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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, APRIL 29, 2011 BEA 11-20 James Rankin: (202) 606-5301 Kyle Brown: (202) 606-5302 (Personal Income) (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: MARCH 2011 Personal income increased $67.0 billion, or 0.5 percent, and disposable personal income (DPI) increased $64.4 billion, or 0.6 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $60.7 billion, or 0.6 percent. In February, personal income increased $53.1 billion, or 0.4 percent, DPI increased $49.6 billion, or 0.4 percent, and PCE increased $94.4 billion, or 0.9 percent, based on revised estimates. Real disposable income increased 0.1 percent in March, compared with an increase of less than 0.1 percent in February. Real PCE increased 0.2 percent, compared with an increase of 0.5 percent. 2010 2011 Nov. Dec. Jan. Feb. (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2005) dollars Personal consumption expenditures: Current dollars Chained (2005) dollars Mar. 0.3 0.5 1.1 0.4 0.5 0.3 0.2 0.5 0.2 0.8 0.5 0.4 0.0 0.6 0.1 0.3 0.3 0.4 0.1 0.5 0.1 0.9 0.5 0.6 0.2 ________________________ NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Monthto-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 (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $18.0 billion in March, compared with an increase of $23.9 billion in February. Goods-producing industries' payrolls increased $6.2 billion, compared with an increase of $1.0 billion; manufacturing payrolls increased $5.1 billion, in contrast to a decrease of $0.5 billion. Services-producing industries' payrolls increased $11.8 billion, compared with an increase of $22.9 billion. Government wage and salary disbursements increased $1.2 billion, in contrast to a decrease of $0.4 billion. -more- -3- Other personal income Supplements to wages and salaries increased $4.0 billion in March, compared with an increase of $4.2 billion in February. Proprietors' income increased $4.4 billion in March, compared with an increase of $6.5 billion in February. Farm proprietors' income increased $1.6 billion in March, the same increase as in February. Nonfarm proprietors' income increased $2.9 billion in March, compared with an increase of $4.8 billion in February. Rental income of persons increased $8.7 billion in March, compared with an increase of $8.1 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) increased $8.9 billion, compared with an increase of $7.7 billion. Personal current transfer receipts increased $24.7 billion, compared with an increase of $6.2 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $2.7 billion in March, compared with an increase of $3.3 billion in February. Personal current taxes and disposable personal income Personal current taxes increased $2.5 billion in March, compared with an increase of $3.6 billion in February. Disposable personal income (DPI) -- personal income less personal current taxes -increased $64.4 billion, or 0.6 percent, in March, compared with an increase of $49.6 billion, or 0.4 percent in February. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $60.7 billion in March, compared with an increase of $94.4 billion in February. PCE also increased $60.7 billion, compared with an increase of $94.4 billion. Personal saving -- DPI less personal outlays -- was $651.2 billion in March, compared with $647.5 billion in February. Personal saving as a percentage of disposable personal income was 5.5 percent in March, the same as 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, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in March, compared with an increase of less than 0.1 percent in February. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in March, compared with an increase of 0.5 percent in February. Purchases of durable goods increased 0.1 percent, compared with an increase of 1.9 percent. Purchases of nondurable goods decreased 0.3 percent, in contrast to an increase of 0.7 percent. Purchases of services increased 0.4 percent, compared with an increase of 0.2 percent. PCE price index -- The price index for PCE increased 0.4 percent in March, the same increase as in February. The PCE price index, excluding food and energy, increased 0.1 percent in March, compared with an increase of 0.2 percent in February. Revisions Estimates have been revised for January and February. Changes in personal income, currentdollar and chained (2005) dollar DPI, and current-dollar and chained (2005) 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) 147.4 146.5 1.2 1.1 38.1 53.1 0.3 0.4 92.0 48.7 92.7 48.3 0.8 0.5 0.8 0.5 36.0 -9.3 49.6 1.3 0.3 -0.1 0.4 0.0 Personal consumption expenditures: Current dollars 29.5 Chained (2005) dollars -4.2 48.5 11.9 0.3 0.0 0.5 0.1 69.1 23.9 94.4 44.9 0.7 0.3 0.9 0.5 Disposable personal income: Current dollars Chained (2005) dollars -more- -5- Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays will be released along with estimates for June 2011 on August 2. Personal income, disposable personal income, and their components will be revised back to January 2006, and PCE and personal saving will be revised back to January 2003. The August Survey of Current Business will contain an article that describes the annual revision in detail. 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 27, 2011 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 2010 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, domestic Less: Personal current taxes .............................................................. Equals: Disposable personal income................................................. Less: Personal outlays ........................................................................ Personal consumption expenditures ................................................... Goods .............................................................................................. Durable goods .............................................................................. Nondurable goods ........................................................................ Services........................................................................................... Personal interest payments 1 .............................................................. Personal current transfer payments .................................................... To government ................................................................................. To the rest of the world (net) ............................................................ Equals: Personal saving ...................................................................... Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ................................................................ Disposable personal income: Total, billions of chained (2005) dollars 2 ......................................... Per capita: Current dollars.............................................................................. Chained (2005) dollars ................................................................. Population (midperiod, thousands) 3................................................... September October 2011 November December January r February r March p 12,615.3 8,040.9 6,448.0 5,264.0 1,068.8 682.3 4,195.2 1,017.6 3,177.6 1,184.0 1,592.9 12,612.3 8,050.9 6,455.0 5,275.0 1,070.5 684.4 4,204.6 1,020.3 3,184.3 1,179.9 1,595.9 12,680.3 8,092.4 6,491.2 5,307.1 1,072.1 685.1 4,234.9 1,028.3 3,206.7 1,184.1 1,601.2 12,715.8 8,092.8 6,489.1 5,305.0 1,071.5 683.9 4,233.6 1,027.0 3,206.6 1,184.1 1,603.7 12,775.8 8,115.8 6,508.3 5,323.1 1,073.9 686.8 4,249.2 1,034.3 3,214.9 1,185.3 1,607.4 12,922.3 8,151.6 6,531.7 5,344.9 1,086.2 695.3 4,258.7 1,034.5 3,224.2 1,186.7 1,620.0 12,975.4 8,179.4 6,555.1 5,368.8 1,087.2 694.8 4,281.6 1,039.7 3,241.9 1,186.3 1,624.2 13,042.4 8,202.5 6,574.3 5,386.8 1,093.4 699.9 4,293.4 1,045.4 3,248.1 1,187.5 1,628.2 1,110.2 482.7 1,112.8 483.1 1,115.6 485.6 1,118.1 485.6 1,120.8 486.6 1,124.2 495.7 1,126.9 497.3 1,129.6 498.6 1,061.3 48.5 1,012.8 303.6 1,888.0 1,174.7 713.3 2,332.5 2,295.2 1,221.5 150.5 923.3 37.3 1,011.0 1,178.9 11,436.4 10,743.2 10,373.2 3,421.8 1,081.8 2,340.0 6,951.4 197.1 172.9 101.8 71.1 693.2 6.1 1,066.7 52.6 1,014.1 306.7 1,878.5 1,159.3 719.2 2,321.5 2,284.5 1,229.5 133.3 921.6 37.0 1,012.0 1,185.1 11,427.3 10,769.6 10,403.6 3,453.0 1,100.5 2,352.5 6,950.6 192.5 173.5 102.4 71.1 657.7 5.8 1,073.5 54.0 1,019.5 307.3 1,893.4 1,175.1 718.3 2,330.5 2,291.2 1,229.8 128.7 932.7 39.3 1,016.9 1,199.9 11,480.4 10,844.3 10,477.5 3,512.8 1,136.5 2,376.3 6,964.7 190.6 176.3 102.7 73.6 636.1 5.5 1,079.5 55.5 1,024.0 308.3 1,913.1 1,190.9 722.2 2,339.0 2,300.4 1,228.9 131.1 940.4 38.6 1,016.9 1,204.0 11,511.8 10,876.6 10,511.4 3,520.9 1,129.7 2,391.2 6,990.5 188.6 176.6 103.0 73.6 635.2 5.5 1,087.4 57.0 1,030.4 309.5 1,938.6 1,206.7 731.9 2,343.6 2,305.2 1,239.2 123.4 942.6 38.4 1,019.1 1,211.4 11,564.4 10,915.7 10,552.1 3,543.1 1,138.3 2,404.8 7,009.0 186.7 176.9 103.3 73.6 648.7 5.6 1,093.1 58.6 1,034.6 317.4 1,942.5 1,207.5 735.0 2,342.7 2,304.1 1,242.8 122.8 938.5 38.6 925.0 1,265.2 11,657.1 10,964.8 10,600.6 3,585.5 1,146.0 2,439.5 7,015.2 186.5 177.7 103.6 74.1 692.3 5.9 1,099.6 60.2 1,039.4 325.5 1,950.2 1,208.3 742.0 2,348.9 2,311.6 1,249.0 112.8 949.8 37.3 928.3 1,268.8 11,706.7 11,059.2 10,695.0 3,650.7 1,170.3 2,480.4 7,044.3 186.2 178.0 103.9 74.1 647.5 5.5 1,104.0 61.8 1,042.3 334.2 1,959.1 1,209.1 750.1 2,373.6 2,335.9 1,259.4 118.1 958.4 37.8 931.0 1,271.3 11,771.1 11,119.9 10,755.7 3,672.9 1,171.4 2,501.5 7,082.8 186.0 178.2 104.1 74.1 651.2 5.5 9,252.5 9,253.9 9,288.2 9,306.0 9,332.0 9,432.4 9,435.3 9,434.9 10,290.6 10,275.9 10,302.8 10,323.8 10,344.8 10,393.1 10,394.4 10,409.8 36,839 33,149 310,439 36,780 33,074 310,691 36,923 33,136 310,927 36,998 33,180 311,149 37,143 33,226 311,345 37,420 33,362 311,521 37,558 33,348 311,696 37,742 33,377 311,884 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is 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 2009 2010 2009 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, domestic Less: Personal current taxes ............................................................... Equals: Disposable personal income.................................................. Less: Personal outlays ......................................................................... Personal consumption expenditures .................................................... Goods ............................................................................................... Durable goods ............................................................................... Nondurable goods ......................................................................... Services............................................................................................ Personal interest payments 1 ............................................................... Personal current transfer payments ..................................................... To government .................................................................................. To the rest of the world (net) ............................................................. Equals: Personal saving ....................................................................... Personal saving as a percentage of disposable personal income Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ................................................................. Disposable personal income: Total, billions of chained (2005) dollars 2 .......................................... Per capita: Current dollars............................................................................... Chained (2005) dollars .................................................................. Population (midperiod, thousands) 3.................................................... 2010 I II 2011 III IV I 12,174.9 7,806.7 6,274.1 5,100.5 1,064.0 661.5 4,036.6 990.5 3,046.1 1,173.6 1,532.6 12,546.7 7,991.1 6,405.0 5,217.9 1,056.5 673.1 4,161.5 1,010.1 3,151.3 1,187.1 1,586.1 12,239.0 7,831.4 6,284.9 5,110.0 1,046.1 658.3 4,064.0 988.2 3,075.7 1,174.9 1,546.5 12,350.3 7,858.1 6,291.4 5,105.9 1,032.2 652.6 4,073.7 988.0 3,085.8 1,185.5 1,566.7 12,517.1 7,969.9 6,388.8 5,195.7 1,054.3 672.4 4,141.4 1,005.4 3,136.0 1,193.1 1,581.1 12,595.5 8,036.2 6,443.7 5,258.5 1,067.0 682.0 4,191.4 1,017.3 3,174.1 1,185.3 1,592.4 12,724.0 8,100.3 6,496.2 5,311.7 1,072.5 685.3 4,239.2 1,029.8 3,209.4 1,184.5 1,604.1 12,980.0 8,177.8 6,553.7 5,366.9 1,088.9 696.7 4,277.9 1,039.8 3,238.1 1,186.8 1,624.1 1,072.0 460.6 1,106.8 479.2 1,084.0 462.5 1,095.8 470.9 1,103.1 478.0 1,110.3 482.2 1,118.2 485.9 1,126.9 497.2 1,011.9 30.5 981.5 274.0 1,919.7 1,222.3 697.4 2,132.8 2,096.8 1,164.5 128.6 803.7 36.0 970.3 1,140.0 11,034.9 10,379.6 10,001.3 3,230.7 1,026.5 2,204.2 6,770.6 216.8 161.4 95.0 66.5 655.3 5.9 1,055.0 44.9 1,010.1 300.9 1,907.6 1,194.9 712.7 2,296.4 2,259.0 1,213.9 136.6 908.6 37.4 1,004.4 1,166.8 11,379.9 10,720.7 10,349.1 3,425.7 1,089.4 2,336.3 6,923.4 198.9 172.7 100.8 71.9 659.2 5.8 1,022.1 36.2 985.9 282.8 1,889.2 1,205.8 683.4 2,188.2 2,152.5 1,188.8 143.4 820.2 35.8 974.8 1,117.2 11,121.7 10,505.7 10,131.5 3,312.9 1,043.9 2,269.0 6,818.6 207.8 166.4 97.0 69.5 616.0 5.5 1,030.7 36.8 994.0 292.7 1,911.1 1,208.7 702.4 2,245.5 2,208.9 1,191.3 146.1 871.5 36.6 987.8 1,134.7 11,215.6 10,603.9 10,230.8 3,380.0 1,060.7 2,319.3 6,850.9 203.8 169.2 98.5 70.7 611.8 5.5 1,049.7 38.9 1,010.8 298.8 1,914.4 1,205.3 709.2 2,286.1 2,249.1 1,208.1 136.8 904.2 37.0 1,001.9 1,149.1 11,368.0 10,663.7 10,285.4 3,377.5 1,074.1 2,303.4 6,907.9 206.0 172.3 100.1 72.2 704.3 6.2 1,059.5 48.5 1,011.0 303.8 1,889.7 1,174.7 715.0 2,316.4 2,279.2 1,223.5 135.7 920.0 37.2 1,010.2 1,178.2 11,417.3 10,736.3 10,366.3 3,419.6 1,087.8 2,331.8 6,946.7 197.1 172.9 101.8 71.1 681.0 6.0 1,080.2 55.5 1,024.7 308.4 1,915.0 1,190.9 724.2 2,337.7 2,298.9 1,232.6 127.7 938.6 38.8 1,017.6 1,205.1 11,518.9 10,878.9 10,513.6 3,525.6 1,134.8 2,390.8 6,988.1 188.6 176.6 103.0 73.6 640.0 5.6 1,098.9 60.2 1,038.7 325.7 1,950.6 1,208.3 742.4 2,355.1 2,317.2 1,250.4 117.9 948.9 37.9 928.1 1,268.4 11,711.6 11,048.0 10,683.8 3,636.4 1,162.5 2,473.8 7,047.4 186.2 178.0 103.9 74.1 663.6 5.7 9,191.1 9,224.8 9,109.7 9,111.7 9,226.6 9,252.1 9,308.7 9,434.2 10,099.8 10,241.4 10,080.4 10,113.3 10,251.9 10,276.6 10,323.8 10,399.1 35,888 32,847 307,483 36,697 33,025 310,106 36,049 32,673 308,521 36,282 32,717 309,120 36,704 33,100 309,724 36,778 33,103 310,438 37,021 33,181 311,140 37,573 33,362 311,700 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is 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 2010 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, domestic Less: Personal current taxes .............................................................. Equals: Disposable personal income................................................. Less: Personal outlays ........................................................................ Personal consumption expenditures ................................................... Goods .............................................................................................. Durable goods .............................................................................. Nondurable goods ........................................................................ Services........................................................................................... Personal interest payments 1 .............................................................. Personal current transfer payments .................................................... To government ................................................................................. To the rest of the world (net) ............................................................ Equals: Personal saving ...................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 .................................................................. Disposable personal income, billions of chained (2005) dollars 2 ....... September 2011 October November December January r February r March p 56.5 24.2 19.8 27.7 7.1 3.0 20.6 3.5 17.1 –7.9 4.4 –3.0 10.0 7.0 11.0 1.7 2.1 9.4 2.7 6.7 –4.1 3.0 68.0 41.5 36.2 32.1 1.6 0.7 30.3 8.0 22.4 4.2 5.3 35.5 0.4 –2.1 –2.1 –0.6 –1.2 –1.3 –1.3 –0.1 0.0 2.5 60.0 23.0 19.2 18.1 2.4 2.9 15.6 7.3 8.3 1.2 3.7 146.5 35.8 23.4 21.8 12.3 8.5 9.5 0.2 9.3 1.4 12.6 53.1 27.8 23.4 23.9 1.0 –0.5 22.9 5.2 17.7 –0.4 4.2 67.0 23.1 19.2 18.0 6.2 5.1 11.8 5.7 6.2 1.2 4.0 2.4 1.9 2.6 0.4 2.8 2.5 2.5 0.0 2.7 1.0 3.4 9.1 2.7 1.6 2.7 1.3 10.8 4.1 6.7 2.4 –14.8 –15.4 0.6 37.3 37.4 2.0 27.3 8.2 –0.1 3.4 8.2 48.2 47.0 51.1 37.8 0.6 37.3 13.3 –4.7 0.6 0.6 0.0 1.2 5.4 4.1 1.3 3.1 –9.5 –15.4 5.9 –11.0 –10.7 8.0 –17.2 –1.7 –0.3 1.0 6.2 –9.1 26.4 30.4 31.2 18.7 12.5 –0.8 –4.6 0.6 0.6 0.0 –35.5 6.8 1.4 5.4 0.6 14.9 15.8 –0.9 9.0 6.7 0.3 –4.6 11.1 2.3 4.9 14.8 53.1 74.7 73.9 59.8 36.0 23.8 14.1 –1.9 2.8 0.3 2.5 –21.6 6.0 1.5 4.5 1.0 19.7 15.8 3.9 8.5 9.2 –0.9 2.4 7.7 –0.7 0.0 4.1 31.4 32.3 33.9 8.1 –6.8 14.9 25.8 –2.0 0.3 0.3 0.0 –0.9 7.9 1.5 6.4 1.2 25.5 15.8 9.7 4.6 4.8 10.3 –7.7 2.2 –0.2 2.2 7.4 52.6 39.1 40.7 22.2 8.6 13.6 18.5 –1.9 0.3 0.3 0.0 13.5 5.7 1.6 4.2 7.9 3.9 0.8 3.1 –0.9 –1.1 3.6 –0.6 –4.1 0.2 –94.1 53.8 92.7 49.1 48.5 42.4 7.7 34.7 6.2 –0.2 0.8 0.3 0.5 43.6 6.5 1.6 4.8 8.1 7.7 0.8 7.0 6.2 7.5 6.2 –10.0 11.3 –1.3 3.3 3.6 49.6 94.4 94.4 65.2 24.3 40.9 29.1 –0.3 0.3 0.3 0.0 –44.8 4.4 1.6 2.9 8.7 8.9 0.8 8.1 24.7 24.3 10.4 5.3 8.6 0.5 2.7 2.5 64.4 60.7 60.7 22.2 1.1 21.1 38.5 –0.2 0.2 0.2 0.0 3.7 2.6 27.2 1.4 –14.7 34.3 26.9 17.8 21.0 26.0 21.0 100.4 48.3 2.9 1.3 –0.4 15.4 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2009 2010 2009 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, domestic Less: Personal current taxes ............................................................. Equals: Disposable personal income................................................ Less: Personal outlays ....................................................................... Personal consumption expenditures .................................................. Goods ............................................................................................. Durable goods ............................................................................. Nondurable goods ....................................................................... Services.......................................................................................... Personal interest payments 1 ............................................................. Personal current transfer payments ................................................... To government ................................................................................ To the rest of the world (net) ........................................................... Equals: Personal saving ..................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ................................................................. Disposable personal income, billions of chained (2005) dollars 2 ...... 2010 I II 2011 III IV I –216.2 –259.1 –284.9 –314.6 –143.6 –79.7 –170.8 –60.4 –110.5 29.6 25.8 371.8 184.4 130.9 117.4 –7.5 11.6 124.9 19.6 105.2 13.5 53.5 75.0 32.7 21.0 21.7 –0.6 8.5 22.4 1.3 21.0 –0.7 11.7 111.3 26.7 6.5 –4.1 –13.9 –5.7 9.7 –0.2 10.1 10.6 20.2 166.8 111.8 97.4 89.8 22.1 19.8 67.7 17.4 50.2 7.6 14.4 78.4 66.3 54.9 62.8 12.7 9.6 50.0 11.9 38.1 –7.8 11.3 128.5 64.1 52.5 53.2 5.5 3.3 47.8 12.5 35.3 –0.8 11.7 256.0 77.5 57.5 55.2 16.4 11.4 38.7 10.0 28.7 2.3 20.0 35.4 –9.5 34.8 18.6 10.0 1.7 11.8 8.4 7.3 7.1 7.2 4.2 7.9 3.7 8.7 11.3 –90.1 –20.3 –69.7 52.0 –189.6 –92.4 –97.2 253.6 254.2 96.2 77.9 80.1 –0.7 –16.9 –298.2 82.0 –125.4 –103.2 –148.8 –57.0 –91.8 45.6 –29.4 7.1 5.3 1.9 207.4 43.1 14.4 28.6 26.9 –12.1 –27.4 15.3 163.6 162.2 49.4 8.0 104.9 1.4 34.1 26.8 345.0 341.1 347.8 195.0 62.9 132.1 152.8 –17.9 11.3 5.8 5.4 3.9 15.7 8.2 7.5 3.7 –1.9 –7.5 5.6 28.9 29.1 16.2 –1.6 14.3 0.0 4.2 0.2 74.7 82.1 90.8 36.8 –1.3 38.0 54.0 –13.1 4.5 1.4 3.2 –7.4 8.6 0.6 8.1 9.9 21.9 2.9 19.0 57.3 56.4 2.5 2.7 51.3 0.8 13.0 17.5 93.9 98.2 99.3 67.1 16.8 50.3 32.3 –4.0 2.8 1.5 1.2 –4.2 19.0 2.1 16.8 6.1 3.3 –3.4 6.8 40.6 40.2 16.8 –9.3 32.7 0.4 14.1 14.4 152.4 59.8 54.6 –2.5 13.4 –15.9 57.0 2.2 3.1 1.6 1.5 92.5 9.8 9.6 0.2 5.0 –24.7 –30.6 5.8 30.3 30.1 15.4 –1.1 15.8 0.2 8.3 29.1 49.3 72.6 80.9 42.1 13.7 28.4 38.8 –8.9 0.6 1.7 –1.1 –23.3 20.7 7.0 13.7 4.6 25.3 16.2 9.2 21.3 19.7 9.1 –8.0 18.6 1.6 7.4 26.9 101.6 142.6 147.3 106.0 47.0 59.0 41.4 –8.5 3.7 1.2 2.5 –41.0 18.7 4.7 14.0 17.3 35.6 17.4 18.2 17.4 18.3 17.8 –9.8 10.3 –0.9 –89.5 63.3 192.7 169.1 170.2 110.8 27.7 83.0 59.3 –2.4 1.4 0.9 0.5 23.6 –447.4 56.9 33.7 141.6 –19.0 0.7 2.0 32.9 114.9 138.6 25.5 24.7 56.6 47.2 125.5 75.3 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2010 August September 2011 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, domestic Less: Personal current taxes ...................................................... Equals: Disposable personal income......................................... Addenda: Personal consumption expenditures ........................................... Goods ...................................................................................... Durable goods ...................................................................... Nondurable goods ................................................................ Services................................................................................... 