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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, NOVEMBER 24, 2010 BEA 10-55 James Rankin: (202) 606-5301 Kyle Brown: (202) 606-5302 (Personal Income) (Personal Consumption Expenditures) piniwd@bea.gov pce@bea.gov PERSONAL INCOME AND OUTLAYS: OCTOBER 2010 Personal income increased $57.6 billion, or 0.5 percent, and disposable personal income (DPI) increased $48.3 billion, or 0.4 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $44.0 billion, or 0.4 percent. In September, personal income decreased $2.8 billion, or less than 0.1 percent, DPI decreased $8.6 billion, or 0.1 percent, and PCE increased $26.9 billion, or 0.3 percent, based on revised estimates. Real disposable income increased 0.3 percent in October, in contrast to a decrease of 0.2 percent in September. Real PCE increased 0.3 percent, compared with an increase of 0.2 percent. 2010 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. 0.1 0.2 0.5 0.0 0.5 0.1 0.2 0.0 -0.2 0.5 0.3 -0.1 -0.2 0.4 0.3 0.0 0.1 0.5 0.3 0.5 0.3 0.3 0.2 0.4 0.3 This news release also presents revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for April through June 2010 (second quarter). These estimates reflect newly available second-quarter wage and salary tabulations from the quarterly census of employment and wages from the Bureau of Labor Statistics. ________________________ 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 $33.2 billion in October, compared with an increase of $8.0 billion in September. Goods-producing industries' payrolls increased $5.5 billion, in contrast to a decrease of $0.1 billion; manufacturing payrolls increased $3.4 billion, in contrast to a decrease of $0.1 billion. Services-producing industries' payrolls increased $27.6 billion, compared with an increase of $8.2 billion. Government wage and salary disbursements increased $2.5 billion, in contrast to a decrease of $4.6 billion. -more- -3- Other personal income Supplements to wages and salaries increased $5.1 billion in October, compared with an increase of $2.8 billion in September. Proprietors' income increased $9.9 billion in October, compared with an increase of $4.9 billion in September. Farm proprietors' income increased $5.3 billion, compared with an increase of $3.6 billion. Nonfarm proprietors' income increased $4.5 billion, compared with an increase of $1.3 billion. Rental income of persons increased $1.6 billion in October, compared with an increase of $3.5 billion in September. Personal income receipts on assets (personal interest income plus personal dividend income) increased $6.9 billion, in contrast to a decrease of $4.9 billion. Personal current transfer receipts increased $3.3 billion, in contrast to a decrease of $12.1 billion. Contributions for government social insurance -- a subtraction in calculating personal income -increased $4.7 billion in October, compared with an increase of $0.6 billion in September. Personal current taxes and disposable personal income Personal current taxes increased $9.4 billion in October, compared with an increase of $5.7 billion in September. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $48.3 billion, or 0.4 percent, in October, in contrast to a decrease of $8.6 billion, or 0.1 percent in September. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -increased $43.0 billion in October, compared with an increase of $23.5 billion in September. PCE increased $44.0 billion, compared with an increase of $26.9 billion. Personal saving -- DPI less personal outlays -- was $651.1 billion in October, compared with $645.8 billion in September. Personal saving as a percentage of disposable personal income was 5.7 percent in October, compared with 5.6 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. -more- -4- Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.3 percent in October, in contrast to a decrease of 0.2 percent in September. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in October, compared with an increase of 0.2 percent in September. Purchases of durable goods increased 2.2 percent, compared with an increase of 1.7 percent. Purchases of motor vehicles and parts accounted for most of the increases in October and in September. Purchases of nondurable goods increased 0.2 percent in October, in contrast to a decrease of 0.2 percent in September. Purchases of services decreased less than 0.1 percent in October, in contrast to an increase of 0.1 percent in September. PCE price index -- The price index for PCE increased 0.2 percent in October, compared with an increase of 0.1 percent in September. The PCE price index, excluding food and energy, increased less than 0.1 percent in both October and September. Revisions Estimates of personal income have been revised for April through September; estimates for 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. Estimates of wages and salaries were revised April through September. The revisions to secondquarter wages and salaries reflect the incorporation of BLS tabulations of second-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for July, August, and September reflect extrapolations from the revised second-quarter level of wages. In addition, revisions for August and September reflect revised BLS employment, hours, and earnings data. Change from preceding month August Previous Revised (Billions of dollars) September Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars 54.4 62.3 0.4 0.5 -16.8 -2.8 -0.1 0.0 Disposable personal income: Current dollars Chained (2005) dollars 47.9 23.5 53.8 28.6 0.4 0.2 0.5 0.3 -20.3 -26.7 -8.6 -17.7 -0.2 -0.3 -0.1 -0.2 Personal consumption expenditures: Current dollars 52.5 Chained (2005) dollars 29.3 54.5 31.0 0.5 0.3 0.5 0.3 17.3 7.9 26.9 15.1 0.2 0.1 0.3 0.2 -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 – December 23, 2010, at 8:30 A.M. EST for Personal Income and Outlays for November. 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 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 ...................................................................... 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................................................... April r May r June r July r August r September r October p 12,389.4 7,868.3 6,298.1 5,110.5 1,030.3 651.3 4,080.2 989.6 3,090.6 1,187.6 1,570.2 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 12,559.8 8,013.4 6,425.1 5,233.2 1,061.3 678.7 4,172.0 1,012.1 3,159.9 1,191.9 1,588.3 12,622.1 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 12,619.3 8,045.0 6,449.5 5,270.0 1,068.6 681.6 4,201.5 1,017.2 3,184.3 1,179.4 1,595.5 12,676.9 8,085.7 6,485.1 5,303.2 1,074.1 685.0 4,229.1 1,023.5 3,205.6 1,181.9 1,600.6 1,098.5 471.7 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 1,112.8 482.7 1,115.6 485.0 1,037.2 36.2 1,001.0 298.0 1,903.8 1,204.7 699.0 2,271.4 2,234.7 1,195.9 156.8 882.1 36.7 989.3 1,137.4 11,252.1 10,654.6 10,279.7 3,417.9 1,089.0 2,328.9 6,861.8 205.2 169.7 99.0 70.7 597.4 5.3 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 1,049.2 43.9 1,005.3 301.7 1,907.5 1,194.8 712.7 2,295.2 2,257.8 1,219.5 123.2 915.1 37.4 1,007.2 1,171.0 11,388.8 10,713.6 10,338.3 3,384.8 1,081.2 2,303.6 6,953.5 202.5 172.8 101.2 71.6 675.1 5.9 1,059.3 47.4 1,011.9 304.5 1,897.8 1,184.1 713.7 2,332.5 2,295.2 1,221.5 150.5 923.2 37.3 1,010.7 1,179.5 11,442.6 10,764.7 10,392.8 3,420.6 1,081.6 2,339.0 6,972.2 198.5 173.4 101.8 71.6 677.9 5.9 1,064.2 51.0 1,013.2 308.0 1,892.9 1,173.4 719.5 2,320.4 2,283.3 1,229.3 133.3 920.7 37.0 1,011.3 1,185.2 11,434.0 10,788.2 10,419.7 3,438.6 1,098.9 2,339.7 6,981.1 194.5 174.0 102.4 71.6 645.8 5.6 1,074.1 56.3 1,017.7 309.6 1,899.8 1,184.9 714.9 2,323.7 2,284.3 1,230.5 127.9 925.8 39.3 1,016.0 1,194.6 11,482.3 10,831.2 10,463.7 3,477.8 1,119.7 2,358.1 6,985.9 192.9 174.6 103.0 71.6 651.1 5.7 9,112.9 9,188.9 9,240.2 9,250.8 9,248.1 9,252.8 9,252.2 9,285.7 10,134.3 10,211.9 10,262.4 10,281.6 10,261.0 10,289.6 10,271.9 10,298.4 36,378 32,764 309,312 36,622 32,994 309,509 