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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, APRIL 30, 2009 James E. Rankin: Brendan Leary: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 09-18 PERSONAL INCOME AND OUTLAYS: MARCH 2009 Personal income decreased $34.4 billion, or 0.3 percent, and disposable personal income (DPI) decreased $1.8 billion, or less than 0.1 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $24.2 billion, or 0.2 percent. In February, personal income decreased $24.3 billion, or 0.2 percent, DPI increased $0.2 billion, or less than 0.1 percent, and PCE increased $39.1 billion, or 0.4 percent, based on revised estimates. Real disposable income increased less than 0.1 percent in March, in contrast to a decrease of 0.3 percent in February. Real PCE decreased 0.2 percent, in contrast to an increase of 0.1 percent. 2008 2009 Nov. Dec. Jan. Feb. (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars Mar. -0.5 -0.3 0.1 -0.2 -0.3 -0.4 0.7 -0.3 0.2 1.6 1.4 0.0 -0.3 0.0 0.0 -0.7 0.4 -1.1 -0.6 1.1 0.9 0.4 0.1 -0.2 -0.2 ________________________ NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2000) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements decreased $32.9 billion in March, compared with a decrease of $28.8 billion in February. Goods-producing industries' payrolls decreased $15.3 billion, compared with a decrease of $14.2 billion; manufacturing payrolls decreased $7.8 billion, compared with a decrease of $7.4 billion. Services-producing industries' payrolls decreased $17.6 billion, compared with a decrease of $14.6 billion. Government wage and salary disbursements increased $2.9 billion compared with an increase of $1.9 billion. -more- -3- Other personal income Supplements to wages and salaries increased $2.1 billion in March, compared with an increase of $2.5 billion in February. Proprietors' income decreased $5.9 billion in March, in contrast to an increase of $1.9 billion in February. Farm proprietors' income increased $0.2 billion, in contrast to a decrease of $1.2 billion. Nonfarm proprietors' income decreased $5.9 billion, in contrast to an increase of $3.0 billion. Rental income of persons decreased $3.3 billion in March, compared with a decrease of $2.6 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $20.7 billion, compared with a decrease of $20.6 billion. Personal current transfer receipts increased $18.8 billion, compared with an increase of $17.2 billion. Contributions for government social insurance -- a subtraction in calculating personal income -decreased $4.4 billion in March, compared with a decrease of $4.3 billion in February. Personal current taxes and disposable personal income Personal current taxes decreased $32.7 billion in March, compared with a decrease of $24.6 billion in February. The Making Work Pay Credit provision of the American Recovery and Reinvestment Act of 2009 reduced personnel current taxes $11.2 billion at an annual rate. The act provides for a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. (The credit is subject to income limitations.) Disposable personal income (DPI) -- personal income less personal current taxes – decreased $1.8 billion, or less than 0.1 percent in March, in contrast to an increase of $0.2 billion, or less than 0.1 percent, in February. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -decreased $24.5 billion in March, in contrast to an increase of $38.7 billion in February. PCE decreased $24.2 billion, in contrast to an increase of $39.1 billion. Personal saving -- DPI less personal outlays – was $455.3 billion in March, compared with $432.6 billion in February. Personal saving as a percentage of disposable personal income was 4.2 percent in March, compared with 4.0 percent in February. 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. -more- -4- Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased less than 0.1 percent in March, in contrast to a decrease of 0.3 percent in February. Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in March, in contrast to an increase of 0.1 percent in February. Purchases of durable goods decreased 0.8 percent, compared with a decrease of 0.6 percent. Purchases of nondurable goods decreased 0.6 percent, in contrast to an increase of 0.4 percent. Purchases of services increased 0.1 percent, compared to an increase of less than 0.1 percent. PCE price index -- The price index for PCE decreased less than 0.1 percent in March, in contrast to an increase of 0.3 percent in February. The PCE price index, excluding food and energy, increased 0.2 percent, the same increase as in February. 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 (Billions of dollars) Personal Income: Current dollars February Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) 20.5 13.7 0.2 0.1 -29.1 -24.3 -0.2 -0.2 164.6 113.6 169.1 119.5 1.6 1.3 1.6 1.4 -10.5 -39.7 0.2 -29.8 -0.1 -0.4 0.0 -0.3 Personal consumption expenditures: Current dollars 94.8 Chained (2000) dollars 57.5 107.0 69.7 1.0 0.7 1.1 0.9 17.2 -14.4 39.1 4.4 0.2 -0.2 0.4 0.1 Disposable personal income: Current Dollars Chained (2000) dollars -more- -5- Comprehensive Revision of the National Income and Product Accounts As part of the comprehensive (or benchmark) revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released along with preliminary estimates for June 2009 on August 4, 2009. More information on the comprehensive revision is available on BEA’s Web site at www.bea.gov/national/an1.htm, including a link to an article in the March 2009 issue of the Survey of Current Business that discussed the changes in definitions and presentations that will be implemented in the revision. An article in the May Survey will describe changes in statistical methods, and the September Survey will contain an article that describes the results of the revision in detail. The Web site also contains links to redesigned PCE table stubs; other revised NIPA table stubs and press release stubs will be available in June. 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 – June 1, 2009 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 2008 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 2009 November December January r February r March p 12,179.8 8,104.2 6,592.2 5,453.6 1,214.0 742.6 4,239.6 1,052.6 3,186.9 1,138.6 1,511.9 1,031.3 480.6 12,191.4 8,102.3 6,589.8 5,447.7 1,208.0 738.9 4,239.7 1,049.2 3,190.4 1,142.1 1,512.5 1,032.6 479.9 12,178.9 8,106.6 6,591.7 5,447.0 1,205.4 737.5 4,241.6 1,043.9 3,197.7 1,144.7 1,514.9 1,035.0 479.9 12,122.1 8,089.7 6,574.8 5,427.8 1,197.0 731.7 