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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 29, 2007 James E. Rankin: Michael Armah: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 07-32 PERSONAL INCOME AND OUTLAYS: MAY 2007 Personal income increased $47.3 billion, or 0.4 percent, and disposable personal income (DPI) increased $37.6 billion, or 0.4 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $52.0 billion, or 0.5 percent. In April, personal income decreased $27.2 billion, or 0.2 percent, DPI decreased $29.7 billion, or 0.3 percent, and PCE increased $50.7 billion, or 0.5 percent, based on revised estimates. Jan. Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars 2007 Feb. Mar. Apr. (Percent change from preceding month) May 1.1 0.7 0.8 -0.2 0.4 0.9 0.6 0.6 0.3 0.7 0.3 -0.3 -0.6 0.4 -0.1 0.7 0.4 0.6 0.4 0.4 -0.1 0.5 0.2 0.5 0.1 As part of the annual revision of the national income and product accounts, revised estimates of personal income and outlays covering January 2004 through May 2007 will be released along with preliminary estimates for June 2007 on July 31, 2007. An article describing the revision will appear in the August 2007 issue of the Survey of Current Business. 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 (2000) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements increased $24.9 billion in May, in contrast to a decrease of $36.4 billion in April. The April decrease reflected an adjustment of $50.0 billion at an annual rate to the months of the first quarter for unusually large bonus payments and the exercise of stock options. This first quarter adjustment was not carried forward in the estimates of wage and salary disbursements for April and subsequent months. These types of irregular payments are not accounted for in the primary monthly source data for wages and salaries. Goods-producing industries' payrolls increased $2.4 billion in May, compared with an increase of $3.5 billion in April; manufacturing payrolls decreased $0.9 billion, in contrast to an increase of $2.8 billion. Servicesproducing industries' payrolls increased $22.4 billion, in contrast to a decrease of $39.8 billion. Government wage and salary disbursements increased $3.2 billion, compared with an increase of $3.6 billion. -more- -3- Other personal income Supplements to wages and salaries increased $4.8 billion in May, compared with an increase of $1.1 billion in April. Proprietors' income increased $1.3 billion in May, in contrast to a decrease of $2.3 billion in April. Farm proprietors' income decreased $3.6 billion, compared with a decrease of $4.2 billion. Nonfarm proprietors' income increased $4.9 billion, compared with an increase of $1.9 billion. Rental income of persons increased $0.9 billion in May, compared with an increase of $0.8 billion in April. Personal income receipts on assets (personal interest income plus personal dividend income) increased $7.3 billion in May, the same increase as in April. Personal current transfer receipts increased $8.9 billion in May, in contrast to a decrease of $5.9 billion in April. Contributions for government social insurance -- a subtraction in calculating personal income -increased $4.0 billion in May, in contrast to a decrease of $4.7 billion in April. Personal current taxes and disposable personal income Personal current taxes increased $9.6 billion in May, compared with an increase of $2.5 billion in April. Disposable personal income (DPI) -- personal income less personal current taxes -increased $37.6 billion, or 0.4 percent, in May, in contrast to a decrease of $29.7 billion, or 0.3 percent, in April. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $56.0 billion in May, compared with an increase of $54.7 billion in April. PCE increased $52.0 billion, compared with an increase of $50.7 billion. Personal saving -- DPI less personal outlays -- was a negative $139.8 billion in May, compared with a negative $121.5 billion in April. Personal saving as a percentage of disposable personal income was a negative 1.4 percent in May, compared with a negative 1.2 percent in April. Negative personal saving reflects personal outlays that exceed disposable personal income. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, which help finance consumption, go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- decreased 0.1 percent in May, compared with a decrease of 0.6 percent in April. Real PCE -- PCE adjusted to remove price changes -- increased 0.1 percent in May, compared with an increase of 0.2 percent in April. Purchases of durable goods increased 0.6 percent, in contrast to a decrease of 0.4 percent. Purchases of nondurable goods increased 0.2 percent, in contrast to a decrease of 0.2 percent. Purchases of services decreased 0.1 percent, in contrast to an increase of 0.6 percent. The price index for PCE increased 0.5 percent in May, compared with an increase of 0.3 percent in April. The PCE price index, excluding food and energy, increased 0.1 percent in May, the same increase as in April. -more- -5- Revisions Estimates have been revised for January through April. Changes in personal income, currentdollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for March and April -- revised and as published in last month's release -- are shown below. Change from preceding month March Previous Revised April Previous Revised (Billions of dollars) (Percent) Previous Revised Previous Revised (Billions of dollars) (Percent) Personal Income: Current dollars...................... 85.9 88.5 0.8 0.8 -7.1 -27.2 -0.1 -0.2 Disposable personal income: Current dollars...................... Chained (2000) dollars......... 71.7 24.9 73.9 26.8 0.7 0.3 0.7 0.3 -9.7 -33.4 -29.7 -51.1 -0.1 -0.4 -0.3 -0.6 Personal consumption expenditures: Current dollars...................... Chained (2000) dollars......... 42.4 0.8 34.8 -5.7 0.4 0.0 0.4 -0.1 52.0 20.3 50.7 18.6 0.5 0.2 0.5 0.2 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 -- Personal Income and Outlays for June will be released on July 31, 2007, at 8:30 A.M. EDT. -more- Table 1.—Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2006 Nov. Dec. Jan. r Feb. r Mar. r Apr. r May p 11,050.1 7,588.3 6,111.6 5,082.7 1,193.6 739.9 3,889.1 1,004.3 2,884.8 1,028.9 1,476.6 1,009.5 467.2 11,089.5 7,625.3 6,142.4 5,111.4 1,198.9 741.0 3,912.5 1,011.8 2,900.7 1,031.0 1,482.9 1,013.6 469.3 11,150.2 7,672.4 6,182.7 5,149.7 1,207.9 746.3 3,941.8 1,014.5 2,927.3 1,033.0 1,489.7 1,017.7 472.0 11,274.0 7,761.7 6,257.7 5,216.4 1,212.1 747.2 4,004.3 1,017.9 2,986.4 1,041.3 1,504.0 1,023.7 480.3 11,348.0 7,794.8 6,286.5 5,240.8 1,213.6 749.3 4,027.2 1,019.7 3,007.5 1,045.7 1,508.2 1,026.1 482.2 11,436.5 7,845.2 6,331.6 5,282.9 1,224.0 754.0 4,058.9 1,025.9 3,033.0 