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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 1, 2008 James E. Rankin: Michael Armah: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 08-19 PERSONAL INCOME AND OUTLAYS: MARCH 2008 Personal income increased $38.8 billion, or 0.3 percent, and disposable personal income (DPI) increased $29.6 billion, or 0.3 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $42.9 billion, or 0.4 percent. In February, personal income increased $58.2 billion, or 0.5 percent, DPI increased $50.3 billion, or 0.5 percent, and PCE increased $11.0 billion, or 0.1 percent, based on revised estimates. Real disposable income decreased less than 0.1 percent in March, in contrast to an increase of 0.3 percent in February. Real PCE increased 0.1 percent, in contrast to a decrease of less than 0.1 percent. Nov. Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars 2007 2008 Dec. Jan. Feb. (Percent change from preceding month) Mar. 0.3 0.4 0.3 0.5 0.3 0.3 -0.3 0.4 0.2 0.4 0.1 0.5 0.3 0.3 0.0 1.0 0.3 0.2 -0.1 0.4 0.1 0.1 0.0 0.4 0.1 NOTE.--Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2000) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $26.1 billion in March, compared with an increase of $17.3 billion in February. Goods-producing industries' payrolls increased $4.8 billion, compared with an increase of $3.3 billion; manufacturing payrolls increased $2.4 billion, compared with an increase of $1.9 billion. Services-producing industries' payrolls increased $21.3 billion, compared with an increase of $14.0 billion. Government wage and salary disbursements increased $3.6 billion, compared with an increase of $5.3 billion. -more- -3- Other personal income Supplements to wages and salaries increased $5.9 billion in March, compared with an increase of $5.8 billion in February. Proprietors' income decreased $4.9 billion in March, compared with a decrease of $7.2 billion in February. Farm proprietors' income decreased $3.2 billion, compared with a decrease of $3.0 billion. Nonfarm proprietors' income decreased $1.6 billion, compared with a decrease of $4.1 billion. Rental income of persons decreased $1.0 billion in March, compared with a decrease of $1.3 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) increased $4.9 billion, compared with an increase of $5.3 billion. Personal current transfer receipts increased $8.1 billion in March, compared with an increase of $36.0 billion in February, and a decrease of $12.0 billion in January. The changes in personal current transfer receipts primarily reflect the pattern of federal Medicare part D prescription drug payments; these payments were reduced in January to recover overpayments that were made in 2006. Contributions for government social insurance -- a subtraction in calculating personal income -increased $3.9 billion in March, compared with an increase of $3.0 billion in February. Personal current taxes and disposable personal income Personal current taxes increased $9.2 billion in March, compared with an increase of $7.9 billion in February. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $29.6 billion, or 0.3 percent, in March, compared with an increase of $50.3 billion, or 0.5 percent, in February. