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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, DECEMBER 24, 2008 James E. Rankin: Brendan Leary: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 08-60 PERSONAL INCOME AND OUTLAYS: NOVEMBER 2008 Personal income decreased $20.7 billion, or 0.2 percent, and disposable personal income (DPI) decreased $11.8 billion, or 0.1 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $56.1 billion, or 0.6 percent. In October, personal income increased $11.3 billion, or 0.1 percent, DPI increased $16.7 billion, or 0.2 percent, and PCE decreased $102.6 billion, or 1.0 percent, based on revised estimates. Real disposable income increased 1.0 percent in November, compared with an increase of 0.7 percent in October. Real PCE increased 0.6 percent, in contrast to a decrease of 0.5 percent. The price index for PCE decreased 1.1 percent, compared with a decrease of 0.5 percent. 2008 July Aug. Sept. Oct. (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars Nov. -0.8 0.3 0.0 0.1 -0.2 -1.0 -1.5 -1.1 -1.1 0.1 0.0 0.2 0.7 -0.1 1.0 -0.1 -0.6 -0.2 -0.1 -0.4 -0.5 -1.0 -0.5 -0.6 0.6 ________________________ NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2000) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements decreased $8.7 billion in November, compared with a decrease of $1.5 billion in October. Goods-producing industries' payrolls decreased $5.5 billion, compared with a decrease of $3.2 billion; manufacturing payrolls decreased $3.0 billion, compared with a decrease of $1.4 billion. Services-producing industries' payrolls decreased $3.2 billion, in contrast to an increase of $1.9 billion. Government wage and salary disbursements increased $3.5 billion compared with an increase of $5.9 billion. -more- -3- Other personal income Supplements to wages and salaries increased $0.8 billion in November, compared with an increase of $2.3 billion in October. Proprietors' income decreased $12.0 billion in November, in contrast to an increase of $1.2 billion in October. Farm proprietors' income decreased $3.9 billion, compared with a decrease of $5.3 billion. Nonfarm proprietors' income decreased $8.1 billion, in contrast to an increase of $6.5 billion. Changes in nonfarm proprietors’ income reflected the impact of Hurricane Ike, which subtracted $8.8 billion (at an annual rate) in September. Rental income of persons increased $3.0 billion in November, compared with an increase of $31.0 billion in October. Changes in rental income reflected the impact of the hurricane, which subtracted $26.6 billion (at an annual rate) in September. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $14.0 billion, compared with a decrease of $14.2 billion. Personal current transfer receipts increased $5.2 billion, in contrast to a decrease of $13.5 billion. Changes in personal current transfer receipts primarily reflected the impact of net insurance settlements associated with the hurricane, which added $26.9 billion (at an annual rate) in September. Contributions for government social insurance -- a subtraction in calculating personal income -decreased $1.5 billion in November, compared with a decrease of $0.1 billion in October. Personal current taxes and disposable personal income Personal current taxes decreased $8.9 billion in November, compared with a decrease of $5.4 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes - decreased $11.8 billion, or 0.1 percent, in November, in contrast to an increase of $16.7 billion, or 0.2 percent in October. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -decreased $57.4 billion in November, compared with a decrease of $104.1 billion in October. PCE decreased $56.1 billion, compared with a decrease of $102.6 billion. Personal saving -- DPI less personal outlays -- was $298.0 billion in November, compared with $252.3 billion in October. Personal saving as a percentage of disposable personal income was 2.8 percent in November, compared with 2.4 percent in October. 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 -- increased 1.0 percent in November, compared with an increase of 0.7 percent in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.6 percent in November, in contrast to a decrease of 0.5 percent in October. The increase in real PCE in November, in contrast to the decrease in current-dollar PCE, reflects a decrease in the PCE implicit price deflator. Purchases of durable goods increased 0.6 percent in November, in contrast to a decrease of 4.0 percent in October. Purchases of nondurable goods increased 1.5 percent, in contrast to a decrease of 0.9 percent. Purchases of services increased 0.1 percent, compared with an increase of 0.3 percent. PCE price index -- the price index for PCE decreased 1.1 percent in November, compared with a decrease of 0.5 percent in October. The PCE price index, excluding food and energy, was essentially unchanged in November and in October. -more- -5- Revisions Estimates have been revised for July through October. Changes in personal income, currentdollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for September and October -- revised and as published in last month's release -- are shown below. Change from preceding month September Previous Revised (Billions of dollars) Personal Income: Current dollars October Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) 8.0 4.4 0.1 0.0 42.4 11.3 0.3 0.1 11.6 0.8 10.3 1.1 0.1 0.0 0.1 0.0 45.1 85.9 16.7 61.2 0.4 1.0 0.2 0.7 Personal consumption expenditures: Current dollars -33.7 Chained (2000) dollars -35.7 -38.5 -38.3 -0.3 -0.4 -0.4 -0.5 -102.8 -37.2 -102.6 -38.6 -1.0 -0.5 -1.0 -0.5 Disposable personal income: Current Dollars Chained (2000) dollars 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 – February 2, 2009, at 8:30 A.M. EST for Personal Income and Outlays for December. Release Dates for 2009 December 2008.. January 2009….. February 2009… March 2009…… February 2 March 2 March 27 April 30 April 2009…. May 2009….. June 2009….. July 2009…... June 1 June 26 August 4 August 28 -more- August 2009……. September 2009… October 2009…… November 2009… October 1 October 30 November 25 December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2008 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....................... r August r September r October r November p April May June July 12,003.1 8,018.1 6,519.1 5,401.1 1,211.3 744.5 4,189.8 1,047.9 3,141.9 1,118.1 1,498.9 1,021.5 477.4 12,219.8 8,033.1 6,530.9 5,407.3 1,212.4 744.9 4,194.9 1,047.1 3,147.8 1,123.6 1,502.1 1,024.4 477.7 12,233.6 8,049.3 6,543.8 5,415.4 1,214.6 745.6 4,200.9 1,050.3 3,150.6 1,128.4 1,505.5 1,027.4 478.2 12,136.0 8,067.8 6,559.3 5,425.0 1,217.4 746.3 4,207.6 1,048.9 3,158.7 1,134.3 1,508.5 1,029.8 478.8 12,168.8 8,091.7 6,580.6 5,442.0 1,221.1 744.5 4,220.8 1,049.1 3,171.7 1,138.6 1,511.1 1,031.3 479.8 12,173.2 8,081.5 6,570.4 5,428.3 1,214.6 740.0 4,213.6 1,044.3 3,169.3 1,142.1 1,511.2 1,032.6 478.6 12,184.5 8,088.3 6,574.8 5,426.8 1,211.4 738.6 4,215.5 1,036.7 3,178.7 1,148.0 1,513.5 1,035.1 478.4 12,163.8 8,083.9 6,569.6 5,418.1 1,205.9 735.6 4,212.3 1,032.6 3,179.6 1,151.5 1,514.3 1,036.8 477.5 1,071.2 39.4 1,031.9 49.1 2,051.8 1,213.0 838.8 1,807.5 1,775.1 1,041.0 40.6 693.5 32.4 994.5 1,076.1 38.4 1,037.7 58.3 2,052.3 1,208.7 843.6 1,995.3 1,962.9 1,051.8 41.5 869.6 32.4 995.4 1,083.5 36.1 1,047.4 68.3 2,052.8 1,204.5 848.3 1,976.0 1,943.5 1,057.0 42.0 844.5 32.4 996.3 1,090.0 35.0 1,055.0 72.8 2,054.1 1,210.9 843.2 1,849.0 1,816.5 1,067.4 47.6 701.5 32.5 997.7 1,079.8 32.5 1,047.3 77.3 2,055.6 1,217.4 838.2 1,864.3 1,831.7 1,067.5 62.4 701.9 32.6 999.8 1,071.8 29.6 1,042.2 55.5 2,057.3 1,223.8 833.4 1,904.8 1,845.3 1,072.0 67.5 705.8 59.5 997.8 1,073.0 24.3 1,048.7 86.5 2,043.1 1,205.2 837.9 1,891.3 1,858.6 1,074.5 68.5 715.6 32.7 997.7 1,061.0 20.4 1,040.6 89.5 2,029.1 1,186.5 842.6 1,896.5 1,863.8 1,083.4 65.4 715.0 32.8 996.2 Less: Personal current taxes ................................................................... 1,527.5 1,147.9 1,363.0 1,371.3 1,520.3 1,514.3 1,508.9 1,500.0 Equals: Disposable personal income...................................................... 10,475.6 11,071.9 10,870.6 10,764.7 10,648.6 10,658.9 10,675.6 10,663.8 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 10,474.2 10,073.5 1,063.2 2,990.4 6,019.9 254.7 146.1 83.4 62.7 10,544.3 10,144.2 1,065.5 3,025.4 6,053.3 253.8 146.4 83.7 62.7 10,595.9 10,196.4 1,049.1 3,063.0 6,084.2 252.9 146.7 84.0 62.7 10,585.0 10,187.1 1,016.6 3,068.4 6,102.0 250.9 147.1 84.4 62.7 10,567.4 10,170.9 1,033.7 3,042.4 6,094.8 248.9 147.5 84.8 62.7 10,527.3 10,132.4 998.4 3,022.9 6,111.2 246.9 148.0 85.3 62.7 10,423.2 10,029.8 955.6 2,939.2 6,135.0 245.0 148.5 85.8 62.7 10,365.8 9,973.7 955.9 2,875.8 6,142.0 243.1 149.0 86.3 62.7 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 1.4 