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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, NOVEMBER 25, 2009 James Rankin: Brendan Leary: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 09-51 PERSONAL INCOME AND OUTLAYS: OCTOBER 2009 Personal income increased $30.1 billion, or 0.2 percent, and disposable personal income (DPI) increased $45.7 billion, or 0.4 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $68.3 billion, or 0.7 percent. In September, personal income increased $20.7 billion, or 0.2 percent, DPI increased $21.3 billion, or 0.2 percent, and PCE decreased $60.3 billion, or 0.6 percent, based on revised estimates. Real disposable income increased 0.2 percent in October, compared with an increase of 0.1 percent in September. Real PCE increased 0.4 percent, in contrast to a decrease of 0.7 percent. 2009 June July Aug. Sept. (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 Oct. -1.0 0.3 0.3 0.2 0.2 -0.9 -1.5 0.1 0.1 0.3 -0.1 0.2 0.1 0.4 0.2 0.7 0.2 0.2 0.2 1.3 1.0 -0.6 -0.7 0.7 0.4 ________________________ 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 $2.1 billion in October, in contrast to a decrease of $6.2 billion in September. Goods-producing industries' payrolls decreased $3.3 billion, compared with a decrease of $6.8 billion; manufacturing payrolls decreased $3.6 billion, compared with a decrease of $0.3 billion. Services-producing industries' payrolls increased $5.4 billion, compared with an increase of $0.6 billion. Government wage and salary disbursements increased $0.6 billion, in contrast to a decrease of $1.7 billion. -more- -3- Other personal income Supplements to wages and salaries increased $1.3 billion in October, compared with an increase of $0.4 billion in September. Proprietors' income increased $10.0 billion in October, compared with an increase of $2.5 billion in September. Farm proprietors' income increased $4.6 billion, in contrast to a decrease of $1.4 billion. Nonfarm proprietors' income increased $5.4 billion, compared with an increase of $3.9 billion. Rental income of persons increased $4.3 billion in October, compared with an increase of $5.2 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $4.8 billion, in contrast to a decrease of $2.0 billion. Personal current transfer receipts increased $7.2 billion, compared with an increase of $21.6 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $0.2 billion in October, in contrast to a decrease of $0.9 billion in September. Personal current taxes and disposable personal income Personal current taxes decreased $15.6 billion in October, compared with a decrease of $0.7 billion in September. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $45.7 billion, or 0.4 percent, in October, compared with an increase of $21.3 billion, or 0.2 percent in September. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $65.8 billion in October, in contrast to a decrease of $60.6 billion in September. PCE increased $68.3 billion, in contrast to a decrease of $60.3 billion. Personal saving -- DPI less personal outlays -- was $490.3 billion in October, compared with $510.4 billion in September. Personal saving as a percentage of disposable personal income was 4.4 percent in October, compared with 4.6 percent in September. 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. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in October, compared with an increase of 0.1 percent in September. Real PCE -- PCE adjusted to remove price changes -- increased 0.4 percent in October, in contrast to a decrease of 0.7 percent in September. Purchases of durable goods increased 2.0 percent, in contrast to a decrease of 8.7 percent. Purchases of motor vehicles and parts accounted for the increase in October and accounted for most of the decrease in September. The September decrease reflected the impact of the CARS program (popularly called “cash for clunkers”), which had boosted motor vehicle sales in July and in August. For further information on how the CARS program is reflected in the GDP statistics, please see the FAQ at BEA’s Web site, www.bea.gov, “How will the federal Consumer Assistance to Recycle and Save Act of 2009 (i.e., the CARS program) be reflected in the National Income and Product Accounts (NIPAs)?” Purchases of nondurable goods increased 0.2 percent in October, compared with an increase of 0.6 percent in September. Purchases of services increased 0.3 percent, compared with an increase of 0.2 percent. PCE price index -- The price index for PCE increased 0.3 percent in October, compared with an increase of 0.1 percent in September. The PCE price index, excluding food and energy, increased 0.2 percent, compared with an increase of 0.1 percent. -more- -5- Revisions Estimates of personal income have been revised for April through September; estimates of PCE have been revised for July through September. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for August and September -- revised and as published in last month's release -- are shown below. For April through June, the revisions to wages and salaries reflected the incorporation of newly available BLS tabulations for second-quarter private wages and salaries from the quarterly census of employment and wages. Wages and salaries were revised up for all three months. Revisions to personal current taxes reflected the revision to wages and salaries and the incorporation of revised annual targets based on collections data from Monthly Treasury Statements. Beginning in July, revisions to personal current transfer receipts reflect updated estimates of the impact of the American Recovery and Reinvestment Act of 2009 (ARRA). Change from preceding month August Previous Revised (Billions of dollars) Personal Income: Current dollars September Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) 17.4 31.0 0.1 0.3 -0.1 20.7 0.0 0.2 14.1 -21.2 28.7 -8.9 0.1 -0.2 0.3 -0.1 -0.2 -11.9 21.3 8.2 0.0 -0.1 0.2 0.1 Personal consumption expenditures: Current dollars 139.8 Chained (2005) dollars 96.0 131.4 87.7 1.4 1.0 1.3 1.0 -47.2 -54.1 -60.3 -65.3 -0.5 -0.6 -0.6 -0.7 Disposable personal income: Current Dollars Chained (2005) dollars BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release --December 23, 2009 at 8:30 A.M. EST for Personal Income and Outlays for November. -more- 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 r r July r August r September r October p March April 11,882.7 7,756.0 6,260.3 5,085.5 1,090.7 672.1 3,994.8 992.7 3,002.1 1,174.8 1,495.7 1,038.9 456.8 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 12,061.1 7,829.1 6,322.7 5,138.1 1,060.5 662.5 4,077.6 985.7 3,091.9 1,184.6 1,506.4 1,045.0 461.4 12,092.1 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 12,112.8 7,838.3 6,329.2 5,145.1 1,048.8 659.7 4,096.3 989.3 3,107.0 1,184.1 1,509.0 1,047.2 461.8 12,142.9 7,842.3 6,331.9 5,147.2 1,045.5 656.1 4,101.7 990.9 3,110.7 1,184.7 1,510.3 1,048.6 461.7 1,027.1 25.0 1,002.1 249.7 1,797.1 1,225.8 571.2 2,016.2 1,983.6 1,136.0 108.3 739.3 32.6 963.3 1,156.4 10,726.3 10,353.1 9,978.9 3,190.3 1,014.3 2,176.0 6,788.6 219.7 154.6 90.7 63.8 373.2 3.5 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 1,035.2 29.1 1,006.1 273.9 1,759.5 1,242.2 517.3 2,135.9 2,103.2 1,158.4 131.1 813.7 32.8 972.5 1,087.7 10,973.4 10,442.4 10,072.6 3,245.5 1,038.8 2,206.7 6,827.0 214.5 155.4 92.1 63.3 531.0 4.8 1,039.4 27.8 1,011.6 279.0 1,757.5 1,235.7 521.8 2,144.8 2,112.0 1,162.8 136.9 812.3 32.8 974.4 1,090.1 11,002.1 10,573.6 10,204.0 3,355.2 1,103.6 2,251.6 6,848.8 213.8 155.7 92.5 63.3 428.5 3.9 1,041.9 26.4 1,015.5 284.2 1,755.5 1,229.1 526.3 2,166.4 2,133.6 1,176.3 137.6 819.7 32.8 973.5 1,089.4 11,023.4 10,513.0 10,143.7 3,277.4 1,009.5 2,268.0 6,866.3 213.1 156.2 92.9 63.3 510.4 4.6 1,051.9 31.0 1,020.9 288.5 1,760.3 1,234.8 525.5 2,173.6 2,140.7 1,175.8 137.8 827.1 32.9 973.7 1,073.8 11,069.1 10,578.8 10,212.0 3,308.5 1,030.6 2,277.9 6,903.5 210.3 156.5 93.3 63.3 490.3 4.4 9,094.5 9,119.4 9,122.0 9,075.4 9,084.4 9,072.9 9,061.9 9,059.0 9,887.0 10,016.5 10,183.3 10,033.1 10,043.8 10,034.9 10,043.1 10,058.3 35,003 32,264 306,443 35,465 32,664 306,648 36,055 33,185 306,865 35,686 32,670 307,103 35,703 32,679 307,351 35,766 32,622 307,613 35,804 32,620 307,882 35,923 32,643 308,135 May June p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. 