.3 0.4 0.0 0.7 0.2 0.3 0.0 0.6 0.3 –0.2 –0.5 –1.2 0.3 –0.3 0.0 –1.3 0.2 0.1 –0.3 0.0 0.2 0.4 –0.3 1.0 0.3 0.3 –0.2 0.2 0.4 0.2 0.1 0.3 0.3 0.4 –0.1 0.8 0.2 0.3 –0.2 0.4 0.3 0.3 0.1 0.3 0.4 0.2 0.3 0.2 0.2 0.1 0.4 0.2 0.3 0.2 –0.3 0.2 –0.4 0.0 0.1 0.1 0.4 0.3 0.3 0.2 0.3 0.1 0.4 0.2 0.2 0.3 0.2 0.2 0.2 0.1 0.2 0.2 0.1 0.0 0.1 0.4 0.2 0.0 0.1 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 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)—Table Ends 2007 May June July August 2008 September October November December January February March April 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 ............................. 117.289 87.288 118.062 124.196 117.554 87.333 118.227 124.570 117.756 87.186 118.586 124.782 117.859 86.906 118.399 125.136 118.293 86.722 119.061 125.618 118.635 86.785 119.466 125.998 119.349 86.611 121.582 126.226 119.678 86.398 122.229 126.534 120.052 86.508 123.030 126.760 120.212 86.598 122.903 127.083 120.585 86.636 123.245 127.557 120.860 86.382 123.625 127.918 121.405 86.123 124.650 128.423 122.325 86.205 126.827 128.912 114.181 115.584 114.390 115.810 114.557 115.976 114.759 115.987 115.074 116.393 115.336 116.729 115.495 117.519 115.706 117.865 115.975 118.262 116.141 118.392 116.357 118.701 116.519 119.014 116.719 119.589 117.029 120.589 111.411 111.559 111.674 111.782 112.036 112.276 112.416 112.624 112.900 113.029 113.134 113.320 113.488 113.774 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE .................................................. Durable goods .............................. Nondurable goods ........................ Services........................................ Addenda: PCE excluding food and energy ... Market-based PCE 1 .................... Market-based PCE excluding food and energy 1 ............................. 0.3 –0.2 0.7 0.2 0.2 0.1 0.1 0.3 0.2 –0.2 0.3 0.2 0.1 –0.3 –0.2 0.3 0.4 –0.2 0.6 0.4 0.3 0.1 0.3 0.3 0.6 –0.2 1.8 0.2 0.3 –0.2 0.5 0.2 0.3 0.1 0.7 0.2 0.1 0.1 –0.1 0.3 0.3 0.0 0.3 0.4 0.2 –0.3 0.3 0.3 0.5 –0.3 0.8 0.4 0.8 0.1 1.7 0.4 0.1 0.3 0.2 0.2 0.1 0.1 0.2 0.0 0.3 0.4 0.2 0.3 0.1 0.7 0.2 0.3 0.2 0.3 0.1 0.1 0.2 0.3 0.1 0.3 0.2 0.5 0.3 0.8 0.1 0.1 0.1 0.1 0.2 0.2 0.1 0.2 0.2 0.1 0.1 0.2 0.1 0.3 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 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2004 2005 December January Disposable personal income......... Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ February March April May June 2006 July August September October November December January February 6.4 2.0 2.0 1.8 1.7 1.9 2.3 2.4 –1.3 1.6 1.5 2.2 –1.0 3.2 3.4 3.9 7.0 3.9 3.3 2.9 4.6 2.7 2.7 3.3 4.3 4.3 2.6 2.8 3.9 1.9 3.0 3.4 8.2 3.8 2.2 2.3 1.1 3.0 2.2 4.2 11.3 4.1 2.8 4.0 12.0 3.5 2.7 3.5 6.5 4.2 2.6 2.5 0.2 3.1 2.6 2.6 –0.2 4.0 2.4 2.7 2.0 3.6 2.3 2.6 1.7 3.1 2.5 3.1 6.6 4.3 1.8 3.3 4.9 3.6 2.8 2006 March Disposable personal income......... Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ April May June July 2007 August September October November December January March April 3.5 3.0 2.8 2.5 5.9 3.7 4.0 3.5 3.2 3.3 3.4 3.5 3.0 3.4 5.1 4.2 2.6 3.1 2.4 3.9 2.8 3.5 5.6 4.1 2.8 2.5 1.2 3.3 2.4 2.4 –1.8 4.1 2.5 2.6 2.8 3.3 2.1 3.0 7.1 3.5 2.0 3.4 8.1 2.7 2.8 3.1 6.3 2.9 2.7 3.2 6.4 4.1 2.2 3.3 4.0 2.7 3.4 3.1 5.1 2.7 3.0 3.0 4.8 3.6 2.4 2.9 4.2 2.3 3.0 2007 May Disposable personal income......... Personal consumption expenditures ............................... Durable goods .............................. Nondurable goods ........................ Services........................................ February 3.6 June July August 2008 September October November December January February March April June p May 3.0 2.8 3.2 3.4 2.9 2.2 1.8 1.6 1.0 0.7 0.5 1.0 6.4 3.4 3.0 7.5 2.7 2.2 2.9 4.6 3.1 2.5 2.6 3.3 2.8 2.4 3.1 6.4 2.0 3.0 2.9 5.7 2.5 2.6 2.2 5.7 1.8 1.7 2.5 4.8 2.4 2.2 1.9 2.0 1.0 2.3 1.7 1.3 0.8 2.1 1.2 1.4 0.5 1.4 1.5 –0.3 0.9 2.2 1.3 –0.1 1.6 1.5 1.5 –1.8 1.4 2.1 1.2 –1.6 0.8 1.9 p Preliminary Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2004 2005 December January 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 ............................. February March April May June 2006 July August September October November December January 3.0 –0.4 3.9 3.3 2.9 –0.2 3.7 3.2 2.8 –0.5 3.4 3.1 2.8 –0.6 3.2 3.3 2.9 –0.7 3.8 3.2 2.4 –0.5 1.9 3.3 2.2 –0.9 1.5 3.2 2.6 –1.0 3.0 3.2 3.0 –0.9 4.4 3.2 3.9 –0.8 7.0 3.4 3.6 –1.0 5.2 3.8 3.1 –1.1 3.5 3.7 3.1 –1.3 3.8 3.6 3.3 –1.5 4.4 3.7 3.0 –1.4 3.7 3.6 2.2 2.7 2.3 2.6 2.2 2.5 2.2 2.5 2.1 2.7 2.2 2.1 2.1 1.9 2.0 2.4 2.1 2.9 2.1 3.9 2.1 3.5 2.1 2.9 2.2 2.9 2.0 3.2 2.0 2.9 1.7 1.8 1.7 1.7 1.6 1.7 1.6 1.6 1.7 1.7 1.7 1.7 1.8 1.6 1.6 2006 March 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 ............................. April May June July 2007 August September October November December January February March April 2.9 –1.5 3.5 3.5 3.0 –1.3 3.7 3.5 3.3 –1.5 4.9 3.5 3.5 –1.5 5.2 3.6 3.4 –1.0 4.7 3.6 3.2 –0.7 4.0 3.6 2.0 –1.3 0.3 3.5 1.5 –1.3 –0.7 3.2 1.9 –1.4 0.9 3.0 2.3 –1.7 2.1 3.2 2.1 –1.8 1.3 3.2 2.3 –1.6 1.9 3.3 2.5 –1.6 2.7 3.3 2.4 –1.9 2.2 3.3 2.1 2.8 2.2 2.8 2.2 3.2 2.4 3.4 2.4 3.3 2.5 3.1 2.5 1.7 2.4 1.2 2.2 1.6 2.2 2.0 2.4 1.8 2.4 2.1 2.2 2.4 2.1 2.2 1.7 1.8 1.9 2.0 2.0 2.2 2.2 2.1 1.9 1.9 2.1 2.2 2.0 1.9 2007 May 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 ............................. February June July August 2008 September October November December January February March April June p May 2.4 –2.0 2.5 3.3 2.4 –1.7 2.3 3.3 2.2 –1.9 1.8 3.2 2.0 –2.2 1.1 3.2 2.6 –1.9 2.9 3.3 3.1 –1.8 4.6 3.4 3.7 –1.7 6.5 3.4 3.5 –1.6 6.0 3.4 3.6 –1.3 6.5 3.2 3.5 –1.4 6.1 3.1 3.4 –1.2 5.6 3.3 3.4 –1.2 5.5 3.3 3.5 –1.3 5.6 3.4 4.1 –1.3 7.3 3.5 2.1 2.2 2.0 2.2 2.0 2.0 2.0 1.6 2.0 2.3 2.1 3.0 2.2 3.6 2.3 3.5 2.2 3.5 2.1 3.4 2.2 3.3 2.2 3.3 2.2 3.5 2.3 4.1 1.7 1.7 1.7 1.5 1.6 1.7 1.8 1.9 1.8 1.7 1.7 1.8 1.9 2.0 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 Personal income................................................................................................. Compensation of employees, received ........................................................ Wage and salary disbursements ............................................................... Private industries ...................................................................................... Goods-producing industries .................................................................. Manufacturing.................................................................................... Services-producing industries............................................................... Trade, transportation, and utilities...................................................... Other services-producing industries.................................................. Government .............................................................................................. Supplements to wages and salaries ......................................................... Employer contributions for employee pension and insurance funds ......... Employer contributions for government social insurance.......................... Proprietors’ income with inventory valuation and capital consumption adjustments................................................................................................. Farm ............................................................................................................. Nonfarm ........................................................................................................ Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets............................................................. Personal interest income .............................................................................. Personal dividend income............................................................................. Personal current transfer receipts ................................................................ Government social benefits to persons ........................................................ Old-age, survivors, disability, and health insurance benefits..................... Government unemployment insurance benefits........................................ Other ......................................................................................................... Other current transfer receipts, from business (net) ..................................... Less: Contributions for government social insurance ............................... Less: Personal current taxes ............................................................................ Equals: Disposable personal income............................................................... Less: Personal outlays ...................................................................................... Personal consumption expenditures................................................................. Durable goods .............................................................................................. Nondurable goods ........................................................................................ Services........................................................................................................ Personal interest payments 1............................................................................ Personal current transfer payments.................................................................. To government .............................................................................................. To the rest of the world (net) ......................................................................... Equals: Personal saving .................................................................................... Personal saving as a percentage of disposable personal income ............ Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ...................................................... Per capita: Current dollars .......................................................................................... Chained (2000) dollars.............................................................................. Population (midperiod, thousands) 3 ................................................................ Revisions as a percentage of previously publisned Revisions to previously published 2005 2006 2007 2005 2006 2007 2005 10,269.8 7,025.8 5,671.7 4,690.9 1,099.2 704.0 3,591.7 938.2 2,653.5 980.7 1,354.1 926.0 428.1 10,993.9 7,432.6 6,027.2 5,004.2 1,167.2 731.2 3,837.1 986.7 2,850.4 1,023.0 1,405.3 956.8 448.5 11,663.2 7,818.6 6,362.0 5,286.7 1,205.4 746.0 4,081.3 1,035.2 3,046.1 1,075.2 1,456.6 991.9 464.7 –31.3 1.2 3.8 4.0 0.5 –0.1 3.4 1.2 2.3 –0.2 –2.7 –1.7 –1.0 10.5 –8.2 9.0 6.6 0.4 0.2 6.3 1.6 4.7 2.4 –17.3 –13.9 –3.3 –2.4 –40.0 –4.1 –11.6 –11.9 –10.2 0.3 1.7 –1.4 7.4 –35.9 –24.9 –11.1 959.8 34.1 925.7 40.9 1,596.9 1,022.0 574.9 1,520.7 1,481.9 844.5 31.3 606.1 38.8 874.3 1,207.8 9,062.0 9,029.5 8,694.1 1,020.8 2,514.1 5,159.2 215.0 120.4 72.5 47.9 32.5 0.4 1,014.7 16.2 998.6 44.3 1,824.8 1,125.4 699.4 1,603.0 1,578.1 938.9 29.9 609.3 24.9 925.5 1,353.2 9,640.7 9,570.0 9,207.2 1,052.1 2,685.2 5,469.9 235.4 127.4 76.2 51.1 70.7 0.7 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 1,681.4 999.4 32.3 649.6 31.9 965.1 1,492.8 10,170.5 10,113.1 9,710.2 1,082.8 2,833.0 5,794.4 265.4 137.5 81.2 56.3 57.4 0.6 –10.1 3.3 –13.4 –2.0 –20.9 3.1 –24.0 0.0 –1.2 –0.8 0.0 –0.3 1.2 –0.5 –1.3 –30.0 –17.9 –13.7 –3.1 –2.1 –8.6 –2.7 –1.4 –2.0 0.6 –12.1 –0.1 8.0 –3.2 11.2 –10.2 28.3 25.2 3.1 –9.5 –7.2 –7.5 0.0 0.3 –2.3 –2.1 –1.1 11.6 –20.3 –17.3 3.2 –2.8 –17.7 –2.6 –0.4 –2.7 2.2 31.9 0.3 13.6 –1.0 0.8 1.3 7.8 10.7 –16.5 21.5 5.8 –1.4 1.1 0.6 –25.4 –4.7 –18.7 –38.8 52.9 –1.3 1.6 2.7 59.6 0.3 2.3 5.2 –6.7 –4.0 0.4 –0.8 –18.4 0.0 –0.6 –1.1 –22.4 –0.1 –0.5 –1.3 –23.1 –0.1 –0.8 –2.3 0.4 0.0 0.0 1.3 0.2 0.0 0.0 0.0 4.0 3.2 –8.5 14.3 –14.8 –0.1 –0.2 –1.5 9.1 –0.1 –0.1 0.6 –11.4 –0.3 0.1 –0.1 –21.0 –0.2 –0.2 –0.2 –24.0 –0.2 –0.2 –0.2 4.6 –0.3 0.3 0.4 –0.2 –0.1 –0.1 0.0 –28.4 –0.2 –0.3 –0.5 2.6 –1.2 –1.1 1.0 0.4 –1.1 –0.3 0.3 –4.9 –2.7 –3.4 –5.7 5.2 1.3 4.5 10.2 9.6 ..................... ..................... ..................... 0.1 ..................... ..................... ..................... 8,121.4 8,407.0 8,644.0 –26.5 10.1 –14.6 –0.3 0.1 –0.2 30,576 27,403 296,373 32,222 28,098 299,199 33,667 28,614 302,087 –101 –89 0 39 34 0 –38 –49 0 –0.3 –0.3 0.0 0.1 0.1 0.0 –0.1 –0.2 0.0 –0.3 0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.0 –0.2 –0.2 –0.2 2006 2007 0.1 –0.1 0.1 0.1 0.0 0.0 0.2 0.2 0.2 0.2 –1.2 –1.4 –0.7 0.0 –0.5 –0.1 –0.2 –1.0 –1.3 0.0 0.2 0.0 0.7 –2.4 –2.4 –2.3 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. 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 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)—Continues 2004 2005 December January February March April May June 2006 July August September October November December January February 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 ............. Personal saving as a percentage of disposable personal income ..................... Previously published................. 354.2 354.2 343.3 343.3 –263.6 –239.7 –320.5 –298.4 39.8 42.3 33.0 34.8 28.6 40.8 21.9 33.0 60.1 74.1 46.7 60.1 41.0 35.8 32.9 29.4 60.4 62.2 50.3 52.8 88.1 75.5 76.7 63.8 –233.7 –212.2 –241.8 –219.1 355.5 321.2 345.4 311.4 52.3 46.1 41.9 37.6 55.2 40.3 45.9 31.7 71.2 67.4 58.7 53.9 113.2 123.7 73.0 80.0 44.7 38.0 31.8 24.4 48.7 48.7 6.9 4.9 44.9 51.6 19.1 35.3 84.3 82.0 –23.1 –14.3 99.8 92.0 93.9 98.7 11.0 3.5 60.7 61.0 42.4 35.3 1.3 –0.5 45.7 36.0 65.9 71.8 44.8 45.3 4.5 4.5 0.9 1.2 0.8 0.9 0.8 0.9 0.3 0.6 0.9 1.1 0.3 0.6 0.1 0.2 –2.7 –2.3 0.5 0.5 0.4 0.5 0.9 0.8 1.0 1.0 1.1 1.1 0.9 0.8 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates Personal income........................... Previously published................. 