0.0 527.5 4.8 274.7 2.5 179.7 1.7 81.2 0.8 131.6 1.2 252.3 2.4 298.0 2.8 8,667.3 9,119.1 8,885.5 8,751.0 8,657.6 8,658.7 8,719.9 8,808.0 34,427 28,484 304,287 36,358 29,946 304,521 35,668 29,154 304,775 35,290 28,688 305,039 34,878 28,357 305,311 34,880 28,334 305,589 34,905 28,510 305,850 34,839 28,776 306,090 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2006 2007 2007 II 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....................... III 2008 IV I III r II 10,993.9 7,432.6 6,027.2 5,004.2 1,167.2 731.2 3,837.1 986.7 2,850.4 1,023.0 1,405.3 956.8 448.5 11,663.2 7,818.6 6,362.0 5,286.7 1,205.4 746.0 4,081.3 1,035.2 3,046.1 1,075.2 1,456.6 991.9 464.7 11,577.5 7,760.1 6,310.7 5,242.5 1,200.7 744.0 4,041.9 1,036.5 3,005.4 1,068.1 1,449.4 987.7 461.7 11,730.4 7,839.3 6,377.7 5,297.0 1,204.3 743.4 4,092.6 1,035.3 3,057.4 1,080.8 1,461.6 996.5 465.1 11,872.1 7,941.0 6,465.5 5,373.4 1,218.2 750.2 4,155.3 1,048.3 3,106.9 1,092.1 1,475.5 1,005.9 469.6 11,960.5 8,009.7 6,518.0 5,408.3 1,217.7 748.4 4,190.5 1,050.4 3,140.2 1,109.7 1,491.7 1,015.3 476.4 12,152.2 8,033.5 6,531.3 5,407.9 1,212.7 745.0 4,195.2 1,048.4 3,146.7 1,123.4 1,502.2 1,024.4 477.8 12,159.4 8,080.4 6,570.1 5,431.7 1,217.7 743.6 4,214.0 1,047.4 3,166.6 1,138.3 1,510.3 1,031.2 479.0 1,014.7 16.2 998.6 44.3 1,824.8 1,125.4 699.4 1,603.0 1,578.1 938.9 29.9 609.3 24.9 925.5 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 1,681.4 999.4 32.3 649.6 31.9 965.1 1,050.2 42.3 1,007.9 44.6 1,982.5 1,206.1 776.5 1,699.2 1,667.5 997.5 31.2 638.8 31.7 959.1 1,063.8 47.4 1,016.4 41.8 2,030.9 1,236.2 794.7 1,720.6 1,688.0 1,008.8 32.5 646.7 32.5 966.0 1,073.8 47.1 1,026.7 38.6 2,056.2 1,242.7 813.5 1,737.8 1,704.7 1,009.6 34.3 660.9 33.1 975.3 1,071.7 41.6 1,030.1 39.1 2,054.1 1,224.6 829.5 1,778.1 1,745.8 1,032.4 38.2 675.3 32.2 992.2 1,076.9 38.0 1,039.0 58.6 2,052.3 1,208.7 843.6 1,926.3 1,893.9 1,050.0 41.4 802.5 32.4 995.4 1,080.5 32.4 1,048.2 68.5 2,055.7 1,217.4 838.3 1,872.7 1,831.2 1,068.9 59.2 703.1 41.5 998.4 Less: Personal current taxes ................................................................... 1,353.2 1,492.8 1,489.4 1,501.6 1,520.5 1,535.0 1,346.1 1,468.6 Equals: Disposable personal income...................................................... 9,640.7 10,170.5 10,088.0 10,228.8 10,351.5 10,425.5 10,806.0 10,690.7 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 9,570.0 9,207.2 1,052.1 2,685.2 5,469.9 235.4 127.4 76.2 51.1 10,113.1 9,710.2 1,082.8 2,833.0 5,794.4 265.4 137.5 81.2 56.3 10,056.9 9,657.5 1,085.3 2,817.7 5,754.4 262.6 136.9 80.8 56.0 10,182.0 9,765.6 1,086.2 2,846.6 5,832.8 278.2 138.1 81.8 56.3 10,309.2 9,892.7 1,083.0 2,906.2 5,903.5 276.7 139.8 82.5 57.3 10,404.9 10,002.3 1,071.0 2,950.7 5,980.6 261.7 140.8 82.9 57.9 10,538.2 10,138.0 1,059.3 3,026.2 6,052.5 253.8 146.4 83.7 62.7 10,559.9 10,163.5 1,016.2 3,044.6 6,102.7 248.9 147.5 84.8 62.7 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 