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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, DECEMBER 23, 2010 BEA 10-63 James Rankin: (202) 606-5301 (Personal Income) Michael Armah: (202) 606-5302 (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: NOVEMBER 2010 Personal income increased $42.3 billion, or 0.3 percent, and disposable personal income (DPI) increased $37.8 billion, or 0.3 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $43.3 billion, or 0.4 percent. In October, personal income increased $49.5 billion, or 0.4 percent, DPI increased $39.3 billion, or 0.3 percent, and PCE increased $68.9 billion, or 0.7 percent, based on revised estimates. Real disposable income increased 0.2 percent in November, the same increase as in October. Real PCE increased 0.3 percent in November, compared with an increase of 0.5 percent in October. 2010 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. 0.1 0.5 0.0 0.4 0.3 0.0 -0.2 0.4 0.3 -0.1 -0.2 0.3 0.2 0.3 0.2 0.3 0.1 0.5 0.3 0.3 0.2 0.7 0.5 0.4 0.3 ________________________ NOTE. -- Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Monthto-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (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 $6.6 billion in November, compared with an increase of $31.2 billion in October. Goods-producing industries' payrolls decreased $3.0 billion, in contrast to an increase of $3.8 billion; manufacturing payrolls decreased $1.9 billion, in contrast to an increase of $2.6 billion. Services-producing industries' payrolls increased $9.6 billion, compared with an increase of $27.4 billion. Government wage and salary disbursements increased $0.8 billion, compared with an increase of $3.2 billion. -more- -3- Other personal income Supplements to wages and salaries increased $2.7 billion in November, compared with an increase of $5.0 billion in October. Proprietors' income increased $7.2 billion in November, compared with an increase of $8.2 billion in October. Farm proprietors' income increased $4.0 billion, compared with an increase of $4.1 billion. Nonfarm proprietors' income increased $3.1 billion, compared with an increase of $4.2 billion. Rental income of persons increased $2.1 billion in November, compared with an increase of $2.0 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) increased $16.8 billion, compared with an increase of $6.5 billion. Personal current transfer receipts increased $6.9 billion, in contrast to a decrease of $1.9 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $0.7 billion in November, compared with an increase of $4.6 billion in October. Personal current taxes and disposable personal income Personal current taxes increased $4.5 billion in November, compared with an increase of $10.3 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $37.8 billion, or 0.3 percent, in November, compared with an increase of $39.3 billion, or 0.3 percent in October. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $45.9 billion in November, compared with an increase of $71.3 billion in October. PCE increased $43.3 billion, compared with an increase of $68.9 billion. Personal saving -- DPI less personal outlays -- was $614.8 billion in November, compared with $622.8 billion in October. Personal saving as a percentage of disposable personal income was 5.3 percent in November, compared with 5.4 percent 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 0.3 percent in November, compared with an increase of 0.5 percent in October. Purchases of durable goods increased 0.2 percent, compared with an increase of 3.7 percent. Purchases of motor vehicles and parts turned down in November, after accounting for most of the increase in October. Purchases of nondurable goods increased 0.5 percent in November, compared with an increase of 0.3 percent in October. Purchases of services increased 0.3 percent, compared with an increase of 0.1 percent. PCE price index -- The price index for PCE increased 0.1 percent in November, compared with an increase of 0.2 percent in October. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of less than 0.1 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) Personal Income: Current dollars October Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) -2.8 -4.5 0.0 0.0 57.6 49.5 0.5 0.4 -8.6 -17.7 -10.4 -15.8 -0.1 -0.2 -0.1 -0.2 48.3 26.5 39.3 18.1 0.4 0.3 0.3 0.2 Personal consumption expenditures: Current dollars 26.9 Chained (2005) dollars 15.1 30.4 21.5 0.3 0.2 0.3 0.2 44.0 24.2 68.9 46.2 0.4 0.3 0.7 0.5 Disposable personal income: Current dollars Chained (2005) dollars -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 – January 31, 2011, at 8:30 A.M. EST for Personal Income and Outlays for December. Release dates in 2011 December 2010.. January 31 January 2011….. February 28 February 2011… March 28 March 2011…… April 29 April 2011…May 27 May 2011… June 27 June 2011… August 2 July 2011…. August 29 -more- August 2011…… September 30 September 2011.. October 28 October 2011….. November 23 November 2011.. December 23 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2010 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 12,478.5 7,939.1 6,362.4 5,172.2 1,045.7 664.6 4,126.5 1,002.7 3,123.7 1,190.1 1,576.7 12,532.8 7,985.8 6,403.7 5,207.8 1,062.9 679.6 4,144.9 1,007.2 3,137.7 1,195.9 1,582.1 12,540.0 7,984.8 6,400.4 5,207.0 1,054.2 673.1 4,152.9 1,006.2 3,146.6 1,193.4 1,584.4 12,556.0 8,013.5 6,425.2 5,233.3 1,061.3 678.7 4,172.0 1,012.1 3,159.9 1,191.9 1,588.3 12,613.4 8,038.7 6,446.0 5,262.0 1,068.7 681.7 4,193.3 1,014.0 3,179.3 1,184.0 1,592.7 12,608.9 8,046.9 6,451.3 5,271.3 1,067.0 680.7 4,204.3 1,017.4 3,186.9 1,179.9 1,595.7 12,658.4 8,086.3 6,485.6 5,302.5 1,070.8 683.3 4,231.7 1,024.0 3,207.7 1,183.1 1,600.7 12,700.7 8,096.4 6,493.0 5,309.1 1,067.8 681.4 4,241.3 1,025.2 3,216.1 1,183.9 1,603.4 1,100.7 476.0 1,103.1 479.0 1,105.5 479.0 1,107.8 480.6 1,110.2 482.5 1,112.8 482.8 1,115.6 485.1 1,118.1 485.3 1,049.2 37.6 1,011.6 298.1 1,911.1 1,205.0 706.0 2,279.0 2,242.3 1,207.9 137.2 897.2 36.7 998.0 1,143.5 11,335.0 10,652.6 10,275.2 3,396.4 1,078.1 2,318.3 6,878.8 205.6 171.7 99.5 72.2 682.4 6.0 1,051.7 38.9 1,012.7 298.8 1,915.0 1,205.3 709.7 2,285.4 2,248.4 1,207.9 137.1 903.4 37.0 1,003.9 1,151.8 11,381.0 10,670.4 10,292.1 3,374.8 1,074.6 2,300.1 6,917.3 206.0 172.3 100.1 72.2 710.6 6.2 1,048.3 40.3 1,008.0 299.6 1,917.3 1,205.6 711.8 2,293.8 2,256.5 1,208.6 136.1 911.9 37.2 1,003.9 1,152.0 11,388.0 10,668.1 10,288.8 3,361.2 1,069.5 2,291.7 6,927.6 206.5 172.8 100.6 72.2 719.8 6.3 1,050.5 44.4 1,006.1 301.2 1,902.8 1,190.1 712.7 2,295.2 2,257.8 1,219.5 123.2 915.1 37.4 1,007.2 1,170.1 11,385.9 10,696.2 10,322.1 3,384.0 1,081.2 2,302.7 6,938.1 201.8 172.3 101.2 71.1 689.7 6.1 1,061.3 48.5 1,012.8 303.6 1,888.0 1,174.7 713.3 2,332.5 2,295.2 1,221.5 150.5 923.3 37.3 1,010.7 1,178.5 11,434.9 10,743.2 10,373.2 3,421.8 1,081.8 2,340.0 6,951.4 197.1 172.9 101.8 71.1 691.6 6.0 1,066.7 52.6 1,014.1 306.7 1,878.5 1,159.3 719.2 2,321.5 2,284.5 1,229.5 133.3 921.6 37.0 1,011.5 1,184.4 11,424.5 10,769.6 10,403.6 3,453.0 1,100.5 2,352.5 6,950.6 192.5 173.5 102.4 71.1 654.9 5.7 1,074.9 56.7 1,018.3 308.7 1,885.0 1,171.8 713.2 2,319.6 2,280.3 1,229.8 128.7 921.8 39.3 1,016.1 1,194.7 11,463.8 10,840.9 10,472.5 3,512.1 1,137.6 2,374.5 6,960.4 194.4 174.1 103.0 71.1 622.8 5.4 1,082.1 60.7 1,021.4 310.8 1,901.8 1,184.4 717.4 2,326.5 2,287.9 1,228.9 131.2 927.8 38.6 1,016.8 1,199.2 11,501.6 10,886.8 10,515.8 3,528.7 1,136.5 2,392.2 6,987.1 196.3 174.7 103.6 71.1 614.8 5.3 9,188.9 9,240.2 9,250.8 9,247.4 9,250.8 9,250.8 9,281.6 9,305.1 10,211.9 10,262.4 10,281.6 10,261.3 10,289.2 10,273.4 10,291.5 10,316.2 36,622 32,994 309,509 36,746 33,135 309,718 36,742 33,172 309,946 36,707 33,081 310,185 36,835 33,144 310,439 36,771 33,066 310,691 36,870 33,099 310,927 36,964 33,154 311,157 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2009 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 2010 IV I II III r 12,391.1 8,065.8 6,559.0 5,415.1 1,207.6 741.2 4,207.4 1,050.9 3,156.6 1,144.0 1,506.8 12,174.9 7,806.7 6,274.1 5,100.5 1,064.0 661.5 4,036.6 990.5 3,046.1 1,173.6 1,532.6 12,203.4 7,819.0 6,287.7 5,111.4 1,063.0 659.1 4,048.5 989.9 3,058.5 1,176.2 1,531.4 12,164.0 7,798.7 6,263.9 5,088.3 1,046.7 649.8 4,041.6 986.9 3,054.7 1,175.6 1,534.8 12,239.0 7,831.4 6,284.9 5,110.0 1,046.1 658.3 4,064.0 988.2 3,075.7 1,174.9 1,546.5 12,350.3 7,858.1 6,291.4 5,105.9 1,032.2 652.6 4,073.7 988.0 3,085.8 1,185.5 1,566.7 12,517.1 7,969.9 6,388.8 5,195.7 1,054.3 672.4 4,141.4 1,005.4 3,136.0 1,193.1 1,581.1 12,592.8 8,033.0 6,440.8 5,255.5 1,065.7 680.4 4,189.9 1,014.5 3,175.4 1,185.3 1,592.2 1,036.6 470.1 1,072.0 460.6 1,069.9 461.5 1,074.0 460.8 1,084.0 462.5 1,095.8 470.9 1,103.1 478.0 1,110.3 482.0 1,102.0 50.8 1,051.2 222.0 2,109.3 1,314.7 794.6 1,879.2 1,842.6 1,068.3 50.7 723.6 36.7 987.2 1,438.2 10,952.9 10,505.0 10,104.5 3,379.5 1,083.5 2,296.0 6,725.0 246.2 154.3 89.7 64.6 447.9 4.1 1,011.9 30.5 981.5 274.0 1,919.7 1,222.3 697.4 2,132.8 2,096.8 1,164.5 128.6 803.7 36.0 970.3 1,140.0 11,034.9 10,379.6 10,001.3 3,230.7 1,026.5 2,204.2 6,770.6 216.8 161.4 95.0 66.5 655.3 5.9 1,000.5 28.0 972.5 269.4 1,925.9 1,229.5 696.4 2,160.2 2,124.1 1,158.2 127.7 838.1 36.1 971.6 1,112.5 11,090.9 10,297.4 9,920.1 3,175.4 1,004.7 2,170.7 6,744.7 218.4 158.9 94.3 64.6 793.5 7.2 1,006.4 28.0 978.4 279.1 1,891.1 1,213.3 677.8 2,159.3 2,123.4 1,172.6 145.0 805.9 35.8 970.6 1,117.0 11,047.0 10,423.6 10,040.7 3,276.1 1,045.2 2,231.0 6,764.6 220.9 161.9 95.6 66.3 623.4 5.6 1,022.1 36.2 985.9 282.8 1,889.2 1,205.8 683.4 2,188.2 2,152.5 1,188.8 143.4 820.2 35.8 974.8 1,117.2 11,121.7 10,505.7 10,131.5 3,312.9 1,043.9 2,269.0 6,818.6 207.8 166.4 97.0 69.5 616.0 5.5 1,030.7 36.8 994.0 292.7 1,911.1 1,208.7 702.4 2,245.5 2,208.9 1,191.3 146.1 871.5 36.6 987.8 1,134.7 11,215.6 10,603.9 10,230.8 3,380.0 1,060.7 2,319.3 6,850.9 203.8 169.2 98.5 70.7 611.8 5.5 1,049.7 38.9 1,010.8 298.8 1,914.4 1,205.3 709.2 2,286.1 2,249.1 1,208.1 136.8 904.2 37.0 1,001.9 1,149.1 11,368.0 10,663.7 10,285.4 3,377.5 1,074.1 2,303.4 6,907.9 206.0 172.3 100.1 72.2 704.3 6.2 1,059.5 48.5 1,011.0 303.8 1,889.7 1,174.7 715.0 2,316.4 2,279.2 1,223.5 135.7 920.0 37.2 1,009.8 1,177.7 11,415.1 10,736.3 10,366.3 3,419.6 1,087.8 2,331.8 6,946.7 197.1 172.9 101.8 71.1 678.7 5.9 9,638.5 9,191.1 9,230.2 9,128.7 9,109.7 9,111.7 9,226.6 9,249.6 10,042.9 10,099.8 10,193.0 10,079.7 10,080.4 10,113.3 10,251.9 10,274.6 35,931 32,946 304,831 35,888 32,847 307,483 36,115 33,191 307,101 35,888 32,746 307,815 36,049 32,673 308,521 36,282 32,717 309,120 36,704 33,100 309,724 36,771 33,097 310,438 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 2010 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 89.1 70.8 64.3 61.7 15.4 13.3 46.3 13.1 33.1 2.5 6.5 54.3 46.7 41.3 35.6 17.2 15.0 18.4 4.5 14.0 5.8 5.4 7.2 –1.0 –3.3 –0.8 –8.7 –6.5 8.0 –1.0 8.9 –2.5 2.3 16.0 28.7 24.8 26.3 7.1 5.6 19.1 5.9 13.3 –1.5 3.9 57.4 25.2 20.8 28.7 7.4 3.0 21.3 1.9 