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $42.1 billion in March, compared with an increase of $10.4 billion in February. PCE increased $42.9 billion, compared with an increase of $11.0 billion. Personal saving -- DPI less personal outlays -- was $25.2 billion in March, compared with $37.7 billion in February. Personal saving as a percentage of disposable personal income was 0.2 percent in March, compared with 0.4 percent in February. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth (which help finance consumption), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- decreased less than 0.1 percent in March, in contrast to an increase of 0.3 percent in February. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in March, in contrast to a decrease of less than 0.1 percent in February. Purchases of durable goods decreased 0.5 percent, in contrast to an increase of 0.1 percent. Purchases of nondurable goods increased 0.2 percent, in contrast to a decrease of less than 0.1 percent. Purchases of services increased 0.2 percent, in contrast to a decrease of 0.1 percent. PCE prices -- The price index for PCE increased 0.3 percent in March, compared with an increase of 0.1 percent in February. Prices, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. -more- -5- Revisions Estimates have been revised for January and February. Changes in personal income, currentdollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for January and February -- revised and as published in last month's release -- are shown below. Change from preceding month January Previous Revised February Previous Revised (Billions of dollars) (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars...................... 30.4 30.7 0.3 0.3 56.0 58.2 0.5 0.5 Disposable personal income: Current dollars...................... Chained (2000) dollars......... 43.7 10.6 43.4 12.1 0.4 0.1 0.4 0.1 48.7 30.2 50.3 29.6 0.5 0.3 0.5 0.3 Personal consumption expenditures: Current dollars...................... Chained (2000) dollars......... 42.0 10.2 42.1 12.0 0.4 0.1 0.4 0.1 12.0 0.0 11.0 -2.7 0.1 0.0 0.1 0.0 BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- May 30, 2008 at 8:30 A.M. EDT for Personal Income and Outlays for April. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2007 August Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance....................... September October 2008 November December January r February r March p 11,735.9 7,876.4 6,376.8 5,303.1 1,217.1 754.9 4,086.0 1,031.3 3,054.7 1,073.7 1,499.6 1,022.8 476.8 11,785.5 7,918.1 6,412.9 5,335.7 1,219.6 754.2 4,116.0 1,036.9 3,079.1 1,077.2 1,505.2 1,026.2 479.0 11,814.7 7,927.1 6,417.3 5,336.4 1,216.9 752.2 4,119.5 1,036.1 3,083.4 1,080.9 1,509.8 1,030.7 479.1 11,851.3 7,958.7 6,443.8 5,359.5 1,221.1 755.3 4,138.5 1,038.0 3,100.5 1,084.3 1,514.9 1,034.3 480.6 11,903.8 7,985.7 6,466.1 5,377.2 1,219.0 753.3 4,158.2 1,042.9 3,115.3 1,088.9 1,519.6 1,037.7 481.9 11,934.5 8,034.2 6,501.8 5,402.4 1,220.2 754.8 4,182.2 1,046.4 3,135.8 1,099.4 1,532.3 1,044.1 488.3 11,992.7 8,062.5 6,524.4 5,419.7 1,223.5 756.7 4,196.2 1,046.7 3,149.5 1,104.7 1,538.1 1,048.5 489.6 12,031.5 8,098.0 6,554.0 5,445.8 1,228.3 759.1 4,217.5 1,052.2 