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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, DECEMBER 23, 2009 James Rankin: Brendan Leary: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 09-58 PERSONAL INCOME AND OUTLAYS: NOVEMBER 2009 Personal income increased $49.7 billion, or 0.4 percent, and disposable personal income (DPI) increased $54.1 billion, or 0.5 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $47.9 billion, or 0.5 percent. In October, personal income increased $33.6 billion, or 0.3 percent, DPI increased $50.2 billion, or 0.5 percent, and PCE increased $63.5 billion, or 0.6 percent, based on revised estimates. Real disposable income increased 0.2 percent in November, the same increase as in October. Real PCE increased 0.2 percent in November, compared with an increase of 0.4 percent in October. 2009 July Aug. Sept. Oct. (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 Nov. 0.2 0.3 0.3 0.3 0.4 0.0 0.0 0.3 0.0 0.3 0.2 0.5 0.2 0.5 0.2 0.2 0.2 1.3 1.0 -0.6 -0.7 0.6 0.4 0.5 0.2 ________________________ 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 $16.1 billion in November, compared with an increase of $3.2 billion in October. Goods-producing industries' payrolls increased $0.4 billion, in contrast to a decrease of $2.0 billion; manufacturing payrolls increased $1.6 billion, in contrast to a decrease of $2.4 billion. Services-producing industries' payrolls increased $15.7 billion, compared with an increase of $5.2 billion. Government wage and salary disbursements increased $1.7 billion, compared with an increase of $2.8 billion. -more- -3- Other personal income Supplements to wages and salaries increased $2.1 billion in November, compared with an increase of $1.6 billion in October. Proprietors' income increased $12.3 billion in November, compared with an increase of $14.8 billion in October. Farm proprietors' income increased $7.0 billion, compared with an increase of $6.9 billion. Nonfarm proprietors' income increased $5.3 billion, compared with an increase of $7.9 billion. Rental income of persons increased $1.7 billion in November, compared with an increase of $2.2 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) increased $6.7 billion, compared with an increase of $6.6 billion. Personal current transfer receipts increased $11.3 billion, compared with an increase of $2.8 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $2.3 billion in November, compared with an increase of $0.5 billion in October. Personal current taxes and disposable personal income Personal current taxes decreased $4.5 billion in November, compared with a decrease of $16.7 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $54.1 billion, or 0.5 percent, in November, compared with an increase of $50.2 billion, or 0.5 percent in October. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $45.7 billion in November, compared with an increase of $61.3 billion in October. PCE increased $47.9 billion, compared with an increase of $63.5 billion. Personal saving -- DPI less personal outlays -- was $525.1 billion in November, compared with $516.7 billion in October. Personal saving as a percentage of disposable personal income was 4.7 percent in November, the same as in October. 