4,230.9 1,038.6 3,192.3 1,146.9 1,514.9 1,036.7 478.2 12,081.6 8,056.0 6,541.8 5,393.5 1,179.4 721.3 4,214.1 1,029.9 3,184.2 1,148.3 1,514.2 1,038.4 475.8 12,095.3 8,050.7 6,523.7 5,362.7 1,162.7 710.2 4,200.0 1,032.2 3,167.8 1,161.0 1,526.9 1,047.8 479.2 12,071.0 8,026.2 6,496.8 5,333.9 1,148.5 702.8 4,185.4 1,027.7 3,157.7 1,162.9 1,529.4 1,052.5 476.9 12,036.6 7,998.3 6,466.9 5,301.0 1,133.2 695.0 4,167.8 1,020.0 3,147.8 1,165.8 1,531.5 1,056.8 474.7 1,079.8 32.5 1,047.3 77.3 2,055.6 1,217.4 838.2 1,864.3 1,831.7 1,067.5 62.4 701.9 32.6 1,001.4 1,071.8 29.6 1,042.2 55.5 2,057.3 1,223.8 833.4 1,904.8 1,845.3 1,072.0 67.5 705.8 59.5 1,000.3 1,075.0 27.0 1,048.0 87.1 2,023.0 1,203.6 819.4 1,887.2 1,854.5 1,074.5 64.6 715.4 32.7 1,000.1 1,057.4 26.1 1,031.3 90.9 1,988.6 1,183.4 805.2 1,892.5 1,859.8 1,082.8 64.2 712.7 32.8 997.0 1,049.3 25.9 1,023.4 96.1 1,954.0 1,163.2 790.8 1,918.3 1,885.5 1,088.3 82.4 714.8 32.8 992.1 1,041.4 25.8 1,015.6 92.6 1,933.4 1,156.5 776.9 1,975.6 1,942.9 1,124.9 89.1 728.8 32.7 998.3 1,043.3 24.6 1,018.6 90.0 1,912.8 1,149.8 762.9 1,992.8 1,960.1 1,133.7 97.6 728.8 32.7 994.0 1,037.4 24.8 1,012.7 86.7 1,892.1 1,143.1 749.0 2,011.6 1,978.8 1,139.1 104.5 735.3 32.8 989.6 Less: Personal current taxes ................................................................... 1,522.3 1,517.7 1,504.6 1,487.1 1,479.5 1,324.2 1,299.6 1,266.9 Equals: Disposable personal income...................................................... 10,657.5 10,673.7 10,674.2 10,635.0 10,602.1 10,771.2 10,771.4 10,769.6 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) ................................................................. 10,567.4 10,170.9 1,033.7 3,042.4 6,094.8 248.9 147.5 84.8 62.7 10,527.3 10,132.4 998.4 3,022.9 6,111.2 246.9 148.0 85.3 62.7 10,393.8 10,013.3 945.3 2,934.5 6,133.5 237.7 142.9 85.8 57.1 10,311.5 9,939.7 950.8 2,843.6 6,145.2 228.4 143.4 86.3 57.1 10,193.9 9,830.7 942.8 2,739.1 6,148.8 219.2 144.0 86.9 57.1 10,300.1 9,937.7 968.3 2,794.5 6,174.8 218.5 143.9 87.4 56.5 10,338.8 9,976.8 964.9 2,829.6 6,182.3 217.7 144.4 87.9 56.5 10,314.3 9,952.6 958.1 2,808.2 6,186.3 217.0 144.8 88.3 56.5 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 90.1 0.8 146.4 1.4 280.4 2.6 323.5 3.0 408.2 3.8 471.1 4.4 432.6 4.0 455.3 4.2 8,664.8 8,670.7 8,706.8 8,769.7 8,786.8 8,906.3 8,876.5 8,877.2 34,957 28,421 304,870 34,980 28,416 305,138 34,953 28,510 305,390 34,798 28,695 305,624 34,665 28,730 305,845 35,194 29,101 306,049 35,173 28,985 306,243 35,144 28,968 306,444 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 2007 2008 2007 IV Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance....................... 2008 I II 2009 III IV I 11,663.2 7,818.6 6,362.0 5,286.7 1,205.4 746.0 4,081.3 1,035.2 3,046.1 1,075.2 1,456.6 991.9 464.7 12,102.6 8,055.1 6,550.1 5,420.6 1,209.0 741.4 4,211.6 1,046.7 3,164.9 1,129.5 1,504.9 1,026.9 478.0 11,872.1 7,941.0 6,465.5 5,373.4 1,218.2 750.2 4,155.3 1,048.3 3,106.9 1,092.1 1,475.5 1,005.9 469.6 11,960.5 8,009.7 6,518.0 5,408.3 1,217.7 748.4 4,190.5 1,050.4 3,140.2 1,109.7 1,491.7 1,015.3 476.4 12,152.2 8,033.5 6,531.3 5,407.9 1,212.7 745.0 4,195.2 1,048.4 3,146.7 1,123.4 1,502.2 1,024.4 477.8 12,170.4 8,092.9 6,581.8 5,443.5 1,211.7 742.2 4,231.8 1,050.4 3,181.5 1,138.3 1,511.1 1,031.2 479.9 12,127.5 8,084.1 6,569.4 5,422.8 1,193.9 730.2 4,228.8 1,037.5 3,191.4 1,146.7 1,514.7 1,036.7 478.0 12,067.6 8,025.1 6,495.8 5,332.5 1,148.1 702.7 4,184.4 1,026.6 3,157.8 1,163.3 1,529.3 1,052.3 476.9 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 1,681.4 999.4 32.3 649.6 31.9 965.1 1,072.4 34.6 1,037.9 64.4 2,037.7 1,208.5 829.1 1,869.1 1,834.4 1,058.3 52.3 723.8 34.7 996.0 1,073.8 47.1 1,026.7 38.6 2,056.2 1,242.7 813.5 1,737.8 1,704.7 1,009.6 34.3 660.9 33.1 975.3 1,071.7 41.6 1,030.1 39.1 2,054.1 1,224.6 829.5 1,778.1 1,745.8 1,032.4 38.2 675.3 32.2 992.2 1,076.9 38.0 1,039.0 58.6 2,052.3 1,208.7 843.6 1,926.3 1,893.9 1,050.0 41.4 802.5 32.4 995.4 1,080.5 32.4 1,048.2 68.5 2,055.7 1,217.4 838.3 1,872.7 1,831.2 1,068.9 59.2 703.1 41.5 1,000.0 1,060.6 26.3 1,034.2 91.4 1,988.5 1,183.4 805.1 1,899.3 1,866.6 1,081.9 70.4 714.3 32.8 996.4 1,040.7 25.1 1,015.6 89.8 1,912.8 1,149.8 762.9 1,993.3 1,960.6 1,132.6 97.1 731.0 32.7 994.0 Less: Personal current taxes ................................................................... 1,492.8 1,460.6 1,520.5 1,535.0 1,346.1 1,470.7 1,490.4 1,296.9 Equals: Disposable personal income...................................................... 10,170.5 10,642.1 10,351.5 10,425.5 10,806.0 10,699.7 10,637.1 10,770.7 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) ................................................................. 10,113.1 9,710.2 1,082.8 2,833.0 5,794.4 265.4 137.5 81.2 56.3 10,450.7 10,057.9 1,023.2 2,965.1 6,069.6 248.2 144.5 84.4 60.1 10,309.2 9,892.7 1,083.0 2,906.2 5,903.5 276.7 139.8 82.5 57.3 10,404.9 10,002.3 1,071.0 2,950.7 5,980.6 261.7 140.8 82.9 57.9 10,538.2 10,138.0 1,059.3 3,026.2 6,052.5 253.8 146.4 83.7 62.7 10,559.9 10,163.5 1,016.2 3,044.6 6,102.7 248.9 147.5 84.8 62.7 10,299.7 9,927.9 946.3 2,839.0 6,142.5 228.4 143.4 86.3 57.1 10,317.8 9,955.7 963.8 2,810.8 6,181.1 217.7 144.3 87.9 56.5 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 57.4 0.6 191.4 1.8 42.4 0.4 20.6 0.2 267.9 2.5 139.8 1.3 337.4 3.2 453.0 4.2 8,644.0 8,752.6 8,683.1 8,667.9 8,891.0 8,696.4 8,754.2 8,886.6 33,706 28,648 301,737 34,946 28,741 304,529 34,179 28,670 302,865 34,351 28,560 303,498 35,531 29,234 304,128 35,096 28,525 304,872 34,805 28,644 305,619 35,170 29,018 306,245 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 2008 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 2009 October November December January r February r March p 39.9 31.9 28.7 24.4 1.0 –2.7 23.4 3.4 19.9 4.3 3.1 1.5 1.5 11.6 –1.9 –2.4 –5.9 –6.0 –3.7 0.1 –3.4 3.5 3.5 0.6 1.3 –0.7 –12.5 4.3 1.9 –0.7 –2.6 –1.4 1.9 –5.3 7.3 2.6 2.4 2.4 0.0 –56.8 –16.9 –16.9 –19.2 –8.4 –5.8 –10.7 –5.3 –5.4 2.2 0.0 1.7 –1.7 –40.5 –33.7 –33.0 –34.3 –17.6 –10.4 –16.8 –8.7 –8.1 1.4 –0.7 1.7 –2.4 13.7 –5.3 –18.1 –30.8 –16.7 –11.1 –14.1 2.3 –16.4 12.7 12.7 9.4 3.4 –24.3 –24.5 –26.9 –28.8 –14.2 –7.4 –14.6 –4.5 –10.1 1.9 2.5 4.7 –2.3 –34.4 –27.9 –29.9 –32.9 –15.3 –7.8 –17.6 –7.7 –9.9 2.9 2.1 4.3 –2.2 –10.2 –2.5 –7.7 4.5 1.5 6.5 –5.0 15.3 15.2 0.1 14.8 0.4 0.1 3.2 –8.0 –2.9 –5.1 –21.8 1.7 6.4 –4.8 40.5 13.6 4.5 5.1 3.9 26.9 –1.1 3.2 –2.6 5.8 31.6 –34.3 –20.2 –14.0 –17.6 9.2 2.5 –2.9 9.6 –26.8 –0.2 –17.6 –0.9 –16.7 3.8 –34.4 –20.2 –14.2 5.3 5.3 8.3 –0.4 –2.7 0.1 –3.1 –8.1 –0.2 –7.9 5.2 –34.6 –20.2 –14.4 25.8 25.7 5.5 18.2 2.1 0.0 –4.9 –7.9 –0.1 –7.8 –3.5 –20.6 –6.7 –13.9 57.3 57.4 36.6 6.7 14.0 –0.1 6.2 1.9 –1.2 3.0 –2.6 –20.6 –6.7 –14.0 17.2 17.2 8.8 8.5 0.0 0.0 –4.3 –5.9 0.2 –5.9 –3.3 –20.7 –6.7 –13.9 18.8 18.7 5.4 6.9 6.5 0.1 –4.4 Less: Personal current taxes ................................................................... 