3,165.3 1,108.3 1,544.0 1,052.5 491.5 1,050.7 38.7 1,012.0 68.3 1,976.3 1,171.1 805.1 1,746.6 1,718.6 1,038.7 32.1 647.7 28.0 982.3 1,043.9 41.0 1,002.9 70.1 1,993.2 1,180.8 812.4 1,747.1 1,719.0 1,037.4 31.5 650.2 28.0 986.9 1,050.6 42.1 1,008.5 74.0 1,996.5 1,177.0 819.5 1,754.0 1,725.9 1,035.8 31.5 658.5 28.1 987.4 1,059.8 43.7 1,016.1 77.8 1,999.9 1,173.2 826.6 1,746.0 1,717.9 1,027.1 32.3 658.5 28.1 990.8 1,057.4 45.7 1,011.7 81.6 2,003.1 1,169.4 833.7 1,769.5 1,741.4 1,045.3 33.3 662.7 28.2 993.6 1,063.1 42.2 1,020.8 80.5 2,007.4 1,169.4 838.1 1,757.5 1,729.4 1,031.0 33.4 665.0 28.1 1,008.1 1,055.9 39.2 1,016.7 79.2 2,012.7 1,169.3 843.4 1,793.5 1,765.4 1,064.3 34.6 666.5 28.1 1,011.1 1,051.0 36.0 1,015.1 78.2 2,017.6 1,169.2 848.4 1,801.6 1,773.5 1,069.2 35.8 668.5 28.2 1,015.0 Less: Personal current taxes ................................................................... 1,488.7 1,496.3 1,501.1 1,508.3 1,514.7 1,502.0 1,509.9 1,519.1 Equals: Disposable personal income...................................................... 10,247.2 10,289.2 10,313.6 10,343.1 10,389.1 10,432.5 10,482.8 10,512.4 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net)................................................................. 10,198.3 9,783.1 1,085.8 2,830.6 5,866.7 275.8 139.3 87.1 52.2 10,250.6 9,832.0 1,095.7 2,854.0 5,882.3 278.7 140.0 87.8 52.2 10,280.9 9,865.9 1,092.8 2,868.4 5,904.7 275.6 139.4 88.1 51.2 10,373.0 9,960.7 1,083.0 2,920.2 5,957.5 272.5 139.7 88.5 51.2 10,392.8 9,983.2 1,071.7 2,924.8 5,986.7 269.5 140.1 88.9 51.2 10,434.7 10,025.3 1,065.2 2,939.4 6,020.7 268.3 141.1 89.3 51.9 10,445.1 10,036.3 1,067.2 2,936.3 6,032.8 267.2 141.6 89.7 51.9 10,487.2 10,079.2 1,062.7 2,949.2 6,067.3 266.0 142.0 90.2 51.9 Equals: Personal saving........................................................................... Personal saving as a percentage of disposable personal income.... 48.9 0.5 38.5 0.4 32.7 0.3 –29.9 –0.3 –3.7 0.0 –2.2 0.0 37.7 0.4 25.2 0.2 8,702.5 8,713.5 8,710.3 8,680.5 8,695.0 8,707.1 8,736.7 8,735.3 33,880 28,773 302,450 33,988 28,783 302,728 34,039 28,748 302,989 34,110 28,627 303,228 34,236 28,653 303,457 34,355 28,673 303,670 34,498 28,752 303,866 34,572 28,728 304,070 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3 ........................................................ p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2006 2007 2006 IV 2007 I II 2008 III IV I Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance....................... 10,983.4 7,440.8 6,018.2 4,997.6 1,166.8 731.0 3,830.8 985.1 2,845.7 1,020.6 1,422.6 970.7 451.8 11,659.5 7,851.7 6,359.6 5,291.8 1,214.5 754.5 4,077.3 1,031.5 3,045.8 1,067.8 1,492.1 1,016.8 475.3 11,200.2 7,599.9 6,153.0 5,115.7 1,191.4 743.3 3,924.4 1,002.2 2,922.2 1,037.2 1,446.9 986.7 460.2 11,469.2 7,764.9 6,294.4 5,242.7 1,208.9 755.4 4,033.9 1,020.0 3,013.8 1,051.7 1,470.5 999.2 471.3 11,577.3 7,801.9 6,318.9 5,256.9 1,212.6 754.1 4,044.3 1,033.7 3,010.6 1,061.9 1,483.0 1,010.9 472.1 11,735.0 7,882.7 6,382.7 5,309.8 1,217.5 754.7 4,092.3 1,033.3 3,059.0 1,072.9 1,500.0 1,022.7 477.3 11,856.6 7,957.2 6,442.4 5,357.7 1,219.0 753.6 4,138.7 1,039.0 3,099.7 1,084.7 1,514.8 1,034.3 480.5 11,986.2 8,064.9 6,526.8 5,422.6 