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 r 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 12,088.7 7,837.7 6,329.7 5,144.8 1,055.0 660.8 4,089.9 988.7 3,101.2 1,184.8 1,508.0 1,046.1 461.9 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 1,038.8 27.8 1,011.0 279.0 1,757.5 1,235.7 521.8 2,149.1 2,116.3 1,165.8 135.2 815.2 32.8 973.4 1,089.1 10,999.6 10,509.7 10,140.1 3,292.7 1,050.6 2,242.1 6,847.4 213.8 155.7 92.5 63.3 489.9 4.5 9,645.4 9,504.6 9,498.8 9,442.0 9,494.4 9,188.7 9,105.5 9,073.0 9,860.6 9,911.3 10,059.0 9,838.3 9,920.4 9,926.4 10,077.5 10,040.6 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 35,758 32,640 307,615 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. 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 March 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............ April r May r June r July r August r September r October p –54.4 –42.4 –40.7 –43.9 –14.8 –8.3 –29.1 –10.1 –19.0 3.3 –1.7 1.1 –2.8 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 31.4 5.5 3.8 6.7 0.8 5.1 5.8 –1.4 7.3 –2.8 1.7 1.6 0.1 31.0 16.6 14.5 13.2 –4.9 –2.5 18.1 5.4 12.7 1.2 2.2 1.2 1.0 20.7 –7.4 –8.0 –6.2 –6.8 –0.3 0.6 –1.8 2.4 –1.7 0.4 1.0 –0.6 30.1 4.0 2.7 2.1 –3.3 –3.6 5.4 1.6 3.7 0.6 1.3 1.4 –0.1 –9.1 –1.1 –8.0 3.8 –48.4 –17.6 –30.9 36.5 36.4 6.9 15.9 13.6 0.1 –5.3 –33.1 –21.4 –32.9 –32.4 –29.4 –15.9 –13.5 –3.0 –0.7 0.4 0.3 0.0 11.5 –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 4.0 –1.5 5.5 5.2 –2.0 –6.5 4.5 19.3 19.3 –0.7 –0.9 20.9 0.1 0.6 17.2 14.1 21.8 22.0 10.4 16.3 –5.9 11.4 –0.7 0.6 0.4 0.2 –7.6 4.2 –1.3 5.5 5.1 –2.0 –6.5 4.5 8.9 8.8 4.4 5.8 –1.4 0.0 1.9 2.4 28.7 131.2 131.4 109.7 64.8 44.9 21.8 –0.7 0.3 0.4 0.0 –102.5 2.5 –1.4 3.9 5.2 –2.0 –6.6 4.5 21.6 21.6 13.5 0.7 7.4 0.0 –0.9 –0.7 21.3 –60.6 –60.3 –77.8 –94.1 16.4 17.5 –0.7 0.5 0.4 0.0 81.9 10.0 4.6 5.4 4.3 4.8 5.7 –0.8 7.2 7.1 –0.5 0.2 7.4 0.1 0.2 –15.6 45.7 65.8 68.3 31.1 21.1 9.9 37.2 –2.8 0.3 0.4 0.0 –20.1 –74.8 –10.0 24.9 129.5 2.6 166.8 –46.6 –150.2 9.0 10.7 –11.5 –8.9 –11.0 8.2 –2.9 15.2 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. 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 II r III r 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 39.9 21.8 16.6 16.0 –12.8 –1.2 28.9 –0.6 29.5 0.4 5.2 4.1 1.1 –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 10.8 –1.1 11.9 17.0 –15.9 –5.4 –10.5 8.8 8.6 14.7 12.7 –18.9 0.1 2.5 6.5 33.4 139.2 140.8 98.9 39.1 59.9 41.8 –2.9 1.2 1.1 0.2 –105.8 240.6 209.9 –140.8 50.7 –85.1 232.2 –56.8 –220.7 52.4 82.1 –305.7 6.0 –83.2 151.1 –32.5 –36.9 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. 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 r March May r June r July r August r September r October 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................................................................................................ –0.5 –0.5 –0.6 –0.1 0.7 0.6 0.7 0.3 1.5 0.2 0.2 0.2 –1.0 0.0 0.0 0.1 0.3 0.1 0.1 0.1 0.3 0.2 0.2 0.1 0.2 –0.1 –0.1 0.0 0.2 0.1 0.0 0.1 –0.9 1.5 –2.6 –1.4 –5.1 1.8 –0.6 –2.8 –0.2 –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 1.9 –0.1 –0.5 0.9 0.9 0.1 1.6 0.1 0.4 1.9 –0.1 –0.5 0.9 0.4 0.2 0.2 0.3 0.2 1.9 –0.1 –0.5 0.9 1.0 –0.1 –0.1 0.2 1.0 1.5 0.3 0.5 –0.2 0.3 0.0 –1.4 0.4 –0.3 –0.9 –1.5 –0.6 0.0 –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 0.2 1.3 3.4 6.2 2.0 0.3 –0.6 –2.3 –8.5 0.7 0.3 0.7 0.9 2.1 0.4 0.5 –0.1 –0.1 –0.1 0.1 0.0 0.2 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ –0.8 –0.1 0.3 1.3 0.0 1.7 –0.5 –1.5 0.1 0.1 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. 