1,048.7 1,513.6 1,028.4 485.2 11,409.3 7,813.5 6,298.8 5,246.5 1,227.5 756.8 4,019.1 1,025.7 2,993.4 1,052.3 1,514.7 1,032.2 482.5 11,456.6 7,846.3 6,326.9 5,271.4 1,229.9 755.9 4,041.5 1,030.6 3,010.9 1,055.5 1,519.5 1,035.1 484.3 1,023.9 28.4 995.5 82.8 1,691.0 1,029.4 661.6 1,621.5 1,585.6 941.6 27.0 617.0 35.9 957.3 1,382.7 9,667.4 9,749.0 9,376.0 1,074.1 2,711.5 5,590.4 242.7 130.2 79.8 50.5 –81.5 –.8 1,025.3 28.6 996.7 83.5 1,691.6 1,022.8 668.8 1,625.1 1,589.1 945.8 27.3 616.0 36.1 961.3 1,391.8 9,697.8 9,785.5 9,410.8 1,080.8 2,720.6 5,609.4 244.3 130.5 80.1 50.5 –87.7 –.9 1,026.6 24.9 1,001.6 83.1 1,692.1 1,016.2 675.9 1,643.1 1,607.0 964.8 27.0 615.2 36.1 967.1 1,402.3 9,747.8 9,855.1 9,478.5 1,084.4 2,764.3 5,629.7 245.8 130.8 80.3 50.5 –107.3 –1.1 1,030.9 28.3 1,002.6 84.0 1,712.8 1,030.6 682.2 1,671.5 1,635.4 967.2 27.4 640.8 36.1 986.8 1,436.6 9,837.5 9,921.0 9,548.3 1,096.3 2,768.7 5,683.3 241.9 130.8 80.6 50.2 –83.5 –.8 1,040.5 31.7 1,008.8 85.0 1,734.1 1,045.0 689.0 1,684.8 1,648.7 976.4 27.7 644.6 36.1 991.2 1,448.5 9,899.5 9,979.2 9,610.0 1,095.2 2,780.4 5,734.4 238.1 131.1 80.9 50.2 –79.7 –.8 1,046.0 35.1 1,010.9 86.7 1,756.4 1,059.5 696.9 1,699.6 1,663.4 982.3 27.6 653.5 36.2 997.5 1,463.1 9,973.4 10,010.5 9,644.8 1,100.9 2,815.0 5,729.0 234.3 131.4 81.2 50.2 –37.1 –.4 1,043.7 30.9 1,012.8 87.5 1,763.7 1,059.2 704.5 1,693.7 1,657.5 983.4 27.7 646.4 36.2 992.8 1,465.6 9,943.7 10,065.2 9,695.5 1,094.5 2,827.7 5,773.3 238.0 131.7 81.5 50.2 –121.5 –1.2 1,045.0 27.3 1,017.7 88.4 1,771.0 1,058.9 712.1 1,702.6 1,666.3 994.6 27.4 644.3 36.3 996.8 1,475.2 9,981.3 10,121.2 9,747.5 1,099.0 2,868.6 5,779.9 241.7 132.0 81.8 50.2 –139.8 –1.4 8,419.6 8,445.0 8,460.5 8,513.4 8,542.1 8,568.9 8,517.8 8,509.8 32,161 28,010 300,592 32,236 28,072 300,836 32,377 28,102 301,070 32,650 28,256 301,296 32,836 28,334 301,481 33,059 28,404 301,684 32,936 28,213 301,913 33,035 28,165 302,143 Oct. 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 ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. 2007 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2.—Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2005 2006 2005 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 ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Personal saving as a percentage of disposable personal income ........... Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 ..................................................... Per capita: Current dollars ........................................................................................... Chained (2000) dollars .............................................................................. Population (midperiod, thousands) 3 .................................................................. 2006 I II 2007 III IV Ir 10,239.2 7,030.3 5,664.8 4,687.1 1,101.3 704.7 3,585.8 937.2 2,648.5 977.7 1,365.5 933.2 432.3 10,891.2 7,485.9 6,031.1 5,017.2 1,180.5 736.8 3,836.7 995.1 2,841.6 1,013.9 1,454.9 992.7 462.1 10,483.7 7,184.4 5,787.0 4,798.9 1,124.9 715.0 3,673.9 954.9 2,719.0 988.1 1,397.4 956.1 441.3 10,721.4 7,400.3 5,970.1 4,972.0 1,177.3 742.8 3,794.7 983.6 2,811.0 998.1 1,430.3 971.6 458.7 10,807.3 7,425.5 5,980.9 4,975.0 1,173.0 732.8 3,802.0 990.8 2,811.2 1,005.9 1,444.5 985.7 458.9 10,939.4 7,489.3 6,027.6 5,007.1 1,171.5 729.1 3,835.6 995.6 2,840.0 1,020.5 1,461.6 1,000.1 461.5 11,096.6 7,628.7 6,145.6 5,114.6 1,200.1 742.4 3,914.5 1,010.2 2,904.3 1,031.0 1,483.1 1,013.6 469.5 11,352.9 7,800.6 6,291.9 5,246.7 1,216.6 750.2 4,030.1 1,021.2 3,009.0 1,045.2 1,508.6 1,026.0 482.6 970.7 30.2 940.4 72.8 1,519.4 945.0 574.4 1,526.6 1,480.9 844.9 31.3 604.6 45.7 880.6 1,203.1 9,036.1 9,070.9 8,742.4 1,033.1 2,539.3 5,170.0 209.4 119.2 72.0 47.1 –34.8 –.4 1,015.1 22.6 992.5 77.4 1,656.3 1,016.7 639.6 1,602.2 1,566.9 931.4 27.3 608.3 35.3 945.7 1,362.1 9,529.1 9,625.5 9,268.9 1,070.3 2,714.9 5,483.7 230.3 126.3 78.0 48.3 –96.4 –1.0 996.8 28.7 968.1 81.5 1,580.2 981.7 598.5 1,539.8 1,500.8 854.6 31.6 614.5 39.0 898.9 1,247.6 9,236.1 9,264.5 8,927.8 1,019.6 2,613.5 5,294.7 214.9 121.8 74.2 47.6 –28.5 –.3 1,008.3 23.9 984.4 76.8 1,602.3 989.1 613.2 1,570.4 1,536.0 909.9 27.8 598.3 34.5 936.7 1,332.6 9,388.8 9,418.5 9,079.2 1,064.1 2,658.2 5,356.8 218.5 120.9 75.7 45.2 –29.7 –.3 1,011.9 17.5 994.3 71.4 1,647.7 1,019.2 628.5 1,589.7 1,554.7 928.1 27.0 599.6 35.0 938.8 1,361.0 9,446.2 9,577.0 9,228.1 1,061.8 2,721.4 5,444.9 222.9 126.0 77.3 48.7 –130.8 –1.4 1,014.8 21.7 993.2 78.3 1,683.6 1,035.8 647.8 1,618.6 1,583.1 936.7 27.3 619.1 35.5 945.2 1,362.5 9,577.0 9,710.0 9,346.7 1,075.5 2,747.7 5,523.5 235.5 127.8 79.0 48.8 –133.0 –1.4 1,025.3 27.3 998.0 83.1 1,691.6 1,022.8 668.8 1,629.9 1,593.9 950.7 27.1 616.1 36.0 961.9 1,392.3 9,704.3 9,796.5 9,421.8 1,079.8 2,732.1 5,609.8 244.3 130.5 80.0 50.5 –92.2 –.9 1,039.1 31.7 1,007.5 85.3 1,734.4 1,045.0 689.4 1,685.3 1,649.2 975.3 27.6 646.3 36.1 991.8 1,449.4 9,903.5 9,970.2 9,601.0 1,097.5 2,788.0 5,715.6 238.1 131.1 80.9 50.2 –66.8 –.7 8,104.6 8,318.6 8,183.3 8,276.8 8,245.4 8,311.0 8,441.7 8,541.5 30,440 27,302 296,852 31,794 27,755 299,715 30,995 27,462 297,985 31,437 27,714 298,651 31,560 27,548 299,312 31,916 27,698 300,064 32,258 28,061 300,833 32,849 28,331 301,487 r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3.—Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2006 Oct. 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 ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ Nov. 2007 Dec. Jan. r Feb. r Mar. r Apr. r May p 61.4 68.5 59.3 56.9 22.5 12.5 34.4 6.5 27.8 2.4 9.1 5.0 4.2 39.4 37.0 30.8 28.7 5.3 1.1 23.4 7.5 15.9 2.1 6.3 4.1 2.1 60.7 47.1 40.3 38.3 9.0 5.3 29.3 2.7 26.6 2.0 6.8 4.1 2.7 123.8 89.3 75.0 66.7 4.2 .9 62.5 3.4 59.1 8.3 14.3 6.0 8.3 74.0 33.1 28.8 24.4 1.5 2.1 22.9 1.8 21.1 4.4 4.2 2.4 1.9 88.5 50.4 45.1 42.1 10.4 4.7 31.7 6.2 25.5 3.0 5.4 2.3 3.0 –27.2 –31.7 –32.8 –36.4 3.5 2.8 –39.8 –.2 –39.6 3.6 1.1 3.8 –2.7 47.3 32.8 28.1 24.9 2.4 –.9 22.4 4.9 17.5 3.2 4.8 2.9 1.8 6.5 2.0 4.5 –.6 .4 –6.5 7.0 –4.0 –4.2 1.9 –.3 –5.8 .2 9.3 17.1 44.4 30.9 27.5 1.8 –14.7 40.4 1.5 1.9 .3 1.7 13.5 1.4 .2 1.2 .7 .6 –6.6 7.2 3.6 3.5 4.2 .3 –1.0 .2 4.0 9.1 30.4 36.5 34.8 6.7 9.1 19.0 1.6 .3 .3 0 –6.2 1.3 –3.7 4.9 –.4 .5 –6.6 7.1 18.0 17.9 19.0 –.3 –.8 0 5.8 10.5 50.0 69.6 67.7 3.6 43.7 20.3 1.5 .3 .2 0 –19.6 4.3 3.4 1.0 .9 20.7 14.4 6.3 28.4 28.4 2.4 .4 25.6 0 19.7 34.3 89.7 65.9 69.8 11.9 4.4 53.6 –3.9 0 .3 –.3 23.8 9.6 3.4 6.2 1.0 21.3 14.4 6.8 13.3 13.3 9.2 .3 3.8 0 4.4 11.9 62.0 58.2 61.7 –1.1 11.7 51.1 –3.8 .3 .3 0 3.8 5.5 3.4 2.1 1.7 22.3 14.5 7.9 14.8 14.7 5.9 –.1 8.9 .1 6.3 14.6 73.9 31.3 34.8 5.7 34.6 –5.4 –3.8 .3 .3 0 42.6 –2.3 –4.2 1.9 .8 7.3 –.3 7.6 –5.9 –5.9 1.1 .1 –7.1 0 –4.7 2.5 –29.7 54.7 50.7 –6.4 12.7 44.3 3.7 .3 .3 0 –84.4 1.3 –3.6 4.9 .9 7.3 –.3 7.6 8.9 8.8 11.2 –.3 –2.1 .1 4.0 9.6 37.6 56.0 52.0 4.5 40.9 6.6 3.7 .3 .3 0 –18.3 58.2 25.4 15.5 52.9 28.7 26.8 –51.1 –8.0 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4.—Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2005 2006 2005 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 ............................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Less: Personal outlays ........................................................................................ Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... Personal interest payments 1 ............................................................................. Personal current transfer payments ................................................................... To government ............................................................................................... To the rest of the world (net) ........................................................................ Equals: Personal saving ...................................................................................... Addendum: Real disposable personal income, billions of chained (2000) dollars 2 ............ 2006 I II 2007 III IV Ir 507.8 365.0 272.7 236.8 50.5 16.7 186.3 38.0 148.2 35.9 92.3 67.1 25.2 652.0 455.6 366.3 330.1 79.2 32.1 250.9 57.9 193.1 36.2 89.4 59.5 29.8 221.0 90.8 71.8 64.3 11.0 5.3 53.2 9.4 43.8 7.5 19.0 14.0 5.0 237.7 215.9 183.1 173.1 52.4 27.8 120.8 28.7 92.0 10.0 32.9 15.5 17.4 85.9 25.2 10.8 3.0 –4.3 –10.0 7.3 7.2 .2 7.8 14.2 14.1 .2 132.1 63.8 46.7 32.1 –1.5 –3.7 33.6 4.8 28.8 14.6 17.1 14.4 2.6 157.2 139.4 118.0 107.5 28.6 13.3 78.9 14.6 64.3 10.5 21.5 13.5 8.0 256.3 171.9 146.3 132.1 16.5 7.8 115.6 11.0 104.7 14.2 25.5 12.4 13.1 59.6 –6.0 65.5 –54.2 91.5 54.2 37.3 100.1 82.5 53.5 –4.7 33.6 17.6 54.2 153.3 354.5 563.7 530.9 46.8 194.1 289.9 23.4 9.5 5.2 4.2 –209.1 44.4 –7.6 52.1 4.6 136.9 71.7 65.2 75.6 86.0 86.5 –4.0 3.7 –10.4 65.1 159.0 493.0 554.6 526.5 37.2 175.6 313.7 20.9 7.1 6.0 1.2 –61.6 29.5 –1.0 30.4 93.0 47.5 30.5 17.0 –29.2 11.6 6.1 1.4 4.1 –40.8 10.4 32.6 188.4 84.2 80.5 –37.7 28.6 89.6 .3 3.3 1.5 1.8 104.1 11.5 –4.8 16.3 –4.7 22.1 7.4 14.7 30.6 35.2 55.3 –3.8 –16.2 –4.5 37.8 85.0 152.7 154.0 151.4 44.5 44.7 62.1 3.6 –.9 1.5 –2.4 –1.2 3.6 –6.4 9.9 –5.4 45.4 30.1 15.3 19.3 18.7 18.2 –.8 1.3 .5 2.1 28.4 57.4 158.5 148.9 –2.3 63.2 88.1 4.4 5.1 1.6 3.5 –101.1 2.9 4.2 –1.1 6.9 35.9 16.6 19.3 28.9 28.4 8.6 .3 19.5 .5 6.4 1.5 130.8 133.0 118.6 13.7 26.3 78.6 12.6 1.8 1.7 .1 –2.2 10.5 5.6 4.8 4.8 8.0 –13.0 21.0 11.3 10.8 14.0 –.2 –3.0 .5 16.7 29.8 127.3 86.5 75.1 4.3 –15.6 86.3 8.8 2.7 1.0 1.7 40.8 13.8 4.4 9.5 2.2 42.8 22.2 20.6 55.4 55.3 24.6 .5 30.2 .1 29.9 57.1 199.2 173.7 179.2 17.7 55.9 105.8 –6.2 .6 .9 –.3 25.4 93.8 214.0 109.2 93.5 –31.4 65.6 130.7 99.8 r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5.—Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2006 Oct. 2007 Nov. Dec. Feb. r Jan. r Mar. r Apr. r May 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 ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 0.6 .9 1.0 .6 0.4 .5 .5 .4 0.5 .6 .7 .5 1.1 1.2 1.2 1.0 0.7 .4 .5 .3 0.8 .6 .7 .4 –0.2 –.4 –.5 .1 0.4 .4 .4 .3 .6 –.8 0 –.6 1.1 –.2 1.0 1.2 .5 .1 .8 0 –.6 1.1 .2 .4 .7 .3 .1 –.5 0 –.6 1.1 1.1 .6 .8 .5 .4 1.1 1.2 1.4 .9 1.7 2.0 2.4 .9 .9 1.2 1.2 1.4 1.0 .8 .4 .8 .6 .5 2.0 1.3 1.4 1.1 .9 .6 1.0 .7 –.2 .9 .4 0 1.1 –.3 –.5 .2 –.3 .1 1.0 .4 0 1.1 .5 .4 .7 .4 .3 .2 –.5 .7 .4 .6 .3 .3 .7 .3 1.6 .4 .7 1.1 .2 1.0 .6 –.1 .4 .9 .4 .5 1.2 –.1 .5 –.6 .5 .8 .5 .4 1.4 .1 .3 –.6 –.1 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... p r .7 .3 .2 .6 .3 Preliminary Revised Table 6.—Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2005 2006 2005 2006 IV I II 2007 III IV Ir 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 ....................................... Less: Personal current taxes .............................................................................. Equals: Disposable personal income ................................................................ Addenda: Personal consumption expenditures .................................................................. Durable goods ................................................................................................ Nondurable goods .......................................................................................... Services .......................................................................................................... 5.2 5.5 5.1 7.3 6.5 –42.7 6.4 6.1 7.0 7.0 6.6 14.6 4.1 6.5 4.7 8.3 5.9 6.4 6.5 6.5 6.5 8.9 5.2 5.1 5.6 9.4 12.6 13.3 9.7 3.2 1.4 .7 4.1 5.0 3.5 3.2 4.8 5.9 7.7 8.1 6.0 9.6 9.3 9.9 7.1 4.6 12.7 6.3 .................. 9.0 13.0 7.6 13.5 11.3 12.2 5.0 –7.3 7.4 4.8 13.2 11.2 5.5 8.6 4.7 –21.2 5.7 3.0 10.2 8.2 17.9 30.2 6.8 1.4 –25.2 11.8 12.7 10.4 5.0 .9 8.8 2.5 1.2 44.6 9.0 6.7 12.8 7.5 2.7 .4 5.7 4.2 26.9 1.9 –4.9 13.6 2.8 7.3 9.0 5.4 5.5 10.8 10.5 9.0 12.9 14.3 13.0 17.4 8.5 7.0 18.6 7.0 4.8 6.7 –.9 9.9 6.7 5.2 5.3 3.9 5.9 3.3 1.6 –2.2 6.4 7.8 6.7 8.4 7.8 3.2 6.4 4.8 6.0 3.6 6.9 6.1 3.7 –13.5 4.5 7.1 Based on chained (2000) dollar measures Real disposable personal income ...................................................................... r Revised 1.2 2.6 5.5 4.6 –1.5 Table 7.—Real Personal Consumption Expenditures by Major Type of Product (Months) 2006 Oct. 2007 Nov. Dec. Jan. r Feb. r Mar. r Apr. r May p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 8,165.8 1,211.1 2,377.2 4,600.4 8,195.1 1,222.8 2,392.3 4,605.3 8,226.8 1,231.7 2,412.6 4,609.9 8,263.2 1,246.7 2,412.2 4,633.8 8,292.3 1,244.2 2,412.4 4,662.7 8,286.6 1,252.2 2,414.9 4,649.4 8,305.2 1,247.8 2,409.4 4,675.3 8,310.5 1,255.1 2,413.4 4,671.3 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 43.0 1.6 15.1 25.0 29.3 11.7 15.1 4.9 31.7 8.9 20.3 4.6 36.4 15.0 –.4 23.9 29.1 –2.5 .2 28.9 –5.7 8.0 2.5 –13.3 18.6 –4.4 –5.5 25.9 5.3 7.3 4.0 –4.0 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. p r .5 .1 .6 .5 .4 1.0 .6 .1 .4 .7 .8 .1 .4 1.2 0 .5 .4 –.2 0 .6 –.1 .6 .1 –.3 .2 –.4 –.2 .6 .1 .6 .2 –.1 Preliminary Revised Table 8.—Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2005 2006 2005 2006 IV I II 2007 III IV Ir 8,111.2 1,208.8 2,360.1 4,566.6 8,195.9 1,221.9 2,394.0 4,605.2 8,280.7 1,247.7 2,413.2 4,648.6 Billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 7,841.2 1,145.3 2,276.8 4,436.6 8,091.4 1,202.9 2,362.0 4,550.4 7,910.2 1,137.9 2,309.6 4,476.7 8,003.8 1,190.5 2,342.8 4,494.5 8,055.0 1,190.3 2,351.1 4,535.4 Change from preceding period in billions of chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. 