1,224.0 756.9 4,198.6 1,048.4 3,150.2 1,104.1 1,538.1 1,048.3 489.8 1,006.7 19.4 987.4 54.5 1,796.5 1,100.2 696.3 1,612.5 1,585.3 946.4 29.9 609.0 27.2 927.6 1,042.6 36.2 1,006.4 65.4 1,947.2 1,154.7 792.5 1,731.7 1,703.8 1,022.5 31.9 649.4 27.9 979.0 1,009.8 23.9 985.8 50.9 1,836.6 1,102.8 733.8 1,647.7 1,618.0 972.0 30.3 615.7 29.7 944.6 1,027.4 29.1 998.3 53.2 1,882.9 1,126.1 756.8 1,710.7 1,683.1 999.4 31.8 651.8 27.6 969.8 1,038.4 33.1 1,005.3 62.1 1,930.0 1,148.4 781.6 1,717.1 1,689.4 1,020.1 31.7 637.6 27.8 972.2 1,048.7 38.6 1,010.0 68.4 1,976.2 1,171.1 805.0 1,742.3 1,714.4 1,034.6 31.7 648.1 28.0 983.2 1,055.9 43.8 1,012.1 77.8 1,999.8 1,173.2 826.6 1,756.5 1,728.4 1,036.1 32.4 659.9 28.1 990.6 1,056.6 39.1 1,017.5 79.3 2,012.6 1,169.3 843.3 1,784.2 1,756.1 1,054.8 34.6 666.6 28.1 1,011.4 Less: Personal current taxes ................................................................... 1,354.3 1,482.5 1,401.0 1,454.7 1,477.6 1,489.8 1,508.0 1,510.3 Equals: Disposable personal income...................................................... 9,629.1 10,177.0 9,799.2 10,014.5 10,099.7 10,245.2 10,348.6 10,475.9 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net)................................................................. 9,590.3 9,224.5 1,048.9 2,688.0 5,487.6 238.0 127.8 78.9 48.9 10,134.1 9,734.2 1,078.2 2,833.2 5,822.8 262.8 137.1 86.1 51.1 9,757.2 9,373.7 1,056.5 2,705.4 5,611.8 251.6 131.8 81.2 50.6 9,917.5 9,540.5 1,074.0 2,759.4 5,707.1 243.3 133.7 83.4 50.4 10,069.2 9,674.0 1,074.7 2,822.7 5,776.5 259.5 135.7 85.3 50.5 10,200.9 9,785.7 1,081.6 2,846.3 5,857.8 275.8 139.3 87.1 52.2 10,348.9 9,936.6 1,082.5 2,904.5 5,949.7 272.5 139.7 88.5 51.2 10,455.7 10,046.9 1,065.1 2,941.6 6,040.2 267.2 141.6 89.7 51.9 Equals: Personal saving........................................................................... Personal saving as a percentage of disposable personal income.... 38.8 0.4 42.9 0.4 42.0 0.4 97.0 1.0 30.5 0.3 44.4 0.4 –0.3 0.0 20.2 0.2 8,396.9 8,654.4 8,510.7 8,623.9 8,607.1 8,692.1 8,695.2 8,726.4 32,183 28,064 299,199 33,689 28,649 302,087 32,626 28,336 300,351 33,270 28,650 301,004 33,480 28,532 301,667 33,874 28,739 302,452 34,128 28,676 303,225 34,475 28,718 303,869 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3 ........................................................ 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2007 August Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance....................... September 2008 October November December January r February r March p 52.2 22.7 18.2 12.3 1.3 –0.2 11.0 –0.6 11.5 6.0 4.5 3.6 0.8 49.6 41.7 36.1 32.6 2.5 –0.7 30.0 5.6 24.4 3.5 5.6 3.4 2.2 29.2 9.0 4.4 0.7 –2.7 –2.0 3.5 –0.8 4.3 3.7 4.6 4.5 0.1 36.6 31.6 26.5 23.1 4.2 3.1 19.0 1.9 17.1 3.4 5.1 3.6 1.5 52.5 27.0 22.3 17.7 –2.1 –2.0 19.7 4.9 14.8 4.6 4.7 3.4 1.3 30.7 48.5 35.7 25.2 1.2 1.5 24.0 3.5 20.5 10.5 12.7 6.4 6.4 58.2 28.3 22.6 17.3 3.3 1.9 14.0 0.3 13.7 5.3 5.8 4.4 1.3 38.8 35.5 29.6 26.1 4.8 2.4 21.3 5.5 15.8 3.6 5.9 4.0 1.9 –0.6 2.5 –3.1 1.4 17.3 9.6 7.6 13.4 13.2 11.1 0.6 1.5 0.1 1.9 –6.8 2.3 –9.1 1.8 16.9 9.7 7.3 0.5 0.4 –1.3 –0.6 2.5 0.0 4.6 6.7 1.1 5.6 3.9 3.3 –3.8 7.1 6.9 6.9 –1.6 0.0 8.3 0.1 0.5 9.2 1.6 7.6 3.8 3.4 –3.8 7.1 –8.0 –8.0 –8.7 0.8 0.0 0.0 3.4 –2.4 2.0 –4.4 3.8 3.2 –3.8 7.1 23.5 23.5 18.2 1.0 4.2 0.1 2.8 5.7 –3.5 9.1 –1.1 4.3 0.0 4.4 –12.0 –12.0 –14.3 0.1 2.3 –0.1 14.5 –7.2 –3.0 –4.1 –1.3 5.3 –0.1 5.3 36.0 36.0 33.3 1.2 1.5 0.0 3.0 –4.9 –3.2 –1.6 –1.0 4.9 –0.1 5.0 8.1 8.1 4.9 1.2 2.0 0.1 3.9 Less: Personal current taxes ................................................................... 