36,746 33,135 309,718 36,742 33,172 309,946 36,716 33,080 310,185 36,859 33,145 310,439 36,802 33,062 310,691 36,928 33,121 310,935 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 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 r 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 12,600.4 8,032.4 6,440.2 5,255.1 1,066.2 680.7 4,188.9 1,014.4 3,174.5 1,185.1 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 1,110.3 481.9 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 1,057.6 47.4 1,010.2 304.7 1,899.4 1,184.1 715.3 2,316.0 2,278.8 1,223.5 135.7 919.7 37.2 1,009.7 1,178.6 11,421.8 10,755.5 10,383.6 3,414.7 1,087.2 2,327.4 6,968.9 198.5 173.4 101.8 71.6 666.3 5.8 9,638.5 9,191.1 9,230.2 9,128.7 9,109.7 9,111.7 9,226.6 9,251.0 10,042.9 10,099.8 10,193.0 10,079.7 10,080.4 10,113.3 10,251.9 10,274.2 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 36,792 33,096 310,438 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 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 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 52.2 17.3 13.3 10.8 1.5 0.3 9.4 3.2 6.2 2.4 4.1 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 19.8 28.6 24.7 26.2 7.1 5.6 19.1 5.9 13.3 –1.5 3.9 62.3 25.3 20.9 28.8 7.4 3.0 21.3 1.9 19.4 –7.9 4.4 –2.8 6.3 3.5 8.0 –0.1 –0.1 8.2 3.2 5.0 –4.6 2.8 57.6 40.7 35.6 33.2 5.5 3.4 27.6 6.3 21.3 2.5 5.1 2.7 1.4 2.2 4.3 2.4 3.0 2.4 0.0 2.3 1.6 2.4 1.9 2.6 0.2 2.8 2.3 9.2 –0.6 9.8 5.5 –12.3 –4.0 –8.4 35.1 35.0 5.2 18.6 11.3 0.1 2.6 3.8 48.5 51.7 49.8 42.6 36.8 5.8 7.2 1.4 0.5 0.5 0.0 –3.2 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 0.9 3.6 –2.7 2.1 –9.8 –10.8 0.9 1.4 1.3 10.9 –12.9 3.2 0.2 3.3 19.0 0.8 45.5 49.5 23.6 11.7 11.9 25.9 –4.0 0.0 0.6 –0.6 –44.7 10.1 3.5 6.6 2.8 –9.7 –10.7 1.0 37.3 37.4 2.0 27.3 8.1 –0.1 3.5 8.5 53.8 51.1 54.5 35.8 0.4 35.4 18.7 –4.0 0.6 0.6 0.0 2.8 4.9 3.6 1.3 3.5 –4.9 –10.7 5.8 –12.1 –11.9 7.8 –17.2 –2.5 –0.3 0.6 5.7 –8.6 23.5 26.9 18.0 17.3 0.7 8.9 –4.0 0.6 0.6 0.0 –32.1 9.9 5.3 4.5 1.6 6.9 11.5 –4.6 3.3 1.0 1.2 –5.4 5.1 2.3 4.7 9.4 48.3 43.0 44.0 39.2 20.8 18.4 4.8 –1.6 0.6 0.6 0.0 5.3 1.1 27.8 76.0 77.6 51.3 50.5 10.6 19.2 –2.7 –20.6 4.7 28.6 –0.6 –17.7 33.5 26.5 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 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 II r I III r 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 83.3 62.5 51.4 59.4 11.9 8.3 47.5 9.0 38.5 –8.0 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 3.9 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 7.9 8.5 –0.6 5.9 –15.0 –21.2 6.1 29.9 29.7 15.4 –1.1 15.5 0.2 7.8 29.5 53.8 91.8 98.2 37.2 13.1 24.0 61.0 –7.5 1.1 1.7 –0.6 –38.0 –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 24.4 22.3 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 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 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................................................................................... 0.4 0.2 0.2 0.3 0.7 0.9 1.0 0.4 0.4 0.6 0.6 0.3 0.1 0.0 –0.1 0.1 0.2 0.4 0.4 0.2 0.5 0.3 0.3 0.3 0.0 0.1 0.1 0.2 0.5 0.5 0.6 0.3 0.9 1.9 –0.6 –0.3 –1.2 1.6 0.3 0.3 0.4 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 0.1 0.7 –0.5 –0.9 0.1 0.1 0.3 1.6 0.0 1.0 0.9 –0.5 –0.9 0.1 1.6 0.3 0.7 0.5 0.5 1.2 –0.3 –0.9 0.8 –0.5 0.1 0.5 –0.1 0.9 0.5 0.4 1.0 –0.6 0.1 0.5 0.8 0.4 0.5 1.3 3.5 0.2 0.1 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 0.5 0.7 1.1 0.5 0.4 0.5 1.1 0.0 1.5 0.3 0.3 0.5 1.6 0.0 0.1 0.4 1.1 1.9 0.8 0.1 0.1 0.3 0.0 –0.2 0.4 0.3 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts .......... Real disposable personal income ............................................... 0.0 0.3 0.8 0.8 0.6 0.5 0.1 0.2 0.0 –0.2 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. 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 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.................................................................................. 