150.3 –4.6 –13.1 –17.5 –7.6 –155.3 –24.6 –32.7 Equals: Disposable personal income...................................................... –110.4 16.2 0.5 –39.2 –32.9 169.1 0.2 –1.8 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) ................................................................. –17.6 –16.2 17.1 –26.0 –7.2 –2.0 0.4 0.4 0.0 –40.1 –38.5 –35.3 –19.5 16.4 –2.0 0.5 0.5 0.0 –133.5 –119.1 –53.1 –88.4 22.3 –9.2 –5.1 0.5 –5.6 –82.3 –73.6 5.5 –90.9 11.7 –9.3 0.5 0.5 0.0 –117.6 –109.0 –8.0 –104.5 3.6 –9.2 0.6 0.6 0.0 106.2 107.0 25.5 55.4 26.0 –0.7 –0.1 0.5 –0.6 38.7 39.1 –3.4 35.1 7.5 –0.8 0.5 0.5 0.0 –24.5 –24.2 –6.8 –21.4 4.0 –0.7 0.4 0.4 0.0 Equals: Personal saving ........................................................................... –92.8 56.3 134.0 43.1 84.7 62.9 –38.5 22.7 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... –88.8 5.9 36.1 62.9 17.1 119.5 –29.8 0.7 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 2007 2008 2007 IV 2008 I II 2009 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....................... 669.3 386.0 334.8 282.5 38.2 14.8 244.2 48.5 195.7 52.2 51.3 35.1 16.2 439.4 236.5 188.1 133.9 3.6 –4.6 130.3 11.5 118.8 54.3 48.3 35.0 13.3 141.7 101.7 87.8 76.4 13.9 6.8 62.7 13.0 49.5 11.3 13.9 9.4 4.5 88.4 68.7 52.5 34.9 –0.5 –1.8 35.2 2.1 33.3 17.6 16.2 9.4 6.8 191.7 23.8 13.3 –0.4 –5.0 –3.4 4.7 –2.0 6.5 13.7 10.5 9.1 1.4 18.2 59.4 50.5 35.6 –1.0 –2.8 36.6 2.0 34.8 14.9 8.9 6.8 2.1 –42.9 –8.8 –12.4 –20.7 –17.8 –12.0 –3.0 –12.9 9.9 8.4 3.6 5.5 –1.9 –59.9 –59.0 –73.6 –90.3 –45.8 –27.5 –44.4 –10.9 –33.6 16.6 14.6 15.6 –1.1 41.5 27.8 13.6 –4.3 175.3 88.9 86.4 110.3 103.3 60.5 2.4 40.3 7.0 39.6 16.2 –9.4 25.7 24.4 37.6 –5.8 43.3 155.8 153.0 58.9 20.0 74.2 2.8 30.9 10.0 –0.3 10.3 –3.2 25.3 6.5 18.8 17.2 16.7 0.8 1.8 14.2 0.6 9.3 –2.1 –5.5 3.4 0.5 –2.1 –18.1 16.0 40.3 41.1 22.8 3.9 14.4 –0.9 16.9 5.2 –3.6 8.9 19.5 –1.8 –15.9 14.1 148.2 148.1 17.6 3.2 127.2 0.2 3.2 3.6 –5.6 9.2 9.9 3.4 8.7 –5.3 –53.6 –62.7 18.9 17.8 –99.4 9.1 4.6 –19.9 –6.1 –14.0 22.9 –67.2 –34.0 –33.2 26.6 35.4 13.0 11.2 11.2 –8.7 –3.6 –19.9 –1.2 –18.6 –1.6 –75.7 –33.6 –42.2 94.0 94.0 50.7 26.7 16.7 –0.1 –2.4 Less: Personal current taxes ................................................................... 139.6 –32.2 18.9 14.5 –188.9 124.6 19.7 –193.5 Equals: Disposable personal income...................................................... 529.8 471.6 122.7 74.0 380.5 –106.3 –62.6 133.6 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) ................................................................. 543.1 503.0 30.7 147.8 324.5 30.0 10.1 5.0 5.2 337.6 347.7 –59.6 132.1 275.2 –17.2 7.0 3.2 3.8 127.2 127.1 –3.2 59.6 70.7 –1.5 1.7 0.7 1.0 95.7 109.6 –12.0 44.5 77.1 –15.0 1.0 0.4 0.6 133.3 135.7 –11.7 75.5 71.9 –7.9 5.6 0.8 4.8 21.7 25.5 –43.1 18.4 50.2 –4.9 1.1 1.1 0.0 –260.2 –235.6 –69.9 –205.6 39.8 –20.5 –4.1 1.5 –5.6 18.1 27.8 17.5 –28.2 38.6 –10.7 0.9 1.6 –0.6 Equals: Personal saving ........................................................................... –13.3 134.0 –4.4 –21.8 247.3 –128.1 197.6 115.6 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 237.0 108.6 12.0 –15.2 223.1 –194.6 57.8 132.4 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 2008 August September 2009 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 .............................. 