4.4 7.6 4.8 7.2 6.4 –12.7 7.9 9.2 Equals: Disposable personal income...................................................... 47.8 42.0 24.4 29.5 46.0 43.4 50.3 29.6 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net)................................................................. 44.6 41.1 22.4 –23.7 42.4 2.9 0.6 0.6 0.0 52.3 48.9 9.9 23.4 15.6 2.9 0.7 0.7 0.0 30.3 33.9 –2.9 14.4 22.4 –3.1 –0.6 0.3 –1.0 92.1 94.8 –9.8 51.8 52.8 –3.1 0.3 0.4 0.0 19.8 22.5 –11.3 4.6 29.2 –3.0 0.4 0.4 0.0 41.9 42.1 –6.5 14.6 34.0 –1.2 1.0 0.4 0.7 10.4 11.0 2.0 –3.1 12.1 –1.1 0.5 0.4 0.0 42.1 42.9 –4.5 12.9 34.5 –1.2 0.4 0.5 0.0 Equals: Personal saving........................................................................... 3.2 –10.4 –5.8 –62.6 26.2 1.5 39.9 –12.5 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 42.2 11.0 –3.2 –29.8 14.5 12.1 29.6 –1.4 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2006 2007 2006 IV 2007 I II 2008 III IV I Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance....................... 682.3 416.2 350.3 310.7 68.1 26.9 242.5 48.1 194.5 39.7 65.8 43.0 22.7 676.1 410.9 341.4 294.2 47.7 23.5 246.5 46.4 200.1 47.2 69.5 46.1 23.5 169.3 157.4 137.2 126.9 32.9 19.0 94.1 16.4 77.7 10.2 20.2 11.3 8.9 269.0 165.0 141.4 127.0 17.5 12.1 109.5 17.8 91.6 14.5 23.6 12.5 11.1 108.1 37.0 24.5 14.2 3.7 –1.3 10.4 13.7 –3.2 10.2 12.5 11.7 0.8 157.7 80.8 63.8 52.9 4.9 0.6 48.0 –0.4 48.4 11.0 17.0 11.8 5.2 121.6 74.5 59.7 47.9 1.5 –1.1 46.4 5.7 40.7 11.8 14.8 11.6 3.2 129.6 107.7 84.4 64.9 5.0 3.3 59.9 9.4 50.5 19.4 23.3 14.0 9.3 36.8 –11.4 48.3 11.6 178.7 81.3 97.4 91.8 102.2 101.1 –1.4 2.6 –10.4 52.8 35.9 16.8 19.0 10.9 150.7 54.5 96.2 119.2 118.5 76.1 2.0 40.4 0.7 51.4 6.2 5.8 0.3 –2.0 8.5 –16.9 25.4 17.1 14.8 15.9 0.3 –1.4 2.3 17.8 17.6 5.2 12.5 2.3 46.3 23.3 23.0 63.0 65.1 27.4 1.5 36.1 –2.1 25.2 11.0 4.0 7.0 8.9 47.1 22.3 24.8 6.4 6.3 20.7 –0.1 –14.2 0.2 2.4 10.3 5.5 4.7 6.3 46.2 22.7 23.4 25.2 25.0 14.5 0.0 10.5 0.2 11.0 7.2 5.2 2.1 9.4 23.6 2.1 21.6 14.2 14.0 1.5 0.7 11.8 0.1 7.4 0.7 –4.7 5.4 1.5 12.8 –3.9 16.7 27.7 27.7 18.7 2.2 6.7 0.0 20.8 Less: Personal current taxes ................................................................... 145.2 128.2 45.8 53.7 22.9 12.2 18.2 2.3 Equals: Disposable personal income...................................................... 537.1 547.9 123.4 215.3 85.2 145.5 103.4 127.3 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net)................................................................. 