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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, MONDAY, JUNE 28, 2010 James Rankin: Kyle Brown: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 10-33 PERSONAL INCOME AND OUTLAYS: MAY 2010 Personal income increased $53.7 billion, or 0.4 percent, and disposable personal income (DPI) increased $49.0 billion, or 0.4 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $24.4 billion, or 0.2 percent. In April, personal income increased $59.4 billion, or 0.5 percent, DPI increased $63.7 billion, or 0.6 percent, and PCE increased $1.4 billion, or less than 0.1 percent, based on revised estimates. Real disposable income increased 0.5 percent in May, compared with an increase of 0.6 percent in April. Real PCE increased 0.3 percent, in contrast to a decrease of less than 0.1 percent. 2010 Jan. Feb. Mar. Apr. (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 May 0.4 0.0 0.4 0.5 0.4 0.3 0.1 0.0 0.0 0.5 0.3 0.6 0.6 0.4 0.5 0.2 0.1 0.5 0.5 0.6 0.4 0.0 0.0 0.2 0.3 ________________________ 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 $22.8 billion in May, compared with an increase of $28.5 billion in April. Goods-producing industries' payrolls increased $10.3 billion, compared with an increase of $6.1 billion; manufacturing payrolls increased $7.8 billion, compared with an increase of $4.6 billion. Services-producing industries' payrolls increased $12.6 billion, compared with an increase of $22.2 billion. Government wage and salary disbursements increased $6.6 billion in May, compared with an increase of $2.5 billion in April. Census decennial temporary and intermittent workers boosted government wages and salaries by $5.7 billion in May. -more- -3- Other personal income Supplements to wages and salaries increased $4.6 billion in May, compared with an increase of $3.8 billion in April. Proprietors' income increased $6.5 billion in May, compared with an increase of $12.2 billion in April. Farm proprietors' income increased $2.3 billion, the same increase as in April. Nonfarm proprietors' income increased $4.2 billion in May, compared with an increase of $9.9 billion in April. Rental income of persons increased $3.6 billion in May, compared with an increase of $2.1 billion in April. Personal income receipts on assets (personal interest income plus personal dividend income) increased $10.9 billion, the same increase as in April. Personal current transfer receipts increased $2.7 billion in May, compared with an increase of $3.3 billion in April. Contributions for government social insurance -- a subtraction in calculating personal income -increased $4.1 billion in May, compared with an increase of $3.9 billion in April. Personal current taxes and disposable personal income Personal current taxes increased $4.8 billion in May, in contrast to a decrease of $4.5 billion in April. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $49.0 billion, or 0.4 percent, in May, compared with an increase of $63.7 billion, or 0.6 percent, in April. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $21.8 billion in May, in contrast to a decrease of $1.2 billion in April. PCE increased $24.4 billion, compared with an increase of $1.4 billion. Personal saving -- DPI less personal outlays -- was $454.3 billion in May, compared with $427.2 billion in April. Personal saving as a percentage of disposable personal income was 4.0 percent in May, compared with 3.8 percent in April. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. -more- -4- Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in May, compared with an increase of 0.6 percent in April. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in May, in contrast to a decrease of less than 0.1 percent in April. Purchases of durable goods increased 1.1 percent, in contrast to a decrease of 0.5 percent. Purchases of motor vehicles and parts accounted for about half of the increase in durable goods in May and more than accounted for the decrease in April. Purchases of nondurable goods decreased 0.2 percent in May, in contrast to an increase of 0.1 percent in April. Purchases of services increased 0.3 percent, compared with an increase of 0.1 percent. PCE price index -- The price index for PCE decreased less than 0.1 percent in May, in contrast to an increase of less than 0.1 percent in April. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. Revisions Estimates have been revised for January through April. Changes in personal income, currentdollar and chained (2005) dollar DPI, and current-dollar and chained (2005) 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 (Billions of dollars) April Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars 46.7 54.3 0.4 0.4 54.4 59.4 0.4 0.5 Disposable personal income: Current dollars Chained (2005) dollars 44.1 29.2 51.2 34.3 0.4 0.3 0.5 0.3 57.6 50.5 63.7 55.8 0.5 0.5 0.6 0.6 Personal consumption expenditures: Current dollars 59.8 Chained (2005) dollars 44.2 57.3 40.7 0.6 0.5 0.6 0.4 4.0 2.2 1.4 -0.5 0.0 0.0 0.0 0.0 -more- -5- Annual Revision of the National Income and Product Accounts As part of the annual revision of the national income and product accounts (NIPAs), revised estimates of personal income and outlays covering January 2007 through May 2010 will be released along with estimates for June 2010 on August 3. Information about changes in the new release tables, the NIPA interactive tables, and the underlying detail tables is available on BEA’s Web site at www.bea.gov/national/an1.htm. An article describing the annual revision will appear in the August 2010 issue of the Survey of Current Business. 