70.7 0.7 57.4 0.6 31.1 0.3 46.8 0.5 42.4 0.4 20.6 0.2 267.9 2.5 130.8 1.2 8,407.0 8,644.0 8,604.5 8,671.1 8,683.1 8,667.9 8,891.0 8,689.1 32,222 28,098 299,199 33,667 28,614 302,087 33,441 28,523 301,667 33,820 28,669 302,452 34,138 28,636 303,225 34,309 28,525 303,868 35,485 29,196 304,528 35,016 28,460 305,313 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ 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 2008 April May June July r August r September r October r November p 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....................... 4.1 –21.3 –26.6 –31.1 –9.9 –5.5 –21.2 –6.0 –15.2 4.7 5.2 5.8 –0.6 216.7 15.0 11.8 6.2 1.1 0.4 5.1 –0.8 5.9 5.5 3.2 2.9 0.3 13.8 16.2 12.9 8.1 2.2 0.7 6.0 3.2 2.8 4.8 3.4 3.0 0.5 –97.6 18.5 15.5 9.6 2.8 0.7 6.7 –1.4 8.1 5.9 3.0 2.4 0.6 32.8 23.9 21.3 17.0 3.7 –1.8 13.2 0.2 13.0 4.3 2.6 1.5 1.0 4.4 –10.2 –10.2 –13.7 –6.5 –4.5 –7.2 –4.8 –2.4 3.5 0.1 1.3 –1.2 11.3 6.8 4.4 –1.5 –3.2 –1.4 1.9 –7.6 9.4 5.9 2.3 2.5 –0.2 –20.7 –4.4 –5.2 –8.7 –5.5 –3.0 –3.2 –4.1 0.9 3.5 0.8 1.7 –0.9 –0.2 –1.6 1.5 8.6 0.1 –4.2 4.3 16.2 16.2 –1.5 1.3 16.4 0.0 –0.8 4.9 –1.0 5.8 9.2 0.5 –4.3 4.8 187.8 187.8 10.8 0.9 176.1 0.0 0.9 7.4 –2.3 9.7 10.0 0.5 –4.2 4.7 –19.3 –19.4 5.2 0.5 –25.1 0.0 0.9 6.5 –1.1 7.6 4.5 1.3 6.4 –5.1 –127.0 –127.0 10.4 5.6 –143.0 0.1 1.4 –10.2 –2.5 –7.7 4.5 1.5 6.5 –5.0 15.3 15.2 0.1 14.8 0.4 0.1 2.1 –8.0 –2.9 –5.1 –21.8 1.7 6.4 –4.8 40.5 13.6 4.5 5.1 3.9 26.9 –2.0 1.2 –5.3 6.5 31.0 –14.2 –18.6 4.5 –13.5 13.3 2.5 1.0 9.8 –26.8 –0.1 –12.0 –3.9 –8.1 3.0 –14.0 –18.7 4.7 5.2 5.2 8.9 –3.1 –0.6 0.1 –1.5 Less: Personal current taxes ................................................................... –12.7 –379.6 215.1 8.3 149.0 –6.0 –5.4 –8.9 Equals: Disposable personal income...................................................... 16.8 596.3 –201.3 –105.9 –116.1 10.3 16.7 –11.8 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 37.9 33.8 –2.1 20.2 15.7 –0.9 5.1 0.3 4.8 70.1 70.7 2.3 35.0 33.4 –0.9 0.3 0.3 0.0 51.6 52.2 –16.4 37.6 30.9 –0.9 0.3 0.3 0.0 –10.9 –9.3 –32.5 5.4 17.8 –2.0 0.4 0.4 0.0 –17.6 –16.2 17.1 –26.0 –7.2 –2.0 0.4 0.4 0.0 –40.1 –38.5 –35.3 –19.5 16.4 –2.0 0.5 0.5 0.0 –104.1 –102.6 –42.8 –83.7 23.8 –1.9 0.5 0.5 0.0 –57.4 –56.1 0.3 –63.4 7.0 –1.9 0.5 0.5 0.0 Equals: Personal saving ........................................................................... –21.1 526.1 –252.8 –95.0 –98.5 50.4 120.7 45.7 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... –6.5 451.8 –233.6 –134.5 –93.4 1.1 61.2 88.1 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 2006 2007 2007 II III 2008 IV I III r II 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....................... 724.1 406.8 355.5 313.3 68.0 27.2 245.4 48.5 196.9 42.3 51.2 30.8 20.4 669.3 386.0 334.8 282.5 38.2 14.8 244.2 48.5 195.7 52.2 51.3 35.1 16.2 104.5 26.1 16.7 8.5 2.3 –2.4 6.3 15.7 –9.4 8.2 9.4 10.1 –0.6 152.9 79.2 67.0 54.5 3.6 –0.6 50.7 –1.2 52.0 12.7 12.2 8.8 3.4 141.7 101.7 87.8 76.4 13.9 6.8 62.7 13.0 49.5 11.3 13.9 9.4 4.5 88.4 68.7 52.5 34.9 –0.5 –1.8 35.2 2.1 33.3 17.6 16.2 9.4 6.8 191.7 23.8 13.3 –0.4 –5.0 –3.4 4.7 –2.0 6.5 13.7 10.5 9.1 1.4 7.2 46.9 38.8 23.8 5.0 –1.4 18.8 –1.0 19.9 14.9 8.1 6.8 1.2 54.9 –17.9 72.9 3.4 227.9 103.4 124.5 82.3 96.2 94.4 –1.4 3.2 –13.9 51.2 41.5 27.8 13.6 –4.3 175.3 88.9 86.4 110.3 103.3 60.5 2.4 40.3 7.0 39.6 13.0 3.0 10.0 9.5 51.6 33.9 17.8 3.5 2.2 15.6 –0.1 –13.3 1.3 –0.7 13.6 5.1 8.5 –2.8 48.4 30.1 18.2 21.4 20.5 11.3 1.3 7.9 0.8 6.9 10.0 –0.3 10.3 –3.2 25.3 6.5 18.8 17.2 16.7 0.8 1.8 14.2 0.6 9.3 –2.1 –5.5 3.4 0.5 –2.1 –18.1 16.0 40.3 41.1 22.8 3.9 14.4 –0.9 16.9 5.2 –3.6 8.9 19.5 –1.8 –15.9 14.1 148.2 148.1 17.6 3.2 127.2 0.2 3.2 3.6 –5.6 9.2 9.9 3.4 8.7 –5.3 –53.6 –62.7 18.9 17.8 –99.4 9.1 3.0 Less: Personal current taxes ................................................................... 145.4 139.6 29.9 12.2 18.9 14.5 –188.9 122.5 Equals: Disposable personal income...................................................... 578.7 529.8 74.5 140.8 122.7 74.0 380.5 –115.3 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) ................................................................. 540.5 513.1 31.3 171.1 310.7 20.4 7.0 3.7 3.2 543.1 503.0 30.7 147.8 324.5 30.0 10.1 5.0 5.2 152.7 132.6 8.7 56.2 67.6 18.6 1.6 1.2 0.3 125.1 108.1 0.9 28.9 78.4 15.6 1.2 1.0 0.3 127.2 127.1 –3.2 59.6 70.7 –1.5 1.7 0.7 1.0 95.7 109.6 –12.0 44.5 77.1 –15.0 1.0 0.4 0.6 133.3 135.7 –11.7 75.5 71.9 –7.9 5.6 0.8 4.8 21.7 25.5 –43.1 18.4 50.2 –4.9 1.1 1.1 0.0 Equals: Personal saving ........................................................................... 38.2 –13.3 –78.2 15.7 –4.4 –21.8 247.3 –137.1 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 285.6 237.0 –13.2 66.6 12.0 –15.2 223.1 –201.9 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 2008 April May July r June August r September r October r November p Based on current-dollar measures Personal income........................................................................................ Compensation of employees, received .................................................... Wage and salary disbursements .......................................................... Supplements to wages and salaries..................................................... Proprietors’ income with inventory valuation and capital consumption adjustments .......................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ........................................................ Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ............................................................ Less: Contributions for government social insurance .............................. 