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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 30, 2009 Janet Kmitch: Brendan Leary: (202) 606-5301 (202) 606-5302 (Personal Income) (Personal Outlays) BEA 09-48 PERSONAL INCOME AND OUTLAYS: SEPTEMBER 2009 Personal income decreased $0.1 billion, or less than 0.1 percent, and disposable personal income (DPI) decreased $0.2 billion, or less than 0.1 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $47.2 billion, or 0.5 percent. In August, personal income increased $17.4 billion, or 0.1 percent, DPI increased $14.1 billion, or 0.1 percent, and PCE increased $139.8 billion, or 1.4 percent, based on revised estimates. Real disposable income decreased 0.1 percent in September, compared with a decrease of 0.2 percent in August. Real PCE decreased 0.6 percent, in contrast to an increase of 1.0 percent. 2009 May June July Aug. (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 Sept. 1.3 -1.1 0.1 0.1 0.0 1.6 1.5 -1.1 -1.6 -0.1 -0.1 0.1 -0.2 0.0 -0.1 0.1 0.0 0.7 0.2 0.2 0.2 1.4 1.0 -0.5 -0.6 ________________________ NOTE. - - Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2005) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. -more- -2- Wages and salaries Private wage and salary disbursements decreased $11.2 billion in September, in contrast to an increase of $10.1 billion in August. Goods-producing industries' payrolls decreased $7.8 billion, compared with a decrease of $6.3 billion; manufacturing payrolls decreased $1.5 billion, compared with a decrease of $4.1 billion. Services-producing industries' payrolls decreased $3.4 billion, in contrast to an increase of $16.4 billion. Government wage and salary disbursements increased $0.2 billion compared with an increase of $2.4 billion. -more- -3- Other personal income Supplements to wages and salaries increased $0.1 billion in September, compared with an increase of $2.0 billion in August. Proprietors' income increased $0.7 billion in September, compared with an increase of $3.4 billion in August. Farm proprietors' income decreased $1.6 billion, compared with a decrease of $1.2 billion. Nonfarm proprietors' income increased $2.3 billion, compared with an increase of $4.6 billion. Rental income of persons increased $5.4 billion in September, compared with an increase of $5.2 billion in August. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $13.8 billion, the same decrease as in August. Personal current transfer receipts increased $17.3 billion in September, compared with an increase of $9.6 billion in August. Contributions for government social insurance -- a subtraction in calculating personal income -decreased $1.4 billion in September, in contrast to an increase of $1.7 billion in August. Personal current taxes and disposable personal income Personal current taxes increased $0.1 billion in September, compared with an increase of $3.3 billion in August. Disposable personal income (DPI) -- personal income less personal current taxes -decreased $0.2 billion, or less than 0.1 percent, in September, in contrast to an increase of $14.1 billion, or 0.1 percent, in August. -more- -4- Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -decreased $48.8 billion in September, in contrast to an increase of $138.2 billion in August. PCE decreased $47.2 billion, in contrast to an increase of $139.8 billion. Personal saving -- DPI less personal outlays -- was $355.6 billion in September, compared with $307.0 billion in August. Personal saving as a percentage of disposable personal income was 3.3 percent in September, compared with 2.8 percent in August. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp. Real DPI, real PCE and price index Real DPI -- DPI adjusted to remove price changes -- decreased 0.1 percent in September, compared with a decrease of 0.2 percent in August. Real PCE -- PCE adjusted to remove price changes -- decreased 0.6 percent in September, in contrast to an increase of 1.0 percent in August. Purchases of durable goods decreased 7.2 percent, in contrast to an increase of 6.7 percent. Purchases of motor vehicles and parts accounted for most of the decrease in September and for most of the increase in August, reflecting the impact of the federal CARS program (popularly called “cash for clunkers”). The program, which provided a credit for customers who purchased a qualifying new, more fuel efficient auto or light truck, ended on August 24, 2009. For further information on how the CARS program is reflected in the GDP statistics, please see the FAQ at BEA’s Web site, www.bea.gov, “How will the federal Consumer Assistance to Recycle and Save Act of 2009 (i.e., the CARS program) be reflected in the National Income and Product Accounts (NIPAs)?” Purchases of nondurable goods increased 0.5 percent in September, compared with an increase of 0.9 percent in August. Purchases of services increased 0.1 percent, compared with an increase of 0.2 percent. PCE price index -- The price index for PCE increased 0.1 percent in September, compared with an increase of 0.3 percent in August. The PCE price index, excluding food and energy, increased 0.1 percent, the same increase as in August. -more- -5- Revisions Estimates have been revised for July and August. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) 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) August Previous Revised (Percent) Previous Revised (Billions of dollars) Previous Revised (Percent) Personal Income: Current dollars 19.4 10.4 0.2 0.1 19.3 17.4 0.2 0.1 Disposable personal income: Current Dollars Chained (2005) dollars -2.0 -5.6 -7.6 -10.8 0.0 -0.1 -0.1 -0.1 15.5 -19.7 14.1 -21.2 0.1 -0.2 0.1 -0.2 Personal consumption expenditures: Current dollars 25.2 Chained (2005) dollars 19.5 23.5 17.9 0.3 0.2 0.2 0.2 129.6 86.9 139.8 96.0 1.3 0.9 1.4 1.0 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 25, 2009 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 2009 March April May June July r 11,937.1 7,798.4 6,301.0 5,129.4 1,105.5 680.4 4,023.9 1,002.8 3,021.1 1,171.5 1,497.4 1,037.8 459.6 11,882.7 7,756.0 6,260.3 5,085.5 1,090.7 672.1 3,994.8 992.7 3,002.1 1,174.8 1,495.7 1,038.9 456.8 11,911.6 7,737.5 6,241.3 5,060.7 1,078.7 667.2 3,982.0 990.2 2,991.8 1,180.6 1,496.2 1,040.6 455.5 12,069.6 7,731.6 6,234.4 5,049.4 1,067.5 659.5 3,981.9 991.6 2,990.3 1,185.0 1,497.2 1,042.0 455.2 11,934.3 7,714.3 6,216.8 5,029.4 1,057.7 653.9 3,971.7 987.5 2,984.2 1,187.4 1,497.5 1,043.4 454.1 11,944.7 7,720.9 6,221.7 5,034.8 1,058.3 658.8 3,976.5 985.1 2,991.4 1,186.9 1,499.2 1,045.0 454.2 11,962.1 7,735.4 6,234.2 5,044.9 1,052.0 654.7 3,992.9 990.6 3,002.3 1,189.3 1,501.2 1,046.2 455.0 11,962.0 7,724.5 6,223.1 5,033.7 1,044.2 653.2 3,989.5 987.9 3,001.6 1,189.5 1,501.3 1,047.1 454.2 1,036.2 26.1 1,010.1 245.9 1,845.5 1,243.4 602.1 1,979.7 1,947.2 1,129.1 92.4 725.7 32.5 968.6 1,189.5 10,747.7 10,386.0 10,011.3 3,219.7 1,030.2 2,189.5 6,791.6 220.4 154.2 90.4 63.8 361.7 3.4 1,027.1 25.0 1,002.1 249.7 1,797.1 1,225.8 571.2 2,016.2 1,983.6 