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 -- August 3, 2010 at 8:30 A.M. EDT for Personal Income and Outlays for June. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2009 October Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ November 2010 December January r February r March r April r May p 12,023.8 7,733.2 6,230.1 5,043.2 1,028.3 645.1 4,015.0 974.2 3,040.7 1,186.9 1,503.1 1,048.6 454.5 12,065.6 7,742.3 6,237.6 5,049.5 1,033.7 652.5 4,015.9 972.6 3,043.3 1,188.1 1,504.7 1,049.7 455.0 12,118.7 7,746.3 6,240.4 5,049.6 1,031.0 652.1 4,018.6 972.4 3,046.2 1,190.8 1,505.9 1,051.0 454.9 12,165.0 7,794.3 6,273.9 5,076.1 1,037.8 657.1 4,038.2 977.4 3,060.8 1,197.9 1,520.4 1,053.2 467.2 12,170.1 7,806.0 6,282.5 5,083.9 1,036.3 657.5 4,047.6 979.8 3,067.8 1,198.6 1,523.5 1,055.6 467.8 12,224.4 7,830.9 6,303.3 5,102.2 1,041.1 659.9 4,061.2 984.4 3,076.7 1,201.1 1,527.6 1,057.8 469.8 12,283.8 7,865.7 6,334.3 5,130.7 1,047.2 664.5 4,083.4 990.3 3,093.1 1,203.6 1,531.4 1,059.7 471.7 12,337.5 7,899.8 6,363.7 5,153.5 1,057.5 672.3 4,096.0 994.9 3,101.1 1,210.2 1,536.0 1,062.3 473.7 1,050.5 29.3 1,021.2 285.0 1,776.2 1,231.2 545.0 2,138.7 2,105.8 1,175.7 129.9 800.2 32.9 959.8 1,063.6 10,960.3 10,557.0 10,188.6 3,304.9 1,034.5 2,270.3 6,883.7 209.4 159.1 93.8 65.3 403.3 3.7 1,062.2 35.2 1,027.0 286.7 1,788.5 1,234.4 554.1 2,146.8 2,113.8 1,181.5 127.1 805.2 32.9 960.9 1,065.9 10,999.7 10,604.8 10,241.8 3,355.8 1,058.6 2,297.3 6,886.0 203.1 159.8 94.6 65.3 394.9 3.6 1,068.1 41.1 1,027.0 288.3 1,800.8 1,237.6 563.2 2,176.2 2,143.3 1,187.0 143.8 812.6 33.0 961.1 1,068.8 11,049.9 10,636.2 10,278.8 3,350.6 1,062.9 2,287.6 6,928.2 196.9 160.5 95.3 65.3 413.7 3.7 1,066.7 36.0 1,030.7 293.1 1,788.3 1,239.7 548.6 2,201.7 2,168.5 1,184.8 137.2 846.5 33.3 979.1 1,082.0 11,083.0 10,664.7 10,302.4 3,372.1 1,051.7 2,320.4 6,930.4 199.8 162.4 95.9 66.6 418.2 3.8 1,064.6 31.0 1,033.7 297.7 1,775.7 1,241.8 533.9 2,206.4 2,173.1 1,187.8 132.1 853.2 33.3 980.4 1,081.9 11,088.1 10,716.3 10,350.4 3,400.0 1,062.9 2,337.2 6,950.4 202.8 163.1 96.6 66.6 371.8 3.4 1,069.0 25.9 1,043.1 302.7 1,763.2 1,243.9 519.3 2,242.4 2,209.1 1,192.8 150.7 865.5 33.3 983.7 1,085.2 11,139.3 10,777.1 10,407.7 3,444.1 1,102.1 2,342.0 6,963.6 205.7 163.7 97.2 66.6 362.1 3.3 1,081.2 28.2 1,053.0 304.8 1,774.1 1,239.7 534.4 2,245.7 2,212.3 1,204.2 130.1 878.0 