19.4 –7.9 4.4 –4.5 8.2 5.3 9.3 –1.7 –1.0 11.0 3.4 7.6 –4.1 3.0 49.5 39.4 34.3 31.2 3.8 2.6 27.4 6.6 20.8 3.2 5.0 42.3 10.1 7.4 6.6 –3.0 –1.9 9.6 1.2 8.4 0.8 2.7 2.2 4.3 2.4 3.0 2.4 0.0 2.3 1.6 2.4 1.9 2.6 0.3 2.8 2.3 2.5 0.2 12.0 1.4 10.6 0.1 7.3 0.3 7.0 7.6 7.6 12.0 –19.6 15.1 0.0 8.7 6.1 82.9 –2.0 –4.5 –21.5 –10.9 –10.6 17.0 0.4 2.0 0.5 1.5 85.0 2.5 1.3 1.1 0.7 3.9 0.3 3.7 6.4 6.1 0.0 –0.1 6.2 0.3 5.9 8.3 46.0 17.8 16.9 –21.6 –3.5 –18.2 38.5 0.4 0.6 0.6 0.0 28.2 –3.4 1.4 –4.7 0.8 2.3 0.3 2.1 8.4 8.1 0.7 –1.0 8.5 0.2 0.0 0.2 7.0 –2.3 –3.3 –13.6 –5.1 –8.4 10.3 0.5 0.5 0.5 0.0 9.2 2.2 4.1 –1.9 1.6 –14.5 –15.5 0.9 1.4 1.3 10.9 –12.9 3.2 0.2 3.3 18.1 –2.1 28.1 33.3 22.8 11.7 11.0 10.5 –4.7 –0.5 0.6 –1.1 –30.1 10.8 4.1 6.7 2.4 –14.8 –15.4 0.6 37.3 37.4 2.0 27.3 8.2 –0.1 3.5 8.4 49.0 47.0 51.1 37.8 0.6 37.3 13.3 –4.7 0.6 0.6 0.0 1.9 5.4 4.1 1.3 3.1 –9.5 –15.4 5.9 –11.0 –10.7 8.0 –17.2 –1.7 –0.3 0.8 5.9 –10.4 26.4 30.4 31.2 18.7 12.5 –0.8 –4.6 0.6 0.6 0.0 –36.7 8.2 4.1 4.2 2.0 6.5 12.5 –6.0 –1.9 –4.2 0.3 –4.6 0.2 2.3 4.6 10.3 39.3 71.3 68.9 59.1 37.1 22.0 9.8 1.9 0.6 0.6 0.0 –32.1 7.2 4.0 3.1 2.1 16.8 12.6 4.2 6.9 7.6 –0.9 2.5 6.0 –0.7 0.7 4.5 37.8 45.9 43.3 16.6 –1.1 17.7 26.7 1.9 0.6 0.6 0.0 –8.0 76.0 77.6 51.3 50.5 10.6 19.2 –3.4 –20.3 3.4 27.9 0.0 –15.8 30.8 18.1 23.5 24.7 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2009 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 2010 IV I III r II 478.8 203.6 137.3 82.4 –5.8 –11.0 88.1 5.7 82.5 55.0 66.4 –216.2 –259.1 –284.9 –314.6 –143.6 –79.7 –170.8 –60.4 –110.5 29.6 25.8 110.2 41.3 27.7 18.9 –37.2 –19.5 56.2 –7.1 63.2 8.6 13.7 –39.4 –20.3 –23.8 –23.1 –16.3 –9.3 –6.9 –3.0 –3.8 –0.6 3.4 75.0 32.7 21.0 21.7 –0.6 8.5 22.4 1.3 21.0 –0.7 11.7 111.3 26.7 6.5 –4.1 –13.9 –5.7 9.7 –0.2 10.1 10.6 20.2 166.8 111.8 97.4 89.8 22.1 19.8 67.7 17.4 50.2 7.6 14.4 75.7 63.1 52.0 59.8 11.4 8.0 48.5 9.1 39.4 –7.8 11.1 56.1 10.2 35.4 –9.5 9.7 4.1 4.1 –0.7 10.0 1.7 11.8 8.4 7.3 7.1 7.2 4.0 11.6 13.0 –1.4 78.3 52.3 49.6 2.7 160.7 154.7 65.1 18.4 71.2 6.2 27.7 –50.5 529.3 296.1 298.2 21.8 –75.9 97.8 276.4 –14.7 12.6 7.3 5.3 233.2 –90.1 –20.3 –69.7 52.0 –189.6 –92.4 –97.2 253.6 254.2 96.2 77.9 80.1 –0.7 –16.9 –298.2 82.0 –125.4 –103.2 –148.8 –57.0 –91.8 45.6 –29.4 7.1 5.3 1.9 207.4 –18.2 –1.6 –16.5 4.7 –46.8 –11.0 –35.8 136.5 136.9 19.6 29.5 87.7 –0.4 7.4 –100.9 211.1 5.8 7.1 17.0 –7.5 24.5 –9.9 –1.7 0.4 1.2 –0.8 205.3 5.9 0.0 5.9 9.7 –34.8 –16.2 –18.6 –0.9 –0.7 14.4 17.3 –32.2 –0.3 –1.0 4.5 –43.9 126.2 120.6 100.7 40.5 60.3 19.9 2.5 3.0 1.3 1.7 –170.1 15.7 8.2 7.5 3.7 –1.9 –7.5 5.6 28.9 29.1 16.2 –1.6 14.3 0.0 4.2 0.2 74.7 82.1 90.8 36.8 –1.3 38.0 54.0 –13.1 4.5 1.4 3.2 –7.4 8.6 0.6 8.1 9.9 21.9 2.9 19.0 57.3 56.4 2.5 2.7 51.3 0.8 13.0 17.5 93.9 98.2 99.3 67.1 16.8 50.3 32.3 –4.0 