542.9 516.7 25.0 171.8 319.8 20.3 6.0 4.4 1.6 543.8 509.7 29.3 145.2 335.2 24.8 9.3 7.2 2.2 80.1 68.0 2.7 –27.0 92.3 9.3 2.7 1.6 1.1 160.3 166.8 17.5 54.0 95.3 –8.3 1.9 2.2 –0.2 151.7 133.5 0.7 63.3 69.4 16.2 2.0 1.9 0.1 131.7 111.7 6.9 23.6 81.3 16.3 3.6 1.8 1.7 148.0 150.9 0.9 58.2 91.9 –3.3 0.4 1.4 –1.0 106.8 110.3 –17.4 37.1 90.5 –5.3 1.9 1.2 0.7 Equals: Personal saving........................................................................... –5.8 4.1 43.4 55.0 –66.5 13.9 –44.7 20.5 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 249.0 257.5 126.2 113.2 –16.8 85.0 3.1 31.2 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2007 August September 2008 October November December January r February r March 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 .............................. 0.4 0.3 0.3 0.3 0.4 0.5 0.6 0.4 0.2 0.1 0.1 0.3 0.3 0.4 0.4 0.3 0.4 0.3 0.3 0.3 0.3 0.6 0.6 0.8 0.5 0.4 0.3 0.4 0.3 0.4 0.5 0.4 –0.1 2.1 0.9 0.8 1.0 0.8 0.2 –0.6 2.7 0.9 0.8 0.9 0.0 0.5 0.6 5.5 0.2 –0.3 0.9 0.4 0.0 0.9 5.2 0.2 –0.3 0.9 –0.5 0.3 –0.2 5.0 0.2 –0.3 0.8 1.3 0.3 0.5 –1.4 0.2 0.0 0.5 –0.7 1.5 –0.7 –1.7 0.3 0.0 0.6 2.1 0.3 –0.5 –1.2 0.2 0.0 0.6 0.5 0.4 Less: Personal current taxes ................................................................... 0.3 0.5 0.3 0.5 0.4 –0.8 0.5 0.6 Equals: Disposable personal income...................................................... 0.5 0.4 0.2 0.3 0.4 0.4 0.5 0.3 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 0.4 2.1 –0.8 0.7 0.5 0.9 0.8 0.3 0.3 –0.3 0.5 0.4 1.0 –0.9 1.8 0.9 0.2 –1.0 0.2 0.5 0.4 –0.6 0.5 0.6 0.1 0.2 –0.1 0.2 0.4 –0.4 0.4 0.6 Real disposable personal income ............................................................ 0.5 0.1 0.1 0.3 0.0 Based on chained (2000) dollar measures 0.0 –0.3 0.2 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2006 2007 2006 2007 IV I II 2008 III IV I 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 .............................. 6.6 5.9 6.2 4.8 6.2 5.5 5.7 4.9 6.3 8.7 9.4 5.8 10.0 9.0 9.5 6.7 3.8 1.9 1.6 3.4 5.6 4.2 4.1 4.7 4.2 3.8 3.8 4.0 4.4 5.5 5.3 6.3 3.8 27.2 11.0 8.0 16.3 6.0 6.0 3.6 19.9 8.4 5.0 13.8 7.4 5.5 2.5 –14.0 1.9 –5.9 15.1 4.3 7.9 7.2 19.2 10.5 8.7 13.1 16.2 11.1 4.4 85.9 10.4 8.2 13.8 1.5 1.0 4.0 47.1 9.9 8.2 12.5 6.0 4.6 2.8 67.1 4.9 0.7 11.2 3.3 3.0 0.3 8.0 2.6 –1.3 8.3 6.5 8.7 Less: Personal current taxes ................................................................... 12.0 9.5 14.2 16.2 6.5 3.3 5.0 0.6 Equals: Disposable personal income...................................................... 5.9 5.7 5.2 9.1 3.4 5.9 4.1 5.0 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 5.9 2.4 6.8 6.2 5.5 2.8 5.4 6.1 3.0 1.0 –3.9 6.9 7.3 6.8 8.2 7.0 5.7 0.3 9.5 5.0 4.7 2.6 3.4 5.7 6.3 0.3 8.4 6.4 4.5 –6.3 5.2 6.2 Real disposable personal income ............................................................ 3.1 3.1 4.0 0.1 1.4 Based on chained (2000) dollar measures 6.2 5.4 –0.8 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2007 August September 2008 October November December January r February r March p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,308.4 1,247.3 2,389.7 4,698.3 8,326.4 1,261.2 2,402.0 4,693.8 8,332.2 1,257.2 2,406.0 4,698.5 8,359.6 1,248.6 2,407.6 4,728.7 8,355.3 1,238.7 2,398.8 4,739.9 8,367.3 1,229.9 2,395.3 4,760.7 8,364.6 1,231.0 2,394.9 4,757.9 8,375.3 1,225.3 2,398.7 4,768.1 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 36.4 30.1 –9.1 22.0 18.0 13.9 12.3 –4.5 5.8 –4.0 4.0 4.7 27.4 –8.6 1.6 30.2 –4.3 –9.9 –8.8 11.2 12.0 –8.8 –3.5 20.8 –2.7 1.1 –0.4 –2.8 10.7 –5.7 3.8 10.2 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.4 2.5 –0.4 0.5 0.2 1.1 0.5 –0.1 0.1 –0.3 0.2 0.1 0.3 –0.7 0.1 0.6 –0.1 –0.8 –0.4 0.2 0.1 –0.7 –0.1 0.4 0.0 0.1 0.0 –0.1 0.1 –0.5 0.2 0.2 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2006 2007 2006 2007 IV I II 2008 III IV I 8,302.2 1,241.9 2,396.8 4,689.5 8,349.1 1,248.1 2,404.2 4,722.4 8,369.1 1,228.7 2,396.3 4,762.2 46.9 6.2 7.4 32.9 20.0 –19.4 –7.9 39.8 2.3 2.0 1.2 2.8 1.0 –6.1 –1.3 3.4 Billions of chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,044.1 1,180.5 2,337.7 4,545.5 8,277.8 1,235.4 2,392.8 4,674.8 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 240.5 43.1 82.3 118.2 233.7 54.9 55.1 129.3 8,141.2 1,197.6 2,368.8 4,595.5 8,215.7 1,223.2 2,386.6 4,630.7 8,244.3 1,228.4 2,383.8 4,656.7 Change from preceding period in billions of chained (2000) dollars 77.4 11.3 24.9 41.5 74.5 25.6 17.8 35.2 28.6 5.2 –2.8 26.0 57.9 13.5 13.0 32.8 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 3.1 3.8 3.6 2.7 2.9 4.7 2.4 2.8 3.9 3.9 4.3 3.7 3.7 8.8 3.0 3.1 1.4 1.7 –0.5 2.3 2.8 4.5 2.2 2.8 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2007 August September 2008 October November December January r February r March p Chain-type price indexes (2000=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 117.755 87.044 118.451 124.877 118.087 86.865 118.813 125.329 118.412 86.927 119.219 125.680 119.158 86.736 121.286 125.995 119.488 86.514 121.923 126.312 119.820 86.608 122.714 126.475 119.989 86.694 122.607 126.804 120.348 86.728 122.947 127.255 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 114.645 116.053 111.876 114.946 116.333 112.105 115.188 116.665 112.338 115.403 117.498 112.554 115.618 117.853 112.778 115.847 118.175 112.973 116.007 118.310 113.086 116.203 118.651 113.228 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE............................................................................................................. Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.0 –0.4 –0.5 0.3 0.3 –0.2 0.3 0.4 0.3 0.1 0.3 0.3 0.6 –0.2 1.7 0.3 0.3 –0.3 0.5 0.3 0.3 0.1 0.6 0.1 0.1 0.1 –0.1 0.3 0.3 0.0 0.3 0.4 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 0.2 –0.1 0.1 0.3 0.2 0.2 0.2 0.3 0.2 0.2 0.7 0.2 0.2 0.3 0.2 0.2 0.3 0.2 0.1 0.1 0.1 0.2 0.3 0.1 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2007 August September 2008 October November December January r February r March p Disposable personal income.................................................................... 4.0 3.4 2.7 2.0 1.8 1.4 1.3 0.9 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 3.2 6.2 2.0 3.2 3.2 6.0 2.6 3.0 2.7 5.8 2.1 2.4 2.8 4.6 1.9 2.9 2.2 2.3 0.4 3.1 2.0 0.4 0.4 3.0 1.6 0.8 0.4 2.4 2.0 0.2 0.4 3.1 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2007 August September 2008 October November December January r February r March p Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 1.8 –2.2 1.0 3.0 2.5 –1.9 2.8 3.1 3.0 –1.8 4.4 3.2 3.6 –1.7 6.6 3.2 3.5 –1.6 6.3 3.2 3.5 –1.3 6.8 2.9 3.4 –1.3 6.3 2.9 3.2 –1.2 5.4 3.0 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 1.9 1.7 1.6 1.9 2.3 1.6 2.0 3.0 1.7 2.1 3.7 1.9 2.2 3.6 2.0 2.0 3.6 1.8 2.0 3.4 1.7 2.1 3.2 1.8 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions.