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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, APRIL 30, 2012 BEA 12-18 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 2012 Personal income increased $50.3 billion, or 0.4 percent, and disposable personal income (DPI) increased $42.5 billion, or 0.4 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $29.6 billion, or 0.3 percent. In February, personal income increased $39.6 billion, or 0.3 percent, DPI increased $29.4 billion, or 0.2 percent, and PCE increased $93.7 billion, or 0.9 percent, based on revised estimates. Real disposable income increased 0.2 percent in March, in contrast to a decrease of 0.1 percent in February. Real PCE increased 0.1 percent, compared with an increase of 0.5 percent. 2011 2012 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. 0.1 0.4 0.3 0.3 0.4 0.0 -0.1 0.4 0.3 0.1 -0.1 0.2 -0.1 0.4 0.2 0.0 0.0 0.2 0.1 0.5 0.3 0.9 0.5 0.3 0.1 ________________________ NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (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 $17.3 billion in March, compared with an increase of $24.1 billion in February. Goods-producing industries' payrolls decreased $1.3 billion, in contrast to an increase of $1.8 billion; manufacturing payrolls increased $0.1 billion, compared with an increase of $1.6 billion. Services-producing industries' payrolls increased $18.6 billion, compared with an increase of $22.3 billion. Government wage and salary disbursements increased $1.4 billion, compared with an increase of $0.7 billion. Other personal income Supplements to wages and salaries increased $2.7 billion in March, compared with an increase of $3.0 billion in February. Proprietors' income increased $7.1 billion in March, compared with an increase of $5.2 billion in February. Farm proprietors' income increased $0.9 billion, compared with an increase of $1.0 billion. Nonfarm proprietors' income increased $6.1 billion, compared with an increase of $4.3 billion. Rental income of persons increased $3.9 billion in March, compared with an increase of $4.5 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income) increased $8.8 billion, compared with an increase of $5.1 billion. Personal current transfer receipts increased $11.6 billion in March, compared with an increase of $0.3 billion in February. Within current transfer receipts, government social benefits to persons for social security increased $6.8 billion, compared with an increase of $2.6 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $2.5 billion in March, compared with an increase of $3.3 billion in February. Personal current taxes and disposable personal income Personal current taxes increased $7.8 billion in March, compared with an increase of $10.2 billion in February. Disposable personal income (DPI) -- personal income less personal current taxes -increased $42.5 billion, or 0.4 percent, in March, compared with an increase of $29.4 billion, or 0.2 percent, in February. -more- -3- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $32.3 billion in March, compared with an increase of $96.6 billion in February. PCE increased $29.6 billion, compared with an increase of $93.7 billion. Personal saving -- DPI less personal outlays -- was $450.4 billion in March, compared with $440.3 billion in February. The personal saving rate -- personal saving as a percentage of disposable income -- was 3.8 percent in March, compared with 3.7 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 www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in March, in contrast to a decrease of 0.1 percent in February. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in March, compared with an increase of 0.5 percent in February. Purchases of durable goods decreased 0.2 percent, in contrast to an increase of 2.1 percent. Purchases of motor vehicles and parts more than accounted for the decrease in March, and accounted for most of the increase in February. Purchases of nondurable goods increased 0.4 percent in March, compared with an increase of 0.1 percent in February. Purchases of services decreased less than 0.1 percent, in contrast to an increase of 0.4 percent. PCE price index -- The price index for PCE increased 0.2 percent in March, compared with an increase of 0.3 percent in February. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. -more- -4- 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) 26.5 36.8 0.2 0.3 28.2 39.6 0.2 0.3 5.0 -18.8 15.6 -10.1 0.0 -0.2 0.1 -0.1 18.9 -15.3 29.4 -7.5 0.2 -0.1 0.2 -0.1 Personal consumption expenditures: Current dollars 40.9 Chained (2005) dollars 14.3 56.0 26.9 0.4 0.2 0.5 0.3 86.0 45.1 93.7 50.5 0.8 0.5 0.9 0.5 Disposable personal income: Current dollars Chained (2005) dollars 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 covering January 2009 through May 2012 will be released along with estimates for June 2012 on July 31. 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 – June 1, 2012 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 2011 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 ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Personal saving as a percentage of disposable personal income .......................................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 .......................................................... Disposable personal income: Total, billions of chained (2005) dollars 4 ....................................... Per capita: Current dollars............................................................................ Chained (2005) dollars ............................................................... Population (midperiod, thousands) 5................................................. September 2012 October November December January r February r March p 13,049.1 8,328.9 6,715.3 5,525.5 1,114.4 707.2 4,411.2 1,060.0 3,351.2 1,189.8 1,613.5 13,088.8 8,381.7 6,763.3 5,574.2 1,124.8 712.1 4,449.4 1,068.3 3,381.1 1,189.1 1,618.4 13,138.6 8,429.1 6,804.5 5,615.7 1,133.7 717.6 4,482.0 1,077.9 3,404.0 1,188.9 1,624.6 13,146.1 8,430.5 6,804.3 5,615.2 1,129.4 713.9 4,485.8 1,080.2 3,405.6 1,189.0 1,626.3 13,201.7 8,461.2 6,831.5 5,642.3 1,140.7 721.3 4,501.7 1,083.4 3,418.2 1,189.2 1,629.7 13,238.5 8,500.0 6,861.9 5,670.1 1,150.2 728.9 4,519.9 1,086.8 3,433.2 1,191.8 1,638.1 13,278.1 8,527.8 6,886.7 5,694.2 1,152.0 730.5 4,542.2 1,090.7 3,451.5 1,192.5 1,641.1 13,328.4 8,549.3 6,905.4 5,711.5 1,150.7 730.6 4,560.8 1,088.9 3,471.9 1,193.9 1,643.8 1,112.6 500.9 1,114.5 503.9 1,117.8 506.8 1,119.6 506.7 1,121.4 508.3 1,123.5 514.6 1,125.0 516.1 1,126.7 517.2 1,116.2 67.5 1,048.7 1,115.9 68.1 1,047.8 1,118.8 65.4 1,053.4 1,118.6 62.7 1,055.9 1,121.7 60.0 1,061.6 1,126.7 61.0 1,065.7 1,131.9 62.0 1,070.0 1,139.0 62.9 1,076.1 406.2 1,794.7 994.8 799.9 2,334.4 2,295.0 716.1 558.1 413.8 102.1 65.4 439.5 39.3 412.0 1,781.8 981.8 799.9 2,335.1 2,295.8 717.7 559.5 409.9 102.3 65.7 440.7 39.3 419.4 1,785.2 979.3 805.8 2,329.3 2,289.7 718.3 557.0 410.2 100.3 65.1 438.9 39.6 427.3 1,785.1 976.8 808.3 2,327.9 2,288.3 719.5 555.0 411.7 97.9 64.2 440.0 39.6 434.9 1,788.8 974.3 814.5 2,342.0 2,302.4 729.1 553.9 412.6 102.2 63.5 441.0 39.5 439.0 1,790.1 977.4 812.7 2,339.5 2,300.2 749.4 552.5 409.9 97.4 66.6 424.4 39.4 443.5 1,795.2 980.5 814.7 2,339.8 2,300.5 752.0 553.4 409.2 93.8 66.7 425.5 39.3 447.4 1,804.0 983.6 820.5 2,351.4 2,312.2 758.8 555.5 410.0 92.5 69.4 425.9 39.3 931.4 1,406.0 11,643.1 11,093.5 10,763.4 3,640.1 1,143.5 2,496.6 7,123.4 158.4 171.6 97.8 73.8 549.6 937.7 1,413.4 11,675.4 11,173.1 10,840.6 3,700.4 1,176.7 2,523.7 7,140.2 160.7 171.9 98.1 73.8 502.2 943.3 1,424.1 11,714.4 11,192.6 10,861.7 3,714.3 1,191.0 2,523.3 7,147.4 158.7 172.2 98.7 73.6 521.8 943.3 1,428.4 11,717.7 11,196.4 10,867.0 3,709.2 1,191.9 2,517.3 7,157.8 156.7 172.8 99.2 73.6 521.3 946.8 1,438.2 11,763.5 11,214.1 10,886.2 3,706.8 1,201.8 2,505.0 7,179.4 154.7 173.3 99.7 73.6 549.4 956.9 1,459.4 11,779.1 11,271.7 10,942.2 3,749.6 1,219.8 2,529.8 7,192.6 156.9 172.6 100.4 72.3 507.4 960.2 1,469.6 11,808.5 11,368.3 11,035.9 3,799.6 1,244.4 2,555.2 7,236.3 159.2 173.2 100.9 72.3 440.3 962.7 1,477.4 11,851.0 11,400.6 11,065.5 3,819.2 1,240.7 2,578.5 7,246.3 161.4 173.6 101.3 72.3 450.4 4.7 4.3 4.5 4.4 4.7 4.3 3.7 3.8 9,369.2 9,387.7 9,435.4 9,434.9 9,464.7 9,476.9 9,480.6 9,494.4 10,181.0 10,192.3 10,225.6 10,219.4 10,252.4 10,242.3 10,234.8 10,250.3 37,278 32,597 312,330 37,356 32,611 312,542 37,457 32,696 312,747 37,445 32,657 312,932 37,570 32,744 313,109 37,599 32,694 313,278 37,674 32,653 313,441 37,789 32,685 313,612 p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2010 2011 2010 2011 IV Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... Employer contributions for government social insurance ........... Proprietors’ income with inventory valuation and capital consumption adjustments.......................................................... Farm .............................................................................................. Nonfarm......................................................................................... Rental income of persons with capital consumption adjustment ................................................................................... Personal income receipts on assets ............................................. Personal interest income ............................................................... Personal dividend income.............................................................. Personal current transfer receipts ................................................ Government social benefits to persons ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Personal saving as a percentage of disposable personal income .......................................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 .......................................................... Disposable personal income: Total, billions of chained (2005) dollars 4 ....................................... Per capita: Current dollars............................................................................ Chained (2005) dollars ............................................................... Population (midperiod, thousands) 5................................................. I II 2012 III IV I 12,373.5 7,971.4 6,408.2 5,217.4 1,059.2 674.2 4,158.2 1,006.0 3,152.2 1,190.8 1,563.1 13,005.3 8,292.7 6,683.2 5,492.9 1,110.1 706.9 4,382.8 1,055.0 3,327.8 1,190.3 1,609.5 12,577.6 8,050.8 6,477.0 5,288.4 1,070.8 685.5 4,217.6 1,016.1 3,201.5 1,188.6 1,573.7 12,846.9 8,172.5 6,578.2 5,387.1 1,092.3 700.4 4,294.7 1,034.4 3,260.3 1,191.1 1,594.4 12,955.3 8,219.7 6,617.1 5,425.2 1,096.9 700.4 4,328.3 1,043.1 3,285.1 1,191.9 1,602.7 13,056.8 8,338.3 6,724.3 5,535.0 1,116.6 709.0 4,418.4 1,062.1 3,356.3 1,189.3 1,614.0 13,162.1 8,440.3 6,813.4 5,624.4 1,134.6 717.6 4,489.8 1,080.5 3,409.3 1,189.0 1,626.9 13,281.7 8,525.7 6,884.7 5,691.9 1,151.0 730.0 4,541.0 1,088.8 3,452.2 1,192.7 1,641.0 1,089.9 473.2 1,111.0 498.5 1,096.8 476.9 1,103.0 491.4 1,108.7 494.0 1,112.6 501.3 1,119.6 507.3 1,125.1 515.9 1,036.4 52.2 984.2 1,108.9 65.9 1,043.0 1,081.5 60.1 1,021.4 1,095.6 66.1 1,029.5 1,106.5 67.3 1,039.2 1,113.7 67.5 1,046.2 1,119.7 62.7 1,057.0 1,132.6 62.0 1,070.6 350.2 1,721.2 1,003.4 717.7 2,281.2 2,242.9 690.2 518.4 405.4 138.7 57.9 432.4 38.3 403.9 1,790.0 998.1 791.9 2,336.2 2,296.8 713.5 553.7 424.3 107.4 63.4 434.6 39.5 354.8 1,743.5 989.6 753.9 2,341.2 2,301.9 699.9 535.3 439.8 128.7 59.4 438.7 39.3 385.0 1,777.2 1,004.7 772.5 2,328.1 2,288.6 703.1 547.8 432.1 117.5 61.3 426.9 39.5 396.9 1,802.3 1,015.9 786.4 2,347.3 2,307.9 712.2 553.9 437.4 108.8 62.8 432.7 39.4 406.3 1,794.2 994.8 799.4 2,336.6 2,297.2 716.3 557.8 416.4 103.0 65.0 438.6 39.4 427.2 1,786.3 976.8 809.5 2,333.1 2,293.5 722.3 555.3 411.5 100.1 64.3 440.0 39.6 443.3 1,796.4 980.5 816.0 2,343.6 2,304.3 753.4 553.8 409.7 94.6 67.6 425.3 39.3 986.8 1,193.9 11,179.7 10,586.9 10,245.5 3,387.0 1,085.5 2,301.5 6,858.5 173.4 168.0 95.1 72.9 592.8 926.4 1,400.3 11,604.9 11,055.1 10,726.0 3,646.6 1,162.9 2,483.7 7,079.4 157.8 171.3 97.7 73.6 549.8 994.1 1,240.9 11,336.7 10,748.6 10,417.1 3,483.4 1,124.7 2,358.7 6,933.7 162.7 168.9 96.5 72.5 588.1 911.5 1,365.9 11,481.0 10,902.1 10,571.7 3,592.2 1,154.5 2,437.8 6,979.4 160.3 170.1 96.6 73.5 578.9 917.4 1,396.2 11,559.2 11,002.6 10,676.0 3,622.7 1,143.8 2,478.9 7,053.3 155.9 170.7 97.1 73.5 556.5 932.4 1,409.1 11,647.7 11,114.6 10,784.5 3,661.2 1,158.3 2,503.0 7,123.2 158.4 171.6 97.8 73.8 533.1 944.5 1,430.2 11,731.9 11,201.0 10,871.6 3,710.1 1,194.9 2,515.2 7,161.5 156.7 172.8 99.2 73.6 530.8 959.9 1,468.8 11,812.9 11,346.9 11,014.5 3,789.5 1,234.9 2,554.5 7,225.1 159.2 173.2 100.9 72.3 466.0 5.3 4.7 5.2 5.0 4.8 4.6 4.5 3.9 9,083.0 9,371.3 9,166.7 9,329.8 9,332.9 9,377.3 9,445.0 9,483.9 10,061.6 10,193.4 10,152.0 10,183.2 10,169.7 10,188.6 10,232.4 10,242.4 36,090 32,481 309,774 37,191 32,667 312,040 36,491 32,678 310,670 36,895 32,724 311,184 37,082 32,625 311,717 37,293 32,621 312,330 37,491 32,699 312,929 37,687 32,677 313,444 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 5. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2011 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 ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ................................................................ Disposable personal income, billions of chained (2005) dollars 4..... September 2012 October November December January r February r March p 16.6 24.6 20.9 20.2 3.6 –0.6 16.6 1.9 14.7 0.8 3.6 39.7 52.8 48.0 48.7 10.4 4.9 38.2 8.3 29.9 –0.7 4.9 49.8 47.4 41.2 41.5 8.9 5.5 32.6 9.6 22.9 –0.2 6.2 7.5 1.4 –0.2 –0.5 –4.3 –3.7 3.8 2.3 1.6 0.1 1.7 55.6 30.7 27.2 27.1 11.3 7.4 15.9 3.2 12.6 0.2 3.4 36.8 38.8 30.4 27.8 9.5 7.6 18.2 3.4 15.0 2.6 8.4 39.6 27.8 24.8 24.1 1.8 1.6 22.3 3.9 18.3 0.7 3.0 50.3 21.5 18.7 17.3 –1.3 0.1 18.6 –1.8 20.4 1.4 2.7 1.8 1.7 1.9 3.0 3.3 2.9 1.8 –0.1 1.8 1.6 2.1 6.3 1.5 1.5 1.7 1.1 7.1 0.5 6.6 –0.3 0.6 –0.9 2.9 –2.7 5.6 –0.2 –2.7 2.5 3.1 –2.7 5.7 5.0 1.0 4.1 5.2 1.0 4.3 7.1 0.9 6.1 5.4 –11.3 –12.9 1.6 –5.9 –5.7 0.9 2.3 –11.6 –2.6 1.4 3.9 –0.3 5.8 –12.9 –13.0 0.0 0.7 0.8 1.6 1.4 –3.9 0.2 0.3 1.2 0.0 7.4 3.4 –2.5 5.9 –5.8 –6.1 0.6 –2.5 0.3 –2.0 –0.6 –1.8 0.3 7.9 –0.1 –2.5 2.5 –1.4 –1.4 1.2 –2.0 1.5 –2.4 –0.9 1.1 0.0 7.6 3.7 –2.5 6.2 14.1 14.1 9.6 –1.1 0.9 4.3 –0.7 1.0 –0.1 4.1 1.3 3.1 –1.8 –2.5 –2.2 20.3 –1.4 –2.7 –4.8 3.1 –16.6 –0.1 4.5 5.1 3.1 2.0 0.3 0.3 2.6 0.9 –0.7 –3.6 0.1 1.1 –0.1 3.9 8.8 3.1 5.8 11.6 11.7 6.8 2.1 0.8 –1.3 2.7 0.4 0.0 3.3 –1.8 18.5 16.5 14.0 –3.2 –11.1 8.0 17.2 2.2 0.2 0.3 0.0 2.0 6.3 7.4 32.3 79.6 77.2 60.3 33.2 27.1 16.8 2.3 0.3 0.3 0.0 –47.4 5.6 10.7 39.0 19.5 21.1 13.9 14.3 –0.4 7.2 –2.0 0.3 0.6 –0.2 19.6 0.0 4.3 3.3 3.8 5.3 –5.1 0.9 –6.0 10.4 –2.0 0.6 0.5 0.0 –0.5 3.5 9.8 45.8 17.7 19.2 –2.4 9.9 –12.3 21.6 –2.0 0.5 0.5 0.0 28.1 10.1 21.2 15.6 57.6 56.0 42.8 18.0 24.8 13.2 2.2 –0.7 0.7 –1.3 –42.0 3.3 10.2 29.4 96.6 93.7 50.0 24.6 25.4 43.7 2.3 0.6 0.5 0.0 –67.1 2.5 7.8 42.5 32.3 29.6 19.6 –3.7 23.3 10.0 2.2 0.4 0.4 0.0 10.1 –5.7 –11.5 18.5 11.3 47.7 33.3 –0.5 –6.2 29.8 33.0 12.2 –10.1 3.7 –7.5 13.8 15.5 p Preliminary r Revised 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2010 2011 2010 2011 IV Personal income................................................................................. Compensation of employees, received ........................................ Wage and salary disbursements ................................................ Private industries........................................................................ Goods-producing industries .................................................... Manufacturing ...................................................................... Services-producing industries................................................. Trade, transportation, and utilities........................................ Other services-producing industries .................................... Government................................................................................ Supplements to wages and salaries.......................................... Employer contributions for employee pension and insurance funds ....................................................................................... Employer contributions for government social insurance ........... Proprietors’ income with inventory valuation and capital consumption adjustments.......................................................... Farm .............................................................................................. Nonfarm......................................................................................... Rental income of persons with capital consumption adjustment ................................................................................... Personal income receipts on assets ............................................. Personal interest income ............................................................... Personal dividend income.............................................................. Personal current transfer receipts ................................................ Government social benefits to persons ......................................... Social security 1 ......................................................................... Medicare 2 .................................................................................. Medicaid ..................................................................................... Unemployment insurance........................................................... Veterans’ benefits ....................................................................... Other .......................................................................................... Other current transfer receipts, from business (net) ...................... Less: Contributions for government social insurance, domestic....................................................................................... Less: Personal current taxes ............................................................ Equals: Disposable personal income............................................... Less: Personal outlays ...................................................................... Personal consumption expenditures ................................................. Goods ............................................................................................ Durable goods ............................................................................ Nondurable goods ...................................................................... Services......................................................................................... Personal interest payments 3 ............................................................ Personal current transfer payments .................................................. To government ............................................................................... To the rest of the world (net) .......................................................... Equals: Personal saving .................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 4 ................................................................ Disposable personal income, billions of chained (2005) dollars 4..... I II 2012 III IV I 443.3 170.0 137.9 122.4 –4.2 13.3 126.5 16.4 110.2 15.5 32.0 631.8 321.3 275.0 275.5 50.9 32.7 224.6 49.0 175.6 –0.5 46.4 124.4 28.6 22.5 23.7 0.3 3.3 23.4 0.2 23.2 –1.3 6.0 269.3 121.7 101.2 98.7 21.5 14.9 77.1 18.3 58.8 2.5 20.7 108.4 47.2 38.9 38.1 4.6 0.0 33.6 8.7 24.8 0.8 8.3 101.5 118.6 107.2 109.8 19.7 8.6 90.1 19.0 71.2 –2.6 11.3 105.3 102.0 89.1 89.4 18.0 8.6 71.4 18.4 53.0 –0.3 12.9 119.6 85.4 71.3 67.5 16.4 12.4 51.2 8.3 42.9 3.7 14.1 16.8 15.2 21.1 25.3 4.8 1.2 6.2 14.5 5.7 2.6 3.9 7.3 7.0 6.0 5.5 8.6 95.2 13.0 82.2 72.5 13.7 58.8 24.5 1.8 22.7 14.1 6.0 8.1 10.9 1.2 9.7 7.2 0.2 7.0 6.0 –4.8 10.8 12.9 –0.7 13.6 44.3 13.5 –105.5 118.9 143.1 143.0 25.7 24.6 31.3 8.1 6.4 47.0 0.1 53.7 68.8 –5.3 74.2 55.0 53.9 23.3 35.3 18.9 –31.3 5.5 2.2 1.2 2.0 20.1 5.7 14.5 51.8 50.5 6.0 13.9 34.6 –7.1 0.4 2.6 1.4 30.2 33.7 15.1 18.6 –13.1 –13.3 3.2 12.5 –7.7 –11.2 1.9 –11.8 0.2 11.9 25.1 11.2 13.9 19.2 19.3 9.1 6.1 5.3 –8.7 1.5 5.8 –0.1 9.4 –8.1 –21.1 13.0 –10.7 –10.7 4.1 3.9 –21.0 –5.8 2.2 5.9 0.0 20.9 –7.9 –18.0 10.1 –3.5 –3.7 6.0 –2.5 –4.9 –2.9 –0.7 1.4 0.2 16.1 10.1 3.7 6.5 10.5 10.8 31.1 –1.5 –1.8 –5.5 3.3 –14.7 –0.3 22.7 52.5 390.9 350.6 379.4 189.5 55.9 133.7 189.8 –40.3 11.5 6.0 5.5 40.2 –60.4 206.4 425.2 468.2 480.5 259.6 77.4 182.2 220.9 –15.6 3.3 2.6 0.7 –43.0 2.6 28.1 96.3 133.8 140.5 96.9 37.2 59.7 43.6 –5.4 –1.2 0.7 –1.8 –37.5 –82.6 125.0 144.3 153.5 154.6 108.8 29.8 79.1 45.7 –2.4 1.2 0.1 1.0 –9.2 5.9 30.3 78.2 100.5 104.3 30.5 –10.7 41.1 73.9 –4.4 0.6 0.5 0.0 –22.4 15.0 12.9 88.5 112.0 108.5 38.5 14.5 24.1 69.9 2.5 0.9 0.7 0.3 –23.4 12.1 21.1 84.2 86.4 87.1 48.9 36.6 12.2 38.3 –1.7 1.2 1.4 –0.2 –2.3 15.4 38.6 81.0 145.9 142.9 79.4 40.0 39.3 63.6 2.5 0.4 1.7 –1.3 –64.8 113.3 178.9 288.3 131.8 21.0 37.6 163.1 31.2 3.1 –13.5 44.4 18.9 67.7 43.8 38.9 10.0 1. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 2. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 3. Consists of nonmortgage interest paid by households. 4. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2011 August September 2012 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.................................................................................. 0.1 0.3 0.3 0.2 0.3 0.6 0.7 0.3 0.4 0.6 0.6 0.4 0.1 0.0 0.0 0.1 0.4 0.4 0.4 0.2 0.3 0.5 0.4 0.5 0.3 0.3 0.4 0.2 0.4 0.3 0.3 0.2 0.6 1.4 –0.6 –1.3 0.2 –0.3 0.4 –0.1 0.2 0.0 1.4 –0.7 –1.3 0.0 0.0 0.7 0.5 0.3 0.3 1.8 0.2 –0.3 0.7 –0.2 0.6 0.8 0.3 0.0 1.9 0.0 –0.3 0.3 –0.1 0.0 0.3 0.0 0.3 1.8 0.2 –0.3 0.8 0.6 0.4 0.7 0.4 0.5 1.0 0.1 0.3 –0.2 –0.1 1.1 1.5 0.1 0.5 1.0 0.3 0.3 0.2 0.0 0.3 0.7 0.2 0.6 0.9 0.5 0.3 0.7 0.5 0.3 0.5 0.4 0.1 –0.1 –1.0 0.3 0.2 0.7 1.7 2.9 1.1 0.2 0.2 0.4 1.2 0.0 0.1 0.0 –0.1 0.1 –0.2 0.1 0.2 –0.1 0.8 –0.5 0.3 0.5 1.2 1.5 1.0 0.2 0.9 1.3 2.0 1.0 0.6 0.3 0.5 –0.3 0.9 0.1 0.1 –0.1 0.0 –0.1 0.1 0.2 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. –0.1 –0.1 0.2 0.1 0.5 0.3 0.0 –0.1 0.3 0.3 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2010 2011 2010 2011 IV I II 2012 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.................................................................................. 3.7 2.2 2.2 2.1 5.1 4.0 4.3 3.0 4.1 1.4 1.4 1.6 8.8 6.2 6.4 5.4 3.4 2.3 2.4 2.1 3.2 5.9 6.6 2.8 3.3 5.0 5.4 3.2 3.7 4.1 4.2 3.5 10.1 14.5 0.8 –9.5 19.9 6.7 2.4 4.6 3.6 7.0 15.3 4.0 –0.5 10.3 2.4 –6.1 17.3 3.8 9.6 2.4 4.7 2.3 8.1 9.4 1.1 9.6 3.5 5.3 38.6 8.0 6.3 10.2 –2.2 –29.3 46.8 5.2 4.0 13.0 5.8 4.5 7.4 3.3 2.6 9.2 2.8 2.6 9.8 –1.8 –8.1 6.8 –1.8 6.7 3.7 3.1 2.2 22.2 –1.7 –7.0 5.2 –0.6 5.3 6.1 2.9 4.7 16.0 2.3 1.5 3.2 1.8 6.7 11.2 2.8 3.8 5.9 5.4 6.2 2.8 4.7 7.7 7.1 7.9 3.2 5.6 11.9 14.4 10.8 2.6 6.1 13.1 11.0 14.1 2.7 4.0 3.4 –3.7 6.9 4.3 4.1 4.3 5.2 3.9 4.0 3.3 5.4 13.3 2.0 2.2 5.4 8.8 14.1 6.4 3.6 1.9 0.7 2.9 1.7 1.7 0.4 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. 1.3 1.8 3.2 1.3 0.9 1.5 7.3 1.2 0.1 –0.5 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2011 August September 2012 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 ..................................................................................... 9,411.8 3,321.9 1,260.4 2,067.8 6,094.5 9,463.5 3,367.8 1,302.2 2,078.1 6,102.0 9,481.2 3,387.3 1,318.8 2,083.4 6,101.1 9,477.5 3,384.3 1,323.3 2,077.3 6,100.2 9,487.7 3,390.1 1,337.4 2,072.1 6,104.9 9,514.6 3,418.9 1,356.6 2,083.9 6,104.1 9,565.1 3,444.8 1,384.7 2,086.6 6,129.4 9,570.9 3,451.9 1,382.1 2,094.9 6,128.3 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –13.3 –16.7 –10.4 –7.3 2.7 51.7 45.9 41.8 10.3 7.5 17.7 19.5 16.6 5.3 –0.9 –3.7 –3.0 4.5 –6.1 –0.9 10.2 5.8 14.1 –5.2 4.7 26.9 28.8 19.2 11.8 –0.8 50.5 25.9 28.1 2.7 25.3 5.8 7.1 –2.6 8.3 –1.1 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –0.1 –0.5 –0.8 –0.4 0.0 0.5 1.4 3.3 0.5 0.1 0.2 0.6 1.3 0.3 0.0 0.0 –0.1 0.3 –0.3 0.0 0.1 0.2 1.1 –0.3 0.1 0.3 0.9 1.4 0.6 0.0 0.5 0.8 2.1 0.1 0.4 0.1 0.2 –0.2 0.4 0.0 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2010 2011 2010 2011 IV I II 2012 III IV I 9,433.5 3,342.7 1,277.8 2,073.7 6,096.1 9,482.1 3,387.2 1,326.5 2,077.6 6,102.1 9,550.2 3,438.5 1,374.5 2,088.5 6,120.6 48.6 44.5 48.7 3.9 6.0 68.1 51.3 48.0 10.9 18.5 2.1 5.4 16.1 0.8 0.4 2.9 6.2 15.3 2.1 1.2 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,220.9 3,230.7 1,188.3 2,041.3 5,991.8 9,421.3 3,351.4 1,285.4 2,075.8 6,076.1 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 183.4 132.7 80.0 57.9 56.3 200.4 120.7 97.1 34.5 84.3 9,328.4 3,306.0 1,242.4 2,067.4 6,027.5 9,376.7 3,344.4 1,277.4 2,075.4 6,039.1 9,392.7 3,331.2 1,260.2 2,076.6 6,067.0 Change from preceding period in billions of chained (2005) dollars 81.3 65.2 48.3 21.6 19.4 48.3 38.4 35.0 8.0 11.6 16.0 –13.2 –17.2 1.2 27.9 40.8 11.5 17.6 –2.9 29.1 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 2.0 4.3 7.2 2.9 0.9 2.2 3.7 8.2 1.7 1.4 3.6 8.3 17.2 4.3 1.3 2.1 4.7 11.7 1.6 0.8 0.7 –1.6 –5.3 0.2 1.9 1.7 1.4 5.7 –0.5 1.9 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2011 August September 2012 October November December January r February r March p Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... 114.364 109.582 90.705 120.741 116.886 114.554 109.879 90.340 121.447 117.017 114.563 109.658 90.288 121.123 117.152 114.664 109.602 90.053 121.184 117.340 114.742 109.345 89.843 120.899 117.604 115.008 109.675 89.892 121.405 117.834 115.380 110.304 89.847 122.469 118.062 115.620 110.645 89.747 123.094 118.246 112.222 119.315 143.359 114.230 111.729 112.222 119.942 146.341 114.485 111.774 112.353 120.208 143.784 114.462 111.886 112.514 120.153 143.034 114.554 112.046 112.685 120.439 141.058 114.627 112.225 112.946 120.608 141.498 114.874 112.464 113.106 120.586 146.496 115.262 112.610 113.285 120.742 148.010 115.506 112.784 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 ....................... 0.3 0.4 –0.1 0.7 0.2 0.2 0.3 –0.4 0.6 0.1 0.0 –0.2 –0.1 –0.3 0.1 0.1 –0.1 –0.3 0.1 0.2 0.1 –0.2 –0.2 –0.2 0.2 0.2 0.3 0.1 0.4 0.2 0.3 0.6 –0.1 0.9 0.2 0.2 0.3 –0.1 0.5 0.2 0.2 0.6 1.2 0.3 0.2 0.0 0.5 2.1 0.2 0.0 0.1 0.2 –1.7 0.0 0.1 0.1 0.0 –0.5 0.1 0.1 0.2 0.2 –1.4 0.1 0.2 0.2 0.1 0.3 0.2 0.2 0.1 0.0 3.5 0.3 0.1 0.2 0.1 1.0 0.2 0.2 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 2011 August Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... September 0.5 1.7 2.4 6.1 0.7 1.4 2012 October 0.8 2.1 3.2 7.8 1.1 1.5 0.8 1.9 2.7 6.6 1.0 1.5 November 0.7 1.5 2.2 6.7 0.2 1.2 December January r 0.8 1.5 2.4 7.0 0.3 1.1 February r 0.6 1.8 2.8 7.4 0.6 1.3 0.5 2.0 2.7 7.7 0.3 1.6 March p 0.6 1.8 3.0 7.6 0.9 1.2 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2011 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 October 2012 November December January r February r March p 2.9 4.8 –0.5 7.4 1.9 2.9 4.9 –0.7 7.6 2.0 2.7 4.3 –0.5 6.6 1.9 2.7 4.2 –0.6 6.5 2.0 2.5 3.4 –0.4 5.2 2.1 2.4 2.9 –0.4 4.5 2.2 2.3 2.7 –0.7 4.3 2.1 2.1 2.2 –0.7 3.6 2.1 1.7 4.8 19.6 3.0 1.6 1.6 5.1 20.7 3.1 1.6 1.7 5.2 15.4 2.9 1.7 1.8 5.1 14.6 2.9 1.8 1.9 5.3 8.6 2.7 2.0 1.9 4.7 6.5 2.6 2.0 1.9 3.9 6.5 2.4 2.0 2.0 3.1 3.7 2.2 2.0 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.