33.4 987.6 1,080.7 11,203.0 10,775.9 10,409.1 3,428.0 1,094.7 2,333.3 6,981.1 202.3 164.4 97.9 66.6 427.2 3.8 1,087.7 30.5 1,057.2 308.4 1,785.0 1,235.6 549.4 2,248.4 2,214.9 1,205.4 129.3 880.2 33.4 991.7 1,085.5 11,252.0 10,797.7 10,433.5 3,416.3 1,103.6 2,312.7 7,017.2 199.0 165.1 98.6 66.6 454.3 4.0 8,986.7 9,000.4 9,007.8 9,010.5 9,009.7 9,015.6 9,064.5 9,113.9 9,964.1 9,981.1 10,011.1 10,023.2 10,026.5 10,060.8 10,116.6 10,164.3 35,550 32,319 308,304 35,652 32,351 308,526 35,791 32,426 308,733 35,875 32,445 308,930 35,870 32,436 309,119 36,013 32,526 309,312 36,196 32,686 309,509 36,331 32,819 309,706 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2008 IV Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ 2009 I II 2010 III IV Ir 12,238.8 8,042.4 6,545.9 5,404.6 1,206.5 742.0 4,198.1 1,048.3 3,149.8 1,141.3 1,496.6 1,023.9 472.7 12,019.0 7,778.5 6,276.5 5,094.1 1,062.0 659.4 4,032.1 985.4 3,046.7 1,182.4 1,501.9 1,043.9 458.0 12,233.5 8,050.3 6,543.5 5,388.6 1,192.2 732.2 4,196.5 1,039.4 3,157.1 1,154.9 1,506.8 1,033.2 473.6 11,952.7 7,805.8 6,307.8 5,136.0 1,107.3 681.0 4,028.8 1,002.3 3,026.5 1,171.8 1,498.0 1,037.8 460.2 12,048.8 7,815.9 6,313.1 5,128.8 1,067.8 662.0 4,061.0 989.3 3,071.7 1,184.4 1,502.8 1,042.0 460.8 12,005.2 7,751.4 6,249.2 5,064.3 1,042.1 644.9 4,022.2 977.0 3,045.2 1,184.8 1,502.3 1,046.1 456.2 12,069.4 7,740.6 6,236.0 5,047.4 1,031.0 649.9 4,016.5 973.1 3,043.4 1,188.6 1,504.6 1,049.8 454.8 12,186.5 7,810.4 6,286.6 5,087.4 1,038.4 658.1 4,049.0 980.6 3,068.5 1,199.2 1,523.8 1,055.5 468.3 1,106.3 48.7 1,057.5 210.4 1,994.4 1,308.0 686.4 1,875.9 1,843.2 1,070.3 50.6 722.4 32.6 990.6 1,432.4 10,806.4 10,520.0 10,129.9 3,403.2 1,095.2 2,308.0 6,726.8 237.7 152.3 87.9 64.5 286.4 2.7 1,041.0 29.3 1,011.7 268.1 1,792.6 1,238.5 554.2 2,104.8 2,072.0 1,156.7 122.0 793.3 32.7 965.9 1,101.7 10,917.3 10,458.7 10,089.1 3,255.2 1,035.0 2,220.2 6,833.9 213.9 155.7 92.2 63.5 458.6 4.2 1,083.6 39.0 1,044.5 236.7 1,958.1 1,292.9 665.2 1,898.0 1,865.3 1,087.0 70.3 708.0 32.7 993.3 1,434.3 10,799.1 10,389.9 10,009.8 3,227.5 1,019.9 2,207.6 6,782.3 228.8 151.3 89.5 61.8 409.2 3.8 1,037.8 27.3 1,010.5 245.9 1,845.5 1,243.4 602.1 1,987.3 1,954.7 1,128.5 96.2 730.1 32.5 969.7 1,187.3 10,765.4 10,362.3 9,987.7 3,197.7 1,025.2 2,172.4 6,790.0 220.4 154.2 90.4 63.8 403.1 3.7 1,028.0 28.9 999.1 262.0 1,773.4 1,241.1 532.3 2,140.3 2,107.7 1,151.1 122.5 834.1 32.7 970.9 1,082.6 10,966.2 10,370.5 9,999.3 3,193.8 1,011.5 2,182.2 6,805.6 216.7 154.5 91.4 63.1 595.7 5.4 1,037.9 25.8 1,012.0 277.9 1,763.1 1,234.9 528.2 2,137.5 2,104.7 1,165.8 135.7 803.2 32.8 962.5 1,071.0 10,934.3 10,502.8 10,132.9 3,292.3 1,051.3 2,241.0 