0.0 –0.3 –0.4 0.4 1.8 0.2 0.2 0.2 0.1 0.2 0.2 0.2 –0.8 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.0 –0.1 –0.2 0.0 0.1 0.1 0.1 0.2 –0.2 –0.1 –0.1 0.1 0.0 21.0 0.0 –0.3 0.5 0.9 –0.1 0.5 18.9 0.0 –0.3 0.6 10.4 0.1 0.7 17.0 0.0 –0.4 0.6 –1.0 0.1 0.6 6.6 0.1 0.5 –0.6 –6.4 0.1 –0.9 6.2 0.1 0.5 –0.6 0.8 0.2 –0.7 –28.1 0.1 0.5 –0.6 2.2 –0.2 0.1 55.7 –0.7 –1.5 0.5 –0.7 0.0 –1.1 3.4 –0.7 –1.5 0.6 0.3 –0.2 Less: Personal current taxes ................................................................... –0.8 –24.9 18.7 0.6 10.9 –0.4 –0.4 –0.6 Equals: Disposable personal income...................................................... 0.2 5.7 –1.8 –1.0 –1.1 0.1 0.2 –0.1 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 0.3 –0.2 0.7 0.3 0.7 0.2 1.2 0.6 0.5 –1.5 1.2 0.5 –0.1 –3.1 0.2 0.3 –0.2 1.7 –0.8 –0.1 –0.4 –3.4 –0.6 0.3 –1.0 –4.3 –2.8 0.4 –0.6 0.0 –2.2 0.1 Real disposable personal income ............................................................ –0.1 5.2 0.0 0.7 1.0 Based on chained (2000) dollar measures –2.6 –1.5 –1.1 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2006 2007 2007 II 2008 III IV I III r II 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 .............................. 7.1 5.8 6.3 3.8 6.1 5.2 5.6 3.7 3.7 1.4 1.1 2.7 5.4 4.1 4.3 3.4 4.9 5.3 5.6 3.9 3.0 3.5 3.3 4.5 6.6 1.2 0.8 2.8 0.2 2.4 2.4 2.2 5.7 8.3 14.3 10.1 21.7 5.4 5.9 4.1 –9.6 9.6 7.9 12.4 6.9 4.3 5.1 161.0 11.1 12.1 9.7 0.8 –0.3 5.3 –22.7 10.1 10.4 9.8 5.1 2.9 3.8 –27.3 5.1 2.1 9.8 4.1 3.9 –0.8 5.3 –0.4 –5.7 8.1 9.6 7.1 2.0 401.3 –0.3 –5.1 7.0 37.8 1.3 1.3 87.6 0.7 2.9 –2.5 –10.7 1.2 Less: Personal current taxes ................................................................... 12.0 10.3 8.5 3.3 5.1 3.9 –40.8 41.7 Equals: Disposable personal income...................................................... 6.4 5.5 3.0 5.7 4.9 2.9 15.4 –4.2 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 5.9 3.1 6.8 6.0 5.5 2.9 5.5 5.9 5.7 3.3 8.4 4.8 4.6 0.3 4.2 5.6 5.3 –1.2 8.7 4.9 4.5 –4.3 6.3 5.3 5.5 –4.3 10.6 4.9 1.0 –15.3 2.4 3.4 Real disposable personal income ............................................................ 3.5 2.8 –0.7 10.7 –8.8 Based on chained (2000) dollar measures r Revised –0.6 3.1 0.6 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2008 April May June July r August r September r October r November p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,334.6 1,230.8 2,419.0 4,705.7 8,355.1 1,237.1 2,427.3 4,712.8 8,334.4 1,217.0 2,415.9 4,717.9 8,281.4 1,178.5 2,392.0 4,716.6 8,269.3 1,200.4 2,378.5 4,703.9 8,231.0 1,161.4 2,358.3 4,713.4 8,192.4 1,114.6 2,336.6 4,729.1 8,238.0 1,121.7 2,370.9 4,734.5 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8.4 1.3 8.9 –1.6 20.5 6.3 8.3 7.1 –20.7 –20.1 –11.4 5.1 –53.0 –38.5 –23.9 –1.3 –12.1 21.9 –13.5 –12.7 –38.3 –39.0 –20.2 9.5 –38.6 –46.8 –21.7 15.7 45.6 7.1 34.3 5.4 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.1 0.1 0.4 0.0 0.2 0.5 0.3 0.2 –0.2 –1.6 –0.5 0.1 –0.6 –3.2 –1.0 0.0 –0.1 1.9 –0.6 –0.3 –0.5 –3.2 –0.8 0.2 –0.5 –4.0 –0.9 0.3 0.6 0.6 1.5 0.1 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2006 2007 2007 II 2008 III IV I II III r 8,341.3 1,228.3 2,420.7 4,712.1 8,260.6 1,180.1 