2.8 1.5 1.2 –4.2 19.0 2.1 16.8 6.1 3.3 –3.4 6.8 40.6 40.2 16.8 –9.3 32.7 0.4 14.1 14.4 152.4 59.8 54.6 –2.5 13.4 –15.9 57.0 2.2 3.1 1.6 1.5 92.5 9.8 9.6 0.2 5.0 –24.7 –30.6 5.8 30.3 30.1 15.4 –1.1 15.8 0.2 7.9 28.6 47.1 72.6 80.9 42.1 13.7 28.4 38.8 –8.9 0.6 1.7 –1.1 –25.6 –18.0 168.7 –447.4 56.9 –68.5 146.1 –101.5 –113.3 –19.0 0.7 2.0 32.9 114.9 138.6 23.0 22.7 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 2010 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 0.9 1.0 0.4 0.4 0.6 0.6 0.3 0.1 0.0 –0.1 0.1 0.1 0.4 0.4 0.2 0.5 0.3 0.3 0.3 0.0 0.1 0.1 0.2 0.4 0.5 0.5 0.3 0.3 0.1 0.1 0.2 1.2 0.0 0.4 0.0 1.0 0.3 0.9 0.5 0.7 0.2 0.3 0.2 0.0 0.5 0.3 0.6 0.7 0.4 –0.3 0.3 0.1 0.0 0.3 0.4 0.0 0.0 0.1 0.2 0.5 –0.8 –1.3 0.1 0.1 0.3 1.6 0.0 1.0 0.8 –0.8 –1.3 0.1 1.6 0.3 0.7 0.4 0.5 1.0 –0.5 –1.3 0.8 –0.5 0.1 0.5 –0.1 0.8 0.6 0.3 1.1 –0.8 –0.1 0.5 0.9 0.3 0.7 0.7 0.9 1.1 0.6 0.3 0.1 0.4 0.3 0.0 –0.6 –1.0 –0.5 0.2 0.2 –0.6 –0.3 –0.8 0.6 0.0 –0.4 –0.5 –0.4 0.1 0.3 0.7 1.1 0.5 0.2 0.5 1.1 0.1 1.6 0.2 0.3 0.9 1.7 0.5 0.0 0.7 1.7 3.4 0.9 0.1 0.4 0.5 –0.1 0.7 0.4 0.0 –0.2 0.3 0.2 0.3 0.2 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts .......... Real disposable personal income ............................................... 0.8 0.8 0.6 0.5 0.1 0.2 0.0 –0.2 0.0 0.3 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 2009 II III 2010 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.................................................................................. 4.0 2.6 2.1 4.6 –1.7 –3.2 –4.3 1.7 3.7 2.1 1.8 3.7 –1.3 –1.0 –1.5 0.9 2.5 1.7 1.3 3.1 3.7 1.4 0.4 5.3 5.5 5.8 6.3 3.7 2.4 3.2 3.3 2.8 1.1 54.5 2.5 3.9 0.3 9.4 2.9 –3.4 5.1 –8.2 23.4 –9.0 –7.0 –12.2 13.5 –1.7 –20.7 0.7 –6.9 7.3 –9.2 –3.5 –18.2 29.8 3.1 –29.4 8.0 2.4 15.3 –7.0 –5.2 –10.2 –0.2 –0.4 1.6 –1.6 6.4 5.4 –0.4 –2.5 3.3 5.5 1.7 0.1 2.7 3.4 14.7 4.7 1.0 11.6 10.9 5.4 6.4 3.4 7.6 8.7 0.7 –1.1 3.9 7.4 5.9 5.2 5.5 3.8 6.9 –5.1 –9.8 3.4 5.4 3.2 10.3 1.7 3.0 0.7 –6.6 4.4 4.3 –1.0 –4.4 –5.3 –4.0 0.7 0.3 2.2 –3.0 4.7 –0.6 5.0 13.3 17.1 11.6 1.2 3.7 4.6 –0.5 7.0 3.2 4.0 8.3 6.6 9.2 1.9 2.1 –0.3 5.1 –2.7 3.4 3.2 5.1 5.2 5.0 2.3 0.0 1.3 1.3 5.6 0.2 0.9 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. r Revised –0.2 1.7 –4.6 0.6 –0.7 5.9 –1.1 –4.4 –0.2 0.0 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2010 April May June July r 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 ..................................................................................... 9,257.2 3,223.7 1,159.1 2,063.4 6,034.4 9,280.5 3,221.8 1,158.2 2,062.3 6,058.9 9,289.3 3,222.3 1,156.2 2,064.4 6,066.9 9,302.6 3,231.9 1,172.0 2,060.4 6,071.0 9,333.9 3,254.3 1,172.2 2,081.2 6,080.9 9,355.4 3,279.4 1,193.6 2,087.1 6,078.7 9,401.6 3,324.6 1,237.2 2,093.7 6,081.9 9,432.0 3,338.3 1,239.1 2,104.9 6,098.9 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –1.4 –9.6 –10.1 –0.6 7.7 23.3 –1.9 –0.9 –1.1 24.5 8.8 0.5 –2.0 2.1 8.0 13.3 9.6 15.8 –4.0 4.1 31.3 22.4 0.2 20.8 9.9 21.5 25.1 21.4 5.9 –2.2 46.2 45.2 43.6 6.6 3.2 30.4 13.7 1.9 11.2 17.0 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.0 –0.3 –0.9 0.0 0.1 0.3 –0.1 –0.1 –0.1 0.4 0.1 0.0 –0.2 0.1 0.1 0.1 0.3 1.4 –0.2 0.1 0.3 0.7 0.0 1.0 0.2 0.2 0.8 1.8 0.3 0.0 0.5 1.4 3.7 0.3 0.1 0.3 0.4 0.2 0.5 0.3 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2008 2009 2009 II III 2010 IV I II III r 9,225.4 3,195.4 1,138.9 2,053.5 6,029.6 9,275.7 3,222.6 1,157.8 2,063.4 6,053.4 9,330.6 3,255.2 1,179.3 2,076.2 6,076.9 50.3 27.2 18.9 9.9 23.8 54.9 32.6 21.5 12.8 23.5 2.2 3.4 6.8 1.9 1.6 2.4 4.1 7.6 2.5 1.6 Billions of chained (2005) dollars Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... 9,265.0 3,180.3 1,136.4 2,041.2 6,082.3 9,153.9 3,117.4 1,094.6 2,017.4 6,032.7 Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... –24.5 –81.3 –62.2 –23.1 54.0 –111.1 –62.9 –41.8 –23.8 –49.6 9,117.0 3,084.0 1,068.2 2,008.3 6,027.7 9,161.6 3,138.2 1,118.3 2,016.9 6,020.7 9,182.9 3,151.8 1,115.1 2,032.3 6,028.7 Change from preceding period in billions of chained (2005) dollars –37.1 –11.7 –8.4 –3.7 –25.9 44.6 54.2 50.1 8.6 –7.0 21.3 13.6 –3.2 15.4 8.0 42.5 43.6 23.8 21.2 0.9 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ......................................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... r Revised –0.3 –2.5 –5.2 –1.1 0.9 –1.2 –2.0 –3.7 –1.2 –0.8 –1.6 –1.5 –3.1 –0.7 –1.7 2.0 7.2 20.1 1.7 –0.5 0.9 1.7 –1.1 3.1 0.5 1.9 5.7 8.8 4.2 0.1 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2010 April May June r July 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: PCE excluding food and energy.................................................. Food 1 ......................................................................................... Energy goods and services 2 ...................................................... Market-based PCE 3 ................................................................... Market-based PCE excluding food and energy 3 ........................ 111.000 105.364 93.001 112.360 113.994 110.902 104.755 92.775 111.537 114.169 110.762 104.318 92.488 111.016 114.186 110.962 104.713 92.243 111.771 114.282 111.137 105.155 92.273 112.446 114.316 111.207 105.305 92.188 112.728 114.343 111.394 105.650 91.936 113.420 114.443 111.493 105.715 91.708 113.657 114.561 110.071 113.989 121.491 110.881 109.776 110.188 113.987 117.572 110.752 109.892 110.255 113.771 114.081 110.655 110.042 110.299 113.836 117.102 110.923 110.141 110.328 113.919 119.873 111.182 110.243 110.327 114.212 120.838 111.276 110.259 110.333 114.292 124.274 111.395 110.157 110.424 114.411 124.497 111.505 110.258 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)............................... Goods ......................................................................................... Durable goods ......................................................................... Nondurable goods ................................................................... Services ...................................................................................... Addenda: PCE excluding food and energy.................................................. Food 1 ......................................................................................... Energy goods and services 2 ...................................................... Market-based PCE 3 ................................................................... Market-based PCE excluding food and energy 3 ........................ 0.0 –0.3 –0.1 –0.4 0.1 –0.1 –0.6 –0.2 –0.7 0.2 –0.1 –0.4 –0.3 –0.5 0.0 0.2 0.4 –0.3 0.7 0.1 0.2 0.4 0.0 0.6 0.0 0.1 0.1 –0.1 0.3 0.0 0.2 0.3 –0.3 0.6 0.1 0.1 0.1 –0.2 0.2 0.1 0.0 0.2 –1.4 0.0 0.1 0.1 0.0 –3.2 –0.1 0.1 0.1 –0.2 –3.0 –0.1 0.1 0.0 0.1 2.6 0.2 0.1 0.0 0.1 2.4 0.2 0.1 0.0 0.3 0.8 0.1 0.0 0.0 0.1 2.8 0.1 –0.1 0.1 0.1 0.2 0.1 0.1 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2010 April Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... May 0.8 1.6 5.0 9.8 2.9 –0.1 July r June –0.4 1.8 4.3 8.1 2.5 0.6 1.4 1.9 4.2 7.3 2.9 0.7 August r 1.7 1.9 3.9 6.5 2.7 0.9 2.1 1.3 1.9 –0.4 3.1 1.0 September r 2.1 2.3 5.4 10.7 3.0 0.9 October r 2.4 2.5 6.0 12.4 3.1 0.8 November p 2.4 2.8 5.6 10.7 3.3 1.4 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2010 April Personal consumption expenditures (PCE).............................. Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... Addenda: PCE excluding food and energy................................................. Food 1 ........................................................................................ Energy goods and services 2 ..................................................... Market-based PCE 3 .................................................................. Market-based PCE excluding food and energy 3 ....................... May July r June August r September r October r November p 2.3 2.9 –1.1 4.8 2.0 2.1 2.2 –1.3 3.8 2.0 1.4 0.3 –1.7 1.2 1.9 1.5 0.8 –1.4 1.8 1.9 1.4 0.6 –1.0 1.4 1.7 1.3 0.5 –1.4 1.4 1.7 1.2 0.7 –1.9 2.0 1.4 1.0 0.5 –2.1 1.8 1.3 1.5 0.1 19.7 2.0 1.1 1.5 0.4 15.3 1.8 1.1 1.4 0.2 3.4 1.1 1.1 1.3 0.7 5.6 1.3 1.1 1.2 0.7 4.0 1.2 1.1 1.1 1.3 4.2 1.2 1.0 0.8 1.3 6.4 1.1 0.7 0.8 1.3 4.2 1.0 0.8 p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
@FedFRASER