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 II r I III r 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 1.3 1.1 1.1 1.4 –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 4.3 28.7 –3.5 –1.7 –7.6 1.6 1.1 2.4 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 5.8 13.0 16.4 11.4 2.5 –3.2 0.2 –0.9 6.2 –0.4 –1.5 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ 2.6 2.2 –1.5 0.5 –0.9 9.8 –0.6 –8.5 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. 0.6 3.4 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2009 March April May July r June August r September r October p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,198.1 3,119.2 1,075.2 2,035.9 6,074.9 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 9,219.3 3,130.8 1,106.5 2,019.9 6,084.8 9,307.0 3,214.7 1,181.5 2,035.5 6,092.6 9,241.7 3,134.0 1,078.1 2,046.8 6,103.8 9,279.5 3,156.6 1,099.6 2,050.0 6,119.7 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... –20.8 –22.1 –16.6 –6.6 0.0 –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 18.0 15.9 23.0 –4.6 2.9 87.7 83.9 75.0 15.6 7.8 –65.3 –80.7 –103.4 11.3 11.2 37.8 22.6 21.5 3.2 15.9 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 –0.7 –1.5 –0.3 0.0 –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 6.8 0.8 0.1 –0.7 –2.5 –8.7 0.6 0.2 0.4 0.7 2.0 0.2 0.3 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 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 9,256.0 3,159.8 1,122.0 2,034.1 6,093.7 –20.2 –24.4 –15.5 –9.8 2.8 67.0 54.4 50.3 8.4 14.9 –0.9 –3.1 –5.6 –1.9 0.2 2.9 7.2 20.1 1.7 1.0 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 March April May July r June August r September r October 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 ..................................... 108.485 102.292 94.365 106.883 111.747 108.571 102.335 94.488 106.882 111.857 108.644 102.379 94.344 107.024 111.944 109.228 103.877 94.389 109.302 112.061 109.252 103.684 93.904 109.260 112.196 109.634 104.391 93.430 110.628 112.410 109.757 104.594 93.650 110.821 112.490 110.046 104.831 93.748 111.132 112.807 102.315 108.307 108.541 108.346 99.934 108.586 108.602 108.628 100.171 108.694 108.648 108.712 108.596 108.855 109.293 108.871 108.153 108.950 109.282 108.937 113.631 109.062 109.712 109.059 114.492 109.190 109.823 109.173 116.353 109.400 110.030 109.275 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 –0.2 0.0 –0.3 0.0 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 1.3 0.2 0.1 0.2 0.2 0.2 0.1 0.3 0.2 0.1 0.3 0.3 –3.2 0.1 –0.1 0.2 –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 5.1 0.1 0.4 0.1 0.8 0.1 0.1 0.1 1.6 0.2 0.2 0.1 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 March Disposable personal income.................................................................... Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... 0.8 –1.7 –4.6 –9.1 –2.4 –0.2 r April 2.1 –1.9 –5.2 –10.2 –2.7 –0.3 r May –1.3 –1.8 –4.8 –9.1 –2.7 –0.2 r June July r –0.2 –1.5 –4.1 –7.2 –2.7 –0.1 1.5 –0.7 –2.2 –2.8 –1.9 0.1 August r 2.4 0.3 –0.2 2.1 –1.3 0.5 September r 2.3 0.0 –0.8 –4.0 0.6 0.5 October p 2.2 0.8 1.0 1.7 0.6 0.6 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2009. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 March 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 ..................................... April May June July r August r September r October p 0.2 –3.5 –1.8 –4.2 2.0 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 1.0 –0.6 –3.6 –2.2 –4.3 1.0 –0.6 –3.6 –1.8 –4.4 1.0 0.2 –1.9 –1.5 –2.0 1.2 –24.8 1.7 0.4 2.1 –26.1 1.7 0.2 2.2 –27.7 1.6 –0.1 2.1 –26.2 1.5 –0.2 2.0 –28.9 1.4 –0.8 1.8 –23.8 1.3 –0.5 1.7 –22.6 1.3 –0.5 1.6 –14.4 1.4 0.1 1.6 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.