0.3 0.4 0.4 0.2 0.1 0.0 0.0 0.0 –0.1 0.1 0.0 0.2 –0.5 –0.2 –0.3 0.0 –0.3 –0.4 –0.5 0.0 0.1 –0.1 –0.3 0.8 –0.2 –0.3 –0.4 0.2 –0.3 –0.3 –0.5 0.1 –0.9 6.2 0.1 0.5 –0.6 0.8 0.3 –0.7 –28.1 0.1 0.5 –0.6 2.2 –0.1 0.3 56.8 –1.7 –1.7 –1.7 –0.9 0.0 –1.6 4.3 –1.7 –1.7 –1.7 0.3 –0.3 –0.8 5.7 –1.7 –1.7 –1.8 1.4 –0.5 –0.8 –3.6 –1.1 –0.6 –1.8 3.0 0.6 0.2 –2.8 –1.1 –0.6 –1.8 0.9 –0.4 –0.6 –3.6 –1.1 –0.6 –1.8 0.9 –0.4 Less: Personal current taxes ................................................................... 11.0 –0.3 –0.9 –1.2 –0.5 –10.5 –1.9 –2.5 Equals: Disposable personal income...................................................... –1.0 0.2 0.0 –0.4 –0.3 1.6 0.0 0.0 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ –0.2 1.7 –0.8 –0.1 –0.4 –3.4 –0.6 0.3 –1.2 –5.3 –2.9 0.4 –0.7 0.6 –3.1 0.2 –1.1 –0.8 –3.7 0.1 1.1 2.7 2.0 0.4 0.4 –0.4 1.3 0.1 –0.2 –0.7 –0.8 0.1 Real disposable personal income ............................................................ –1.0 0.1 1.4 –0.3 0.0 Based on chained (2000) dollar measures 0.4 0.7 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 2007 2008 2007 2008 IV I II 2009 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 .............................. 6.1 5.2 5.6 3.7 3.8 3.0 3.0 3.3 4.9 5.3 5.6 3.9 3.0 3.5 3.3 4.5 6.6 1.2 0.8 2.8 0.6 3.0 3.1 2.4 –1.4 –0.4 –0.8 0.9 –2.0 –2.9 –4.4 3.9 4.1 –9.6 9.6 7.9 12.4 6.9 4.3 1.5 60.8 1.9 –0.5 5.5 9.1 3.2 3.8 –27.3 5.1 2.1 9.8 4.1 3.9 –0.8 5.3 –0.4 –5.7 8.1 9.6 7.1 2.0 401.3 –0.3 –5.1 7.0 37.8 1.3 1.3 87.6 0.7 2.9 –2.5 –10.7 1.9 –7.2 216.2 –12.4 –10.7 –14.9 5.8 –1.4 –7.3 –6.8 –14.4 –10.9 –19.4 21.3 –1.0 Less: Personal current taxes ................................................................... 10.3 –2.2 5.1 3.9 –40.8 42.5 5.5 –42.7 Equals: Disposable personal income...................................................... 5.5 4.6 4.9 2.9 15.4 –3.9 –2.3 5.1 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 5.5 2.9 5.5 5.9 3.6 –5.5 4.7 4.7 5.3 –1.2 8.7 4.9 4.5 –4.3 6.3 5.3 5.5 –4.3 10.6 4.9 1.0 –15.3 2.4 3.4 –9.0 –24.8 –24.4 2.6 1.1 7.6 –3.9 2.5 Real disposable personal income ............................................................ 2.8 1.3 –8.5 2.7 6.2 Based on chained (2000) dollar measures 0.6 –0.7 10.7 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2008 August September 2009 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 ................................................................................................... 8,269.3 1,200.4 2,378.5 4,703.9 8,231.0 1,161.4 2,358.3 4,713.4 8,167.7 1,101.9 2,325.4 4,724.9 8,196.4 1,114.2 2,337.5 4,732.2 8,147.5 1,109.8 2,292.8 4,731.1 8,217.2 1,141.1 2,325.2 4,745.4 8,221.6 1,134.6 2,334.2 4,745.5 8,203.7 1,125.9 2,319.2 4,748.5 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... –12.1 21.9 –13.5 –12.7 –38.3 –39.0 –20.2 9.5 –63.3 –59.5 –32.9 11.5 28.7 12.3 12.1 7.3 –48.9 –4.4 –44.7 –1.1 69.7 31.3 32.4 14.3 4.4 –6.5 9.0 0.1 –17.9 –8.7 –15.0 3.0 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... –0.1 