0.4 0.3 0.3 0.3 0.0 0.1 0.1 0.2 0.5 0.5 0.6 0.3 0.3 0.0 0.0 0.2 0.5 0.3 0.3 0.2 1.1 0.4 0.4 0.8 0.4 0.3 0.4 0.3 0.5 0.3 0.3 0.2 1.0 0.8 –0.8 –1.3 0.1 1.6 0.3 0.7 0.4 0.5 1.0 –0.5 –1.3 0.8 –0.5 0.1 0.5 –0.1 0.6 0.2 0.8 1.4 –0.1 0.4 0.5 1.3 0.5 0.6 0.3 1.0 1.3 0.5 0.4 0.0 0.3 0.3 0.7 0.4 1.3 1.3 1.3 0.2 0.2 0.6 0.5 0.5 2.6 0.2 0.1 0.4 0.0 –9.2 4.4 0.8 0.6 2.6 0.4 0.1 0.9 0.3 0.4 0.3 0.4 0.4 2.7 0.5 0.1 1.1 1.1 0.3 0.2 0.6 0.5 1.1 0.1 1.6 0.2 0.3 0.9 1.7 0.5 0.0 0.7 1.7 3.3 1.0 0.2 0.3 0.2 –0.6 0.6 0.4 0.4 0.6 0.8 0.6 0.3 0.5 1.2 0.7 1.4 0.1 0.9 1.8 2.1 1.7 0.4 0.6 0.6 0.1 0.9 0.5 1.1 0.5 0.0 0.0 0.0 0.1 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts .......... Real disposable personal income ............................................... 0.0 0.3 0.0 –0.1 0.4 0.3 0.2 0.2 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 2009 2010 2009 2010 IV I II 2011 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, domestic Less: Personal current taxes ..................................................... Equals: Disposable personal income........................................ Addenda: Personal consumption expenditures .......................................... Goods ..................................................................................... Durable goods ..................................................................... Nondurable goods ............................................................... Services.................................................................................. –1.7 –3.2 –4.3 1.7 3.1 2.4 2.1 3.5 2.5 1.7 1.3 3.1 3.7 1.4 0.4 5.3 5.5 5.8 6.3 3.7 2.5 3.4 3.5 2.9 4.1 3.2 3.3 3.0 8.3 3.9 3.6 5.1 –8.2 23.4 –9.0 –7.0 –12.2 13.5 –1.7 –20.7 0.7 4.3 9.8 –0.6 –2.2 2.2 7.7 3.5 2.3 3.1 6.4 5.4 –0.4 –2.5 3.3 5.5 1.7 0.1 2.7 3.4 14.7 4.7 1.0 11.6 10.9 5.4 6.4 3.4 7.6 8.7 0.7 –1.1 3.9 7.4 5.9 5.2 5.5 3.8 6.9 –5.1 –9.8 3.4 5.4 3.3 10.5 1.7 8.0 6.1 5.5 5.6 5.2 3.7 3.0 9.4 3.6 7.1 24.5 7.6 6.0 10.4 3.0 –30.8 22.7 6.9 –1.0 –4.4 –5.3 –4.0 0.7 3.5 6.0 6.1 6.0 2.3 3.7 4.6 –0.5 7.0 3.2 4.0 8.3 6.6 9.2 1.9 2.1 –0.3 5.1 –2.7 3.4 3.2 5.1 5.2 5.0 2.3 5.8 13.0 18.4 10.5 2.4 6.6 13.2 10.1 14.6 3.4 0.3 1.0 0.6 1.9 1.3 2.9 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. –4.6 0.6 0.4 1.4 –0.2 0.0 0.0 1.3 1.3 5.6 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2010 August September 2011 October November December January r February r March p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,333.9 3,254.3 1,172.2 2,081.2 6,080.9 9,355.4 3,279.4 1,193.6 2,087.1 6,078.7 9,402.8 3,323.5 1,235.4 2,094.2 6,084.1 9,426.6 3,330.0 1,231.2 2,103.6 6,101.3 9,439.3 3,331.7 1,244.9 2,094.3 6,112.1 9,451.2 3,345.9 1,252.5 2,101.4 6,110.4 9,496.1 3,381.3 1,276.4 2,115.2 6,121.3 9,511.8 3,374.5 1,277.6 2,108.0 6,143.1 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 31.3 22.4 0.2 20.8 9.9 21.5 25.1 21.4 5.9 –2.2 47.4 44.1 41.8 7.1 5.4 23.8 6.5 –4.2 9.4 17.2 12.7 1.7 13.7 –9.3 10.8 11.9 14.2 7.6 7.1 –1.7 44.9 35.4 23.9 13.8 10.9 15.7 –6.8 1.2 –7.2 21.8 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.3 0.7 0.0 1.0 0.2 0.2 0.8 1.8 0.3 0.0 0.5 1.3 3.5 0.3 0.1 0.3 0.2 –0.3 0.5 0.3 0.1 0.1 1.1 –0.4 0.2 0.1 0.4 0.6 0.3 0.0 0.5 1.1 1.9 0.7 0.2 0.2 –0.2 0.1 –0.3 0.4 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2009 2010 2009 2010 IV I II 2011 III IV I 9,330.6 3,255.2 1,179.3 2,076.2 6,076.9 9,422.9 3,328.4 1,237.2 2,097.4 6,099.2 9,486.4 3,367.2 1,268.8 2,108.2 6,124.9 92.3 73.2 57.9 21.2 22.3 63.5 38.8 31.6 10.8 25.7 4.0 9.3 21.1 4.1 1.5 2.7 4.8 10.6 2.1 1.7 Billions of chained (2005) dollars Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... 