3.6 3.6 –2.6 –2.3 0.4 0.4 0.3 0.4 0.6 0.7 0.4 0.4 0.6 0.6 0.9 0.7 –2.3 –2.0 3.5 3.2 0.5 0.4 0.5 0.4 0.7 0.6 1.1 1.2 0.4 0.4 Disposable personal income ........ Previously published................. 3.9 3.9 –3.5 –3.3 0.4 0.4 0.2 0.4 0.5 0.7 0.4 0.3 0.6 0.6 0.8 0.7 –2.7 –2.4 3.9 3.5 0.5 0.4 0.5 0.3 0.6 0.6 0.8 0.9 0.3 0.3 Personal consumption expenditures ............................. Previously published................. 0.6 0.6 0.1 0.1 0.5 0.6 0.2 0.4 1.0 1.0 –0.3 –0.2 1.2 1.1 1.1 1.1 0.1 0.0 0.7 0.7 0.5 0.4 0.0 0.0 0.5 0.4 0.7 0.8 0.5 0.5 Percent change from preceding period for chained (2000) dollar measures, seasonally adjusted at monthly rates Real disposable personal income Previously published................. 3.9 3.9 –3.8 –3.4 0.1 0.1 0.0 0.0 0.2 0.3 0.4 0.2 0.5 0.5 0.4 0.3 –3.1 –2.8 2.9 2.6 0.3 0.2 0.8 0.7 0.6 0.6 0.3 0.4 0.3 0.2 Real personal consumption expenditures ............................. Previously published................. 0.6 0.6 –0.2 –0.1 0.3 0.3 –0.1 0.0 0.6 0.6 –0.3 –0.3 1.1 1.0 0.6 0.7 –0.3 –0.4 –0.3 –0.2 0.3 0.2 0.3 0.4 0.5 0.4 0.3 0.4 0.5 0.4 June July 2006 March April May 2007 August September October November December January February March April 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 ............. 35.0 36.9 25.2 28.2 62.2 49.5 49.6 40.2 17.0 20.0 17.3 20.2 59.5 84.7 54.0 71.2 43.8 9.1 40.0 12.7 52.6 40.3 47.2 35.5 56.3 49.0 43.5 36.8 45.7 63.4 31.1 43.6 52.0 46.9 35.4 31.8 99.4 85.6 77.6 66.9 87.7 102.6 64.9 80.3 81.2 92.0 64.1 78.6 68.7 97.2 51.6 82.2 0.4 –34.9 –6.4 –35.7 17.8 28.5 69.9 70.4 42.3 51.4 32.1 31.2 79.5 86.1 13.9 1.2 –7.5 –9.0 33.9 31.2 13.4 24.4 92.5 78.5 55.6 63.3 56.5 53.3 25.4 22.2 53.4 58.8 Personal saving as a percentage of disposable personal income ..................... Previously published................. 1.0 0.8 0.7 0.4 0.4 0.1 0.6 0.5 0.2 –0.3 0.4 –0.1 0.9 0.4 0.8 0.4 1.0 0.5 0.8 0.3 0.9 0.6 1.0 0.9 1.3 1.5 0.6 0.4 Personal income........................... Previously published................. 0.3 0.3 0.6 0.5 0.2 0.2 0.5 0.8 0.4 0.1 0.5 0.4 0.5 0.4 0.4 0.6 0.5 0.4 0.9 0.8 0.8 0.9 0.7 0.8 0.6 0.8 0.0 –0.3 Disposable personal income ........ Previously published................. 0.3 0.3 0.5 0.4 0.2 0.2 0.6 0.7 0.4 0.1 0.5 0.4 0.4 0.4 0.3 0.4 0.4 0.3 0.8 0.7 0.7 0.8 0.6 0.8 0.5 0.8 –0.1 –0.4 Personal consumption expenditures ............................. Previously published................. 0.2 0.3 0.8 0.8 0.5 0.6 0.4 0.3 0.9 0.9 0.1 0.0 –0.1 –0.1 0.4 0.3 0.1 0.3 1.0 0.8 0.6 0.7 0.6 0.6 0.3 0.2 0.6 0.6 Real disposable personal income Previously published................. 0.1 0.0 0.1 –0.1 –0.1 –0.2 0.3 0.5 0.1 –0.2 0.2 0.1 0.7 0.7 0.6 0.7 0.3 0.3 0.4 0.3 0.4 0.5 0.4 0.5 0.1 0.4 –0.3 –0.6 Real personal consumption expenditures ............................. Previously published................. 