1,136.0 108.3 739.3 32.6 963.3 1,156.4 10,726.3 10,353.1 9,978.9 3,190.3 1,014.3 2,176.0 6,788.6 219.7 154.6 90.7 63.8 373.2 3.5 1,026.0 27.1 998.9 255.4 1,785.2 1,233.5 551.8 2,068.3 2,035.7 1,148.4 113.9 773.4 32.6 960.9 1,083.4 10,828.1 10,340.3 9,968.1 3,166.8 1,000.6 2,166.2 6,801.3 218.2 154.1 91.0 63.1 487.8 4.5 1,026.8 29.1 997.7 261.9 1,773.4 1,241.1 532.3 2,236.1 2,203.4 1,145.7 121.6 936.1 32.7 960.2 1,068.5 11,001.1 10,350.4 9,979.3 3,179.4 1,011.5 2,167.9 6,799.9 216.7 154.5 91.4 63.1 650.7 5.9 1,031.2 30.6 1,000.6 268.7 1,761.5 1,248.7 512.8 2,116.6 2,083.9 1,159.1 132.0 792.8 32.7 958.0 1,052.7 10,881.5 10,420.6 10,050.6 3,235.1 1,022.5 2,212.6 6,815.6 215.2 154.8 91.7 63.1 460.9 4.2 1,035.8 29.8 1,006.0 273.9 1,753.7 1,241.3 512.3 2,119.1 2,086.4 1,158.4 131.1 796.9 32.8 958.6 1,070.8 10,873.9 10,442.8 10,074.1 3,245.3 1,038.7 2,206.6 6,828.8 213.2 155.5 92.1 63.4 431.2 4.0 1,039.2 28.6 1,010.6 279.1 1,739.9 1,233.9 506.0 2,128.7 2,096.0 1,162.8 136.9 796.3 32.8 960.3 1,074.1 10,888.0 10,581.0 10,213.9 3,357.4 1,102.4 2,255.0 6,856.6 211.2 155.9 92.5 63.4 307.0 2.8 1,039.9 27.0 1,012.9 284.5 1,726.1 1,226.5 499.6 2,146.0 2,113.2 1,176.4 133.2 803.6 32.8 958.9 1,074.2 10,887.8 10,532.2 10,166.7 3,296.3 1,025.6 2,270.8 6,870.3 209.3 156.3 92.9 63.4 355.6 3.3 9,169.3 9,094.5 9,065.8 9,050.9 8,988.0 8,991.8 8,968.1 8,941.7 9,897.0 9,887.0 9,973.0 10,125.6 9,961.9 9,951.1 9,929.9 9,918.0 35,095 32,317 306,243 35,003 32,264 306,443 35,311 32,522 306,648 35,850 32,997 306,865 35,433 32,438 307,103 35,380 32,377 307,351 35,395 32,281 307,613 35,364 32,214 307,883 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, 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........................................................ August r September p p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2007 2008 2008 II Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Personal saving as a percentage of disposable personal income.... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ...................................................................... Disposable personal income: Total, billions of chained (2005) dollars 2 .............................................. Per capita: Current dollars................................................................................... Chained (2005) dollars ...................................................................... Population (midperiod, thousands) 3........................................................ III 2009 IV I II III 11,894.1 7,862.7 6,408.9 5,319.8 1,212.9 753.5 4,106.9 1,044.7 3,062.2 1,089.1 1,453.8 993.0 460.8 12,238.8 8,042.4 6,545.9 5,404.6 1,206.5 742.0 4,198.1 1,048.3 3,149.8 1,141.3 1,496.6 1,023.9 472.7 12,292.9 8,032.8 6,539.2 5,402.8 1,210.6 745.3 4,192.2 1,050.7 3,141.5 1,136.4 1,493.5 1,021.7 471.8 12,286.6 8,069.1 6,567.7 5,419.2 1,206.2 740.3 4,213.0 1,047.8 3,165.2 1,148.5 1,501.4 1,026.7 474.7 12,233.5 8,050.3 6,543.5 5,388.6 1,192.2 732.2 4,196.5 1,039.4 3,157.1 1,154.9 1,506.8 1,033.2 473.6 11,952.7 7,805.8 6,307.8 5,136.0 1,107.3 681.0 4,028.8 1,002.3 3,026.5 1,171.8 1,498.0 1,037.8 460.2 11,971.8 7,727.8 6,230.9 5,046.5 1,068.0 660.2 3,978.5 989.8 2,988.8 1,184.4 1,496.9 1,042.0 454.9 11,956.3 7,726.9 6,226.4 5,037.8 1,051.5 655.6 3,986.3 987.9 2,998.4 1,188.6 1,500.5 1,046.1 454.5 1,096.4 39.4 1,056.9 144.9 2,031.5 1,266.4 765.1 1,718.0 1,687.8 1,003.7 32.3 651.7 30.2 959.3 1,490.9 10,403.1 10,224.3 9,826.4 3,365.0 1,160.5 2,204.5 6,461.4 256.8 141.0 82.3 58.7 