9,153.9 3,117.4 1,094.6 2,017.4 6,032.7 9,313.6 3,250.4 1,178.3 2,072.6 6,064.7 Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... –111.1 –62.9 –41.8 –23.8 –49.6 159.7 133.0 83.7 55.2 32.0 9,182.9 3,151.8 1,115.1 2,032.3 6,028.7 9,225.4 3,195.4 1,138.9 2,053.5 6,029.6 9,275.7 3,222.6 1,157.8 2,063.4 6,053.4 Change from preceding period in billions of chained (2005) dollars 21.3 13.6 –3.2 15.4 8.0 42.5 43.6 23.8 21.2 0.9 50.3 27.2 18.9 9.9 23.8 54.9 32.6 21.5 12.8 23.5 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... –1.2 –2.0 –3.7 –1.2 –0.8 1.7 4.3 7.7 2.7 0.5 0.9 1.7 –1.1 3.1 0.5 1.9 5.7 8.8 4.2 0.1 2.2 3.4 6.8 1.9 1.6 2.4 4.1 7.6 2.5 1.6 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2010 August September 2011 October November December r January February r March p Chain-type price indexes (2005=100), seasonally Personal consumption expenditures (PCE)............................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... Addenda: PCE excluding food and energy.................................................. Food 1 ......................................................................................... Energy goods and services 2 ...................................................... Market-based PCE 3 ................................................................... Market-based PCE excluding food and energy 3 ........................ 111.137 105.155 92.273 112.446 114.316 111.207 105.305 92.188 112.728 114.343 111.432 105.702 91.977 113.477 114.474 111.510 105.740 91.739 113.676 114.574 111.792 106.354 91.426 114.835 114.674 112.165 107.168 91.482 116.098 114.806 112.628 107.979 91.681 117.273 115.077 113.081 108.853 91.672 118.678 115.298 110.328 113.919 119.873 111.182 110.243 110.327 114.212 120.838 111.276 110.259 110.379 114.317 124.159 111.460 110.236 110.456 114.370 124.281 111.532 110.304 110.474 114.459 129.352 111.851 110.325 110.665 115.208 132.329 112.209 110.467 110.851 116.100 136.977 112.722 110.668 110.996 117.086 142.027 113.194 110.787 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)............................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... Addenda: PCE excluding food and energy.................................................. Food 1 ......................................................................................... Energy goods and services 2 ...................................................... Market-based PCE 3 ................................................................... Market-based PCE excluding food and energy 3 ........................ 0.2 0.4 0.0 0.6 0.0 0.1 0.1 –0.1 0.3 0.0 0.2 0.4 –0.2 0.7 0.1 0.1 0.0 –0.3 0.2 0.1 0.3 0.6 –0.3 1.0 0.1 0.3 0.8 0.1 1.1 0.1 0.4 0.8 0.2 1.0 0.2 0.4 0.8 0.0 1.2 0.2 0.0 0.1 2.4 0.2 0.1 0.0 0.3 0.8 0.1 0.0 0.0 0.1 2.7 0.2 0.0 0.1 0.0 0.1 0.1 0.1 0.0 0.1 4.1 0.3 0.0 0.2 0.7 2.3 0.3 0.1 0.2 0.8 3.5 0.5 0.2 0.1 0.8 3.7 0.4 0.1 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2010 August Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... September 2.1 1.3 1.9 –0.4 3.1 1.0 2.1 2.3 5.4 10.7 3.0 0.9 2011 October 2.6 2.5 6.0 12.2 3.2 0.9 November 2.5 2.7 5.4 10.0 3.3 1.4 December 2.2 2.6 5.5 10.6 3.1 1.2 January r 2.9 2.8 5.9 12.2 3.1 1.4 February r 2.8 2.9 5.9 12.8 2.8 1.4 March p 2.7 2.7 4.4 9.3 2.1 1.9 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2010 August Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... September 2011 October November December January r February r March p 1.4 0.6 –1.0 1.4 1.7 1.3 0.5 –1.4 1.4 1.7 1.2 0.8 –1.8 2.0 1.4 1.0 0.6 –2.0 1.8 1.3 1.1 1.0 –2.2 2.5 1.2 1.2 1.2 –1.9 2.6 1.2 1.6 2.1 –1.4 3.9 1.3 1.8 3.0 –1.6 5.2 1.3 1.2 0.7 4.0 1.2 1.1 1.1 1.3 4.2 1.2 1.0 0.9 1.3 6.3 1.2 0.8 0.8 1.3 4.0 1.1 0.8 0.7 1.2 7.4 1.2 0.7 0.8 1.7 6.7 1.3 0.8 0.9 2.4 11.1 1.7 1.0 0.9 2.9 15.3 2.1 1.0 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.