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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, JULY 31, 2012 James Rankin: Kyle Brown: Kurt Kunze: (202) 606-5301 (202) 606-5302 (202) 606-9748 (Personal Income) (Personal Consumption Expenditures) (Annual Revision) BEA 12-33 piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: JUNE 2012 REVISED ESTIMATES: 2009 THROUGH MAY 2012 Personal income increased $61.8 billion, or 0.5 percent, and disposable personal income (DPI) increased $52.4 billion, or 0.4 percent, in June, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $1.3 billion, or less than 0.1 percent. In May, personal income increased $39.0 billion, or 0.3 percent, DPI increased $31.7 billion, or 0.3 percent, and PCE decreased $13.3 billion, or 0.1 percent, based on revised estimates. Real disposable income increased 0.3 percent in June, compared with an increase of 0.5 percent in May. Real PCE decreased 0.1 percent, in contrast to an increase of 0.1 percent. 2012 Feb. Mar. Apr. May (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2005) dollars Personal consumption expenditures: Current dollars Chained (2005) dollars June 0.6 0.5 0.2 0.3 0.5 0.6 0.3 0.5 0.2 0.1 0.1 0.3 0.5 0.4 0.3 0.8 0.4 0.3 0.0 0.2 0.2 -0.1 0.1 0.0 -0.1 The estimates released today reflect the results of the annual revision of the national income and product accounts (NIPAs), beginning with estimates for January 2009. 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 the revised monthly estimates of personal income and personal outlays and provides an overview of the results of the revision. The August 2012 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 by August 3, 2012. ___________________ NOTE. Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-tomonth dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $31.9 billion in June, compared with an increase of $9.7 billion in May. Goods-producing industries' payrolls increased $7.7 billion, in contrast to a decrease of $6.5 billion; manufacturing payrolls increased $5.7 billion, in contrast to a decrease of $3.8 billion. Services-producing industries' payrolls increased $24.2 billion, compared with an increase of $16.1 billion. Government wage and salary disbursements increased $0.6 billion, in contrast to a decrease of $0.6 billion. Other personal income Supplements to wages and salaries increased $4.7 billion in June, compared with an increase of $2.9 billion in May. Proprietors' income increased $3.1 billion in June, compared with an increase of $5.8 billion in May. Farm proprietors' income increased $2.0 billion, the same increase as in May. Nonfarm proprietors' income increased $1.1 billion in June, compared with an increase of $3.9 billion in May. Rental income of persons increased $2.5 billion in June, compared with an increase of $2.3 billion in May. Personal income receipts on assets (personal interest income plus personal dividend income) increased $19.3 billion, compared with an increase of $19.8 billion. Personal current transfer receipts increased $3.2 billion in June, in contrast to a decrease of $0.1 billion in May. Within current transfer receipts, government social benefits to persons for social security increased $7.8 billion in June, after remaining flat in May. Contributions for government social insurance -- a subtraction in calculating personal income -increased $3.5 billion in June, compared with an increase of $0.8 billion in May. Personal current taxes and disposable personal income Personal current taxes increased $9.3 billion in June, compared with an increase of $7.3 billion in May. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $52.4 billion, or 0.4 percent, in June, compared with an increase of $31.7 billion, or 0.3 percent, in May. -more- -3- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -decreased $4.8 billion in June, compared with a decrease of $16.7 billion in May. PCE decreased $1.3 billion, compared with a decrease of $13.3 billion. Personal saving -- DPI less personal outlays -- was $529.5 billion in June, compared with $472.4 billion in May. The personal saving rate -- personal saving as a percentage of DPI -- was 4.4 percent in June, compared with 4.0 percent in May. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in June, compared with an increase of 0.5 percent in May. Real PCE -- PCE adjusted to remove price changes -- decreased 0.1 percent in June, in contrast to an increase of 0.1 percent in May. Purchases of durable goods increased less than 0.1 percent, in contrast to a decrease of 0.4 percent. Purchases of nondurable goods decreased 0.4 percent, in contrast to an increase of 0.2 percent. Purchases of services decreased less than 0.1 percent, in contrast to an increase of 0.1 percent. PCE price index -- The price index for PCE increased 0.1 percent in June, in contrast to a decrease of 0.2 percent in May. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. Revisions of the Personal Income and Outlays Estimates for 2009 - 2011 Revised estimates, which begin with 2009, reflect the results of the annual revision of the national income and product accounts. These revisions, usually made each July, incorporate newly available and more comprehensive source data, as well as improved estimation methodologies. In this annual revision, the notable revisions primarily reflect the incorporation of newly available and revised source data. Revisions to annual estimates of personal income and outlays for 2009-2011 are shown in table 12. Revised and previously published monthly estimates of personal income, DPI, PCE, personal saving as a percentage of DPI, real DPI, and real PCE are shown in table 13; revised and previously published annual and quarterly estimates are shown in table 14. -more- -4- Personal income was revised down for all 3 years: $63.2 billion, or 0.5 percent, for 2009; $51.6 billion, or 0.4 percent, for 2010; and $43.9 billion, or 0.3 percent, for 2011. For 2009, downward revisions to personal dividend income, to rental income of persons, and to personal interest income were partly offset by an upward revision to nonfarm proprietors’ income. For 2010, a downward revision to personal dividend income was partly offset by upward revisions to nonfarm proprietors’ income and to personal interest income. For 2011, downward revisions to personal dividend income, to government social benefits to persons, and to farm proprietors’ income were partly offset by upward revisions to nonfarm proprietors’ income, to supplements to wages and salaries, and to personal interest income. Disposable personal income (DPI) was revised down for all 3 years: $66.4 billion, or 0.6 percent, for 2009; $52.6 billion, or 0.5 percent, for 2010; and $44.2 billion, or 0.4 percent, for 2011. Personal current taxes was revised up for all 3 years: $3.2 billion for 2009, $0.9 billion for 2010, and $0.3 billion for 2011. The percent change from the preceding year in real DPI was revised down from a decrease of 2.3 percent to a decrease of 2.8 percent for 2009, was unrevised at 1.8 percent for 2010, and was revised up from an increase of 1.2 percent to an increase of 1.3 percent for 2011. Personal outlays was revised down $22.0 billion for 2009, was revised down $26.5 billion for 2010, and was revised up $4.8 billion for 2011. For 2009 and 2010, downward revisions to PCE accounted for most of the revisions to personal outlays. For 2011, upward revisions to personal interest payments and to PCE were partly offset by a downward revision to personal current transfer payments to government. The personal saving rate was revised down for all 3 years: from 5.1 percent to 4.7 percent for 2009, from 5.3 percent to 5.1 percent for 2010, and from 4.6 percent to 4.2 percent for 2011. NOTE. BEA acknowledges the special efforts by the Bureau of Labor Statistics with the assistance of 19 state employment offices in providing preliminary data for the first quarter of 2012 from the quarterly census of employment and wages. Wage and salary data from the state employment offices of California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Maryland, Massachusetts, Missouri, New Mexico, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, and Utah were provided. These data should greatly improve the estimates of wages and salaries. -more- -5- 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 30, 2012 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 2008 2009 December 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 ................................................... Social security 1................................................................................... Medicare 2 ........................................................................................... Medicaid .............................................................................................. Unemployment insurance.................................................................... Veterans’ benefits ................................................................................ Other ................................................................................................... Other current transfer receipts, from business (net)................................ Less: Contributions for government social insurance, domestic ........ Less: Personal current taxes....................................................................... Equals: Disposable personal income ......................................................... Less: Personal outlays................................................................................. Personal consumption expenditures ........................................................... Goods...................................................................................................... Durable goods ..................................................................................... Nondurable goods ............................................................................... Services .................................................................................................. Personal interest payments 3 ...................................................................... Personal current transfer payments ............................................................ To government......................................................................................... To the rest of the world (net).................................................................... Equals: Personal saving .............................................................................. Personal saving as a percentage of disposable personal income....... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ........................................................................ Disposable personal income: Total, billions of chained (2005) dollars 4................................................. Per capita: Current dollars..................................................................................... Chained (2005) dollars ........................................................................ Population (midperiod, thousands) 5 ........................................................... February March April May June July August September October 12,211.5 7,963.6 6,428.3 5,268.0 1,155.7 707.3 4,112.3 1,023.8 3,088.5 1,160.3 1,535.2 1,071.0 464.2 12,051.5 7,860.0 6,329.1 5,162.3 1,122.5 687.7 4,039.8 1,013.0 3,026.7 1,166.9 1,530.8 1,069.4 461.4 11,907.3 7,795.8 6,270.8 5,104.3 1,105.9 680.7 3,998.5 1,002.4 2,996.1 1,166.5 1,525.0 1,067.4 457.5 11,823.8 7,758.9 6,237.4 5,069.8 1,085.1 670.2 3,984.7 990.2 2,994.5 1,167.5 1,521.5 1,065.8 455.7 11,822.7 7,791.5 6,268.8 5,095.2 1,074.8 668.7 4,020.4 989.5 3,031.0 1,173.6 1,522.7 1,064.9 457.8 11,977.1 7,810.0 6,286.6 5,110.1 1,062.2 659.1 4,047.9 991.5 3,056.4 1,176.5 1,523.4 1,064.2 459.1 11,838.2 7,802.0 6,279.1 5,101.0 1,055.1 654.1 4,046.0 984.6 3,061.3 1,178.1 1,522.9 1,064.3 458.6 11,792.7 7,777.1 6,256.0 5,078.2 1,047.8 649.6 4,030.4 979.0 3,051.4 1,177.8 1,521.1 1,064.8 456.3 11,792.0 7,774.7 6,253.3 5,075.3 1,045.4 649.0 4,029.9 983.7 3,046.3 1,178.0 1,521.4 1,065.6 455.8 11,800.0 11,799.1 7,769.0 7,781.1 6,247.3 6,257.9 5,069.7 5,078.8 1,039.4 1,039.5 649.0 653.5 4,030.4 4,039.4 985.4 982.9 3,045.0 3,056.5 1,177.6 1,179.1 1,521.7 1,523.1 1,066.8 1,068.5 454.9 454.6 1,016.0 42.7 973.3 280.2 1,991.2 1,294.3 696.8 1,936.7 1,899.4 618.7 476.2 347.0 84.3 46.1 327.2 37.3 976.1 1,396.1 10,815.4 10,111.9 9,744.8 3,073.0 1,002.3 2,070.7 6,671.8 218.6 148.5 86.1 62.4 703.5 6.5 987.1 35.5 951.6 272.0 1,897.1 1,222.8 674.4 2,006.9 1,970.4 648.1 479.9 353.2 90.2 50.0 349.0 36.6 971.7 1,229.3 10,822.2 10,158.7 9,790.3 3,126.3 1,031.9 2,094.4 6,663.9 220.0 148.4 84.7 63.7 663.5 6.1 967.3 32.6 934.7 268.8 1,810.3 1,175.8 634.6 2,029.3 1,992.3 651.9 483.3 356.0 101.2 49.3 350.5 36.9 964.2 1,201.0 10,706.3 10,150.2 9,780.5 3,140.2 1,014.6 2,125.6 6,640.3 221.2 148.5 84.7 63.7 556.1 5.2 954.2 33.0 921.2 269.7 1,736.8 1,133.9 603.0 2,064.6 2,027.2 655.6 486.6 361.8 115.1 50.4 357.8 37.4 960.4 1,168.8 10,655.0 10,105.3 9,734.5 3,110.1 1,002.4 2,107.6 6,624.5 222.3 148.5 84.7 63.7 549.7 5.2 953.7 36.7 917.0 275.0 1,670.0 1,121.0 549.0 2,097.0 2,059.1 661.9 489.5 364.1 119.4 50.1 374.2 37.9 964.6 1,124.2 10,698.5 10,102.7 9,730.3 3,105.3 993.7 2,111.6 6,625.0 222.4 150.0 84.8 65.2 595.8 5.6 957.1 38.9 918.2 281.2 1,631.7 1,108.2 523.5 2,264.1 2,225.7 657.4 492.3 367.7 130.2 50.0 528.1 38.4 967.0 1,120.6 10,856.6 10,124.8 9,753.1 3,137.3 1,014.3 2,123.0 6,615.7 221.7 150.0 84.9 65.2 731.7 6.7 960.2 39.8 920.4 288.1 1,601.4 1,097.1 504.3 2,152.4 2,113.4 668.0 494.8 373.2 140.7 50.9 385.8 39.0 965.9 1,119.0 10,719.2 10,178.8 9,808.3 3,183.5 1,023.3 2,160.1 6,624.8 220.3 150.2 85.0 65.2 540.5 5.0 965.2 39.2 925.9 295.1 1,561.2 1,074.8 486.4 2,156.1 2,116.4 665.1 497.1 381.7 139.7 51.2 381.6 39.6 962.0 1,123.3 10,669.4 10,205.4 9,834.5 3,204.2 1,036.7 2,167.6 6,630.2 219.9 151.1 85.1 65.9 464.0 4.3 976.8 40.1 936.6 299.7 1,534.6 1,055.7 478.9 2,167.4 2,127.1 662.0 499.1 383.6 148.2 51.8 382.4 40.3 961.1 1,126.6 10,665.5 10,331.0 9,960.2 3,309.9 1,109.5 2,200.4 6,650.3 219.6 151.2 85.3 65.9 334.5 3.1 985.5 1,001.7 42.5 46.2 943.0 955.4 302.0 302.1 1,517.6 1,505.0 1,039.1 1,026.7 478.5 478.3 2,185.4 2,168.7 2,144.4 2,126.9 676.7 673.0 500.9 502.4 379.4 371.1 148.0 139.3 52.5 52.9 387.0 388.2 41.0 41.8 959.6 959.6 1,127.1 1,127.2 10,672.9 10,671.8 10,242.5 10,293.1 9,871.7 9,925.2 3,219.0 3,238.7 1,011.9 1,021.8 2,207.1 2,216.9 6,652.7 6,686.5 219.4 212.8 151.4 155.1 85.4 85.6 65.9 69.4 430.4 378.8 4.0 3.5 9,527.6 9,305.2 9,130.3 9,031.6 8,990.4 8,968.1 8,885.7 8,838.8 8,800.8 8,776.0 8,760.2 10,028.9 10,025.6 9,895.9 9,860.6 9,889.7 10,024.0 9,833.8 9,786.1 9,752.5 9,742.0 9,707.6 35,364 32,793 305,827 35,363 32,760 306,035 34,961 32,315 306,237 34,770 32,178 306,438 34,889 32,251 306,645 35,379 32,666 306,863 34,906 32,022 307,090 34,717 31,843 307,322 34,677 31,708 307,570 34,672 31,648 307,826 34,641 31,511 308,071 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2009 2010 November December 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 ................................................... Social security 1................................................................................... Medicare 2 ........................................................................................... Medicaid .............................................................................................. Unemployment insurance.................................................................... Veterans’ benefits ................................................................................ Other ................................................................................................... Other current transfer receipts, from business (net)................................ Less: Contributions for government social insurance, domestic ........ Less: Personal current taxes....................................................................... Equals: Disposable personal income ......................................................... Less: Personal outlays................................................................................. Personal consumption expenditures ........................................................... Goods...................................................................................................... Durable goods ..................................................................................... Nondurable goods ............................................................................... Services .................................................................................................. Personal interest payments 3 ...................................................................... Personal current transfer payments ............................................................ To government......................................................................................... To the rest of the world (net).................................................................... Equals: Personal saving .............................................................................. Personal saving as a percentage of disposable personal income....... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ........................................................................ Disposable personal income: Total, billions of chained (2005) dollars 4................................................. Per capita: Current dollars..................................................................................... Chained (2005) dollars ........................................................................ Population (midperiod, thousands) 5 ........................................................... February March April May June July August September 11,861.3 7,806.1 6,279.6 5,099.6 1,042.9 659.3 4,056.7 983.9 3,072.8 1,180.0 1,526.5 1,070.7 455.9 11,938.3 7,806.2 6,278.1 5,096.8 1,038.8 657.2 4,058.0 983.7 3,074.4 1,181.2 1,528.2 1,073.5 454.7 12,047.9 7,842.1 6,296.7 5,110.2 1,039.1 657.4 4,071.1 987.1 3,084.1 1,186.5 1,545.4 1,079.6 465.8 12,077.4 7,830.1 6,283.3 5,095.6 1,029.0 650.3 4,066.6 984.8 3,081.8 1,187.7 1,546.8 1,082.8 464.0 12,144.2 7,867.6 6,316.2 5,126.3 1,039.1 658.7 4,087.2 989.2 3,098.0 1,189.9 1,551.4 1,086.0 465.4 12,232.3 7,920.1 6,363.8 5,172.6 1,051.0 668.6 4,121.6 998.3 3,123.3 1,191.2 1,556.2 1,089.1 467.1 12,309.0 7,974.8 6,412.7 5,212.6 1,063.5 679.5 4,149.1 1,005.9 3,143.2 1,200.1 1,562.1 1,092.5 469.6 12,330.4 7,971.3 6,407.2 5,211.1 1,056.1 672.7 4,155.0 1,006.5 3,148.5 1,196.1 1,564.2 1,095.7 468.5 12,357.8 8,005.6 6,437.4 5,243.5 1,064.8 679.5 4,178.7 1,015.1 3,163.6 1,193.9 1,568.2 1,098.9 469.4 12,418.4 8,028.5 6,456.2 5,266.5 1,070.7 682.2 4,195.8 1,013.7 3,182.1 1,189.7 1,572.3 1,102.0 470.4 12,415.4 8,030.1 6,455.5 5,268.7 1,070.0 684.5 4,198.6 1,017.2 3,181.4 1,186.8 1,574.6 1,105.3 469.3 1,015.4 47.5 967.8 306.6 1,512.6 1,028.0 484.6 2,182.3 2,139.7 671.5 503.7 368.4 149.0 54.2 392.9 42.6 961.7 1,132.3 10,729.0 10,312.7 9,951.3 3,269.3 1,046.2 2,223.2 6,681.9 206.1 155.3 85.9 69.4 416.2 3.9 1,028.8 46.4 982.5 316.2 1,539.8 1,036.4 503.4 2,207.2 2,163.7 682.5 504.8 370.1 153.5 54.3 398.5 43.6 960.0 1,135.5 10,802.9 10,366.0 10,011.0 3,288.6 1,048.7 2,239.9 6,722.5 199.4 155.5 86.1 69.4 436.9 4.0 1,041.6 42.7 999.0 330.5 1,560.2 1,034.8 525.3 2,249.3 2,204.7 677.0 505.7 378.4 159.5 54.7 429.4 44.6 975.8 1,155.2 10,892.7 10,384.6 10,024.7 3,296.8 1,035.6 2,261.2 6,727.8 200.2 159.8 86.3 73.4 508.1 4.7 1,048.6 40.9 1,007.7 341.2 1,573.6 1,030.9 542.7 2,256.6 2,211.1 678.2 506.7 382.6 155.3 56.5 431.9 45.4 972.6 1,155.2 10,922.2 10,418.1 10,058.5 3,306.0 1,034.3 2,271.6 6,752.5 199.5 160.0 86.6 73.4 504.1 4.6 1,066.9 40.8 1,026.1 348.5 1,572.0 1,027.1 545.0 2,264.8 2,218.6 680.9 508.0 383.7 152.3 56.7 437.0 46.1 975.6 1,160.3 10,983.9 10,481.8 10,124.2 3,351.7 1,077.4 2,274.4 6,772.4 197.4 160.3 86.8 73.4 502.1 4.6 1,095.2 42.6 1,052.6 351.6 1,582.6 1,027.1 555.5 2,262.8 2,216.1 687.9 509.4 383.0 143.2 56.7 435.9 46.7 980.0 1,164.0 11,068.3 10,484.9 10,131.8 3,333.5 1,068.6 2,264.9 6,798.3 192.8 160.3 87.0 73.2 583.4 5.3 1,105.6 43.8 1,061.8 353.4 1,595.1 1,027.1 568.0 2,265.5 2,218.2 688.8 511.1 383.5 140.9 57.7 436.2 47.3 985.3 1,174.4 11,134.6 10,505.5 10,155.6 3,321.9 1,071.5 2,250.4 6,833.8 189.4 160.5 87.2 73.2 629.1 5.7 1,113.5 44.4 1,069.1 353.2 1,605.6 1,027.1 578.5 2,270.2 2,222.4 688.1 513.0 389.2 134.9 57.8 439.4 47.9 983.6 1,180.7 11,149.7 10,504.9 10,157.3 3,309.7 1,070.5 2,239.1 6,847.6 187.0 160.6 87.4 73.2 644.8 5.8 1,110.1 44.4 1,065.7 351.3 1,602.7 1,014.9 587.8 2,274.2 2,226.0 693.1 515.1 399.8 121.4 58.4 438.2 48.2 986.1 1,199.3 11,158.5 10,530.4 10,187.9 3,324.5 1,075.2 2,249.3 6,863.4 180.7 161.8 87.6 74.2 628.1 5.6 1,118.2 44.5 1,073.7 349.9 1,598.3 1,000.9 597.5 2,311.7 2,263.6 691.3 517.4 406.2 145.9 59.3 443.5 48.1 988.2 1,213.6 11,204.8 10,598.2 10,260.6 3,371.9 1,083.2 2,288.7 6,888.7 175.7 161.9 87.7 74.2 606.6 5.4 1,123.1 44.8 1,078.2 348.8 1,592.9 986.2 606.7 2,307.6 2,259.8 697.3 519.9 410.1 132.1 59.2 441.1 47.8 987.1 1,222.6 11,192.8 10,616.0 10,282.3 3,386.5 1,089.5 2,297.0 6,895.7 171.7 162.0 87.8 74.2 576.8 5.2 8,783.4 8,823.4 8,864.9 8,879.7 8,917.5 8,998.0 9,065.7 9,079.1 9,086.3 9,091.6 9,080.9 9,736.2 9,795.2 9,854.8 9,875.6 9,914.4 9,989.7 10,050.6 10,062.3 10,054.9 10,079.4 10,055.7 34,802 31,581 308,289 35,018 31,752 308,495 35,285 31,923 308,706 35,358 31,970 308,904 35,536 32,076 309,089 35,789 32,301 309,268 35,982 32,478 309,453 36,007 32,496 309,649 36,012 32,450 309,858 36,136 32,507 310,071 36,073 32,408 310,283 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2010 2011 October November December 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 ................................................... Social security 1................................................................................... Medicare 2 ........................................................................................... Medicaid .............................................................................................. Unemployment insurance.................................................................... Veterans’ benefits ................................................................................ Other ................................................................................................... Other current transfer receipts, from business (net)................................ Less: Contributions for government social insurance, domestic ........ Less: Personal current taxes....................................................................... Equals: Disposable personal income ......................................................... Less: Personal outlays................................................................................. Personal consumption expenditures ........................................................... Goods...................................................................................................... Durable goods ..................................................................................... Nondurable goods ............................................................................... Services .................................................................................................. Personal interest payments 3 ...................................................................... Personal current transfer payments ............................................................ To government......................................................................................... To the rest of the world (net).................................................................... Equals: Personal saving .............................................................................. Personal saving as a percentage of disposable personal income....... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ........................................................................ Disposable personal income: Total, billions of chained (2005) dollars 4................................................. Per capita: Current dollars..................................................................................... Chained (2005) dollars ........................................................................ Population (midperiod, thousands) 5 ........................................................... February March April May June July August 12,463.2 8,056.4 6,477.5 5,286.2 1,068.5 683.5 4,217.7 1,018.7 3,199.1 1,191.3 1,578.8 1,108.8 470.1 12,492.5 8,046.1 6,465.4 5,274.3 1,066.8 683.6 4,207.5 1,013.4 3,194.1 1,191.0 1,580.8 1,112.1 468.7 12,574.1 8,067.3 6,482.8 5,291.5 1,071.0 688.9 4,220.5 1,016.5 3,204.1 1,191.2 1,584.5 1,115.5 469.0 12,817.4 8,209.9 6,597.0 5,403.6 1,102.7 709.8 4,301.0 1,038.3 3,262.7 1,193.4 1,612.9 1,121.3 491.6 12,867.8 8,239.4 6,621.8 5,428.4 1,098.6 703.6 4,329.8 1,044.0 3,285.9 1,193.3 1,617.6 1,125.1 492.6 12,884.4 8,259.5 6,636.8 5,442.1 1,106.5 711.6 4,335.6 1,046.9 3,288.7 1,194.7 1,622.8 1,128.7 494.1 12,927.5 8,281.0 6,654.0 5,457.4 1,108.0 708.6 4,349.4 1,047.6 3,301.8 1,196.6 1,627.0 1,132.2 494.8 12,931.7 8,277.8 6,647.8 5,451.2 1,106.6 706.7 4,344.5 1,044.3 3,300.2 1,196.7 1,630.0 1,135.5 494.5 12,957.5 8,300.4 6,666.7 5,467.9 1,109.0 705.6 4,358.9 1,048.4 3,310.5 1,198.8 1,633.8 1,138.6 495.1 12,976.9 8,322.0 6,683.9 5,486.7 1,117.5 712.7 4,369.2 1,056.6 3,312.6 1,197.2 1,638.1 1,141.6 496.5 12,970.8 8,311.0 6,671.3 5,472.5 1,115.3 709.0 4,357.1 1,052.2 3,304.9 1,198.9 1,639.7 1,144.2 495.5 1,129.3 45.3 1,084.0 347.4 1,607.5 996.4 611.1 2,311.7 2,261.8 697.2 522.6 412.0 130.0 59.3 440.6 49.9 989.1 1,232.8 11,230.4 10,682.2 10,350.2 3,434.9 1,113.0 2,321.9 6,915.3 171.0 161.0 87.9 73.1 548.2 4.9 1,139.4 47.1 1,092.3 351.9 1,627.0 1,007.7 619.4 2,314.9 2,266.1 696.6 525.6 413.6 128.0 59.1 443.2 48.9 987.0 1,236.4 11,256.1 10,736.7 10,405.3 3,457.8 1,116.2 2,341.6 6,947.6 170.3 161.1 88.0 73.1 519.4 4.6 1,148.8 50.3 1,098.5 362.6 1,661.9 1,019.0 642.9 2,322.1 2,273.9 705.7 528.7 416.5 122.8 59.7 440.6 48.1 988.5 1,243.5 11,330.6 10,780.9 10,450.3 3,483.2 1,118.0 2,365.2 6,967.1 169.4 161.2 88.1 73.1 549.7 4.9 1,144.3 54.8 1,089.4 379.3 1,671.9 1,017.4 654.5 2,324.4 2,276.7 702.9 532.0 418.1 124.5 60.6 438.7 47.7 912.3 1,364.0 11,453.4 10,827.8 10,496.6 3,523.7 1,126.6 2,397.2 6,972.9 169.6 161.6 88.2 73.5 625.6 5.5 1,149.9 56.8 1,093.0 391.5 1,681.3 1,017.4 663.9 2,319.9 2,274.1 701.6 535.2 419.2 118.4 60.8 438.9 45.9 914.1 1,371.6 11,496.2 10,893.3 10,561.5 3,562.6 1,133.3 2,429.3 6,998.9 170.1 161.7 88.3 73.5 603.0 5.2 1,149.8 56.3 1,093.4 399.2 1,669.8 1,017.7 652.2 2,323.1 2,277.3 704.9 538.1 419.1 114.5 62.1 438.7 45.9 917.1 1,381.8 11,502.5 10,973.3 10,640.8 3,597.9 1,142.0 2,456.0 7,042.9 170.7 161.8 88.3 73.5 529.2 4.6 1,158.8 53.3 1,105.5 401.9 1,681.0 1,021.1 660.0 2,323.7 2,278.1 712.8 540.7 412.7 110.5 62.5 438.8 45.6 918.9 1,391.8 11,535.7 11,012.3 10,680.0 3,624.2 1,141.8 2,482.4 7,055.8 170.0 162.3 88.4 73.8 523.4 4.5 1,152.2 52.0 1,100.2 404.8 1,692.4 1,025.1 667.3 2,323.0 2,277.9 711.6 543.2 409.1 111.5 61.4 441.0 45.1 918.4 1,396.1 11,535.7 11,022.7 10,692.1 3,605.5 1,131.2 2,474.3 7,086.6 168.1 162.4 88.6 73.8 513.0 4.4 1,152.9 52.4 1,100.5 407.3 1,703.8 1,029.7 674.2 2,313.0 2,268.3 711.7 545.4 404.2 104.4 63.2 439.4 44.7 920.1 1,401.9 11,555.5 11,010.2 10,682.5 3,583.1 1,122.5 2,460.6 7,099.4 165.2 162.6 88.7 73.8 545.3 4.7 1,153.0 54.5 1,098.5 409.2 1,698.6 1,017.1 681.5 2,315.8 2,271.1 714.8 547.4 399.7 105.0 63.8 440.4 44.7 921.7 1,402.7 11,574.2 11,086.4 10,758.6 3,627.1 1,142.0 2,485.1 7,131.5 165.6 162.2 88.9 73.3 487.8 4.2 1,162.4 55.6 1,106.7 413.1 1,689.5 1,004.4 685.2 2,315.0 2,270.8 715.7 549.2 394.9 104.4 65.1 441.4 44.2 920.2 1,401.9 11,568.9 11,107.9 10,778.5 3,629.0 1,135.3 2,493.7 7,149.5 167.0 162.4 89.1 73.3 461.0 4.0 9,098.3 9,111.1 9,157.0 9,348.8 9,366.8 9,341.4 9,349.0 9,331.9 9,354.9 9,347.8 9,321.1 10,065.2 10,076.7 10,120.3 10,204.5 10,209.0 10,174.0 10,170.7 10,147.2 10,155.6 10,148.5 10,119.7 36,170 32,417 310,488 36,231 32,435 310,673 36,450 32,557 310,850 36,825 32,810 311,019 36,944 32,807 311,181 36,944 32,677 311,351 37,029 32,648 311,529 37,007 32,553 311,713 37,048 32,559 311,908 37,083 32,515 312,117 37,041 32,401 312,330 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2011 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 ................................................... Social security 1................................................................................... Medicare 2 ........................................................................................... Medicaid .............................................................................................. Unemployment insurance.................................................................... Veterans’ benefits ................................................................................ Other ................................................................................................... Other current transfer receipts, from business (net)................................ Less: Contributions for government social insurance, domestic ........ Less: Personal current taxes....................................................................... Equals: Disposable personal income ......................................................... Less: Personal outlays................................................................................. Personal consumption expenditures ........................................................... Goods...................................................................................................... Durable goods ..................................................................................... Nondurable goods ............................................................................... Services .................................................................................................. Personal interest payments 3 ...................................................................... Personal current transfer payments ............................................................ To government......................................................................................... To the rest of the world (net).................................................................... Equals: Personal saving .............................................................................. Personal saving as a percentage of disposable personal income....... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ........................................................................ Disposable personal income: Total, billions of chained (2005) dollars 4................................................. Per capita: Current dollars..................................................................................... Chained (2005) dollars ........................................................................ Population (midperiod, thousands) 5 ........................................................... October 2012 November December January February March April May June p 12,981.2 8,321.4 6,679.1 5,482.1 1,116.4 708.6 4,365.7 1,053.7 3,312.0 1,197.0 1,642.3 1,146.9 495.4 13,025.5 8,360.4 6,712.7 5,519.2 1,113.5 704.7 4,405.7 1,058.4 3,347.3 1,193.6 1,647.6 1,149.3 498.3 12,994.4 8,323.5 6,676.8 5,484.7 1,100.1 695.6 4,384.7 1,055.6 3,329.1 1,192.1 1,646.8 1,151.6 495.2 13,032.2 8,336.5 6,687.6 5,495.9 1,108.7 702.5 4,387.1 1,055.7 3,331.4 1,191.8 1,648.8 1,153.6 495.2 13,141.5 8,433.3 6,769.8 5,572.1 1,130.2 714.2 4,441.9 1,075.0 3,366.9 1,197.6 1,663.5 1,156.9 506.6 13,224.3 8,490.1 6,820.7 5,621.3 1,140.2 719.8 4,481.1 1,086.9 3,394.2 1,199.4 1,669.4 1,159.5 509.9 13,286.1 8,530.9 6,856.6 5,656.4 1,146.5 724.8 4,509.9 1,089.2 3,420.7 1,200.2 1,674.3 1,162.3 512.0 13,311.2 8,532.0 6,855.3 5,655.1 1,142.3 722.4 4,512.9 1,092.3 3,420.6 1,200.1 1,676.8 1,164.9 511.9 13,350.2 8,543.9 6,864.2 5,664.8 1,135.8 718.6 4,529.0 1,096.8 3,432.1 1,199.5 1,679.7 1,167.6 512.1 13,412.0 8,581.2 6,896.8 5,696.7 1,143.5 724.3 4,553.2 1,103.7 3,449.6 1,200.1 1,684.4 1,170.3 514.1 1,168.9 55.7 1,113.1 419.2 1,679.1 991.7 687.4 2,313.3 2,269.4 717.5 550.7 393.9 99.7 65.7 442.0 43.9 920.6 1,406.7 11,574.6 11,168.4 10,836.4 3,674.5 1,157.2 2,517.3 7,161.9 169.4 162.6 89.3 73.3 406.1 3.5 1,163.2 54.9 1,108.4 426.2 1,683.1 990.2 692.8 2,318.4 2,274.3 718.1 552.0 391.9 104.7 65.2 442.3 44.1 925.9 1,417.7 11,607.8 11,194.2 10,861.1 3,694.4 1,172.6 2,521.8 7,166.8 168.5 164.6 89.5 75.1 413.6 3.6 1,162.7 54.3 1,108.4 431.3 1,683.1 988.1 695.0 2,314.8 2,270.9 718.9 553.2 391.9 99.5 63.7 443.7 43.9 921.1 1,416.4 11,577.9 11,205.9 10,874.0 3,691.7 1,173.5 2,518.1 7,182.4 167.1 164.8 89.8 75.1 372.0 3.2 1,169.8 54.0 1,115.8 433.3 1,687.8 985.8 702.0 2,326.4 2,282.8 728.7 554.0 392.1 98.5 65.1 444.4 43.6 921.6 1,423.1 11,609.1 11,216.7 10,886.3 3,684.1 1,179.1 2,505.0 7,202.2 165.3 165.1 90.0 75.1 392.3 3.4 1,174.1 53.1 1,121.0 439.2 1,690.1 988.8 701.3 2,341.3 2,296.0 749.2 554.1 394.8 97.5 67.3 433.0 45.2 936.5 1,438.5 11,702.9 11,278.0 10,941.8 3,721.8 1,197.9 2,523.9 7,220.0 170.4 165.8 90.3 75.5 425.0 3.6 1,188.6 52.3 1,136.3 445.3 1,695.8 991.8 704.0 2,346.5 2,301.2 752.1 555.7 397.7 94.1 68.5 433.1 45.3 942.0 1,450.3 11,774.0 11,367.2 11,025.8 3,765.7 1,208.8 2,556.9 7,260.1 175.4 166.1 90.5 75.5 406.8 3.5 1,190.4 51.4 1,139.0 451.3 1,703.2 994.9 708.3 2,356.2 2,310.9 758.2 557.9 400.3 91.0 70.7 432.8 45.4 945.9 1,458.5 11,827.6 11,400.8 11,054.1 3,780.2 1,207.1 2,573.1 7,273.9 180.4 166.3 90.8 75.5 426.7 3.6 1,194.3 53.3 1,140.9 453.1 1,722.0 1,004.2 717.8 2,355.4 2,309.7 756.8 556.2 402.4 89.5 71.1 433.7 45.8 945.6 1,466.0 11,845.2 11,421.3 11,076.8 3,769.7 1,201.8 2,567.8 7,307.1 176.7 167.8 91.1 76.8 423.9 3.6 1,200.1 55.3 1,144.8 455.4 1,741.8 1,013.5 728.3 2,355.3 2,309.6 756.8 557.4 406.2 83.6 71.9 433.8 45.7 946.4 1,473.3 11,876.9 11,404.6 11,063.5 3,740.6 1,196.9 2,543.7 7,322.8 173.0 168.1 91.3 76.8 472.4 4.0 1,203.2 57.3 1,145.9 457.9 1,761.1 1,022.8 738.2 2,358.5 2,312.6 764.6 557.2 406.4 78.9 71.6 433.9 45.8 949.9 1,482.6 11,929.3 11,399.8 11,062.2 3,724.8 1,195.6 2,529.1 7,337.4 169.3 168.3 91.6 76.8 529.5 4.4 9,316.9 9,351.0 9,319.5 9,335.9 9,394.7 9,431.8 9,455.0 9,476.9 9,528.6 9,568.9 10,108.7 10,137.6 10,103.5 10,123.6 10,179.9 10,208.9 10,231.6 10,246.3 10,293.0 10,327.1 37,034 32,343 312,542 37,116 32,415 312,747 36,998 32,286 312,932 37,077 32,333 313,109 37,356 32,495 313,278 37,564 32,570 313,440 37,714 32,625 313,610 37,749 32,653 313,788 37,828 32,783 313,972 37,971 32,871 314,168 p Preliminary 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2008 2009 2010 2011 2008 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 ................................................... Social security 1................................................................................... Medicare 2 ........................................................................................... Medicaid .............................................................................................. Unemployment insurance.................................................................... Veterans’ benefits ................................................................................ Other ................................................................................................... Other current transfer receipts, from business (net)................................ Less: Contributions for government social insurance, domestic ........ Less: Personal current taxes....................................................................... Equals: Disposable personal income ......................................................... Less: Personal outlays................................................................................. Personal consumption expenditures ........................................................... Goods...................................................................................................... Durable goods ..................................................................................... Nondurable goods ............................................................................... Services .................................................................................................. Personal interest payments 3 ...................................................................... Personal current transfer payments ............................................................ To government......................................................................................... To the rest of the world (net).................................................................... Equals: Personal saving .............................................................................. Personal saving as a percentage of disposable personal income....... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ........................................................................ Disposable personal income: Total, billions of chained (2005) dollars 4................................................. Per capita: Current dollars..................................................................................... Chained (2005) dollars ........................................................................ Population (midperiod, thousands) 5 ........................................................... 2009 I II III IV 12,460.2 8,073.3 6,550.9 5,406.8 1,207.7 740.9 4,199.0 1,049.7 3,149.3 1,144.1 1,522.5 1,052.4 470.1 11,867.0 7,794.4 6,270.3 5,095.1 1,063.3 661.5 4,031.8 989.1 3,042.7 1,175.2 1,524.0 1,067.2 456.9 12,321.9 7,970.0 6,404.6 5,213.3 1,057.5 674.1 4,155.8 1,005.5 3,150.3 1,191.3 1,565.4 1,097.3 468.1 12,947.3 8,295.2 6,661.3 5,466.0 1,108.6 706.6 4,357.4 1,050.1 3,307.3 1,195.3 1,633.9 1,139.0 494.9 12,340.0 8,036.1 6,497.4 5,337.4 1,177.9 721.8 4,159.5 1,034.2 3,125.3 1,160.0 1,538.7 1,070.5 468.3 11,927.5 7,804.9 6,279.1 5,112.1 1,104.5 679.5 4,007.6 1,001.9 3,005.8 1,167.0 1,525.8 1,067.6 458.2 11,879.3 7,801.1 6,278.2 5,102.1 1,064.0 660.6 4,038.1 988.5 3,049.6 1,176.1 1,523.0 1,064.5 458.5 11,794.9 7,773.6 6,252.2 5,074.4 1,044.2 649.2 4,030.2 982.7 3,047.5 1,177.8 1,521.4 1,065.7 455.7 11,866.2 7,797.8 6,271.9 5,091.8 1,040.4 656.7 4,051.4 983.5 3,067.9 1,180.1 1,526.0 1,070.9 455.1 1,097.9 51.8 1,046.1 231.6 2,165.4 1,382.0 783.4 1,879.2 1,842.4 605.5 461.6 338.2 50.9 45.0 341.1 36.8 987.3 1,435.7 11,024.5 10,432.2 10,035.5 3,381.7 1,108.9 2,272.8 6,653.8 245.6 151.0 84.9 66.2 592.3 5.4 979.4 39.9 939.5 289.7 1,626.5 1,093.3 533.2 2,140.1 2,100.5 664.5 494.5 369.2 131.2 51.5 389.7 39.6 963.1 1,144.6 10,722.4 10,214.3 9,845.9 3,194.4 1,029.6 2,164.8 6,651.5 217.1 151.3 85.2 66.1 508.2 4.7 1,103.4 44.3 1,059.1 349.2 1,598.3 1,016.6 581.7 2,284.3 2,236.9 690.2 515.3 396.6 138.9 57.9 438.1 47.4 983.3 1,194.8 11,127.1 10,560.4 10,215.7 3,364.9 1,079.4 2,285.5 6,850.9 183.8 160.9 87.4 73.5 566.7 5.1 1,157.3 54.6 1,102.8 409.7 1,685.1 1,008.8 676.3 2,319.2 2,274.3 713.3 545.1 403.9 108.0 63.3 440.8 44.9 919.3 1,398.0 11,549.3 11,059.9 10,729.0 3,624.8 1,146.4 2,478.4 7,104.2 168.0 162.8 88.9 73.9 489.4 4.2 1,046.7 44.6 1,002.1 275.6 2,056.0 1,333.3 722.8 1,909.7 1,872.7 613.1 472.8 342.2 71.2 45.8 327.6 37.1 984.2 1,422.8 10,917.3 10,236.3 9,861.3 3,181.4 1,019.3 2,162.2 6,679.9 226.9 148.1 85.7 62.4 680.9 6.2 969.5 33.7 935.8 270.2 1,814.8 1,177.5 637.3 2,033.6 1,996.6 651.9 483.3 357.0 102.2 49.9 352.5 37.0 965.4 1,199.7 10,727.8 10,138.1 9,768.4 3,125.5 1,016.3 2,109.2 6,642.9 221.2 148.5 84.7 63.7 589.8 5.5 957.0 38.5 918.5 281.5 1,634.4 1,108.8 525.6 2,171.2 2,132.7 662.4 492.2 368.3 130.1 50.3 429.3 38.4 965.8 1,121.3 10,758.1 10,135.4 9,763.9 3,142.0 1,010.4 2,131.6 6,621.9 221.5 150.1 84.9 65.2 622.7 5.8 975.8 40.6 935.2 298.9 1,537.8 1,056.5 481.3 2,169.6 2,129.3 667.9 499.0 381.6 145.3 51.8 383.7 40.3 960.9 1,125.6 10,669.2 10,259.6 9,888.8 3,244.4 1,052.7 2,191.7 6,644.4 219.6 151.2 85.3 65.9 409.6 3.8 1,015.3 46.7 968.6 308.3 1,519.1 1,030.4 488.8 2,186.1 2,143.4 675.7 503.7 369.8 147.3 53.8 393.2 42.7 960.4 1,131.7 10,734.6 10,323.9 9,962.5 3,265.5 1,038.9 2,226.7 6,697.0 206.1 155.3 85.9 69.4 410.6 3.8 9,712.3 8,923.4 9,035.8 9,340.0 9,599.7 9,155.6 8,947.9 8,805.2 8,789.0 10,119.5 9,836.7 10,016.5 10,149.7 10,047.9 9,927.3 9,915.6 9,760.2 9,746.4 36,200 33,229 304,543 34,899 32,016 307,240 35,920 32,335 309,774 37,012 32,527 312,040 35,722 32,878 305,616 35,031 32,417 306,237 35,058 32,313 306,866 34,689 31,733 307,573 34,820 31,615 308,285 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2010 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 ................................................... Social security 1................................................................................... Medicare 2 ........................................................................................... Medicaid .............................................................................................. Unemployment insurance.................................................................... Veterans’ benefits ................................................................................ Other ................................................................................................... Other current transfer receipts, from business (net)................................ Less: Contributions for government social insurance, domestic ........ Less: Personal current taxes....................................................................... Equals: Disposable personal income ......................................................... Less: Personal outlays................................................................................. Personal consumption expenditures ........................................................... Goods...................................................................................................... Durable goods ..................................................................................... Nondurable goods ............................................................................... Services .................................................................................................. Personal interest payments 3 ...................................................................... Personal current transfer payments ............................................................ To government......................................................................................... To the rest of the world (net).................................................................... Equals: Personal saving .............................................................................. Personal saving as a percentage of disposable personal income....... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ........................................................................ Disposable personal income: Total, billions of chained (2005) dollars 4................................................. Per capita: Current dollars..................................................................................... Chained (2005) dollars ........................................................................ Population (midperiod, thousands) 5 ........................................................... II 2011 III IV I II 2012 III IV I II 12,089.8 7,846.6 6,298.7 5,110.7 1,035.7 655.5 4,075.0 987.1 3,087.9 1,188.0 1,547.9 1,082.8 465.0 12,290.6 7,955.4 6,394.6 5,198.8 1,056.9 673.6 4,141.9 1,003.6 3,138.4 1,195.8 1,560.8 1,092.4 468.4 12,397.2 8,021.4 6,449.7 5,259.6 1,068.5 682.1 4,191.0 1,015.3 3,175.7 1,190.1 1,571.7 1,102.0 469.7 12,509.9 8,056.6 6,475.2 5,284.0 1,068.8 685.3 4,215.3 1,016.2 3,199.1 1,191.2 1,581.4 1,112.1 469.3 12,856.5 8,236.3 6,618.5 5,424.7 1,102.6 708.3 4,322.1 1,043.1 3,279.1 1,193.8 1,617.8 1,125.0 492.7 12,938.9 8,286.4 6,656.2 5,458.8 1,107.9 707.0 4,351.0 1,046.8 3,304.2 1,197.4 1,630.2 1,135.4 494.8 12,976.3 8,318.1 6,678.1 5,480.4 1,116.4 710.1 4,364.0 1,054.2 3,309.9 1,197.7 1,640.0 1,144.2 495.8 13,017.4 8,340.1 6,692.4 5,499.9 1,107.4 701.0 4,392.5 1,056.6 3,335.9 1,192.5 1,647.7 1,151.5 496.2 13,217.3 8,484.8 6,815.7 5,616.6 1,139.0 719.6 4,477.6 1,083.7 3,393.9 1,199.1 1,669.1 1,159.6 509.5 13,357.8 8,552.4 6,872.1 5,672.2 1,140.5 721.7 4,531.7 1,097.6 3,434.1 1,199.9 1,680.3 1,167.6 512.7 1,052.4 41.5 1,010.9 340.1 1,568.6 1,030.9 537.6 2,256.9 2,211.5 678.7 506.8 381.6 155.7 56.0 432.8 45.4 974.7 1,156.9 10,932.9 10,428.2 10,069.1 3,318.2 1,049.1 2,269.1 6,750.9 199.0 160.0 86.6 73.4 504.8 4.6 1,104.8 43.6 1,061.2 352.7 1,594.4 1,027.1 567.3 2,266.2 2,218.9 688.3 511.2 385.2 139.6 57.4 437.2 47.3 983.0 1,173.0 11,117.5 10,498.4 10,148.3 3,321.7 1,070.2 2,251.5 6,826.6 189.7 160.4 87.2 73.2 619.1 5.6 1,117.1 44.6 1,072.5 350.0 1,598.0 1,000.7 597.3 2,297.9 2,249.8 693.9 517.5 405.4 133.2 59.0 441.0 48.0 987.1 1,211.8 11,185.4 10,581.5 10,243.6 3,361.0 1,082.6 2,278.4 6,882.6 176.0 161.9 87.7 74.2 603.8 5.4 1,139.2 47.6 1,091.6 354.0 1,632.1 1,007.7 624.4 2,316.2 2,267.3 699.8 525.6 414.0 126.9 59.4 441.5 49.0 988.2 1,237.5 11,272.4 10,733.3 10,401.9 3,458.6 1,115.7 2,342.9 6,943.3 170.2 161.1 88.0 73.1 539.1 4.8 1,148.0 56.0 1,092.0 390.0 1,674.3 1,017.5 656.9 2,322.5 2,276.0 703.1 535.1 418.8 119.1 61.2 438.7 46.5 914.5 1,372.5 11,484.1 10,898.1 10,566.3 3,561.4 1,133.9 2,427.5 7,004.9 170.1 161.7 88.3 73.5 585.9 5.1 1,154.7 52.6 1,102.1 404.7 1,692.4 1,025.3 667.1 2,319.9 2,274.8 712.0 543.1 408.7 108.8 62.4 439.8 45.1 919.2 1,396.6 11,542.3 11,015.1 10,684.9 3,604.3 1,131.8 2,472.4 7,080.6 167.8 162.4 88.6 73.8 527.2 4.6 1,161.4 55.3 1,106.1 413.8 1,689.1 1,004.4 684.7 2,314.7 2,270.4 716.0 549.1 396.1 103.0 64.9 441.3 44.3 920.8 1,403.8 11,572.6 11,120.9 10,791.2 3,643.6 1,144.8 2,498.7 7,147.6 167.3 162.4 89.1 73.3 451.6 3.9 1,165.3 54.4 1,110.9 430.3 1,684.6 988.0 696.6 2,319.9 2,276.0 721.9 553.1 392.0 100.9 64.7 443.5 43.9 922.8 1,419.1 11,598.3 11,205.6 10,873.8 3,690.0 1,175.1 2,515.0 7,183.8 167.0 164.8 89.8 75.1 392.7 3.4 1,184.3 52.3 1,132.1 445.3 1,696.4 991.8 704.6 2,348.0 2,302.7 753.2 555.9 397.6 94.2 68.8 433.0 45.3 941.5 1,449.1 11,768.2 11,348.7 11,007.2 3,755.9 1,204.6 2,551.3 7,251.3 175.4 166.1 90.5 75.5 419.5 3.6 1,199.2 55.3 1,143.9 455.5 1,741.6 1,013.5 728.1 2,356.4 2,310.6 759.4 556.9 405.0 84.0 71.5 433.8 45.8 947.3 1,474.0 11,883.8 11,408.6 11,067.5 3,745.0 1,198.1 2,546.9 7,322.5 173.0 168.1 91.3 76.8 475.3 4.0 8,887.4 9,047.5 9,086.2 9,122.1 9,352.3 9,345.2 9,328.6 9,335.4 9,427.2 9,524.8 9,881.6 10,034.1 10,063.3 10,087.4 10,195.7 10,157.8 10,125.6 10,121.5 10,206.8 10,288.8 35,393 31,990 308,899 35,926 32,425 309,457 36,074 32,455 310,070 36,284 32,470 310,670 36,904 32,764 311,184 37,028 32,587 311,717 37,052 32,420 312,330 37,064 32,345 312,929 37,545 32,564 313,443 37,849 32,769 313,976 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2009 January February 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 ....... Social security 1....................................... Medicare 2 ............................................... Medicaid .................................................. Unemployment insurance........................ Veterans’ benefits .................................... Other ....................................................... Other current transfer receipts, from business (net) .......................................... Less: Contributions for government social insurance, domestic ................................. Less: Personal current taxes........................... Equals: Disposable personal income ............. Less: Personal outlays..................................... Personal consumption expenditures ............... Goods.......................................................... Durable goods ......................................... Nondurable goods ................................... Services ...................................................... Personal interest payments 3 .......................... Personal current transfer payments ................ To government............................................. To the rest of the world (net)........................ Equals: Personal saving .................................. Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 Disposable personal income, billions of chained (2005) dollars 4 .............................. March April May June 2010 July August September October November December January February –160.0 –103.6 –99.2 –105.7 –33.2 –19.6 –72.5 –10.8 –61.8 6.6 –4.4 –144.2 –64.2 –58.3 –58.0 –16.6 –7.0 –41.3 –10.6 –30.6 –0.4 –5.8 –83.5 –36.9 –33.4 –34.5 –20.8 –10.5 –13.8 –12.2 –1.6 1.0 –3.5 –1.1 32.6 31.4 25.4 –10.3 –1.5 35.7 –0.7 36.5 6.1 1.2 154.4 18.5 17.8 14.9 –12.6 –9.6 27.5 2.0 25.4 2.9 0.7 –138.9 –8.0 –7.5 –9.1 –7.1 –5.0 –1.9 –6.9 4.9 1.6 –0.5 –45.5 –24.9 –23.1 –22.8 –7.3 –4.5 –15.6 –5.6 –9.9 –0.3 –1.8 –0.7 –2.4 –2.7 –2.9 –2.4 –0.6 –0.5 4.7 –5.1 0.2 0.3 8.0 –5.7 –6.0 –5.6 –6.0 0.0 0.5 1.7 –1.3 –0.4 0.3 –0.9 12.1 10.6 9.1 0.1 4.5 9.0 –2.5 11.5 1.5 1.4 62.2 25.0 21.7 20.8 3.4 5.8 17.3 1.0 16.3 0.9 3.4 77.0 0.1 –1.5 –2.8 –4.1 –2.1 1.3 –0.2 1.6 1.2 1.7 109.6 35.9 18.6 13.4 0.3 0.2 13.1 3.4 9.7 5.3 17.2 29.5 –12.0 –13.4 –14.6 –10.1 –7.1 –4.5 –2.3 –2.3 1.2 1.4 –1.6 –2.0 –1.6 –0.9 –0.7 0.1 0.5 0.8 1.2 1.7 2.2 2.8 6.1 3.2 –2.8 –3.9 –1.8 2.1 1.3 –0.5 –2.3 –0.5 –0.9 –0.3 1.3 –1.2 11.1 –1.8 –28.9 –7.2 –21.7 –19.8 –2.9 –16.9 –13.1 0.4 –13.5 –0.5 3.7 –4.2 3.4 2.2 1.2 3.1 0.9 2.2 5.0 –0.6 5.5 11.6 0.9 10.7 8.7 2.4 6.4 16.2 3.7 12.4 13.7 1.3 12.4 13.4 –1.1 14.7 12.8 –3.7 16.5 7.0 –1.8 8.7 –8.2 –94.1 –71.5 –22.4 70.2 71.0 29.4 3.7 6.2 5.9 3.9 21.8 –3.2 –86.8 –47.0 –39.8 22.4 21.9 3.8 3.4 2.8 11.0 –0.7 1.5 0.9 –73.5 –41.9 –31.6 35.3 34.9 3.7 3.3 5.8 13.9 1.1 7.3 5.3 –66.8 –12.9 –54.0 32.4 31.9 6.3 2.9 2.3 4.3 –0.3 16.4 6.2 –38.3 –12.8 –25.5 167.1 166.6 –4.5 2.8 3.6 10.8 –0.1 153.9 6.9 –30.3 –11.1 –19.2 –111.7 –112.3 10.6 2.5 5.5 10.5 0.9 –142.3 7.0 –40.2 –22.3 –17.9 3.7 3.0 –2.9 2.3 8.5 –1.0 0.3 –4.2 4.6 –26.6 –19.1 –7.5 11.3 10.7 –3.1 2.0 1.9 8.5 0.6 0.8 2.3 –17.0 –16.6 –0.4 18.0 17.3 14.7 1.8 –4.2 –0.2 0.7 4.6 0.1 –12.6 –12.4 –0.2 –16.7 –17.5 –3.7 1.5 –8.3 –8.7 0.4 1.2 4.5 7.6 1.3 6.3 13.6 12.8 –1.5 1.3 –2.7 9.7 1.3 4.7 9.6 27.2 8.4 18.8 24.9 24.0 11.0 1.1 1.7 4.5 0.1 5.6 14.3 20.4 –1.6 21.9 42.1 41.0 –5.5 0.9 8.3 6.0 0.4 30.9 10.7 13.4 –3.9 17.4 7.3 6.4 1.2 1.0 4.2 –4.2 1.8 2.5 –0.7 0.3 0.5 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.8 1.0 1.0 0.8 –4.4 –166.8 6.8 46.8 45.5 53.3 29.6 23.7 –7.9 1.4 –0.1 –1.4 1.3 –40.0 –7.5 –28.3 –115.9 –8.5 –9.8 13.9 –17.3 31.2 –23.6 1.2 0.1 0.0 0.0 –107.4 –3.8 –32.2 –51.3 –44.9 –46.0 –30.1 –12.2 –18.0 –15.8 1.1 0.0 0.0 0.0 –6.4 4.2 –44.6 43.5 –2.6 –4.2 –4.8 –8.7 4.0 0.5 0.1 1.5 0.1 1.5 46.1 2.4 –3.6 158.1 22.1 22.8 32.0 20.6 11.4 –9.3 –0.7 0.0 0.1 0.0 135.9 –1.1 –1.6 –137.4 54.0 55.2 46.2 9.0 37.1 9.1 –1.4 0.2 0.1 0.0 –191.2 –3.9 4.3 –49.8 26.6 26.2 20.7 13.4 7.5 5.4 –0.4 0.9 0.1 0.7 –76.5 –0.9 3.3 –3.9 125.6 125.7 105.7 72.8 32.8 20.1 –0.3 0.1 0.2 0.0 –129.5 –1.5 0.5 7.4 –88.5 –88.5 –90.9 –97.6 6.7 2.4 –0.2 0.2 0.1 0.0 95.9 0.0 0.1 –1.1 50.6 53.5 19.7 9.9 9.8 33.8 –6.6 3.7 0.2 3.5 –51.6 2.1 5.1 57.2 19.6 26.1 30.6 24.4 6.3 –4.6 –6.7 0.2 0.3 0.0 37.4 –1.7 3.2 73.9 53.3 59.7 19.3 2.5 16.7 40.6 –6.7 0.2 0.2 0.0 20.7 15.8 19.7 89.8 18.6 13.7 8.2 –13.1 21.3 5.3 0.8 4.3 0.2 4.0 71.2 –3.2 0.0 29.5 33.5 33.8 9.2 –1.3 10.4 24.7 –0.7 0.2 0.3 0.0 –4.0 –222.4 –174.9 –98.7 –41.2 –22.3 –82.4 –46.9 –38.0 –24.8 –15.8 23.2 40.0 41.5 14.8 –3.3 –129.7 –35.3 29.1 134.3 –190.2 –47.7 –33.6 –10.5 –34.4 28.6 59.0 59.6 20.8 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is 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 2010 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 ....... Social security 1....................................... Medicare 2 ............................................... Medicaid .................................................. Unemployment insurance........................ Veterans’ benefits .................................... Other ....................................................... Other current transfer receipts, from business (net) .......................................... Less: Contributions for government social insurance, domestic ................................. Less: Personal current taxes........................... Equals: Disposable personal income ............. Less: Personal outlays..................................... Personal consumption expenditures ............... Goods.......................................................... Durable goods ......................................... Nondurable goods ................................... Services ...................................................... Personal interest payments 3 .......................... Personal current transfer payments ................ To government............................................. To the rest of the world (net)........................ Equals: Personal saving .................................. Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 Disposable personal income, billions of chained (2005) dollars 4 .............................. April May June July 2011 August September October November December January February March April 66.8 37.5 32.9 30.7 10.1 8.4 20.6 4.4 16.2 2.2 4.6 88.1 52.5 47.6 46.3 11.9 9.9 34.4 9.1 25.3 1.3 4.8 76.7 54.7 48.9 40.0 12.5 10.9 27.5 7.6 19.9 8.9 5.9 21.4 –3.5 –5.5 –1.5 –7.4 –6.8 5.9 0.6 5.3 –4.0 2.1 27.4 34.3 30.2 32.4 8.7 6.8 23.7 8.6 15.1 –2.2 4.0 60.6 22.9 18.8 23.0 5.9 2.7 17.1 –1.4 18.5 –4.2 4.1 –3.0 1.6 –0.7 2.2 –0.7 2.3 2.8 3.5 –0.7 –2.9 2.3 47.8 26.3 22.0 17.5 –1.5 –1.0 19.1 1.5 17.7 4.5 4.2 29.3 –10.3 –12.1 –11.9 –1.7 0.1 –10.2 –5.3 –5.0 –0.3 2.0 81.6 21.2 17.4 17.2 4.2 5.3 13.0 3.1 10.0 0.2 3.7 243.3 142.6 114.2 112.1 31.7 20.9 80.5 21.8 58.6 2.2 28.4 50.4 29.5 24.8 24.8 –4.1 –6.2 28.8 5.7 23.2 –0.1 4.7 16.6 20.1 15.0 13.7 7.9 8.0 5.8 2.9 2.8 1.4 5.2 43.1 21.5 17.2 15.3 1.5 –3.0 13.8 0.7 13.1 1.9 4.2 3.2 3.1 3.4 3.2 3.2 3.1 3.3 3.5 3.3 3.4 5.8 3.8 3.6 3.5 1.4 1.7 2.5 –1.1 0.9 1.0 –1.1 0.8 –1.4 0.3 22.6 1.0 1.5 0.7 18.3 –0.1 18.4 28.3 1.8 26.5 10.4 1.2 9.2 7.9 0.6 7.3 –3.4 0.0 –3.4 8.1 0.1 8.0 4.9 0.3 4.5 6.2 0.5 5.8 10.1 1.8 8.3 9.4 3.2 6.2 –4.5 4.5 –9.1 5.6 2.0 3.6 –0.1 –0.5 0.4 9.0 –3.0 12.1 7.3 –1.6 –3.8 2.3 8.2 7.5 2.7 1.3 1.1 –3.0 0.2 5.1 3.1 10.6 0.0 10.5 –2.0 –2.5 7.0 1.4 –0.7 –9.1 0.0 –1.1 1.8 12.5 0.0 12.5 2.7 2.1 0.9 1.7 0.5 –2.3 1.0 0.3 –0.2 10.5 0.0 10.5 4.7 4.2 –0.7 1.9 5.7 –6.0 0.1 3.2 –1.9 –2.9 –12.2 9.3 4.0 3.6 5.0 2.1 10.6 –13.5 0.6 –1.2 –1.4 –4.4 –14.0 9.7 37.5 37.6 –1.8 2.3 6.4 24.5 0.9 5.3 –1.1 –5.4 –14.7 9.2 –4.1 –3.8 6.0 2.5 3.9 –13.8 –0.1 –2.4 –1.4 14.6 10.2 4.4 4.1 2.0 –0.1 2.7 1.9 –2.1 0.1 –0.5 4.5 19.5 11.3 8.3 3.2 4.3 –0.6 3.0 1.6 –2.0 –0.2 2.6 10.7 34.9 11.3 23.5 7.2 7.8 9.1 3.1 2.9 –5.2 0.6 –2.6 16.7 10.0 –1.6 11.6 2.3 2.8 –2.8 3.3 1.6 1.7 0.9 –1.9 12.2 9.4 0.0 9.4 –4.5 –2.6 –1.3 3.2 1.1 –6.1 0.2 0.2 7.7 –11.5 0.3 –11.7 3.2 3.2 3.3 2.9 –0.1 –3.9 1.3 –0.2 2.7 11.2 3.4 7.8 0.6 0.8 7.9 2.6 –6.4 –4.0 0.4 0.1 0.7 0.6 0.6 0.6 0.3 –0.1 –0.3 2.1 –1.0 –0.8 –0.4 –1.8 0.0 –0.3 3.0 5.1 61.7 63.7 65.7 45.7 43.1 2.8 19.9 –2.1 0.3 0.2 0.0 –2.0 4.4 3.7 84.4 3.1 7.6 –18.2 –8.8 –9.5 25.9 –4.6 0.0 0.2 –0.2 81.3 5.3 10.4 66.3 20.6 23.8 –11.6 2.9 –14.5 35.5 –3.4 0.2 0.2 0.0 45.7 –1.7 6.3 15.1 –0.6 1.7 –12.2 –1.0 –11.3 13.8 –2.4 0.1 0.2 0.0 15.7 2.5 18.6 8.8 25.5 30.6 14.8 4.7 10.2 15.8 –6.3 1.2 0.2 1.0 –16.7 2.1 14.3 46.3 67.8 72.7 47.4 8.0 39.4 25.3 –5.0 0.1 0.1 0.0 –21.5 –1.1 9.0 –12.0 17.8 21.7 14.6 6.3 8.3 7.0 –4.0 0.1 0.1 0.0 –29.8 2.0 10.2 37.6 66.2 67.9 48.4 23.5 24.9 19.6 –0.7 –1.0 0.1 –1.1 –28.6 –2.1 3.6 25.7 54.5 55.1 22.9 3.2 19.7 32.3 –0.7 0.1 0.1 0.0 –28.8 1.5 7.1 74.5 44.2 45.0 25.4 1.8 23.6 19.5 –0.9 0.1 0.1 0.0 30.3 –76.2 120.5 122.8 46.9 46.3 40.5 8.6 32.0 5.8 0.2 0.4 0.1 0.4 75.9 1.8 7.6 42.8 65.5 64.9 38.9 6.7 32.1 26.0 0.5 0.1 0.1 0.0 –22.6 3.0 10.2 6.3 80.0 79.3 35.3 8.7 26.7 44.0 0.6 0.1 0.0 0.0 –73.8 1.8 10.0 33.2 39.0 39.2 26.3 –0.2 26.4 12.9 –0.7 0.5 0.1 0.3 –5.8 37.8 80.5 67.7 13.4 7.2 5.3 –10.7 17.4 12.8 45.9 191.8 18.0 –25.4 7.6 38.8 75.3 60.9 11.7 –7.4 24.5 –23.7 9.5 11.5 43.6 84.2 4.5 –35.0 –3.3 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is 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 2011 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 ....... Social security 1....................................... Medicare 2 ............................................... Medicaid .................................................. Unemployment insurance........................ Veterans’ benefits .................................... Other ....................................................... Other current transfer receipts, from business (net) .......................................... Less: Contributions for government social insurance, domestic ................................. Less: Personal current taxes........................... Equals: Disposable personal income ............. Less: Personal outlays..................................... Personal consumption expenditures ............... Goods.......................................................... Durable goods ......................................... Nondurable goods ................................... Services ...................................................... Personal interest payments 3 .......................... Personal current transfer payments ................ To government............................................. To the rest of the world (net)........................ Equals: Personal saving .................................. Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 Disposable personal income, billions of chained (2005) dollars 4 .............................. June July 2012 August September October November December January February March April May June p 4.2 –3.2 –6.2 –6.2 –1.4 –1.9 –4.9 –3.3 –1.6 0.1 3.0 25.8 22.6 18.9 16.7 2.4 –1.1 14.4 4.1 10.3 2.1 3.8 19.4 21.6 17.2 18.8 8.5 7.1 10.3 8.2 2.1 –1.6 4.3 –6.1 –11.0 –12.6 –14.2 –2.2 –3.7 –12.1 –4.4 –7.7 1.7 1.6 10.4 10.4 7.8 9.6 1.1 –0.4 8.6 1.5 7.1 –1.9 2.6 44.3 39.0 33.6 37.1 –2.9 –3.9 40.0 4.7 35.3 –3.4 5.3 –31.1 –36.9 –35.9 –34.5 –13.4 –9.1 –21.0 –2.8 –18.2 –1.5 –0.8 37.8 13.0 10.8 11.2 8.6 6.9 2.4 0.1 2.3 –0.3 2.0 109.3 96.8 82.2 76.2 21.5 11.7 54.8 19.3 35.5 5.8 14.7 82.8 56.8 50.9 49.2 10.0 5.6 39.2 11.9 27.3 1.8 5.9 61.8 40.8 35.9 35.1 6.3 5.0 28.8 2.3 26.5 0.8 4.9 25.1 1.1 –1.3 –1.3 –4.2 –2.4 3.0 3.1 –0.1 –0.1 2.5 39.0 11.9 8.9 9.7 –6.5 –3.8 16.1 4.5 11.5 –0.6 2.9 61.8 37.3 32.6 31.9 7.7 5.7 24.2 6.9 17.5 0.6 4.7 3.3 3.1 3.0 2.6 2.7 2.4 2.3 2.0 3.3 2.6 2.8 2.6 2.7 2.7 –0.3 0.6 1.4 –1.0 –0.1 2.9 –3.1 0.0 11.4 3.3 2.1 –0.1 0.2 2.0 –6.6 –1.3 –5.3 0.7 0.4 0.3 0.1 2.1 –2.0 9.4 1.1 8.2 6.5 0.1 6.4 –5.7 –0.8 –4.7 –0.5 –0.6 0.0 7.1 –0.3 7.4 4.3 –0.9 5.2 14.5 –0.8 15.3 1.8 –0.9 2.7 3.9 1.9 1.9 5.8 2.0 3.9 3.1 2.0 1.1 2.9 11.4 4.0 7.3 –0.7 –0.2 –1.2 2.5 –3.6 1.0 –1.1 2.2 2.5 11.4 4.6 6.9 –10.0 –9.6 0.1 2.2 –4.9 –7.1 1.8 –1.6 1.9 –5.2 –12.6 7.3 2.8 2.8 3.1 2.0 –4.5 0.6 0.6 1.0 3.9 –9.1 –12.7 3.7 –0.8 –0.3 0.9 1.8 –4.8 –0.6 1.3 1.0 6.1 –10.4 –12.7 2.2 –1.7 –1.4 1.8 1.5 –1.0 –4.7 0.6 0.6 7.0 4.0 –1.5 5.4 5.1 4.9 0.6 1.3 –2.0 5.0 –0.5 0.3 5.1 0.0 –2.1 2.2 –3.6 –3.4 0.8 1.2 0.0 –5.2 –1.5 1.4 2.0 4.7 –2.3 7.0 11.6 11.9 9.8 0.8 0.2 –1.0 1.4 0.7 5.9 2.3 3.0 –0.7 14.9 13.2 20.5 0.1 2.7 –1.0 2.2 –11.4 6.1 5.7 3.0 2.7 5.2 5.2 2.9 1.6 2.9 –3.4 1.2 0.1 6.0 7.4 3.1 4.3 9.7 9.7 6.1 2.2 2.6 –3.1 2.2 –0.3 1.8 18.8 9.3 9.5 –0.8 –1.2 –1.4 –1.7 2.1 –1.5 0.4 0.9 2.3 19.8 9.3 10.5 –0.1 –0.1 0.0 1.2 3.8 –5.9 0.8 0.1 2.5 19.3 9.3 9.9 3.2 3.0 7.8 –0.2 0.2 –4.7 –0.3 0.1 –0.5 –0.4 0.0 –0.5 –0.3 0.2 –0.2 –0.3 1.6 0.1 0.1 0.4 –0.1 0.1 –0.5 4.3 0.0 10.4 12.1 –18.7 –10.6 –8.1 30.8 –1.9 0.1 0.2 0.0 –10.4 1.7 5.8 19.8 –12.5 –9.6 –22.4 –8.7 –13.7 12.8 –2.9 0.2 0.1 0.0 32.3 1.6 0.8 18.7 76.2 76.1 44.0 19.5 24.5 32.1 0.4 –0.4 0.2 –0.5 –57.5 –1.5 –0.8 –5.3 21.5 19.9 1.9 –6.7 8.6 18.0 1.4 0.2 0.2 0.0 –26.8 0.4 4.8 5.7 60.5 57.9 45.5 21.9 23.6 12.4 2.4 0.2 0.2 0.0 –54.9 5.3 11.0 33.2 25.8 24.7 19.9 15.4 4.5 4.9 –0.9 2.0 0.2 1.8 7.5 –4.8 –1.3 –29.9 11.7 12.9 –2.7 0.9 –3.7 15.6 –1.4 0.2 0.3 0.0 –41.6 0.5 6.7 31.2 10.8 12.3 –7.6 5.6 –13.1 19.8 –1.8 0.3 0.2 0.0 20.3 14.9 15.4 93.8 61.3 55.5 37.7 18.8 18.9 17.8 5.1 0.7 0.3 0.4 32.7 5.5 11.8 71.1 89.2 84.0 43.9 10.9 33.0 40.1 5.0 0.3 0.2 0.0 –18.2 3.9 8.2 53.6 33.6 28.3 14.5 –1.7 16.2 13.8 5.0 0.2 0.3 0.0 19.9 –0.3 7.5 17.6 20.5 22.7 –10.5 –5.3 –5.3 33.2 –3.7 1.5 0.3 1.3 –2.8 0.8 7.3 31.7 –16.7 –13.3 –29.1 –4.9 –24.1 15.7 –3.7 0.3 0.2 0.0 48.5 3.5 9.3 52.4 –4.8 –1.3 –15.8 –1.3 –14.6 14.6 –3.7 0.2 0.3 0.0 57.1 –17.1 23.0 –7.1 –26.7 –4.2 34.1 –31.5 16.4 58.8 37.1 23.2 21.9 51.7 40.3 –23.5 8.4 –7.1 –28.8 –11.0 28.9 –34.1 20.1 56.3 29.0 22.7 14.7 46.7 34.1 p Preliminary 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)—Continues [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2010 2011 2009 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 ..................................................... Social security 1..................................................................................... Medicare 2 ............................................................................................. Medicaid ................................................................................................ Unemployment insurance...................................................................... Veterans’ benefits .................................................................................. Other ..................................................................................................... Other current transfer receipts, from business (net).................................. Less: Contributions for government social insurance, domestic .......... Less: Personal current taxes......................................................................... Equals: Disposable personal income ........................................................... Less: Personal outlays................................................................................... Personal consumption expenditures ............................................................. Goods........................................................................................................ Durable goods ....................................................................................... Nondurable goods ................................................................................. Services .................................................................................................... Personal interest payments 3 ........................................................................ Personal current transfer payments .............................................................. To government........................................................................................... To the rest of the world (net)...................................................................... Equals: Personal saving ................................................................................ Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4.......................................................................................... Disposable personal income, billions of chained (2005) dollars 4 ................. II III IV 547.9 211.1 129.2 74.1 –5.7 –11.3 79.7 4.5 75.2 55.1 82.1 71.9 10.2 –593.2 –278.9 –280.6 –311.7 –144.4 –79.4 –167.2 –60.6 –106.6 31.1 1.5 14.8 –13.2 454.9 175.6 134.3 118.2 –5.8 12.6 124.0 16.4 107.6 16.1 41.4 30.1 11.2 625.4 325.2 256.7 252.7 51.1 32.5 201.6 44.6 157.0 4.0 68.5 41.7 26.8 –412.5 –231.2 –218.3 –225.3 –73.4 –42.3 –151.9 –32.3 –119.5 7.0 –12.9 –2.9 –10.1 –48.2 –3.8 –0.9 –10.0 –40.5 –18.9 30.5 –13.4 43.8 9.1 –2.8 –3.1 0.3 –84.4 –27.5 –26.0 –27.7 –19.8 –11.4 –7.9 –5.8 –2.1 1.7 –1.6 1.2 –2.8 71.3 24.2 19.7 17.4 –3.8 7.5 21.2 0.8 20.4 2.3 4.6 5.2 –0.6 7.5 14.0 –6.5 87.9 108.4 116.9 –8.5 160.7 154.5 29.9 34.0 14.1 18.2 3.3 54.9 6.3 27.8 –53.0 600.9 257.3 263.2 17.8 –79.5 97.3 245.5 –15.3 9.3 2.5 6.9 343.6 –118.5 –11.9 –106.6 58.1 –538.9 –288.7 –250.2 260.9 258.1 59.0 32.9 31.0 80.3 6.5 48.6 2.8 –24.2 –291.1 –302.1 –217.9 –189.6 –187.3 –79.3 –108.0 –2.3 –28.5 0.3 0.3 –0.1 –84.1 124.0 4.4 119.6 59.5 –28.2 –76.7 48.5 144.2 136.4 25.7 20.8 27.4 7.7 6.4 48.4 7.8 20.2 50.2 404.7 346.1 369.8 170.5 49.8 120.7 199.4 –33.3 9.6 2.2 7.4 58.5 53.9 10.3 43.7 60.5 86.8 –7.8 94.6 34.9 37.4 23.1 29.8 7.3 –30.9 5.4 2.7 –2.5 –64.0 203.2 422.2 499.5 513.3 259.9 67.0 192.9 253.3 –15.8 1.9 1.5 0.4 –77.3 –77.2 –10.9 –66.3 –5.4 –241.2 –155.8 –85.5 123.9 123.9 38.8 10.5 14.8 31.0 4.1 24.9 –0.1 –18.8 –223.1 –189.5 –98.2 –92.9 –55.9 –3.0 –53.0 –37.0 –5.7 0.4 –1.0 1.3 –91.1 –12.5 4.8 –17.3 11.3 –180.4 –68.7 –111.7 137.6 136.1 10.5 8.9 11.3 27.9 0.4 76.8 1.4 0.4 –78.4 30.3 –2.7 –4.5 16.5 –5.9 22.4 –21.0 0.3 1.6 0.2 1.5 32.9 18.8 2.1 16.7 17.4 –96.6 –52.3 –44.3 –1.6 –3.4 5.5 6.8 13.3 15.2 1.5 –45.6 1.9 –4.9 4.3 –88.9 124.2 124.9 102.4 42.3 60.1 22.5 –1.9 1.1 0.4 0.7 –213.1 39.5 6.1 33.4 9.4 –18.7 –26.1 7.5 16.5 14.1 7.8 4.7 –11.8 2.0 2.0 9.5 2.4 –0.5 6.1 65.4 64.3 73.7 21.1 –13.8 35.0 52.6 –13.5 4.1 0.6 3.5 1.0 49.8 239.2 –788.9 –282.8 112.4 179.8 304.2 133.2 –444.1 –120.6 –207.7 –11.7 –142.7 –155.4 –16.2 –13.8 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters)—Table Ends [Billions of dollars] Seasonally adjusted at annual rates 2010 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 ..................................................... Social security 1..................................................................................... Medicare 2 ............................................................................................. Medicaid ................................................................................................ Unemployment insurance...................................................................... Veterans’ benefits .................................................................................. Other ..................................................................................................... Other current transfer receipts, from business (net).................................. Less: Contributions for government social insurance, domestic .......... Less: Personal current taxes......................................................................... Equals: Disposable personal income ........................................................... Less: Personal outlays................................................................................... Personal consumption expenditures ............................................................. Goods........................................................................................................ Durable goods ....................................................................................... Nondurable goods ................................................................................. Services .................................................................................................... Personal interest payments 3 ........................................................................ Personal current transfer payments .............................................................. To government........................................................................................... To the rest of the world (net)...................................................................... Equals: Personal saving ................................................................................ Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4.......................................................................................... Disposable personal income, billions of chained (2005) dollars 4 ................. 2011 III IV I II 2012 I II III IV I II 223.6 48.8 26.8 18.9 –4.7 –1.2 23.6 3.6 20.0 7.9 21.9 11.9 9.9 200.8 108.8 95.9 88.1 21.2 18.1 66.9 16.5 50.5 7.8 12.9 9.6 3.4 106.6 66.0 55.1 60.8 11.6 8.5 49.1 11.7 37.3 –5.7 10.9 9.6 1.3 112.7 35.2 25.5 24.4 0.3 3.2 24.3 0.9 23.4 1.1 9.7 10.1 –0.4 346.6 179.7 143.3 140.7 33.8 23.0 106.8 26.9 80.0 2.6 36.4 12.9 23.4 82.4 50.1 37.7 34.1 5.3 –1.3 28.9 3.7 25.1 3.6 12.4 10.4 2.1 37.4 31.7 21.9 21.6 8.5 3.1 13.0 7.4 5.7 0.3 9.8 8.8 1.0 41.1 22.0 14.3 19.5 –9.0 –9.1 28.5 2.4 26.0 –5.2 7.7 7.3 0.4 199.9 144.7 123.3 116.7 31.6 18.6 85.1 27.1 58.0 6.6 21.4 8.1 13.3 140.5 67.6 56.4 55.6 1.5 2.1 54.1 13.9 40.2 0.8 11.2 8.0 3.2 37.1 –5.2 42.3 31.8 49.5 0.5 48.8 70.8 68.1 3.0 3.1 11.8 8.4 2.2 39.6 2.7 14.3 25.2 198.3 104.3 106.6 52.7 10.2 42.4 53.9 –7.1 4.7 0.7 4.0 94.2 52.4 2.1 50.3 12.6 25.8 –3.8 29.7 9.3 7.4 9.6 4.4 3.6 –16.1 1.4 4.4 1.9 8.3 16.1 184.6 70.2 79.2 3.5 21.1 –17.6 75.7 –9.3 0.4 0.6 –0.2 114.3 12.3 1.0 11.3 –2.7 3.6 –26.4 30.0 31.7 30.9 5.6 6.3 20.2 –6.4 1.6 3.8 0.7 4.1 38.8 67.9 83.1 95.3 39.3 12.4 26.9 56.0 –13.7 1.5 0.5 1.0 –15.3 22.1 3.0 19.1 4.0 34.1 7.0 27.1 18.3 17.5 5.9 8.1 8.6 –6.3 0.4 0.5 1.0 1.1 25.7 87.0 151.8 158.3 97.6 33.1 64.5 60.7 –5.8 –0.8 0.3 –1.1 –64.7 8.8 8.4 0.4 36.0 42.2 9.8 32.5 6.3 8.7 3.3 9.5 4.8 –7.8 1.8 –2.8 –2.5 –73.7 135.0 211.7 164.8 164.4 102.8 18.2 84.6 61.6 –0.1 0.6 0.3 0.4 46.8 6.7 –3.4 10.1 14.7 18.1 7.8 10.2 –2.6 –1.2 8.9 8.0 –10.1 –10.3 1.2 1.1 –1.4 4.7 24.1 58.2 117.0 118.6 42.9 –2.1 44.9 75.7 –2.3 0.7 0.3 0.3 –58.7 6.7 2.7 4.0 9.1 –3.3 –20.9 17.6 –5.2 –4.4 4.0 6.0 –12.6 –5.8 2.5 1.5 –0.8 1.6 7.2 30.3 105.8 106.3 39.3 13.0 26.3 67.0 –0.5 0.0 0.5 –0.5 –75.6 3.9 –0.9 4.8 16.5 –4.5 –16.4 11.9 5.2 5.6 5.9 4.0 –4.1 –2.1 –0.2 2.2 –0.4 2.0 15.3 25.7 84.7 82.6 46.4 30.3 16.3 36.2 –0.3 2.4 0.7 1.8 –58.9 19.0 –2.1 21.2 15.0 11.8 3.8 8.0 28.1 26.7 31.3 2.8 5.6 –6.7 4.1 –10.5 1.4 18.7 30.0 169.9 143.1 133.4 65.9 29.5 36.3 67.5 8.4 1.3 0.7 0.4 26.8 14.9 3.0 11.8 10.2 45.2 21.7 23.5 8.4 7.9 6.2 1.0 7.4 –10.2 2.7 0.8 0.5 5.8 24.9 115.6 59.9 60.3 –10.9 –6.5 –4.4 71.2 –2.4 2.0 0.8 1.3 55.8 98.4 135.2 160.1 152.5 38.7 29.2 35.9 24.1 230.2 108.3 –7.1 –37.9 –16.6 –32.2 6.8 –4.1 91.8 85.3 97.6 82.0 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months)—Continues Seasonally adjusted at monthly rates 2009 January February March April May June 2010 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, domestic ............................. Less: Personal current taxes.................... Equals: Disposable personal income ...... Addenda: Personal consumption expenditures ........ Goods................................................... Durable goods .................................. Nondurable goods ............................ Services ............................................... –1.3 –1.3 –1.5 –0.3 –1.2 –0.8 –0.9 –0.4 –0.7 –0.5 –0.5 –0.2 0.0 0.4 0.5 0.1 1.3 0.2 0.3 0.0 –1.2 –0.1 –0.1 0.0 –0.4 –0.3 –0.4 –0.1 0.0 0.0 0.0 0.0 0.1 –0.1 –0.1 0.0 0.0 0.2 0.2 0.1 0.5 0.3 0.3 0.2 0.6 0.0 0.0 0.1 0.9 0.5 0.3 1.1 0.2 –0.2 –0.2 0.1 –2.8 –2.0 –1.4 –0.1 0.4 0.3 0.5 1.2 0.9 1.6 1.4 1.3 1.2 0.7 –2.9 –4.7 –5.5 –3.2 3.6 –1.2 –4.6 –3.8 –5.9 1.1 0.4 –4.1 –3.6 –5.0 1.7 2.0 –3.8 –1.1 –8.9 1.6 2.3 –2.3 –1.1 –4.6 8.0 2.4 –1.9 –1.0 –3.7 –4.9 2.4 –2.5 –2.0 –3.5 0.2 1.6 –1.7 –1.8 –1.5 0.5 0.8 –1.1 –1.6 –0.1 0.8 0.0 –0.8 –1.2 –0.1 –0.8 1.5 0.5 0.1 1.3 0.6 3.1 1.8 0.8 3.9 1.1 4.5 1.3 –0.1 4.3 1.9 3.3 0.9 –0.4 3.3 0.3 –0.5 –11.9 0.1 –0.8 –2.3 –1.1 –0.4 –2.7 –0.5 0.4 –3.8 0.4 0.2 –0.3 1.5 –0.1 –0.1 –1.3 –0.4 0.4 –0.5 –0.1 0.3 0.0 –0.2 0.0 0.1 0.0 0.0 0.0 0.2 0.5 0.5 –0.2 0.3 0.7 1.6 1.7 0.8 –0.3 0.0 0.3 0.5 1.7 3.0 1.1 –0.1 –0.1 0.4 –1.7 1.5 –0.4 –0.5 –1.0 –1.2 –0.8 –0.2 0.0 –0.2 –0.9 0.2 0.0 0.2 1.0 2.1 0.5 –0.1 0.6 1.5 0.9 1.7 0.1 0.3 0.7 1.3 0.3 0.1 1.3 3.3 7.0 1.5 0.3 –0.9 –2.7 –8.8 0.3 0.0 0.5 0.6 1.0 0.4 0.5 0.3 0.9 2.4 0.3 –0.1 0.6 0.6 0.2 0.8 0.6 0.1 0.3 –1.2 1.0 0.1 0.3 0.3 –0.1 0.5 0.4 –0.2 –0.4 0.3 0.3 0.5 0.6 0.5 0.6 0.2 0.2 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts.................................... Real disposable personal income ............ –2.3 0.0 –1.9 –1.3 –1.1 –0.4 –0.5 0.3 –0.2 1.4 –0.9 –1.9 –0.5 –0.5 –0.4 –0.3 –0.3 –0.1 Seasonally adjusted at monthly rates 2010 March April May June July 2011 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, domestic ............................. Less: Personal current taxes.................... Equals: Disposable personal income ...... Addenda: Personal consumption expenditures ........ Goods................................................... Durable goods .................................. Nondurable goods ............................ Services ............................................... 