178.9 1.7 1,106.3 48.7 1,057.5 210.4 1,994.4 1,308.0 686.4 1,875.9 1,843.2 1,070.3 50.6 722.4 32.6 990.6 1,432.4 10,806.4 10,520.0 10,129.9 3,403.2 1,095.2 2,308.0 6,726.8 237.7 152.3 87.9 64.5 286.4 2.7 1,111.9 49.4 1,062.5 202.8 1,997.3 1,306.6 690.7 1,937.0 1,904.4 1,064.5 38.7 801.3 32.6 988.9 1,326.2 10,966.7 10,592.2 10,194.7 3,474.9 1,126.5 2,348.4 6,719.8 243.9 153.6 87.4 66.2 374.4 3.4 1,114.4 49.3 1,065.1 222.2 2,001.4 1,327.8 673.7 1,874.3 1,841.7 1,080.5 57.7 703.5 32.6 994.9 1,437.3 10,849.3 10,613.6 10,220.1 3,463.0 1,088.5 2,374.5 6,757.1 238.3 155.2 88.5 66.7 235.7 2.2 1,083.6 39.0 1,044.5 236.7 1,958.1 1,292.9 665.2 1,898.0 1,865.3 1,087.0 70.3 708.0 32.7 993.3 1,434.3 10,799.1 10,389.9 10,009.8 3,227.5 1,019.9 2,207.6 6,782.3 228.8 151.3 89.5 61.8 409.2 3.8 1,037.8 27.3 1,010.5 245.9 1,845.5 1,243.4 602.1 1,987.3 1,954.7 1,128.5 96.2 730.1 32.5 969.7 1,187.3 10,765.4 10,362.3 9,987.7 3,197.7 1,025.2 2,172.4 6,790.0 220.4 154.2 90.4 63.8 403.1 3.7 1,028.0 28.9 999.1 262.0 1,773.4 1,241.1 532.3 2,140.3 2,107.7 1,151.1 122.5 834.1 32.7 959.7 1,068.2 10,903.6 10,370.5 9,999.3 3,193.8 1,011.5 2,182.2 6,805.6 216.7 154.5 91.4 63.1 533.1 4.9 1,038.3 28.5 1,009.8 279.2 1,739.9 1,233.9 506.0 2,131.3 2,098.5 1,165.9 133.7 798.9 32.8 959.3 1,073.0 10,883.2 10,518.7 10,151.6 3,299.7 1,055.5 2,244.1 6,851.9 211.2 155.9 92.5 63.4 364.6 3.3 9,645.4 9,504.6 9,498.8 9,442.0 9,494.4 9,188.7 9,034.8 8,967.1 9,860.6 9,911.3 10,059.0 9,838.3 9,920.4 9,926.4 10,020.0 9,933.0 34,478 32,679 301,737 35,486 32,546 304,529 36,059 33,075 304,128 35,586 32,270 304,872 35,335 32,460 305,620 35,153 32,413 306,245 35,531 32,652 306,872 35,379 32,290 307,616 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months) [Billions of dollars] Seasonally adjusted at annual rates 2009 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, 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............ March April May June July r August r September p –101.2 –64.6 –61.2 –63.8 –20.1 –10.0 –43.7 –8.7 –35.0 2.5 –3.5 1.1 –4.6 –54.4 –42.4 –40.7 –43.9 –14.8 –8.3 –29.1 –10.1 –19.0 3.3 –1.7 1.1 –2.8 28.9 –18.5 –19.0 –24.8 –12.0 –4.9 –12.8 –2.5 –10.3 5.8 0.5 1.7 –1.3 158.0 –5.9 –6.9 –11.3 –11.2 –7.7 –0.1 1.4 –1.5 4.4 1.0 1.4 –0.3 –135.3 –17.3 –17.6 –20.0 –9.8 –5.6 –10.2 –4.1 –6.1 2.4 0.3 1.4 –1.1 10.4 6.6 4.9 5.4 0.6 4.9 4.8 –2.4 7.2 –0.5 1.7 1.6 0.1 17.4 14.5 12.5 10.1 –6.3 –4.1 16.4 5.5 10.9 2.4 2.0 1.2 0.8 –0.1 –10.9 –11.1 –11.2 –7.8 –1.5 –3.4 –2.7 –0.7 0.2 0.1 0.9 –0.8 –14.0 –4.9 –9.1 3.7 –48.5 –17.6 –30.9 13.7 13.7 8.7 4.6 0.4 0.0 –8.5 –26.4 –74.7 38.2 38.6 36.7 –1.0 37.7 1.9 –0.8 0.3 0.3 0.0 –112.8 –9.1 –1.1 –8.0 3.8 –48.4 –17.6 –30.9 36.5 36.4 6.9 15.9 13.6 0.1 –5.3 –33.1 –21.4 –32.9 –32.4 –29.4 –15.9 –13.5 –3.0 –0.7 0.4 0.3 0.0 11.5 –1.1 2.1 –3.2 5.7 –11.9 7.7 –19.4 52.1 52.1 12.4 5.6 34.1 0.0 –2.4 –73.0 101.8 –12.8 –10.8 –23.5 –13.7 –9.8 12.7 –1.5 –0.5 0.3 –0.7 114.6 0.8 2.0 –1.2 6.5 –11.8 7.6 –19.5 167.8 167.7 –2.7 7.7 162.7 0.1 –0.7 –14.9 173.0 10.1 11.2 12.6 10.9 1.7 –1.4 –1.5 0.4 0.4 0.0 162.9 4.4 1.5 2.9 6.8 –11.9 7.6 –19.5 –119.5 –119.5 13.4 10.4 –143.3 0.0 –2.2 –15.8 –119.6 70.2 71.3 55.7 11.0 44.7 15.7 –1.5 0.3 0.3 0.0 –189.8 4.6 –0.8 5.4 5.2 –7.8 –7.4 –0.5 2.5 2.5 –0.7 –0.9 4.1 0.1 0.6 18.1 –7.6 22.2 23.5 10.2 16.2 –6.0 13.2 –2.0 0.7 0.4 0.3 –29.7 3.4 –1.2 4.6 5.2 –13.8 –7.4 –6.3 9.6 9.6 4.4 5.8 –0.6 0.0 1.7 3.3 14.1 138.2 139.8 112.1 63.7 48.4 27.8 –2.0 0.4 0.4 0.0 –124.2 0.7 –1.6 2.3 5.4 –13.8 –7.4 –6.4 17.3 17.2 13.6 –3.7 7.3 0.0 –1.4 0.1 –0.2 –48.8 –47.2 –61.1 –76.8 15.8 13.7 –1.9 0.4 0.4 0.0 48.6 –133.2 –98.3 –74.8 –10.0 –28.7 86.0 –14.9 152.6 –62.9 –163.7 3.8 –10.8 –23.7 –21.2 –26.4 –11.9 p Preliminary r Revised 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) [Billions of dollars] Seasonally adjusted at annual rates 2007 2008 2008 II Personal income........................................................................................ Compensation of employees, received ............................................... Wage and salary disbursements ....................................................... Private industries............................................................................... Goods-producing industries ........................................................... Manufacturing ............................................................................. Services-producing industries........................................................ Trade, transportation, and utilities............................................... Other services-producing industries ........................................... Government....................................................................................... Supplements to wages and salaries................................................. Employer contributions for employee pension and insurance funds Employer contributions for government social insurance .................. Proprietors’ income with inventory valuation and capital consumption adjustments................................................................. Farm ..................................................................................................... Nonfarm................................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets .................................................... Personal interest income ...................................................................... Personal dividend income..................................................................... Personal current transfer receipts ....................................................... Government social benefits to persons ................................................ Old-age, survivors, disability, and health insurance benefits ............. Government unemployment insurance benefits ................................ Other ................................................................................................. Other current transfer receipts, from business (net) ............................. Less: Contributions for government social insurance, domestic..... Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Less: Personal outlays ............................................................................. Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ Personal interest payments 1 ................................................................... Personal current transfer payments ......................................................... To government ...................................................................................... To the rest of the world (net) ................................................................. Equals: Personal saving ........................................................................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 ..................................................................................... Disposable personal income, billions of chained (2005) dollars 2............ III 2009 IV I II III 626.0 387.0 340.0 286.1 36.9 14.8 249.1 48.7 200.4 53.9 46.9 32.9 14.1 344.7 179.7 137.0 84.8 –6.4 –11.5 91.2 3.6 87.6 52.2 42.8 30.9 11.9 150.7 15.3 6.2 –4.9 –6.5 –4.8 1.6 –4.6 6.2 11.1 9.0 7.7 1.3 –6.3 36.3 28.5 16.4 –4.4 –5.0 20.8 –2.9 23.7 12.1 7.9 5.0 2.9 –53.1 –18.8 –24.2 –30.6 –14.0 –8.1 –16.5 –8.4 –8.1 6.4 5.4 6.5 –1.1 –280.8 –244.5 –235.7 –252.6 –84.9 –51.2 –167.7 –37.1 –130.6 16.9 –8.8 4.6 –13.4 19.1 –78.0 –76.9 –89.5 –39.3 –20.8 –50.3 –12.5 –37.7 12.6 –1.1 4.2 –5.3 –15.5 –0.9 –4.5 –8.7 –16.5 –4.6 7.8 –1.9 9.6 4.2 3.6 4.1 –0.4 –36.6 10.1 –46.7 –1.6 201.8 138.9 62.9 113.0 104.2 60.4 2.4 41.3 8.8 37.5 138.5 487.4 543.6 503.7 143.3 27.5 115.8 360.5 26.7 13.0 5.9 7.1 –56.1 9.9 9.3 0.6 65.5 –37.1 41.6 –78.7 157.9 155.4 66.6 18.3 70.7 2.4 31.3 –58.5 403.3 295.7 303.5 38.2 –65.3 103.5 265.4 –19.1 11.3 5.6 5.8 107.5 –3.3 –7.8 4.6 22.9 –23.5 2.0 –25.5 142.9 142.9 15.4 3.0 124.6 0.0 3.6 –205.6 356.3 108.1 99.6 27.7 –19.3 47.0 71.9 4.1 4.4 1.3 3.1 248.1 2.5 –0.1 2.6 19.4 4.1 21.2 –17.0 –62.7 –62.7 16.0 19.0 –97.8 0.0 6.0 111.1 –117.4 21.4 25.4 –11.9 –38.0 26.1 37.3 –5.6 1.6 1.1 0.5 –138.7 –30.8 –10.3 –20.6 14.5 –43.3 –34.9 –8.5 23.7 23.6 6.5 12.6 4.5 0.1 –1.6 –3.0 –50.2 –223.7 –210.3 –235.5 –68.6 –166.9 25.2 –9.5 –3.9 1.0 –4.9 173.5 –45.8 –11.7 –34.0 9.2 –112.6 –49.5 –63.1 89.3 89.4 41.5 25.9 22.1 –0.2 –23.6 –247.0 –33.7 –27.6 –22.1 –29.8 5.3 –35.2 7.7 –8.4 2.9 0.9 2.0 –6.1 –9.8 1.6 –11.4 16.1 –72.1 –2.3 –69.8 153.0 153.0 22.6 26.3 104.0 0.2 –10.0 –119.1 138.2 8.2 11.6 –3.9 –13.7 9.8 15.6 –3.7 0.3 1.0 –0.7 130.0 10.3 –0.4 10.7 17.2 –33.5 –7.2 –26.3 –9.0 –9.2 14.8 11.2 –35.2 0.1 –0.4 4.8 –20.4 148.2 152.3 105.9 44.0 61.9 46.3 –5.5 1.4 1.1 0.3 –168.5 240.6 209.9 –140.8 50.7 –85.1 232.2 –56.8 –220.7 52.4 82.1 –305.7 6.0 –153.9 93.6 –67.7 –87.0 1. Consists of nonmortgage interest paid by households. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Seasonally adjusted at monthly rates 2009 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ –0.8 –0.8 –1.0 –0.2 –0.5 –0.5 –0.6 –0.1 0.2 –0.2 –0.3 0.0 1.3 –0.1 –0.1 0.1 –1.1 –0.2 –0.3 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.1 0.0 –0.1 –0.2 0.0 –1.3 1.5 –2.6 –1.4 –4.9 0.7 –0.9 –2.2 –0.7 –0.9 1.5 –2.6 –1.4 –5.1 1.8 –0.6 –2.8 –0.2 –0.1 2.3 –0.7 0.6 –3.4 2.6 –0.2 –6.3 0.9 0.1 2.6 –0.7 0.6 –3.5 8.1 –0.1 –1.4 1.6 0.4 2.6 –0.7 0.6 –3.7 –5.3 –0.2 –1.5 –1.1 0.4 2.0 –0.4 –0.6 –0.1 0.1 0.1 1.7 –0.1 0.3 1.9 –0.8 –0.6 –1.2 0.5 0.2 0.3 0.1 0.1 1.9 –0.8 –0.6 –1.3 0.8 –0.1 0.0 0.0 0.4 1.2 –0.1 1.7 0.0 –0.3 –0.9 –1.5 –0.6 0.0 –0.1 –0.7 –1.4 –0.4 0.2 0.1 0.4 1.1 0.1 0.0 0.7 1.8 1.1 2.1 0.2 0.2 0.3 1.6 –0.3 0.2 1.4 3.5 6.1 2.2 0.4 –0.5 –1.8 –7.0 0.7 0.2 0.0 –0.1 –0.3 –0.2 –0.3 –0.1 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ –1.4 –1.0 –0.8 –0.1 –0.3 0.9 –0.2 1.5 –0.7 –1.6 p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Seasonally adjusted at annual rates 2007 2008 2008 II III 2009 IV I 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, domestic .............. Less: Personal current taxes ................................................................... Equals: Disposable personal income...................................................... Addenda: Personal consumption expenditures ........................................................ Goods ................................................................................................... Durable goods ................................................................................... Nondurable goods ............................................................................. Services................................................................................................ 