0.0 0.1 0.3 0.3 0.2 0.1 0.1 0.1 0.5 0.6 –0.2 –0.2 0.1 0.2 0.6 0.6 0.1 0.2 0.6 0.5 0.3 0.4 0.3 0.3 –0.1 –0.2 0.3 0.3 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates Percent change from preceding period for chained (2000) dollar measures, seasonally adjusted at monthly rates Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)—Table Ends 2007 May June July August 2008 September October November December January February March April 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 ............................................... 26.3 45.9 20.0 39.1 51.1 52.7 40.9 50.8 35.4 41.5 28.2 21.1 61.7 57.2 61.0 59.0 37.7 36.4 51.5 52.2 48.2 47.8 35.3 41.1 62.5 49.6 52.0 42.0 33.4 48.9 31.8 45.9 27.4 37.9 17.4 33.9 50.3 44.4 42.5 35.8 102.5 94.8 52.7 59.8 48.9 51.8 21.8 22.5 24.2 25.5 14.8 40.0 43.2 48.8 27.5 56.1 21.8 48.1 –1.9 5.1 44.0 40.9 37.1 31.8 57.0 54.8 27.5 33.5 34.6 39.8 34.6 41.1 219.3 225.7 595.4 600.3 76.5 77.4 Personal saving as a percentage of disposable personal income ....................................................... Previously published................................................... 0.2 0.2 0.1 0.3 0.3 0.4 0.4 0.5 0.6 0.4 0.7 0.4 0.1 –0.1 0.4 0.2 0.2 0.2 0.5 0.6 0.3 0.5 0.3 0.4 4.9 5.0 Personal income............................................................. Previously published................................................... 0.2 0.4 0.4 0.4 0.5 0.5 0.4 0.4 0.5 0.4 0.3 0.4 0.4 0.4 0.4 0.5 0.2 0.2 0.2 0.5 0.4 0.3 0.2 0.3 1.8 1.9 Disposable personal income .......................................... Previously published................................................... 0.2 0.4 0.4 0.4 0.6 0.6 0.5 0.5 0.5 0.4 0.3 0.4 0.4 0.3 0.5 0.5 0.1 0.4 0.2 0.5 0.4 0.3 0.3 0.4 5.7 5.7 Personal consumption expenditures .............................. Previously published................................................... 0.5 0.5 0.3 0.2 0.4 0.4 0.4 0.4 0.3 0.5 0.2 0.3 1.0 1.0 0.2 0.2 0.4 0.5 0.0 0.1 0.6 0.5 0.3 0.4 0.8 0.8 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates Percent change from preceding period for chained (2000) dollar measures, seasonally adjusted at monthly rates Real disposable personal income .................................. Previously published................................................... –0.1 –0.1 0.1 0.3 0.4 0.5 0.4 0.5 0.1 0.1 0.0 0.1 –0.2 –0.3 0.2 0.2 –0.2 0.1 0.1 0.3 0.0 0.0 0.1 0.1 5.2 5.3 Real personal consumption expenditures ...................... Previously published................................................... 0.2 0.1 0.1 0.1 0.2 0.3 0.3 0.4 0.0 0.2 –0.1 0.1 0.4 0.3 –0.1 –0.1 0.1 0.2 –0.2 –0.1 0.3 0.2 0.1 0.2 0.3 0.4 Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters) Seasonally adjusted at annual rates 2004 2005 2006 2007 2004 2005 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 .............................................................. 563.6 563.6 518.4 518.4 492.3 492.3 542.6 573.9 381.1 411.1 498.2 511.9 724.1 682.3 578.7 537.1 513.1 516.7 669.3 682.2 529.8 552.8 503.0 509.7 254.6 254.6 225.9 225.9 148.2 148.2 19.0 48.6 –54.1 –27.1 87.6 95.5 139.9 160.0 111.0 130.9 129.9 143.8 104.7 94.5 75.2 66.5 180.3 177.9 271.9 238.8 241.7 211.3 102.6 88.8 Personal saving as a percentage of disposable personal income...................................................................................... Previously published.................................................................. 2.1 2.1 0.4 0.5 0.7 0.4 0.6 0.5 2.5 2.5 0.8 1.0 0.5 0.8 –0.7 –0.5 0.8 0.8 Personal income............................................................................ Previously published.................................................................. 6.2 6.2 5.6 5.9 7.1 6.6 6.1 6.2 10.8 10.8 0.8 2.0 5.7 6.5 4.2 3.7 11.0 9.6 Disposable personal income ......................................................... Previously published.................................................................. 6.4 6.4 4.4 4.7 6.4 5.9 5.5 5.7 10.8 10.8 –2.4 –1.2 5.1 6.0 3.4 3.0 11.1 9.6 Personal consumption expenditures ............................................. Previously published.................................................................. 6.4 6.4 6.1 6.2 5.9 5.9 5.5 5.5 7.4 7.4 4.2 4.6 6.3 7.0 8.6 8.5 4.8 4.1 Real disposable personal income ................................................. Previously published.................................................................. 3.6 3.6 1.4 1.7 3.5 3.1 2.8 3.1 7.5 7.5 –4.7 –3.3 2.5 2.5 –1.3 –1.2 7.5 6.6 Real personal consumption expenditures ..................................... Previously published.................................................................. 3.6 3.6 3.0 3.2 3.0 3.1 2.8 2.9 4.2 4.2 1.7 2.4 3.6 3.5 3.7 4.1 1.4 1.2 Percent change from preceding period for current-dollar measures Percent change from preceding period for chained (2000) dollar measures Seasonally adjusted at annual rates 2006 I II 2007 III IV I II 2008 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 .............................................................. 220.6 219.7 157.0 152.1 132.6 135.4 131.6 128.4 106.5 104.4 135.6 149.2 142.9 115.4 127.8 102.9 121.8 121.8 168.6 169.3 125.2 123.4 73.3 68.0 248.3 269.0 188.4 215.3 167.9 166.8 104.5 108.1 74.5 85.2 132.6 133.5 152.9 157.7 140.8 145.5 108.1 111.7 141.7 145.9 122.7 123.0 127.1 150.9 109.1 131.2 88.5 129.2 109.6 117.1 Personal saving as a percentage of disposable personal income...................................................................................... Previously published.................................................................. 1.0 0.9 0.6 0.3 0.5 0.0 0.9 0.4 1.1 1.0 0.3 0.3 0.5 0.4 0.4 0.2 0.3 0.4 Personal income............................................................................ Previously published.................................................................. 8.6 8.6 5.0 4.8 5.3 4.3 6.2 6.3 9.1 10.0 3.7 3.8 5.4 5.6 4.9 5.1 3.7 4.5 Disposable personal income ......................................................... Previously published.................................................................. 6.9 6.7 4.6 4.5 5.4 4.4 5.3 5.2 7.9 9.1 3.0 3.4 5.7 5.9 4.9 4.9 3.5 5.1 Personal consumption expenditures ............................................. Previously published.................................................................. 6.1 6.2 6.1 6.8 5.4 5.4 3.2 3.0 7.4 7.3 5.7 5.7 4.6 4.7 5.3 6.3 4.5 4.8 Real disposable personal income ................................................. Previously published.................................................................. 5.1 4.9 1.3 0.2 2.3 1.7 5.8 6.2 4.4 5.4 –0.6 –0.8 3.1 4.0 0.6 0.9 –0.1 1.4 Real personal consumption expenditures ..................................... Previously published.................................................................. 4.3 4.4 2.8 2.4 2.2 2.8 3.7 3.9 3.9 3.7 2.0 1.4 2.0 2.8 1.0 2.3 0.9 1.1 Percent change from preceding period for current-dollar measures Percent change from preceding period for chained (2000) dollar measures