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 2.7 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 3.0 8.1 –3.1 –6.8 3.5 5.3 3.1 10.7 1.9 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 3.9 4.5 5.0 4.2 3.6 0.0 1.3 1.3 5.6 0.3 0.9 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ......... Real disposable personal income .............................................. –0.2 1.7 –4.6 0.6 –0.7 5.9 –1.1 –4.4 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. –0.2 0.0 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2010 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 ..................................................................................... 9,258.6 3,233.3 1,169.2 2,064.0 6,026.7 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 9,314.6 3,232.7 1,172.0 2,061.2 6,081.9 9,345.6 3,253.2 1,172.0 2,080.3 6,093.2 9,360.7 3,265.8 1,191.9 2,075.8 6,096.3 9,384.9 3,292.4 1,217.8 2,079.5 6,095.3 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 30.4 40.3 38.2 6.3 –7.9 –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 25.3 10.4 15.8 –3.2 15.0 31.0 20.5 0.0 19.1 11.3 15.1 12.6 19.9 –4.5 3.1 24.2 26.6 25.9 3.7 –1.0 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.3 1.3 3.4 0.3 –0.1 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 0.3 0.3 1.4 –0.2 0.2 0.3 0.6 0.0 0.9 0.2 0.2 0.4 1.7 –0.2 0.1 0.3 0.8 2.2 0.2 0.0 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 9,340.3 3,250.6 1,178.6 2,072.4 6,090.5 50.3 27.2 18.9 9.9 23.8 64.6 28.0 20.8 9.0 37.1 2.2 3.4 6.8 1.9 1.6 2.8 3.5 7.4 1.8 2.5 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 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: PCE excluding food and energy.................................................. Food 1 ......................................................................................... Energy goods and services 2 ...................................................... Market-based PCE 3 ................................................................... Market-based PCE excluding food and energy 3 ........................ 111.032 105.714 93.126 112.838 113.856 111.000 105.364 93.001 112.360 113.994 110.902 104.755 92.775 111.537 114.169 110.762 104.318 92.488 111.016 114.186 110.993 104.712 92.243 111.769 114.331 111.208 105.153 92.273 112.442 114.425 111.316 105.300 92.188 112.721 114.513 111.499 105.640 91.937 113.403 114.611 110.030 113.746 123.189 110.906 109.715 110.071 113.989 121.491 110.881 109.776 110.188 113.987 117.572 110.752 109.892 110.255 113.771 114.081 110.655 110.042 110.336 113.836 117.093 110.921 110.139 110.410 113.919 119.857 111.178 110.241 110.453 114.211 120.814 111.273 110.257 110.459 114.292 124.227 111.376 110.141 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 ........................ 0.2 0.0 0.1 –0.1 0.2 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 0.1 0.1 0.1 –0.1 0.2 0.1 0.2 0.3 –0.3 0.6 0.1 0.2 0.3 –0.1 0.1 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 0.1 0.1 2.6 0.2 0.1 0.1 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 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 March Disposable personal income...................................................... Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... April r 1.0 1.5 5.1 10.0 2.8 –0.2 May r 0.8 1.6 5.0 9.8 2.9 –0.1 June r –0.4 1.8 4.3 8.1 2.5 0.6 July r 1.4 1.9 4.2 7.3 2.9 0.7 August r 1.7 2.0 3.9 6.5 2.8 1.1 2.1 1.4 1.9 –0.4 3.0 1.2 September r 2.1 2.4 5.0 10.6 2.5 1.2 October p 2.5 2.3 5.0 10.6 2.4 1.1 p Preliminary r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2010. Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2010 March 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 ....................... April May July r June August r September r October p 2.5 3.4 –1.0 5.6 2.0 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 1.8 1.4 0.5 –1.4 1.4 1.8 1.3 0.7 –1.9 2.0 1.5 1.8 –0.5 20.1 2.2 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 1.4 0.7 5.5 1.3 1.1 1.3 0.7 3.9 1.2 1.1 1.2 1.3 4.1 1.2 1.0 0.9 1.3 6.3 1.1 0.7 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.