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 0.2 percent in November, the same increase as in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in November, compared with an increase of 0.4 percent in October. Purchases of durable goods increased 1.2 percent, compared with an increase of 2.5 percent. Purchases of nondurable goods increased 0.6 percent, compared with an increase of less than 0.1 percent. Purchases of services decreased 0.1 percent, in contrast to an increase of 0.2 percent. PCE price index -- The price index for PCE increased 0.2 percent in November, compared with an increase of 0.3 percent in October. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared with an increase of 0.2 percent. Revisions Estimates have been revised for July through October. Changes in personal income, currentdollar and chained (2005) dollar DPI, and current-dollar and chained (2005) 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) October Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars 20.7 32.0 0.2 0.3 30.1 33.6 0.2 0.3 Disposable personal income: Current Dollars Chained (2005) dollars 21.3 8.2 33.1 20.5 0.2 0.1 0.3 0.2 45.7 15.2 50.2 20.4 0.4 0.2 0.5 0.2 Personal consumption expenditures: Current dollars -60.3 Chained (2005) dollars -65.3 -64.6 -67.9 -0.6 -0.7 -0.6 -0.7 68.3 37.8 63.5 34.5 0.7 0.4 0.6 0.4 -more- -5- 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 1, 2010 at 8:30 A.M. EST for Personal Income and Outlays for December. Release Dates for 2010 December 2009…February 1 January 2010 ….. March 1 February 2010… March 29 March 2010…… May 3 April 2010…May 28 May 2010… June 28 June 2010… August 3 July 2010…. August 30 -more- August 2010…… October 1 September 2010.. November 1 October 2010…. November 24 November 2010.. December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2009 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........................................................ r August r September r October r November p April May June July 11,969.8 7,804.2 6,303.6 5,123.0 1,077.4 668.0 4,045.5 989.7 3,055.8 1,180.6 1,500.6 1,040.6 460.0 12,146.9 7,820.1 6,317.0 5,132.0 1,066.2 660.5 4,065.8 991.0 3,074.8 1,185.0 1,503.1 1,042.0 461.1 12,029.7 7,823.6 6,318.9 5,131.4 1,059.7 657.4 4,071.8 987.1 3,084.6 1,187.4 1,504.7 1,043.4 461.3 12,050.6 7,829.0 6,322.6 5,138.1 1,060.5 662.5 4,077.6 985.7 3,091.8 1,184.6 1,506.4 1,045.0 461.4 12,084.5 7,845.7 6,337.2 5,151.3 1,055.6 660.0 4,095.7 991.1 3,104.6 1,185.8 1,508.6 1,046.2 462.4 12,116.5 7,849.7 6,339.9 5,155.7 1,050.4 660.3 4,105.3 991.1 3,114.2 1,184.1 1,509.8 1,047.2 462.7 12,150.1 7,857.2 6,345.8 5,158.9 1,048.4 657.9 4,110.5 991.7 3,118.9 1,186.9 1,511.4 1,048.7 462.7 12,199.8 7,877.2 6,363.6 5,175.0 1,048.8 659.5 4,126.2 996.7 3,129.6 1,188.6 1,513.5 1,049.7 463.8 1,026.0 27.1 998.9 255.4 1,785.2 1,233.5 551.8 2,068.3 2,035.7 1,148.4 113.9 773.4 32.6 969.3 1,094.4 10,875.4 10,340.3 9,968.1 3,166.8 1,000.6 2,166.2 6,801.3 218.2 154.1 91.0 