6,840.6 215.5 154.4 92.5 61.9 431.5 3.9 1,060.3 35.2 1,025.1 286.7 1,788.5 1,234.4 554.1 2,153.9 2,121.0 1,181.4 133.6 806.0 32.9 960.6 1,066.1 11,003.3 10,599.3 10,236.4 3,337.1 1,052.0 2,285.1 6,899.3 203.1 159.8 94.5 65.3 403.9 3.7 1,066.8 31.0 1,035.8 297.8 1,775.7 1,241.8 533.9 2,216.9 2,183.5 1,188.5 140.0 855.1 33.3 981.1 1,083.0 11,103.4 10,719.4 10,353.5 3,405.4 1,072.2 2,333.2 6,948.1 202.8 163.1 96.5 66.6 384.1 3.5 9,504.6 9,075.1 9,494.4 9,188.7 9,105.5 9,010.5 8,998.3 9,011.9 9,911.3 9,993.2 9,920.4 9,926.4 10,077.5 9,984.4 9,985.5 10,036.8 35,450 32,514 304,831 35,505 32,500 307,483 35,304 32,431 305,890 35,124 32,387 306,496 35,709 32,815 307,101 35,522 32,436 307,815 35,665 32,366 308,521 35,920 32,469 309,120 r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2009 October Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ November 2010 December January r February r March r April r May p –4.9 –15.9 –15.8 –18.6 –9.7 2.3 –8.8 –4.5 –4.5 2.8 –0.1 1.4 –1.5 41.8 9.1 7.5 6.3 5.4 7.4 0.9 –1.6 2.6 1.2 1.6 1.1 0.5 53.1 4.0 2.8 0.1 –2.7 –0.4 2.7 –0.2 2.9 2.7 1.2 1.3 –0.1 46.3 48.0 33.5 26.5 6.8 5.0 19.6 5.0 14.6 7.1 14.5 2.2 12.3 5.1 11.7 8.6 7.8 –1.5 0.4 9.4 2.4 7.0 0.7 3.1 2.4 0.6 54.3 24.9 20.8 18.3 4.8 2.4 13.6 4.6 8.9 2.5 4.1 2.2 2.0 59.4 34.8 31.0 28.5 6.1 4.6 22.2 5.9 16.4 2.5 3.8 1.9 1.9 53.7 34.1 29.4 22.8 10.3 7.8 12.6 4.6 8.0 6.6 4.6 2.6 2.0 10.3 5.8 4.5 2.4 12.3 3.2 9.1 –16.6 –16.6 –0.6 –8.2 –7.8 0.1 –2.5 –5.2 0.5 53.7 55.8 26.5 22.1 4.3 29.2 –6.2 4.3 0.9 3.4 –53.2 11.7 5.9 5.8 1.7 12.3 3.2 9.1 8.1 8.0 5.8 –2.8 5.0 0.0 1.1 2.3 39.4 47.8 53.2 50.9 24.1 27.0 2.3 –6.3 0.7 0.8 0.0 –8.4 5.9 5.9 0.0 1.6 12.3 3.2 9.1 29.4 29.5 5.5 16.7 7.4 0.1 0.2 2.9 50.2 31.4 37.0 –5.2 4.3 –9.7 42.2 –6.2 0.7 0.7 0.0 18.8 –1.4 –5.1 3.7 4.8 –12.5 2.1 –14.6 25.5 25.2 –2.2 –6.6 33.9 0.3 18.0 13.2 33.1 28.5 23.6 21.5 –11.2 32.8 2.2 2.9 1.9 0.6 1.3 4.5 –2.1 –5.0 3.0 4.6 –12.6 2.1 –14.7 4.7 4.6 3.0 –5.1 6.7 0.0 1.3 –0.1 5.1 51.6 48.0 27.9 11.2 16.8 20.0 3.0 0.7 0.7 0.0 –46.4 4.4 –5.1 9.4 5.0 –12.5 2.1 –14.6 36.0 36.0 5.0 18.6 12.3 0.0 3.3 3.3 51.2 60.8 57.3 44.1 39.2 4.8 13.2 2.9 0.6 0.6 0.0 –9.7 12.2 2.3 9.9 2.1 10.9 –4.2 15.1 3.3 3.2 11.4 –20.6 12.5 0.1 3.9 –4.5 63.7 –1.2 1.4 –16.1 –7.4 –8.7 17.5 –3.4 0.7 0.7 0.0 65.1 6.5 2.3 4.2 3.6 10.9 –4.1 15.0 2.7 2.6 1.2 –0.8 2.2 0.0 4.1 4.8 49.0 21.8 24.4 –11.7 8.9 –20.6 36.1 –3.3 0.7 0.7 0.0 27.1 –13.3 –26.3 13.7 17.0 7.4 30.0 2.7 12.1 –0.8 3.3 5.9 34.3 48.9 55.8 49.4 47.7 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2008 IV Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ 2009 I II 2010 III IV Ir 344.7 179.7 137.0 84.8 –6.4 –11.5 91.2 3.6 87.6 52.2 42.8 30.9 11.9 –219.8 –263.9 –269.4 –310.5 –144.5 –82.6 –166.0 –62.9 –103.1 41.1 5.3 20.0 –14.7 –53.1 –18.8 –24.2 –30.6 –14.0 –8.1 –16.5 –8.4 –8.1 6.4 5.4 6.5 –1.1 –280.8 –244.5 –235.7 –252.6 –84.9 –51.2 –167.7 –37.1 –130.6 16.9 –8.8 4.6 –13.4 96.1 10.1 5.3 –7.2 –39.5 –19.0 32.2 –13.0 45.2 12.6 4.8 4.2 0.6 –43.6 –64.5 –63.9 –64.5 –25.7 –17.1 –38.8 –12.3 –26.5 0.4 –0.5 4.1 –4.6 64.2 –10.8 –13.2 –16.9 –11.1 5.0 –5.7 –3.9 –1.8 3.8 2.3 3.7 –1.4 117.1 69.8 50.6 40.0 7.4 8.2 32.5 7.5 25.1 10.6 19.2 5.7 13.5 9.9 9.3 0.6 65.5 –37.1 41.6 –78.7 157.9 155.4 66.6 18.3 70.7 2.4 31.3 –58.5 403.3 295.7 303.5 38.2 –65.3 103.5 265.4 –19.1 11.3 5.6 5.8 107.5 –65.3 –19.4 –45.8 57.7 –201.8 –69.5 –132.2 228.9 228.8 86.4 71.4 70.9 0.1 –24.7 –330.7 110.9 –61.3 –40.8 –148.0 –60.2 –87.8 107.1 –23.8 3.4 4.3 –1.0 172.2 –30.8 –10.3 –20.6 14.5 –43.3 –34.9 –8.5 23.7 23.6 6.5 12.6 4.5 0.1 –1.6 –3.0 –50.2 –223.7 –210.3 –235.5 –68.6 –166.9 25.2 –9.5 –3.9 1.0 –4.9 173.5 –45.8 –11.7 –34.0 9.2 –112.6 –49.5 –63.1 89.3 89.4 41.5 25.9 22.1 –0.2 –23.6 –247.0 –33.7 –27.6 –22.1 –29.8 5.3 –35.2 7.7 –8.4 2.9 0.9 2.0 –6.1 –9.8 1.6 –11.4 16.1 –72.1 –2.3 –69.8 153.0 153.0 22.6 26.3 104.0 0.2 1.2 –104.7 200.8 8.2 11.6 –3.9 –13.7 9.8 15.6 –3.7 0.3 1.0 –0.7 192.6 9.9 –3.1 12.9 15.9 –10.3 –6.2 –4.1 –2.8 –3.0 14.7 13.2 –30.9 0.1 –8.4 –11.6 –31.9 132.3 133.6 98.5 39.8 58.8 35.0 –1.2 –0.1 1.1 –1.2 –164.2 22.4 9.4 13.1 8.8 25.4 –0.5 25.9 16.4 16.3 15.6 –2.1 2.8 0.1 –1.9 –4.9 69.0 96.5 103.5 44.8 0.7 44.1 58.7 –12.4 5.4 2.0 3.4 –27.6 6.5 –4.2 10.7 11.1 –12.8 7.4 –20.2 63.0 62.5 7.1 6.4 49.1 0.4 20.5 16.9 100.1 120.1 117.1 68.3 20.2 48.1 48.8 –0.3 3.3 2.0 1.3 –19.8 –140.8 50.7 –429.5 81.9 52.4 82.1 –305.7 6.0 –83.2 151.1 –95.0 –93.1 –12.2 1.1 13.6 51.3 r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2009 October 2010 November December January r February r March r April 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ 0.0 –0.2 –0.3 0.0 0.3 0.1 0.1 0.1 0.4 0.1 0.0 0.1 0.4 0.6 0.5 1.0 0.0 0.1 0.1 0.2 0.4 0.3 0.3 0.3 0.5 0.4 0.5 0.2 0.4 0.4 0.5 0.3 1.0 0.9 0.7 0.3 1.7 –0.8 –0.3 –0.5 0.0 1.1 0.6 0.7 0.3 1.7 0.4 0.1 0.2 0.4 0.6 0.6 0.7 0.3 1.6 1.4 0.0 0.3 0.5 –0.1 1.7 –0.7 0.2 –2.6 1.2 1.9 1.2 0.3 –0.2 1.6 –0.7 0.2 –2.7 0.2 0.1 0.0 0.0 0.4 1.7 –0.7 0.2 –2.7 1.6 0.3 0.3 0.5 1.1 0.7 0.6 –0.3 2.9 0.1 0.4 –0.4 0.6 0.6 1.2 0.6 –0.3 2.8 0.1 0.4 0.4 0.4 0.6 0.8 2.2 0.2 0.4 0.5 1.5 2.3 1.2 0.0 0.4 –0.2 0.4 –0.4 0.6 0.2 0.6 –1.1 1.4 0.0 0.5 0.8 1.1 0.7 0.3 0.6 1.3 3.7 0.2 0.2 0.0 –0.5 –0.7 –0.4 0.3 0.2 –0.3 0.8 –0.9 0.5 0.1 0.3 0.5 0.6 0.5 0.5 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ –0.1 –0.3 0.2 0.2 0.1 0.3 0.0 0.1 0.0 0.0 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 2008 2009 IV I II 2010 III Ir IV 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................................................................................................ 