0.6 0.5 0.5 0.3 0.7 0.7 0.8 0.3 0.6 0.7 0.8 0.4 0.2 0.0 –0.1 0.1 0.2 0.4 0.5 0.3 0.5 0.3 0.3 0.3 0.0 0.0 0.0 0.1 0.4 0.3 0.3 0.3 0.2 –0.1 –0.2 0.1 0.7 0.3 0.3 0.2 1.9 1.8 1.8 1.8 0.4 0.4 0.4 0.3 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 1.8 2.7 0.9 0.7 –0.3 0.7 0.4 0.6 0.9 0.8 –0.4 0.5 0.0 0.8 2.1 –0.1 –0.4 0.4 0.4 0.9 0.7 0.0 1.9 –0.1 0.5 0.8 0.0 2.2 0.1 0.0 0.7 0.0 1.8 0.2 –0.5 –0.2 –1.2 1.6 0.2 –0.4 –0.3 –1.4 1.6 1.6 –0.3 –0.3 –1.5 1.5 –0.2 –0.4 0.9 1.0 0.7 0.2 1.3 1.2 1.1 1.4 0.1 3.0 2.1 1.1 3.8 0.3 4.6 0.6 –0.2 1.8 0.1 3.2 0.6 0.0 1.4 –0.2 2.0 –0.7 0.0 –1.8 0.1 0.7 0.7 0.3 1.2 0.0 0.3 0.4 0.6 0.5 0.3 0.8 0.5 0.9 0.6 –0.2 0.5 0.1 0.3 1.6 0.1 0.2 1.2 0.4 –0.1 0.7 –0.1 0.2 0.8 0.3 –0.2 0.3 0.2 0.2 0.6 0.7 –7.7 9.7 1.1 0.2 0.6 0.4 0.3 0.7 0.1 0.2 0.7 0.3 0.7 1.4 4.2 0.1 0.3 0.1 –0.5 –0.8 –0.4 0.4 0.2 –0.3 0.3 –0.6 0.5 0.0 –0.4 –0.1 –0.5 0.2 0.3 0.4 0.4 0.5 0.2 0.7 1.4 0.7 1.8 0.4 0.2 0.4 0.6 0.4 0.1 0.7 1.4 2.2 1.1 0.3 0.5 0.7 0.3 0.8 0.5 0.4 0.7 0.2 1.0 0.3 0.4 1.2 0.8 1.4 0.1 0.6 1.1 0.6 1.3 0.4 0.8 1.0 0.8 1.1 0.6 0.4 0.7 0.0 1.1 0.2 0.5 0.4 2.1 0.8 0.2 0.0 –0.3 –0.3 0.1 0.0 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts.................................... Real disposable personal income ............ 0.4 0.4 0.9 0.8 0.8 0.6 0.1 0.1 0.1 –0.1 0.1 0.2 –0.1 –0.2 0.2 0.1 0.1 0.1 Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months)—Table Ends Seasonally adjusted at monthly rates 2011 May June July August 2012 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, domestic ............................. Less: Personal current taxes.................... Equals: Disposable personal income ...... Addenda: Personal consumption expenditures ........ Goods................................................... Durable goods .................................. Nondurable goods ............................ Services ............................................... 0.0 0.0 –0.1 0.2 0.2 0.3 0.3 0.2 0.1 0.3 0.3 0.3 –0.6 0.1 0.0 0.7 0.7 0.4 1.1 0.0 0.6 0.7 0.4 1.0 –0.4 0.5 –0.3 –1.2 1.1 0.1 –0.1 0.3 0.0 0.2 0.4 0.2 0.2 0.1 0.2 0.1 –0.5 –0.9 –0.3 0.4 –0.1 –0.6 –0.8 –0.6 0.2 0.7 1.2 1.7 1.0 0.5 0.0 –0.1 –0.2 0.1 0.1 0.1 0.1 0.2 0.3 0.5 0.5 0.3 –0.2 –0.4 –0.5 –0.1 0.8 0.6 –0.5 0.0 1.0 –0.5 –1.3 0.5 0.0 1.5 –0.6 –1.3 0.3 –0.1 1.7 0.2 –0.1 0.8 0.2 1.2 0.0 –0.2 0.3 –0.2 –0.2 –0.1 0.0 0.0 0.3 0.0 0.6 0.8 0.3 –0.5 –0.1 –0.3 0.2 0.1 –0.6 0.3 0.3 0.5 1.3 1.9 0.9 0.2 0.2 0.5 1.3 0.2 0.1 0.1 –0.1 0.1 –0.1 0.2 0.3 0.2 0.2 0.1 0.8 1.2 1.2 0.9 0.6 0.7 0.8 0.4 0.5 0.5 0.5 0.3 0.2 0.0 0.0 0.1 0.3 0.1 0.1 0.2 0.5 0.4 0.5 0.3 0.6 0.4 0.5 0.3 –0.2 1.0 0.5 1.4 0.1 0.3 –0.1 0.6 1.2 0.2 0.3 0.5 0.3 1.4 0.3 0.3 0.4 0.2 1.3 0.4 0.3 0.6 0.4 0.4 1.1 0.9 1.3 0.0 0.5 1.1 0.9 1.5 0.0 0.5 1.1 0.9 1.4 0.1 0.1 0.5 0.3 1.6 1.1 0.8 0.6 0.8 0.6 0.4 0.6 0.5 0.0 0.5 0.1 0.1 0.5 0.3 0.4 0.6 0.4 0.1 –0.2 0.5 –0.5 0.3 0.5 1.0 1.6 0.8 0.2 0.8 1.2 0.9 1.3 0.6 0.3 0.4 –0.1 0.6 0.2 0.2 –0.3 –0.4 –0.2 0.5 –0.1 –0.8 –0.4 –0.9 0.2 0.0 –0.4 –0.1 –0.6 0.2 0.4 0.3 0.2 0.2 0.2 0.1 0.5 0.5 0.4 0.3 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts.................................... Real disposable personal income ............ p Preliminary –0.2 –0.2 0.2 0.1 –0.1 –0.1 –0.3 –0.3 0.0 –0.1 0.4 0.3 –0.3 –0.3 0.2 0.2 0.6 0.6 Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 2010 2011 2009 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, domestic ................... Less: Personal current taxes......................................................................... Equals: Disposable personal income ........................................................... Addenda: Personal consumption expenditures ............................................................. Goods........................................................................................................ Durable goods ....................................................................................... Nondurable goods ................................................................................. Services .................................................................................................... 4.6 2.7 2.0 5.7 –4.8 –3.5 –4.3 0.1 3.8 2.3 2.1 2.7 5.1 4.1 4.0 4.4 –12.7 –11.0 –12.8 –3.3 –1.6 –0.2 –0.1 –0.7 –2.8 –1.4 –1.6 –0.4 2.4 1.3 1.3 1.2 0.7 61.1 5.3 9.2 –1.1 9.4 2.9 –3.6 5.8 –10.8 25.1 –24.9 –20.9 –31.9 13.9 –2.4 –20.3 –2.7 12.7 20.5 –1.7 –7.0 9.1 6.7 2.1 4.4 3.8 4.9 17.3 5.4 –0.8 16.3 1.5 –6.5 17.0 3.8 –26.4 –7.6 –39.3 –39.2 –39.5 28.6 –7.4 –49.4 –6.8 –5.1 17.8 –34.2 –21.4 –53.7 29.9 0.2 –23.7 1.1 8.1 27.3 –21.6 –17.6 –29.7 –0.3 –2.0 1.6 –3.3 17.2 13.2 –4.8 –9.5 6.3 3.1 –0.2 2.2 2.5 2.7 0.5 –6.7 4.5 3.8 –1.9 –5.5 –7.1 –4.8 0.0 3.8 5.3 4.8 5.6 3.0 5.0 7.7 6.2 8.4 3.7 –3.7 –6.8 –1.2 –9.4 –2.2 –0.2 2.1 –2.3 4.3 –1.3 5.2 13.7 17.8 11.8 1.4 3.0 2.6 –5.1 6.5 3.2 –8.8 –0.5 –6.2 –6.1 –0.7 –0.6 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ............................ Real disposable personal income ................................................................. 0.5 2.4 –8.1 –2.8 1.3 1.8 3.4 1.3 –17.3 –4.7 Seasonally adjusted at annual rates 2010 I II 2011 III IV I II 2012 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, domestic ................... Less: Personal current taxes......................................................................... Equals: Disposable personal income ........................................................... Addenda: Personal consumption expenditures ............................................................. Goods........................................................................................................ Durable goods ....................................................................................... Nondurable goods ................................................................................. Services .................................................................................................... 7.8 2.5 1.7 5.9 6.8 5.7 6.2 3.4 3.5 3.4 3.5 2.8 3.7 1.8 1.6 2.5 11.6 9.2 9.1 9.5 2.6 2.5 2.3 3.1 1.2 1.5 1.3 2.4 1.3 1.1 0.9 1.9 6.3 7.1 7.6 5.3 4.3 3.2 3.4 2.7 15.4 48.0 13.7 0.2 46.4 13.6 6.1 9.2 7.6 21.5 15.7 6.8 –1.5 24.0 1.7 3.4 5.7 6.9 4.5 –3.1 0.9 –9.9 22.9 5.7 1.7 13.9 2.5 8.1 4.7 8.8 2.8 19.4 3.2 0.4 8.8 3.1 3.1 47.3 10.8 3.9 22.4 1.1 –26.7 51.3 7.7 2.3 15.9 4.4 3.1 6.4 –0.4 2.1 7.2 2.0 2.4 9.4 –0.8 –7.9 10.9 –0.9 0.7 2.1 1.1 1.3 16.9 –1.0 –6.4 7.2 0.9 0.9 4.4 0.9 6.7 14.7 2.8 1.5 4.6 4.9 8.3 8.7 6.0 5.1 9.5 11.1 9.0 14.1 1.4 2.5 7.0 4.0 4.3 6.6 4.0 7.8 3.3 3.2 0.4 8.3 –3.1 4.6 3.8 4.8 4.7 4.9 3.3 6.3 12.1 12.8 11.8 3.6 6.5 12.4 6.7 15.2 3.6 4.6 4.9 –0.7 7.6 4.4 4.0 4.4 4.7 4.3 3.8 3.1 5.2 11.0 2.6 2.0 5.0 7.3 10.4 5.9 3.8 2.2 –1.2 –2.1 –0.7 4.0 –0.7 –1.3 0.3 –0.2 4.0 3.4 4.2 3.2 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ............................ Real disposable personal income ................................................................. 4.6 5.7 7.4 6.3 1.7 1.2 1.6 1.0 10.5 4.4 –0.3 –1.5 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2008 2009 December January February March April May June 2010 July August September October November December January February Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... 9,036.1 3,052.6 1,075.2 1,968.7 5,976.6 9,069.6 3,097.7 1,108.0 1,982.8 5,967.8 9,040.2 3,087.4 1,089.0 1,989.8 5,948.4 9,008.8 3,064.6 1,077.1 1,978.5 5,938.4 8,994.7 3,052.9 1,067.3 1,975.9 5,935.4 9,005.1 3,076.9 1,090.2 1,978.7 5,923.5 8,998.1 3,071.2 1,099.8 1,965.2 5,921.8 9,020.3 3,097.4 1,119.8 1,973.1 5,919.2 9,107.6 3,183.5 1,201.9 1,985.2 5,924.6 9,010.7 3,088.3 1,094.0 1,985.9 5,918.2 9,028.4 3,101.2 1,102.1 1,991.3 5,923.5 9,030.4 3,120.3 1,127.6 1,988.0 5,907.8 9,077.3 3,136.8 1,132.5 1,999.3 5,938.2 9,069.5 3,134.5 1,119.6 2,007.7 5,932.9 9,094.7 3,148.6 1,121.1 2,019.7 5,944.4 46.9 16.5 4.9 11.3 30.4 –7.8 –2.3 –12.9 8.4 –5.3 25.2 14.1 1.5 12.0 11.5 0.5 0.5 0.4 0.6 0.5 –0.1 –0.1 –1.1 0.4 –0.1 0.3 0.5 0.1 0.6 0.2 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... –48.4 –37.5 –16.0 –21.6 –13.1 33.5 45.1 32.8 14.1 –8.8 –29.4 –10.3 –19.0 7.0 –19.4 –31.4 –22.8 –11.9 –11.3 –10.0 –14.1 –11.7 –9.8 –2.6 –3.0 10.4 24.0 22.9 2.8 –11.9 –7.0 –5.7 9.6 –13.5 –1.7 22.2 26.2 20.0 7.9 –2.6 87.3 86.1 82.1 12.1 5.4 –96.9 –95.2 –107.9 0.7 –6.4 17.7 12.9 8.1 5.4 5.3 2.0 19.1 25.5 –3.3 –15.7 Percent change from preceding period in billions of chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... –0.5 –1.2 –1.5 –1.1 –0.2 0.4 1.5 3.1 0.7 –0.1 –0.3 –0.3 –1.7 0.4 –0.3 –0.3 –0.7 –1.1 –0.6 –0.2 –0.2 –0.4 –0.9 –0.1 –0.1 0.1 0.8 2.2 0.1 –0.2 –0.1 –0.2 0.9 –0.7 0.0 0.2 0.9 1.8 0.4 0.0 1.0 2.8 7.3 0.6 0.1 –1.1 –3.0 –9.0 0.0 –0.1 0.2 0.4 0.7 0.3 0.1 0.0 0.6 2.3 –0.2 –0.3 2010 March April May June July 2011 August September October November December January February March April Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... 9,138.4 3,195.5 1,167.0 2,025.7 5,943.8 9,144.5 3,186.7 1,159.9 2,023.4 5,957.9 9,166.9 3,188.0 1,165.4 2,020.0 5,978.5 9,166.7 3,181.4 1,168.3 2,011.4 5,984.4 9,180.3 3,188.4 1,176.9 2,010.9 5,991.2 9,230.1 3,224.1 1,184.6 2,037.9 6,006.9 9,237.7 3,233.0 1,193.2 2,039.2 6,006.1 9,276.3 3,264.1 1,221.6 2,045.3 6,015.1 9,315.0 3,280.7 1,227.3 2,056.1 6,037.5 9,334.0 3,284.8 1,234.1 2,054.6 6,052.1 9,352.0 3,307.6 1,242.7 2,068.7 6,048.5 9,378.9 3,323.1 1,247.8 2,079.1 6,060.3 9,411.7 3,330.1 1,257.6 2,078.0 6,085.7 9,416.2 3,336.3 1,254.9 2,085.8 6,084.2 26.9 15.5 5.1 10.4 11.8 32.8 7.0 9.8 –1.1 25.4 4.5 6.2 –2.7 7.8 –1.5 0.3 0.2 0.8 –0.1 0.4 0.0 0.2 –0.2 0.4 0.0 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... 43.7 46.9 45.9 6.0 –0.6 6.1 –8.8 –7.1 –2.3 14.1 22.4 1.3 5.5 –3.4 20.6 –0.2 –6.6 2.9 –8.6 5.9 13.6 7.0 8.6 –0.5 6.8 49.8 35.7 7.7 27.0 15.7 7.6 8.9 8.6 1.3 –0.8 38.6 31.1 28.4 6.1 9.0 38.7 16.6 5.7 10.8 22.4 19.0 4.1 6.8 –1.5 14.6 18.0 22.8 8.6 14.1 –3.6 Percent change from preceding period in billions of chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... 0.5 1.5 4.1 0.3 0.0 0.1 –0.3 –0.6 –0.1 0.2 0.2 0.0 0.5 –0.2 0.3 0.0 –0.2 0.3 –0.4 0.1 0.1 0.2 0.7 0.0 0.1 0.5 1.1 0.7 1.3 0.3 0.1 0.3 0.7 0.1 0.0 0.4 1.0 2.4 0.3 0.1 0.4 0.5 0.5 0.5 0.4 0.2 0.1 0.5 –0.1 0.2 0.2 0.7 0.7 0.7 –0.1 2011 May June July August 0.3 0.5 0.4 0.5 0.2 2012 September October November December January February March June p April May 9,581.6 3,415.5 1,336.5 2,096.6 6,171.5 9,588.0 3,416.4 1,330.7 2,101.7 6,177.0 9,576.4 3,406.4 1,331.2 2,092.3 6,174.9 19.1 0.4 –3.7 3.1 18.2 6.4 0.9 –5.8 5.1 5.5 –11.6 –10.0 0.5 –9.4 –2.1 0.1 0.0 –0.4 0.2 0.1 –0.1 –0.3 0.0 –0.4 0.0 Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... 9,405.2 3,311.5 1,241.7 2,073.2 6,096.6 9,388.3 3,288.9 1,230.2 2,061.5 6,101.1 9,433.3 3,318.1 1,252.2 2,071.3 6,117.8 9,428.4 3,309.1 1,247.2 2,066.9 6,121.4 9,464.0 3,343.3 1,276.3 2,076.1 6,124.2 9,485.5 3,368.0 1,294.0 2,085.3 6,122.1 9,489.2 3,367.3 1,298.5 2,081.2 6,126.4 9,493.3 3,368.3 1,307.9 2,075.2 6,129.4 9,517.9 3,392.4 1,327.8 2,082.2 6,130.9 9,560.1 3,412.4 1,340.2 2,091.0 6,153.5 9,562.5 3,415.1 1,340.2 2,093.5 6,153.3 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... –11.0 –24.8 –13.2 –12.6 12.4 –16.9 –22.6 –11.5 –11.7 4.5 45.0 29.2 22.0 9.8 16.7 –4.9 –9.0 –5.0 –4.4 3.6 35.6 34.2 29.1 9.2 2.8 21.5 24.7 17.7 9.2 –2.1 3.7 –0.7 4.5 –4.1 4.3 4.1 1.0 9.4 –6.0 3.0 24.6 24.1 19.9 7.0 1.5 42.2 20.0 12.4 8.8 22.6 2.4 2.7 0.0 2.5 –0.2 Percent change from preceding period in billions of chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... p Preliminary –0.1 –0.7 –1.0 –0.6 0.2 –0.2 –0.7 –0.9 –0.6 0.1 0.5 0.9 1.8 0.5 0.3 –0.1 –0.3 –0.4 –0.2 0.1 0.4 1.0 2.3 0.4 0.0 0.2 0.7 1.4 0.4 0.0 0.0 0.0 0.4 –0.2 0.1 0.0 0.0 0.7 –0.3 0.1 0.3 0.7 1.5 0.3 0.0 0.4 0.6 0.9 0.4 0.4 0.0 0.1 0.0 0.1 0.0 0.2 0.0 –0.3 0.2 0.3 Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 2010 2011 2008 2009 IV I II III IV Billions of chained (2005) dollars Personal consumption expenditures........................ Goods ................................... Durable goods ................... Nondurable goods ............. Services ................................ 9,211.7 3,192.9 1,171.8 2,019.1 6,017.0 9,032.6 3,098.2 1,109.1 1,982.8 5,930.6 9,196.2 3,209.1 1,178.3 2,029.3 5,987.6 9,428.8 3,331.0 1,262.6 2,075.2 6,101.5 9,076.0 3,082.0 1,088.0 1,985.3 5,988.8 9,039.5 3,083.2 1,091.4 1,983.7 5,951.5 8,999.3 3,067.0 1,085.8 1,973.3 5,926.9 9,046.2 3,123.1 1,138.6 1,981.4 5,920.7 9,045.4 3,119.5 1,120.7 1,992.9 5,923.2 –40.2 –16.2 –5.6 –10.4 –24.6 46.9 56.1 52.8 8.1 –6.2 –0.8 –3.6 –17.9 11.5 2.5 –1.8 –2.1 –2.0 –2.1 –1.6 2.1 7.5 20.9 1.7 –0.4 0.0 –0.5 –6.1 2.3 0.2 Change from preceding period in billions of chained (2005) dollars Personal consumption expenditures........................ Goods ................................... Durable goods ................... Nondurable goods ............. Services ................................ –51.2 –80.6 –60.6 –23.8 26.8 –179.1 –94.7 –62.7 –36.3 –86.4 163.6 110.9 69.2 46.5 57.0 232.6 121.9 84.3 45.9 113.9 –120.0 –105.9 –82.8 –30.1 –17.7 –36.5 1.2 3.4 –1.6 –37.3 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures........................ Goods ................................... Durable goods ................... Nondurable goods ............. Services ................................ –0.6 –2.5 –4.9 –1.2 0.4 –1.9 –3.0 –5.4 –1.8 –1.4 1.8 3.6 6.2 2.3 1.0 2.5 3.8 7.2 2.3 1.9 –5.1 –12.6 –25.4 –5.8 –1.2 –1.6 0.2 1.3 –0.3 –2.5 Seasonally adjusted at annual rates 2010 I II 2011 III IV I II 2012 III IV I II Billions of chained (2005) dollars Personal consumption expenditures........................ Goods ................................... Durable goods ................... Nondurable goods ............. Services ................................ 9,100.8 3,159.5 1,135.9 2,017.7 5,940.4 9,159.4 3,185.4 1,164.5 2,018.3 5,973.6 9,216.0 3,215.1 1,184.9 2,029.4 6,001.4 9,308.5 3,276.5 1,227.7 2,052.0 6,034.9 9,380.9 3,320.3 1,249.4 2,075.3 6,064.8 9,403.2 3,312.2 1,242.3 2,073.5 6,094.0 9,441.9 3,323.5 1,258.6 2,071.4 6,121.1 9,489.3 3,367.9 1,300.1 2,080.5 6,126.0 9,546.8 3,406.6 1,336.1 2,088.9 6,145.9 9,582.0 3,412.8 1,332.8 2,096.9 6,174.5 47.4 44.4 41.5 9.1 4.9 57.5 38.7 36.0 8.4 19.9 35.2 6.2 –3.3 8.0 28.6 2.0 5.4 13.9 1.8 0.3 2.4 4.7 11.5 1.6 1.3 1.5 0.7 –1.0 1.5 1.9 Change from preceding period in billions of chained (2005) dollars Personal consumption expenditures........................ Goods ................................... Durable goods ................... Nondurable goods ............. Services ................................ 