2,376.3 4,711.3 25.2 –8.7 22.8 7.8 –80.7 –48.2 –44.4 –0.8 1.2 –2.8 3.9 0.7 –3.8 –14.8 –7.1 –0.1 Billions of chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,029.0 1,185.1 2,335.3 4,529.9 8,252.8 1,242.4 2,392.6 4,646.2 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 237.3 50.7 82.6 109.0 223.8 57.3 57.3 116.3 8,237.3 1,242.3 2,391.5 4,632.7 8,278.5 1,249.4 2,398.6 4,659.8 8,298.2 1,250.6 2,400.2 4,676.1 8,316.1 1,237.0 2,397.9 4,704.3 Change from preceding period in billions of chained (2000) dollars 40.1 15.0 11.4 16.6 41.2 7.1 7.1 27.1 19.7 1.2 1.6 16.3 17.9 –13.6 –2.3 28.2 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... r Revised 3.0 4.5 3.7 2.5 2.8 4.8 2.5 2.6 2.0 5.0 1.9 1.4 2.0 2.3 1.2 2.4 1.0 0.4 0.3 1.4 0.9 –4.3 –0.4 2.4 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2008 June July r August r September r October r November p April May Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 120.869 86.382 123.625 127.934 121.419 86.123 124.646 128.451 122.346 86.205 126.793 128.967 123.017 86.264 128.282 129.379 123.002 86.110 127.920 129.574 123.106 85.957 128.186 129.661 122.433 85.737 125.797 129.732 121.075 85.216 121.304 129.734 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 116.532 119.003 113.309 116.742 119.578 113.482 117.072 120.574 113.775 117.286 121.348 114.025 117.493 121.292 114.230 117.664 121.406 114.427 117.654 120.638 114.437 117.646 119.065 114.443 Chain-type price indexes (2000=100), seasonally adjusted Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE............................................................................................................. Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.2 –0.3 0.3 0.3 0.5 –0.3 0.8 0.4 0.8 0.1 1.7 0.4 0.5 0.1 1.2 0.3 0.0 –0.2 –0.3 0.2 0.1 –0.2 0.2 0.1 –0.5 –0.3 –1.9 0.1 –1.1 –0.6 –3.6 0.0 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 0.2 0.3 0.2 0.2 0.5 0.2 0.3 0.8 0.3 0.2 0.6 0.2 0.2 0.0 0.2 0.1 0.1 0.2 0.0 –0.6 0.0 0.0 –1.3 0.0 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 April May July r June August r September r October r November p Disposable personal income.................................................................... 0.7 6.1 3.2 1.2 –0.2 –0.4 0.4 1.6 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 1.3 –0.1 1.5 1.5 1.4 –1.7 1.4 2.0 1.1 –1.6 0.7 1.7 0.2 –4.4 –0.6 1.4 –0.2 –4.4 –0.5 0.7 –0.6 –7.8 –1.7 1.2 –1.0 –11.3 –2.4 1.6 –0.9 –10.4 –1.4 1.1 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 April May June July r August r September r October r November p Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 3.4 –1.2 5.5 3.3 3.5 –1.3 5.6 3.4 4.1 –1.3 7.2 3.5 4.5 –1.1 8.2 3.7 4.4 –0.9 8.0 3.5 4.1 –0.9 7.7 3.2 3.2 –1.2 5.3 3.0 1.4 –1.6 –0.2 2.8 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 2.2 3.3 1.8 2.2 3.5 1.9 2.3 4.1 2.0 2.4 4.6 2.1 2.4 4.6 2.2 2.3 4.3 2.1 2.0 3.3 1.9 1.9 1.3 1.8 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions.