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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 31, 2008 James E. Rankin: Brendan Leary: (202) 606-5301 (Personal Income) (202) 606-5302 (Personal Outlays) BEA 08-49 PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2008 Personal income increased $24.5 billion, or 0.2 percent, and disposable personal income (DPI) increased $25.7 billion, or 0.2 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $33.6 billion, or 0.3 percent. In August, personal income increased $44.8 billion, or 0.4 percent, DPI decreased $107.7 billion, or 1.0 percent, and PCE increased $4.5 billion, or less than 0.1 percent, based on revised estimates. Excluding the rebate payments under the Economic Stimulus Act of 2008, DPI increased $30.3 billion, or 0.3 percent in September, and increased $44.0 billion, or 0.4 percent in August. Real DPI increased 0.1 percent in September, in contrast to a decrease of 1.0 percent in August. Real PCE decreased 0.4 percent, in contrast to an increase of less than 0.1 percent. 2008 June July Aug. May (Percent change from preceding month) Personal income, current dollars Disposable personal income: Current dollars Chained (2000) dollars Personal consumption expenditures: Current dollars Chained (2000) dollars Sept. 1.9 0.1 -0.8 0.4 0.2 5.7 5.3 -1.8 -2.5 -1.0 -1.6 -1.0 -1.0 0.2 0.1 0.7 0.2 0.5 -0.2 0.0 -0.6 0.0 0.0 -0.3 -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 (2000) dollars. This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- The September estimate of personal income reflects the effects of Hurricane Ike, which struck the Gulf Coast region, especially impacting coastal Texas and Louisiana, on September 13, 2008. Rental income of persons was reduced by about $27 billion (at an annual rate) and proprietors’ income was reduced by about $9 billion (at an annual rate) to reflect uninsured losses of residential and business property. “Other current transfer receipts from business (net)” was boosted by about $27 billion (at an annual rate) to reflect insurance benefits paid to persons. The net effect of these adjustments was to lower September personal income $8.5 billion. Because other effects of the hurricane were embedded in BEA’s source data and could not be separately identified, BEA did not attempt to quantify their impact. For more information on how disasters are treated in the national accounts, see FAQs on “Disasters” on BEA’s Web site. -more- -3- Wages and salaries Private wage and salary disbursements increased $0.3 billion in September, compared with an increase of $24.1 billion in August. Goods-producing industries' payrolls decreased $4.0 billion, in contrast to an increase of $5.1 billion; manufacturing payrolls decreased $2.6 billion, compared with a decrease of $1.3 billion. Services-producing industries' payrolls increased $4.3 billion, compared with an increase of $19.0 billion. Government wage and salary disbursements increased $4.0 billion, compared with an increase of $4.6 billion. Other personal income Supplements to wages and salaries increased $1.2 billion in September, compared with an increase of $3.1 billion in August. Proprietors' income decreased $3.4 billion in September, compared with a decrease of $10.8 billion in August. Farm proprietors' income decreased $3.5 billion, compared with a decrease of $3.3 billion. Nonfarm proprietors' income increased $0.1 billion, in contrast to a decrease of $7.5 billion. Nonfarm proprietors’ income was reduced $8.8 billion (at an annual rate) in September to reflect uninsured losses of business property from the impact of Hurricane Ike. (Proprietors’ income is reported net of such losses.) Rental income of persons decreased $24.0 billion in September, in contrast to an increase of $2.4 billion in August. Rental income was reduced $26.6 billion (at an annual rate) in September to reflect uninsured losses of residential property from the impacts of the hurricane. Personal income receipts on assets (personal interest income plus personal dividend income) increased $9.1 billion in September, compared with an increase of $8.9 billion in August. Personal current transfer receipts increased $37.3 billion in September, compared with an increase of $15.6 billion in August. Personal current transfer receipts was boosted $26.9 billion (at an annual rate) in September to reflect increases in insurance benefits paid to persons for damage to insured property from the impact of Hurricane Ike. The September and August changes reflected provisions of the Supplemental Appropriations Act of 2008, which provided up to 13 weeks of additional unemployment compensation benefits to those who exhausted their regular unemployment benefits. The additional unemployment benefits boosted the level of personal current transfer receipts by $19.2 billion in September, by $17.6 billion in August, and by $4.3 billion in July. The September and August changes also reflected provisions of the Economic Stimulus Act of 2008, which boosted the level of personal current transfer receipts by $3.9 billion (at an annual rate) in September, by $5.1 billion in August, and by $4.2 billion in July (see the box on page 6). -more- -4- Contributions for government social insurance -- a subtraction in calculating personal income -decreased $0.1 billion in September, in contrast to an increase of $3.2 billion in August. Personal current taxes and disposable personal income Personal current taxes decreased $1.1 billion in September, in contrast to an increase of $152.4 billion in August. Provisions of the Economic Stimulus Act reduced the level of personal taxes by $3.9 billion (at an annual rate) in September, by $7.3 billion in August, and by $159.9 billion in July. The reduction in current personal taxes reflected rebate payments to eligible individual taxpayers (see the box on page 6). Disposable personal income (DPI) -- personal income less personal current taxes -- increased $25.7 billion, or 0.2 percent, in September, in contrast to a decrease of $107.7 billion, or 1.0 percent, in August. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments decreased $32.0 billion in September, in contrast to an increase of $6.0 billion in August. PCE decreased $33.6 billion, in contrast to an increase of $4.5 billion. Personal saving -- DPI less personal outlays -- was $140.3 billion in September, compared with $82.5 billion in August. Personal saving as a percentage of disposable personal income was 1.3 percent in September, compared with 0.8 percent in August. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods. For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts, go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp. -more- -5- Real DPI and real PCE Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in September, in contrast to a decrease of 1.0 percent in August. Excluding the rebate payments under the Economic Stimulus Act of 2008, which increased government social benefit payments and reduced personal current taxes, real DPI increased 0.2 percent in September, and increased 0.4 percent in August. Real PCE -- PCE adjusted to remove price changes -- decreased 0.4 percent in September, in contrast to an increase of less than 0.1 percent in August. Purchases of durable goods decreased 2.9 percent, in contrast to an increase of 1.9 percent. Purchases of motor vehicles and parts accounted for most of the decrease in September and more than accounted the increase in August. Purchases of nondurable goods decreased 0.8 percent in September, compared with a decrease of 0.3 percent in August. Purchases of services increased 0.2 percent, in contrast to a decrease of 0.1 percent. PCE price index - - The price index for PCE increased 0.1 percent in September, compared with an increase of less than 0.1 percent in August. The PCE price index, excluding food and energy increased 0.2 percent in September, the same increase as in August. -more- -6- Revisions Estimates have been revised for July and August. Changes in personal income, current-dollar and chained (2000) dollar DPI, and current-dollar and chained (2000) dollar PCE for July and August -- revised and as published in last month's release -- are shown below. Change from preceding month July Previous Revised (Billions of dollars) Personal Income: Current dollars...................... Disposable personal income: Current dollars...................... Chained (2000) dollars......... -69.0 August Previous Revised (Percent) (Billions of dollars) -92.7 -0.6 -0.8 -91.0 -106.6 -130.5 -140.5 -0.8 -1.5 -1.0 -1.6 0.1 -0.5 0.0 -0.6 Personal consumption expenditures: Current dollars...................... 14.2 Chained (2000) dollars......... -41.4 2.5 -48.4 -more- Previous Revised 61.5 Previous Revised (Percent) 44.8 0.5 0.4 -93.3 -107.7 -78.8 -89.3 -0.9 -0.9 -1.0 -1.0 0.0 0.0 0.0 0.0 3.9 0.3 4.5 1.9 -7- Economic Stimulus Act of 2008 The Economic Stimulus Act of 2008 provides rebate payments to eligible individual taxpayers as well as tax reductions for businesses. For individuals, the amount of the rebate is determined by information reported on tax filings for 2007 and is based on filing status, level of adjusted gross income, and the number of qualifying children. According to the Joint Committee on Taxation and the Congressional Budget Office, rebates to individuals are expected to total $106.7 billion for fiscal year 2008. The majority of rebates were sent during the initial round of payments, which began April 28, 2008, and continued on a weekly basis through mid-July 2008. In the NIPAs, rebates for residents of the 50 states and the District of Columbia are recorded as either an offset to personal current taxes or as a social benefit payment to persons. Rebates for individuals with tax liabilities that exceed the rebate amount are treated as an offset to personal current taxes in the NIPAs. Rebates for individuals who pay no income taxes (or for whom the rebate would exceed the amount of the income taxes they do pay) are treated as a government social benefit payment to persons in the NIPAs. 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 -- November 26, 2008, at 8:30 A.M. EST for Personal Income and Outlays for October. -more- Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] Seasonally adjusted at annual rates 2008 March April May June July r 11,952.4 8,005.2 6,513.0 5,402.9 1,215.9 747.2 4,187.0 1,047.4 3,139.6 1,110.1 1,492.3 1,016.2 476.1 11,999.0 8,039.4 6,545.7 5,432.2 1,221.2 750.0 4,211.0 1,053.9 3,157.1 1,113.4 1,493.7 1,015.7 478.0 12,033.6 8,049.3 6,549.9 5,431.8 1,214.2 747.2 4,217.6 1,049.1 3,168.5 1,118.1 1,499.4 1,021.5 477.9 12,258.4 8,073.5 6,570.3 5,446.7 1,216.4 748.7 4,230.3 1,048.2 3,182.1 1,123.6 1,503.2 1,024.4 478.8 12,274.6 8,092.5 6,585.7 5,457.4 1,218.3 749.6 4,239.0 1,050.6 3,188.4 1,128.4 1,506.8 1,027.4 479.4 12,181.9 8,112.6 6,602.7 5,468.9 1,221.6 751.0 4,247.3 1,049.8 3,197.5 1,133.8 1,509.9 1,029.8 480.1 12,226.7 8,144.4 6,631.4 5,493.0 1,226.7 749.7 4,266.3 1,052.2 3,214.1 1,138.4 1,513.0 1,031.3 481.7 12,251.2 8,149.8 6,635.6 5,493.3 1,222.7 747.1 4,270.6 1,051.9 3,218.7 1,142.4 1,514.2 1,032.6 481.6 1,069.1 42.1 1,027.0 38.8 2,054.2 1,224.6 829.6 1,776.6 1,744.3 1,030.6 38.2 675.5 32.3 991.5 1,071.4 41.0 1,030.4 40.5 2,051.7 1,217.2 834.5 1,791.3 1,758.9 1,042.5 39.3 677.1 32.4 995.3 1,071.2 39.4 1,031.9 49.1 2,051.8 1,213.0 838.8 1,807.5 1,775.1 1,041.0 40.6 693.5 32.4 995.2 1,076.1 38.4 1,037.7 58.3 2,052.3 1,208.7 843.6 1,995.3 1,962.9 1,051.8 41.5 869.6 32.4 997.2 1,083.5 36.1 1,047.4 68.3 2,052.8 1,204.5 848.3 1,976.0 1,943.5 1,057.0 42.0 844.5 32.4 998.5 1,088.3 34.5 1,053.8 70.7 2,061.6 1,218.4 843.2 1,848.8 1,816.3 1,067.4 47.6 701.4 32.5 1,000.1 1,077.5 31.2 1,046.3 73.1 2,070.5 1,232.3 838.2 1,864.4 1,831.8 1,067.5 62.5 701.8 32.6 1,003.3 1,074.1 27.7 1,046.4 49.1 2,079.6 1,246.2 833.4 1,901.7 1,842.2 1,072.0 66.1 704.0 59.5 1,003.2 February 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....................... August r September p Less: Personal current taxes ................................................................... 1,534.1 1,540.2 1,533.6 1,156.2 1,372.4 1,386.3 1,538.7 1,537.6 Equals: Disposable personal income...................................................... 10,418.3 10,458.8 10,500.0 11,102.1 10,902.2 10,795.6 10,687.9 10,713.6 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 10,385.2 9,982.7 1,075.4 2,935.1 5,972.2 261.7 140.8 82.9 57.9 10,436.3 10,039.7 1,065.3 2,970.2 6,004.2 255.6 141.0 83.1 57.9 10,474.2 10,073.5 1,063.2 2,990.4 6,019.9 254.7 146.1 83.4 62.7 10,544.3 10,144.2 1,065.5 3,025.4 6,053.3 253.8 146.4 83.7 62.7 10,595.9 10,196.4 1,049.1 3,063.0 6,084.2 252.9 146.7 84.0 62.7 10,599.4 10,198.9 1,017.1 3,068.8 6,113.0 254.0 146.5 84.4 62.1 10,605.4 10,203.4 1,034.8 3,050.3 6,118.3 255.1 146.9 84.8 62.1 10,573.4 10,169.8 1,003.0 3,032.0 6,134.8 256.2 147.4 85.3 62.1 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 33.0 0.3 22.5 0.2 25.8 0.2 557.8 5.0 306.2 2.8 196.2 1.8 82.5 0.8 140.3 1.3 8,666.9 8,673.8 8,687.5 9,144.0 8,911.3 8,770.8 8,681.5 8,693.2 34,286 28,522 303,866 34,396 28,526 304,068 34,507 28,550 304,287 36,458 30,028 304,521 35,771 29,239 304,775 35,391 28,753 305,039 35,007 28,435 305,311 35,059 28,447 305,590 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2006 2007 2007 II III 2008 IV I II III 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....................... 10,993.9 7,432.6 6,027.2 5,004.2 1,167.2 731.2 3,837.1 986.7 2,850.4 1,023.0 1,405.3 956.8 448.5 11,663.2 7,818.6 6,362.0 5,286.7 1,205.4 746.0 4,081.3 1,035.2 3,046.1 1,075.2 1,456.6 991.9 464.7 11,577.5 7,760.1 6,310.7 5,242.5 1,200.7 744.0 4,041.9 1,036.5 3,005.4 1,068.1 1,449.4 987.7 461.7 11,730.4 7,839.3 6,377.7 5,297.0 1,204.3 743.4 4,092.6 1,035.3 3,057.4 1,080.8 1,461.6 996.5 465.1 11,872.1 7,941.0 6,465.5 5,373.4 1,218.2 750.2 4,155.3 1,048.3 3,106.9 1,092.1 1,475.5 1,005.9 469.6 11,960.5 8,009.7 6,518.0 5,408.3 1,217.7 748.4 4,190.5 1,050.4 3,140.2 1,109.7 1,491.7 1,015.3 476.4 12,188.9 8,071.8 6,568.6 5,445.3 1,216.3 748.5 4,229.0 1,049.3 3,179.7 1,123.4 1,503.1 1,024.4 478.7 12,219.9 8,135.6 6,623.2 5,485.1 1,223.7 749.2 4,261.4 1,051.3 3,210.1 1,138.2 1,512.4 1,031.2 481.1 1,014.7 16.2 998.6 44.3 1,824.8 1,125.4 699.4 1,603.0 1,578.1 938.9 29.9 609.3 24.9 925.5 1,056.2 44.0 1,012.2 40.0 2,000.1 1,214.3 785.8 1,713.3 1,681.4 999.4 32.3 649.6 31.9 965.1 1,050.2 42.3 1,007.9 44.6 1,982.5 1,206.1 776.5 1,699.2 1,667.5 997.5 31.2 638.8 31.7 959.1 1,063.8 47.4 1,016.4 41.8 2,030.9 1,236.2 794.7 1,720.6 1,688.0 1,008.8 32.5 646.7 32.5 966.0 1,073.8 47.1 1,026.7 38.6 2,056.2 1,242.7 813.5 1,737.8 1,704.7 1,009.6 34.3 660.9 33.1 975.3 1,071.7 41.6 1,030.1 39.1 2,054.1 1,224.6 829.5 1,778.1 1,745.8 1,032.4 38.2 675.3 32.2 992.2 1,076.9 38.0 1,039.0 58.6 2,052.3 1,208.7 843.6 1,926.3 1,893.9 1,050.0 41.4 802.5 32.4 997.0 1,080.0 31.2 1,048.8 64.3 2,070.6 1,232.3 838.3 1,871.6 1,830.1 1,069.0 58.7 702.4 41.5 1,002.2 Less: Personal current taxes ................................................................... 1,353.2 1,492.8 1,489.4 1,501.6 1,520.5 1,535.0 1,354.1 1,487.5 Equals: Disposable personal income...................................................... 9,640.7 10,170.5 10,088.0 10,228.8 10,351.5 10,425.5 10,834.8 10,732.4 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 9,570.0 9,207.2 1,052.1 2,685.2 5,469.9 235.4 127.4 76.2 51.1 10,113.1 9,710.2 1,082.8 2,833.0 5,794.4 265.4 137.5 81.2 56.3 10,056.9 9,657.5 1,085.3 2,817.7 5,754.4 262.6 136.9 80.8 56.0 10,182.0 9,765.6 1,086.2 2,846.6 5,832.8 278.2 138.1 81.8 56.3 10,309.2 9,892.7 1,083.0 2,906.2 5,903.5 276.7 139.8 82.5 57.3 10,404.9 10,002.3 1,071.0 2,950.7 5,980.6 261.7 140.8 82.9 57.9 10,538.2 10,138.0 1,059.3 3,026.2 6,052.5 253.8 146.4 83.7 62.7 10,592.7 10,190.7 1,018.3 3,050.4 6,122.0 255.1 146.9 84.8 62.1 Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... 70.7 0.7 57.4 0.6 31.1 0.3 46.8 0.5 42.4 0.4 20.6 0.2 296.6 2.7 139.7 1.3 8,407.0 8,644.0 8,604.5 8,671.1 8,683.1 8,667.9 8,914.6 8,715.1 32,222 28,098 299,199 33,667 28,614 302,087 33,441 28,523 301,667 33,820 28,669 302,452 34,138 28,636 303,225 34,309 28,525 303,868 35,579 29,274 304,528 35,152 28,545 305,313 Addenda: Disposable personal income: Total, billions of chained (2000) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2000) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2008 February 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....................... March April May June July r August r September p 22.4 20.6 17.6 13.2 –0.1 –0.7 13.4 –2.4 15.8 4.4 3.0 2.2 0.9 46.6 34.2 32.7 29.3 5.3 2.8 24.0 6.5 17.5 3.3 1.4 –0.5 1.9 34.6 9.9 4.2 –0.4 –7.0 –2.8 6.6 –4.8 11.4 4.7 5.7 5.8 –0.1 224.8 24.2 20.4 14.9 2.2 1.5 12.7 –0.9 13.6 5.5 3.8 2.9 0.9 16.2 19.0 15.4 10.7 1.9 0.9 8.7 2.4 6.3 4.8 3.6 3.0 0.6 –92.7 20.1 17.0 11.5 3.3 1.4 8.3 –0.8 9.1 5.4 3.1 2.4 0.7 44.8 31.8 28.7 24.1 5.1 –1.3 19.0 2.4 16.6 4.6 3.1 1.5 1.6 24.5 5.4 4.2 0.3 –4.0 –2.6 4.3 –0.3 4.6 4.0 1.2 1.3 –0.1 –5.4 0.4 –5.8 0.7 –2.2 –7.4 5.2 10.3 10.1 6.5 1.2 2.4 0.2 1.7 2.3 –1.1 3.4 1.7 –2.5 –7.4 4.9 14.7 14.6 11.9 1.1 1.6 0.1 3.8 –0.2 –1.6 1.5 8.6 0.1 –4.2 4.3 16.2 16.2 –1.5 1.3 16.4 0.0 –0.1 4.9 –1.0 5.8 9.2 0.5 –4.3 4.8 187.8 187.8 10.8 0.9 176.1 0.0 2.0 7.4 –2.3 9.7 10.0 0.5 –4.2 4.7 –19.3 –19.4 5.2 0.5 –25.1 0.0 1.3 4.8 –1.6 6.4 2.4 8.8 13.9 –5.1 –127.2 –127.2 10.4 5.6 –143.1 0.1 1.6 –10.8 –3.3 –7.5 2.4 8.9 13.9 –5.0 15.6 15.5 0.1 14.9 0.4 0.1 3.2 –3.4 –3.5 0.1 –24.0 9.1 13.9 –4.8 37.3 10.4 4.5 3.6 2.2 26.9 –0.1 –1.1 Less: Personal current taxes ................................................................... 3.5 6.1 –6.6 –377.4 216.2 13.9 152.4 Equals: Disposable personal income...................................................... 18.9 40.5 41.2 602.1 –199.9 –106.6 –107.7 25.7 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. –7.9 –1.9 2.9 –11.8 6.9 –6.2 0.2 0.2 0.0 51.1 57.0 –10.1 35.1 32.0 –6.1 0.2 0.2 0.0 37.9 33.8 –2.1 20.2 15.7 –0.9 5.1 0.3 4.8 70.1 70.7 2.3 35.0 33.4 –0.9 0.3 0.3 0.0 51.6 52.2 –16.4 37.6 30.9 –0.9 0.3 0.3 0.0 3.5 2.5 –32.0 5.8 28.8 1.1 –0.2 0.4 –0.6 6.0 4.5 17.7 –18.5 5.3 1.1 0.4 0.4 0.0 –32.0 –33.6 –31.8 –18.3 16.5 1.1 0.5 0.5 0.0 Equals: Personal saving ........................................................................... 26.7 –10.5 3.3 532.0 –251.6 –110.0 –113.7 57.8 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 4.1 6.9 13.7 456.5 –232.7 –140.5 –89.3 11.7 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2006 2007 2007 II III 2008 IV I II III Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds.. Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance....................... 724.1 406.8 355.5 313.3 68.0 27.2 245.4 48.5 196.9 42.3 51.2 30.8 20.4 669.3 386.0 334.8 282.5 38.2 14.8 244.2 48.5 195.7 52.2 51.3 35.1 16.2 104.5 26.1 16.7 8.5 2.3 –2.4 6.3 15.7 –9.4 8.2 9.4 10.1 –0.6 152.9 79.2 67.0 54.5 3.6 –0.6 50.7 –1.2 52.0 12.7 12.2 8.8 3.4 141.7 101.7 87.8 76.4 13.9 6.8 62.7 13.0 49.5 11.3 13.9 9.4 4.5 88.4 68.7 52.5 34.9 –0.5 –1.8 35.2 2.1 33.3 17.6 16.2 9.4 6.8 228.4 62.1 50.6 37.0 –1.4 0.1 38.5 –1.1 39.5 13.7 11.4 9.1 2.3 31.0 63.8 54.6 39.8 7.4 0.7 32.4 2.0 30.4 14.8 9.3 6.8 2.4 54.9 –17.9 72.9 3.4 227.9 103.4 124.5 82.3 96.2 94.4 –1.4 3.2 –13.9 51.2 41.5 27.8 13.6 –4.3 175.3 88.9 86.4 110.3 103.3 60.5 2.4 40.3 7.0 39.6 13.0 3.0 10.0 9.5 51.6 33.9 17.8 3.5 2.2 15.6 –0.1 –13.3 1.3 –0.7 13.6 5.1 8.5 –2.8 48.4 30.1 18.2 21.4 20.5 11.3 1.3 7.9 0.8 6.9 10.0 –0.3 10.3 –3.2 25.3 6.5 18.8 17.2 16.7 0.8 1.8 14.2 0.6 9.3 –2.1 –5.5 3.4 0.5 –2.1 –18.1 16.0 40.3 41.1 22.8 3.9 14.4 –0.9 16.9 5.2 –3.6 8.9 19.5 –1.8 –15.9 14.1 148.2 148.1 17.6 3.2 127.2 0.2 4.8 3.1 –6.8 9.8 5.7 18.3 23.6 –5.3 –54.7 –63.8 19.0 17.3 –100.1 9.1 5.2 Less: Personal current taxes ................................................................... 145.4 139.6 29.9 12.2 18.9 14.5 –180.9 133.4 Equals: Disposable personal income...................................................... 578.7 529.8 74.5 140.8 122.7 74.0 409.3 –102.4 Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. 540.5 513.1 31.3 171.1 310.7 20.4 7.0 3.7 3.2 543.1 503.0 30.7 147.8 324.5 30.0 10.1 5.0 5.2 152.7 132.6 8.7 56.2 67.6 18.6 1.6 1.2 0.3 125.1 108.1 0.9 28.9 78.4 15.6 1.2 1.0 0.3 127.2 127.1 –3.2 59.6 70.7 –1.5 1.7 0.7 1.0 95.7 109.6 –12.0 44.5 77.1 –15.0 1.0 0.4 0.6 133.3 135.7 –11.7 75.5 71.9 –7.9 5.6 0.8 4.8 54.5 52.7 –41.0 24.2 69.5 1.3 0.5 1.1 –0.6 Equals: Personal saving ........................................................................... 38.2 –13.3 –78.2 15.7 –4.4 –21.8 276.0 –156.9 Addendum: Real disposable personal income, billions of chained (2000) dollars 2 .... 285.6 237.0 –13.2 66.6 12.0 –15.2 246.7 –199.5 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2008 February March April May July r June August r September p Based on current-dollar measures Personal income........................................................................................ Compensation of employees, received .................................................... Wage and salary disbursements .......................................................... Supplements to wages and salaries..................................................... Proprietors’ income with inventory valuation and capital consumption adjustments .......................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ........................................................ Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ............................................................ Less: Contributions for government social insurance .............................. 0.2 0.3 0.3 0.2 0.4 0.4 0.5 0.1 0.3 0.1 0.1 0.4 1.9 0.3 0.3 0.3 0.1 0.2 0.2 0.2 –0.8 0.2 0.3 0.2 0.4 0.4 0.4 0.2 0.2 0.1 0.1 0.1 –0.5 1.8 –0.1 –0.6 0.6 0.6 0.2 0.2 4.6 –0.1 –0.6 0.6 0.8 0.4 0.0 21.0 0.0 –0.3 0.5 0.9 0.0 0.5 18.9 0.0 –0.3 0.6 10.4 0.2 0.7 17.0 0.0 –0.4 0.6 –1.0 0.1 0.4 3.6 0.4 1.2 –0.6 –6.4 0.2 –1.0 3.4 0.4 1.1 –0.6 0.8 0.3 –0.3 –32.8 0.4 1.1 –0.6 2.0 0.0 Less: Personal current taxes ................................................................... 0.2 0.4 –0.4 –24.6 18.7 1.0 11.0 –0.1 Equals: Disposable personal income...................................................... 0.2 0.4 0.4 5.7 –1.8 –1.0 –1.0 0.2 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 0.0 0.3 –0.4 0.1 0.6 –0.9 1.2 0.5 0.3 –0.2 0.7 0.3 0.7 0.2 1.2 0.6 0.5 –1.5 1.2 0.5 0.0 –3.1 0.2 0.5 0.0 1.7 –0.6 0.1 –0.3 –3.1 –0.6 0.3 Real disposable personal income ............................................................ 0.0 0.1 –1.6 –1.0 0.1 Based on chained (2000) dollar measures 0.2 5.3 –2.5 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2006 2007 2007 II 2008 III IV I II III Based on current-dollar measures Personal income........................................................................................ Compensation of employees, received .................................................... Wage and salary disbursements .......................................................... Supplements to wages and salaries..................................................... Proprietors’ income with inventory valuation and capital consumption adjustments .......................................................................................... Rental income of persons with capital consumption adjustment ............. Personal income receipts on assets ........................................................ Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ............................................................ Less: Contributions for government social insurance .............................. 7.1 5.8 6.3 3.8 6.1 5.2 5.6 3.7 3.7 1.4 1.1 2.7 5.4 4.1 4.3 3.4 4.9 5.3 5.6 3.9 3.0 3.5 3.3 4.5 7.9 3.1 3.1 3.1 1.0 3.2 3.4 2.5 5.7 8.3 14.3 10.1 21.7 5.4 5.9 4.1 –9.6 9.6 7.9 12.4 6.9 4.3 5.1 161.0 11.1 12.1 9.7 0.8 –0.3 5.3 –22.7 10.1 10.4 9.8 5.1 2.9 3.8 –27.3 5.1 2.1 9.8 4.1 3.9 –0.8 5.3 –0.4 –5.7 8.1 9.6 7.1 2.0 401.3 –0.3 –5.1 7.0 37.8 2.0 1.1 45.4 3.6 8.0 –2.5 –10.9 2.1 Less: Personal current taxes ................................................................... 12.0 10.3 8.5 3.3 5.1 3.9 –39.4 45.6 Equals: Disposable personal income...................................................... 6.4 5.5 3.0 5.7 4.9 2.9 16.7 –3.7 Addenda: Personal consumption expenditures ........................................................ Durable goods ...................................................................................... Nondurable goods ................................................................................ Services................................................................................................ 5.9 3.1 6.8 6.0 5.5 2.9 5.5 5.9 5.7 3.3 8.4 4.8 4.6 0.3 4.2 5.6 5.3 –1.2 8.7 4.9 4.5 –4.3 6.3 5.3 5.5 –4.3 10.6 4.9 2.1 –14.6 3.2 4.7 Real disposable personal income ............................................................ 3.5 2.8 –0.7 11.9 –8.7 Based on chained (2000) dollar measures –0.6 3.1 0.6 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2008 February March April May July r June August r September p Billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,304.6 1,241.8 2,388.3 4,699.6 8,326.2 1,229.5 2,410.1 4,707.3 8,334.6 1,230.8 2,419.0 4,705.7 8,355.1 1,237.1 2,427.3 4,712.8 8,334.4 1,217.0 2,415.9 4,717.9 8,286.0 1,179.0 2,392.1 4,720.6 8,287.9 1,201.6 2,384.6 4,714.7 8,251.9 1,166.9 2,365.5 4,722.5 Change from preceding period in billions of chained (2000) dollars, seasonally adjusted at annual rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... –12.7 2.1 –7.1 –6.6 21.6 –12.3 21.8 7.7 8.4 1.3 8.9 –1.6 20.5 6.3 8.3 7.1 –20.7 –20.1 –11.4 5.1 –48.4 –38.0 –23.8 2.7 1.9 22.6 –7.5 –5.9 –36.0 –34.7 –19.1 7.8 Percent change from preceding period in chained (2000) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... –0.2 0.2 –0.3 –0.1 0.3 –1.0 0.9 0.2 0.1 0.1 0.4 0.0 0.2 0.5 0.3 0.2 –0.2 –1.6 –0.5 0.1 –0.6 –3.1 –1.0 0.1 0.0 1.9 –0.3 –0.1 –0.4 –2.9 –0.8 0.2 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2006 2007 2007 II 2008 III IV I II III 8,341.3 1,228.3 