5.6 5.2 5.6 3.3 2.9 2.3 2.1 2.9 5.1 0.8 0.4 2.4 –0.2 1.8 1.8 2.1 –1.7 –0.9 –1.5 1.4 –8.9 –11.6 –13.6 –2.3 0.6 –3.9 –4.8 –0.3 –0.5 0.0 –0.3 1.0 –3.2 –1.1 11.0 12.3 9.0 7.0 4.1 10.2 4.9 0.9 45.2 –1.8 3.3 –10.3 9.2 3.3 –3.9 3.9 –1.2 61.7 –4.6 0.6 –13.5 35.9 1.4 –43.8 14.1 0.9 44.0 0.8 6.6 –9.5 –12.3 2.4 38.0 –4.2 –10.6 28.8 –8.4 –10.1 –5.0 5.1 –0.6 –0.8 –1.8 –15.9 16.4 –21.1 –14.5 –32.8 20.2 –9.2 –53.1 –1.2 –3.7 28.9 –14.7 –0.7 –38.9 34.6 –4.0 –34.5 5.2 4.1 28.9 –7.3 –2.3 –18.4 –1.7 –0.2 1.8 –0.7 5.4 4.4 2.4 5.5 5.9 3.1 1.1 –5.6 4.7 4.1 4.0 3.3 –6.6 8.4 4.4 1.0 –1.4 –12.8 4.5 2.2 –8.0 –24.5 –22.9 –25.3 1.5 –0.9 –3.7 2.1 –6.2 0.5 0.5 –0.5 –5.2 1.8 0.9 6.2 13.9 18.6 11.8 2.8 –3.2 0.2 –1.7 3.8 –0.7 –3.4 Based on chained (2005) dollar measures Real personal income excluding current transfer receipts ....................... Real disposable personal income ............................................................ 2.6 2.2 –1.5 0.5 –0.9 9.8 –0.6 –8.5 0.6 3.4 Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) 2009 February March April May June July r August r September p Billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,218.9 3,141.3 1,091.8 2,042.5 6,074.9 9,198.1 3,119.2 1,075.2 2,035.9 6,074.9 9,180.8 3,095.0 1,059.2 2,026.9 6,080.3 9,185.1 3,106.1 1,072.5 2,025.8 6,074.3 9,201.3 3,114.9 1,083.5 2,024.5 6,081.9 9,219.2 3,130.5 1,106.3 2,019.8 6,085.0 9,315.2 3,216.6 1,180.0 2,038.5 6,098.8 9,261.1 3,152.0 1,095.2 2,049.3 6,106.1 Change from preceding period in billions of chained (2005) dollars, seasonally adjusted at annual rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 8.3 12.5 –2.9 14.5 –3.4 –20.8 –22.1 –16.6 –6.6 0.0 –17.3 –24.2 –16.0 –9.0 5.4 4.3 11.1 13.3 –1.1 –6.0 16.2 8.8 11.0 –1.3 7.6 17.9 15.6 22.8 –4.7 3.1 96.0 86.1 73.7 18.7 13.8 –54.1 –64.6 –84.8 10.8 7.3 Percent change from preceding period in chained (2005) dollars, seasonally adjusted at monthly rates Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 0.1 0.4 –0.3 0.7 –0.1 –0.2 –0.7 –1.5 –0.3 0.0 –0.2 –0.8 –1.5 –0.4 0.1 0.0 0.4 1.2 –0.1 –0.1 0.2 0.3 1.0 –0.1 0.1 0.2 0.5 2.1 –0.2 0.0 1.0 2.8 6.7 0.9 0.2 –0.6 –2.0 –7.2 0.5 0.1 p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Seasonally adjusted at annual rates 2007 2008 2008 II III 2009 IV I II III 9,209.2 3,129.8 1,087.2 2,035.5 6,076.0 9,189.0 3,105.4 1,071.7 2,025.7 6,078.8 9,265.1 3,166.3 1,127.2 2,035.9 6,096.6 –20.2 –24.4 –15.5 –9.8 2.8 76.1 60.9 55.5 10.2 17.8 –0.9 –3.1 –5.6 –1.9 0.2 3.4 8.1 22.3 2.0 1.2 Billions of chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 9,313.9 3,273.7 1,199.9 2,074.8 6,040.8 9,290.9 3,206.0 1,146.3 2,057.3 6,083.1 Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 240.4 99.8 49.5 51.2 141.1 –23.0 –67.7 –53.6 –17.5 42.3 9,351.0 3,257.8 1,175.7 2,081.4 6,092.5 9,267.7 3,193.6 1,139.6 2,051.5 6,072.4 9,195.3 3,110.4 1,076.8 2,026.1 6,080.4 Change from preceding period in billions of chained (2005) dollars 1.4 –4.3 –17.5 11.3 5.4 –83.3 –64.2 –36.1 –29.9 –20.1 –72.4 –83.2 –62.8 –25.4 8.0 13.9 19.4 10.4 9.4 –4.4 Percent change from preceding period in chained (2005) dollars Personal consumption expenditures ........................................ Goods ........................................................................................ Durable goods ........................................................................ Nondurable goods .................................................................. Services ..................................................................................... 2.6 3.1 4.3 2.5 2.4 –0.2 –2.1 –4.5 –0.8 0.7 0.1 –0.5 –5.7 2.2 0.4 –3.5 –7.7 –11.7 –5.6 –1.3 –3.1 –10.0 –20.3 –4.9 0.5 0.6 2.5 3.9 1.9 –0.3 Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) 2009 February March April May July r June August r September p Chain-type price indexes (2005=100), seasonally adjusted Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 108.592 102.511 94.386 107.207 111.797 108.485 102.292 94.365 106.883 111.747 108.571 102.335 94.488 106.882 111.857 108.644 102.379 94.344 107.024 111.944 109.228 103.877 94.389 109.302 112.061 109.270 103.686 93.910 109.262 112.223 109.645 104.395 93.439 110.632 112.424 109.775 104.600 93.662 110.826 112.514 105.708 108.202 108.605 108.155 102.315 108.307 108.541 108.346 99.934 108.586 108.602 108.628 100.171 108.694 108.648 108.712 108.596 108.855 109.293 108.871 108.157 108.970 109.285 108.941 113.637 109.073 109.703 109.048 114.496 109.209 109.826 109.177 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... 0.3 0.7 0.2 1.0 0.1 –0.1 –0.2 0.0 –0.3 0.0 0.1 0.0 0.1 0.0 0.1 0.1 0.0 –0.2 0.1 0.1 0.5 1.5 0.0 2.1 0.1 0.0 –0.2 –0.5 0.0 0.1 0.3 0.7 –0.5 1.3 0.2 0.1 0.2 0.2 0.2 0.1 3.4 0.2 0.4 0.2 –3.2 0.1 –0.1 0.2 –2.3 0.3 0.1 0.3 0.2 0.1 0.0 0.1 8.4 0.1 0.6 0.1 –0.4 0.1 0.0 0.1 5.1 0.1 0.4 0.1 0.8 0.1 0.1 0.1 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 February Disposable personal income.................................................................... Personal consumption expenditures ...................................................... Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... 0.7 –1.3 –3.2 –8.5 –0.5 –0.3 March 0.8 –1.7 –4.6 –9.1 –2.4 –0.2 April 1.7 –1.9 –5.2 –10.2 –2.7 –0.3 May June –1.8 –1.8 –4.8 –9.1 –2.7 –0.2 –0.9 –1.5 –4.1 –7.2 –2.7 –0.1 July r 0.5 –0.7 –2.2 –2.8 –1.9 0.1 August r 1.3 0.4 –0.1 2.0 –1.1 0.6 September p 1.1 0.3 –0.3 –2.5 0.8 0.5 p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago 2009 February Personal consumption expenditures (PCE)............................................ Goods ...................................................................................................... Durable goods ...................................................................................... Nondurable goods ................................................................................ Services ................................................................................................... Addenda: Energy goods and services 1 ................................................................... PCE excluding food and energy 2 ............................................................ Market-based PCE 3 ................................................................................ Market-based PCE excluding food and energy 3 ..................................... March April May June July r August r September p 0.6 –2.9 –1.7 –3.5 2.4 0.2 –3.5 –1.8 –4.2 2.0 0.1 –3.5 –1.6 –4.3 1.8 –0.3 –3.7 –1.5 –4.7 1.5 –0.4 –3.5 –1.4 –4.5 1.2 –0.8 –4.5 –1.9 –5.6 1.0 –0.5 –3.6 –2.2 –4.3 1.0 –0.5 –3.6 –1.7 –4.4 1.0 –20.6 1.8 0.7 2.1 –24.8 1.7 0.4 2.1 –26.1 1.7 0.2 2.2 –27.7 1.6 –0.1 2.1 –26.2 1.5 –0.2 2.0 –28.9 1.4 –0.8 1.8 –23.8 1.3 –0.5 1.7 –22.6 1.3 –0.5 1.6 p Preliminary r Revised 1. Consists of gasoline and other energy goods and of electricity and gas. 2. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.