1.9 –0.6 –0.3 –0.5 –3.2 –0.8 0.2 –0.8 –5.1 –1.4 0.2 0.4 1.1 0.5 0.2 –0.6 –0.4 –1.9 0.0 0.9 2.8 1.4 0.3 0.1 –0.6 0.4 0.0 –0.2 –0.8 –0.6 0.1 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2007 2008 2007 2008 IV I II 2009 III IV I 8,260.6 1,180.1 2,376.3 4,711.3 8,170.5 1,108.6 2,318.6 4,729.4 8,214.2 1,133.9 2,326.2 4,746.5 –90.1 –71.5 –57.7 18.1 43.7 25.3 7.6 17.1 –4.3 –22.1 –9.4 1.5 2.2 9.4 1.3 1.5 Billions of chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,252.8 1,242.4 2,392.6 4,646.2 8,272.1 1,188.5 2,378.4 4,714.3 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 223.8 57.3 57.3 116.3 19.3 –53.9 –14.2 68.1 8,298.2 1,250.6 2,400.2 4,676.1 8,316.1 1,237.0 2,397.9 4,704.3 8,341.3 1,228.3 2,420.7 4,712.1 Change from preceding period in billions of chained (2000) dollars 19.7 1.2 1.6 16.3 17.9 –13.6 –2.3 28.2 25.2 –8.7 22.8 7.8 –80.7 –48.2 –44.4 –0.8 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 2.8 4.8 2.5 2.6 0.2 –4.3 –0.6 1.5 1.0 0.4 0.3 1.4 0.9 –4.3 –0.4 2.4 1.2 –2.8 3.9 0.7 –3.8 –14.8 –7.1 –0.1 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2008 August September 2009 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 ................................................................................................... 123.002 86.110 127.920 129.574 123.106 85.957 128.186 129.661 122.602 85.785 126.209 129.819 121.275 85.333 121.673 129.865 120.665 84.952 119.482 129.972 120.944 84.855 120.192 130.127 121.353 85.034 121.232 130.282 121.323 85.095 121.090 130.285 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 117.493 121.292 114.230 117.664 121.406 114.427 117.742 120.814 114.516 117.757 119.240 114.506 117.749 118.515 114.484 117.944 118.817 114.692 118.213 119.254 114.964 118.427 119.205 115.208 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE............................................................................................................. Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.0 –0.2 –0.3 0.2 0.1 –0.2 0.2 0.1 –0.4 –0.2 –1.5 0.1 –1.1 –0.5 –3.6 0.0 –0.5 –0.4 –1.8 0.1 0.2 –0.1 0.6 0.1 0.3 0.2 0.9 0.1 0.0 0.1 –0.1 0.0 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 0.2 0.0 0.2 0.1 0.1 0.2 0.1 –0.5 0.1 0.0 –1.3 0.0 0.0 –0.6 0.0 0.2 0.3 0.2 0.2 0.4 0.2 0.2 0.0 0.2 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 2008 August September 2009 October November December January r February r March p Disposable personal income.................................................................... –0.2 –0.2 0.2 1.1 1.1 2.8 2.4 2.3 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... –0.2 –4.4 –0.5 0.7 –0.6 –7.8 –1.7 1.2 –1.3 –12.3 –2.9 1.5 –1.4 –11.0 –2.8 1.1 –1.9 –10.7 –4.5 0.9 –1.2 –7.9 –2.9 0.8 –1.0 –8.6 –2.3 1.0 –1.5 –8.4 –3.8 0.9 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 August September 2009 October November December January r February r March p Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 4.4 –0.9 8.0 3.5 4.1 –0.9 7.7 3.2 3.3 –1.2 5.6 3.0 1.6 –1.5 0.1 2.9 0.8 –1.7 –2.2 2.7 0.7 –1.9 –2.3 2.7 0.9 –1.8 –1.4 2.5 0.6 –1.8 –1.7 2.1 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 2.4 4.6 2.2 2.3 4.3 2.1 2.1 3.5 2.0 2.0 1.5 1.9 1.8 0.6 1.7 1.7 0.5 1.6 1.8 0.7 1.7 1.8 0.4 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.
@FedFRASER