63.1 535.0 4.9 1,026.8 29.1 997.7 261.9 1,773.4 1,241.1 532.3 2,236.1 2,203.4 1,145.7 121.6 936.1 32.7 971.4 1,083.0 11,063.9 10,350.4 9,979.3 3,179.4 1,011.5 2,167.9 6,799.9 216.7 154.5 91.4 63.1 713.5 6.4 1,031.2 30.6 1,000.6 268.7 1,761.5 1,248.7 512.8 2,116.6 2,083.9 1,159.1 132.0 792.8 32.7 971.9 1,070.5 10,959.3 10,420.6 10,050.6 3,235.1 1,022.5 2,212.6 6,815.6 215.2 154.8 91.7 63.1 538.6 4.9 1,035.0 28.2 1,006.8 273.3 1,762.3 1,241.8 520.5 2,123.4 2,090.6 1,158.4 131.5 800.7 32.8 972.5 1,086.4 10,964.2 10,437.7 10,068.4 3,245.0 1,038.7 2,206.2 6,823.4 215.3 154.0 92.1 61.9 526.5 4.8 1,038.4 25.8 1,012.6 277.9 1,763.1 1,234.9 528.2 2,133.7 2,100.9 1,162.8 137.4 800.7 32.8 974.4 1,086.5 10,998.0 10,567.3 10,197.4 3,353.6 1,102.7 2,250.8 6,843.8 215.5 154.4 92.5 61.9 430.7 3.9 1,040.2 23.5 1,016.7 282.6 1,763.9 1,228.0 535.9 2,155.3 2,122.4 1,176.3 138.1 808.0 32.8 975.0 1,085.5 11,031.1 10,503.3 10,132.8 3,278.4 1,012.4 2,266.0 6,854.5 215.6 154.8 92.9 61.9 527.8 4.8 1,055.0 30.4 1,024.6 284.8 1,770.5 1,229.9 540.7 2,158.1 2,125.2 1,175.7 135.2 814.3 32.9 975.5 1,068.8 11,081.3 10,564.6 10,196.3 3,312.1 1,038.7 2,273.4 6,884.2 213.1 155.2 93.3 61.9 516.7 4.7 1,067.3 37.4 1,029.9 286.5 1,777.2 1,231.8 545.4 2,169.4 2,136.5 1,181.6 133.7 821.2 32.9 977.8 1,064.3 11,135.4 10,610.3 10,244.2 3,357.4 1,050.6 2,306.8 6,886.8 210.5 155.7 93.7 61.9 525.1 4.7 9,119.4 9,122.0 9,075.4 9,087.6 9,079.3 9,080.1 9,085.3 9,097.5 10,016.5 10,183.3 10,033.1 10,036.9 10,034.8 10,055.3 10,075.7 10,099.8 35,465 32,664 306,648 36,055 33,185 306,865 35,686 32,670 307,103 35,673 32,656 307,351 35,753 32,622 307,613 35,829 32,660 307,882 35,962 32,699 308,134 36,111 32,752 308,368 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 2007 2008 2008 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, 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........................................................ III 2009 IV I II III r 11,894.1 7,862.7 6,408.9 5,319.8 1,212.9 753.5 4,106.9 1,044.7 3,062.2 1,089.1 1,453.8 993.0 460.8 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 12,292.9 8,032.8 6,539.2 5,402.8 1,210.6 745.3 4,192.2 1,050.7 3,141.5 1,136.4 1,493.5 1,021.7 471.8 12,286.6 8,069.1 6,567.7 5,419.2 1,206.2 740.3 4,213.0 1,047.8 3,165.2 1,148.5 1,501.4 1,026.7 474.7 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 12,083.9 7,841.5 6,333.2 5,148.4 1,055.5 661.0 4,092.9 989.3 3,103.5 1,184.8 1,508.3 1,046.1 462.2 1,096.4 39.4 1,056.9 144.9 2,031.5 1,266.4 765.1 1,718.0 1,687.8 1,003.7 32.3 651.7 30.2 959.3 1,490.9 10,403.1 10,224.3 9,826.4 3,365.0 1,160.5 2,204.5 6,461.4 256.8 141.0 82.3 58.7 178.9 1.7 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 1,111.9 49.4 1,062.5 202.8 1,997.3 1,306.6 690.7 1,937.0 1,904.4 1,064.5 38.7 801.3 32.6 988.9 1,326.2 10,966.7 10,592.2 10,194.7 3,474.9 1,126.5 2,348.4 6,719.8 243.9 153.6 87.4 66.2 374.4 3.4 1,114.4 49.3 1,065.1 222.2 2,001.4 1,327.8 673.7 1,874.3 1,841.7 1,080.5 57.7 703.5 32.6 994.9 1,437.3 10,849.3 10,613.6 10,220.1 3,463.0 1,088.5 2,374.5 6,757.1 238.3 155.2 88.5 66.7 235.7 2.2 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 32.8 974.0 1,086.1 10,997.8 10,502.8 10,132.9 3,292.3 1,051.3 2,241.0 6,840.6 215.5 154.4 92.5 61.9 495.0 4.5 9,645.4 9,504.6 9,498.8 9,442.0 9,494.4 9,188.7 9,105.5 9,082.3 9,860.6 9,911.3 10,059.0 9,838.3 9,920.4 9,926.4 10,077.5 10,042.3 34,478 32,679 301,737 35,486 32,546 304,529 36,059 33,075 304,128 35,586 32,270 304,872 35,335 32,460 305,620 35,153 32,413 306,245 35,735 32,840 306,872 35,752 32,646 307,615 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 April 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............ May June July r August r September r October r November p 87.1 48.2 43.3 37.5 –13.3 –4.1 50.7 –3.0 53.7 5.8 4.9 1.7 3.2 177.1 15.9 13.4 9.0 –11.2 –7.5 20.3 1.3 19.0 4.4 2.5 1.4 1.1 –117.2 3.5 1.9 –0.6 –6.5 –3.1 6.0 –3.9 9.8 2.4 1.6 1.4 0.2 20.9 5.4 3.7 6.7 0.8 5.1 5.8 –1.4 7.2 –2.8 1.7 1.6 0.1 33.9 16.7 14.6 13.2 –4.9 –2.5 18.1 5.4 12.8 1.2 2.2 1.2 1.0 32.0 4.0 2.7 4.4 –5.2 0.3 9.6 0.0 9.6 –1.7 1.2 1.0 0.3 33.6 7.5 5.9 3.2 –2.0 –2.4 5.2 0.6 4.7 2.8 1.6 1.5 0.0 49.7 20.0 17.8 16.1 0.4 1.6 15.7 5.0 10.7 1.7 2.1 1.0 1.1 –1.1 2.1 –3.2 5.7 –11.9 7.7 –19.4 52.1 52.1 12.4 5.6 34.1 0.0 6.0 –62.0 149.1 –12.8 –10.8 –23.5 –13.7 –9.8 12.7 –1.5 –0.5 0.3 –0.7 161.8 0.8 2.0 –1.2 6.5 –11.8 7.6 –19.5 167.8 167.7 –2.7 7.7 162.7 0.1 2.1 –11.4 188.5 10.1 11.2 12.6 10.9 1.7 –1.4 –1.5 0.4 0.4 0.0 178.5 4.4 1.5 2.9 6.8 –11.9 7.6 –19.5 –119.5 –119.5 13.4 10.4 –143.3 0.0 0.5 –12.5 –104.6 70.2 71.3 55.7 11.0 44.7 15.7 –1.5 0.3 0.3 0.0 –174.9 3.8 –2.4 6.2 4.6 0.8 –6.9 7.7 6.8 6.7 –0.7 –0.5 7.9 0.1 0.6 15.9 4.9 17.1 17.8 9.9 16.2 –6.4 7.8 0.1 –0.8 0.4 –1.2 –12.1 3.4 –2.4 5.8 4.6 0.8 –6.9 7.7 10.3 10.3 4.4 5.9 0.0 0.0 1.9 0.1 33.8 129.6 129.0 108.6 64.0 44.6 20.4 0.2 0.4 0.4 0.0 –95.8 1.8 –2.3 4.1 4.7 0.8 –6.9 7.7 21.6 21.5 13.5 0.7 7.3 0.0 0.6 –1.0 33.1 –64.0 –64.6 –75.2 –90.3 15.2 10.7 0.1 0.4 0.4 0.0 97.1 14.8 6.9 7.9 2.2 6.6 1.9 4.8 2.8 2.8 –0.6 –2.9 6.3 0.1 0.5 –16.7 50.2 61.3 63.5 33.7 26.3 7.4 29.7 –2.5 0.4 0.4 0.0 –11.1 12.3 7.0 5.3 1.7 6.7 1.9 4.7 11.3 11.3 5.9 –1.5 6.9 0.0 2.3 –4.5 54.1 45.7 47.9 45.3 11.9 33.4 2.6 –2.6 0.5 0.4 0.0 8.4 24.9 129.5 2.6 166.8 –46.6 –150.2 12.2 3.8 –8.3 –2.1 0.8 20.5 5.2 20.4 12.2 24.1 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 2007 2008 2008 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, 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............ III 2009 IV I III r II 626.0 387.0 340.0 286.1 36.9 14.8 249.1 48.7 200.4 53.9 46.9 32.9 14.1 344.7 179.7 137.0 84.8 –6.4 –11.5 91.2 3.6 87.6 52.2 42.8 30.9 11.9 150.7 15.3 6.2 –4.9 –6.5 –4.8 1.6 –4.6 6.2 11.1 9.0 7.7 1.3 –6.3 36.3 28.5 16.4 –4.4 –5.0 20.8 –2.9 23.7 12.1 7.9 5.0 2.9 –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 35.1 25.6 20.1 19.6 –12.3 –1.0 31.9 0.0 31.8 0.4 5.5 4.1 1.4 –36.6 10.1 –46.7 –1.6 201.8 138.9 62.9 113.0 104.2 60.4 2.4 41.3 8.8 37.5 138.5 487.4 543.6 503.7 143.3 27.5 115.8 360.5 26.7 13.0 5.9 7.1 –56.1 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 –3.3 –7.8 4.6 22.9 –23.5 2.0 –25.5 142.9 142.9 15.4 3.0 124.6 0.0 3.6 –205.6 356.3 108.1 99.6 27.7 –19.3 47.0 71.9 4.1 4.4 1.3 3.1 248.1 2.5 –0.1 2.6 19.4 4.1 21.2 –17.0 –62.7 –62.7 16.0 19.0 –97.8 0.0 6.0 111.1 –117.4 21.4 25.4 –11.9 –38.0 26.1 37.3 –5.6 1.6 1.1 0.5 –138.7 –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 3.1 3.5 31.6 132.3 133.6 98.5 39.8 58.8 35.0 –1.2 –0.1 1.1 –1.2 –100.7 240.6 209.9 –140.8 50.7 –85.1 232.2 –56.8 –220.7 52.4 82.1 –305.7 6.0 –83.2 151.1 –23.2 –35.2 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 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ 0.7 0.6 0.7 0.3 1.5 0.2 0.2 0.2 –1.0 0.0 0.0 0.1 0.2 0.1 0.1 0.1 0.3 0.2 0.2 0.1 0.3 0.1 0.0 0.1 0.3 0.1 0.1 0.1 0.4 0.3 0.3 0.1 –0.1 2.3 –0.7 0.6 –3.4 2.6 0.6 –5.4 1.4 0.1 2.6 –0.7 0.6 –3.5 8.1 0.2 –1.0 1.7 0.4 2.6 –0.7 0.6 –3.7 –5.3 0.0 –1.2 –0.9 0.4 1.7 0.0 –0.6 1.5 0.3 0.1 1.5 0.0 0.3 1.7 0.0 –0.6 1.5 0.5 0.2 0.0 0.3 0.2 1.7 0.0 –0.6 1.5 1.0 0.1 –0.1 0.3 1.4 0.8 0.4 0.2 0.9 0.1 0.0 –1.5 0.5 1.2 0.6 0.4 0.2 0.9 0.5 0.2 –0.4 0.5 –0.1 –0.7 –1.4 –0.4 0.2 0.1 0.4 1.1 0.1 0.0 0.7 1.8 1.1 2.1 0.2 0.2 0.3 1.6 –0.3 0.1 1.3 3.3 6.2 2.0 0.3 –0.6 –2.2 –8.2 0.7 0.2 0.6 1.0 2.6 0.3 0.4 0.5 1.4 1.1 1.5 0.0 0.0 0.2 0.1 0.2 0.1 0.2 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ 0.3 1.3 0.0 1.7 –0.5 –1.5 0.1 0.0 –0.1 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 2007 2008 2008 II III 2009 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ 5.6 5.2 5.6 3.3 2.9 2.3 2.1 2.9 5.1 0.8 0.4 2.4 –0.2 1.8 1.8 2.1 –1.7 –0.9 –1.5 1.4 –8.9 –11.6 –13.6 –2.3 3.3 0.5 0.3 1.3 1.2 1.3 1.3 1.5 –3.2 –1.1 11.0 12.3 9.0 7.0 4.1 10.2 4.9 0.9 45.2 –1.8 3.3 –10.3 9.2 3.3 –3.9 3.9 –1.2 61.7 –4.6 0.6 –13.5 35.9 1.4 –43.8 14.1 0.9 44.0 0.8 6.6 –9.5 –12.3 2.4 38.0 –4.2 –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 1.3 1.3 1.2 5.4 4.4 2.4 5.5 5.9 3.1 1.1 –5.6 4.7 4.1 4.0 3.3 –6.6 8.4 4.4 1.0 –1.4 –12.8 4.5 2.2 –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 –3.2 0.2 –0.9 6.2 –0.3 –1.4 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ r Revised 2.6 2.2 –1.5 0.5 –0.9 9.8 –0.6 –8.5 0.6 3.4 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2009 April May July r June August r September r October r November p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,180.8 3,095.0 1,059.2 2,026.9 6,080.3 9,185.1 3,106.1 1,072.5 2,025.8 6,074.3 9,201.3 3,114.9 1,083.5 2,024.5 6,081.9 9,216.8 3,130.4 1,106.4 2,019.6 6,082.8 9,304.4 3,213.3 1,180.6 2,035.0 6,091.3 9,236.5 3,135.2 1,081.2 2,045.3 6,097.7 9,271.0 3,160.4 1,108.2 2,046.3 6,107.9 9,291.4 3,185.4 1,121.6 2,058.6 6,104.4 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –17.3 –24.2 –16.0 –9.0 5.4 4.3 11.1 13.3 –1.1 –6.0 16.2 8.8 11.0 –1.3 7.6 15.5 15.5 22.9 –4.9 0.9 87.6 82.9 74.2 15.4 8.5 –67.9 –78.1 –99.4 10.3 6.4 34.5 25.2 27.0 1.0 10.2 20.4 25.0 13.4 12.3 –3.5 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –0.2 –0.8 –1.5 –0.4 0.1 0.0 0.4 1.2 –0.1 –0.1 0.2 0.3 1.0 –0.1 0.1 0.2 0.5 2.1 –0.2 0.0 1.0 2.7 6.7 0.8 0.1 –0.7 –2.4 –8.4 0.5 0.1 0.4 0.8 2.5 0.0 0.2 0.2 0.8 1.2 0.6 –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 2007 2008 2008 II III 2009 IV I II III r 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 9,252.6 3,159.6 1,122.7 2,033.3 6,090.6 –20.2 –24.4 –15.5 –9.8 2.8 63.6 54.2 51.0 7.6 11.8 –0.9 –3.1 –5.6 –1.9 0.2 2.8 7.2 20.4 1.5 0.8 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,313.9 3,273.7 1,199.9 2,074.8 6,040.8 9,290.9 3,206.0 1,146.3 2,057.3 6,083.1 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 240.4 99.8 49.5 51.2 141.1 –23.0 –67.7 –53.6 –17.5 42.3 9,351.0 3,257.8 1,175.7 2,081.4 6,092.5 9,267.7 3,193.6 1,139.6 2,051.5 6,072.4 9,195.3 3,110.4 1,076.8 2,026.1 6,080.4 Change from preceding period in billions of chained (2005) dollars 1.4 –4.3 –17.5 11.3 5.4 –83.3 –64.2 –36.1 –29.9 –20.1 –72.4 –83.2 –62.8 –25.4 8.0 13.9 19.4 10.4 9.4 –4.4 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... r Revised 2.6 3.1 4.3 2.5 2.4 –0.2 –2.1 –4.5 –0.8 0.7 0.1 –0.5 –5.7 2.2 0.4 –3.5 –7.7 –11.7 –5.6 –1.3 –3.1 –10.0 –20.3 –4.9 0.5 0.6 2.5 3.9 1.9 –0.3 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2009 April May June July r August r September r October r November 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 ..................................... 108.571 102.335 94.488 106.882 111.857 108.644 102.379 94.344 107.024 111.944 109.228 103.877 94.389 109.302 112.061 109.236 103.680 93.903 109.255 112.174 109.594 104.383 93.429 110.618 112.353 109.701 104.584 93.647 110.807 112.410 109.977 104.817 93.744 111.113 112.709 110.251 105.416 93.685 112.071 112.815 99.934 108.586 108.602 108.628 100.171 108.694 108.648 108.712 108.596 108.855 109.293 108.871 108.131 108.933 109.281 108.938 113.576 109.019 109.710 109.060 114.413 109.129 109.826 109.182 116.271 109.326 109.981 109.223 121.342 109.333 110.278 109.212 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 ..................................... 0.1 0.0 0.1 0.0 0.1 0.1 0.0 –0.2 0.1 0.1 0.5 1.5 0.0 2.1 0.1 0.0 –0.2 –0.5 0.0 0.1 0.3 0.7 –0.5 1.2 0.2 0.1 0.2 0.2 0.2 0.1 0.3 0.2 0.1 0.3 0.3 0.2 0.6 –0.1 0.9 0.1 –2.3 0.3 0.1 0.3 0.2 0.1 0.0 0.1 8.4 0.1 0.6 0.1 –0.4 0.1 0.0 0.1 5.0 0.1 0.4 0.1 0.7 0.1 0.1 0.1 1.6 0.2 0.1 0.0 4.4 0.0 0.3 0.0 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. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 April Disposable personal income.................................................................... Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... 2.1 –1.9 –5.2 –10.2 –2.7 –0.3 May –1.3 –1.8 –4.8 –9.1 –2.7 –0.2 June July –0.2 –1.5 –4.1 –7.2 –2.7 –0.1 r August r 1.4 –0.7 –2.2 –2.8 –1.9 0.0 2.3 0.3 –0.2 2.0 –1.3 0.5 September r 2.5 0.0 –0.8 –3.7 0.6 0.4 October r 2.4 0.7 1.1 2.5 0.5 0.4 November p 1.5 0.8 1.7 3.6 0.9 0.3 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 April 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 ..................................... May June July r August r September r October r November p 0.1 –3.5 –1.6 –4.3 1.8 –0.3 –3.7 –1.5 –4.7 1.5 –0.4 –3.5 –1.4 –4.5 1.2 –0.9 –4.5 –1.9 –5.6 0.9 –0.6 –3.6 –2.2 –4.3 1.0 –0.6 –3.6 –1.8 –4.4 0.9 0.1 –1.9 –1.5 –2.0 1.1 1.5 2.2 –1.1 3.7 1.2 –26.1 1.7 0.2 2.2 –27.7 1.6 –0.1 2.1 –26.2 1.5 –0.2 2.0 –29.0 1.3 –0.8 1.8 –23.8 1.3 –0.5 1.7 –22.6 1.2 –0.5 1.6 –14.4 1.4 0.1 1.5 8.8 1.4 1.6 1.5 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