264.1 59.6 97.6 112.7 250.2 57.6 85.2 113.8 14.9 –38.0 22.0 22.2 93.6 52.6 33.2 17.8 51.2 –.2 8.3 40.9 56.2 18.5 9.0 31.2 84.7 13.1 33.9 38.6 84.8 25.8 19.2 43.4 4.2 4.4 5.9 3.4 4.2 8.7 3.2 3.8 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ................................................. Durable goods .................................................................................... Nondurable goods .............................................................................. Services .............................................................................................. r Revised 3.5 5.5 4.5 2.6 3.2 5.0 3.7 2.6 .8 –12.3 3.9 2.0 4.8 19.8 5.9 1.6 2.6 –.1 1.4 3.7 2.8 6.4 1.5 2.8 Table 9.—Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2006 Oct. 2007 Nov. Dec. Jan. r Feb. r Mar. r Apr. r May p Chain-type price indexes (2000=100), seasonally adjusted Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. 114.830 88.677 114.081 121.530 114.844 88.383 113.740 121.810 115.225 88.038 114.600 122.132 115.562 87.933 114.800 122.658 115.901 88.015 115.273 122.994 116.400 87.913 116.586 123.229 116.750 87.713 117.380 123.494 117.301 87.558 118.885 123.739 112.757 113.281 110.389 112.808 113.286 110.435 112.948 113.683 110.547 113.356 114.006 110.951 113.568 114.379 111.181 113.613 114.927 111.195 113.753 115.274 111.291 113.872 115.873 111.382 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE ......................................................................................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. –.2 0 –1.2 .2 0 –.3 –.3 .2 .3 –.4 .8 .3 .3 –.1 .2 .4 .3 .1 .4 .3 .4 –.1 1.1 .2 .3 –.2 .7 .2 .5 –.2 1.3 .2 .2 –.3 .1 0 0 0 .1 .4 .1 .4 .3 .4 .2 .3 .2 0 .5 0 .1 .3 .1 .1 .5 .1 Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p Table 10.—Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2006 Oct. Disposable personal income ............................................................................... Personal consumption expenditures .................................................................. Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. p r 2007 Nov. 3.4 3.7 9.2 2.8 3.1 Dec. 3.2 3.6 7.1 3.8 2.9 Jan. r 2.9 3.5 6.0 4.4 2.6 3.1 3.6 4.3 2.9 3.8 Feb. r Mar. r 3.1 3.5 5.4 2.8 3.5 Apr. r 3.3 3.3 4.8 3.3 3.0 3.2 3.4 4.7 2.6 3.5 May p 3.4 3.1 5.9 2.6 2.8 Preliminary Revised Table 11.—Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2006 Oct. Personal consumption expenditures (PCE) ...................................................... Durable goods .................................................................................................... Nondurable goods .............................................................................................. Services .............................................................................................................. Addenda: PCE excluding food and energy ........................................................................ Market-based PCE 1 ........................................................................................... Market-based PCE excluding food and energy 1 .............................................. Preliminary Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. p r 2007 Nov. Jan. r Dec. Feb. r Mar. r Apr. r May p 1.5 –1.3 –.5 3.0 1.9 –1.3 1.1 2.9 2.2 –1.6 2.1 3.1 2.0 –1.8 1.3 3.2 2.3 –1.5 1.9 3.2 2.3 –1.5 2.3 3.1 2.2 –1.8 1.9 3.1 2.3 –1.9 2.5 3.1 2.3 1.1 2.0 2.1 1.6 1.9 2.1 2.0 1.9 2.3 1.8 2.1 2.4 2.1 2.2 2.1 2.3 2.0 2.0 2.1 1.8 1.9 2.2 1.7