2,420.7 4,712.1 8,275.2 1,182.5 2,380.7 4,719.2 25.2 –8.7 22.8 7.8 –66.1 –45.8 –40.0 7.1 1.2 –2.8 3.9 0.7 –3.1 –14.1 –6.4 0.6 Billions of chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 8,029.0 1,185.1 2,335.3 4,529.9 8,252.8 1,242.4 2,392.6 4,646.2 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 237.3 50.7 82.6 109.0 223.8 57.3 57.3 116.3 8,237.3 1,242.3 2,391.5 4,632.7 8,278.5 1,249.4 2,398.6 4,659.8 8,298.2 1,250.6 2,400.2 4,676.1 8,316.1 1,237.0 2,397.9 4,704.3 Change from preceding period in billions of chained (2000) dollars 40.1 15.0 11.4 16.6 41.2 7.1 7.1 27.1 19.7 1.2 1.6 16.3 17.9 –13.6 –2.3 28.2 Percent change from preceding period in chained (2000) dollars Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 3.0 4.5 3.7 2.5 2.8 4.8 2.5 2.6 2.0 5.0 1.9 1.4 2.0 2.3 1.2 2.4 1.0 0.4 0.3 1.4 0.9 –4.3 –0.4 2.4 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2008 February March April May July r June August r September p Chain-type price indexes (2000=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 120.212 86.598 122.903 127.083 120.585 86.636 123.245 127.557 120.869 86.382 123.625 127.934 121.419 86.123 124.646 128.451 122.346 86.205 126.793 128.967 123.092 86.264 128.296 129.503 123.118 86.110 127.923 129.777 123.247 85.955 128.183 129.912 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 116.141 118.392 113.029 116.357 118.701 113.134 116.532 119.003 113.309 116.742 119.578 113.482 117.072 120.574 113.775 117.368 121.366 114.037 117.631 121.310 114.249 117.838 121.418 114.446 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates PCE............................................................................................................. Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 0.1 0.1 –0.1 0.3 0.3 0.0 0.3 0.4 0.2 –0.3 0.3 0.3 0.5 –0.3 0.8 0.4 0.8 0.1 1.7 0.4 0.6 0.1 1.2 0.4 0.0 –0.2 –0.3 0.2 0.1 –0.2 0.2 0.1 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 0.1 0.1 0.1 0.2 0.3 0.1 0.2 0.3 0.2 0.2 0.5 0.2 0.3 0.8 0.3 0.3 0.7 0.2 0.2 0.0 0.2 0.2 0.1 0.2 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 February March April May July r June August r September p Disposable personal income.................................................................... 0.5 0.4 0.9 6.4 3.5 1.5 0.0 0.0 Personal consumption expenditures ...................................................... Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 1.2 1.4 0.5 1.4 1.5 –0.3 0.9 2.2 1.3 –0.1 1.5 1.5 1.4 –1.7 1.4 2.0 1.1 –1.6 0.7 1.7 0.3 –4.4 –0.6 1.5 0.0 –4.3 –0.2 0.9 –0.4 –7.4 –1.4 1.4 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2008 February March April May July r June August r September p Personal consumption expenditures (PCE)............................................ Durable goods.......................................................................................... Nondurable goods.................................................................................... Services ................................................................................................... 3.5 –1.4 6.1 3.1 3.4 –1.2 5.6 3.3 3.4 –1.2 5.5 3.3 3.5 –1.3 5.6 3.4 4.1 –1.3 7.2 3.5 4.5 –1.1 8.2 3.8 4.5 –0.9 8.0 3.7 4.2 –0.9 7.7 3.4 Addenda: PCE excluding food and energy............................................................... Market-based PCE 1 ................................................................................ Market-based PCE excluding food and energy 1 ..................................... 2.1 3.4 1.7 2.2 3.3 1.7 2.2 3.3 1.8 2.2 3.5 1.9 2.3 4.1 2.0 2.5 4.6 2.1 2.5 4.6 2.2 2.4 4.3 2.2 p Preliminary r Revised 1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial intermediaries) and the expenses of nonprofit institutions.