55.4 40.0 15.2 24.8 17.2 58.6 25.9 28.6 0.6 33.2 56.6 29.7 20.4 11.1 27.8 92.5 61.4 42.8 22.6 33.5 72.4 43.8 21.7 23.3 29.9 22.3 –8.1 –7.1 –1.8 29.2 38.7 11.3 16.3 –2.1 27.1 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures........................ Goods ................................... Durable goods ................... Nondurable goods ............. Services ................................ 2.5 5.2 5.5 5.1 1.2 2.6 3.3 10.5 0.1 2.3 2.5 3.8 7.2 2.2 1.9 4.1 7.9 15.2 4.5 2.3 3.1 5.4 7.3 4.6 2.0 1.0 –1.0 –2.3 –0.3 1.9 1.7 1.4 5.4 –0.4 1.8 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)—Continues 2008 2009 December January February March April May June 2010 July August September October November December January February Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE)................. Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... Addenda: PCE excluding food and energy Food 1 ....................................... Energy goods and services 2 .... Market-based PCE 3 ................. Market-based PCE excluding food and energy 3 .................. 107.847 100.700 93.242 105.208 111.635 107.947 100.945 93.143 105.643 111.664 108.188 101.722 93.174 106.833 111.629 108.055 101.491 93.070 106.529 111.550 108.178 101.726 93.106 106.869 111.617 108.306 101.975 93.033 107.292 111.684 109.005 103.665 93.038 109.921 111.870 109.027 103.458 92.566 109.860 112.011 109.362 103.976 92.293 110.841 112.250 109.557 104.236 92.483 111.139 112.410 109.935 104.438 92.698 111.334 112.882 110.200 104.780 92.765 111.832 113.105 110.290 104.843 92.587 112.035 113.208 110.535 105.183 92.483 112.629 113.401 110.601 105.001 92.241 112.481 113.596 107.670 114.807 99.889 107.715 107.728 114.787 101.098 107.977 107.827 114.410 104.697 108.351 107.924 114.094 101.035 108.307 108.154 113.612 100.163 108.419 108.260 113.223 101.356 108.540 108.441 113.352 111.619 109.270 108.521 112.910 111.323 109.232 108.679 112.914 115.188 109.589 108.882 112.570 115.996 109.739 109.241 112.709 117.032 110.006 109.352 112.803 120.166 110.227 109.424 113.009 120.377 110.300 109.568 113.096 122.502 110.496 109.704 113.205 121.328 110.490 107.488 107.726 107.955 108.192 108.426 108.519 108.653 108.673 108.827 108.980 109.207 109.242 109.292 109.363 109.427 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)................. Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... Addenda: PCE excluding food and energy Food 1 ....................................... Energy goods and services 2 .... Market-based PCE 3 ................. Market-based PCE excluding food and energy 3 .................. –0.5 –1.8 –0.5 –2.4 0.1 0.1 0.2 –0.1 0.4 0.0 0.2 0.8 0.0 1.1 0.0 –0.1 –0.2 –0.1 –0.3 –0.1 0.1 0.2 0.0 0.3 0.1 0.1 0.2 –0.1 0.4 0.1 0.6 1.7 0.0 2.5 0.2 0.0 –0.2 –0.5 –0.1 0.1 0.3 0.5 –0.3 0.9 0.2 0.2 0.3 0.2 0.3 0.1 0.3 0.2 0.2 0.2 0.4 0.2 0.3 0.1 0.4 0.2 0.1 0.1 –0.2 0.2 0.1 0.2 0.3 –0.1 0.5 0.2 0.1 –0.2 –0.3 –0.1 0.2 0.0 –0.1 –9.7 –0.6 0.1 0.0 1.2 0.2 0.1 –0.3 3.6 0.3 0.1 –0.3 –3.5 0.0 0.2 –0.4 –0.9 0.1 0.1 –0.3 1.2 0.1 0.2 0.1 10.1 0.7 0.1 –0.4 –0.3 0.0 0.1 0.0 3.5 0.3 0.2 –0.3 0.7 0.1 0.3 0.1 0.9 0.2 0.1 0.1 2.7 0.2 0.1 0.2 0.2 0.1 0.1 0.1 1.8 0.2 0.1 0.1 –1.0 0.0 0.0 0.2 0.2 0.2 0.2 0.1 0.1 0.0 0.1 0.1 0.2 0.0 0.0 0.1 0.1 2010 March April May June July 2011 August September October November December January February March April Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE)................. Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... Addenda: PCE excluding food and energy Food 1 ....................................... Energy goods and services 2 .... Market-based PCE 3 ................. Market-based PCE excluding food and energy 3 .................. 110.791 104.892 92.299 112.281 113.944 110.801 104.610 92.114 111.944 114.109 110.790 104.204 91.923 111.414 114.308 110.810 104.036 91.613 111.329 114.428 110.980 104.274 91.339 111.864 114.561 111.169 104.591 91.423 112.317 114.683 111.312 104.755 91.298 112.649 114.815 111.580 105.235 91.089 113.534 114.969 111.709 105.402 90.931 113.893 115.078 111.963 106.044 90.583 115.124 115.123 112.243 106.541 90.643 115.882 115.285 112.613 107.211 90.810 116.849 115.492 113.063 108.047 90.801 118.191 115.731 113.425 108.632 90.985 119.013 115.973 109.944 113.439 120.605 110.559 110.001 113.612 119.582 110.539 110.132 113.627 117.120 110.483 110.230 113.528 116.001 110.507 110.296 113.610 118.045 110.672 110.402 113.695 119.793 110.863 110.487 113.972 120.713 110.979 110.561 114.149 124.444 111.216 110.637 114.289 125.471 111.360 110.609 114.465 130.759 111.681 110.806 115.114 131.958 111.953 110.974 115.931 135.245 112.393 111.139 116.874 140.014 112.880 111.366 117.279 142.731 113.252 109.534 109.564 109.666 109.779 109.824 109.918 109.963 109.970 110.056 110.061 110.236 110.455 110.620 110.836 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)................. Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... Addenda: PCE excluding food and energy Food 1 ....................................... Energy goods and services 2 .... Market-based PCE 3 ................. Market-based PCE excluding food and energy 3 .................. 0.2 –0.1 0.1 –0.2 0.3 0.0 –0.3 –0.2 –0.3 0.1 0.0 –0.4 –0.2 –0.5 0.2 0.0 –0.2 –0.3 –0.1 0.1 0.2 0.2 –0.3 0.5 0.1 0.2 0.3 0.1 0.4 0.1 0.1 0.2 –0.1 0.3 0.1 0.2 0.5 –0.2 0.8 0.1 0.1 0.2 –0.2 0.3 0.1 0.2 0.6 –0.4 1.1 0.0 0.3 0.5 0.1 0.7 0.1 0.3 0.6 0.2 0.8 0.2 0.4 0.8 0.0 1.1 0.2 0.3 0.5 0.2 0.7 0.2 0.2 0.2 –0.6 0.1 0.1 0.2 –0.8 0.0 0.1 0.0 –2.1 –0.1 0.1 –0.1 –1.0 0.0 0.1 0.1 1.8 0.1 0.1 0.1 1.5 0.2 0.1 0.2 0.8 0.1 0.1 0.2 3.1 0.2 0.1 0.1 0.8 0.1 0.0 0.2 4.2 0.3 0.2 0.6 0.9 0.2 0.2 0.7 2.5 0.4 0.1 0.8 3.5 0.4 0.2 0.3 1.9 0.3 0.1 0.0 0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 0.2 0.2 0.1 0.2 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)—Table Ends 2011 May June July August 2012 September October November December January February March April May June p Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE)................. Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... Addenda: PCE excluding food and energy Food 1 ....................................... Energy goods and services 2 .... Market-based PCE 3 ................. Market-based PCE excluding food and energy 3 .................. 113.686 108.881 91.090 119.347 116.242 113.788 108.946 91.238 119.360 116.364 114.052 109.315 91.190 119.978 116.572 114.323 109.673 91.024 120.650 116.797 114.504 109.910 90.665 121.251 116.946 114.505 109.692 90.616 120.931 117.067 114.597 109.636 90.372 120.993 117.239 114.676 109.379 90.155 120.712 117.504 114.964 109.714 90.219 121.214 117.767 115.335 110.358 90.187 122.283 117.986 115.602 110.696 90.065 122.912 118.214 115.608 110.372 89.923 122.473 118.403 115.391 109.492 89.944 121.028 118.553 115.518 109.349 89.815 120.877 118.828 111.621 117.731 142.852 113.504 111.810 118.030 141.081 113.631 112.001 118.492 142.353 113.901 112.188 119.190 143.503 114.205 112.223 119.780 145.716 114.439 112.343 120.050 143.173 114.419 112.492 119.995 142.429 114.508 112.664 120.288 140.427 114.604 112.949 120.457 140.909 114.881 113.104 120.437 146.004 115.282 113.313 120.597 147.531 115.530 113.447 120.716 144.862 115.507 113.579 120.576 138.068 115.276 113.817 120.870 135.864 115.359 111.078 111.310 111.498 111.710 111.784 111.898 112.053 112.258 112.530 112.686 112.863 112.984 113.153 113.359 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)................. Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... Addenda: PCE excluding food and energy Food 1 ....................................... Energy goods and services 2 .... Market-based PCE 3 ................. Market-based PCE excluding food and energy 3 .................. 0.2 0.2 0.1 0.3 0.2 0.1 0.1 0.2 0.0 0.1 0.2 0.3 –0.1 0.5 0.2 0.2 0.3 –0.2 0.6 0.2 0.2 0.2 –0.4 0.5 0.1 0.0 –0.2 –0.1 –0.3 0.1 0.1 –0.1 –0.3 0.1 0.1 0.1 –0.2 –0.2 –0.2 0.2 0.3 0.3 0.1 0.4 0.2 0.3 0.6 0.0 0.9 0.2 0.2 0.3 –0.1 0.5 0.2 0.0 –0.3 –0.2 –0.4 0.2 –0.2 –0.8 0.0 –1.2 0.1 0.1 –0.1 –0.1 –0.1 0.2 0.2 0.4 0.1 0.2 0.2 0.3 –1.2 0.1 0.2 0.4 0.9 0.2 0.2 0.6 0.8 0.3 0.0 0.5 1.5 0.2 0.1 0.2 –1.7 0.0 0.1 0.0 –0.5 0.1 0.2 0.2 –1.4 0.1 0.3 0.1 0.3 0.2 0.1 0.0 3.6 0.3 0.2 0.1 1.0 0.2 0.1 0.1 –1.8 0.0 0.1 –0.1 –4.7 –0.2 0.2 0.2 –1.6 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.2 0.2 0.1 0.2 0.1 0.1 0.2 p Preliminary 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 2009 December January Disposable personal income ..... Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... February March April May June 2010 July August September October November December January February 0.5 –0.4 –1.9 –2.4 –1.7 –4.9 –4.3 –3.2 –2.8 –2.8 –3.2 –3.4 –2.3 –1.7 –0.2 –3.1 –7.4 –13.6 –4.2 –0.9 –2.6 –5.3 –10.1 –2.8 –1.2 –2.5 –4.3 –10.3 –1.2 –1.6 –3.0 –5.7 –10.9 –3.1 –1.6 –3.2 –6.1 –12.0 –3.2 –1.7 –3.0 –5.5 –10.1 –3.1 –1.8 –3.0 –5.5 –8.6 –4.0 –1.8 –2.2 –3.5 –4.6 –2.9 –1.6 –1.1 –0.9 1.1 –1.9 –1.2 –1.5 –1.8 –4.8 –0.3 –1.5 –0.9 –0.1 0.4 –0.3 –1.3 –0.6 1.0 3.3 –0.1 –1.4 0.5 2.8 5.3 1.6 –0.6 0.0 1.2 1.0 1.3 –0.6 0.6 2.0 3.0 1.5 –0.1 April May June 2010 March Disposable personal income ..... Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... July 2011 August September October November December January April 1.0 0.3 2.3 2.7 3.4 3.2 3.7 3.5 3.3 3.5 3.4 2.6 1.8 1.4 4.3 8.3 2.4 0.1 1.7 4.4 8.7 2.4 0.4 1.8 3.6 6.9 2.1 0.9 1.9 3.6 6.2 2.4 1.1 1.8 2.9 5.1 1.9 1.2 1.3 1.3 –1.4 2.7 1.4 2.5 4.7 9.1 2.7 1.5 2.7 5.3 10.8 2.7 1.5 3.2 5.1 8.8 3.4 2.2 2.8 4.7 9.0 2.8 1.9 3.1 5.5 11.0 3.0 1.9 3.1 5.5 11.3 2.9 1.9 3.0 4.2 7.8 2.6 2.4 3.0 4.7 8.2 3.1 2.1 May p Preliminary March 0.5 2011 Disposable personal income ..... Personal consumption expenditures............................ Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... February June July August 2012 September October November December January February March April June p May 1.0 0.9 0.9 0.4 0.5 0.7 0.3 0.0 –0.2 0.0 0.6 0.7 1.4 1.7 2.6 3.9 6.6 2.6 2.0 2.4 3.4 5.3 2.5 2.0 2.8 4.1 6.4 3.0 2.1 2.1 2.6 5.3 1.4 1.9 2.5 3.4 7.0 1.8 2.0 2.3 3.2 5.9 2.0 1.8 1.9 2.6 5.8 1.2 1.5 1.7 2.5 6.0 1.0 1.3 1.8 2.6 6.8 0.6 1.4 1.9 2.7 7.4 0.6 1.5 1.6 2.6 6.6 0.7 1.1 1.8 2.4 6.5 0.5 1.4 1.9 3.2 7.2 1.4 1.3 2.0 3.6 8.2 1.5 1.2 Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 2009 December January Personal consumption expenditures (PCE)................. Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... Addenda: PCE excluding food and energy Food 1 ....................................... Energy goods and services 2 .... Market-based PCE 3 ................. Market-based PCE excluding food and energy 3 .................. February March April May June 2010 July August September October November December January February 0.6 –3.8 –2.4 –4.5 2.8 0.4 –4.0 –2.5 –4.6 2.6 0.4 –3.4 –2.4 –3.9 2.3 –0.1 –3.9 –2.4 –4.6 1.8 –0.3 –3.9 –2.0 –4.9 1.5 –0.6 –4.1 –1.8 –5.2 1.1 –0.6 –3.6 –1.7 –4.6 1.0 –1.1 –4.8 –2.3 –6.1 0.8 –0.7 –3.9 –2.4 –4.7 0.9 –0.7 –3.8 –2.0 –4.7 1.0 0.2 –1.9 –1.6 –2.1 1.3 1.7 2.2 –1.0 3.7 1.4 2.3 4.1 –0.7 6.5 1.4 2.4 4.2 –0.7 6.6 1.6 2.2 3.2 –1.0 5.3 1.8 1.8 6.8 –23.7 0.5 1.6 5.9 –23.3 0.4 1.6 5.0 –21.5 0.5 1.4 4.5 –25.7 0.2 1.4 2.7 –27.1 0.0 1.3 2.1 –28.6 –0.3 1.3 1.5 –25.8 –0.3 1.2 0.0 –29.4 –0.9 1.2 –0.6 –24.4 –0.5 1.2 –1.5 –23.0 –0.6 1.5 –1.7 –14.9 0.2 1.6 –1.9 8.6 1.8 1.6 –1.6 20.5 2.4 1.7 –1.5 21.2 2.3 1.7 –1.1 15.9 2.0 2.0 1.9 1.9 2.0 2.1 2.1 2.0 1.8 1.7 1.7 1.7 1.7 1.7 1.5 1.4 2010 March Personal consumption expenditures (PCE)................. Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... Addenda: PCE excluding food and energy Food 1 ....................................... Energy goods and services 2 .... Market-based PCE 3 ................. Market-based PCE excluding food and energy 3 .................. April May June July 2011 August September October November December January March April 2.5 3.4 –0.8 5.4 2.1 2.4 2.8 –1.1 4.7 2.2 2.3 2.2 –1.2 3.8 2.3 1.7 0.4 –1.5 1.3 2.3 1.8 0.8 –1.3 1.8 2.3 1.7 0.6 –0.9 1.3 2.2 1.6 0.5 –1.3 1.4 2.1 1.5 0.8 –1.7 2.0 1.8 1.4 0.6 –2.0 1.8 1.7 1.5 1.1 –2.2 2.8 1.7 1.5 1.3 –2.0 2.9 1.7 1.8 2.1 –1.6 3.9 1.7 2.1 3.0 –1.6 5.3 1.6 2.4 3.8 –1.2 6.3 1.6 1.9 –0.6 19.4 2.1 1.7 0.0 19.4 2.0 1.7 0.4 15.6 1.8 1.6 0.2 3.9 1.1 1.6 0.6 6.0 1.3 1.6 0.7 4.0 1.2 1.5 1.2 4.1 1.1 1.2 1.3 6.3 1.1 1.2 1.3 4.4 1.0 1.1 1.3 8.6 1.3 1.1 1.8 7.7 1.3 1.2 2.4 11.5 1.7 1.1 3.0 16.1 2.1 1.2 3.2 19.4 2.5 1.2 1.0 1.1 1.0 1.1 1.0 0.9 0.7 0.7 0.7 0.8 0.9 1.0 1.2 2011 May Personal consumption expenditures (PCE)................. Goods ....................................... Durable goods ....................... Nondurable goods ................. Services .................................... Addenda: PCE excluding food and energy Food 1 ....................................... Energy goods and services 2 .... Market-based PCE 3 ................. Market-based PCE excluding food and energy 3 .................. February June July August 2012 September October November December January February March April June p May 2.6 4.5 –0.9 7.1 1.7 2.7 4.7 –0.4 7.2 1.7 2.8 4.8 –0.2 7.3 1.8 2.8 4.9 –0.4 7.4 1.8 2.9 4.9 –0.7 7.6 1.9 2.6 4.2 –0.5 6.5 1.8 2.6 4.0 –0.6 6.2 1.9 2.4 3.1 –0.5 4.9 2.1 2.4 3.0 –0.5 4.6 2.2 2.4 2.9 –0.7 4.7 2.2 2.2 2.5 –0.8 4.0 2.1 1.9 1.6 –1.2 2.9 2.1 1.5 0.6 –1.3 1.4 2.0 1.5 0.4 –1.6 1.3 2.1 1.4 3.6 22.0 2.7 1.4 4.0 21.6 2.8 1.5 4.3 20.6 2.9 1.6 4.8 19.8 3.0 1.6 5.1 20.7 3.1 1.6 5.2 15.1 2.9 1.7 5.0 13.5 2.8 1.9 5.1 7.4 2.6 1.9 4.6 6.8 2.6 1.9 3.9 8.0 2.6 2.0 3.2 5.4 2.3 1.9 2.9 1.5 2.0 1.8 2.4 –3.3 1.6 1.8 2.4 –3.7 1.5 1.3 1.4 1.5 1.6 1.7 1.8 1.8 2.0 2.1 2.0 2.0 1.9 1.9 1.8 p Preliminary 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. 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 ................................................... Social security 1................................................................................... Medicare 2 ........................................................................................... Medicaid .............................................................................................. Unemployment insurance.................................................................... Veterans’ benefits ................................................................................ Other ................................................................................................... Other current transfer receipts, from business (net)................................ Less: Contributions for government social insurance, domestic ........ Less: Personal current taxes....................................................................... Equals: Disposable personal income ......................................................... Less: Personal outlays................................................................................. Personal consumption expenditures ........................................................... Goods...................................................................................................... Durable goods ..................................................................................... Nondurable goods ............................................................................... Services .................................................................................................. Personal interest payments 3 ...................................................................... Personal current transfer payments ............................................................ To government......................................................................................... To the rest of the world (net).................................................................... Equals: Personal saving .............................................................................. Personal saving as a percentage of disposable personal income....... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ........................................................................ Disposable personal income: Total, billions of chained (2005) dollars 4................................................. Per capita: Current dollars..................................................................................... Chained (2005) dollars ........................................................................ Population (midperiod, thousands) 5 ........................................................... Revisions to previously published 2009 2010 2011 Revisions as a percentage of previously published 2009 2010 2011 11,867.0 7,794.4 6,270.3 5,095.1 1,063.3 661.5 4,031.8 989.1 3,042.7 1,175.2 1,524.0 1,067.2 456.9 12,321.9 7,970.0 6,404.6 5,213.3 1,057.5 674.1 4,155.8 1,005.5 3,150.3 1,191.3 1,565.4 1,097.3 468.1 12,947.3 8,295.2 6,661.3 5,466.0 1,108.6 706.6 4,357.4 1,050.1 3,307.3 1,195.3 1,633.9 1,139.0 494.9 –63.2 –7.0 0.0 0.1 –0.1 0.6 0.1 –0.5 0.7 –0.1 –7.1 –5.9 –1.1 –51.6 –1.4 –3.6 –4.1 –1.7 –0.1 –2.4 –0.5 –1.9 0.5 2.3 7.4 –5.1 979.4 39.9 939.5 289.7 1,626.5 1,093.3 533.2 2,140.1 2,100.5 664.5 494.5 369.2 131.2 51.5 389.7 39.6 963.1 1,144.6 10,722.4 10,214.3 9,845.9 3,194.4 1,029.6 2,164.8 6,651.5 217.1 151.3 85.2 66.1 508.2 4.7 1,103.4 44.3 1,059.1 349.2 1,598.3 1,016.6 581.7 2,284.3 2,236.9 690.2 515.3 396.6 138.9 57.9 438.1 47.4 983.3 1,194.8 11,127.1 10,560.4 10,215.7 3,364.9 1,079.4 2,285.5 6,850.9 183.8 160.9 87.4 73.5 566.7 5.1 1,157.3 54.6 1,102.8 409.7 1,685.1 1,008.8 676.3 2,319.2 2,274.3 713.3 545.1 403.9 108.0 63.3 440.8 44.9 919.3 1,398.0 11,549.3 11,059.9 10,729.0 3,624.8 1,146.4 2,478.4 7,104.2 168.0 162.8 88.9 73.9 489.4 4.2 38.2 0.7 37.5 –16.2 –81.2 –15.6 –65.6 2.0 0.6 0.0 0.7 –4.9 0.6 0.0 4.3 1.4 –1.0 3.2 –66.4 –22.0 –20.2 –3.1 0.0 –3.0 –17.2 3.4 –5.2 –3.9 –1.3 –44.4 –0.4 67.0 –7.9 74.9 –1.0 –122.9 13.2 –136.0 3.1 –6.0 0.0 –3.1 –8.8 0.2 0.0 5.7 9.1 –3.5 0.9 –52.6 –26.5 –29.8 –22.1 –6.1 –16.0 –7.6 10.4 –7.1 –7.7 0.6 –26.1 –0.2 8,923.4 9,035.8 9,340.0 –46.3 –47.2 –18.9 –0.5 –0.5 –0.2 9,836.7 10,016.5 10,149.7 –46.0 –45.1 –33.6 –0.5 –0.4 –0.3 34,899 32,016 307,240 35,920 32,335 309,774 37,012 32,527 312,040 –216 –150 0 –170 –146 0 –142 –108 0 –0.6 –0.5 0.0 –0.5 –0.4 0.0 –0.4 –0.3 0.0 –43.9 18.6 –6.9 –11.9 2.5 2.7 –14.4 –1.9 –12.5 5.0 25.5 28.0 –2.5 2009 –0.5 –0.1 0.0 0.0 0.0 0.1 0.0 –0.1 0.0 0.0 –0.5 –0.5 –0.2 2010 –0.4 0.0 –0.1 –0.1 –0.2 0.0 –0.1 0.0 –0.1 0.0 0.1 0.7 –1.1 2011 –0.3 0.2 –0.1 –0.2 0.2 0.4 –0.3 –0.2 –0.4 0.4 1.6 2.5 –0.5 48.4 4.1 6.5 4.4 –11.3 1.8 –15.1 –17.1 59.8 4.2 7.6 5.7 5.8 –5.3 –0.3 1.4 –104.9 –4.8 –7.1 –5.9 10.7 –1.4 1.3 1.1 –115.6 –11.0 –18.9 –14.6 –17.0 0.1 0.1 –0.7 –22.5 0.0 –0.3 –1.0 –0.2 0.0 0.0 0.0 –8.6 0.1 –0.6 –1.6 –20.4 –1.3 –2.2 –4.8 0.6 0.5 0.1 0.6 –0.1 0.0 0.0 –0.2 6.2 1.1 1.3 1.4 5.4 3.7 23.8 13.7 –5.1 –0.1 –0.4 –0.6 0.3 0.3 0.1 0.0 –44.2 –0.6 –0.5 –0.4 4.8 –0.2 –0.3 0.0 3.0 –0.2 –0.3 0.0 –21.8 –0.1 –0.7 –0.6 –16.5 0.0 –0.6 –1.4 –5.3 –0.1 –0.7 –0.2 24.8 –0.3 –0.1 0.4 10.2 1.6 6.0 6.5 –8.5 –3.3 –4.2 –5.0 –8.8 –4.4 –8.1 –9.0 0.3 –1.9 0.8 0.4 –49.1 .................... .................... .................... –0.4 .................... .................... .................... 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. 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 2008 2009 December January February March April May June 2010 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 ......... –140.9 –140.9 –114.4 –114.4 –160.0 –135.8 6.8 31.6 –144.2 –130.5 –115.9 –100.7 –83.5 –73.0 –51.3 –40.6 –1.1 15.0 43.5 57.3 154.4 156.7 158.1 160.9 –138.9 –142.7 –137.4 –139.6 –45.5 –38.7 –49.8 –40.8 –0.7 6.0 –3.9 3.6 8.0 22.9 7.4 22.9 –0.9 –16.5 –1.1 –16.7 62.2 57.8 57.2 52.6 77.0 74.2 73.9 70.0 109.6 92.8 89.8 82.1 29.5 28.0 29.5 25.3 –102.2 –102.2 45.5 53.7 –9.8 –2.3 –46.0 –45.7 –4.2 –0.2 22.8 22.3 55.2 49.4 26.2 34.1 125.7 118.8 –88.5 –72.6 53.5 55.7 26.1 19.5 59.7 57.1 13.7 20.0 33.8 44.2 Personal saving as a percentage of disposable personal income ................. Previously published ............. 6.5 6.5 6.1 6.2 5.2 5.4 5.2 5.4 5.6 5.9 6.7 7.1 5.0 5.5 4.3 4.8 3.1 3.7 4.0 4.6 3.5 4.0 3.9 4.3 4.0 4.5 4.7 5.0 4.6 4.8 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates Personal income ....................... Previously published ............. –1.1 –1.1 –1.3 –1.1 –1.2 –1.1 –0.7 –0.6 0.0 0.1 1.3 1.3 –1.2 –1.2 –0.4 –0.3 0.0 0.0 0.1 0.2 0.0 –0.1 0.5 0.5 0.6 0.6 0.9 0.8 0.2 0.2 Disposable personal income..... Previously published ............. –1.0 –1.0 0.1 0.3 –1.1 –0.9 –0.5 –0.4 0.4 0.5 1.5 1.5 –1.3 –1.3 –0.5 –0.4 0.0 0.0 0.1 0.2 0.0 –0.2 0.5 0.5 0.7 0.6 0.8 0.8 0.3 0.2 Personal consumption expenditures.......................... Previously published ............. –1.0 –1.0 0.5 0.6 –0.1 0.0 –0.5 –0.5 0.0 0.0 0.2 0.2 0.6 0.5 0.3 0.3 1.3 1.2 –0.9 –0.7 0.5 0.6 0.3 0.2 0.6 0.6 0.1 0.2 0.3 0.4 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates Real disposable personal income Previously published ............. –0.5 –0.5 0.0 0.1 –1.3 –1.2 –0.4 –0.3 0.3 0.4 1.4 1.4 –1.9 –1.8 –0.5 –0.5 –0.3 –0.3 –0.1 0.0 –0.4 –0.5 0.3 0.3 0.6 0.6 0.6 0.5 0.2 0.1 Real personal consumption expenditures.......................... Previously published ............. –0.5 –0.5 0.4 0.4 –0.3 –0.3 –0.3 –0.4 –0.2 –0.2 0.1 0.1 –0.1 0.0 0.2 0.3 1.0 0.9 –1.1 –0.9 0.2 0.2 0.0 0.0 0.5 0.5 –0.1 0.0 0.3 0.4 2010 March April May June July 2011 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 ......... 66.8 58.1 61.7 49.3 88.1 86.1 84.4 75.5 76.7 71.9 66.3 57.9 21.4 17.4 15.1 10.6 27.4 48.0 8.8 31.9 60.6 63.6 46.3 50.0 –3.0 4.9 –12.0 –4.3 47.8 68.3 37.6 56.7 29.3 15.8 25.7 11.0 81.6 63.2 74.5 55.4 243.3 155.3 122.8 50.2 50.4 70.3 42.8 56.0 16.6 59.1 6.3 48.6 43.1 29.0 33.2 18.7 65.7 58.8 7.6 11.5 23.8 25.5 1.7 –4.0 30.6 37.3 72.7 58.4 21.7 29.3 67.9 61.8 55.1 40.3 45.0 38.4 46.3 41.9 64.9 79.7 79.3 61.5 39.2 30.4 Personal saving as a percentage of disposable personal income ................. Previously published ............. 4.6 4.8 5.3 5.4 5.7 5.6 5.8 5.8 5.6 5.7 5.4 5.6 5.2 5.4 4.9 5.3 4.6 5.1 4.9 5.2 5.5 5.2 5.2 5.0 4.6 4.9 4.5 4.8 Personal income ....................... Previously published ............. 0.6 0.5 0.7 0.7 0.6 0.6 0.2 0.1 0.2 0.4 0.5 0.5 0.0 0.0 0.4 0.5 0.2 0.1 0.7 0.5 1.9 1.2 0.4 0.6 0.1 0.5 0.3 0.2 Disposable personal income..... Previously published ............. 0.6 0.4 0.8 0.7 0.6 0.5 0.1 0.1 0.1 0.3 0.4 0.4 –0.1 0.0 0.3 0.5 0.2 0.1 0.7 0.5 1.1 0.4 0.4 0.5 0.1 0.4 0.3 0.2 Personal consumption expenditures.......................... Previously published ............. 0.7 0.6 0.1 0.1 0.2 0.3 0.0 0.0 0.3 0.4 0.7 0.6 0.2 0.3 0.7 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.6 0.8 0.8 0.6 0.4 0.3 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates Real disposable personal income Previously published ............. 0.4 0.3 0.8 0.6 0.6 0.6 0.1 0.3 –0.1 0.1 0.2 0.3 –0.2 –0.2 0.1 0.3 0.1 0.0 0.4 0.2 0.8 0.1 0.0 0.1 –0.3 0.0 0.0 –0.2 Real personal consumption expenditures.......................... Previously published ............. 0.5 0.4 0.1 0.1 0.2 0.3 0.0 0.1 0.1 0.1 0.5 0.4 0.1 0.2 0.4 0.4 0.4 0.3 0.2 0.1 0.2 0.0 0.3 0.4 0.3 0.2 0.0 –0.1 Table 13. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Months)—Table Ends 2011 May June July August 2012 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 ......... 4.2 18.5 0.0 8.9 25.8 12.9 19.8 7.2 19.4 62.4 18.7 57.7 –6.1 16.6 –5.3 18.5 10.4 39.7 5.7 32.3 44.3 13.7 33.2 9.9 –31.1 –16.7 –29.9 –16.4 37.8 43.1 31.2 35.8 109.3 48.0 93.8 32.2 82.8 49.4 71.1 41.2 61.8 53.8 53.6 48.0 25.1 29.4 17.6 19.5 39.0 25.4 31.7 18.5 12.1 20.5 –9.6 –21.7 76.1 81.0 19.9 14.0 57.9 77.2 24.7 21.1 12.9 5.3 12.3 19.2 55.5 47.5 84.0 106.2 28.3 8.2 22.7 16.2 –13.3 –4.7 Personal saving as a percentage of disposable personal income ................. Previously published ............. 4.4 4.7 4.7 5.0 4.2 4.7 4.0 4.7 3.5 4.3 3.6 4.2 3.2 4.0 3.4 4.2 3.6 4.0 3.5 3.4 3.6 3.7 3.6 3.7 4.0 3.9 Percent change from preceding period for current-dollar measures, seasonally adjusted at monthly rates Personal income ....................... Previously published ............. 0.0 0.1 0.2 0.1 0.1 0.5 0.0 0.1 0.1 0.3 0.3 0.1 –0.2 –0.1 0.3 0.3 0.8 0.4 0.6 0.4 0.5 0.4 0.2 0.2 0.3 0.2 Disposable personal income..... Previously published ............. 0.0 0.1 0.2 0.1 0.2 0.5 0.0 0.2 0.0 0.3 0.3 0.1 –0.3 –0.1 0.3 0.3 0.8 0.3 0.6 0.4 0.5 0.4 0.1 0.2 0.3 0.2 Personal consumption expenditures.......................... Previously published ............. 0.1 0.2 –0.1 –0.2 0.7 0.8 0.2 0.1 0.5 0.7 0.2 0.2 0.1 0.0 0.1 0.2 0.5 0.4 0.8 1.0 0.3 0.1 0.2 0.1 –0.1 0.0 Percent change from preceding period for chained-dollar measures, seasonally adjusted at monthly rates Real disposable personal income Previously published ............. –0.2 –0.1 0.1 0.2 –0.1 0.1 –0.3 –0.1 –0.1 0.1 0.3 0.1 –0.3 –0.2 0.2 0.2 0.6 0.0 0.3 0.0 0.2 0.2 0.1 0.1 0.5 0.3 Real personal consumption expenditures.......................... Previously published ............. –0.1 0.0 –0.2 –0.1 0.5 0.4 –0.1 –0.1 0.4 0.5 0.2 0.2 0.0 0.0 0.0 0.1 0.3 0.2 0.4 0.6 0.0 –0.2 0.2 0.1 0.1 0.1 Table 14. Changes in Personal Income and Related Measures: Comparisons with Previously Published Estimates (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 2010 2011 2008 2009 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 .......................................................... 547.9 547.9 600.9 600.9 263.2 263.2 –593.2 –530.0 –302.1 –235.7 –189.6 –169.4 454.9 443.3 404.7 390.9 369.8 379.4 625.4 617.7 422.2 413.8 513.3 480.5 –173.3 –173.3 –163.9 –163.9 –274.5 –274.5 –412.5 –375.6 –189.5 –151.0 –92.9 –79.6 –48.2 –20.3 30.3 57.5 –4.5 –0.1 –84.4 –70.0 –88.9 –70.3 124.9 129.5 71.3 64.1 65.4 58.2 73.7 78.9 Personal saving as a percentage of disposable personal income .................................................................................. Previously published .............................................................. 5.4 5.4 4.7 5.1 5.1 5.3 4.2 4.6 6.2 6.2 5.5 5.7 5.8 6.2 3.8 4.4 3.8 4.3 Percent change from preceding period for current-dollar measures Personal income ........................................................................ Previously published .............................................................. 4.6 4.6 –4.8 –4.3 3.8 3.7 5.1 5.0 –5.4 –5.4 –12.7 –11.6 –1.6 –0.7 –2.8 –2.3 2.4 2.2 Disposable personal income...................................................... Previously published .............................................................. 5.8 5.8 –2.7 –2.1 3.8 3.6 3.8 3.7 –5.8 –5.8 –6.8 –5.4 1.1 2.2 –3.3 –2.6 2.5 2.2 Personal consumption expenditures.......................................... Previously published .............................................................. 2.7 2.7 –1.9 –1.7 3.8 3.8 5.0 4.7 –10.4 –10.4 –3.7 –3.2 –0.2 0.0 5.2 5.4 3.0 3.2 Percent change from preceding period for chained-dollar measures Real disposable personal income.............................................. Previously published .............................................................. 2.4 2.4 –2.8 –2.3 1.8 1.8 1.3 1.2 –0.2 –0.2 –4.7 –3.8 –0.5 0.3 –6.1 –5.4 –0.6 –0.6 Real personal consumption expenditures.................................. Previously published .............................................................. –0.6 –0.6 –1.9 –1.9 1.8 2.0 2.5 2.2 –5.1 –5.1 –1.6 –1.5 –1.8 –1.9 2.1 2.3 0.0 0.4 Seasonally adjusted at annual rates 2010 I II 2011 III IV I II 2012 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 .......................................................... 223.6 199.5 198.3 179.6 106.6 113.7 200.8 187.9 184.6 158.9 79.2 81.1 106.6 127.6 67.9 90.2 95.3 91.8 112.7 124.4 87.0 96.3 158.3 140.5 346.6 269.3 211.7 144.3 164.4 154.6 82.4 108.4 58.2 78.2 118.6 104.3 37.4 101.5 30.3 88.5 106.3 108.5 41.1 48.9 25.7 38.6 82.6 87.1 199.9 122.1 169.9 94.1 133.4 135.6 Personal saving as a percentage of disposable personal income .................................................................................. Previously published .............................................................. 4.6 4.9 5.6 5.6 5.4 5.6 4.8 5.2 5.1 5.0 4.6 4.8 3.9 4.6 3.4 4.2 3.6 3.7 Personal income ........................................................................ Previously published .............................................................. 7.8 6.9 6.8 6.3 3.5 4.2 3.7 4.1 11.6 8.8 2.6 3.4 1.2 3.2 1.3 1.5 6.3 3.8 Disposable personal income...................................................... Previously published .............................................................. 7.6 6.8 6.9 5.9 2.5 3.3 3.1 3.5 7.7 5.2 2.0 2.8 1.1 3.1 0.9 1.3 6.0 3.3 Personal consumption expenditures.......................................... Previously published .............................................................. 4.3 4.6 3.2 3.2 3.8 3.7 6.3 5.6 6.5 6.1 4.6 4.0 4.0 4.1 3.1 3.3 5.0 5.1 Percent change from preceding period for current-dollar measures Percent change from preceding period for chained-dollar measures Real disposable personal income.............................................. Previously published .............................................................. 5.7 4.9 6.3 5.6 1.2 2.3 1.0 1.5 4.4 1.2 –1.5 –0.5 –1.3 0.7 –0.2 0.2 3.4 0.7 Real personal consumption expenditures.................................. Previously published .............................................................. 2.5 2.7 2.6 2.9 2.5 2.6 4.1 3.6 3.1 2.1 1.0 0.7 1.7 1.7 2.0 2.1 2.4 2.5