2.9 2.3 2.1 2.9 –1.8 –3.3 –4.1 0.4 –1.7 –0.9 –1.5 1.4 –8.9 –11.6 –13.6 –2.3 3.3 0.5 0.3 1.3 –1.4 –3.3 –4.0 –0.1 2.2 –0.6 –0.8 0.6 3.9 3.7 3.3 5.2 0.9 45.2 –1.8 3.3 –10.3 9.2 3.3 –3.9 3.9 –5.9 27.4 –10.1 –5.3 –19.3 12.2 –2.5 –23.1 1.0 –10.6 28.8 –8.4 –10.1 –5.0 5.1 –0.6 –0.8 –1.8 –15.9 16.4 –21.1 –14.5 –32.8 20.2 –9.2 –53.1 –1.2 –3.7 28.9 –14.7 –0.7 –38.9 34.6 0.5 –30.9 7.7 3.9 26.7 –2.3 –2.0 –3.0 –0.5 –3.4 –4.2 –1.2 8.9 13.2 5.9 –0.2 21.1 3.1 –0.8 –1.8 2.5 2.5 16.5 –2.8 2.4 –13.8 12.2 8.8 6.5 3.7 3.1 1.1 –5.6 4.7 4.1 –0.4 –4.3 –5.5 –3.8 1.6 –8.0 –24.5 –22.9 –25.3 1.5 –0.9 –3.7 2.1 –6.2 0.5 0.5 –0.5 –5.2 1.8 0.9 5.5 12.9 16.7 11.2 2.1 4.1 5.6 0.3 8.1 3.5 4.7 8.4 7.9 8.7 2.9 –1.0 –3.6 –0.1 0.0 0.2 2.1 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ r Revised –1.5 0.5 –4.5 0.8 0.6 3.4 –3.2 0.2 –0.9 6.2 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2009 October 2010 November December January r February r March r April r May p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,262.5 3,158.1 1,103.9 2,047.8 6,101.7 9,293.4 3,199.0 1,130.2 2,064.1 6,093.8 9,312.4 3,188.4 1,137.1 2,048.3 6,122.2 9,317.3 3,195.7 1,132.9 2,058.7 6,120.3 9,359.4 3,227.9 1,146.9 2,077.3 6,131.4 9,400.1 3,269.9 1,188.0 2,082.8 6,132.0 9,399.6 3,265.5 1,181.6 2,084.0 6,135.6 9,425.0 3,273.3 1,194.2 2,080.8 6,153.2 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 26.0 22.9 22.7 2.5 4.0 30.9 40.9 26.3 16.3 –7.9 19.0 –10.6 6.9 –15.8 28.4 4.9 7.3 –4.2 10.4 –1.9 42.1 32.2 14.0 18.6 11.1 40.7 42.0 41.1 5.5 0.6 –0.5 –4.4 –6.4 1.2 3.6 25.4 7.8 12.6 –3.2 17.6 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.3 0.7 2.1 0.1 0.1 0.3 1.3 2.4 0.8 –0.1 0.2 –0.3 0.6 –0.8 0.5 0.1 0.2 –0.4 0.5 0.0 0.5 1.0 1.2 0.9 0.2 0.4 1.3 3.6 0.3 0.0 0.0 –0.1 –0.5 0.1 0.1 0.3 0.2 1.1 –0.2 0.3 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 2008 2009 IV I II 2010 III IV Ir 9,252.6 3,159.6 1,122.7 2,033.3 6,090.6 9,289.5 3,181.9 1,123.7 2,053.4 6,105.9 9,359.0 3,231.2 1,156.0 2,072.9 6,127.9 36.9 22.3 1.0 20.1 15.3 69.5 49.3 32.3 19.5 22.0 1.6 2.8 0.4 4.0 1.0 3.0 6.3 12.0 3.9 1.4 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,290.9 3,206.0 1,146.3 2,057.3 6,083.1 9,235.1 3,144.2 1,101.4 2,037.0 6,087.8 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –23.0 –67.7 –53.6 –17.5 42.3 –55.8 –61.8 –44.9 –20.3 4.7 9,195.3 3,110.4 1,076.8 2,026.1 6,080.4 9,209.2 3,129.8 1,087.2 2,035.5 6,076.0 9,189.0 3,105.4 1,071.7 2,025.7 6,078.8 Change from preceding period in billions of chained (2005) dollars –72.4 –83.2 –62.8 –25.4 8.0 13.9 19.4 10.4 9.4 –4.4 –20.2 –24.4 –15.5 –9.8 2.8 63.6 54.2 51.0 7.6 11.8 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... r Revised –0.2 –2.1 –4.5 –0.8 0.7 –0.6 –1.9 –3.9 –1.0 0.1 –3.1 –10.0 –20.3 –4.9 0.5 0.6 2.5 3.9 1.9 –0.3 –0.9 –3.1 –5.6 –1.9 0.2 2.8 7.2 20.4 1.5 0.8 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2009 October 2010 November December January r February r March r April r May p Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 109.994 104.664 93.743 110.878 112.815 110.202 104.919 93.682 111.305 112.998 110.374 105.103 93.501 111.691 113.164 110.570 105.536 92.854 112.722 113.235 110.585 105.348 92.695 112.519 113.357 110.716 105.342 92.794 112.454 113.560 110.736 104.990 92.672 111.970 113.779 110.697 104.386 92.441 111.154 114.041 115.181 109.412 110.032 109.361 117.782 109.489 110.213 109.385 118.773 109.608 110.348 109.452 122.235 109.616 110.531 109.414 121.467 109.669 110.549 109.476 121.405 109.791 110.665 109.580 119.773 109.887 110.641 109.636 115.874 110.065 110.541 109.780 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 0.3 0.1 0.1 0.1 0.4 0.2 0.2 –0.1 0.4 0.2 0.2 0.2 –0.2 0.3 0.1 0.2 0.4 –0.7 0.9 0.1 0.0 –0.2 –0.2 –0.2 0.1 0.1 0.0 0.1 –0.1 0.2 0.0 –0.3 –0.1 –0.4 0.2 0.0 –0.6 –0.2 –0.7 0.2 0.7 0.3 0.2 0.2 2.3 0.1 0.2 0.0 0.8 0.1 0.1 0.1 2.9 0.0 0.2 0.0 –0.6 0.0 0.0 0.1 –0.1 0.1 0.1 0.1 –1.3 0.1 0.0 0.1 –3.3 0.2 –0.1 0.1 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. 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, 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 2009 October Disposable personal income.................................................................... Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... 2010 November 1.2 0.6 1.0 2.1 0.5 0.3 0.4 0.8 2.2 4.4 1.1 0.2 December 0.4 1.7 3.7 6.7 2.4 0.7 January r 0.3 1.2 2.1 3.5 1.5 0.7 February r 1.3 1.5 2.8 5.1 1.7 0.9 March r 1.8 2.2 4.8 10.5 2.3 0.9 April r 1.0 2.4 5.5 11.5 2.8 0.9 May p –0.2 2.6 5.4 11.4 2.7 1.3 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 October Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 2010 November December January r February r March r April r May p 0.1 –2.0 –1.5 –2.2 1.2 1.5 1.7 –1.1 3.0 1.3 2.1 3.7 –0.9 5.9 1.4 2.1 3.7 –1.5 6.2 1.4 1.8 2.8 –1.8 5.0 1.4 2.1 3.0 –1.7 5.2 1.6 2.0 2.6 –1.9 4.8 1.7 1.9 2.0 –2.0 3.9 1.9 –15.2 1.4 0.1 1.7 5.6 1.5 1.6 1.7 18.2 1.6 2.2 1.6 19.5 1.5 2.1 1.4 14.9 1.4 1.8 1.2 18.7 1.4 2.0 1.1 19.9 1.2 1.9 0.9 15.7 1.3 1.7 1.0 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. 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, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
@FedFRASER